- NioCorp (NB, Financial) to begin a 9-hole drilling campaign at Elk Creek Project, Nebraska.
- The initiative aims to support an updated feasibility study for EXIM Bank financing of up to $800 million.
- Project focuses on producing critical minerals amid geopolitical tensions with China.
NioCorp Developments Ltd. (NB) has announced the launch of a focused 9-hole drilling campaign at its Elk Creek Critical Minerals Project in Nebraska. Scheduled to start later this month, the 12-week program will work to upgrade sections of indicated resources to measured resources and transform probable mineral reserves into proven mineral reserves. This is key for an updated feasibility study, a prerequisite for securing up to $800 million in debt financing from the U.S. Export-Import Bank (EXIM).
As part of its strategic developments, NioCorp aims to finalize the engineering of a new production process. This will incorporate the addition of light and heavy magnetic rare earth oxides, along with the potential production of ferroniobium and niobium oxide products. The company's initiatives come at a time when China has signaled intentions to limit exports of crucial minerals, thereby heightening the importance of domestic supply chains for the U.S. and its allies.
NioCorp has emphasized the urgency of advancing the Elk Creek Project to full financing and commercial operation. The campaign aligns with EXIM's due diligence requirements, although NioCorp has clarified that there are no absolute assurances of securing the financing. Additionally, the precise timeline for completing the application process remains uncertain.
The drilling campaign is set to engage under existing permits granted by the State of Nebraska, validating the project's regulatory pathway. The comprehensive project goals include transforming current methodologies to enhance production efficiency and economic viability, addressing critical mineral supply concerns head-on.
