NioCorp Developments (NB) Investor update summary

Project update and feasibility study highlights

• Released a comprehensive 2026 technical report for the Elk Creek Critical Minerals Project, 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%).

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

• Life of mine gross revenue increased to $37.4 billion, 1.7x higher than the previous study, with a 41% higher margin per ton and a 40-year mine life.

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

Market dynamics and pricing

• Noted significant price bifurcation for critical minerals between China and ex-China markets, with ex-China prices for scandium, terbium, and dysprosium several times higher.

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

Financing and commercial agreements

• Feasibility study completion is a key milestone for advancing EXIM Bank loan discussions, with expectations for increased loan support above $800 million.

• Ongoing negotiations for offtake agreements, with 50% of ferroniobium to ThyssenKrupp and the remainder of products to Traxys, allowing flexibility for direct sales.

• Commercial agreements are structured as volumetric take-or-pay, avoiding ceiling prices to capture market upside.