NioCorp Developments Ltd.

• monetization model: Pre-revenue development-stage; planned one-time commodity/offtake sales of ferroniobium, scandium trioxide, titanium dioxide, and rare earth oxides from Elk Creek. No subscription/license/SaaS. (10-K FY2024, Business; Risk Factors. SEC EDGAR CIK 0001512228; accession UNKNOWN. URL: sec.gov )
• revenue mix: No revenue to date; one reportable segment—Elk Creek Project development. Segment/revenue notes disclose no revenue. (10-K FY2024, Notes—Segment/Revenue; accession UNKNOWN.)
• who pays: Future steel producers, aerospace/defense OEMs, pigment producers, magnet manufacturers, and potential U.S. government/defense program buyers. No current customers. (10-K FY2024, Business; Risk Factors.)
• margin_value_capture: No gross/operating margin (pre-revenue); value accrues from mining/processing critical minerals; operating losses. (10-K FY2024, MD&A.)

• customer classes: Industrial Infrastructure Owners, Government - Program Buyers, steel producers, aerospace OEMs, pigment producers, magnet manufacturers. (10-K FY2024, Business.)

NioCorp Developments Ltd. is a development-stage critical-minerals company. As of the latest available fiscal period, it does not generate revenue from product sales. Therefore, the revenue mix by segment is:

Because NioCorp is pre-revenue, the buyer map is prospective. Based on product characteristics and the critical-minerals supply chain:

• Steel producers — prospective buyers of ferroniobium for HSLA steels.
• Specialty alloy manufacturers — buyers of niobium master alloys or ferroniobium.
• Aerospace and defense OEMs — potential buyers of scandium-aluminum alloys or scandium oxide for lightweight structural components.
• Fuel-cell and clean-energy manufacturers — potential buyers of scandium oxide for solid-oxide fuel cells.
• Paint, coatings, plastics, and paper companies — prospective buyers of titanium dioxide pigment.
• U.S. government/strategic stockpile entities — potential customer or funding source if NioCorp qualifies for critical-minerals support programs.

I will not invent a customer. The requirement is: “top customers named from filings only.” As of this research pass, I have not verified a named customer in NioCorp’s latest 10-K or 8-K. Therefore:

Top customers: none verified from filed documents. Any historical LOI/MOU counterparty must be re-checked against the current 10-K exhibit list and marked “needs primary source validation.”

If the latest 10-K contains an offtake agreement or strategic supply agreement, the customer name would be in the exhibits or Item 1 Business section. That must be retrieved from EDGAR directly.

NioCorp - Elk Creek niobium/REE/Sc project; pre-revenue critical-materials developer.

Elk Creek mine-portal pre-construction launched 2026-02-26 (~$44.6M) funded from ~$500M 2025-26 raises; still awaiting Board FID + remaining project finance / EXIM debt. Pre-revenue — next catalyst is FID/financing close, not earnings. Parked.

1. Ferroniobium revenue:

\[

7,220 \text{ t/y} \times \$40,000/\text{t} = \$288,800,000/\text{y}

\]

1. Scandium oxide revenue:

\[

95 \text{ t/y} \times \$1,500,000/\text{t} = \$142,500,000/\text{y}

\]

1. Titanium dioxide revenue:

\[

11,445 \text{ t/y} \times \$3,000/\text{t} = \$34,335,000/\text{y}

\]

1. Total projected annual revenue at capacity:

\[

\$288,800,000 + \$142,500,000 + \$34,335,000

= \$465,635,000/\text{y}

\]

\[

\boxed{\text{Illustrative revenue at capacity} \approx \$466 \text{ million per year}}

\]

The biggest swing factor is scandium oxide because its assumed unit price is extremely high.