NIOCORP DEVELOPMENTS LTD 10-Q

ITEM 1. FINANCIAL STATEMENTS Contents Page Condensed Consolidated Balance Sheets as of March 31, 2026 and June 30, 2025 (unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2026 and 2025 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2026 and 2025 (unaudited) 4 Condensed Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interest for the three and nine months ended March 31, 2026 and 2025 (unaudited) 5 Notes to condensed consolidated financial statements (unaudited) 6 - 18 1 NioCorp Developments Ltd. Condensed Consolid ated Balance Sheets (expressed in thousands of U.S. dollars, except share data) (unaudited) As of March 31, 2026 June 30, 2025 ASSETS Current Cash and cash equivalents $ 419,196 $ 25,554 Restricted cash 2,065 — Other current assets 2,241 1,183 Total current assets 423,502 26,737 Non-current Deferred financing costs 691 — Right-of-use assets 378 118 Property and equipment, net 7,719 839 Mineral properties 25,726 16,085 Intangible assets, net 5,822 — Goodwill 2,220 — Other assets 2,915 40 Total assets $ 468,973 $ 43,819 LIABILITIES Current Accounts payable and accrued liabilities $ 3,046 $ 1,795 Deferred reimbursements 6,168 — Warrant liabilities, at fair value 4,252 — Operating lease liability 162 98 Total current liabilities 13,628 1,893 Non-current Warrant liabilities, at fair value 7,220 6,852 Earnout liability, at fair value 13,508 5,880 Operating lease liability 217 33 Total liabilities 34,573 14,658 Commitments and contingencies Redeemable noncontrolling interest ( 994 ) 838 SHAREHOLDERS' EQUITY Common stock - no par value, unlimited shares authorized; 145,327,493 and 58,491,196 shares issued and outstanding, respectively 658,235 208,551 Accumulated deficit ( 221,930 ) ( 179,317 ) Accumulated other comprehensive loss ( 911 ) ( 911 ) Total shareholders' equity 435,394 28,323 Total liabilities, redeemable noncontrolling interest, and shareholders' equity $ 468,973 $ 43,819 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 NioCorp Developments Ltd. Condensed Consolidated Statem ents of Operations and Comprehensive Income (Loss) (expressed in thousands of U.S. dollars, except share and per share data) (unaudited) For the Three Months Ended March 31, For the Nine Months Ended March 31, 2026 2025 2026 2025 Operating expenses Employee related costs $ 1,475 $ 376 $ 4,982 $ 1,610 Professional fees 1,243 636 3,431 1,858 Exploration expenditures 1,693 495 13,409 894 Other operating expenses 2,919 1,092 7,028 2,533 Total operating expenses 7,330 2,599 28,850 6,895 Change in fair value of earnout shares liability ( 2,679 ) 1,263 7,628 510 Change in fair value of warrant liabilities ( 2,156 ) 1,513 13,670 620 Change in fair value of convertible notes — — — 40 Interest expense — — — 48 Foreign exchange loss (gain) 4 ( 2 ) 7 2 Interest income ( 2,823 ) — ( 5,767 ) — Other gains — — — ( 122 ) (Gain) loss on equity securities ( 1 ) 2 ( 1 ) 2 Income (loss) before income taxes 325 ( 5,375 ) ( 44,387 ) ( 7,995 ) Income tax benefit — — — — Net income (loss) and comprehensive income (loss) 325 ( 5,375 ) ( 44,387 ) ( 7,995 ) Less: Net (loss) attributable to redeemable noncontrolling interest ( 344 ) ( 78 ) ( 1,774 ) ( 177 ) Net income (loss) and comprehensive income (loss) attributable to the Company $ 669 $ ( 5,297 ) $ ( 42,613 ) $ ( 7,818 ) Income (loss) per common share, basic $ 0.01 $ ( 0.11 ) $ ( 0.39 ) $ ( 0.17 ) Income (loss) per common share, diluted 0.01 ( 0.11 ) ( 0.39 ) ( 0.17 ) Weighted average common shares outstanding, basic 132,104,478 45,893,738 107,785,668 41,777,986 Weighted average common shares outstanding, diluted 136,150,592 45,893,738 107,785,668 41,777,986 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 NioCorp Developments Ltd. Condensed Consoli dated Statements of Cash Flows (expressed in thousands of U.S. dollars) (unaudited) For the Nine Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) for the period $ ( 44,387 ) $ ( 7,995 ) Adjustments for: Change in fair value of earnout shares liability 7,628 510 Change in fair value of warrant liabilities 13,670 620 Other gain — ( 122 ) Share-based compensation 3,911 788 Fair value of private placement warrants — 144 Accretion of convertible debt — 43 Change in fair value of convertible note — 40 Loss on equity facility issuances 724 80 Depreciation and amortization 200 3 Unrealized loss (gain) on equity securities — 2 Non-cash lease activity ( 11 ) ( 4 ) ( 18,265 ) ( 5,891 ) Change in working capital items, net of effects of acquired business: Deferred reimbursements 6,168 — Other current assets ( 1,041 ) 836 Accounts payable and accrued liabilities 1,251 ( 820 ) Net cash used in operating activities ( 11,887 ) ( 5,875 ) CASH FLOWS FROM INVESTING ACTIVITIES Assets acquired in business combination ( 8,400 ) — Capitalized expenditures ( 19,207 ) ( 5 ) Deposits ( 49 ) — Net cash used in investing activities ( 27,656 ) ( 5 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of capital stock 466,010 14,516 Debt repayments — ( 7,223 ) Related party debt draws — 504 Related party debt repayment — ( 504 ) Deferred financing costs ( 691 ) — Share issue costs ( 30,069 ) ( 2,131 ) Net cash provided by financing activities 435,250 5,162 Change in cash, cash equivalents, and restricted cash during the period 395,707 ( 718 ) Cash, cash equivalents, and restricted cash, beginning of period 25,554 2,012 Cash, cash equivalents, and restricted cash, end of period $ 421,261 $ 1,294 Supplemental cash flow information: Conversion of debt for common shares $ — $ 501 Additions to construction in progress not yet paid 644 — Value of warrants issued — 2,262 Interest paid — 4 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 NioCorp Developments Ltd. Condensed Consolidated Statements of Sh areholders’ Equity and Redeemable Noncontrolling Interest (expressed in thousands of U.S. dollars, except for share data) (unaudited) For the Three Months Ended March 31, 2026 and 2025 Common Shares Outstanding Common Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Redeemable