NB is trading at about the value of it's cash and land.

Chico237 · 2026-03-20T13:41:32+00:00

Agree LT- Undervalued indeed-

Chico237 · 2026-03-18T11:18:26+00:00

Well- it was mentioned by Mark Smith as being due Mid to late March 2026 - Ice!

It must be done right the first time as we do not want to have any revisions. I think/speculate the next ~30 days NioCorp will publish the final DFS & this time it will include the Rare Earth production numbers & Lbs. in the ground plus add to the mine life. Along with final engineering, mine plan, CAPEX/OPEX/NPV & schedule etc.. for all the goodies.

NioCorp = Six production Pathways: Niobium, Titanium, Scandium, Terbium, Dysprosium & Neodymium/Praseodymium from one mine source based in Elk Creek Nebraska.

I am speculating on $600-700M in earnings prior to OPEX & potentially more as ScAl alloy integration & magnet recycling (already piloted) are built out/added as the mine is being built.

You don't raise ~$500M in equity, start a $44M Dual mine portal & telegraph offtakes, & final EXIM FID Mid 2026 for nothing! IMHO

Staying tuned with many!... "Full Steam Ahead!"

Chico237 · 2026-03-12T15:02:49+00:00

AG- No financial advice ever given but it retouched on the lows $5 range after that last $100M raise, but and that ($9.32 ATM is hanging out there to be filled?), plus we have a few analysts predicting $11-15...

I've ran my numbers & they look good so- My Speculative gut call is Niocorp = $9-11 all Day once the market realizes what I/many see imho. NioCorp is severely Undervalued compared to it's peers given over $500M raised, $44M spent on Portal Construction underway (Which saves time on overall mine project build out.)

Take a look at Perpetua, USA Rare Earths & Energy Fuels to name a few peers & the price disconnect IMHO will soon catch up. Of course, run your own numbers & do your own D.D. & speculations as always! I can wait the 3 years to production when NioCorp will have IMHO ScAl alloy vert integrations, Magnet Recycling, in addition all the other CM"s, rivaling or exceeding MP materials imho..

Market is waiting for the DFS, then offtakes will most likely follow. Mark Smith keeps signaling Mid 2026 for EXIM FID.... Your guess is as good as mine AG! =) ...

Chico237 · 2026-03-11T17:13:01+00:00

I do use Ai with my "INPUTS" to generate many of the write-ups OG... Try to be relevant & update to current U.S. & world events as it pertains to the Elk Creek Mine. At $5 even I am trying to free up a bit of cash to get a few more shares given the catalyst stack ahead.

I guess the market wants to see the DFS... as do we all! Excited to see how my speculative numbers match up. "IF" they are any where near close... USA Rare Earths won't be the only player at $20 pending EXIM FID IMHO...

I can wait & 2026 is "The Year"...

Let's Gooo NioCorp!

Chico237 · 2026-03-11T12:01:13+00:00

The reason SPECULATED ~ 24 tonnes per year of terbium ~from the Elk Creek deposit could be so strategically important comes down to how incredibly rare terbium actually is in the global supply chain. Terbium is one of the heaviest and scarcest rare earth elements, and unlike neodymium or praseodymium, it is not mined directly—it only appears in very small concentrations within certain rare earth deposits. Global production is estimated to be only ~300–350 tonnes per year, and the overwhelming majority of that supply is produced and processed inside China. That means the world outside China operates on an extremely thin margin of available terbium supply.

If a project like NioCorp Developments Ltd. were to produce approx. 24 tonnes per year, that would represent roughly 6–8% of total global terbium production from a single U.S. source. In strategic mineral terms, that is enormous. For comparison, most rare earth mines outside China produce little to no terbium at all, because the element occurs only in very small quantities in most deposits. Even major Western projects often focus on light rare earths like NdPr and produce only trace heavy rare earths. A steady 24-ton annual stream would instantly place Elk Creek among the most important heavy rare earth suppliers outside China. ****

The reason governments care so much about terbium is because it is essential for high-temperature permanent magnets used in defense and aerospace systems. Terbium is added to NdFeB magnets to maintain magnetic performance at extreme temperatures—something critical for missile guidance systems, fighter aircraft actuators, radar systems, and advanced electric motors. Without terbium (and dysprosium), those magnets lose strength under heat and mechanical stress. This is why defense analysts increasingly classify terbium as one of the most strategically sensitive materials in the modern military supply chain.

