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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#3633
Positioning
Market Dominance
Mining
Non-Metallic And Industrial Metal Mining
$1.9B
N/A
NioCorp Developments Ltd. explores for and develops mineral deposits in North America. It owns and develops the Elk Creek niobium/scandium/titanium project located in Southeastern Nebraska. The company was formerly known as Quantum Rare Earth Developments Corp. and changed its name to NioCorp Developments Ltd. in March 2013. NioCorp Developments Ltd. was incorporated in 1987 and is headquartered in Centennial, Colorado.
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| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$VALE Vale S.A. | 75 | 88 | 93 | 67 | - | - | 15.8% | 6.9% | 36.6% | 22.8% | 15.9% | -8.9% | 0.0% | 0.0x | $38.7B | VS | |
$SU SUNCOR ENERGY INC | 74 | 87 | 90 | 53 | - | - | 13.1% | 6.5% | 58.3% | 18.4% | 11.0% | -3.6% | 4.9% | 29.0x | $46.0B | VS | |
$TRX TRX GOLD Corp | 72 | 83 | 77 | 96 | - | - | 10.7% | 6.1% | 41.5% | 27.8% | 11.4% | 40.0% | 0.0% | 2.0x | $104M | VS | |
$ORLA Orla Mining Ltd. | 72 | 94 | 83 | 78 | - | - | 19.6% | 15.7% | 74.8% | 47.5% | 26.2% | 47.2% | 0.0% | 0.0x | $1.7B | VS | |
$KGC KINROSS GOLD CORP | 71 | 83 | 89 | 79 | - | - | 15.1% | 9.3% | 37.8% | 31.6% | 20.0% | 21.3% | 1.3% | 21.0x | $11.4B | VS | |
$AEM AGNICO EAGLE MINES LTD | 71 | 80 | 80 | 71 | - | - | 9.4% | 6.5% | 60.5% | 36.0% | 22.9% | 25.0% | 2.0% | 6.0x | $38.9B | VS | |
$RIO RIO TINTO PLC | 70 | 76 | 84 | 64 | - | - | 20.3% | 11.2% | 23.0% | 20.1% | 23.1% | -1.3% | 11.2% | 26.0x | $93.8B | VS | |
$IAG IAMGOLD CORP | 70 | 71 | 82 | 89 | - | - | 29.9% | 17.1% | 33.7% | 57.8% | 51.9% | 65.4% | 0.0% | 34.0x | $2.5B | VS | |
$NGD New Gold Inc. /FI | 70 | 76 | 67 | 92 | - | - | 11.1% | 4.8% | 52.8% | 19.7% | 11.1% | 17.5% | 0.0% | 38.0x | $1.7B | VS | |
$PDS PRECISION DRILLING Corp | 70 | 77 | 90 | 65 | - | - | 6.6% | 3.6% | 34.4% | 11.0% | 5.9% | -10.0% | 0.0% | 52.0x | $876M | VS | |
$NB NIOCORP DEVELOPMENTS LTD | 39 | 31 | 36 | 53 | - | - | -16.1% | -14.3% | - | - | - | - | 0.0% | 13.0x | $1.9B | ||
| SECTOR BENCH | - | - | - | - | - | 13.7x | 5.2x | 4.0% | 3.9% | 43.2% | 12.2% | 6.2% | 2.6% | 0.0% | 0.3x | - | REF |
NIOCORP DEVELOPMENTS LTD (NB) receives a "Avoid" rating with a composite score of 39.3/100. It ranks #3633 out of 7,333 stocks in our coverage universe and carries a 1-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
N/A
Chief Executive Officer
Labor Force
8
31
25
30
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for NB
In-line with peers — no strong momentum signal
Fair valuation relative to peers
Weak fundamentals — higher risk of value trap
High volatility — wider range of outcomes increases timing risk
Aggressive spending — empire-building risk, dilutive growth
Below-average composite — caution warranted
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Relative valuation derived from Mining sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for NB.
View All RatingsInsufficient data for Financial Analysis
| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 31 | 25 | +6ALPHA |
| MOMENTUM | 53 | 54 | -1NEUTRAL |
| VALUATION | 36 | 35 | +1NEUTRAL |
| INVESTMENT | 25 | 12 | +13ALPHA |
| STABILITY | 30 | 20 | +10ALPHA |
| SHORT INT | 76 | 88 | -12DRAG |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROE proxy -16.1% (sector 4.0%)
GM N/A vs sector 43%, OM N/A vs sector 12%
Capital turnover N/A
Rev growth N/A, 7yr history
Interest coverage N/A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our quantitative model flags NIOCORP DEVELOPMENTS LTD with an Avoid rating, assigning a composite score of 39.3/100 and 1 out of 5 stars. Ranked #3633 of 7,333 stocks, NB falls in the bottom tier across key factors. Historically, stocks with this profile have faced elevated risk of underperformance and capital loss.
