Albemarle (the lithium giant) for niobium, scandium, and titanium.

The Intel Inside for superalloys and advanced materials.

A specialized Rio Tinto focused on the future's critical technology metals.

NioCorp Developments (NB) Major Products

• Niobium: A critical mineral used to produce high-strength, low-alloy steels and superalloys.
• Scandium: A lightweight metal primarily used in high-performance aluminum-scandium alloys for aerospace and other applications.
• Titanium: A strong, lightweight, and corrosion-resistant metal used across aerospace, medical, and industrial sectors.
• Rare Earth Elements: Key rare earth elements like Neodymium, Praseodymium, Dysprosium, and Terbium, essential for electric vehicle motors and wind turbines.

NioCorp Developments (NB) - Major Customers

• thyssenkrupp Materials Trading GmbH (part of thyssenkrupp AG; ETR: TKA)

  NioCorp announced a definitive, multi-year supply agreement for scandium with thyssenkrupp Materials Trading in December 2023. Thyssenkrupp Materials Trading is a global trading house for raw materials, steel, and non-ferrous metals, serving a wide range of industrial customers.

Mark A. Smith, Executive Chairman, President and Chief Executive Officer

Mr. Smith joined NioCorp as CEO and Chairman in 2013 and has over 40 years of experience in the mining and mineral processing industries. He formerly served as President, CEO & Director of Molycorp, CEO and Director of Largo Resources, CEO and President of Chevron Mining, and a Director of Companhia Brasileira de Metalurgia e Mineracao Ltd. (“CBMM”). Mr. Smith was instrumentally involved in taking Molycorp from a private company to a publicly traded company. He also serves as CEO and Chairman of IBC Advanced Alloys and Chairman of U.S. Vanadium LLC.

Neal Shah, Chief Financial Officer & Corporate Secretary

Mr. Shah has been with NioCorp since 2014 and was named Chief Financial Officer in July 2016. He possesses nearly 20 years of experience across various industries, including high-tech and rare earths. His past experience includes senior positions with Molycorp, Intel, IBM, Boeing, and Covidien. At Molycorp, he served as Senior Manager of Corporate Development and M&A and Director of Strategy and Business Planning.

Scott Honan, Chief Operating Officer; President of Elk Creek Resources Corp.

Mr. Honan joined NioCorp in 2014 and has over 29 years of experience in the niobium, base metals, gold, and rare earth industries. He previously served as General Manager and Environmental Manager at the Mountain Pass rare earth facility, and as Vice President of Health, Environment, Safety and Sustainability at Molycorp. He oversees NioCorp's Environmental, Social, and Governance programs.

Jim Sims, Chief Communications Officer

Mr. Sims has served with NioCorp since November 2015, initially as Vice President of External Affairs, and was promoted to Chief Communications Officer in June 2022. He is responsible for investor relations, media relations, marketing, and government affairs. With more than 25 years of experience, he previously held the position of VP of Corporate Communications for Molycorp, Inc. Mr. Sims also founded and served as President & Executive Director of the U.S. Geothermal Energy Association and as President & CEO of Policy Communications, Inc.

Ernest Cleave, Senior Vice President, Business Development

Mr. Cleave brings 20 years of experience in the mining, mineral processing, and energy industries. His career includes leadership roles such as President and CEO of Tinova Resources, Chief Financial Officer of Largo Resources, Interim President of Largo Clean Energy, Chief Financial Officer of Cline Mining, Chief Financial Officer of Petrolympic, Global Lead of Sarbanes-Oxley Compliance at Glencore, and Treasurer and Director of Financial Planning and Analysis at Goldcorp.

1. Project Financing and Going Concern: NioCorp is a pre-revenue company that requires significant additional capital to fund the development and construction of its Elk Creek Project, with estimated upfront capital expenditures of approximately $1.14 billion. There is no assurance that the company will secure the necessary project financing on acceptable terms, or at all. The inability to obtain sufficient funding poses a substantial risk to NioCorp's ability to continue as a going concern.
2. Development and Operational Risks: The Elk Creek Project is in a developmental stage and faces considerable operational risks, including the potential for significant delays and cost overruns during the construction and commissioning phases. NioCorp has a history of losses and currently lacks mineral production from its properties, making the successful and timely execution of this project critical.
3. Commodity Price Volatility: The economic viability and value of the Elk Creek Project are highly susceptible to fluctuations in the global market prices of niobium, scandium, and titanium. Adverse changes in these commodity prices could negatively impact the project's profitability, its valuation, and NioCorp's ability to secure financing.

The clear emerging threat for NioCorp Developments (NB) is the potential development and commercialization of high-performance, cost-effective permanent magnets that do not rely on rare earth elements. Such a technological breakthrough, if scaled successfully, could significantly reduce the future demand for NioCorp's planned output of rare earth elements, particularly Neodymium, Praseodymium, Dysprosium, and Terbium, which are crucial for electric vehicle motors, wind turbines, and other advanced technologies. Active research and development, along with increasing investment in non-rare earth magnet alternatives, represent a direct threat to a key revenue stream for the company by offering a substitute technology that could diminish the need for primary rare earth mining.

