In an equity offering, NioCorp raises $100 million to advance the Elk Creek Critical Minerals Project.

To advance its flagship Elk Creek Critical Minerals Project in Southeast Nebraska, NioCorp Developments Ltd., a developer of critical minerals that is listed on the U.S. stock exchange, has successfully completed a $100 million public equity offering. This latest financing marks a key step in the company’s ongoing strategy to secure funding for what it hopes will become a major domestic source of essential metals used in advanced manufacturing and clean-technology supply chains.

Under the terms of the recently concluded financing, NioCorp sold up to 20 million common shares or pre-funded warrants at $5.00 per unit, generating roughly $100 million in gross proceeds before deducting placement agent fees and offering expenses. The only placement agent for the transaction was Maxim Group LLC. An effective shelf registration statement, Form S-3ASR, was used for the offering, which was originally filed with the United States. Securities and Exchange Commission in October 2025, and is expected to close on or about February 25, 2026, subject to customary conditions.

Canadian buyers were not offered or purchased securities. NioCorp intends to use the net proceeds from the offering for "working capital" and "general corporate purposes," with a special focus on moving the "Elk Creek Project" closer to becoming a fully operational business. Elk Creek, which is located in Nebraska, is intended to produce a variety of crucial minerals, such as "niobium," "scandium," and "titanium," which are necessary for manufacturing aerospace, automotive, defense, and clean energy applications.

High-strength steel and specialty alloys make use of niobium, and scandium improves aluminum to make it lighter and more resistant to corrosion. In contrast, titanium is utilized in pigments, medical implants, and components for the aerospace industry. Additionally, NioCorp is looking into the possibility of producing a number of "magnetic rare earth elements," which are essential for the motors of electric vehicles and renewable energy technologies. Elk Creek is situated at the crossroads of two significant trends: the push by the United States to lessen its reliance on imports for key materials and the rising demand for domestic supplies of essential minerals.

Investors as well as government initiatives aimed at strengthening supply chains for the technology and defense industries have shown interest in the project. NioCorp has previously expressed support for broader federal strategies, such as the $12 billion effort to establish a strategic critical minerals reserve that is being proposed as "Project Vault." However, Elk Creek still requires a lot of capital. Estimates from the industry suggest that the initial costs to bring the mine and processing facilities into full commercial production could exceed $1 billion.

Completing this capital stack will likely require additional debt financing, including possible support from the United States. Bank for Export and Import (EXIM) NioCorp's financing discussions have included an indicative term sheet from EXIM for up to $780 million, but the process is still ongoing. Share prices can be affected in a variety of ways by equity offerings. As the market digests dilution and long-term prospects, NioCorp's financing announcements, including this most recent $100 million raise, have occasionally coincided with modest single-digit stock movements. Investors often watch how quickly and effectively proceeds are put to use and whether project milestones, such as feasibility updates and debt financing closings, are achieved.

Prior capital raises under the same shelf registration, which included equity financings of $60 million and $150.2 million in prior months, are followed by this offering's completion. These successive equity rounds reflect both the company’s strategic need for ongoing funding and steady investor interest in the critical minerals sector.

Technical work at Elk Creek continues to advance despite the lack of funding. An updated feasibility study is anticipated to be based on NioCorp's announcement of progress on field drilling campaigns and revisions to its resource and reserve estimates last year. The project's economics could be strengthened by this up-to-date study, particularly if it incorporates economics of rare earth elements, and it could facilitate additional financing from lenders and strategic partners. Control of all land parcels necessary for Elk Creek’s construction has also been secured, laying the groundwork for future developments once debt financing and construction funding are in place.

NioCorp's path to full commercial operation remains contingent on additional financing and execution milestones, despite the $100 million equity raise representing a positive vote of confidence from the market. In order to transform Elk Creek from an advanced development into a productive source of essential minerals for the United States, it will require approval of significant debt financing, updates to project economics, and eventually construction progress.

If successful, the project could play a significant role in supporting U.S. manufacturing, technology and defense supply chains by supplying materials that are currently imported or in short domestic supply. For investors, tracking how NioCorp deploys its fresh capital will be key to assessing the company’s long-term prospects in the growing strategic minerals market.