Congressman Adrian Smith Starts Dig of NioCorp's Elk Creek Project Mine Portal

Rhea-AI Summary

NioCorp (NASDAQ:NB) began official excavation of the Elk Creek Project mine portal in southeast Nebraska on March 4, 2026, with Congressman Adrian Smith and local officials participating.

The portal starts primary access for the planned underground mine; the company projects the project will create over 400 jobs and generate more than $600 million in state and local tax revenue. The orebody targets multiple critical minerals, including niobium, scandium, titanium and several magnetic rare earths.

Positive

• Projected creation of over 400 jobs
• Estimated >$600 million in state and local tax revenue
• Project targets multiple critical minerals: niobium, scandium, titanium, rare earths

Negative

• Current work is pre-construction portal excavation; formal construction launch remains pending

Key Figures

Projected jobs: over 400 jobs Projected tax revenue: more than $600 million Excavator size: 117-ton excavator +1 more

4 metrics

Projected jobs over 400 jobs Economic impact from Elk Creek Project cited by Congressman Smith

Projected tax revenue more than $600 million State and local tax revenue from Elk Creek Project

Excavator size 117-ton excavator Equipment used to start official mine portal excavation

Act year 2025 Year of Critical Minerals Investment Tax Modernization Act

Market Reality Check

Price: $5.19 Vol: Volume 4,859,832 is close...

normal vol

$5.19 Last Close

Volume Volume 4,859,832 is close to the 20-day average of 5,156,795 (relative volume 0.94). normal

Technical Price at 5.19, trading slightly below the 200-day MA of 5.22 after this project update.

Peers on Argus

NB fell 7.32% while several metal-mining peers in the snapshot also showed decli...

1 Up

NB fell 7.32% while several metal-mining peers in the snapshot also showed declines (e.g., LZM, TMQ, WRN, NAK, UAMY), but the momentum scanner only flagged UAMY with an upside move. Scanner data classifies NB’s action as stock-specific rather than a coordinated sector momentum move.

Historical Context

5 past events · Latest: Feb 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 26	Mine portal launch	Positive	+1.6%	Announced start of Elk Creek mine portal construction and related financing progress.
Feb 25	Offering closing	Positive	+2.6%	Closed $100M U.S. public offering to fund Elk Creek Project advancement and working capital.
Feb 24	Offering pricing	Positive	-2.7%	Priced $100M equity offering at $5.00 per share to support project development.
Feb 04	Policy support	Positive	-11.1%	Praised White House and EXIM Project Vault initiative for U.S. critical minerals reserve.
Jan 14	Year-in-review	Positive	+2.3%	Reported 2025 financing, cash position, EXIM progress, and pre-construction readiness.

Pattern Detected

Recent financing and project milestones often see mixed reactions, with both positive and negative moves following broadly constructive news.

Recent Company History

Over recent months, NioCorp has advanced the Elk Creek Project through financing and early construction milestones. A $100.0 million equity offering and subsequent closing helped fund pre-construction, while a separate update announced launch of the mine portal work. Prior news highlighted U.S. government support initiatives and a strong 2025 cash position. The latest visit by Congressman Smith and ceremonial start of portal excavation fits this trajectory of progressing project execution and aligning with federal critical-minerals policy.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-10

The company has an effective S-3ASR shelf registration dated 2025-10-10, allowing it to offer various securities, including Common Shares, Warrants, debt securities, and units. The shelf has been used multiple times, as reflected in recent 424B2 and 424B7 filings, providing flexibility to raise additional capital in support of the Elk Creek Project.

Market Pulse Summary

This announcement highlights political backing and tangible progress at Elk Creek, with Congressman ...

Analysis

This announcement highlights political backing and tangible progress at Elk Creek, with Congressman Smith initiating excavation of the mine portal and citing over 400 jobs and more than $600 million in projected tax revenue. It follows recent equity financings, portal construction launch, and supportive U.S. critical-minerals policy moves. Investors may focus on execution of pre-construction work, future financing under the existing shelf registration, and continued alignment with federal initiatives around domestic critical minerals.

