Executive Summary

Q2 FY2025 (three months ended December 31, 2024) delivered a materially smaller net loss of $0.5 million and $(0.01) EPS versus $3.3 million and $(0.09) EPS in the prior-year quarter, aided by lower interest expense and fair value credits on warrants/earnout liabilities .
Liquidity was constrained at quarter-end with cash of $0.477 million and a working capital deficit of $3.087 million, driving a going-concern warning; subsequent repayments of April 2024 notes were completed in January/February 2025, but the company remains dependent on external financing .
Sequentially, Q2 loss improved versus Q1 FY2025 ($2.1 million, $(0.05) EPS) but worsened in preliminary Q3 FY2025 ($5.4 million, $(0.11) EPS), highlighting quarter-to-quarter volatility tied to financing and non-cash valuation items .
Estimates context: Wall Street consensus from S&P Global was unavailable at the time of this analysis due to access limits; the company is pre-revenue and may have limited coverage (values could not be retrieved).*

What Went Well and What Went Wrong

What Went Well

Reduced net loss YoY: Q2 FY2025 net loss of $0.5 million vs $3.3 million prior year, with EPS at $(0.01) vs $(0.09), reflecting cost control and non-cash credits .
Interest expense declined YoY as convertible debentures were substantially reduced in FY2023 and fully retired in Q1 FY2024, lowering accretion and interest costs in the 2024 periods .
Company articulated clear development milestones contingent on funding (permits, offtakes, EPC, final engineering, infrastructure buildout), providing a tangible roadmap for Elk Creek execution once capital is secured .
- “Continuation of the Company’s efforts to secure federal, state and local operating permits; … Negotiation and completion of offtake agreements … [and] engineering, procurement, and construction agreements.”

What Went Wrong

Liquidity and going concern: Cash ended Q2 at $0.477 million, working capital deficit of $3.087 million, and management disclosed substantial doubt about the ability to continue as a going concern absent additional financing .
Pre-revenue status persists; NioCorp continues to operate a single development segment with no mining revenues, so results are driven by operating expenses and financing-related items rather than operating margin expansion .
Financing dependence and risk factors remain elevated (need for EXIM/DoD/UK Export Finance support, equity facility access, Nasdaq listing standards, dilution risk), underscoring uncertainty on project funding and timing .

Financial Results

Quarterly P&L Snapshot (Sequential and YoY)

Metric	Q1 FY2025 (3M ended Sep 30, 2024)	Q2 FY2025 (3M ended Dec 31, 2024)	Q3 FY2025 (3M ended Mar 31, 2025, preliminary)
Net Loss ($USD Millions)	$2.1	$0.518	$5.4
EPS ($USD)	$(0.05)	$(0.01)	$(0.11)

Operating Expense Detail (YoY)

Metric ($USD Thousands)	Q2 FY2024 (3M ended Dec 31, 2023)	Q2 FY2025 (3M ended Dec 31, 2024)
Employee-related costs	$328	$904
Professional fees	$952	$772
Exploration expenditures	$828	$261
Other operating expenses	$809	$964
Total operating expenses	$2,917	$2,901

Exploration Expenditures Breakdown (YoY)

Sub-Category ($USD Thousands)	Q2 FY2024 (3M ended Dec 31, 2023)	Q2 FY2025 (3M ended Dec 31, 2024)
Technical studies and engineering	$97	$4
Field management and other	$147	$210
Metallurgical development	$584	$47
Geologists and field staff	$0	$0
Total	$828	$261

Balance Sheet/Liquidity

Metric	Q2 FY2025 (As of Dec 31, 2024)
Cash and equivalents ($USD Millions)	$0.477
Working capital deficit ($USD Thousands)	$3,087
Warrant liabilities (non-current) ($USD Thousands)	$2,687
Earnout shares liability ($USD Thousands)	$3,064

Revenue and Margins

Metric	Q2 FY2025
Revenue ($USD)	$0.0 – Company has no revenues from mining operations
Gross/EBITDA margins	Not applicable for pre-revenue stage

Estimates vs Actuals (S&P Global)

Metric	Q2 FY2025 Actual	Q2 FY2025 Consensus	Surprise
EPS ($USD)	$(0.01)	Unavailable*	N/A
Revenue ($USD)	$0.0	Unavailable*	N/A

*Consensus values could not be retrieved; values would be from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025/Q2	Not provided	Not provided	Maintained: none provided
Margins	FY2025/Q2	Not provided	Not provided	Maintained: none provided
OpEx	FY2025/Q2	Not provided	Not provided	Maintained: none provided
Financing milestones (EXIM/DoD/UK Export Finance)	FY2025	Targeted, not committed	Targeted, not committed	Maintained: seeking approvals/commitments

No formal quantitative guidance ranges were issued; management continues to focus on financing and permitting milestones .

