NioCorp Completes Phase I Drilling at Elk Creek Project, Eyes Expansion

NioCorp Developments ( (NB) ) just unveiled an announcement.

NioCorp Developments Ltd. has successfully completed Phase I of its drilling campaign at the Elk Creek Project in Nebraska, aimed at converting indicated resources into measured resources and probable reserves into proven reserves. This phase is part of the due diligence process for potential debt financing of up to $800 million from the Export-Import Bank of the United States. The company plans to proceed with Phase II, which will include additional drilling to further explore and potentially expand the mineral resource, as well as gather data to reduce risks in the mine design. The drilling results will support updates to the project’s feasibility study and engineering plans, which may include the production of rare earth oxides and titanium tetrachloride.

The most recent analyst rating on (NB) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on NioCorp Developments stock, see the NB Stock Forecast page.

More about NioCorp Developments

NioCorp Developments Ltd. is focused on developing the Elk Creek Project in Nebraska, which aims to produce niobium, scandium, and titanium. The company is also exploring the potential to produce rare earth elements. Niobium is used in specialty alloys and high-strength steel, scandium is used in aluminum alloys and fuel cells, and titanium is used in lightweight alloys and pigments. The rare earth elements are critical for producing magnets used in various applications.

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