Addressable Markets for NioCorp Developments' Main Products

• Niobium: The global niobium market size was projected at USD 1.66 billion in 2024 and is anticipated to reach USD 2.30 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 3.7%. Another estimate places the global market at USD 2.08 billion in 2024, expected to reach USD 3.23 billion by 2032. In terms of volume, the global niobium market is estimated at 79.68 kilotons in 2025 and is expected to reach 99.10 kilotons by 2030. Asia-Pacific represents the largest and fastest-growing market for niobium, accounting for approximately 40% of global consumption in 2023.
• Scandium: The global scandium market size reached USD 628.8 million in 2024 and is expected to reach USD 1.06 billion by 2033, exhibiting a CAGR of 6.1% from 2025-2033. The Scandium Market size is estimated at USD 0.77 billion in 2025 and is expected to reach USD 1.53 billion by 2030, with a CAGR of 14.70%. North America was identified as the largest regional market for scandium.
• Titanium: The global titanium market size was valued at USD 28.58 billion in 2024 and is projected to reach around USD 53.65 billion by 2034, growing at a CAGR of 6.50% from 2025 to 2034. Another source reported the global titanium market size reached US$ 30.34 billion in 2024 and is expected to reach US$ 52.52 billion by 2032. The global titanium metal market was valued at USD 26.26 billion in 2023 and is projected to reach USD 47.84 billion by 2032. Asia Pacific dominated the global industry, accounting for over 43% of the market revenue in 2023 and over 44.11% in 2024.
• Rare Earth Elements (REEs): The global rare earth elements market size was valued at USD 12.44 billion in 2024 and is estimated to reach USD 37.06 billion by 2033, exhibiting a CAGR of 12.83% from 2025-2033. Other estimates for the global rare earth elements market size in 2024 range from USD 3.75 billion to USD 3.95 billion. Asia Pacific dominated the rare earth elements market, holding an 86.14% share in 2023. The U.S. rare earth elements market is projected to reach USD 394.39 million by 2032.

1. Initial Production of Niobium, Scandium, and Titanium: The Elk Creek Critical Minerals Project in Southeast Nebraska is fully permitted for construction and is expected to produce niobium, scandium, and titanium. The successful commencement of commercial-scale production of these critical minerals will be the primary source of revenue for NioCorp.
2. Expansion into Rare Earth Elements (REE) Production: NioCorp is actively evaluating the potential to add the production of several rare earth elements, particularly magnetic rare earth oxides such as neodymium, praseodymium, terbium, and dysprosium, from the Elk Creek Project. If successfully implemented, this expansion would diversify the company's product portfolio and open new revenue streams.
3. Securing Project Financing and Advancing to Commercial Operations: While not a direct product, the successful securing of substantial project financing, such as the potential up to $800 million loan from the U.S. Export-Import Bank for which the company has applied, is critical to funding the construction and bringing the Elk Creek Project to commercial operation. The project is described as "shovel-ready", and significant capital has already been raised to accelerate pre-construction activities.
4. Growing Demand for Critical Minerals in Key Industries: There is an anticipated increase in demand for niobium, scandium, titanium, and rare earth elements across various high-tech, defense, clean energy, and advanced manufacturing sectors. Niobium is vital for high-strength, low-alloy steel and specialty alloys; scandium for advanced aluminum alloys and solid oxide fuel cells; titanium for lightweight alloys; and magnetic rare earths for electric vehicle motors and defense applications. This underlying market demand is expected to drive sales volumes.
5. U.S. Domestic Supply Chain Development and Government Support: The strategic importance of establishing a domestic supply chain for critical minerals, given the U.S.'s dependence on foreign sources for these materials, positions NioCorp favorably. Government initiatives and funding, such as the $10 million award from the U.S. Department of Defense to accelerate domestic scandium supply chain development, could provide significant support and create a robust market for NioCorp's products.

Share Issuance

• In October 2025, NioCorp closed a registered direct offering of 16,077,175 common shares, generating approximately $150.2 million in gross proceeds.
• In September 2025, NioCorp completed a public offering of 9,760,000 common shares, raising $60.0 million in gross proceeds.
• Over three months leading up to July 2025, NioCorp raised approximately $60.7 million in net proceeds from public equity offerings, including $41.8 million in July 2024 and $18.9 million in April 2025.

Inbound Investments

• NioCorp is advancing an application for up to $800 million in potential debt financing from the U.S. Export-Import Bank (EXIM) for its Elk Creek Project, which passed initial due diligence in October 2023 and received a preliminary indicative term sheet in April 2024.
• The U.S. Department of Defense provided up to $10 million in financing in August 2025 to NioCorp's subsidiary, Elk Creek Resources, for resource conversion and engineering costs.

Capital Expenditures

• NioCorp plans to accelerate pre-construction activities at its Elk Creek Critical Minerals Project, using proceeds from recent equity offerings for working capital and to advance construction and commercial operation.
• Planned capital expenditure initiatives include additional land acquisition, geomechanical and hydrogeological field work, detailed engineering, site preparation, infrastructure development, utility hookups, and operational permitting.
• The primary focus of these expenditures is to develop the Elk Creek Project, which is expected to produce niobium, scandium, and titanium, with potential for rare earth elements.