Noncontrolling Interest Balance, December 31, 2024 43,671,287 $ 172,235 $ ( 164,433 ) $ ( 911 ) $ 6,891 $ 1,316 Equity placements 2,577,320 5,000 — — 5,000 — Equity facility draws 709,000 1,328 — — 1,328 — Warrant exercises 230,000 403 — — 403 — Option exercises 512 — — — — — Share-based compensation — 6 — — 6 — Share issuance costs — ( 800 ) — — ( 800 ) — Loss for the period — — ( 5,297 ) — ( 5,297 ) ( 78 ) Balance, March 31, 2025 47,188,119 $ 178,172 $ ( 169,730 ) $ ( 911 ) $ 7,531 $ 1,238 Balance, December 31, 2025 120,774,400 $ 532,208 $ ( 222,599 ) $ ( 911 ) $ 308,698 $ ( 650 ) Equity placements 19,999,951 100,000 — — 100,000 — Equity facility draws 4,527,662 31,634 — — 31,634 — Warrant exercises 25,480 164 — — 164 — Share-based compensation — 824 — — 824 — Share issuance costs — ( 6,595 ) — — ( 6,595 ) — Income (loss) for the period — — 669 — 669 ( 344 ) Balance, March 31, 2026 145,327,493 $ 658,235 $ ( 221,930 ) $ ( 911 ) $ 435,394 $ ( 994 ) For the Nine Months Ended March 31, 2026 and 2025 Common Shares Outstanding Common Stock Accumulated Deficit Accumulated Other Comprehensive Loss Total Redeemable Noncontrolling Interest Balance, June 30, 2024 38,062,647 $ 163,823 $ ( 161,912 ) $ ( 911 ) $ 1,000 $ 1,534 Equity placements 6,369,278 9,218 — — 9,218 — Equity facility draws 1,919,250 3,191 — — 3,191 — Warrant exercises 230,000 403 — — 403 — Option exercises 512 — — — — — Issuance of warrants — 2,262 — — 2,262 — Debt conversions 258,347 501 — — 501 — Class B share conversions 348,085 119 — — 119 ( 119 ) Share-based compensation — 788 — — 788 — Share issuance costs — ( 2,133 ) — — ( 2,133 ) — Loss for the period — — ( 7,818 ) — ( 7,818 ) ( 177 ) Balance, March 31, 2025 47,188,119 $ 178,172 $ ( 169,730 ) $ ( 911 ) $ 7,531 $ 1,238 Balance, June 30, 2025 58,491,196 $ 208,551 $ ( 179,317 ) $ ( 911 ) $ 28,323 $ 838 Equity placements 61,006,866 405,195 — — 405,195 — Equity facility draws 5,727,662 39,434 — — 39,434 — Warrant exercises 19,314,426 27,566 — — 27,566 — Option exercises 369,452 1,088 — — 1,088 — Class B share conversions 417,891 58 — — 58 ( 58 ) Private warrant conversions — 2,501 — — 2,501 — Share-based compensation — 3,911 — — 3,911 — Share issuance costs — ( 30,069 ) — — ( 30,069 ) — Loss for the period — — ( 42,613 ) — ( 42,613 ) ( 1,774 ) Balance, March 31, 2026 145,327,493 $ 658,235 $ ( 221,930 ) $ ( 911 ) $ 435,394 $ ( 994 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 5 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) 1. DESCRIPTIO N OF BUSINESS NioCorp Developments Ltd. (“we,” “us,” “our,” “NioCorp,” or the “Company”) was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Company’s niobium/scandium/titanium property (the “Elk Creek Project”) located in southeastern Nebraska. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project to construction and commercial operation. In December 2025, the Company acquired certain manufacturing assets and intellectual property related to aluminum-scandium ("Al-Sc") alloy production, which are intended to support a potential future domestic scandium supply chain, subject to financing and development. Liquidity As of March 31, 2026, the Company had cash and cash equivalents of $ 419,196 and working capital of $ 409,874 . Based on its current liquidity position and planned expenditures, management believes the Company has sufficient resources to meet its obligations as they become due within one year from the issuance date of these condensed consolidated financial statements, which have been prepared on a going concern basis. The Company will require additional capital to fully develop, construct, and operate the Elk Creek Project. Management expects that future capital requirements will be met through a combination of debt financing, equity financings, and other funding sources. 2. BASIS OF PRESENTATION a) Basis of Presentation and Consolidation The accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2025, except that in connection with the acquisition described in Note 3, the Company established accounting policies for goodwill and acquired intangible assets, and in connection with the early adoption of ASU 2025-10, the Company established an accounting policy for government grants; each of which are described further in the applicable notes to these condensed consolidated financial statements. In the opinion of management, all adjustments considered necessary (including normal recurring adjustments) for a fair statement of the financial position, results of operations, and cash flows as of March 31, 2026, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2025. The interim results are not necessarily indicative of results for the full year ending June 30, 2026, or future operating periods. As of March 31, 2026, total cash, cash equivalents, and restricted cash was $ 421,261 , consisting of cash and cash equivalents of $ 419,196 and restricted cash of $ 2,065 . As of June 30, 2025, there was no restricted cash, and the total of $ 25,554 consisted entirely of cash and cash equivalents. Restricted cash consists of funds held in escrow pursuant to an agreement with Johnson County, Nebraska for road improvements adjacent to the Elk Creek Project site. 6 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) b) Recent Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The amendments are effective for the Company's annual periods beginning after July 1, 2025, with early adoption permitted, and should be applied prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . ASU 2024-03 requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. This ASU also requires disclosure of the total amount of selling expenses and our definition of selling expenses. This ASU is effective for our annual report for the period ending June 30, 2028, and for interim period reports beginning thereafter on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities . The guidance establishes authoritative accounting and disclosure requirements for government grants