Lockheed Martin and NioCorp Sign MOU

Rhea-AI Summary

NioCorp (NASDAQ: NB) signed a non-binding Memorandum of Understanding with Lockheed Martin covering potential purchases of up to 15 tonnes per year of scandium oxide, in oxide or aluminum‑scandium alloy form, over 10 years.

NioCorp plans to produce about 100 tonnes per year of scandium oxide at its Elk Creek Critical Minerals Project in Nebraska once financing and construction are completed, and already produces 4% aluminum‑scandium master alloy in the U.S. The MOU builds on a Pentagon‑funded joint development program with Lockheed Martin’s Skunk Works, supported by a $10 million U.S. Department of War Title III Defense Production Act award to subsidiary Elk Creek Resources Corp., aimed at establishing a domestic scandium mine‑to‑master‑alloy supply chain. The companies will negotiate a definitive agreement in good faith, but there is no assurance one will be reached or what its terms will be.

Positive

• Potential scandium sales to Lockheed Martin up to 15 tonnes/year for 10 years
• Planned scandium oxide output of approximately 100 tonnes/year from Elk Creek Project
• $10 million Defense Production Act award backing scandium supply-chain development
• Existing aluminum-scandium master alloy production already operating in the U.S.

Negative

• MOU with Lockheed Martin is non-binding with no assured definitive agreement
• Elk Creek scandium production depends on project financing and construction completion

Market Context

The effective S-3ASR shelf runs from October 10, 2025 through October 10, 2028 and remains relevant ...

Analysis

The effective S-3ASR shelf runs from October 10, 2025 through October 10, 2028 and remains relevant platform context. The MOU adds a potential customer relationship, while definitive terms and project financing remain unresolved.

Key Figures

Potential scandium purchase: up to 15 tonnes/year Planned scandium production: approximately 100 tonnes/year Current alloy production: 4% aluminum-scandium master alloy +2 more

5 metrics

Potential scandium purchase up to 15 tonnes/year Lockheed Martin MOU; over the next 10 years

Planned scandium production approximately 100 tonnes/year Elk Creek Project after financing and construction

Current alloy production 4% aluminum-scandium master alloy Current U.S. production using market-sourced scandium oxide

Alloy scandium content 0.2% to 0.8% Planned finished aluminum-scandium alloy ingots

Defense Production Act award $10 million Title III award to Elk Creek Resources Corp.

Historical Context

5 past events · Latest: Jul 13 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 13	Broadcast appearance	Neutral	-6.9%	CEO scheduled for CNBC interview discussing domestic critical minerals and Elk Creek priorities
Jun 01	Supply chain commentary	Positive	+6.2%	CEO highlighted China's heavy rare earth export restrictions and domestic supply risks
Apr 20	Tax incentive legislation	Positive	+2.9%	Nebraska enacted legislation expanding flexibility for approximately $200 million state tax incentives
Apr 15	Conference participation	Neutral	-0.5%	CEO scheduled conference sessions on Elk Creek and domestic critical minerals supply chains
Apr 09	Offtake term sheet	Positive	+1.6%	Traxys term sheet contemplated potential offtake and strategic equity investment

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

Pattern Detected

Reactions were mixed: project milestones and strategic supply commentary generally aligned with gains, while media and conference appearances diverged.

Key Terms

memorandum of understanding, scandium oxide, offtake agreements

3 terms

memorandum of understanding financial

"announced the signing of a non-binding Memorandum of Understanding"

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

scandium oxide technical

"potential purchase of up to 15 tonnes/year of scandium oxide"

Scandium oxide is a white, powdery mineral compound used as an ingredient to improve the strength, weight and performance of high-tech materials such as aluminum alloys, fuel cells, and certain electronics. For investors, it matters because it is a scarce, specialty raw material—like a rare spice in a recipe—that can raise costs or create supply bottlenecks for manufacturers and influence the valuations of miners, suppliers, and technology makers that rely on it.

offtake agreements financial

"current and future offtake agreements, joint ventures, and partnerships"

An offtake agreement is a contract where a buyer agrees to purchase a set amount of a company's future production—such as minerals, energy, or manufactured goods—often before the product is made. For investors, these deals act like a guaranteed customer or advance order that reduces sales risk, helps secure project financing, and makes future revenue more predictable; think of it as a long-term subscription that stabilizes cash flow.