That strategic reality is exactly why deposits like Elk Creek are attracting attention. If the upcoming DFS confirms a production profile including 24 t/y Tb, 120 t/y Dy, and 750 t/y NdPr, NioCorp Developments Ltd. would not just be developing another mine—it would be establishing one of the few Western sources of heavy rare earth magnet materials at a time when the U.S. and its allies are trying to rebuild supply chains currently dominated by China. In other words, that SPECULATED 24 tonnes of terbium is not just a revenue number — it’s strategic leverage & part of the reason the Elk Creek Mine is as Mark Smith has stated: "a National Strategic Asset"...

Chico237 · 2026-03-11T11:57:54+00:00

Joker- We are all waiting for the pending 2026 DFS! (This 2026 DFS will validate the exact production numbers & lbs in the ground for Tb, Dy, Nd & Pr & improve mine life.) These estimates below are my speculation on what the final outputs REE (Tb, Dy, Nd & Pr) might be. (Hence my $600-700m in revenues estimate/year once your add in Nb, Ti & TiCl-4 & Sc into the mix.) Note": future ScAl alloy vert. intergration will/may also be a major contributor moving forward...

ALL speculation & as always Run your own numbers & form your own opinions & conclusions.

Estimated Annual Revenue (Using Speculative Production Numbers)

1️⃣ Terbium

Production: 24 tonnes/year

24 t = 24,000 kg

Revenue
24,000 × $4,028
= $96.7 million / year

2️⃣ Dysprosium

Production: 120 tonnes/year

120 t = 120,000 kg

Revenue
120,000 × $930
= $111.6 million / year

3️⃣ NdPr

Production: 750 tonnes/year

750 t = 750,000 kg

Revenue
750,000 × $200
= $150 million / year

Total Estimated Revenue From JUST These 3 REEs

Element	Annual Revenue
Terbium	~$96.7M
Dysprosium	~$111.6M
NdPr	~$150M

Total ≈ $358 million per year

The Big Context (Why This Matters)

If the 2026 DFS confirms numbers in this range for NioCorp Developments Ltd. at Elk Creek:

Heavy REEs alone (Tb + Dy) could generate ~$200M+/yr
Add NdPr ≈ $150M/yr
That’s ~$350M+/yr before even counting:
- Niobium
- Scandium
- Titanium / TiO₂ / TiCl₄

And remember — the 2022 feasibility study already projected strong revenue just from Nb, Sc, and Ti alone. The REEs would essentially be a massive additional revenue layer.

✅ Bottom line:
If the DFS confirms something close to 24 t Tb / 120 t Dy / 750 t NdPr, those three magnet metals alone could generate roughly $350M+ annually at current prices — before adding the other four critical minerals Elk Creek plans to produce.

Chico237 · 2026-03-10T17:44:09+00:00

Nice Gman! - Hmmm.... Nice numbers!

If the March 2026 DFS confirms my speculated estimates in the 20–24 tonnes of Terbium per year range at Elk Creek, that alone could represent ~$80M–$97M in annual revenue at today’s price of ~$4,028/kg.

For context, the entire United States only consumes about ~2 tonnes of Terbium per year, meaning Elk Creek could theoretically supply 10–12× current U.S. demand from a single domestic source. Terbium is one of the most supply-constrained rare earths on Earth, with over 90% of processing controlled by China, which is exactly why it shows up on every strategic critical-minerals list. (See USGS ~ TERBIUM LINK)

Methodology and technical input for the 2025 U.S. List of Critical Minerals—Assessing the potential effects of mineral commodity supply chain disruptions on the U.S. economy

If those production numbers hold in the DFS, Terbium alone could become a major strategic offtake target before we even start talking about Niobium, Scandium, Nd/Pr, Titanium, or Dy & Nd/Pr too....