received by business entities, permits early adoption, and is effective for annual reporting periods beginning after December 15, 2028, with application on a prospective basis. The Company early adopted ASU 2025-10 effective December 31, 2025. Upon adoption, the Company concluded that the DoD Agreement (as defined in Note 8 below) represents a government grant within the scope of Topic 832. Adoption of the guidance did not have a material impact on the Company’s consolidated financial statements, as the Company’s existing accounting policies for accounting for government grants are consistent with the guidance. From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. c) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of mineral properties, goodwill and intangible assets, deferred income tax asset valuations, earnout valuation, warrant liabilities, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. 7 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) d) Basic and Diluted Earnings per Share The Company utilizes the weighted average method to determine the impact of changes in a participating security on the calculation of loss per share. The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common shareholders: For the Three Months Ended March 31, For the Nine Months Ended March 31, 2026 2025 2026 2025 Net income (loss) $ 325 $ ( 5,375 ) $ ( 44,387 ) $ ( 7,995 ) Adjust: Net (loss) attributable to noncontrolling interest ( 344 ) ( 78 ) ( 1,774 ) ( 177 ) Net income (loss) available to participating securities 669 ( 5,297 ) ( 42,613 ) ( 7,818 ) Net (loss) attributable to vested shares of ECRC Class B common stock ( 209 ) ( 41 ) ( 887 ) ( 591 ) Net income (loss) attributed to common shareholders - basic and diluted $ 878 $ ( 5,256 ) $ ( 41,726 ) $ ( 7,227 ) Denominator: Weighted average shares outstanding – basic 132,104,478 45,893,738 107,785,668 41,777,986 Weighted average shares outstanding – diluted 136,150,592 45,893,738 107,785,668 41,777,986 Income (loss) per Common Share outstanding – basic $ 0.01 $ ( 0.11 ) $ ( 0.39 ) $ ( 0.17 ) Income (loss) per Common Share outstanding – diluted 0.01 ( 0.11 ) ( 0.39 ) ( 0.17 ) The following common shares, no par value, of the Company ("Common Shares") underlying options to purchase Common Shares ("Options") and Common Share purchase warrants ("Warrants") were excluded from the dilutive securities computation as their effect would be antidilutive. For the three months ended March 31, 2026, Options and Warrants determined to be dilutive under the treasury stock method are excluded from this table and are reflected in diluted weighted average shares outstanding: For the Three Months Ended March 31, For the Nine Months Ended March 31, Excluded potentially dilutive securities (1)(2): 2026 2025 2026 2025 Options 327,500 3,073,000 4,397,500 3,073,000 Warrants (3) 15,666,526 29,520,695 19,101,667 29,520,695 Total potentially dilutive securities 15,994,026 32,593,695 23,499,167 32,593,695 (1) The number of shares is based on the maximum number of shares issuable on exercise of the related securities as of the period end. For the three months ended March 31, 2026, amounts reflect only those securities excluded as antidilutive. In-the-money securities have been evaluated under the treasury stock method and are included in diluted weighted average shares outstanding. (2) Earnout Shares (as defined in Note 6 below) are excluded as the vesting terms were not met as of the end of the reporting period. (3) Includes 15,666,526 NioCorp Assumed Warrants (as defined in Note 7c below) (March 31, 2025 : 15,666,626 ) that are each exercisable into 1.11829212 Common Shares. The remaining Warrants are each exercisable into one Common Share. (4) For the three months ended March 31, 2026, 4,070,000 Options and 3,435,141 Warrants were determined to be dilutive under the treasury stock method and are included in the calculation of diluted weighted average Common Shares outstanding. 3. ACQUISITION On December 4, 2025, the Company completed the acquisition of certain manufacturing assets and intellectual property of FEA Materials LLC, a producer of scandium-containing aluminum master alloys. The Company did not acquire any equity or other legal interest in FEA Materials LLC in connection with the transaction. The transaction was accounted for as a business combination under ASC 805 as the acquired assets and processes constituted a business. The acquisition was made to obtain proprietary technology and manufacturing capabilities to support the Company’s scandium alloy commercialization strategy, and control was obtained through the purchase of the acquired assets. The following table summarizes the fair values of the assets acquired at the acquisition date: 8 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) Fair Value Accounts receivable and prepaids $ 7 Inventory 88 Fixed assets 63 Security deposit 5 Intangible asset – technology 6,017 Goodwill 2,220 Assets acquired $ 8,400 The excess of the purchase consideration over the fair value of net assets acquired, totaling $ 2,220 , was recorded as goodwill. The goodwill primarily reflects expected future growth opportunities and anticipated synergies resulting from the integration of the acquired technology and production capabilities into the Company’s scandium alloy commercialization strategy. The goodwill is expected to be deductible for income tax purposes. The purchase price allocation is based on management’s estimates as of the acquisition date, and management has substantially completed its evaluation of the fair values of the assets acquired. Any measurement-period adjustments identified would be recorded in accordance with ASC 805. The Company recognized identifiable intangible assets related to acquired technology, consisting of a group of patented and proprietary intellectual property. The intangible assets were valued using an income approach, specifically the multi-period excess earnings method, which incorporates significant unobservable inputs (Level 