NioCorp's Elk Creek Study Sees $4.1B NPV, 40-Year Critical Minerals Mine

NioCorp’s Elk Creek study projects a $4.1 billion pre-tax NPV, $1.85 billion in upfront capital spending, a 40-year mine life and a less-than-three-year after-tax payback period. The project is expected to produce eight critical-mineral products, up from three in the 2022 study, increasing projected life-of-mine gross revenue to $37.4 billion. NioCorp has redesigned the mine around twin ramps and a microgrid, while advancing financing discussions with EXIM and working to finalize offtake agreements covering all project output.

NioCorp detailed its recently published 2026 technical report for the Elk Creek Critical Minerals Project in Nebraska, outlining an expanded product suite, updated mine design and projected economics for the proposed underground mining and processing operation. Mark Smith, NioCorp’s executive chairman, president and CEO, said the technical report and updated feasibility study were supported by hundreds of consultants and certified by 15 qualified professionals. He said the company prioritized study quality over speed and that the additional work is expected to support project financing efforts, including discussions with the Export-Import Bank of the United States, or EXIM.

The updated study was undertaken in part to conduct additional infill drilling and convert the company’s revised metallurgical process flow diagram into feasibility-level engineering. Smith said the drilling produced tighter spacing and improved definition of the ore body, while additional geotechnical, geohydrologic, paste-tailings and grouting studies were completed to strengthen the mine plan.

The Elk Creek project is now expected to produce eight products, compared with three products in NioCorp’s 2022 feasibility study. The expected products include ferroniobium, scandium, titanium tetrachloride, neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, samarium-europium-gadolinium carbonate concentrate, and a heavy rare earth carbonate concentrate.

Smith said the expanded product mix raises projected life-of-mine gross revenue to $37.4 billion, compared with $21.9 billion in the 2022 study. The company projects gross revenue of $815 per ton and operating expenses of $255 per ton, resulting in a projected life-of-mine margin of $560 per ton.

Pre-tax net present value of $4.1 billion, using an 8% discount rate Average annual cash flow of $519 million over the mine life Average annual EBITDA of $608 million Estimated upfront capital expenditures of $1.85 billion Projected 40-year mine life and less than three-year after-tax payback period

Smith said the higher capital expenditure estimate reflects inflation as well as added processing capabilities, including rare earth solvent extraction and chlorination processes for niobium and titanium products. He also pointed to what he described as a pricing “bifurcation” between China and markets outside China for certain critical minerals. Smith said NioCorp has seen scandium pricing outside China ranging from $3,000 to $6,500 per kilogram, compared with approximately $800 to $850 per kilogram in China. He cited similar differences for terbium and dysprosium prices.

Scott Honan, NioCorp’s chief operating officer and president of Elk Creek Resources Company, said the new mine plan replaces a planned twin...