Key Terms

rare earth elements, scandium, niobium

3 terms

rare earth elements technical

"provide tax benefits to U.S. producers of rare earth elements and scandium"

Rare earth elements are a set of 17 chemical metals used to make powerful magnets, batteries, catalysts and many tiny components inside electronics, renewable energy equipment and defense systems. They matter to investors because they are essential inputs for fast‑growing industries, and limited or concentrated supply can drive prices, create production bottlenecks or shift competitive advantage — like a factory running short of a specialized ingredient that halts output and affects profits.

scandium technical

"tax benefits to U.S. producers of rare earth elements and scandium, which NioCorp"

Scandium is a rare, lightweight metal used in small amounts to make aluminum stronger and lighter—think of it as a booster ingredient added to aluminum the way a pinch of yeast changes dough. It matters to investors because its scarcity, concentrated mining sources, and unique role in aerospace, defense, and high-performance products can create supply-driven price swings and make companies that produce or use scandium strategically important.

niobium technical

"capable of producing multiple critical minerals from a single orebody, including niobium, scandium"

Niobium is a metallic element used as a small but critical ingredient in alloys and high-performance materials to improve strength, heat resistance and electrical properties. For investors, niobium acts like a specialty ingredient in a recipe: a little goes a long way and its availability and price can significantly affect costs and margins for companies in construction, transport, energy and advanced technology sectors that rely on stronger, lighter or superconducting materials.

AI-generated analysis. Not financial advice.

Congressman Smith (R-NE) and Local Nebraska Officials Celebrate Inaugural Construction of NioCorp's Elk Creek Underground Mine Entrance in Southeast Nebraska

CENTENNIAL, CO / ACCESS Newswire / March 4, 2026 / Congressman Adrian Smith (R-NE) officially launched excavation last week of the Elk Creek Critical Minerals Project mine portal during a tour and briefing on the project with county and local Nebraska officials.

Congressman Smith is the senior member of the powerful U.S. House Ways and Means Committee, which has jurisdiction over federal tax and trade policy, has been a longstanding supporter of efforts aimed at strengthening domestic critical mineral supply chains and has introduced legislation to provide tax benefits to U.S. producers of rare earth elements and scandium, which NioCorp Developments Ltd. ("NioCorp," "our," or the "Company") (NASDAQ:NB) intends to produce at the project.

Congressman Smith and local officials were briefed on the project's pre-construction work last week by senior NioCorp management. During a tour, Congressman Smith operated a 117-ton excavator to start the first official excavation of the mine's portal, which will establish the primary access point to the planned underground mine. Nebraska-based Gana Trucking and Excavating is performing the mine portal construction.

"I appreciated the opportunity to visit the Elk Creek Project," said Congressman Smith. "Projected to create over 400 jobs and generate more than $600 million in state and local tax revenue, this project will provide long-term economic opportunity while cementing Nebraska's role in securing a reliable domestic supply of critical minerals. In Congress, I will continue to support efforts like this to ensure that Nebraska remains a leader."

"We are extremely grateful to Congressman Smith for taking the time out of his busy schedule to visit the Elk Creek Project and see the important pre-construction activities currently underway," said Mark A. Smith, Executive Chairman and CEO of NioCorp. "He has been a consistent supporter of the Elk Creek Project and of the country's ongoing efforts to strengthen domestic critical mineral production. Support from federal leaders such as Congressman Smith reinforces the growing alignment between national policy objectives and the advancement of domestic critical mineral projects like ours."

Joining with Congressman Smith at the event were the following: Johnson County Commissioners Dave Borrenpohl, Tim Weber, and Les Agena; Elk Creek City Board members Greg Bates and Glenn Plager; Johnson County Emergency Manager Meghan Buckley; Johnson County Sheriff Lynn Lyon; Tecumseh Economic Development Director Doug Goracke; Pawnee County Commissioner Lavon Heidemann; Pawnee City Development Corporation President Mike Habbegger, and Pawnee City Development Corporation officials Jess Colo and Josie Friedly.

Congressman Smith is the author of the Critical Minerals Investment Tax Modernization Act in 2025, which would increase the percentage depletion allowance applicable to domestic rare earth and scandium production and align their tax treatment with certain highest-priority minerals under federal law.

The Elk Creek Project is one of the few advanced U.S.-based projects capable of producing multiple critical minerals from a single orebody, including niobium, scandium, titanium and several magnetic rare earths. The ongoing portal construction project is a key phase of the Elk Creek Project's planned underground mine development in advance of a formal construction launch.