Earnings Call Themes & Trends

No earnings call transcript was located for Q2 FY2025 within the document catalog; themes below reflect press releases and 10-Q commentary.

Topic	Previous Mentions (Q1 FY2025)	Previous Mentions (Q3 FY2025 preliminary)	Current Period (Q2 FY2025)	Trend
Project financing	Emphasis on securing sufficient financing; equity facility and offering in Nov 2024	Continued emphasis; EXIM/other support discussed in risk factors	Financing dependency; going concern warning; subsequent repayments in Jan/Feb 2025	Ongoing, critical
Permitting/engineering/EPC	Roadmap activities contingent on funding (permits, EPC, final engineering)	Reiterated need to progress engineering and long-lead items	Detailed activity list to advance Elk Creek upon funding	Consistent emphasis
Offtake agreements	Intends to negotiate offtakes for niobium, scandium, titanium, rare earths	Continued evaluation and negotiation	Explicit plan to secure remaining uncommitted offtakes	Progress contingent on capital
Rare earths evaluation	Evaluating potential to produce REEs	Ongoing evaluation noted	Continued evaluation and potential REE product sales	Stable narrative
Capital structure/dilution risk	Offerings/equity facility discussed	Risks around listing standards, dilution, warrants/earnouts	Warrant/earnout liabilities and fair value changes highlighted	Persisting concern

Management Commentary

Strategic focus: “Negotiation and completion of offtake agreements for the remaining uncommitted production of niobium, scandium, and titanium… [and] completion of the final detailed engineering for the underground portion of the Elk Creek Project” .
Project scope: “NioCorp is developing a critical minerals project… expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths…” .
Financial caution: Management disclosed substantial doubt regarding going concern due to limited cash and funding needs, underscoring urgency to secure project financing .
Financing actions: Outstanding April 2024 notes were repaid in January/February 2025 following consents/waivers, reducing near-term debt pressures .

Q&A Highlights

No Q2 FY2025 earnings call transcript was available; therefore, there were no recorded analyst Q&A themes or clarifications in filings for the quarter.

Estimates Context

EPS and revenue consensus from S&P Global were unavailable at the time of this analysis due to access limits, and the company’s pre-revenue status suggests coverage may be limited. As such, comparisons to consensus and “beat/miss” determinations cannot be made for Q2 FY2025 at this time.*
Implication: With no revenue and earnings dominated by financing and non-cash items, future estimate revisions (if any) will likely hinge on financing milestones and project execution timelines rather than near-term operating performance .

Key Takeaways for Investors

Liquidity remains the primary near-term risk; cash of $0.477 million and a working capital deficit of $3.087 million triggered a going-concern warning, making financing headlines the key stock catalyst .
Net loss improved materially YoY in Q2 due to lower interest expense and favorable non-cash fair value movements; however, Q3 preliminary deterioration underscores volatility when financing and market-driven valuation items swing the P&L .
Execution roadmap is well-defined (permits, EPC, engineering, infrastructure, offtakes), but all are contingent on securing sufficient project capital—progress updates here will drive sentiment .
Capital structure complexity (warrants, earnout liabilities) and potential dilution remain concerns; monitor warrant exercises, equity facility usage, and any listing-standard disclosures .
Medium-term thesis depends on financing commitments (EXIM/DoD/UK Export Finance) and offtake visibility; any definitive financing announcement would be a significant positive inflection .
Near-term trading: Expect sensitivity to financing waivers/consents, equity raises, and regulatory milestones; limited fundamental operating metrics while pre-revenue may amplify headline risk .
Operational KPIs to watch: operating expense run-rate, exploration spend mix, and fair value movements on warrant/earnout liabilities as proxies for cost discipline and capital markets conditions .

Notes:

S&P Global estimates were unavailable due to access limits; consensus comparisons could not be performed at this time.*
No Q2 FY2025 earnings call transcript was found in the filings/document catalog; insights reflect 8-K press releases and the Q2 FY2025 10-Q.

NIOCORP DEVELOPMENTS LTD (NB)·Q2 2025 Earnings Summary