NioCorp Completes Phase I of Field Drilling Campaign at its Nebraska Critical Minerals Project

Rhea-AI Summary

NioCorp Developments (NASDAQ:NB) has successfully completed Phase I of its drilling campaign at the Elk Creek Project in Southeast Nebraska, completing nine HQ diamond drillholes totaling 6,817 meters. The company has initiated Phase II, adding up to six additional drillholes totaling 3,930 meters.

The drilling program aims to upgrade portions of Indicated Resources to Measured Resources and Probable Mineral Reserves to Proven Mineral Reserves. This initiative is part of the requirements for NioCorp's application for up to $800 million in potential debt financing from the Export-Import Bank of the United States (EXIM).

The company plans to update its feasibility study to include new production processes for rare earth oxides, titanium tetrachloride, and potential ferroniobium and niobium oxide products.

Positive

• Successful completion of Phase I drilling under budget and schedule
• Cost efficiency allows expansion into Phase II drilling
• Progress toward $800 million EXIM Bank financing application
• Planned expansion of product line to include rare earth oxides and titanium products

Negative

• Additional technical and economic analyses still required for feasibility study update
• EXIM financing approval still pending
• Final mineral reserve uplift results not yet available

Insights

Mining Project Development Expert

NioCorp advances its Elk Creek Project with successful drilling campaign, moving closer to securing $800M in potential EXIM financing.

NioCorp has successfully completed the Phase I drilling campaign at its Elk Creek critical minerals project in Nebraska, completing 9 diamond drillholes totaling 6,817 meters. This campaign represents a significant milestone in the company's development pathway as it aims to convert Indicated Resources to higher-confidence Measured Resources and Probable Reserves to Proven Reserves.

The drilling program's efficiency has yielded two major benefits: it came in under budget, and it's progressing on an accelerated timeline. This cost efficiency has enabled NioCorp to expand its drilling efforts with a Phase II campaign that will include up to 6 additional drillholes totaling approximately 3,930 meters. This second phase could potentially expand the resource size and further derisk the underground mine design.

From a project financing perspective, this drilling campaign is critically important as it satisfies one of the key requirements from the Export-Import Bank of the United States (EXIM) in their due diligence process for NioCorp's $800 million debt financing application. The company is also updating its feasibility study, which will incorporate several potential production improvements:

• Addition of light and heavy magnetic rare earth oxides production
• Production of titanium in the form of titanium tetrachloride
• Potential to produce both ferroniobium and niobium oxide as commercial products

These production process improvements could significantly enhance the project economics by diversifying revenue streams beyond the original niobium and scandium focus. The rare earth elements component is particularly noteworthy given increasing demand for these critical minerals in high-tech applications and ongoing concerns about supply chain security.

CENTENNIAL, CO / ACCESS Newswire / August 12, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to announce the successful completion of its Phase I drilling campaign to support the conversion of a portion of its current Indicated Resources into Measured Resources and the subsequent conversion of a portion of its current Probable Mineral Reserves into Proven Mineral Reserves at its critical minerals project in Southeast Nebraska (the "Elk Creek Project"). The Phase I drilling program was inclusive of nine HQ diamond drillholes, totaling 6,817meters of drilling. Core processing is currently underway with sample shipments occurring on a weekly basis. Samples are being sent to SGS USA for sample preparation and analysis.

The Phase drilling campaign is anticipated to provide all data necessary to complete the mineral reserves uplift, which is one of the additional project activities requested by the Export-Import Bank of the United States ("EXIM") as part of its due diligence process for NioCorp's application for up to $800 million in potential debt financing. As a result of favorable outcomes from the Phase I drilling program in terms of schedule and budget, the Company has elected to add up to an additional six drillholes, totaling approximately 3,930 meters, which will form Phase II of the drilling program. Phase II will target additional resource and reserve uplift, as well as capturing additional hydrogeologic and geomechanical data that will be used to continue derisking the underground mine design.

"The drilling campaign was conducted very efficiently and resulted in lower overall program costs, which is enabling us to conduct some additional drilling to further explore our mineral resource and potentially expand its size," said Mark Smith, Chairman and CEO of NioCorp.

The completed drilling effort was designed to complement other technical and economic analyses necessary to update the feasibility study for the Elk Creek Project. An updated feasibility study is necessary as part of EXIM's consideration of NioCorp's proposed debt financing.

In addition to the updates of the Project's mineral resources and mineral reserves, NioCorp expects to finalize engineering plans for its new and more efficient production process, which is expected to incorporate the potential addition of light and heavy magnetic rare earth oxides, the planned production of titanium in the form of titanium tetrachloride, and the potential to produce both ferroniobium and niobium oxide as commercial products.

Qualified Persons:
Scott Honan, M.Sc., SME-RM, COO of NioCorp Developments Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information and verified the data contained in the news release.

Trevor Mills, P.G., SME-RM, Principal Geologist / US Operations Manager of Dahrouge Geological Consulting USA Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information and verified the data contained within the news release.

# # #

FOR MORE INFORMATION:
Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@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 operations and success of the recently completed mineral reserve drilling campaign, expected release of drill core assay results, the expectation that the drilling campaign will provide all data necessary to complete the mineral reserves uplift, as requested by EXIM as part of its due diligence for NioCorp's application of up to $800 million in potential debt financing; NioCorp's expectation of finalizing its engineering plans for its new and more efficient production process; the potential of expanding the size of the Project's current mineral resource; the various initiatives that NioCorp plans to pursue as it continues to advance the Elk Creek Project; 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 and development of the Elk Creek Project on acceptable terms or at all; the future price of metals; the stability of the financial and capital markets; NioCorp's expectation that it will receive the full $10 million award from the U.S. Department of Defense (the "DoD"); NioCorp's ability to service future debt, if any, and meet the payment obligations thereunder; and current estimates and assumptions regarding the benefit of NioCorp's business combination with GX Acquisition Corp. II (the "Business Combination") and the standby equity purchase agreement (the "Yorkville Equity Facility Financing Agreement" and, together with the Business Combination, the "Transactions") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP, and their benefits. 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 ability to operate as a going concern; 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 receive a final commitment of financing from the Export-Import Bank of the United States or a debt guarantee from UK Export Finance on acceptable timelines, on acceptable terms, or at all; NioCorp's ability to achieve the required milestones and receive the full $10 million award from the DoD; NioCorp's ability to recognize the anticipated benefits of the Transactions, including NioCorp's ability to access the full amount of the expected net proceeds under the Yorkville Equity Facility Financing Agreement; 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 the Yorkville Equity Facility Financing Agreement 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 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; 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.

SOURCE: NioCorp Developments Ltd.

View the original press release on ACCESS Newswire

FAQ

What is the scope of NioCorp's Phase I drilling campaign at Elk Creek Project?

NioCorp completed nine HQ diamond drillholes totaling 6,817 meters in Phase I, with Phase II adding up to six additional drillholes totaling 3,930 meters.

Why is NioCorp (NASDAQ:NB) conducting this drilling program?

The drilling program aims to convert Indicated Resources to Measured Resources and Probable Reserves to Proven Reserves, supporting their $800 million EXIM Bank financing application.

What new products does NioCorp plan to add to its production line?

NioCorp plans to add light and heavy magnetic rare earth oxides, titanium tetrachloride, ferroniobium, and niobium oxide as commercial products.

How much financing is NioCorp seeking from EXIM Bank?

NioCorp has applied for up to $800 million in potential debt financing from the Export-Import Bank of the United States.

What is the location of NioCorp's Elk Creek Project?

The Elk Creek Project is located in Southeast Nebraska.