NioCorp to Begin Construction of Mine Portal at Its Elk Creek Critical Minerals Project

Core Viewpoint - NioCorp Developments Ltd. has received Board approval for the Portal Project, a significant step in advancing the Elk Creek Critical Minerals Project, with work expected to commence in Q1 2026 and an estimated capital cost of approximately $44.6 million [1][2]. Project Overview - The Portal Project will establish main entrances to the Elk Creek underground mine, serving as the primary access point for personnel, equipment, and materials [2]. - The project scope includes excavating to bedrock, drilling and blasting for twin mine ramps, constructing on-site access roads, and developing supporting infrastructure [2]. Technological Advancements - The portal will facilitate the implementation of the Railveyor system, which is expected to reduce initial capital costs and simplify underground infrastructure compared to the previously planned twin-shaft design [3]. - The Railveyor system and all underground mining equipment will operate on electricity, providing potential environmental and operational benefits over conventional diesel-powered systems [4]. Strategic Importance - Approval of the Portal Project is viewed as a critical milestone for NioCorp, allowing the company to advance key schedule items while working towards securing remaining financing for the Elk Creek Project [5]. - The excavation work marks the beginning of major pre-construction activities at the Elk Creek Project site, which is anticipated to generate excitement within the community [5]. Company Background - NioCorp is focused on developing the Elk Creek Project, which is expected to produce niobium, scandium, and titanium, with potential for additional rare earths [8]. - Niobium is utilized in specialty alloys and high-strength steel, while scandium enhances aluminum alloys, and titanium is key in various lightweight applications [8].