NioCorp Developments (NB) Investor presentation summary

Project economics and design

• 2026 Feasibility Study projects $37.4B life-of-mine revenue, 1.7x the 2022 study’s $21.9B; pre-tax NPV at 8% is $4.1B and pre-tax IRR is 24%.

• Average annual EBITDA is $608M, average EBITDA margin is 67%, total upfront CAPEX is $1.85B including 14% contingency, and planned mine life is 40 years.

• After-tax payback is 2.93 years; average life-of-mine margin is $560/ton, based on $815 gross revenue and $255 operating cost per ton.

• Redesigned plan includes twin ramps and shafts, full-electric Railveyor material handling, on-site reagent recovery, an acid plant, and a behind-the-meter microgrid; pre-production period is planned at 35 months.

Products and commercial arrangements

• Planned eight-product suite includes ferroniobium, scandium oxide, titanium tetrachloride, NdPr oxide, dysprosium oxide, terbium oxide, SEG carbonate, and HRE carbonate.

• Average annual planned output over the 40-year mine life: 8,095 tons ferroniobium, 118 tons scandium oxide, 59,890 tons titanium tetrachloride, and 672 tons NdPr oxide.

• Planned annual output also includes 67 tons dysprosium oxide, 17 tons terbium oxide, 354 tons SEG carbonate, and 262 tons HRE carbonate.

• Commercial and marketing arrangements cover 100% of planned production for the first 10 years, combining binding agreements with non-binding arrangements subject to definitive terms and customary conditions.

• Thyssen has a sales agreement for 50% of planned ferroniobium output; a Lockheed Martin MOU covers potential purchases of 15 tons/year of scandium oxide for 10 years.

Financing and project advancement

• More than $500M was raised or funded from Jan. 2025 to Feb. 2026; management anticipates a 65% debt / 35% equity financing mix for upfront project costs.

• EXIM debt financing is advancing; its preliminary project letter amount is being reevaluated through due diligence, with final amount and terms subject to review and commitment.

• UK Export Finance issued a non-binding expression of interest for a potential guarantee of up to $200M; German UFK eligibility is indicated at approximately $100M–$200M, both coordinated with prospective EXIM financing.

• Pentagon Title III program awarded up to $10M for reserve work, processing engineering, scandium-metal demonstration, and defense applications; Lockheed Martin and the project are developing prototype aluminum-scandium alloy aircraft components.

• Land purchases, reserve uplift drilling, geotechnical field work, and the 2026 NI 43-101 technical report are completed; energy supply, site preparation, owner’s team build-out, and underground mine entrance work are ongoing.