NioCorp Launches Construction of Elk Creek Critical Minerals Project Mine Portal

NioCorp Developments Ltd. announced a significant milestone in the development of its Elk Creek Critical Minerals Project with the commencement of construction on the mine's main underground access portal in southeast Nebraska. The approximately $44.6 million portal construction effort represents the transition from project planning to active pre-construction, with detailed engineering underway and construction equipment now mobilized to the site. The company has filed formal documentation with the Mine Safety and Health Administration (MSHA) in conjunction with this development phase.

The portal construction is being funded through NioCorp's successful capital raising efforts, having secured approximately $500 million in investment throughout 2025 and into 2026. This substantial financial backing has enabled the company to advance multiple aspects of the project simultaneously, including pre-construction activities, strengthening its position with the Export-Import Bank of the U.S. for proposed debt financing, and expanding its Nebraska-based team in preparation for full project construction upon securing complete project financing.

The Elk Creek Project is strategically positioned to produce multiple critical minerals designated by the U.S. Government, including niobium for specialty steel alloys, scandium for aluminum alloys and fuel cells, titanium for aerospace and industrial applications, and potentially several rare earth elements essential for permanent magnets used in defense and civilian applications. This polymetallic orebody represents a significant domestic source of materials critical to national security and clean energy infrastructure.

The nine-month portal construction timeline positions NioCorp to streamline the overall development path while continuing to work toward securing remaining project financing. Company leadership expects to hold a formal groundbreaking ceremony following a final investment decision by the Board of Directors once full project financing is completed. This systematic approach to project advancement demonstrates the company's commitment to methodical development while maintaining momentum toward commercial production of these strategically important materials.