NioCorp’s Elk Creek awarded up to $10M from U.S. DoD

NioCorp (NB) Developments’ Elk Creek Resources Corp. has been awarded up to $10 million, subject to the achievement of certain milestones, from the U.S. Department of Defense via Title III of the Defense Production Act to support the establishment of a domestic scandium mine-to-manufacture supply chain via the Elk Creek Critical Minerals Project in southeast Nebraska. The award to ECRC follows a federal appropriations plus-up in the Fiscal Year 2024 DoD appropriations bill that was championed by U.S. Senator Deb Fischer other Members of the Nebraska Congressional delegation, and both Democrats and Republicans in Congress. The investment by DoD aligns with President Trump’s March 20, 2025, Executive Order 14241 on Immediate Measures to Increase American Mineral Production’s goal to facilitate domestic mineral production. This DPA Title III award is expected to enable the completion of feasibility study-level engineering, additional reserve drilling, and updated cost estimates for the Elk Creek Project. In turn, these updates are expected to facilitate NioCorp’s pursuit of project finance, including up to $800 million in debt financing from the U.S. Export-Import Bank. This award and EXIM’s potential financing would demonstrate an integrated “whole of government” approach to promoting domestic critical mineral production for defense and essential civilian technologies.