NB

NioCorp is a development-stage miner with zero revenue across every year shown (FY2021-FY2025) and a cumulative deficit of $179M in retained earnings. The 10-K explicitly states 'substantial doubt exists as to our ability to continue as a going concern' and that the company 'does not have sufficient cash on hand to fund planned operations as well as the construction necessary for mine development for the next twelve months.' Management pegs near-term cash needs at $40-50M against just $25.6M of cash on hand at FY2025, and the Elk Creek Project's S-K 1300 estimate puts total upfront capex at ~$1,141M — roughly 27x the company's current cash and orders of magnitude beyond what the balance sheet can support without massive dilution.

The FY2025 numbers underline the structural problem. Net loss widened to -$18.0M (vs. -$11.9M prior year), ROE is -63.5%, and operating cash flow remains deeply negative at -$10.7M. The headline equity jump to $28.3M and 118% asset growth came from a 101% increase in shares outstanding (37.4M → 77.8M) — i.e. the balance sheet was rebuilt by issuing stock, not by operating progress. MD&A confirms continued reliance on the 'Yorkville Equity Facility' and warrant exercises to fund operations, locking in a dilution treadmill until (and unless) project financing closes.