NioCorp (NB) lands DoD deal: Up to $10M for Elk Creek milestones

Q: How much funding could NioCorp (NB) receive under the agreement?

ECRC can receive up to approximately US$10 million in reimbursement payments from the U.S. Department of Defense.

Q: What milestones trigger DoD payments to NioCorp?

Payments follow completion of new drilling, engineering studies for scandium and related alloys, and a new feasibility study for Elk Creek.

Q: Does the 8-K disclose any equity or debt issuance?

No. The filing relates solely to a Material Definitive Agreement; it contains no financing or earnings figures.

Q: Why is the Elk Creek Project important to the DoD?

The project targets scandium and related alloys, designated as critical for defense and advanced manufacturing applications.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

On 4 Aug 2025, NioCorp Developments Ltd. (Nasdaq: NB) filed an 8-K reporting that its 92%-owned subsidiary, Elk Creek Resources Corp. (ECRC), executed a Project Sub-Agreement with Advanced Technology International on behalf of the U.S. Department of Defense (DoD). The Sub-Agreement incorporates a 23 Jul 2025 Base Agreement and supports ongoing work at the Elk Creek Critical Minerals Project in Nebraska.

The DoD will reimburse ECRC for up to ≈US$10 million of eligible costs, payable after specific milestones are reached:

completion of new drilling operations
completion of engineering studies for scandium metal, scandium master-alloy and aluminum-scandium master-alloy
delivery of an updated feasibility study

Each milestone has a reimbursement cap and requires an ECRC cost-share that is not recoverable. Standard U.S. Government provisions allow the DoD to terminate the agreement if deemed in its best interest.

No equity issuance, debt financing, or earnings data accompanies this filing; the disclosure is limited to Item 1.01 (Material Definitive Agreement).

Positive

Up to US$10 million in non-dilutive DoD reimbursements reduce near-term project spending.
Agreement indicates federal strategic interest in Elk Creek’s scandium output, potentially aiding future funding.

Negative

Reimbursements are contingent on milestone completion and include an ECRC cost co-share component.
The DoD retains a termination right, so funding is not fully guaranteed.

Insights

TL;DR: DoD funding lowers near-term cash burn, modestly de-risks Elk Creek CAPEX; impact positive but not transformative.

The non-dilutive, milestone-based reimbursement of up to US$10 million directly offsets feasibility, drilling and metallurgical study costs. While small relative to an eventual project build-out, the cash support improves liquidity and signals U.S. strategic interest in scandium supply. Investors should note that payments are contingent on milestone completion and cost sharing, and the DoD can cancel at will, so funding certainty is not absolute.

TL;DR: Agreement underscores federal desire for domestic scandium; validates Elk Creek’s strategic relevance.

The DoD’s willingness to reimburse study costs highlights scandium’s importance for defense applications. Achieving metallurgical milestones could advance NioCorp toward project financing and potential offtake discussions. However, technical execution risk remains, and $10 million covers only early-stage work, not mine construction.

8-K Event Classification

Item 1.01 — Entry into a Material Definitive Agreement

1 item

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much funding could NioCorp (NB) receive under the agreement?

ECRC can receive up to approximately US$10 million in reimbursement payments from the U.S. Department of Defense.

What milestones trigger DoD payments to NioCorp?

Payments follow completion of new drilling, engineering studies for scandium and related alloys, and a new feasibility study for Elk Creek.

Is the DoD funding guaranteed for NioCorp?

No. Funding depends on milestone achievement and the DoD may terminate the agreement at its discretion.

Does the 8-K disclose any equity or debt issuance?

No. The filing relates solely to a Material Definitive Agreement; it contains no financing or earnings figures.

Why is the Elk Creek Project important to the DoD?

The project targets scandium and related alloys, designated as critical for defense and advanced manufacturing applications.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/06/2025 - 04:00 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2025

NioCorp Developments Ltd.

(Exact name of registrant as specified in its charter)

British Columbia, Canada
(State or other jurisdiction
of incorporation)

000-55710
(Commission File Number)

98-1262185
(IRS Employer
Identification No.)

7000 South Yosemite Street, Suite 115
Centennial, Colorado 80112
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (720) 639-4647

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, without par value	NB	The Nasdaq Stock Market LLC
Warrants, each exercisable for 1.11829212 Common Shares	NIOBW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On August 4, 2025, Elk Creek Resources Corp. (“ECRC”), a majority-owned subsidiary of NioCorp Developments Ltd. (the “Company”), entered into a Project Sub-Agreement (the “Sub-Agreement”) with Advanced Technology International (“ATI”), an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of Defense. The Sub-Agreement incorporates the terms and conditions of a Base Agreement, dated July 23, 2025, between ECRC and ATI (the “Base Agreement” and, together with the Sub-Agreement, the “Agreement”).

The Company is currently, among other matters, conducting feasibility study-level engineering and additional reserve drilling, as well as preparing updated cost estimates, for the Company’s Elk Creek Critical Minerals Project (the “Elk Creek Project”) in southeast Nebraska. Subject to the terms and conditions of the Agreement, the U.S. Department of Defense will reimburse ECRC for a portion of the costs incurred by ECRC in connection with this work. Pursuant to the Agreement, ECRC is entitled to receive up to an aggregate of approximately $10.0 million of reimbursement payments from the U.S. Department of Defense upon the achievement of certain project milestones. These milestones include, among other matters, the completion of new drilling operations at the Elk Creek Project, the completion of engineering studies relating to scandium metal, scandium master-alloy and aluminum-scandium master-alloy and the completion of a new feasibility study report for the Elk Creek Project. The Agreement also includes projected completion dates for each milestone. Following the achievement of each milestone set forth in the Agreement, ECRC will be entitled to a reimbursement payment for related expenses, subject to a maximum reimbursement amount for each milestone and subject to a cost co-share amount for each milestone that will be incurred by ECRC and will not be reimbursed.

The Agreement also contains terms and conditions that are customary for U.S. Government agreements of this nature, including provisions giving the U.S. Government the right to terminate the Agreement if the U.S. Government determines that termination would be in the U.S. Government’s best interests.

signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2025

	NIOCORP DEVELOPMENTS LTD.
	By:	/s/ Neal S. Shah
	Name:	Neal S. Shah
	Title:	Chief Financial Officer

Source: View Original Filing on SEC EDGAR

NioCorp (NB) lands DoD deal: Up to $10M for Elk Creek milestones