3), including management’s estimates of future cash flows, discount rates, and assumptions related to obsolescence. The acquired intangible assets are being amortized on a straight-line basis over their estimated weighted-average remaining useful life of 10 years. The Company has recognized $ 195 of amortization expense through March 31, 2026, and expects to recognize amortization expense of approximately $ 150 for the remainder of fiscal year 2026, and approximately $ 602 annually for each of fiscal years 2027 through 2030, with the remaining $ 3,265 recognized thereafter. The Company incurred $ 131 of transaction costs related to the acquisition, which were expensed as incurred and recognized in other operating expenses. Pro forma financial information has not been presented as the acquisition was not deemed significant under SEC Regulation S-X. 4. PROPERTY AND EQUIPMENT, NET As of March 31, 2026 June 30, 2025 Construction in progress $ 1,847 $ — Fixed assets and vehicles 150 46 Total property and equipment, gross 1,997 46 Accumulated depreciation ( 16 ) ( 14 ) 1,981 32 Land and mineral properties 5,738 807 Property and equipment, net $ 7,719 $ 839 Land and Mineral Properties In connection with the development of the Elk Creek Project, Elk Creek Resources Corp. (“ECRC”), an indirect majority-owned subsidiary of the Company, acquired additional land and associated mineral rights in Johnson County, Nebraska, as described below. August Property Purchases On August 1, 2025, ECRC closed its options to purchase three parcels of land consisting of (i) an 80-acre parcel of surface rights and (ii) two smaller parcels totaling approximately 1.66 acres that included both surface rights and associated mineral 9 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) rights. The total purchase price was approximately $ 2,699 , including $ 35 of indirect costs. Of this amount, $ 2,650 was allocated to land and $ 49 was allocated to mineral properties. September Property Purchases On September 30, 2025, ECRC closed on its options to purchase two additional parcels of land consisting of (i) a 105.77-acre parcel and (ii) a 220-acre parcel, each including both surface rights and associated mineral rights. The total purchase price was approximately $ 11,325 , including $ 29 of indirect costs. Of this amount, $ 2,263 was allocated to land and $ 9,062 was allocated to mineral properties. November Property Purchase On November 7, 2025, ECRC acquired a 40-acre parcel of land and associated mineral rights located within the one-square-mile section that comprises the Elk Creek Project area. The acquisition was completed through (i) the transfer of surface rights to a separate 40-acre tract previously acquired as part of the September Property Purchases, (ii) cash consideration of $ 500 for the mineral rights, and (iii) the grant of a 2 % net smelter return royalty on the acquired parcel. The surface-rights exchange involved parcels of substantially identical value, resulting in no gain or loss recognized. The total purchase price was $ 551 , including $ 51 of indirect costs, with $ 531 allocated to mineral properties and $ 20 allocated to land. Construction in Progress Construction in progress consists of costs incurred for the development of the mine portal and related infrastructure at the Elk Creek Project. See Note 9 for a description of construction contracts entered into in connection with the portal development, including an advance payment to the primary contractor and aggregate commitments as of March 31, 2026. 5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of March 31, 2026 June 30, 2025 Accounts payable, trade $ 945 $ 692 Trade payable accruals 2,053 1,055 Environmental accruals 48 48 Total accounts payable and accrued liabilities $ 3,046 $ 1,795 6. CLASS B COMMON STOCK OF ECRC The shares of Class B common stock of ECRC include rights under which the holders may exchange such shares into Common Shares. Certain of such shares were vested as of the Closing (as defined below) and are exchangeable at any time, from time to time, until the tenth anniversary of the Closing Date (as defined below) (the “Vested Shares”) and certain of such shares are subject to certain vesting conditions (the “Earnout Shares”). Earnout Shares The Earnout Shares were valued utilizing a Monte Carlo Simulation pricing model with the following primary inputs: March 31, 2026 June 30, 2025 Closing Common Share price $ 4.46 $ 2.33 Term (expiry) March 17, 2033 March 17, 2033 Implied volatility of our publicly traded Warrants 88.0 % 75.0 % Risk-free rate 4.11 % 4.04 % 10 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) The following table sets forth a summary of the changes in the fair value of the Earnout Shares liability for the nine-month period ended March 31, 2026: Amount Fair value as of June 30, 2025 $ 5,880 Change in fair value 7,628 Fair value as of March 31, 2026 $ 13,508 Vested Shares During the nine-month period ended March 31, 2026 , 417,891 Vested Shares were exchanged for an equivalent number of Common Shares. These exchanges resulted in a change in the Company’s ownership interest in ECRC and were accounted for as an equity transaction in accordance with Accounting Standards Codification (“ASC”) 810-10-45-23, with no gain or loss recognized. Accordingly, the carrying amount of the noncontrolling interest was adjusted to reflect the change in the Company’s ownership interest with a corresponding offset booked to equity. As of March 31, 2026 , 3,516,140 Vested Shares remained outstanding. Because Board approval for cash payment and the occurrence of a fundamental transaction that would trigger cash payment are considered unlikely, the noncontrolling interest has not been adjusted to its redemption value. Accordingly, the noncontrolling interest balance is only being adjusted for the losses attributable to the noncontrolling interest and exchanges of Vested Shares to Common Shares. As of March 31, 2026 , cumulative losses attributable to the noncontrolling interest exceeded its carrying amount, resulting in a deficit noncontrolling interest balance. 