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 through extensive drilling and engineering studies.

• Updated feasibility study expands product suite from three to eight, including niobium, scandium, titanium, and several high-purity rare earth oxides and concentrates.

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

• Upfront CapEx is $1.85 billion, driven by inflation and expanded processing, but maintains a sub-three-year after-tax payback.

• Significant bifurcation in rare earth and scandium pricing between China and ex-China markets, supporting strong revenue assumptions.

Financing and commercial progress

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

• Ongoing negotiations to finalize offtake agreements, notably with Traxys, and EPC contracts, aiming for completion in the near term.

• EXIM Bank considers the project its highest priority among critical mineral initiatives, with further due diligence and meetings scheduled.

• Commercial agreements are structured as volumetric take-or-pay, avoiding ceiling prices to maximize upside from favorable market trends.

Technical and operational improvements

• Transitioned mine access from twin shaft to twin ramp, reducing construction time from 45 to 35 months and improving schedule flexibility.

• Adopted Railveyor technology for efficient underground material movement and implemented an on-site microgrid for reliable power supply.

• Enhanced ore processing with a new calcining step, reducing acid consumption and eliminating the need for an on-site acid plant.

• Expanded proven and probable reserves to 45.9 million tons, with significant increases in measured, indicated, and inferred resources.