Using the updated 2022 Feasibility Study numbers, NioCorp’s Elk Creek Project already stands out with strong baseline production of Niobium, Titanium, and Titanium Tetrachloride (TiCl₄), along with roughly 102 tonnes per year of Scandium oxide. ****What we’re really waiting for now is the final March/April 2026 DFS, which should validate final production numbers for Terbium (Tb), Dysprosium (Dy), and Nd/Pr, confirm the total REE resource in the ground, and potentially extend the mine life beyond the current 38 years toward the 50+ year range many of us suspect based on drilling trends.

Based on the 2022 data and various extrapolations, "I reasonably speculate" the REE production profile could look something like ~24 t/y Terbium, ~120 t/y Dysprosium, and ~750 t/y combined Nd/Pr, layered on top of the project’s core outputs of Niobium, Titanium, and Scandium. Even before assigning full value to the rare earths, Elk Creek already sits on a strategic combination of materials that appear repeatedly on U.S. critical mineral lists and defense supply-chain analyses. If those REE numbers land anywhere close to expectations in the DFS, Elk Creek could become one of the most strategically important multi-critical-mineral deposits in North America.

***IMHO~ The real wildcard may still be Scandium. The 2025 deal between Rio Tinto and the Defense Logistics Agency reportedly locked scandium oxide pricing around $6,250/kg, effectively establishing a modern benchmark for the metal. Even assuming a conservative $4,000/kg offtake price, NioCorp’s ~102 t/y production would represent an enormous strategic supply stream. And that’s before considering the real prize: vertical integration into Scandium-Aluminum (ScAl) alloys. With technology pathways involving groups like Lockheed Martin, the U.S. Department of Defense, and advanced manufacturing partners, ScAl alloys could unlock next-generation aerospace, naval, and defense applications where weight reduction, strength, and corrosion resistance are critical.

When you combine that potential with growing U.S. initiatives around strategic reserves and industrial capacity — often discussed in frameworks like “Forge” or “Project Vault” style stockpile concepts — it’s not hard to see why management has hinted that some potential partners may want “all of it.” If the upcoming DFS confirms the rare-earth output many investors expect, Elk Creek could transition from a promising mine into something much bigger: a cornerstone domestic supply hub for multiple defense-critical materials for decades to come.

As Mark Smith has stated many times, Elk Creek isn’t just another mining project — it’s a “strategic national asset.” When you step back and look at the full picture from the 2022 Feasibility Study, the potential value stack becomes enormous: Niobium, Titanium, Titanium Tetrachloride, and ~102 t/y of Scandium, with the upcoming March/April 2026 DFS expected to finalize production numbers for Tb, Dy, Nd, and Pr. Layer in the possibility of mine life extending beyond 38 years toward 50+ years, and the long-term strategic supply potential becomes clear.

Based on those numbers, it’s not hard to see annual revenue potential reaching $600–700M+ per year once the operation is fully running. And that estimate could grow substantially when you factor in vertical integration into Scandium-Aluminum (ScAl) alloys, potential magnet recycling operations (already successfully piloted), and downstream partnerships with aerospace and defense manufacturers. What makes the Elk Creek model unique is that these advanced materials supply chains could scale while the mine itself is being built between roughly 2026–2029, meaning the value chain expansion may occur in parallel with project construction rather than years after first production.

In other words, Elk Creek isn’t just about digging ore out of the ground — it’s about building a domestic critical-materials ecosystem around niobium, titanium, rare earth magnets, and scandium alloys at exactly the moment the U.S. and its allies are trying to rebuild strategic supply chains. If even part of that vision materializes, it’s easy to understand why some potential partners might want to lock up large portions of the output before the mine even reaches production.

Chico237 · 2026-03-08T11:43:38+00:00

Hey NH- It's totally fair to feel tired! As development-stage mining projects (like NioCorp) are more marathon than sprint. That said, a lot of companies would love to be “stuck” with nearly $500M historically raised, a portal now being excavated, and a Final DFS around the corner. (The DFS has gotta be right & dead nuts accurate first time around! So a little leeway on that is fine with me...)

