NB — what changed in the latest 10-K
A section-by-section comparison of NB's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-K · 2026-09-25 vs the prior 10-K · 2025-09-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +25 | −23 | ~15 | 23 |
| Risk factors | Text added/removed | +82 | −66 | ~42 | 54 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| MD&A | Text added/removed | +45 | −38 | ~7 | 12 |
| Market risk (Item 7A) | No paragraph-level changes | 0 | 0 | 0 | 3 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-09-25
Our primary business strategy is to advance our Elk Creek Project to commercial production. We are focused on securing project financing sufficient to cover initial capital costs and other related expenses necessary for the commencement and completion of construction, and carrying out our near-term …
The business of NAMA is the production of scandium-containing aluminum master alloys
On March 17, 2023 (the “Closing Date”), the Company closed a series of transactions (the “GXII Transaction”) pursuant to the Business Combination Agreement, dated September 25, 2022 (the “Business Combination Agreement”), among the Company, GX Acquisition Corp. II (“GXII”), and Big Red Merger Sub Lt…
In addition, during fiscal year 2026, the Company completed the acquisition of an additional 447.43 acres of land pursuant to existing option to purchase agreements ("OTPs"). As a result of these transactions, the Company now holds full ownership of all surface rights within the one-square-mile sect…
mine and integrated surface processing facility associated with the Elk Creek Project. These acquisitions also include 1.6 acres of land adjacent to Highway 50 and County Road 721 that will be used for improvements to both roadways in order to establish the entrance to the project site on the north …
Text removed vs the prior filing · source: 10-K · 2025-09-11
Our primary business strategy is to advance our Elk Creek Project to commercial production. Based on the success of our recent fund-raising activities, as discussed below under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capit…
On March 17, 2023 (the “Closing Date”), the Company closed a series of transactions (the “GXII Transaction”), pursuant to the Business Combination Agreement, dated September 25, 2022 (the “Business Combination Agreement”), among the Company, GX Acquisition Corp. II (“GXII”), and Big Red Merger Sub L…
to certain vesting conditions. See Note 9 to the consolidated financial statements included in Part II, Item 8 hereof for additional information regarding the Class B common stock of ECRC.
During fiscal year 2025, the Company initiated a drilling program at the Elk Creek Project to support the conversion of a portion of its current indicated resources into measured resources and the subsequent conversion of a portion of its current probable mineral reserves into proven mineral reserve…
As previously disclosed, on March 6, 2023, the Company announced the receipt of a Letter of Interest from the Export-Import Bank of the United States (“EXIM”) for potential debt financing through EXIM’s “Make More In America” initiative to fund a portion of the project costs of the Elk Creek Project…
Risk factors
Text added vs the prior filing · source: 10-K · 2026-09-25
We have not yet commenced commercial production at any of our properties and, as such, have not generated positive cash flows to date and have no reasonable prospects of doing so unless successful commercial production can be achieved at our Elk Creek Project. We expect to continue to incur negative…
The 2026 S-K 1300 Elk Creek Technical Report Summary includes an estimated total upfront capital expenditure for the Elk Creek Project of approximately $1,849 million. The actual amount of capital expenditure required to successfully achieve commercial production at the Elk Creek Project is subject …
facilities. We anticipate financing the estimated total upfront capital expenditure for the Elk Creek Project with debt financing (including the potential EXIM Financing) and additional equity financing.
The potential EXIM Financing is subject to, among other matters, the satisfactory completion of due diligence, including the additional project activities identified in the PPL, the negotiation and settlement of final terms, and the negotiation of definitive documentation. The PPL included an indica…
Agreements we enter into may contain restrictions on our ability to raise additional financing on reasonable terms or at all. For example, pursuant to the Exchange Agreement, NioCorp is restricted from issuing equity or equity-linked securities (other than Common Shares) or any preferred equity or n…
Text removed vs the prior filing · source: 10-K · 2025-09-11
The notes that accompany our consolidated financial statements for the year ended June 30, 2025, disclose that substantial doubt exists as to our ability to continue as a going concern. The consolidated financial statements included in this Annual Report on Form 10-K have been prepared under the ass…
As a development stage issuer, the Company has not yet commenced its mining operations and accordingly does not generate any revenue. The Company does not have sufficient cash on hand to fund planned operations as well as the construction necessary for mine development for the next twelve months. Th…
Except for the potential funding from advances under the Yorkville Equity Facility Financing Agreement, which is discussed below under Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” and the potential exercise …
Our ability to obtain necessary funding depends upon a number of factors, including the status of the national and worldwide economy and the price of the products we intend to produce. We are actively pursuing additional sources of debt and equity financing, and while we have been successful in doin…
In addition, the potential EXIM Financing is subject to, among other matters, the satisfactory completion of due diligence, including the additional project activities identified in the PPL, the negotiation and settlement of final terms, and the negotiation of definitive documentation. There can be …
MD&A
Text added vs the prior filing · source: 10-K · 2026-09-25
The net loss attributable to the Company increased to $48.6 million for fiscal year 2026 from $17.4 million for fiscal year 2025. This is primarily due to spending on the 2026 Elk Creek Study, the recognition of non-cash expenses related to share-based compensation and the valuation of the Earnout S…
Less: Net loss attributable to redeemable noncontrolling interest
Exploration expenditures increased for fiscal year 2026 as compared to fiscal year 2025 primarily due to field-based costs associated with the 2025 Drilling Program, which was substantially completed by September 30, 2025, as well as expenses related to the Company’s ongoing efforts to prepare the 2…
General and administrative expenditures increased in fiscal year 2026 as compared to fiscal year 2025, reflecting an overall increase in corporate compliance, governance, financing, and other Elk Creek Project advancement activities. This includes increased expenses related to share-based compensati…
Change in fair value of earnout shares liability represents the impact of changes in fair value related to valuation of the Earnout Shares. The increase in fair value for fiscal year 2026 as compared to fiscal year 2025 primarily reflects the increase in the Company’s Common Share price in the finan…
Text removed vs the prior filing · source: 10-K · 2025-09-11
The net loss attributable to the Company increased to $17.4 million for fiscal year 2025 from $11.4 million for fiscal year 2024. This increased net loss in fiscal year 2025 as compared to fiscal year 2024 is primarily due to the fiscal year 2025 recognition of non-cash losses related to the valuati…
Change in fair value of earnout shares liability 2,063 (6,704 )
Employee-related expenditures decreased in fiscal year 2025 as compared to fiscal year 2024 primarily due to a reduction in the number of Options issued to employees and the impact of a lower stock price on the Black-Scholes modeling results.
Professional fees decreased for fiscal year 2025 as compared to fiscal year 2024, primarily due to higher costs incurred in 2024 related to the timing of legal services associated with the Company’s SEC registration statements filed in October 2023, as well as increased audit fees associated with th…
Exploration expenditures increased for fiscal year 2025 as compared to 2024, as fiscal year 2025 costs include expenditures related to a drilling program initiated by the Company in April 2025 designed to support the conversion of a portion of the Company’s current Indicated Resources into Measured …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice