NioCorp Developments Ltd. has released an updated feasibility study for its Elk Creek Critical Minerals Project in Nebraska, detailing an expanded operational design that targets eight critical minerals over a 40-year mine life.

The updated study estimates a pre-tax net present value at an 8% discount rate of $4.1 billion, alongside an after-tax NPV of $3.4 billion. The economic model projects a pre-tax internal rate of return of 24% and an after-tax IRR of 22.8%, backed by $37.4 billion in life-of-mine revenue and average annual EBITDA of $608 million. Total upfront capital expenditure is estimated at $1.85 billion.

The updated technical plan expands production from the company's previous operational baseline to include eight distinct products: ferroniobium, scandium trioxide, titanium tetrachloride, neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, samarium-europium-gadolinium carbonate, and heavy rare earth carbonate. This broadened product mix is supported by an updated underground mineral reserve totaling 45.9 million tons, comprising 7.6 million tons of proven and 38.4 million tons of probable reserves.

The revised engineering design replaces vertical shafts with twin access ramps to support a Railveyor system for underground ore movement, and introduces an on-site behind-the-meter microgrid to supply project electricity. The processing circuit has also been redesigned to incorporate calcination and ammonium chloride leaching ahead of acid leaching, eliminating a dedicated sulfuric acid plant.

"Our 2026 Feasibility Study transforms the Elk Creek Project into the kind of critical minerals project the United States needs to have online as soon as possible," said Mark A. Smith, CEO and Executive Chairman of NioCorp. "Few critical minerals projects in the U.S. can match the Elk Creek Project's combination of a 40-year mine life, all major construction-related permits already in hand, and the planned production of eight critical mineral products from a single ore body.

For NioCorp, this feasibility study delivers a larger, stronger, and more highly de-risked project," he added. "Eight products give us access to more markets, create multiple and highly diversified revenue streams, and reduce our exposure to the price of any one critical mineral. Combined with stronger economics and a 40-year mine life, we are now in a much stronger position to advance detailed engineering and project financing. Our job now is to turn this highly unique and important opportunity in Nebraska into a new source of American jobs, industrial strength, and critical mineral security right here at home."

NioCorp signed a non-binding memorandum of understanding with Lockheed Martin in August 2026 regarding the potential purchase of up to 15 tonnes per year of scandium oxide over 10 years. Additionally, the State of Nebraska enacted legislation in April 2026 providing potential state tax benefits of approximately $200 million over the first 10 years of operation.

Completion of the feasibility study satisfies a key due diligence requirement under a preliminary project letter received from the U.S. Export-Import Bank in April 2024. NioCorp now expects to advance to detailed engineering and engineering, procurement and construction contracting while continuing to work with EXIM to negotiate a final commitment of debt financing.

Read the full announcement: NioCorp Project to Expand Production to 8 Made-in-USA Critical Minerals Over a 40-Year Mine Life with an Estimated $4.1 Billion Pre-Tax NPV8%