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

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Agreement Builds on NioCorp and Lockheed Martin's Skunk Works^® Joint Development Program to Develop Scandium-Based Defense Technologies

Pentagon-Funded Joint Development Effort Is Helping to Establish America's First-Ever Integrated Scandium-to-Warfighter Supply Chain

CENTENNIAL, CO / ACCESS Newswire / August 4, 2026 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB), a leading U.S. critical minerals developer, announced the signing of a non-binding Memorandum of Understanding ("MOU") with Lockheed Martin regarding the potential purchase of up to 15 tonnes/year of scandium oxide from NioCorp, in either oxide form or in the form of aluminum-scandium alloys, over the next 10 years.

NioCorp plans to produce approximately 100 tonnes/year of scandium oxide from its Nebraska-based Elk Creek Critical Minerals Project, once project financing and construction are complete. NioCorp currently produces 4% aluminum-scandium master alloy in the U.S., utilizing market-sourced scandium oxide. NioCorp has said it also intends to produce finished aluminum-scandium alloy ingots that vary in scandium content from 0.2% to 0.8% for customers in both the commercial and defense markets.

"Lockheed Martin has earned its reputation as one of the strongest names in American defense and aerospace, and as a U.S. critical minerals company, we're proud to be working toward supplying them with the scandium products they need," said Mark A. Smith, NioCorp CEO and Chairman. "Both companies recognize how important scandium has become to the future of American defense technology as well as the imperative of establishing a domestic scandium mine-to-warfighter supply chain. NioCorp is already investing to build out this supply chain as rapidly as possible, including the ability to make aluminum-scandium master alloy today. Clearly, the case for reducing our reliance on China for scandium and other critical minerals has never been stronger."

"Lockheed Martin has long valued partnerships that strengthen the U.S. industrial base and support our warfighters," said Tyler Robinson, vice president, Technology Roadmaps, Lockheed Martin Skunk Works. "We appreciate the work NioCorp is doing to establish a domestic source of scandium oxide as well as the company's aluminum-scandium alloying capabilities, and we look forward to continuing to evaluate that supply as part of our broader alloy development efforts."

The MOU builds on an existing joint development program with Lockheed Martin's Skunk Works to develop scandium-based aluminum alloy components for modern fighter aircraft. That program, announced in October 2025, is funded by the U.S. Department of War ("DoW") as part of a $10 million award to NioCorp's subsidiary, Elk Creek Resources Corp. ("ECRC"), under Title III of the Defense Production Act, and is intended to help establish the United States' first domestic scandium mine-to-master-alloy supply chain.

The MOU is non-binding, and both companies have agreed to negotiate in good faith a definitive agreement as rapidly as possible. There is no assurance that a definitive agreement will be reached, or as to its eventual terms.

# # #

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 (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, NioCorp's expectation of producing niobium, scandium, and titanium, and the potential of producing rare earths, at the Elk Creek Project; and NioCorp's confidence in and ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial operation, as well as efforts and expenditures relating to the same. 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; 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 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 is the NioCorp (NB) and Lockheed Martin MOU announced on August 4, 2026?

The MOU outlines potential purchases by Lockheed Martin of up to 15 tonnes per year of scandium oxide from NioCorp over 10 years. According to NioCorp, this non-binding agreement supports development of a U.S. scandium supply chain for defense and aerospace alloy applications.

How much scandium does NioCorp plan to supply from the Elk Creek Project?

NioCorp plans to produce about 100 tonnes per year of scandium oxide from its Elk Creek Critical Minerals Project. According to NioCorp, this output, once financing and construction are complete, could support commercial and defense customers, including potential supply under the Lockheed Martin MOU.

Is the NioCorp and Lockheed Martin scandium supply agreement legally binding for NB shareholders?

No, the current MOU between NioCorp and Lockheed Martin is non-binding and subject to a definitive agreement. According to NioCorp, both parties will negotiate in good faith, but there is no assurance a final contract will be reached or what its terms would be.

How is the U.S. government supporting NioCorp’s scandium supply chain development for NB?

NioCorp’s subsidiary Elk Creek Resources received a $10 million award under Title III of the Defense Production Act. According to NioCorp, this Pentagon-funded program supports a joint development effort with Lockheed Martin Skunk Works to establish a domestic scandium mine-to-master-alloy supply chain.

What scandium alloy products does NioCorp (NB) currently make in the U.S.?

NioCorp currently produces a 4% aluminum-scandium master alloy in the United States using market-sourced scandium oxide. According to NioCorp, it also intends to produce finished aluminum-scandium alloy ingots containing approximately 0.2% to 0.8% scandium for commercial and defense customers.

What does the Elk Creek Project mean for NioCorp’s future scandium revenues?

The Elk Creek Project is expected to produce niobium, scandium and titanium, including about 100 tonnes per year of scandium oxide. According to NioCorp, future scandium revenues depend on completing project financing, construction, ramp-up, and securing offtake agreements such as the potential Lockheed Martin supply.