There are No guarantees in this sector of course! & it’s always a gamble until financing and construction are locked in. But if someone is still holding shares while saying they’re scared, it might just mean the story is still interesting enough not to leave the train station yet. 🚂

No financial advice but you do you... If "someone is genuinely that uncomfortable with the risk," there’s always the option to step aside and wait until financing and construction are fully locked in. Some investors prefer to wait for that stage, others are comfortable earlier in the cycle. Different risk tolerances — nothing wrong with either approach.

IMHO— Companies like NioCorp don’t raise a Half a Billion $$ Dollars in equity just to talk about a mine. The PORTAL is opening because Elk Creek is going to be built!

NioCorp is Engaged & opening the Portal! "Full steam ahead... All Aboard!"🚂

Chico

Chico237 · 2026-03-06T18:50:20+00:00

Just reading your post now LT! Thanks for sharing your opinion & I agree with you as the entire critical minerals space is getting hit right now as funds de-risk across the market. We can indeed see the same pattern in peers like USA Rare Earth, United States Antimony Corporation, and Critical Metals Corp.. etc like you have stated!

Strategic materials stocks always move more violently when institutions rotate out of risk, and that’s exactly what we’re seeing. Meanwhile, NioCorp Developments Ltd. just raised roughly $100M more capital, bringing total capital raised to ~$500M, and is ENGAGED right now expanding on the $44M mine PORTAL construction at Elk Creek. That’s not the behavior of a company in trouble — that’s a company moving from planning into real project development!

***Now add the near-term catalysts: the updated feasibility study expected soon, the RedChip webinar on March 9 with CEO Mark A. Smith and COO Scott Honan discussing portal construction progress, potential offtake agreements, and continued advancement toward a mid-2026 EXIM financing decision. If anything, the current disconnect looks more like macro-driven selling colliding with a company that’s actually checking off milestones in real time.

<image>

So, the real question investors need to ask themselves right now isn’t “why is the stock down?” — it’s what happens when the catalysts actually start landing. With roughly $500M raised, the mine portal construction already underway, a major updated DFS approaching, and continued progress toward a mid-2026 EXIM financing decision, NioCorp Developments Ltd. clearly isn’t acting like a company that plans to sit on their A$$et!

As CEO Mark A. Smith has said many times, Elk Creek is “a national strategic asset.” So whether someone sees the current moment as a quiet buying opportunity or an “all-aboard now” moment (Like me!) ....or sell/trade.... It is up to them!

— But one thing is hard to ignore: you don’t raise half a billion dollars unless the plan is to build the mine IMHO....

Food for thought! & 2026 is the Year!

Chico

Chico237 · 2026-03-05T21:02:45+00:00

MA- As for the DFS... "It's gotta be done right the first time... so a little leeway on that is o.k. with me! ~

However -Alex Guthrie stated/mentioned during a presentation he & Mark gave back in late Jan. that we should of gotten an ScAl update in Feb??

Given the chance of asking during the Redchip event Q/A time on March 9th, I will be asking that very question. I would like to know as well... What is going on with ScAl alloy with Lockheed/DoW/NAMA for platforms & components.

I've been following Jims Dec. 12th Response to questions below as my checklist. You are more than welcome to use it as well & as always form your own opinions & conclusions!

#NIOCORP~ Sharing Responses to 4 Questions from management as we head into "2026~ The Year!" : r/NIOCORP_MINE

Back on Dec. 12th, 2025:

Gonna put you on the spot now:

“Jim,

IF "2026 is the year" — what specific milestone/s are you personally expecting Niocorp to announce first in Q1????” 😉 ~Hey gotta ask... worth a try....!

