NioCorp Names New Senior VP of Business Development

Rhea-AI Summary

NioCorp Developments Ltd. (NASDAQ:NB) has appointed Ernest M. Cleave as Senior Vice President of Business Development. Cleave brings 20 years of experience in the mining, mineral processing, and energy industries to NioCorp.

Cleave's extensive career includes leadership roles as President and CEO of Tinova Resources, CFO of Largo Resources, Interim President of Largo Clean Energy, and positions at Glencore, Goldcorp, and other companies. He is a Chartered Accountant and CPA in both Canada and Australia, holding an MBA from Deakin University.

The appointment comes as NioCorp advances toward project financing and construction launch of its Elk Creek Critical Minerals Project in Nebraska.

Positive

• Appointment of highly experienced executive with 20+ years in mining and energy sectors
• Strategic timing as company prepares for Elk Creek project financing and construction
• New executive brings diverse leadership experience from major mining companies

Negative

• None.

20-Year Mining Industry Veteran Ernest M. Cleave Joins NioCorp

CENTENNIAL, CO / ACCESS Newswire / August 18, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to announce that Ernest M. Cleave, a veteran of 20 years in the mining, mineral processing and energy industries, has joined the Company as Senior Vice President of Business Development.

Mr. Cleave's career has spanned leadership positions in several mining and energy companies, including as President and CEO of Tinova Resources, Chief Financial Officer of Largo Resources, Interim President of Largo Clean Energy, Chief Financial Officer of Cline Mining, Chief Financial Officer of Petrolympic, Global Lead of Sarbanes-Oxley Compliance at Glencore (previously Falconbridge), and Treasurer and Director of Financial Planning and Analysis at Goldcorp.

"I am very pleased to have Ernest join the NioCorp team and lead our business development efforts as the Company continues to expand and progress toward project financing and a construction launch for our Elk Creek Critical Minerals Project in Nebraska," said Mark A. Smith, Chairman and CEO of NioCorp. "Ernest has deep experience in the mining and minerals processing industries and will bring a wealth of experience and expertise to the Company."

Mr. Cleave is a Chartered Accountant (AUS & NZL) and is a registered CPA in both Canada and Australia, Mr. Cleave earned his M.B.A. from Deakin University of Victoria Australia and has undergraduate degrees in computational science and commerce respectively.

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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 a critical minerals project in Southeast Nebraska that is expected to produce niobium, scandium, and titanium (the "Elk Creek Project"). 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 expectations of Mr. Cleave's contributions to the Company; 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 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 (the "DoD Agreement"); 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 in reimbursement under the DoD Agreement; 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

Who is Ernest M. Cleave and what is his new role at NioCorp (NASDAQ:NB)?

Ernest M. Cleave is a 20-year mining industry veteran who has been appointed as Senior Vice President of Business Development at NioCorp. He previously held leadership positions at companies including Tinova Resources, Largo Resources, and Goldcorp.

What is Ernest Cleave's professional background before joining NioCorp?

Cleave served as President and CEO of Tinova Resources, CFO of Largo Resources, Interim President of Largo Clean Energy, and held positions at Glencore and Goldcorp. He is a Chartered Accountant and CPA in Canada and Australia with an MBA from Deakin University.

What is the significance of this appointment for NioCorp's Elk Creek Project?

The appointment comes as NioCorp prepares for project financing and construction launch of its Elk Creek Critical Minerals Project in Nebraska, with Cleave's experience expected to support these initiatives.

What are Ernest Cleave's qualifications and certifications?

Cleave is a Chartered Accountant (AUS & NZL), registered CPA in Canada and Australia, holds an MBA from Deakin University, and has undergraduate degrees in computational science and commerce.