NioCorp Developments (NB, Financial) is set to initiate a focused 9-hole drilling operation later this month at its Elk Creek Critical Minerals Project in Nebraska. This effort aims to upgrade a portion of its existing Indicated Resources to Measured Resources, as well as convert part of its current Probable Mineral Reserves into Proven Mineral Reserves. The initiative, operating under existing state permits, will build on prior exploratory work to support ongoing assessment.
This drilling campaign is a strategic step in updating the feasibility study critical to NioCorp's efforts to secure up to $800 million in potential debt financing from the Export-Import Bank of the United States. Alongside resource upgrades, the company plans to refine its engineering processes, aiming for more efficient production methods. These improvements are expected to incorporate additional magnetic rare earth oxides, produce titanium as titanium tetrachloride, and expand commercial outputs to include ferroniobium and niobium oxide.
NioCorp's actions reflect its commitment to advancing the Elk Creek Project's technical and economic evaluations, an essential component of the project's comprehensive due diligence process. By refining its feasibility study, NioCorp is positioning itself for potential financial backing pivotal to the project's development and future success.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for NioCorp Developments Ltd (NB, Financial) is $3.63 with a high estimate of $4.00 and a low estimate of $3.25. The average target implies an upside of 39.96% from the current price of $2.59. More detailed estimate data can be found on the NioCorp Developments Ltd (NB) Forecast page.
Based on the consensus recommendation from 2 brokerage firms, NioCorp Developments Ltd's (NB, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
