EXIM Advances NioCorp Elk Creek Critical Minerals Project to Independent Technical Review
NioCorp Developments (NASDAQ:NB) announced that the U.S. Export-Import Bank (EXIM) is advancing the company's application for project financing of its Elk Creek Critical Minerals Project in Nebraska to an independent Technical Review. This represents EXIM's second level of project due diligence.
EXIM has selected RPMGlobal USA to conduct the technical review, with NioCorp executing a professional services agreement for this purpose. The project previously passed EXIM's first level of due diligence (TRC-1) in October 2023. The current TRC-2 review also includes an environmental assessment, which is progressing toward independent reviewer selection.
Following any TRC-2 approval, the application will undergo a third-level review (TRC-3) before final consideration by EXIM's Board of Directors. EXIM provided NioCorp with a preliminary indicative term sheet for possible financing in April 2024, with JPMorgan Chase Bank assisting in seeking EXIM-supported debt financing.
NioCorp Developments (NASDAQ:NB) ha annunciato che la U.S. Export-Import Bank (EXIM) sta portando avanti la richiesta di finanziamento per il progetto Elk Creek Critical Minerals Project in Nebraska, avanzando verso una revisione tecnica indipendente. Questo rappresenta il secondo livello di due diligence del progetto da parte di EXIM.
EXIM ha selezionato RPMGlobal USA per condurre la revisione tecnica, con NioCorp che ha stipulato un contratto di servizi professionali per questo scopo. Il progetto aveva precedentemente superato il primo livello di due diligence di EXIM (TRC-1) nell'ottobre 2023. L'attuale revisione TRC-2 include anche una valutazione ambientale, che sta procedendo verso la selezione del revisore indipendente.
Dopo eventuali approvazioni TRC-2, la richiesta passerà a una revisione di terzo livello (TRC-3) prima della considerazione finale da parte del Consiglio di Amministrazione di EXIM. EXIM ha fornito a NioCorp un foglio di condizioni preliminari indicative per un possibile finanziamento ad aprile 2024, con JPMorgan Chase Bank che assiste nella ricerca di finanziamenti sotto l'appoggio di EXIM.
NioCorp Developments (NASDAQ:NB) anunció que el Banco de Exportación e Importación de EE. UU. (EXIM) está avanzando en la solicitud de financiamiento del proyecto Elk Creek Critical Minerals Project en Nebraska hacia una revisión técnica independiente. Esto representa el segundo nivel de debida diligencia del proyecto por parte de EXIM.
EXIM ha seleccionado a RPMGlobal USA para llevar a cabo la revisión técnica, con NioCorp firmando un acuerdo de servicios profesionales para este propósito. El proyecto previamente superó el primer nivel de debida diligencia de EXIM (TRC-1) en octubre de 2023. La revisión actual TRC-2 también incluye una evaluación ambiental, que está avanzando hacia la selección de revisor independiente.
Tras cualquier aprobación de TRC-2, la solicitud pasará a una revisión de tercer nivel (TRC-3) antes de la consideración final por parte de la Junta Directiva de EXIM. EXIM proporcionó a NioCorp una hoja de términos preliminares indicativos para un posible financiamiento en abril de 2024, con JPMorgan Chase Bank asistiendo en la búsqueda de financiamiento con apoyo de EXIM.
NioCorp Developments (NASDAQ:NB)는 미국 수출입은행(EXIM)이 네브래스카의 Elk Creek Critical Minerals Project에 대한 프로젝트 금융 신청을 독립적인 기술 검토 단계로 진행하고 있다고 발표했습니다. 이는 EXIM의 두 번째 단계 프로젝트 실사입니다.
EXIM은 RPMGlobal USA를 기술 검토를 수행할 업체로 선정했으며, NioCorp는 이를 위해 전문 서비스 계약을 체결했습니다. 이 프로젝트는 2023년 10월 EXIM의 첫 번째 실사 단계(TRC-1)를 통과했습니다. 현재 TRC-2 검토에는 환경 평가도 포함되며, 이는 독립적인 검토자 선정으로 진행되고 있습니다.
TRC-2 승인이 이루어진 후, 신청서는 최종 결정을 위한 EXIM 이사회에 의해 검토될 세 번째 수준의 리뷰(TRC-3)를 거치게 됩니다. EXIM은 NioCorp에 2024년 4월 가능한 금융을 위한 초기 조건 시트를 제공했으며, JPMorgan Chase Bank는 EXIM 지원 대출 금융을 찾는 데 도움을 주고 있습니다.
