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    Assessing NioCorp Developments (NB) Valuation After Bullish Coverage And Easing Short Interest

    Simply Wall St·01/11/2026 00:34:42
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    Recent coverage from Freedom Capital Markets and a reported decline in short interest have drawn fresh attention to NioCorp Developments (NB), as investors reassess how sentiment aligns with the company’s rare earths focused business model.

    See our latest analysis for NioCorp Developments.

    The recent research coverage and easing short interest come against a mixed trading backdrop, with the share price at US$6.30, a 7 day share price return of 5.88%, a 90 day share price return decline of 39.36%, and a 1 year total shareholder return of over 3x. This suggests that long term holders have seen strong gains even as shorter term momentum has faded.

    If NioCorp’s rare earths story has your attention, this could be a good moment to broaden your watchlist with aerospace and defense stocks that may also benefit from critical materials demand.

    With shares at US$6.30 after a sharp 90 day pullback but a 1 year return of around 3x and analyst targets sitting higher, you have to ask: is NioCorp still undervalued, or is the market already pricing in future growth?

    Price to Book of 5x: Is it justified?

    NioCorp’s shares last closed at US$6.30, and on a P/B of 5x the stock sits well above the wider US Metals and Mining industry, yet below its closer peer group.

    P/B compares the market value of the company to its net assets on the balance sheet. It is often used for pre revenue or early stage resource names where earnings and cash flows are not yet established. For a business like NioCorp, with a core project still in development and no revenue reported, the question is how much of that 5x multiple reflects expectations for the Elk Creek niobium, scandium and titanium project versus the current balance sheet.

    Against the broader US Metals and Mining industry, where the average P/B is 2.5x, NioCorp trades on a premium multiple that implies investors are willing to pay roughly double the sector average for each dollar of book value. However, compared with a peer average P/B of 11.6x, its 5x multiple is materially lower, suggesting the market is valuing NioCorp’s assets and future potential at a discount to more highly rated rare earths and critical materials names.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 5x (ABOUT RIGHT)

    However, you still have to weigh up the execution risk on the Elk Creek project and the impact of ongoing losses, with net income at a loss of US$54.372m.

    Find out about the key risks to this NioCorp Developments narrative.

    Build Your Own NioCorp Developments Narrative

    If you see the numbers differently or simply want to stress test your own view against the data, you can build a custom thesis in just a few minutes, starting with Do it your way

    A great starting point for your NioCorp Developments research is our analysis highlighting 4 important warning signs that could impact your investment decision.

    Looking for more investment ideas?

    If NioCorp has sparked your interest, do not stop here. The right screener could surface the next idea that fits your style before others spot it.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.