ELK CREEK – NioCorp Developments is launching a drilling campaign at the Elk Creek project in southeast Nebraska to turn what its feasibility study calls "indicated resources" into proven mineral resources and CEO Mark Smith says geopolitics has provided tailwinds for the project.

Smith said a recent surge in funding is allowing the company to move into a new phase of project execution of its plan for the Elk Creek project.

Smith: "We are now sufficiently funded to complete the work necessary to update our feasibility study as requested by the United States Export Import Bank."

He said the updated feasibility study is key to securing project financing for the debt and equity side and moving toward a construction start.

Smith: "We can actually see the light at the end of the tunnel."

Drew Horn of GreenMet reported Tuesday afternoon that NioCorp has the attention of the U.S. government because the project for critical minerals and rare earths is basically shovel ready.

Horn: "It's essentially an easy button for what the White House wants to do."

Dahrouge Geological is on site in Johnson County and Boart Longyear is preparing for core drilling.

Smith said production is expected to start within three years of beginning construction.

 NioCorp images

The company has engaged firms to complete work required to update its feasibility study for the project in southeast Nebraska that is expected to produce niobium, scandium and titanium. Several rare earths are also expected.

Engineering processing -

The firms engaged by NioCorp and their respective work scopes include the following:
* Dahrouge (geology, field program, mineral resources, market)
* Zachry (surface engineering)
* Adrian Brown Consultants (hydrogeology)
* Amplify (mineral reserves)
* Dumas (underground engineering)
* Tierra Group (tailings design)
* T Engineering (mine backfill design)
* A2GC (geomechanical engineering)
* L3 (hydrometallurgy / process engineering)
* Magemi Mining (mineral processing)
* MCS (pryometallurgical engineering)
* Olsson (environmental)
* David Bird (geochemistry)
* SRK (closure and reclamation)

Smith: "The geopolitics of critical minerals have created very strong tailwinds for our project. As many of you have likely seen, China's recent moves to begin restricting exports of a number of critical minerals, especially the heavy rare earth minerals, has sent shock waves through many Fortune 500 board rooms and across senior levels of the United States government."

Smith on visits to Washington, D.C. : "We are told by the people we are meeting with that critical, strategic minerals - particularly heavy rare earths - are the number one issue being discussed in Washington, D.C. right now. This is an important time."

Chief Operating Officer Scott Honan is on site in Nebraska today.

He said updates to the feasibility study will incorporate improvements, including completion of the demonstration plant and replacement of a twin-shaft plan for the mine with railveyor.

Honan said the demonstration plant established capabilities with rare earth products.

Honan: "We will also be able to produce a Niobium oxide, which can be used in different applications including making the kind of Niobium that goes into superalloys."

Honan: "We have listed there three rare earth products neo/praseo oxide, dysprosium oxide, terbium oxide -- these are the essential ingredients into rare magnets that everybody is putting into their electric vehicles and wind turbines. Which are also now going into things like eVTOL (flying taxis) as well as humanoid robots."

Honan: "We're one of the few projects around that not only has the base  material for those magnets - Neodymium/Praseodymium oxide - but we also have the dysprosium and terbium which, when added to neodymium and praseodymium, allow the magnet to operate at high temperate.

"That is essential for a lot of applications like the ones I just mentioned."

Resource Geologist Jacob Anderson said nine core drill holes are planned to update the feasibility study. Drilling can begin within 12 hours after concrete supports are ready.

Horn: "I think I can validate how much of a priority this is with the current White House and how this solves a very, almost-impossible problem from the perception at least from as far as a year or so ago."

He said minerals is one of President Trump's top priorities right now.

Horn: "It now has the position of being the flagship project from the government perspective on how to advance rare earth and critical mineral policy."

Horn: "Obviously what the President is looking to do, from my understanding, is to try and ensure that defense and the commercial sector are closely aligned on not just advancing and investing and developing these kind of projects from a capital perspective, but also looking to come in as long-term customers as we look to fix what is a very pivotal problem that everyone is now aware of."

Horn: "It's very nice to see the appreciation and prioritizing of this project as I would say the number one rare earth project inside what the Trump Administration is looking to do very quickly."