NioCorp Developments (NB) Investor update summary

Project update, redesign, and feasibility study

• The 2026 Feasibility Study reflects 12 years of engineering, metallurgical testing, and mine planning, resulting in a fundamentally redesigned Elk Creek Project with a twin ramp mine access, on-site microgrid, and expanded product suite of eight critical minerals.

• Released a comprehensive 2026 technical report, emphasizing quality and robust technical validation by 15 qualified professionals.

• Updated feasibility study driven by additional drilling and a new metallurgical process flow, resulting in improved ore body definition and higher recoveries (high 80s to low 90%).

• The project now features a 35-month pre-production period and aims for a 40-year mine life, supported by 45.9 million tons of proven and probable reserves, including rare earths for the first time.

• Expanded product suite from three to eight, now including niobium, scandium, titanium, high-purity rare earth oxides, and two rare earth concentrates.

Financial and economic highlights

• Life-of-mine gross revenue is projected at $37.4 billion, 1.7x higher than the previous study, with a $4.1 billion margin and an average EBITDA margin of 67% over the mine's life.

• Upfront CapEx is $1.85 billion, including a 14% contingency, with a less than three-year after-tax payback and annual EBITDA of $608 million.

• Pre-tax NPV (8%) is $1.85 billion, pre-tax IRR is 14.3%, and the after-tax payback period is estimated at 2.93 years.

Market dynamics, positioning, and pricing

• The market for these minerals is bifurcated, with non-China prices for scandium, terbium, and dysprosium several times higher due to constrained supply and rising demand in high-growth sectors.

• Anticipates continued bifurcation due to global supply chain shifts, tariffs, and G7 support for non-Chinese sources.

• The project is designed to reduce reliance on China-dominated supply chains by producing eight critical minerals domestically, serving defense, advanced manufacturing, and energy sectors.

• Multiple revenue streams are expected to mitigate risks from market concentration, export controls, and pricing volatility.