Highlights

  • First completed drill hole assays align with existing Mineral Resource model at Elk Creek.
  • Drilling program supports potential $800 million EXIM Bank financing review.
  • Phase I drilling includes 11 HQ diamond drill holes totaling 7,338.5 meters.

NioCorp Developments Ltd. (NASDAQ:NB) has released assay results from the first completed diamond drill hole of its ongoing drilling program at the Elk Creek Project in Southeast Nebraska. The Pentagon is funding the technical work, which aims to support the conversion of a portion of the project’s Indicated Mineral Resources into Measured Mineral Resources, and a portion of Probable Mineral Reserves into Proven Mineral Reserves. This work also aligns with the ongoing review of NioCorp’s application for up to $800 million in potential debt financing from the Export-Import Bank of the United States (EXIM Bank).

"We appreciate the Pentagon's continued partnership in advancing this important work," said Mark A. Smith, CEO and Chairman of NioCorp. "These results are consistent with the existing Mineral Resource model for the Elk Creek deposit along with the lithologies logged by the field geology team when the hole was drilled, and confirm that the deposit is well understood. We look forward to receiving the remaining assay results, completing updates to our Mineral Resources and Mineral Reserves and continuing our discussions with EXIM Bank as we work to advance financing efforts for the Elk Creek Project."

Drilling Program Overview

The program was divided into two phases. Phase I consisted of 11 HQ diamond drill holes totaling approximately 7,338.5 meters, with the first hole (NEC25-024) accounting for 731.67 meters. Phase II included four HQ holes totaling around 2,235 meters. In addition, two geomechanical drill holes totaling approximately 1,950 meters were completed to support underground mine design, including access ramp development.

All drilling was completed using a Boart Longyear LF160 diamond drill rig. Phase I drill core samples were sent to SGS Analytical’s Denver, Colorado facility for standard preparation and analysis, which included weighing, drying, crushing, and geochemical assays for niobium and tantalum. A QA/QC protocol incorporated certified reference materials, silica blanks, duplicate samples, and pulps at a rate of approximately 5%.

Caution on Assay Interpretation

NioCorp noted that these assay results are not measures of reserves or resources as defined under SEC Regulation S-K 1300 or NI 43-101 standards. Additional technical work is required to convert assay results into compliant Mineral Resource or Mineral Reserve estimates. The company also highlighted that the current results may not indicate future assays or guarantee the conversion of Indicated Mineral Resources to Measured Mineral Resources, or Probable Reserves to Proven Reserves.

Next Steps

Assays from the remaining drill holes are currently underway at external laboratories. NioCorp intends to use the full dataset to update Mineral Resource and Reserve estimates for Elk Creek and continue discussions with EXIM Bank regarding potential financing.