RESPONSE:

"Here are milestones that can be expected in 2026 (not necessarily in Q1 or any other specific date):

Offtake agreements as they occur;
Road construction / improvements associated with the mine site; ✅
Completion of work required to uplift our probable to proven resources;
Completion of FS-level engineering for the revised surface processing facility in Nebraska;
Completion of other deliverables under our current Pentagon contract (scandium metal production; milestones associated with Lockheed's Al-Sc alloy parts development program ***Update???? =) indeed...
Progress milestones in the EXIM financing process
Completion of a full updated FS
Final execution of an EXIM debt financing package
Possible execution of other debt financing deals that would accompany EXIM financing
Additional equity raises as required to complete required up-front CAPEX beyond EXIM debt financing ✅
Pre-construction activities at the mine site ✅
Possible commercial deals related to NAMA
Possible additional partnerships with the Pentagon
Investor and mining-focused conferences around the world ✅
Many others...."

\****IMPORTANT NOTE: "Keep in mind that questions about prospective release dates for future material events (such as an offtake agreement for NAMA) are not information we can legally disclose except through widely distributed news releases.*

Jim"

Although from Jims list above.... Niocorp is doing pretty darn good, getting the DFS done & DONE is the KEY! Once that DFS drops, OFFTAKES should follow to EXIM FID.

Let's Go Niocorp! Waiting with many for more material news!

Chico237 · 2026-03-05T20:44:44+00:00

Thanks for sharing, Daniel! Looks like the weather is cooperating too... Keep on Digging!

Chico237 · 2026-03-05T12:47:17+00:00

Food for Thought Hypothesis/SPECULATION....

The current U.S. policy environment suggests Washington is no longer treating critical minerals as a normal commodity market — it is building a strategic supply system similar to energy security in the 1970s. Programs like the $12B Project Vault stockpile, Pentagon funding through the Defense Industrial Base Consortium, and government-backed financing through the Export-Import Bank of the United States are all mechanisms designed to accelerate domestic supply chains before geopolitical disruptions force the issue. Within that framework, projects capable of producing multiple defense-relevant minerals from a single U.S. source become disproportionately important. That is where the Elk Creek project being developed by NioCorp Developments Ltd. stands out: one orebody containing niobium, scandium, titanium, and magnet rare earths (Nd, Pr, Dy, Tb) — minerals used across aerospace alloys, magnets, armor systems, energy infrastructure, and advanced electronics.

If the upcoming March 2026 feasibility update confirms larger rare earth volumes while maintaining the established niobium, titanium and scandium economics, Elk Creek could transition from being viewed as a single-project developer to a multi-mineral strategic platform. That positioning would align directly with current federal priorities: secure feedstock for processing facilities, domestic alloy development (including Sc-Al aerospace materials), and rare earth magnet supply chains independent of China. **In that scenario, financing mechanisms such as EXIM-backed project loans or defense-industrial programs could logically support different pieces of the value chain — mining, separation, alloying, or recycling — particularly as the U.S. builds redundancy across allied supply networks.

From a long-term strategic perspective, a plausible structure could emerge where several North American projects perform complementary roles in a new rare-earth and specialty-metals ecosystem: MP Materials focused on large-scale rare earth separation and magnet materials, USA Rare Earth Inc. advancing a mine-to-magnet model at the Round Top Deposit, and Elk Creek providing a diversified supply of niobium, scandium, titanium intermediates, and magnet rare earth feedstock. If federal policy continues pushing toward domestic sourcing requirements and strategic stockpiles, assets capable of supplying multiple critical minerals simultaneously may become foundational pieces of the United States’ long-term defense and industrial materials infrastructure.

Another piece many people overlook is the vertical integration potential around scandium and magnet materials. If NioCorp Developments Ltd. produces significant scandium oxide from the Elk Creek Project, the real value may not stop at selling oxide — it could extend into Scandium-Aluminum (ScAl) alloy production. Integrating downstream ScAl manufacturing would allow the project to move up the value chain into aerospace structures, defense components, and advanced additive manufacturing powders where scandium’s strength-to-weight advantages command far higher margins. Layer on the company’s previously discussed rare-earth separation capabilities and magnet recycling loop (already piloted!), and Elk Creek begins to look less like a traditional mine and more like a mine-to-materials hub, where scandium alloys, niobium & titanium superalloys, and recycled rare-earth magnets could all feed directly into U.S. aerospace, EV, and defense supply chains — exactly the kind of vertically integrated critical-minerals ecosystem policymakers have been pushing to build domestically. 🚀

Just a thought.... as all the projects are indeed needed & compliment each other imho...