7. COMMON SHARES a) Issuances On July 18, 2025, the Company issued and sold 13,850,000 Common Shares, at an offering price of $ 3.25 per Common Share, in a registered offering (the “July 2025 Offering”) under the Company’s registration statement on Form S-3 (Registration No. 333-280176), pursuant to the Placement Agency Agreement between the Company and Maxim Group LLC (“Maxim”), dated July 17, 2025. The Company received net proceeds from the July 2025 Offering, after deducting placement agent fees and other offering expenses payable by the Company, of approximately $ 41,186 . On September 19, 2025, the Company issued and sold 10,000,000 Common Shares, at an offering price of $ 5.00 per Common Share, in a registered direct offering (the “September 2025 Registered Direct Offering”) under the Company’s registration statement on Form S-3 (Registration No. 333-280176), pursuant to the Placement Agency Agreement between the Company and Maxim, dated September 17, 2025. The Company received net proceeds from the September 2025 Registered Direct Offering, after deducting placement agent fees and other offering expenses payable by the Company, of approximately $ 45,925 . On September 29, 2025, the Company issued and sold (a) 7,004,740 Common Shares at a public offering price of $ 6.15 per Common Share and (b) 2,755,260 pre-funded Warrants to purchase an aggregate of 2,755,260 Common Shares (the “September Pre-Funded Warrants”) at a public offering price of $ 6.1499 per September Pre-Funded Warrant in a confidentially marketed public offering (the “September 2025 Public Offering”) under the Company’s registration statement on Form S-3 (Registration No. 333-280176), pursuant to the Placement Agency Agreement between the Company and Maxim, dated September 26, 2025. On September 30, 2025, the Company issued 2,755,218 Common Shares in connection with the cashless exercise of all of the outstanding September Pre-Funded Warrants. The Company received net proceeds from the September 2025 Public Offering, after deducting placement agent fees and other offering expenses payable by the Company, of approximately $ 55,320 . On October 15, 2025, the Company issued and sold (a) 10,152,175 Common Shares at an offering price of $ 9.34 per Common Share and (b) 5,925,000 pre-funded Warrants (the “October Pre-Funded Warrants”) to purchase up to an additional 5,925,000 Common Shares at an offering price of $ 9.3399 per October Pre-Funded Warrant in a registered offering (the “October 2025 Offering”) under the Company's registration statement on Form S-3 (Registration No. 333-290837), pursuant to the Placement Agency Agreement between the Company and Maxim, dated October 13, 2025. On 11 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) October 17, 2025, the Company issued 5,924,942 Common Shares in connection with the cashless exercise of all of the outstanding October Pre-Funded Warrants. The Company received net proceeds from the October 2025 Offering, after deducting placement agent fees and other offering expenses payable by the Company, of approximately $ 139,147 . On February 25, 2026, the Company issued and sold (a) 17,400,000 Common Shares at an offering price of $ 5.00 per Common Share and (b) 2,600,000 pre-funded Warrants (the “February Pre-Funded Warrants”) to purchase up to an additional 2,600,000 Common Shares at an offering price of $ 4.9999 per February Pre-Funded Warrant in a registered offering (the “February 2026 Offering”) under the Company's registration statement on Form S-3 (Registration No. 333-290837), pursuant to the Placement Agency Agreement between the Company and Maxim, d ated February 24, 2026. On February 25, 2026 and March 4, 2026, the Company issued a total of 2,599,951 Common Shares in connection with the cashless exercise of all of the outstanding February Pre-Funded Warrants. The Company received net proceeds from the February 2026 Offering, after deducting placement agent fees and other offering expenses payable by the Company, of approximately $ 93,406 . b) Stock Options Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Life Balance, June 30, 2025 3,020,000 $ 3.09 Granted 2,282,500 4.68 Exercised ( 450,000 ) 3.48 Cancelled/expired ( 455,000 ) 6.95 Balance, March 31, 2026 4,397,500 $ 3.48 $ 5,031 3.8 During the nine-month period ended March 31, 2026 , the Company granted 2,282,500 Options with a weighted average exercise price of $ 4.68 and an average grant-date fair value of $ 2.84 per Option, as determined using the Black-Scholes option pricing model. The assumptions used in the Black-Scholes models included an average risk-free interest rate of 3.84 %, average expected share price volatility of 76.8 %, and an average expected life of 4.56 years. Of the Options granted, 250,000 vested immediately upon issuance. The remaining Options are subject to service-based vesting, including (i) Options that vest partially upon issuance with the remainder vesting in substantially equal installments over one- and two-year periods, (ii) Options that vest in installments over 12, 18, and 24 months, and (iii) Options that vest in installments over one-, two-, and three-year periods. For the nine-month period ended March 31, 2026, the Company recognized $ 3,911 o f stock-based compensation expense in the condensed consolidated statement of operations related to these Option grants and associated amortization. c) Warrants Number of Warrants Weighted Average Exercise Price Balance, June 30, 2025 29,985,922 $ 7.06 Granted 11,280,260 0.0001 Exercised ( 21,914,515 ) 0.96 Expired ( 250,000 ) 4.60 Balance, March 31, 2026 19,101,667 $ 9.78 12 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) As of March 31, 2026, the Company had outstanding exercisable Warrants, as follows: Number Exercise Price Expiry Date 279,000 $ 1.75 November 5, 2026 1,503,036 1.75 November 13, 2026 15,666,526 (1) 11.50 March 17, 2028 666,742 2.31 September 17, 2028 217,295 2.07 November 5, 2029 769,068 2.07 November 13, 2029 19,101,667 (1) Includes 13,447,105 and 2,219,421 2023 Public Warrants and 2023 Private Warrants, respectively, as defined below. Each 2023 Public Warrant and 2023 Private Warrant is exercisable into 1.11829212 Common Shares. 