EXIM Reiterates Target to Finance Approximately 65% of Elk Creek Project Upfront CAPEX

Potential debt financing remains subject to satisfactory completion of EXIM's current due diligence review.

Rhea-AI Summary

NioCorp Developments (NB) announced that EXIM reiterated its target to finance approximately 65% of the Elk Creek Project's upfront construction costs.

The Export-Import Bank of the United States reaffirmed the debt-financing target in a Letter of Support signed at the Nebraska project on October 14, 2026. Financing remains subject to satisfactory completion of EXIM's current due diligence review of NioCorp's application; the letter is not a financing approval. The project's estimated upfront capital expenditures are approximately $1.85 billion, as reported in technical studies publicly issued on August 10 and September 25, 2026.

EXIM expects to continue due diligence and anticipates presenting the transaction for further internal review through its Transaction Review Committee process as expeditiously as practicable.

1 point · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.EXIM retains its target to provide debt financing covering approximately 65% of Elk Creek's upfront capital requirements.

Negative

• Moderate pointEXIM financing remains subject to satisfactory completion of due diligence on NioCorp's debt application.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Elk Creek's estimated upfront capital expenditures total approximately $1.85 billion.

Key Figures

EXIM debt-financing target: approximately 65% Estimated upfront CAPEX: approximately $1.85 billion

EXIM debt-financing target

approximately 65%

Target share of upfront CAPEX; financing remains subject to due diligence

Estimated upfront CAPEX

approximately $1.85 billion

Elk Creek Project estimate cited in the feasibility study and technical report

Historical Context

1 past event · Latest: Oct 13

1 event

1. Oct 13

   Commercial sales agreements

   24h Move

   +2.1%

   Traxys' 50% ferroniobium offtake was take-or-pay for 15 years, with delivery dependent on project financing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

capex, ni 43-101, s-k 1300

3 terms

capex financial

"financing equivalent to approximately 65% of the Project's upfront CAPEX requirements"

Capex, short for capital expenditures, refers to the money a company spends to buy, upgrade, or maintain physical assets such as buildings, equipment, or technology. It matters to investors because these investments can help a company grow and improve its long-term performance, but they also represent significant costs that can impact profitability and cash flow.

ni 43-101 regulatory

"NioCorp's NI 43-101 Feasibility Study"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

s-k 1300 regulatory

"and S-K 1300 Technical Report Summary"

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CENTENNIAL, CO / ACCESS Newswire / October 15, 2026 / NioCorp Developments Ltd. ("NioCorp," "our," or the "Company") (NASDAQ:NB), a leading U.S. critical minerals developer, is pleased to announce that the Export-Import Bank of the United States ("EXIM") reiterated its support on Wednesday to consider providing financing for the cost of constructing the Company's Elk Creek Critical Minerals Project (the "Elk Creek Project") in southeast Nebraska, subject to satisfactory completion of EXIM's current due diligence review of NioCorp's application for debt financing.

In a Letter of Support (the "Letter") signed by EXIM Chairman and President John Jovanovic and NioCorp Executive Chairman and CEO Mark A. Smith during a ceremony at the Elk Creek Project, EXIM stated: "At this point, EXIM retains our target outlined in the Preliminary Project Letter of providing debt financing equivalent to approximately 65% of the Project's upfront CAPEX requirements."

NioCorp's NI 43-101 Feasibility Study, issued publicly on August 10, 2026, and S-K 1300 Technical Report Summary, issued publicly on September 25, 2026, estimated the Elk Creek Project's total upfront capital expenditures ("CAPEX") at approximately $1.85 billion.

EXIM also stated in the Letter that it "expects to continue advancing its due diligence efforts and anticipates presenting the transaction for further internal review through EXIM's Transaction Review Committee ("TRC") process as expeditiously as practicable." The Letter can be seen here.

The Letter was signed during a visit to the Elk Creek Project attended by U.S. Secretary of Energy Chris Wright, Nebraska Governor Jim Pillen, U.S. Senators Deb Fischer and Pete Ricketts, U.S. Representative Adrian Smith, Nebraska State Senator Bob Hallstrom, and other state and local leaders.

"The Elk Creek Minerals Project is exactly the type of opportunity EXIM was always designed to support," Chairman Jovanovic said in the Letter. "By advancing U.S. control over the critical minerals essential to aircraft, automobiles, advanced manufacturing, and our broad industrial base, this project means more good jobs in Nebraska, more opportunities for American workers and a stronger, more secure industrial future for the United States."

During remarks at the Elk Creek Project, Chairman Jovanovic also addressed the importance of strengthening U.S. critical mineral supply chains.

"We've become over-reliant on markets that aren't free, they aren't fair, and they aren't functioning," Chairman Jovanovic said. "All we want to do today is level the playing field and allow American capital, American innovation, American engineers, and fantastic entrepreneurs and great companies led by the likes of Mark Smith to really succeed. All that changes with projects like NioCorp. All that changes with what we're doing today."

U.S. Secretary of Energy Chris Wright directly connected the Elk Creek Project with U.S. national security.

"This is not just the economics of the United States. This is our national security that rests on what's underground right here. We can't just talk about them and write a few papers and then hand it off to the next administration," Secretary Wright said. "We actually have to act. We have to do something to change the situation we're in."

