NioCorp Developments: Improved Elk Creek Economics, De-Risked Project Profile, and Mine Portal Approval Drive Higher $11.25 Target and Reiterated Buy Rating

Analyst Heiko Ihle from H.C. Wainwright reiterated a Buy rating on NioCorp Developments and increased the price target to $11.25 from $9.50.

Heiko Ihle has given his Buy rating due to a combination of factors that, in his view, materially improve NioCorp Developments’ project quality and risk profile. He sees the recently completed Elk Creek drilling and final assay results as confirming management’s expectations while identifying zones that can further upgrade resources and reserves, thereby supporting a stronger updated feasibility study and better project economics. These improvements, together with the enhanced resource base, are expected to increase the probability of securing the U.S. Export-Import Bank debt facility and to reduce overall project risk as financing and permitting progress. Additionally, the company’s solid cash position of about $307 million is viewed as sufficient to advance near‑term project milestones without undue balance sheet stress.
Another important factor behind the Buy rating is the board’s approval of the Elk Creek mine portal project, which Ihle regards as a key value-unlocking step. The portal and associated infrastructure are expected to facilitate the shift to the Railveyor system, reducing upfront capital needs, simplifying mine development, and improving the project timeline compared with the previous twin-shaft design. Ihle’s higher price target of $11.25, up from $9.50, is primarily based on an updated discounted cash flow valuation that incorporates the project’s improved economics, NioCorp’s current capital structure, and ongoing de-risking as the project advances toward production. While he acknowledges remaining risks around execution and timing, he believes continued progress on financing and development should translate into meaningful long-term value for shareholders, supporting his reiterated Buy recommendation.