NioCorp Developments Ltd. — Three Months Ended September 30, 2026 Earnings Summary

Financial Performance

• Reported net income attributable to NioCorp of $3.7 million ($0.03 per share, basic) for the three months ended September 30, 2026, compared to a net loss of $42.7 million ($0.53 per share, basic) for the same period in 2025.
• Net income for the period primarily reflected non-cash gains of approximately $8.5 million related to earnout shares and warrants classified as liabilities, driven by a decrease in the closing price of common shares between June 30, 2026, and September 30, 2026.
• Net loss for the prior year period primarily reflected non-cash losses of approximately $32.1 million related to the same liability-classified instruments, driven by an increase in the closing price of common shares between June 30, 2025, and September 30, 2025.
• Operating cash outflows totaled $6.1 million, primarily representing recurring general and administrative costs and costs related to the finalization and issuance of the technical and economic study for the Elk Creek Critical Minerals Project.
• Investing cash outflows totaled $5.9 million, primarily representing additional expenditures for ongoing construction of the mine portal at the Elk Creek Project.
• Reported a cash balance of $405.1 million on the consolidated balance sheet as of September 30, 2026.
• The Company remains in the development stage.

Other Key Points

• Preliminary unaudited financial results are subject to change and adjustment as the Company prepares its unaudited interim condensed consolidated financial statements for the three-month periods ended September 30, 2026, and 2025.
• The Company intends to file its unaudited interim condensed consolidated financial statements in its Quarterly Report on Form 10-Q on or before November 16, 2026.
• The Company does not intend to provide preliminary results on a regular basis in the future.
• The Company is developing the Elk Creek Project, expected to produce niobium, scandium, titanium, and several rare earth products including neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, SEG carbonate, and heavy rare earth carbonate.
• The Company faces risks regarding its ability to receive sufficient project financing for the construction of the Elk Creek Project, including potential inability to receive a final commitment of financing from EXIM or other debt financing on acceptable terms.
• The Company is subject to risks regarding its ability to achieve milestones and receive the full $10.0 million in reimbursement under the Project Sub-Agreement with Advanced Technology International.
• The Company has a history of losses and a material weakness in its internal control over financial reporting, with ongoing efforts to remediate such weakness.
• The Company is subject to risks related to Chinese restrictions on pricing and demand, potential bifurcation of markets between China and the rest of the world, and impacts from export restrictions on scandium and rare earth products.
• The Company faces risks related to its ability to continue meeting Nasdaq listing standards, potential dilution, and lack of dividend payments.
• The Company is subject to risks regarding the speculative nature of mineral exploration, including potential variations in ore quantity, grade, or recovery rates, and unexpected geotechnical or hydrogeological conditions.
• The Company faces risks related to cost overruns, equipment shortages, labor disputes, and regulatory compliance including permitting and environmental requirements.