MeritValue

NIOCORP DEVELOPMENTS LTD

NBdata completeness 63%11 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

NIOCORP DEVELOPMENTS LTD earns about -203% on invested capital, but has diluted owners by 86% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$4.82M1−$10.9M1−$40.3M2−$11.9M3−$18M3
Operating cash flow−$4.73M4−$6.15M4−$17.3M5−$11.7M6−$10.7M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$7.32M7$5.28M8$2.34M9$2.01M10$25.6M10
Diluted shares24.2M26.4M28.7M34.3M45.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.28
your share of equity
Profit it earned you last year
−$3.99
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.28 of net worth that earned you −$3.99 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-203% avg · 5y
FY21 -44%FY22 -51%FY23 —FY24 —FY25 -513%

It earned an average -203% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+86% shares · 5y

Share count is up 86% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001539497-23-001700 (NetIncomeLoss)
  2. 10-K · period ending 2023-06-30 · accession 0001539497-24-001980 (NetIncomeLoss)
  3. 10-K · period ending 2024-06-30 · accession 0001539497-25-002331 (NetIncomeLoss)
  4. 10-K · period ending 2021-06-30 · accession 0001539497-23-001700 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-06-30 · accession 0001539497-24-001980 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-06-30 · accession 0001539497-25-002331 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2021-06-30 · accession 0001539497-22-001717 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2022-06-30 · accession 0001539497-23-001700 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2023-06-30 · accession 0001539497-24-001980 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-06-30 · accession 0001539497-25-002331 (CashAndCashEquivalentsAtCarryingValue)