the ELK CREEK PROJECT
The Elk Creek Critical Minerals Project
The Elk Creek Critical Minerals Project, located in southeast Nebraska, is NioCorp’s flagship asset and one of the most advanced critical minerals projects in the United States. The Elk Creek Project has secured all major permits and is expected to become an underground mine and aboveground processing facility supported by feasibility-level engineering and demonstrated metallurgical performance.
Elk Creek is expected to produce niobium, scandium, and titanium products, as well as several magnetic rare earth oxides. As NioCorp advances financing efforts, early construction activities are underway, including development of the mine portal that will provide access to the future underground mine.
Why Elk Creek Matters
- One of the most advanced critical minerals projects in the United States, with all major permits required for construction already secured.
- 8 critical minerals: niobium, scandium, and titanium products, as well as several magnetic rare earth oxides.
- Designed to help strengthen domestic supply chains for minerals essential to infrastructure, aerospace, defense, energy, and advanced manufacturing.
- Supported by feasibility-level engineering and demonstrated metallurgical performance through a pilot demonstration plant.
- Advancing toward full project development, with early construction activities underway as NioCorp continues project financing efforts.
Elk Creek Project Critical Mineral Production
Life-of-Mine Average Production (short tons/year) – Based on NioCorp’s 2026 NI 43-101 Technical Report
Ferroniobium
8,095 ton / year
Scandium Oxide
118 tons / year
Titanium Tetrachloride
59,890 tons / year
NdPr Oxide
672 tons / year
Dysprosium Oxide
67 tons / year
Terbium Oxide
17 tons / year
Sm-Eu-Gd Carbonate
354 tons / year
Heavies Carbonate
262 tons / year
Construction Progress at Elk Creek
Building a critical minerals project takes years, and the work deserves to be seen. The photos and videos below document progress at the Elk Creek Project as it happens, from mine portal construction through the milestones ahead. We will update this gallery periodically as the project advances.
2026 NI 43-101 TECHNICAL REPORT Results
Elk Creek Project: By The Numbers
The Elk Creek Project’s 2026 Technical Report projects relatively robust economic performance and financial returns.
Pre-Tax NPV8%
Pre-Tax IRR
Gross Revenue over LoM
Avg. Annual EBITDA over LoM
Avg. Annual Op. Cash Flow over LoM
Margin / Short Ton
Total Upfront CAPEX
Year Mine Life
Elk Creek Project Location and Layout
The Project is located here:
- 105 km (65 miles) southeast of Lincoln, Nebraska (the state capital)
- 129 km (80 miles) south of Omaha, Nebraska.
- 3 miles west of Elk Creek, Nebraska and 6 miles south of Tecumseh, Nebraska.
Mineral Reserves and Mineral Resources
The 2026 Technical Report establishes a larger and higher-confidence Mineral Reserve that supports a long-life operation at Elk Creek. As of April 2, 2026, the Elk Creek Mineral Reserve totals 45.9 million tons, comprising 7.6 million tons of Proven and 38.4 million tons of Probable Mineral Reserves. The 2026 estimate introduces a Proven Mineral Reserve for the first time, and for the first time includes rare earth elements in the Reserve, supporting the project’s expanded suite of eight critical mineral products. The Reserve now supports a mine life of 40 years.
The updated 2026 Mineral Resource estimate introduces a Measured category of 21.7 million tons, reports Indicated Mineral Resources of 187.4 million tons, and reports Inferred Mineral Resources of 169.2 million tons. The growth in the Mineral Resource, driven by additional drilling completed in 2025, suggests exploration and expansion potential that is not included in the current mine plan or economic analysis.
| Classification | Tonnage | Nb2O5 Grade (%) | FeNb (t) | Payable Nb (t) | TiO2 Grade (%) | Payable TiCl4 (t) | Sc Grade (ppm) | Payable Sc2O3 (t) | TREO Grade (ppm) | Payable TREO (t) |
|---|---|---|---|---|---|---|---|---|---|---|
| Proven | 7,570,098 | 0.76 | 53,651 | 34,873 | 2.70 | 405,938 | 71.5 | 762 | 3,232 | 22,509 |
| Probable | 38,359,365 | 0.76 | 271,386 | 176,401 | 2.67 | 2,036,334 | 68.8 | 3,717 | 3,489 | 123,115 |
| Total | 45,929,462 | 0.76 | 325,038 | 211,274 | 2.68 | 2,442,272 | 69.3 | 4,479 | 3,446 | 145,625 |
Source: Amplify Mine Planning, 2026.
