NioCorp's Critical Minerals Project Continues to Advance in the U.S. Export-Import Bank Process

Rhea-AI Summary

NioCorp Developments (NASDAQ:NB) has advanced in its application process for up to $800 million in potential debt financing from the Export-Import Bank of the U.S. (EXIM) for its Elk Creek Project in Southeast Nebraska. The company has executed a professional services agreement with SLR Consulting to conduct an independent environmental and social (E&S) review.

SLR, which acquired RPMGlobal USA, Inc., will now handle both the technical review (ongoing since February 2025) and the E&S review. The project previously passed EXIM's first due diligence level (TRC-1) in October 2023, and received a preliminary indicative term sheet in April 2024. JPMorgan Chase Bank is assisting NioCorp in seeking the EXIM-supported debt financing.

Positive

• Potential access to significant financing of up to $800 million from EXIM Bank
• Project has already passed EXIM's first level of due diligence (TRC-1)
• Engagement of reputable firms (SLR Consulting and JPMorgan) strengthens the application process

Negative

• No guarantee of EXIM Board approval or final financing
• Extended timeline for multiple review processes may delay project advancement

Insights

Mining Sector Financial Analyst

NioCorp advances in securing potential $800M EXIM financing for its critical minerals project with key environmental review milestone.

NioCorp has made meaningful progress in its pursuit of up to $800 million in potential debt financing from the Export-Import Bank of the U.S. (EXIM) for its Elk Creek Project in Nebraska. The company has executed a professional services agreement with SLR Consulting to conduct an independent environmental and social (E&S) review — a crucial component of EXIM's comprehensive due diligence process.

This development represents the latest milestone in what appears to be a methodically advancing financing application. The project has already cleared several significant hurdles: passing EXIM's initial Transaction Review Committee-1 assessment in October 2023 and receiving a preliminary indicative term sheet from EXIM in April 2024. Furthermore, SLR (which acquired RPMGlobal USA) has been conducting an independent technical review of the project since February 2025, creating potential synergies now that they'll handle both technical and E&S reviews.

The strategic importance of this financing effort is substantial, as it could potentially unlock the development of NioCorp's Elk Creek Project, which aims to produce critical minerals including niobium, scandium, and rare earth elements like neodymium, dysprosium, and terbium. These materials are essential components in numerous high-tech and clean energy applications, aligning with broader U.S. initiatives to secure domestic supply chains for strategic resources.

NioCorp has bolstered its financing strategy by engaging JPMorgan Chase to assist in securing this EXIM-supported debt financing, though the company appropriately cautions that approval isn't guaranteed. The structured, multi-stage nature of EXIM's review process suggests careful regulatory scrutiny, with this environmental and social review representing another essential milestone toward potential project funding.

CENTENNIAL, CO, BRITISH COLUMBIA / ACCESS Newswire / October 1, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to announce that the Company took another step this week to advance its application for up to $800 million in potential debt financing to be supported by the Export-Import Bank of the U.S. ("EXIM" or the "Bank") to advance NioCorp's proposed critical minerals project in Southeast Nebraska (the "Elk Creek Project") after executing a professional services agreement with SLR Consulting ("SLR") to conduct an independent environmental and social ("E&S") review, an important part of EXIM's ongoing project due diligence.

In February 2025, EXIM engaged RPMGlobal USA, Inc., which was subsequently purchased by SLR, to conduct an independent technical review of the Elk Creek Project, which is ongoing. SLR will now conduct both the independent technical review and the E&S review on behalf of the Bank.

"We are very pleased to advance the due diligence for EXIM's review of our proposed debt financing by engaging SLR in the E&S review," said Mark A. Smith, Chairman and CEO of NioCorp. "The SLR team is an outstanding selection and they are very familiar with our project, given the technical review work they have been conducting since February of this year. Our team looks forward to engaging with them and EXIM as the due diligence process continues to advance."

NioCorp's application for EXIM funding of the Elk Creek Project passed EXIM's first level of due diligence, known as Transaction Review Committee-1 (TRC-1), in October 2023. In April 2024, EXIM provided NioCorp with a preliminary indicative term sheet for possible financing. NioCorp has engaged JPMorgan Chase Bank, N.A. to assist NioCorp in seeking debt financing supported by EXIM. There can be no assurances that the application will advance or be approved by the EXIM Board of Directors nor that debt financing from EXIM will be provided.

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FOR MORE INFORMATION:
Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@niocorp.com

Alex Guthrie, Director of 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. Forward-looking statements may include, but are not limited to, statements regarding the work to be conducted by SLR in both its independent technical review and its E&S review of the Elk Creek Project on behalf of EXIM; 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: the successful completion of the independent technical, E&S and other due diligence reviews requested by EXIM; 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

How much financing is NioCorp seeking from the Export-Import Bank for its Elk Creek Project?

NioCorp is seeking up to $800 million in potential debt financing from the Export-Import Bank of the U.S. (EXIM) for its Elk Creek Project in Southeast Nebraska.

What stage is NioCorp's EXIM Bank application process currently at?

NioCorp has passed EXIM's first due diligence level (TRC-1) in October 2023, received a preliminary term sheet in April 2024, and has now engaged SLR Consulting for environmental, social, and technical reviews.

Who is conducting the environmental and technical reviews for NioCorp's EXIM application?

SLR Consulting is conducting both the independent technical review (ongoing since February 2025) and the environmental and social (E&S) review for the EXIM application.

Which financial institution is helping NioCorp with the EXIM debt financing process?

JPMorgan Chase Bank, N.A. is assisting NioCorp in seeking the EXIM-supported debt financing.

Where is NioCorp's Elk Creek Project located?

The Elk Creek Project is located in Southeast Nebraska, focusing on critical minerals development.