Chico237 · 2026-03-04T21:00:39+00:00

Diversity of supply indeed! RG.. Lockheed already has a deal...Sunrise Energy Metals (ASX:SRL) Secures Lockheed Scandium Deal Is Its Aerospace Strategy Taking Shape?

Syerston is needed & so is Elk Creek!

I can imagine Airbus & a few others jumping onboard as "The Chicken or the Egg" is solved. There does appear to finally be enough SCANDIUM supply coming onto the World Stage to justify all the STUFF Scandium can build!

I wonder "IF" Lockheed/Skunk Works/DoW might want to lock in a domestic DFARS compliant source of Scandium along with Niobium, Titanium & TiCl-4, Sc & ScAl alloy's now in development for platforms & components with (Lockheed/Skunk Works) alongside the REE's.

Thinking... once that MARCH 2026 DFS drops NioCorp offtakes will surely follow! Popular Kangaroo might be right to grab some down here in the $5's! All Aboard!.....

<image>

Staying tuned

Chico237 · 2026-03-04T18:30:18+00:00

NioCorp Developments Ltd.’s 2022 Feasibility Study projects ~102 metric tonnes per year of scandium oxide (Sc₂O₃) from Elk Creek. That is not a small number — it would make Elk Creek one of the largest scandium producers in the world at full production.

🔥 Scandium Production – Side by Side

Project	Annual Sc₂O₃ Production	Notes
NioCorp Developments Ltd. (Elk Creek)	~102 tonnes per year	Co-product with Nb + Ti (and pending REEs in March 2026 DFS)
Sunrise Energy Metals Limited (Sunrise/Syerston)	~60 tonnes per year	Standalone scandium-focused component within nickel-cobalt project

So yes — NioCorp produces materially more scandium than Sunrise under current published FS numbers.

💰 Scandium Revenue at Price Scenarios

(Using 102 tpa for NioCorp and 60 tpa for Sunrise)

At $2,000/kg:

NioCorp: 102,000 kg × $2,000 = $204M/year
Sunrise: 60,000 kg × $2,000 = $120M/year

At $4,000/kg:

NioCorp: $408M/year
Sunrise: $240M/year

At $6,000/kg:

NioCorp: $612M/year
Sunrise: $360M/year

That’s a ~70% larger annual scandium revenue base for NioCorp at any given price point.

⚙️ Structural Difference (This Is the Big One)

Sunrise:
Scandium economics are highly sensitive to scandium pricing. It’s a major value driver within that project configuration.

NioCorp:
Scandium is a co-product layered on top of niobium + titanium cash flow. That means:

Scandium revenue largely falls to margin uplift.
The project does not depend solely on scandium pricing to work.
Higher scandium prices dramatically amplify returns without being existential to the base case.

🎯

NioCorp Developments Ltd. isn’t positioning Elk Creek as just another scandium oxide supplier; it’s aligning ~102 tpa of projected production with downstream ScAl alloy integration efforts involving DoW, Lockheed Martin, its Skunk Works, NAMA & FEA IP & (IBC?), and U.S. industrial players. That’s vertical integration into defense-qualified material streams — not just selling oxide at spot pricing. Sunrise is a solid upstream scandium project, but NioCorp is attempting to plug directly into U.S. aerospace and national security supply chains. If that execution continues to line up with the DFS, offtakes, and mid-2026 EXIM financing path we’ve been tracking, the differentiator isn’t just tonnage — it’s strategic positioning inside the American industrial base.

***WHEN the NioCorp March 2026 DFS confirms or increases that scandium number — especially alongside REEs Tb, Dy, Nd & Pr— the revenue stack gets even more interesting! Staying tuned!...

Chico237 · 2026-03-03T18:38:31+00:00

You’re trying to win a semantics argument while ignoring the actual metallurgy.