Notes:
1. All figures are rounded to reflect the accuracy of the estimates. Totals may not sum due to rounding.
2. The Qualified Person for the Mineral Reserve estimate is Scott G. Britton, P.E., consultant to Amplify Mine Planning. The estimate has an effective date of April 2nd, 2026.
3. The Mineral Reserve is based on the mine design and mine plan, utilizing an average cut-off grade of 0.650% Nb2O5 with an NSR of US$ 218/t.
4. The estimate of Mineral Reserves may be materially affected by metal prices, environmental, permitting, legal, title, taxation, socio-political, marketing, infrastructure development, or other relevant issues.
5. Annual life of mine (LOM) average production rate of ~8,282 tons of FeNb/annum in the years of full production,
6. Mining dilution of ~6% was applied to all stopes and development, based on 3% for the primary stopes, 9% for the secondary stopes, and 5% for ore development.
7. Mining recoveries of 95% were applied in longhole stopes and 62.5% in sill pillar stopes.
8. Price assumptions for FeNb, Sc2O3, TiO2 and TREO metals are based upon independent market analyses for each product.
9. Price and cost assumptions are based on the pricing of products at the “mine-gate,” with no additional downstream costs required. The assumed products are a ferroniobium product (metallic alloy shots consisting of 65% Nb and 35% Fe), titanium in the form of TiCl4, scandium trioxide in powder form and rare earth oxides in either purified oxide or carbonate form. The Mineral Reserve has an average LOM NSR of US$590.84/ton.
10. The economic assumptions used to define Mineral Reserve cut-off grade are as follows:
| Classification | Cut-off NSR (US$/t) | Tonnage (Mt) | Nb2O5 (%) | TiO2 (%) | Sc (g/t) | TREO (%) |
|---|---|---|---|---|---|---|
| Measured | 218 | 21.7 | 0.61 | 2.46 | 69.1 | 0.35 |
| Indicated | 218 | 187.4 | 0.50 | 2.36 | 59.85 | 0.36 |
| Measured + Indicated | 218 | 209.1 | 0.51 | 2.38 | 60.81 | 0.36 |
| Inferred | 218 | 169.2 | 0.38 | 2.14 | 51.02 | 0.39 |
Source: DGC 2026
Notes:
1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.
2. Mineral Reserves are reported separately in Section 15 of the Company’s 2026 Technical Report and are a subset of the total Mineral Resources reported herein.
3. Prepared in accordance with CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019).
4. NSR cut-off of US$218/ton ($240/tonne) based on longhole stoping underground mining; incorporates concentration circuit recoveries of Nb 86.72%, TiO₂ 83.65%, Sc 92.00%, and REE by-products 92.00%, at metal prices of US$52.00/kg Nb, US$2,000.00/kg Sc, US$1.86/kg TiCl4, US$1,845.00/kg Tb₂O₃, US$125.00/kg NdPr, and US$8.97/kg SEG carbonate.
5. TREO = LREO + HREO expressed as a percentage (TREO% = TREO ppm ÷ 10,000).
6. Tonnages in millions of tons (Mt). Grades rounded to reflect the approximate nature of resource estimates.
7. Totals may not sum due to rounding.
8. Qualified Person: Jacob Anderson, CPG, MAusIMM, Dahrouge Geological Consulting Ltd., effective date January 9, 2026.
2026 NI 43-101 Technical Report
NioCorp released its 2026 NI 43-101 Technical Report on August 10, 2026, prepared by by Dahrouge Geological Consulting Ltd. and the other Qualified Persons.
The 2026 Feasibility Study estimates a pre-tax NPV8% of $4.1 billion, an after-tax NPV8% of $3.4 billion, a pre-tax IRR of 24% and an after-tax IRR of 22.8%. Over the projected mine life, the Elk Creek Project is projected to generate approximately $37.4 billion in life-of-mine revenue, $608 million in average annual EBITDA, and $519 million in average annual operating cash flow.