2023 Private Warrants On March 17, 2023 (the “Closing Date”), the Company closed a series of transactions (the “GXII Transaction”) pursuant to the Business Combination Agreement, dated as of September 25, 2022, by and among the Company, GXII, and Big Red Merger Sub Ltd. In connection with the closing of the GXII Transaction (the “Closing”), the Company assumed GXII’s obligations under the agreement governing the GXII share purchase warrants (the “GXII Warrants”), as amended by an assignment, assumption and amendment agreement (the “NioCorp Assumed Warrant Agreement”), and issued an aggregate of 15,666,626 Warrants (the “NioCorp Assumed Warrants”). The Company issued (a) 9,999,959 public NioCorp Assumed Warrants (the “2023 Public Warrants”) in respect of the GXII Warrants that were publicly traded prior to the Closing and (b) 5,666,667 NioCorp Assumed Warrants (the “2023 Private Warrants”) to GX Sponsor II LLC (the “Sponsor”). Each 2023 Private Warrant entitles the holder to the right to purchase 1.11829212 Common Shares at an exercise price of $11.50 per 1.11829212 Common Shares (subject to adjustments for stock splits, stock dividends, reorganizations, recapitalizations and the like). No fractional shares will be issued upon exercise of any 2023 Private Warrants, and fractional shares that would otherwise be due to the exercising holder will be rounded down to the nearest whole Common Share. In no event will the Company be required to net cash settle any 2023 Private Warrant. The 2023 Private Warrants: (i) will be exercisable either for cash or on a cashless basis at the holder’s option and (ii) will not be redeemable by the Company, in either case as long as the 2023 Private Warrants are held by the Sponsor, its members or any of their permitted transferees (as prescribed in the NioCorp Assumed Warrant Agreement). In accordance with the NioCorp Assumed Warrant Agreement, any 2023 Private Warrants that are held by someone other than the Sponsor, its members or any of their permitted transferees are treated as 2023 Public Warrants. The Company classifies the 2023 Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the 2023 Private Warrants using a Black-Scholes pricing model: March 31, 2026 June 30, 2025 Closing Common Share price $ 4.46 $ 2.33 Implied volatility of our publicly traded Warrants 121.0 % 90.0 % Risk-free rate 3.80 % 3.70 % Dividend yield 0 % 0 % Expected warrant life in years 2.0 2.7 13 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) As provided for in the NioCorp Assumed Warrant Agreement, during the nine-month period ended March 31, 2026 , a total of 2,281,881 2023 Private Warrants were exchanged for 2023 Public Warrants. Upon exchange, the Company recorded a non-cash loss of $ 1,217 in change in fair value of warrant liabilities in the condensed consolidated statement of operations, representing the change in fair value of the 2023 Private Warrants through the respective exercise dates. The change in the 2023 Private Warrants liability is presented below: For the Nine Months Ended March 31, 2026 Fair value as of June 30, 2025 $ 2,532 Fair value adjustment for warrants exchanged 1,217 Exchange of warrants ( 2,501 ) Change in fair value 3,440 Fair value as of March 31, 2026 $ 4,688 April 2024 Warrants As previously disclosed, on April 12, 2024, the Company issued and sold to YA II PN, LTD., an investment fund managed by Yorkville Advisors Global, LP ("Yorkville") and Lind Global Fund II LP (“Lind II”, and together with Yorkville, the “April 2024 Purchasers”) $ 8,000 aggregate principal amount of unsecured notes (the “April 2024 Notes”), pursuant to a securities purchase agreement, dated April 11, 2024, between the Company and each of the April 2024 Purchasers. The Company also issued to the April 2024 Purchasers, in proportion to the aggregate principal amount of April 2024 Notes issued to each April 2024 Purchaser, Warrants (the “April 2024 Warrants”) to purchase up to 615,385 Common Shares, which are equal to 25 % of the aggregate principal amount of April 2024 Notes issued to the April 2024 Purchasers divided by the exercise price of $ 3.25 , subject to any adjustment to give effect to any stock dividend, stock split or recapitalization. The Company accounted for the April 2024 Warrants in accordance with ASC Topic 815, Derivatives and Hedging, and determined that at issuance, the April 2024 Warrants should be classified as a warrant liability. During the three-month period ended September 30, 2025, all of the outstanding April 2024 Warrants were exercised. The change in the April 2024 Warrant liability is presented below: For the Nine Months Ended March 31, 2026 Fair value as of June 30, 2025 $ 489 Fair value adjustment for warrants exercised 1,318 Exercise of warrants ( 1,807 ) Fair value as of March 31, 2026 $ — The Company recorded a non-cash loss of $ 1,318 in change in fair value of warrant liabilities in the condensed consolidated statement of operations during the three-month period ended September 30, 2025, representing the change in fair value of the April 2024 Warrants through the respective exercise dates. November 2024 Warrants As previously disclosed, on November 13, 2024, the Company closed a non-brokered private placement of 2,199,602 units of the Company (the “November 2024 Units”). Each November 2024 Unit consisted of one Common Share, one Warrant (a “Series A Private Warrant”) to purchase one Common Share, and one-half of one Warrant (each whole such Warrant, a “Series B Private Warrant” and, together with the Series A Private Warrants, the “November 2024 Private Warrants”), with each Series B Private Warrant entitling the holder thereof to purchase one additional Common Share. The Series A Private Warrants have an exercise price of $1.75 per underlying Common Share, are exercisable immediately, and will expire on November 13, 2026. The Series B Private Warrants have an exercise price of $2.07 per underlying Common Share and will expire on November 13, 2029. Based upon the Company’s analysis of the criteria contained in ASC 815, the Company determined that the November 2024 Private Warrants met the definition of a derivative liability. 