NioCorp to initiates drilling program at Elk Creek Project

NioCorp (NB) Developmentsis launching a limited 9-hole drilling campaign later this month designed 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 Nebraska-based Elk Creek Critical Minerals Project. The drilling campaign will supplement previous exploratory drilling and will operate under existing permits issued by the State of Nebraska. The drilling campaign is intended 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 the due diligence process for up to $800M in potential debt financing that NioCorp is seeking from the Export-Import Bank of the United States. In addition to the updates to Mineral Resources and Mineral Reserves update, NioCorp expects to finalize engineering of its new and more efficient production process which incorporates 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.