NioCorp Developments (NASDAQ:NB) a annoncé que la U.S. Export-Import Bank (EXIM) fait progresser la demande de financement du projet Elk Creek Critical Minerals Project dans le Nebraska vers une révision technique indépendante. Cela représente le deuxième niveau de diligence raisonnable du projet par EXIM.
EXIM a sélectionné RPMGlobal USA pour réaliser la révision technique, NioCorp ayant signé un accord de services professionnels à cet effet. Le projet avait précédemment passé le premier niveau de diligence raisonnable d'EXIM (TRC-1) en octobre 2023. La révision actuelle TRC-2 inclut également une évaluation environnementale, qui est en cours en vue de la sélection d'un évaluateur indépendant.
Après toute approbation de TRC-2, la demande fera l'objet d'une troisième revue (TRC-3) avant d'être examinée par le Conseil d'administration d'EXIM. EXIM a fourni à NioCorp une feuille de conditions indicatives préliminaires pour un financement potentiel en avril 2024, avec JPMorgan Chase Bank aidant à la recherche de financements soutenus par EXIM.
NioCorp Developments (NASDAQ:NB) gab bekannt, dass die U.S. Export-Import Bank (EXIM) den Antrag des Unternehmens auf Projektfinanzierung für das Elk Creek Critical Minerals Project in Nebraska zur unabhängigen technischen Prüfung vorantreibt. Dies stellt die zweite Stufe der Projektprüfung durch EXIM dar.
EXIM hat RPMGlobal USA ausgewählt, um die technische Überprüfung durchzuführen, wobei NioCorp einen Vertrag über professionelle Dienstleistungen zu diesem Zweck unterzeichnet hat. Das Projekt hat zuvor die erste Stufe der Due Diligence von EXIM (TRC-1) im Oktober 2023 bestanden. Die aktuelle TRC-2-Überprüfung umfasst auch eine Umweltbewertung, die auf die Auswahl eines unabhängigen Prüfers hinarbeitet.
Nach einer Genehmigung von TRC-2 wird der Antrag einer dritten Überprüfung (TRC-3) unterzogen, bevor er vom Vorstand von EXIM abschließend geprüft wird. EXIM hat NioCorp im April 2024 ein vorläufiges indikatives Term Sheet für mögliche Finanzierungen zur Verfügung gestellt, wobei JPMorgan Chase Bank bei der Suche nach EXIM-unterstützter Kreditfinanzierung hilft.
- Project passed first level of EXIM due diligence (TRC-1)
- Received preliminary indicative term sheet from EXIM for potential financing
- Secured JPMorgan Chase as financial advisor for EXIM debt financing
- Multiple levels of approval still required before securing EXIM financing
- Environmental review pending completion
Insights
The advancement of NioCorp's EXIM financing application represents a important development in the U.S. critical minerals sector. The progression to Technical Review Committee-2 (TRC-2) and engagement of RPMGlobal for independent review demonstrates meaningful progress in a rigorous multi-stage due diligence process. This is particularly significant given EXIM's strategic focus on supporting projects that strengthen domestic critical minerals supply chains.
Several key factors underscore the importance of this development:
- The involvement of JPMorgan Chase as a financial advisor adds institutional credibility and expertise in structuring complex project finance transactions
- EXIM's preliminary indicative term sheet from April 2024 suggests serious interest in supporting the project, though specific terms remain confidential
- The Elk Creek Project's focus on niobium, scandium and rare earth elements aligns with national security interests and the clean energy transition
However, investors should note that significant hurdles remain. The project must still clear the environmental review component of TRC-2, followed by TRC-3 and final Board approval. Historical precedent suggests this process typically takes 6-12 months from the current stage. While positive momentum exists, project financing approval is not guaranteed and the company will need to demonstrate robust project economics and environmental compliance to secure final approval.
The strategic importance of this financing cannot be overstated. EXIM support could potentially unlock additional private sector funding and accelerate project development timelines. This would position NioCorp to capitalize on growing demand for critical minerals essential to electric vehicles, wind turbines and other clean energy technologies.
CENTENNIAL, CO / ACCESS Newswire / February 3, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to announce that the U.S. Export-Import Bank ("EXIM" or the "Bank") is advancing NioCorp's application for prospective EXIM project financing of its Elk Creek Critical Minerals Project ("Elk Creek Project") in southeast Nebraska to an independent Technical Review, part of EXIM's second level of project due diligence.