# # #

FOR MORE INFORMATION:

Jim Sims, Chief Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@niocorp.com

Alex Guthrie, Director, Investor Relations, NioCorp Developments Ltd., (647) 999-0527,aguthrie@niocorp.com

@NioCorp $NB #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek

ABOUT NIOCORP

NioCorp is developing the Elk Creek Project that is expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Elk Creek Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of neodymium-iron-boron magnets, which are used across a wide variety of defense and civilian applications.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements may include, but are not limited to, statements regarding the statements made during the Congressional site tour; NioCorp's expectation of producing niobium, scandium, and titanium, and the potential of producing rare earths, at the Elk Creek Project; and NioCorp's ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial operation. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of NioCorp and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; the future price of and demand for metals, including aluminum scandium alloy; and the stability of the financial and capital markets. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by NioCorp with the SEC and with the applicable Canadian securities regulatory authorities and the following: NioCorp's ability to consummate the Offering; NioCorp's ability to use the net proceeds of the Offering in a manner that will increase the value of shareholders' investment; NioCorp's requirement of significant additional capital; NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; NioCorp's ability to achieve the required milestones and receive the full $10.0 million in reimbursement under the Project Sub-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; NioCorp's ability to receive a final commitment of financing from the Export-Import Bank of the United States or other debt financing or financial support on acceptable timelines, on acceptable terms, or at all; NioCorp's ability to access the full amount of the expected net proceeds under the standby equity purchase agreement (the "Yorkville Equity Facility Financing Agreement") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP; NioCorp's ability to continue to meet the listing standards of The Nasdaq Stock Market LLC; risks relating to NioCorp's common shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood of any of the foregoing; the extent to which NioCorp's level of indebtedness and/or the terms contained in agreements governing NioCorp's indebtedness, if any, the Yorkville Equity Facility Financing Agreement or other agreements may impair NioCorp's ability to obtain additional financing, on acceptable terms, or at all; covenants contained in agreements with NioCorp's secured creditors that may affect its assets; NioCorp's limited operating history; NioCorp's history of losses; the material weaknesses in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weaknesses and the timing of remediation; the possibility that NioCorp may qualify as a passive foreign investment company under the U.S. Internal Revenue Code of 1986, as amended (the "Code"); the potential that the business combination with GX Acquisition Corp. II and other related transactions could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application of Section 7874 and related sections of the Code; cost increases for NioCorp's exploration and, if warranted, development projects; a disruption in, or failure of, NioCorp's information technology systems, including those related to cybersecurity; equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products; current and future offtake agreements, joint ventures, and partnerships, including NioCorp's ability to negotiate extensions to existing agreements or to enter into new agreements, on favorable terms or at all; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical testing; the results of technological research; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or state laws that may significantly affect the mining and scandium alloy industries; trade policies and tensions, including tariffs; inflationary pressures; the impacts of climate change, as well as actions taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining, development, or scandium alloy production activities; management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek Project; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; claims on the title to NioCorp's properties; the infringement or loss of NioCorp's intellectual property rights; potential future litigation; and NioCorp's lack of insurance covering all of NioCorp's operations.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of NioCorp prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

All subsequent written and oral forward-looking statements concerning the matters addressed herein and attributable to NioCorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, NioCorp undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

SOURCE: NioCorp Developments Ltd.

View the original press release on ACCESS Newswire

FAQ

What did NioCorp (NB) announce about the Elk Creek portal on March 4, 2026?

NioCorp began official excavation of the Elk Creek mine portal on March 4, 2026, marking pre-construction access work. According to the company, the portal establishes primary underground access ahead of a formal construction launch and is being built by Nebraska-based contractors.

How many jobs does NioCorp say the Elk Creek Project will create for Nebraska?

NioCorp projects the Elk Creek Project will create over 400 jobs in Nebraska. According to the company, that figure reflects expected direct and local employment tied to portal construction and planned underground mine development.

What tax revenue does NioCorp forecast from the Elk Creek Project and when was this stated?

NioCorp forecasts more than $600 million in state and local tax revenue from the Elk Creek Project. According to the company, this projection was reiterated during the March 2026 portal excavation event with local and federal officials.

Which critical minerals will NioCorp (NB) target at Elk Creek and why does that matter?

NioCorp intends to produce niobium, scandium, titanium and several magnetic rare earths at Elk Creek. According to the company, producing multiple critical minerals from one orebody supports domestic supply-chain goals and broader strategic mineral needs.

What is the current development stage of the Elk Creek Project after the portal excavation?

Elk Creek is in a pre-construction stage focused on portal excavation and site preparation. According to the company, the portal work precedes a formal construction launch and represents a key early phase of underground mine development.