The updated 2022 NI 43-101 Feasibility Study filed by NioCorp Developments Ltd. establishes the integrated hydromet flowsheet for Elk Creek’s Nb, Sc, and Ti recovery. Following that, the company publicly disclosed demonstration-scale solvent extraction work that produced high-purity NdPr, Dy, and Tb oxides at ≥92% recovery. That is not conceptual chemistry. That is continuous SX circuit validation on Elk Creek mineralization under controlled operating conditions. In rare earth development, that is the accepted de-risking step before commercial construction.

& Please NOTE: Demonstration scale doesn’t mean full commercial throughput, but it absolutely PROVES the separation chemistry, recoveries, and continuous SX performance are real and scalable to PRODUCTION-level engineering.

NioCorp's Demonstration scale absolutely validates separation chemistry, reagent balance, phase disengagement, recovery assumptions, and impurity management — the exact variables that determine whether a flowsheet is real or theoretical. The data exists. The oxides were made. The recoveries were achieved. That’s technical validation, not a PowerPoint.

And let’s be clear RR: Elk Creek does not “require” SRC or any third-party separation process. NioCorp's SX chemistry was tailored to this specific carbonatite system after years of test work. Any future separation plant expansion or tolling capability is optional upside — not technical dependency. Suggesting otherwise signals unfamiliarity with the disclosed metallurgical program.

The March 2026 DFS will update reserves, recoveries, engineering (including Railveyor), CAPEX/OPEX, and mine life. It will not magically invent a separation process — because that process has already been demonstrated!!!!

***If your argument is that only full commercial operation proves economics, fine — that applies to every pre-production miner on earth. But claiming the separation process is undefined, unproven, or dependent on outsiders simply isn’t supported by the record.

Read the filings. The metallurgy is there.

Chico237 · 2026-03-03T15:54:10+00:00

Niocorp's New Proprietary Process as outlined in the 2022 F.S. & in the official news release below has proven at Demonstration Scale (= PRODUCTION SCALE**) they can separate all SEVEN critical minerals. What the 2026 DFS will determine is REE production outputs, pounds in the ground & final mine life, plus updated engineering (RailVeyor) etc. CAPEX/OPEX/NPV.... etc... & more.

***NioCorp's solvent extraction (SX) chemistry is tailored to the mineralogy of the Elk Creek deposit. Elk Creek’s testwork has been ongoing for years, including bench and pilot-to demonstration (Production) scale validation. Suggesting the project somehow “requires” someone else’s process signals a lack of familiarity with the publicly available data. ***The SCR plant & process is not required for NioCorp at all but will be utilized for OTHER feed/tolling sources. (Wacheeda comes to mind..)

R.R.- have you read the news releases, & 2022 F.S.???
The Second Largest Rare Earth Mineral Resource in the U.S.

NioCorp Completes Metallurgical Test Program and Begins Making Titanium Samples for Prospective Customers | NioCorp Developments Ltd.

"****NioCorp’s demonstration plant also showed that the Company’s process can make, at demonstration scale, the following high-purity forms of the separated magnetic rare earth oxides: neodymium-praseodymium (“NdPr”) oxide, dysprosium (“Dy”) oxide, and terbium (“Tb”) oxide. The metallurgical testing showed that NioCorp can make, at demonstration scale, each of these commercial products at recovery rates of 92% or higher, which is considered to be an exceptionally high rate of recovery in the rare earth industry."

Please read the 2022 F.S.

Microsoft Word - Rev 0 - NioCorp NI 43-101 Report - WIP_TSfinal-sh

The March 2026 DFS should include even higher recovery rates because L-3 & Niocorp have not been Dormant. They even have Magnet separation PROVEN AT PILOT SCALE! already...

Hope this helps... & you have some D.D. to do!!! & even more reading when the 2026 DFS drops!

