NioCorp Developments NASDAQ: NB detailed its recently published 2026 technical report for the Elk Creek Critical Minerals Project in Nebraska, outlining an expanded product suite, updated mine design and projected economics for the proposed underground mining and processing operation.
Mark Smith, NioCorp’s executive chairman, president and CEO, said the technical report and updated feasibility study were supported by hundreds of consultants and certified by 15 qualified professionals. He said the company prioritized study quality over speed and that the additional work is expected to support project financing efforts, including discussions with the Export-Import Bank of the United States, or EXIM.
The updated study was undertaken in part to conduct additional infill drilling and convert the company’s revised metallurgical process flow diagram into feasibility-level engineering. Smith said the drilling produced tighter spacing and improved definition of the ore body, while additional geotechnical, geohydrologic, paste-tailings and grouting studies were completed to strengthen the mine plan.
Expanded Product Portfolio and Economic Projections
The Elk Creek project is now expected to produce eight products, compared with three products in NioCorp’s 2022 feasibility study. The expected products include ferroniobium, scandium, titanium tetrachloride, neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, samarium-europium-gadolinium carbonate concentrate, and a heavy rare earth carbonate concentrate.
Smith said the expanded product mix raises projected life-of-mine gross revenue to $37.4 billion, compared with $21.9 billion in the 2022 study. The company projects gross revenue of $815 per ton and operating expenses of $255 per ton, resulting in a projected life-of-mine margin of $560 per ton.
- Pre-tax net present value of $4.1 billion, using an 8% discount rate
- Average annual cash flow of $519 million over the mine life
- Average annual EBITDA of $608 million
- Estimated upfront capital expenditures of $1.85 billion
- Projected 40-year mine life and less than three-year after-tax payback period
Smith said the higher capital expenditure estimate reflects inflation as well as added processing capabilities, including rare earth solvent extraction and chlorination processes for niobium and titanium products.
He also pointed to what he described as a pricing “bifurcation” between China and markets outside China for certain critical minerals. Smith said NioCorp has seen scandium pricing outside China ranging from $3,000 to $6,500 per kilogram, compared with approximately $800 to $850 per kilogram in China. He cited similar differences for terbium and dysprosium prices.
Mine Access and Processing Changes
Scott Honan, NioCorp’s chief operating officer and president of Elk Creek Resources Company, said the new mine plan replaces a planned twin-shaft design with twin ramps extending from the surface. The prior shaft approach would have required ground freezing and specialized shaft equipment, while the ramp configuration is expected to provide faster access to the ore body.
According to Honan, the updated mine design is expected to reach full production in 35 months, compared with a longer development period under the earlier plan. The company also plans to use a Railveyor system to move material from the underground mine to the surface plant rather than relying on diesel equipment and vertical hoisting through shafts.
NioCorp also revised its energy plan. Rather than primarily relying on a local utility connection, the company now expects to use an on-site microgrid powered by small natural-gas-fired generators. A third party is expected to own, install, operate and maintain the generating equipment, Honan said. The company will still require a natural gas pipeline connection to the site.
On the processing side, the revised plan introduces calcining and calcium-magnesium removal before hydrochloric and sulfuric acid leaching. Honan said these front-end steps reduce the mass moving through the remainder of the plant by about half and remove most acid-consuming materials, reducing acid demand and eliminating the need for an on-site acid plant.
Reserves, Resources and Financing Steps
NioCorp reported 45.9 million tons of proven and probable reserves supporting a 40-year operating life. Honan said the company’s 2025 infill drilling program established a proven reserve category, the highest reserve classification, and also increased inferred resources.
The company reported measured resources of 21.7 million tons, indicated resources of 187.4 million tons and inferred resources of 169.2 million tons. Honan said the ore body remains open in several directions and could support a longer mine life if additional resources are converted into reserves.
Annual production is projected to include more than 8,000 tons of ferroniobium, 118 tons of scandium and more than 59,000 tons of titanium tetrachloride, along with the planned rare earth products.
Smith said NioCorp has begun review sessions with EXIM following publication of the feasibility study. He said EXIM previously indicated it could provide up to approximately $800 million in financing based on a 65% debt-to-equity ratio, but will now reassess potential financing levels based on the updated project economics and capital requirements.
The company is also working to finalize an offtake agreement with Traxys. Smith said NioCorp expects two commercial agreements to cover 100% of project offtake: ThyssenKrupp would receive 50% of ferroniobium output, while Traxys would receive the remaining products and ferroniobium volumes under a separate agreement. He said NioCorp intends to pursue volumetric take-or-pay arrangements rather than agreements with price ceilings.
Before final financing, NioCorp expects to advance detailed engineering and negotiate an engineering, procurement and construction contract acceptable to the company, its EPC contractor and EXIM.
About NioCorp Developments (NASDAQ:NB)
NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.
At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.
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