WorldWide Drilling Resource

21 NOVEMBER 2022 WorldWide Drilling Resource® Groundwater Week Booth 253 Elk Creek Becomes Second Largest Rare Earth Resource in the U.S Adapted from Information by NioCorp Developments Ltd. NioCorp Developments Ltd.’s feasibility study on their Elk Creek Project in Nebraska, shows the project is the second largest indicated or better rare earth resource in the U.S. Rare earth elements were newly evaluated as a potential byproduct to the mining of niobium, titanium, and scandium. When combined with the previous estimated values, the Elk Creek Project contains an estimated 630 kilotons of contained total rare earth oxides in the indicated mineral resource category. According to U.S. Geological Survey data, this places the Elk Creek Mineral Resource behind only MP Materials’ Mountain Pass deposit in the U.S. in terms of contained oxides from a rare earth resource of indicated or higher classification. In addition to relatively high grades of niobium, scandium, and titanium, the Elk Creek Mineral Resource contains various amounts of all rare earth elements. The company plans to use a process of production for its primary niobium, scandium, and titanium products, which has the potential for the rare earth elements to be mined, crushed, and placed into solution. Depending upon financing and the outcome of metallurgical testing on rare earth element recovery rates from Elk Creek ore, NioCorp could produce separated rare earths as a byproduct, placing it at a competitive advantage over other rare earth projects. “The results of this updated feasibility study are very good news, and they validate our belief that the Elk Creek ore body represents one of America’s largest indicated rare earth resources,” said Mark A. Smith, CEO and executive chairman of NioCorp. “With the addition of the magnetic rare earths, the Elk Creek Project will stand out from virtually every other greenfield project in the U.S. in terms of its potential ability to produce multiple critical minerals that are essential to electrified transportation, renewable energy production, green mega-infrastructure projects, and many other applications that are in increasing demand around the world. If we elect to add rare earths to our product offering, the Elk Creek Project will represent a unique critical minerals project once financing is obtained.” Illustration of NioCorp’s Elk Creek facility. MIN