14 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) The Company classifies the November 2024 Private Warrants as Level 2 instruments under the fair value hierarchy as inputs into our pricing model are based on observable data points. The following observable data points were used in calculating the fair value of the November 2024 Private Warrants using a Black-Scholes pricing model: Series A Private Warrants Series B Private Warrants March 31, 2026 June 30, 2025 March 31, 2026 June 30, 2025 Closing Common Share price $ 4.46 $ 2.33 $ 4.46 $ 2.33 Historic equity volatility 90.58 % 86.14 % 80.17 % 74.26 % Risk-free rate 3.74 % 3.88 % 3.86 % 3.77 % Expected warrant life in years 0.62 1.37 3.62 4.38 The change in the fair value of the November 2024 Private Warrants is shown below: For the Nine Months Ended March 31, 2026 Fair value as of June 30, 2025 $ 3,831 Fair value adjustment for warrants exercised 1,702 Exercise of warrants ( 4,743 ) Change in fair value 5,993 Fair value as of March 31, 2026 $ 6,783 The Company recorded a non-cash loss of $ 1,702 in change in fair value of warrant liabilities in the condensed consolidated statement of operations during the nine-month period ended March 31, 2026, representing the change in fair value of the November 2024 Series A Private Warrants and Series B Private Warrants through the respective exercise dates. d) Shareholder Rights Plan On November 21, 2025, the Company adopted a limited-duration shareholder rights plan (the "Rights Plan") pursuant to a Shareholder Rights Plan Agreement dated November 21, 2025 (the "Original Rights Plan Agreement"), between the Company and Computershare Investor Services Inc., as rights agent (the "Rights Agent"). One right (a "Right") was issued for each Common Share outstanding as of December 4, 2025, and a Right automatically attaches to each Common Share subsequently issued until the expiration of the Rights Plan. The Rights generally become exercisable only if a person or group acquires, or announces the current intention of commencing a take-over bid to acquire, beneficial ownership of 20 % or more of the Company's outstanding Common Shares, other than through a permitted bid made in compliance with applicable Canadian take-over bid rules. If the Rights become exercisable, each holder of a Right, other than the acquiring person, would be entitled to purchase additional Common Shares at a discount to the then-current market price. The Rights Plan was not adopted in response to any specific take-over proposal. Subsequent to the period end, on April 6, 2026, following approval by the Company's shareholders at the Company's annual general meeting, the Company and the Rights Agent entered into an Amended and Restated Shareholder Rights Plan Agreement (the "Amended Rights Plan Agreement"), which amended and restated the Original Rights Plan Agreement in its entirety. Under the Original Rights Plan Agreement, the Rights Plan would have expired on May 21, 2026 . Under the Amended Rights Plan Agreement, the Rights Plan now expires at 5:00 p.m. (Toronto time) on the date of the Company's annual general meeting of shareholders to be held in 2027, or earlier upon the redemption of the Rights or, provided that a triggering event has not occurred, at such earlier date or time as the Board of Directors may determine in its sole discretion. Neither the adoption of the Original Rights Plan Agreement nor the subsequent entry into the Amended Rights Plan Agreement had an impact on the Company's consolidated financial statements for the period ended March 31, 2026. e) Other The Company issued the following Common Shares under the Standby Equity Purchase Agreement, dated January 26, 2023 (the “Yorkville Equity Facility Financing Agreement”) between the Company and Yorkville during the three- and nine-month periods presented below: 15 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) For the Three Months Ended March 31, For the Nine Months Ended March 31, 2026 2025 2026 2025 Common Shares issued 4,527,662 709,000 5,727,662 1,919,250 Gross funds received $ 31,146 $ 1,286 $ 38,710 $ 3,111 Market value of Common Shares issued 31,634 1,328 39,434 3,191 Loss on issuance 488 42 724 80 The Yorkville Equity Facility Financing Agreement expired on April 1, 2026 . 8. Exploration Expenditures For the Three Months Ended March 31, For the Nine Months Ended March 31, 2026 2025 2026 2025 Technical studies and engineering $ 1,682 $ 107 $ 7,579 $ 111 Drilling — — 2,527 — Field management and other 508 315 1,689 616 Metallurgical development 98 73 1,307 167 Geologists and field staff 8 — 994 — Subtotal 2,296 495 14,096 894 Less: reimbursements recognized ( 603 ) — ( 687 ) — Net exploration expense $ 1,693 $ 495 $ 13,409 $ 894 On August 4, 2025, ECRC entered into a Project Sub-Agreement (the “DoD Agreement”) with Advanced Technology International, an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of Defense (“DoD”). The DoD Agreement commenced upon full execution and has an initial term through December 30, 2028, with an option to extend the term for an additional five-year period through December 30, 2033. Subject to the terms and conditions of the DoD Agreement, ECRC is entitled to receive up to an aggregate of approximately $ 10.0 million of reimbursement payments from the DoD upon the achievement of certain project milestones. These milestones include, among other matters, the completion of new drilling operations at the Elk Creek Project to support the conversion of a portion of the current indicated mineral resources into measured mineral resources and the subsequent conversion of a portion of the current probable mineral reserves into proven mineral reserves, the production of samples of scandium metal and Al-Sc master alloys, and the completion of a new feasibility study for the Elk Creek Project. Reductions to exploration expenditures for reimbursement under the DoD Agreement will be recognized based on management’s assessment regarding the achievement of milestones set forth in the DoD Agreement. Since inception of the DoD Agreement, the Company recognized a total of $ 687 as a reduction to exploration expenditures, and the Company recognized $ 603 in the three-month period ended March 31, 2026. As of March 31, 2026, the Company’s deferred reimbursements balance is $ 6,168 . 