Secretary Wright also highlighted EXIM's role in addressing financing challenges facing U.S. critical minerals projects.

"His leaning in to provide the capital in a marketplace where China has distorted that marketplace," Secretary Wright said of Chairman Jovanovic. "[China] has purposefully and strategically made it uneconomic to do what we're doing here today."

Nebraska Governor Jim Pillen praised the persistence behind the Elk Creek Project and its role in strengthening domestic critical mineral supply chains.

"This is a step, a big step in the right direction," Governor Pillen said. "We have lots of work ahead to do, but I'm incredibly proud to be a small part of it."

U.S. Senator Deb Fischer highlighted the Project's importance both to U.S. national security and to rural economic development in Nebraska.

"This project also represents an extraordinary economic opportunity for rural Nebraska with the potential to support thousands of American jobs and really to generate some long-term economic growth across this region," Senator Fischer said. "Today's letter signing marks another important step for NioCorp as they work to continue to get that federal financing review process going," she added.

U.S. Senator Pete Ricketts highlighted the importance of establishing secure domestic supplies of the critical minerals planned for production at Elk Creek.

"Establishing secure supply lines on things such as niobium and scandium, titanium, magnetic rare earths, and processing them here is vital," Senator Ricketts said. "This is a vital project. I'm so proud that Nebraska is part of it. This is something that's important for our country, for our state, and for the community here in Elk Creek and Johnson County."

U.S. Representative Adrian Smith, whose district includes the Elk Creek Project, highlighted progress underway at the site.

"To see things in action here already, it's so exciting," Congressman Smith said. "We want to see this through all the way to a very successful and continued operation."

NioCorp Executive Chairman and CEO Mark A. Smith said the visit demonstrated the breadth of support for advancing Elk Creek and strengthening domestic critical mineral supply chains.

"For the nation, it means a reliable domestic source of material our economy and our military simply cannot do without," Mr. Smith said. "And it's going to be produced to American standards by American workers on American soil."

"None of this happens alone," he added. "It takes partners at every level of government who understand that critical mineral security is national security."

A replay of the October 14, 2026 event and signing ceremony is available here: https://www.niocorp.com/event-livestream/.

# # #

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, titanium and several rare earth products, including neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, samarium-europium-gadolinium ("SEG") carbonate, and heavy rare earth carbonate. 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 (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements regarding the Company's debt financing application process with EXIM, including EXIM's target of providing debt financing equivalent to approximately 65% of the Elk Creek Project's upfront CAPEX requirements; the expectation that EXIM continues advancing its due diligence efforts and anticipates presenting the transaction for further internal review through EXIM's TRC process as expeditiously as practicable; statements related to the estimated total upfront CAPEX of the Elk Creek Project; statements related to the potential jobs and opportunities for American workers, including the potential for the Elk Creek Project to support thousands of jobs and generate long-term economic growth in Nebraska and the surrounding region; the expected role of the Elk Creek Project in strengthening U.S. critical mineral supply chains and national security, including as a reliable domestic source of critical minerals; and NioCorp's expectation of producing niobium, scandium, titanium and several rare earth products, including neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, SEG carbonate, and heavy rare earth carbonate at the Elk Creek Project. 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 Al-Sc alloy; the impact that Chinese restrictions have on pricing and demand including the existence of a bifurcated market between China and the rest of the world; 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 Securities and Exchange Commission and with the applicable Canadian securities regulatory authorities and the following: 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 War; NioCorp's ability to receive a final commitment of financing from EXIM or other debt financing or financial support on acceptable timelines, on acceptable terms, or at all; 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, or other agreements may impair NioCorp's ability to obtain additional financing, on acceptable terms, or at all; NioCorp's limited operating history; NioCorp's history of losses; the material weakness in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weakness 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; changes in tax laws and regulations; 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, including, without limitation, a reduction of demand for scandium from a downturn in capital spending for AI; impacts on the markets and pricing for scandium and rare earth products from the Chinese-based markets, including any future changes to export restrictions; 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 negotiate definitive agreements for existing non-binding memoranda of understanding and non-binding term sheets; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; technical and economic study results; the results of metallurgical testing; the results of technological research; unexpected variations in the quantity of ore, grade or recovery rates, or the presence of deleterious elements that would affect the process plant or waste removal; unexpected geotechnical and hydrogeological conditions from what was assumed in the mine designs; 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 and other export controls; 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; changes in other environmental and social factors; 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 or 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; NioCorp's lack of insurance covering all of NioCorp's operations; and changes in operating and capital costs, exchange rates, metallurgical performance, labor availability and other risks associated with the mining industry.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much of NioCorp's Elk Creek Project does EXIM target financing?

EXIM retains a target to provide debt financing equivalent to approximately 65% of the project's upfront capital requirements. Elk Creek's estimated total upfront capital expenditures are approximately $1.85 billion.

Has EXIM approved financing for NioCorp's Elk Creek Project?

The Letter of Support does not constitute financing approval; financing remains subject to satisfactory completion of EXIM's current due diligence review. EXIM anticipates presenting the transaction for further internal review through its Transaction Review Committee process as expeditiously as practicable.