NioCorp Engages Engineering Firms to Update Elk Creek Project Feasibility Study

Rhea-AI Summary

NioCorp has initiated a major update to its Elk Creek Critical Minerals Project Feasibility Study by engaging multiple specialized engineering and consulting firms. Dahrouge Geological Consulting will lead the study as the primary author.

The project involves 13 expert firms, each handling specific aspects:

• Geology and market analysis: Dahrouge
• Surface engineering: Zachry
• Underground engineering: Dumas
• Processing: Magemi Mining and L3
• Environmental and closure: Olsson and SRK

Concurrent with this update, NioCorp is launching a drilling campaign to upgrade its mineral classification, aiming to convert Indicated Resources to Measured Resources and Probable Reserves to Proven Reserves. The company's COO Scott Honan and CEO Mark A. Smith expressed confidence in the assembled team's capabilities.

Positive

• Engagement of multiple specialized engineering firms indicates progress toward project development
• Launch of drilling campaign to upgrade mineral resources from Indicated to Measured status
• Potential upgrade of Probable reserves to Proven reserves, which could enhance project value
• Most engaged firms have prior experience with Elk Creek Project, suggesting efficiency in execution

Negative

• Additional engineering studies suggest potential delays in project timeline
• Multiple consulting firms engagement implies significant upcoming expenses
• No mention of project funding sources for the feasibility study update

Insights

Mining Industry Analyst

NioCorp advances Elk Creek critical minerals project with feasibility study update and resource drilling, representing standard project development progression.

NioCorp's engagement of multiple specialized engineering firms to update its Elk Creek Project feasibility study represents a methodical progression in the development timeline for this critical minerals project. The company has assembled a team of 14 specialized firms, each focused on specific technical aspects from geology to processing to environmental considerations.

The concurrent launch of a drilling campaign aimed at upgrading resource classifications (from Indicated to Measured Resources and from Probable to Proven Reserves) demonstrates the company's focus on increasing confidence levels in the existing resource base. This resource classification upgrade, while not necessarily expanding the resource size, is typically viewed positively by potential project financiers as it reduces geological uncertainty.

The Elk Creek project's focus on niobium, scandium, and rare earth elements (including neodymium, dysprosium, and terbium) positions it strategically amid growing concerns about critical mineral supply chains, particularly given current concentration in markets like China. These minerals are essential components in various high-tech and clean energy applications.

However, this announcement represents a development step rather than a fundamental project milestone. The press release provides no timeline for study completion, no details on study costs, and no information regarding the eventual project financing needs. Mining projects typically face their most significant hurdles in securing construction funding and obtaining necessary permits - neither of which are addressed in this update.

This feasibility study update signals continued investment in advancing the project but remains one of many required steps before production decisions can be made. The thoroughness of the approach, with specialized firms handling different technical aspects, indicates commitment to quality but doesn't accelerate the development timeline.

Mining Engineering Expert

Multiple specialized engineering firms engaged for comprehensive feasibility study update with concurrent resource drilling campaign to upgrade classification levels.

The engagement of 14 distinct engineering and consulting firms for NioCorp's feasibility study update demonstrates a comprehensive technical approach to project development. The distribution of work across specialized firms - including Zachry for surface engineering, Dumas for underground engineering, and several metallurgical specialists - follows industry best practices for complex mining projects.

The concurrent drilling program specifically designed to upgrade resource classifications (rather than expand the resource) suggests the company has confidence in the existing resource model but seeks to increase certainty levels to support financing discussions. The conversion from Indicated to Measured Resources requires tighter drill spacing and greater geological confidence, while upgrading from Probable to Proven Reserves requires both technical and economic confidence.

Notably, the engineering scope includes both extractive elements (underground mining, mineral processing) and environmental considerations (tailings design, closure planning), indicating attention to the full project lifecycle. The inclusion of hydrometallurgy, pyrometallurgy, and mineral processing specialists points to the technical complexity of extracting and separating these critical minerals.