16 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) 9. COMMITMENTS In connection with the development of the mine portal and related infrastructure at the Elk Creek Project, ECRC has entered into the following construction and engineering contracts as of March 31, 2026: In February 2026, ECRC entered into a unit-rate construction contract for portal development and earthworks with a not-to-exceed amount of approximately $ 19,472 , with payments made only as work is completed. ECRC advanced $ 2,921 at contract inception, which will be applied as a credit against monthly invoices on a ratable basis over the life of the contract. As of March 31, 2026, $ 2,826 of the advance remains unapplied and is included in other assets on the consolidated balance sheet. Also in connection with the portal development, ECRC entered into contracts for detailed engineering, slope stabilization and erosion control, project management and site supervision, and supply of steel arch structures for the mine portal. In aggregate, these contracts represent total commitments of approximately $ 13,389 . As of March 31, 2026, $ 549 of work had been performed under the se agreements. 10. Leases The Company incurred lease costs as follows: For the Three Months Ended March 31, For the Nine Months Ended March 31, 2026 2025 2026 2025 Operating Lease Cost: Fixed rent expense $ 54 $ 24 $ 121 $ 70 Variable rent expense 2 4 9 11 Short-term lease cost 4 2 8 7 Sublease income ( 16 ) ( 8 ) ( 43 ) ( 32 ) Lease cost – other operating expense: $ 44 $ 22 $ 95 $ 56 The maturities of lease liabilities are as follows as of March 31, 2026: Future Lease Maturities Total remaining lease payments $ 415 Less portion of payments representing interest ( 36 ) Present value of lease payments 379 Less current portion of lease payments 162 Non-current lease liability $ 217 Effective October 1, 2025, the Company executed an amendment to its existing operating lease for office space at the Company's principal executive offices in Centennial, Colorado, which extended the lease term by an additional 27 months. In accordance with ASC 842, the amendment was accounted for as a modification of the existing lease, resulting in a remeasurement of the lease liability and a corresponding adjustment to the right-of-use asset. The modification increased both the right-of-use asset and the lease liability by approximately $ 345 . The impact of this modification is not material to the Company’s financial statements. 11. Fair Value Measurements The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026, and June 30, 2025, respectively, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that 17 NioCorp Developments Ltd. Notes to the Condensed Consolidated Financial Statements March 31, 2026 (expressed in thousands of U.S. dollars, except share and per share data or as otherwise stated) (unaudited) are observable, such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and include situations where there is little, if any, market activity for the instrument. As of March 31, 2026 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 419,196 $ 419,196 $ — $ — Investment in equity securities 3 3 — — Total $ 419,199 $ 419,199 $ — $ — Liabilities: Earnout shares liability $ 13,508 $ — $ — $ 13,508 Warrant liabilities 11,472 — 11,472 — Total $ 24,980 $ — $ 11,472 $ 13,508 As of June 30, 2025 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 25,554 $ 25,554 $ — $ — Investment in equity securities 3 3 — — Total $ 25,557 $ 25,557 $ — $ — Liabilities: Earnout shares liability $ 5,880 $ — $ — $ 5,880 Warrant liabilities 6,852 — 6,852 — Total $ 12,732 $ — $ 6,852 $ 5,880 12. SEGMENT INFORMATION The Company has one operating and reportable segment in the United States. The United States segment includes the exploration, development, and site management of the Elk Creek Project, as well as early-stage scandium technology and commercialization initiatives held through wholly owned subsidiaries. The segment holds substantially all of the Company’s assets and does not presently generate revenues from operations. Through this segment, the Company seeks to position the Elk Creek Project as a development opportunity in the strategic minerals sector. The Company’s chief operating decision maker is the Chief Executive Officer (“CODM”). Financial information and annual operating plans and forecasts are prepared and reviewed by the CODM at a consolidated level. The CODM assesses performance for the single operating segment and decides how to better allocate resources based on total operating expenses, net loss, changes in cash and cash equivalents, and cash and cash equivalent balances that are reported on the Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The CODM’s objective in making resource allocation decisions is to optimize the Company’s ability to develop and operate the Elk Creek Project. In addition, the CODM reviews the segment’s assets based on total assets reported on the Condensed Consolidated Balance Sheet, and the accounting policies of our single operating segment are the same as those described in the Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 . For additional reportable single operating segment level financial information, see the Condensed Consolidated Financial Statements. 18