NB's quality score of 31/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -16.1% (sector avg: 4.0%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 36/100, NB appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/B ratio of 2.17x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
NIOCORP DEVELOPMENTS LTD's investment score of 25/100 suggests limited reinvestment activity. Key growth metrics include a return on assets of -14.3% (sector: 3.9%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
NB demonstrates moderate momentum with a score of 53/100, suggesting a neutral price trend without strong directional conviction. Revenue growth data is not currently available, while a beta of 0.35 reflects its sensitivity to broader market moves. Moderate momentum may indicate the stock is consolidating or transitioning between trends, warranting close monitoring of upcoming catalysts.
NB's stability score of 30/100 signals elevated volatility and/or leverage concerns. Key stability metrics include a beta of 0.35 and a debt-to-equity ratio of 13.00x (sector avg: 0.3x). Investors should be prepared for wider-than-average price swings and consider position sizing accordingly to manage portfolio risk.
NB carries a short interest score of 76/100, indicating moderate short selling activity. This is a neutral reading — not enough to signal systemic bearishness, but worth monitoring. Specific risk factors include elevated leverage (D/E: 13.00x), small-cap liquidity risk. At $1.9B market cap (small-cap), NIOCORP DEVELOPMENTS LTD offers reasonable institutional liquidity.
NIOCORP DEVELOPMENTS LTD is a small-cap company in the Mining sector, ranked #0 of 50 in its sector (100th percentile) and #3633 of 7,333 overall (50th percentile). Key comparisons include ROE of -16.1% trailing the 4.0% sector median. This top-quartile standing reflects exceptional competitive strength relative to Mining peers.
While NB currently exhibits a AVOID profile, superior opportunities exist within the MINING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
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Improvement in Investment (25) would have the largest impact on the composite score.
ROE 507% BELOW SECTOR MEDIAN
Debt/Equity 4900% ABOVE SECTOR MEDIAN
Div. Yield NaN% BELOW SECTOR MEDIAN
AUDIT DATA AS OF DEC 31, 2025 (Q3 FY2025)
We rate NIOCORP DEVELOPMENTS LTD (NB) as Avoid with a composite score of 39.3/100 at a current price of $5.41. The stock falls in the bottom quintile of our universe across key quantitative factors, and the multi-factor weakness suggests a high probability of continued underperformance.
The rating is primarily driven by strength in momentum (53th percentile) and value (36th percentile), which together account for the majority of the composite score. Offsetting weakness in investment (25th percentile) and stability (30th percentile) tempers our overall conviction. We assign a No Moat rating (25/100), Medium uncertainty, and Poor capital allocation.
Key items to watch: quarterly earnings execution and sector-level competitive dynamics. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
NIOCORP DEVELOPMENTS LTD holds a top-quartile position (#0 of 50) within the Mining sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 39.3/100 places it at rank #3633 in our full 7,333-stock universe. At $1.9B in market capitalization, NIOCORP DEVELOPMENTS LTD is a small-cap player in the Mining space, which limits certain scale advantages but may allow for more agile strategic execution.
Momentum indicators (53th percentile) are neutral regarding the near-term price trend. Revenue growth data is unavailable, limiting our ability to confirm whether momentum is fundamentally supported.
Margin data is not available for NIOCORP DEVELOPMENTS LTD, which limits our assessment of the company's cost structure and operating efficiency. We rely on factor-based signals to infer business quality in the absence of detailed margin data.
At a current price of $5.41, NIOCORP DEVELOPMENTS LTD is trading at a premium to fundamental value. Our value factor score of 36/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. The premium valuation implies the market is pricing in significant future growth or quality improvements that are not yet fully reflected in current fundamentals.
The stock currently trades at P/B of 2.2x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
A conservative balance sheet (13% D/E) provides financial flexibility for acquisitions, buybacks, or weathering economic downturns without dilution.
The Avoid rating (composite 39.3/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Below-average quality (31th percentile) raises durability concerns about the fundamental profile and increases the risk of negative earnings surprises.
Elevated short interest (76th percentile) indicates that sophisticated market participants are betting against the stock.
