NioCorp completes Phase 1 field drilling at Nebraska critical minerals project

NioCorp (NB) Developments announced thecompletion of its Phase I drilling campaign to support the conversion of a portion of its current Indicated Resources into Measured Resources and the subsequent conversion of a portion of its current Probable Mineral Reserves into Proven Mineral Reserves at its critical minerals project in Southeast Nebraska. The Phase I drilling program was inclusive of nine HQ diamond drillholes, totaling 6,817meters of drilling. Core processing is currently underway with sample shipments occurring on a weekly basis. Samples are being sent to SGS USA for sample preparation and analysis. The Phase drilling campaign is anticipated to provide all data necessary to complete the mineral reserves uplift, which is one of the additional project activities requested by the Export-Import Bank of the United States as part of its due diligence process for NioCorp’s application for up to $800 million in potential debt financing. As a result of favorable outcomes from the Phase I drilling program in terms of schedule and budget, the Company has elected to add up to an additional six drillholes, totaling approximately 3,930 meters, which will form Phase II of the drilling program. Phase II will target additional resource and reserve uplift, as well as capturing additional hydrogeologic and geomechanical data that will be used to continue derisking the underground mine design. The completed drilling effort was designed to complement other technical and economic analyses necessary to update the feasibility study for the Elk Creek Project. An updated feasibility study is necessary as part of EXIM’s consideration of NioCorp’s proposed debt financing. In addition to the updates of the Project’s mineral resources and mineral reserves, NioCorp expects to finalize engineering plans for its new and more efficient production process, which is expected to incorporate the potential addition of light and heavy magnetic rare earth oxides, the planned production of titanium in the form of titanium tetrachloride, and the potential to produce both ferroniobium and niobium oxide as commercial products.