NioCorp CEO Warns China's Dual-Use Export Licensing on Heavy Rare Earths "Isn't Going Away"

Rhea-AI Summary

NioCorp (NASDAQ:NB) highlighted remarks by CEO Mark A. Smith at the Morgan Stanley National Security & Critical Materials Symposium on November 20, 2025 about China’s heavy rare earth export controls and U.S. supply‑chain risks. Smith said China still requires dual‑use export licenses for heavy rare earths and has restricted materials for U.S. military applications. He urged faster onshoring of critical minerals, noting the U.S. imports 100% of its niobium and scandium and nearly all titanium and magnetic rare earths. NioCorp said its Elk Creek Project in southeast Nebraska is positioned to produce those minerals subject to project financing and move to construction once fully financed.

Insights

Natural Resources Strategist

CEO frames China export licenses as persistent and positions Elk Creek to onshore critical mineral supply once financing is secured.

The CEO states China continues to require dual‑use export licenses for heavy rare earths and excludes those materials from U.S. military use, creating a licensing process that he says will persist. He notes the U.S. imports 100% of its niobium and scandium and nearly all titanium and magnetic rare earth elements, and presents the Elk Creek Project as a domestic source for these materials, conditional on project financing.

Dependencies and risks include the need to complete project financing before construction and the unresolved nature of China’s export licensing regime; both are explicitly described. Concrete near‑term items to watch are progress on the Company’s project financing and any public changes to China’s licensing policy; time horizon is the period leading up to full financing and the transition to construction.

Mr. Smith Shared His Views on China's Heavy Rare Earth Dual Export Licensing & U.S. Supply Chain Risks During the Morgan Stanley National Security & Critical Materials Symposium

Watch the Full Replay Here: https://video.morganstanley.com/sharevideo/9145f147-0373-477c-965c-c9eff537233b

CENTENNIAL, CO / ACCESS Newswire / November 20, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (Nasdaq:NB) today highlighted remarks from Executive Chairman and CEO Mark A. Smith at the recent Morgan Stanley National Security & Critical Materials Symposium, where he addressed confusion surrounding China's heavy rare earth export controls and discussed broader U.S. critical mineral supply chain vulnerabilities, including how the Elk Creek Critical Minerals Project (the "Elk Creek Project") is positioned to help mitigate them.

"There's mass confusion again. There are suggestions that China agreed to loosen the heavy rare earth restrictions announced in October, but not the ones announced in April. In terms of rare earth permanent magnets, it's the April list that matters, not the October list. And notwithstanding [either list], China is still requiring dual use export licenses, and they've been very verbal that none of these heavy rare earths - of which they are the sole producer - can be used in U.S. military applications. There will continue to be a licensing process," Mr. Smith said.

He added that while he is "hopeful this issue gets resolved," the United States must accelerate efforts to build resilient domestic supply chains for these strategically vital materials in the meantime.

Mr. Smith continued to emphasize that the United States imports 100% of its niobium and scandium and nearly all the titanium and magnetic rare earth elements it requires. "It is time to onshore production of these minerals to the U.S.," he said, noting that all of these minerals are expected to be produced by the Elk Creek Project in southeast Nebraska subject to project financing.¹

Mr. Smith also provided an update on the Company's ongoing project financing efforts and its readiness to move into construction once full financing is secured. He outlined the Elk Creek Project's planned product suite and described the Company's views on establishing downstream processing capabilities in the United States to further strengthen domestic supply chains.

"We are doing this for a purpose," he said. "and that purpose is to onshore these supply chain activities so the U.S. government can be assured we can do these things here, without having to worry about export licenses or decisions on whether materials can be sent to the United States or not."

A full replay is available here: https://video.morganstanley.com/sharevideo/9145f147-0373-477c-965c-c9eff537233b.

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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., (720) 334-7066, 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 Elk Creek Projects' position to help mitigate U.S. critical mineral supply chain vulnerabilities; statements that China will continue to require dual use export licenses; NioCorp's readiness to move into construction once full financing is secured; the Company's views on establishing downstream processing capabilities in the United States to further strengthen domestic supply chains; 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 metals; 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 DoW Agreement; 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 our 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 industry; 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, or development 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; 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.

^1.As no economic analysis has been completed on the rare earth mineral resource comprising the Elk Creek Project, further testing and studies are required before determining whether extraction of rare earth elements can be reasonably justified and economically viable after taking account of all relevant factors.

SOURCE: NioCorp Developments Ltd.

View the original press release on ACCESS Newswire

FAQ

What did NioCorp CEO Mark Smith say about China’s heavy rare earth export rules on November 20, 2025?

He said China still requires dual‑use export licenses for heavy rare earths and has limited use for U.S. military applications.

How does NioCorp (NB) say the Elk Creek Project addresses U.S. supply chain risks?

NioCorp says Elk Creek is planned to produce niobium, scandium, titanium and magnetic rare earths to onshore supply chains, subject to project financing.

What financing update did NioCorp provide for Elk Creek on November 20, 2025?

The company said it is pursuing project financing and is ready to move into construction once full financing is secured.

Does NioCorp claim the U.S. currently imports these critical minerals?

Yes; the CEO stated the U.S. imports 100% of niobium and scandium and nearly all titanium and magnetic rare earth elements.

What immediate impact could China’s export licensing have on NioCorp (NB) investors?

According to the CEO, continued licensing restrictions increase the strategic case for domestic production, which could affect project demand and policy support for Elk Creek.

Where can investors watch Mark Smith’s full symposium remarks referenced by NioCorp on November 20, 2025?

The company provided a replay link to the Morgan Stanley symposium webcast in its announcement.