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Investing.com - H.C. Wainwright lowered its price target on NioCorp Developments Ltd. (NASDAQ:NB) to $4.00 from $4.25 while maintaining a Buy rating on the critical minerals company. Despite recent price target adjustment, the stock has shown remarkable momentum with a 93% gain over the past six months, according to InvestingPro data.
The price target adjustment follows NioCorp’s May 16 announcement that it received a non-binding Expression of Interest (EOI) from UK Export Finance (UKEF) for potential debt funding of up to $200.0 million for its Elk Creek Critical Minerals project in southeast Nebraska.
H.C. Wainwright analyst Heiko Ihle noted that the EOI is contingent on NioCorp executing an offtake agreement with UK-based companies and exporters for future production, with any issued debt financing likely to be coordinated with the U.S. EXIM Bank.
The research firm emphasized that the EOI reflects growing international interest in the project and represents an important step in diversifying financing options for NioCorp.
The Elk Creek project is positioned as strategically valuable for domestic supply chains of critical minerals, with H.C. Wainwright maintaining its positive outlook on the company despite the slight reduction in price target.
In other recent news, NioCorp Developments Ltd. has announced the pricing of its public offering, aiming to raise $20 million through the sale of 7,692,308 common shares at $2.60 per share. This move is part of an effective shelf registration statement filed with the SEC, with Maxim Group LLC serving as the underwriter. Additionally, NioCorp will be added to the Russell 3000 Index, effective June 30, 2025, which also includes automatic membership in the Russell 2000 Index. This inclusion is determined by market-capitalization rankings, reflecting the company’s standing among the largest U.S. stocks. Furthermore, analysts at H.C. Wainwright have raised the company’s price target to $4.25, maintaining a Buy rating. This adjustment is influenced by geopolitical developments and the strategic importance of NioCorp’s Elk Creek Project, which aims to produce critical minerals like niobium and scandium. The project has gained attention due to recent export restrictions from China on critical minerals. These developments highlight the growing importance of domestic production capabilities in the current geopolitical climate.
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