This systematic approach to updating the feasibility study is standard procedure for advancing mining projects, particularly those involving critical minerals with complex metallurgy. While the press release doesn't specify the expected timeline for completion, feasibility study updates of this scope typically require 6-12 months of engineering work followed by economic analysis.

The inclusion of closure and reclamation planning at this stage indicates forward-thinking environmental planning, which is increasingly important for permitting success. However, the press release provides no information on permitting status or timeline, which remains a critical factor for project advancement.

CENTENNIAL, CO / ACCESS Newswire / April 29, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to announce that it has engaged multiple engineering and consulting firms to complete work required to update NioCorp's Feasibility Study for the Elk Creek Critical Minerals Project (the "Project").

The firms have been engaged to complete engineering and costing of all elements of the Project. Dahrouge Geological Consulting Ltd. ("Dahrouge") is expected to serve as the lead author of the Feasibility Study.

The firms engaged by NioCorp and their respective work scopes include the following:

Dahrouge (geology, field program, mineral resources, market)	A2GC (geomechanical engineering)
Zachry (surface engineering)	L3 (hydrometallurgy / process engineering)
Adrian Brown Consultants (hydrogeology)	Magemi Mining (mineral processing)
Amplify (mineral reserves)	MCS (pryometallurgical engineering)
Dumas (underground engineering)	Olsson (environmental)
Tierra Group (tailings design)	David Bird (geochemistry)
T Engineering (mine backfill design)	SRK (closure and reclamation)

"We are excited to bring this talented and capable team together," said Scott Honan, NioCorp's Chief Operating Officer. "These firms are all standouts in their respective fields and most have already done significant work in support of the Elk Creek Project. I look forward to coordinating these efforts and to seeing the results of their work."

"I am very pleased that NioCorp is able to launch such a highly coordinated and comprehensive effort," said Mark A. Smith, NioCorp's Executive Chairman and CEO.

As announced on April 22, 2025, NioCorp is launching a drilling campaign this week at the Elk Creek Project site 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 the Project.

# # #

FOR MORE INFORMATION: Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@niocorp.com

@NioCorp $NB #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek #China #exportban #Pentagon

ABOUT NIOCORP

NioCorp is developing a critical minerals project in Southeast Nebraska that is expected to 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 completion of work required to update the Feasibility Study; initiatives designed to support the conversion of resources and reserves into higher categories; NioCorp's expectation to finalize engineering of its new and more efficient production process; NioCorp's expectation 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 operation. 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; the future price of metals; the stability of the financial and capital markets; and the ability of the engaged firms to complete their respective work scopes in connection with the updated Feasibility Study. 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 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 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, 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; trade policies and tensions, including tariffs; inflationary pressures; 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

FAQ

What engineering firms are updating NioCorp's (NB) Elk Creek Feasibility Study in 2025?

Multiple firms including Dahrouge (lead author), Zachry, Adrian Brown Consultants, Amplify, Dumas, and others are updating the feasibility study, each handling specific aspects like geology, surface engineering, hydrogeology, and mineral reserves.

When is NioCorp (NB) starting its new drilling campaign at Elk Creek Project?

NioCorp is launching its drilling campaign in the week of April 29, 2025, at the Elk Creek Project site.

What is the purpose of NioCorp's (NB) new drilling campaign at Elk Creek?

The drilling campaign aims to convert a portion of current Indicated Resources to Measured Resources and convert some Probable Mineral Reserves into Proven Mineral Reserves at the Project.

Who is leading the Elk Creek Project Feasibility Study update for NioCorp (NB)?

Dahrouge Geological Consulting Ltd. is expected to serve as the lead author of the Feasibility Study, handling geology, field program, mineral resources, and market aspects.

What critical minerals is NioCorp (NB) targeting at the Elk Creek Project?

Based on the press release hashtags, NioCorp is targeting Niobium, Scandium, and rare earth elements including Neodymium, Dysprosium, and Terbium at the Elk Creek Project.