As part of its loan review process, EXIM has selected Colorado-based RPMGlobal USA, Inc. ("RPMGlobal") to conduct a technical review of the Elk Creek Project. NioCorp this week executed a professional services agreement with RPMGlobal to conduct its review on behalf of the Bank.
NioCorp's application for EXIM funding of the Elk Creek Project passed EXIM's first level of due diligence, known as Technical Review Committee-1 (TRC-1), in October 2023. The independent technical review is part of the Bank's second review level, known as TRC-2. Among other elements of TRC-2 review is an environment review, which the Bank continues to advance toward selection of an independent reviewer.
Following TRC-2 approval, if any, the Bank will conduct a third-level review of NioCorp's overall application, known as TRC-3. If approved at TRC-3, the application will be subject to final decision by the EXIM Board of Directors.
In April 2024, EXIM provided NioCorp with a preliminary indicative term sheet for possible financing. NioCorp has engaged JPMorgan Chase Bank, N.A. to assist NioCorp in seeking debt financing supported by the Export-Import Bank of the U.S. ("EXIM") to advance NioCorp's proposed Elk Creek Critical Minerals Project (the "Project").
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FOR MORE INFORMATION:
Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@niocorp.com
@NioCorp $NB #EXIM #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek #EV #electricvehicle
ABOUT NIOCORP
NioCorp is developing a critical minerals project in Southeast Nebraska that will produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy ("HSLA") steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of Neodymium-Iron-Boron ("NdFeB") magnets, which are used across a wide variety of defense and civilian applications.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements regarding NioCorp's expectation that the Elk Creek Project will complete the technical review under EXIM's TRC-2 process, receive approval and advance to a third-level review known as TRC-3; NioCorp's expection of producing niobium, scandium, and titanium, and the potential of producing rare earths, at the Elk Creek Project; and NioCorp's ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial production. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of NioCorp and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms or at all; our ability to service our existing debt and meet the payment obligations thereunder; the future price of metals; the stability of the financial and capital markets; and current estimates and assumptions regarding the business combination with GX Acquisition Corp. II (the "Business Combination") and the standby equity purchase agreement (the "Yorkville Equity Facility Financing Agreement" and, together with the Business Combination, the "Transactions") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP, and their benefits. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by NioCorp with the U.S. Securities and Exchange Commission and with the applicable Canadian securities regulatory authorities and the following: NioCorp's ability to use the net proceeds of financings in a manner that will increase the value of shareholders' investment; NioCorp's ability to operate as a going concern; NioCorp's requirement of significant additional capital; NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms or at all; NioCorp's ability to receive a final commitment of financing from the Export-Import Bank of the United States on an acceptable timeline, on acceptable terms, or at all; NioCorp's ability to recognize the anticipated benefits of the Transactions, including NioCorp's ability to access the full amount of the expected net proceeds under the Yorkville Equity Facility Financing Agreement; NioCorp's ability to continue to meet the listing standards of Nasdaq; risks relating to NioCorp's common shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood of any of the foregoing; the extent to which NioCorp's level of indebtedness and/or the terms contained in agreements governing NioCorp's indebtedness or the Yorkville Equity Facility Financing Agreement may impair NioCorp's ability to obtain additional financing; covenants contained in agreements with NioCorp's secured creditors that may affect its assets; NioCorp's limited operating history; NioCorp's history of losses; the material weaknesses in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weaknesses and the timing of remediation; the possibility that NioCorp may qualify as a passive foreign investment company under the U.S. Internal Revenue Code of 1986, as amended (the "Code"); the potential that the Transactions could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application of Section 7874 and related sections of the Code; cost increases for NioCorp's exploration and, if warranted, development projects; a disruption in, or failure of, NioCorp's information technology systems, including those related to cybersecurity; equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products; current and future offtake agreements, joint ventures, and partnerships; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical testing; the results of technological research; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or state laws that may significantly affect the mining industry; the impacts of climate change, as well as actions taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining, or development activities; management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek Project; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; claims on the title to NioCorp's properties; potential future litigation; and NioCorp's lack of insurance covering all of NioCorp's operations.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of NioCorp prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the matters addressed herein and attributable to NioCorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, NioCorp undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
SOURCE: NioCorp Developments Ltd.
View the original press release on ACCESS Newswire
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