We assign a Medium uncertainty rating to NIOCORP DEVELOPMENTS LTD. The stock presents a balanced risk profile: below-average price stability (30th percentile) and weak quality scores (31th percentile). While not risk-free, the core business fundamentals are adequate to withstand moderate economic stress, and the range of potential outcomes around our fair value estimate is manageable.
Specific risk factors that inform our assessment include: below-average price stability (30th percentile); weak quality scores (31th percentile); low beta of 0.35 — while defensive, this may indicate limited upside participation in bull markets. Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 30th percentile and quality factor at the 31th percentile provide a quantitative summary of the overall risk landscape.
Key risk mitigants include: conservative leverage (13% D/E) limits balance sheet risk. These factors partially offset the identified risks and provide downside protection in adverse scenarios. On balance, the risk-reward profile is favorable for long-term investors.
We rate NIOCORP DEVELOPMENTS LTD's capital allocation as Poor. Key concerns include low returns on equity (-16.1%), weak asset returns (ROA -14.3%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — NIOCORP DEVELOPMENTS LTD significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, NIOCORP DEVELOPMENTS LTD receives a Avoid rating with a composite score of 39.3/100 (rank #3633 of 7,333). Our quantitative framework assigns a No Moat (25/100, trend: stable), Medium uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 35/100.
Our analysis does not support a constructive view on NIOCORP DEVELOPMENTS LTD at this time. The combination of limited competitive advantages, medium uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign NIOCORP DEVELOPMENTS LTD a meaningful economic moat, scoring 25/100 on our composite assessment. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, margin superiority, reached only 10/20.
The strongest moat sources are margin superiority (10/20) and financial resilience (7.3/20). GM N/A vs sector 43%, OM N/A vs sector 12%. Interest coverage N/A. These pillars form the core of NIOCORP DEVELOPMENTS LTD's competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include reinvestment efficiency (0/20) and economic value creation (1/20). Capital turnover N/A. Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect NIOCORP DEVELOPMENTS LTD's moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers are not clearly identifiable from current fundamentals. This may reflect a company in transition, a cyclical downturn, or structural challenges in the business model. We assign a quality factor of 31/100 which further underscores our concern regarding earnings sustainability.
Return metrics include ROE of -16.1% and ROA of -14.3%. Relative to the Mining sector, sector comparison data is limited, and ROE of -16.1% compares to a sector median of 4.0%.
The balance sheet reflects a conservatively managed balance sheet with D/E of 13%. The sector median D/E is 0%, putting NIOCORP DEVELOPMENTS LTD at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
NioCorp Developments recently shared final assay results from its 2025 drilling campaign at the Elk Creek Critical Minerals Project and announced progress on funding, land acquisition, and scandium alloy capabilities. These developments, though not yet classified as reserves, are seen as de-risking the project and enhancing its investment narrative, especially with U.S. Department of Defense backing. The report emphasizes the shift from concept to construction and the focus on securing full project financing and advancing construction milestones.
NioCorp Developments Ltd. (NB) is highlighted as a top metal stock, largely due to the recent approval of its Mine Portal Project for the Elk Creek Critical Minerals Project. This project, costing an estimated $44.6 million, will establish access points for the underground mine in Nebraska. Additionally, H.C. Wainwright reiterated a Buy rating and increased the price target to $9.50 following NioCorp's acquisition of FEA Materials LLC, which strengthens its ability to produce aluminum scandium master alloy and positions it to form the nation's first fully integrated scandium supply chain.
H.C. Wainwright has increased its price target for NioCorp Developments Ltd. (NASDAQ:NB) to $11.25 from $9.50, maintaining a Buy rating. This upgrade follows NioCorp's recent drilling results at its Elk Creek project, which confirmed management's expectations and are seen as a significant de-risking event. The firm believes these results enhance the project's economics and improve the likelihood of securing the U.S. Export-Import Bank debt facility.
Freedom Capital Markets has initiated coverage on NioCorp Developments Ltd. (NASDAQ:NB) with a Buy rating and an $8.70 price target, citing national support for critical minerals, strong industrial demand, and the company's production quality. The company's financial health is rated "GREAT" with a strong balance sheet and existing offtake agreements. NioCorp has also made strategic moves including acquiring manufacturing assets, approving a Mine Portal Project for its Elk Creek Critical Minerals Project, and securing land for the project.
NioCorp prices U.S. public offering at $5/share to raise ~$100M for Elk Creek critical minerals project and working capital.