The Elk Creek Critical Minerals Project

NioCorp is developing the Elk Creek Critical Minerals Project in southeast Nebraska, a U.S. source of niobium, scandium, titanium, and magnetic rare earth elements. Its 2026 NI 43-101 Feasibility Study defines an eight product operation with a 40-year mine life, supplying minerals essential to defense, aerospace, robotics, AI, and energy that the United States largely imports today.

With all major permits in hand, a completed NI 43-101 feasibility study and mine-portal construction underway, NioCorp is advancing toward project financing and the acceleration of pre-construction work as a cornerstone of America’s effort to secure a reliable, long-term supply of critical minerals for U.S. manufacturing and defense.

High-Level Project Summary

• 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 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.

Underground Mineral Reserves Estimate for Elk Creek, Effective Date April 2, 2026

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:

Elk Creek Mineral Resource Estimate – Effective January 9, 2026

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%, TiO₂65%, 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 Technical Report

NioCorp released the findings of an updated feasibility study on August 10, 2026.

The 2026 Technical Report’s updated economics incorporate the expanded product offering, revised mine and processing design, an updated Mineral Resource and Mineral Reserve and current capital and operating cost estimates.

• You can see the full text of our Feasibility Study here.