NioCorp Development Ltd Reports Rare Earths Assay Results

NioCorp Development Ltd. announces the results of rare earths analysis completed on drill core samples from the Elk Creek project, obtained through an agreement with the University of Nebraska Conservation and Survey Division (CSD).

Under an agreement between the Company and CSD, a total of 1,094 samples were obtained from 18 diamond drill holes completed by previous operators of the project and tested for rare earth element content at Actlabs in Ancaster, Ontario. The test results were processed through quality assurance and quality control procedures consistent with industry best practices.

These new analytical results complement the geological and metallurgical evaluation analysis previously completed by the Company for all rare earth data associated with the Project.

With the completion of this recent assay work, the rare earth test database is considered complete for calculating the potential rare earth content within the previously announced niobium, scandium, and titanium mineral resources at the Elk Creek project.

If NioCorp is able to complete an update of its existing mineral resources with additional information on rare earth content data, the update is expected to provide the average content (ore grade expressed in parts per million, or PPM) and total tonnage of each rare earth element in the mineral resources.

NioCorp Development Ltd is actively pursuing a technical work program that includes metallurgical testing, mineral resource and reserve calculations, and additional market studies focused on rare earths.

Mark Smith, NioCorp's CEO and Executive Chairman, said, "I am very pleased to have completed this important step in developing a rare earth component for the Elk Creek Project's mineral resources and reserves. If our rare earth content turns out to be sufficiently abundant to economically justify the extraction of individual rare earths as a by-product of our planned niobium, scandium, and titanium production, the Elk Creek Project could eventually become a magnetic rare earth producer in the United States, assuming sufficient project funding is secured."

"In fact, our polymetallic deposits contain a range of the most important key metals that are required for electrified transportation and other climate-friendly technologies," Mr. Smith added, "This includes heavy magnetic rare earth such as dysprosium and terbium, which are currently only produced commercially in significant quantities in Asia. "

"From a supply chain security perspective, some sources of heavy rare earth, such as Myanmar, are considered high political risk. The more critical minerals we produce in the U.S., the better positioned we are to rapidly ramp up production of many climate-friendly technologies using U.S.-made minerals."

The company's focus remains on four magnetic rare earths: neodymium, praseodymium, terbium and dysprosium. These elements are the critical ingredients of rare earth permanent magnets, the strongest permanent magnets commercially available. Rare earth magnets are key to decarbonizing the world economy because they are essential for the production of electric vehicles, wind turbines and high-efficiency electric motors.

Scott Honan, NioCorp's Chief Operating Officer, said, "NioCorp is very grateful to the staff and leadership of CSR, without whom we would not have been able to complete this important step in realizing the rare earth potential of the Elk Creek project."

The University of Nebraska's UNL Conservation and Investigations Department is a unique, multidisciplinary research, service, and data resource organization with origins dating back to 1893. NioCorp Development Ltd is developing a superalloy materials project in southeast Nebraska that will produce niobium, scandium, and titanium. The company is also evaluating the potential of the project to produce several rare earth by-products.

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