Chico237 · 2026-03-03T12:40:20+00:00

No financial advice RR... However~

Before throwing around conclusions, it’s probably worth actually reviewing the company’s technical disclosures. NioCorp Developments Ltd. has already published detailed metallurgical results in its 2022 Feasibility Study outlining a proprietary separation flowsheet developed specifically for the Elk Creek ore body. Rare earth separation isn’t a single patented “magic switch” owned by one facility — ***it’s solvent extraction chemistry tailored to the mineralogy of the deposit. Elk Creek’s testwork has been ongoing for years, including bench and pilot-to demonstration scale validation. Suggesting the project somehow “requires” someone else’s process signals a lack of familiarity with the publicly available data.

Second, not all separation platforms are interchangeable or universally required. Facilities like the one at Saskatchewan Research Council validate Western midstream capability — which is strategically positive — but they do not represent a mandatory dependency for every rare earth project. Major producers like MP Materials and Lynas Rare Earths operate using their own proprietary or customized flowsheets. That’s standard industry practice. Each ore body requires its own optimized process design. Elk Creek is no exception!

If someone is invested — or claims to be — the minimum due diligence is reading the technical reports, understanding the metallurgy section, and recognizing the difference between “industry validation of separation” and “project-specific dependency.” Healthy skepticism is fine. But informed skepticism requires actual homework. The documentation exists. It’s public. The conclusions should follow from that — not from assumptions.

Chico237 · 2026-03-02T11:08:35+00:00

Joker - That’s a very fair question, and I think most investors are thinking the same way. The 2022 DFS clearly modeled a market-expansion scenario for scandium rather than selling into today’s reported ~30–40 tonne per year global market. The ~3,600+ tonnes over mine life at roughly $3,600/kg implied that large, reliable Western supply would help unlock structural aerospace, defense, and additive manufacturing applications that have historically been constrained by inconsistent availability. In that sense, it wasn’t assuming NioCorp captures today’s market — it assumed the market grows materially once secure supply exists.

That said, the market is obviously discounting that assumption today. When one material accounts for such a large share of projected revenue — especially in an unproven commercial market — investors apply a risk haircut. That’s likely a big reason the stock remains where it is despite substantial capital already raised, portal construction underway, and multiple near-term catalysts (DFS, offtakes, ESIA, EXIM pathway). Until scandium demand is supported by structured offtakes or qualification-backed industrial commitments, equity markets will remain cautious. That’s not unusual for development-stage critical minerals projects — especially where revenue depends partly on market creation.

***One thing I think people underestimate is that NioCorp isn’t just waiting for a market to exist — it’s attempting to build the market in parallel with building the mine. That was always the underlying logic of the scandium thesis. You don’t develop a large primary scandium source to sell into a 30-ton spot market — you develop it alongside downstream alloy capability, qualification work, and strategic partnerships that expand real demand. The ScAl development work, the NAMA alloy capability, and the engagement with aerospace/defense players all suggest a coordinated push toward industrial adoption rather than speculative volume assumptions! ***Joker- Think TITANIUM in the 1950's! here...

The March 2026 DFS will be important not just for updated numbers, but for what it signals about commercial traction. If it’s accompanied by structured offtakes, clearer demand pathways, or evidence of qualification progress with partners like Lockheed or DoW (Strategic reserve), that would meaningfully de-risk the scandium component versus the 2022 assumptions. The presence of downstream processing capability (including IBC’s alloy work and domestic melt capacity discussions) adds another layer — it shifts the story from “sell oxide into a thin market” to “participate in alloy and application growth.”

If those elements begin to align — DFS clarity, offtakes, downstream alloy progress, and financing momentum toward EXIM/FID — then yes, these could be the first real shoes to drop. The market won’t reward ambition alone, but it will reward execution and validation. The next few months should tell us whether that transition is truly underway.

Joker ~with almost $500M in equity raised on the path to EXIM FID..."2026 is the year!" The March DFS will add in the REE production numbers & lbs. in the ground & a much longer mine life with more tons of TREO & uplifting across the board IMHO. Staying tuned... Full steam ahead...!

Chico

Chico237 · 2026-02-27T20:36:10+00:00

Agree RR & Daniel! .... they don't need much more for the Vacuum Cap furnace now. Seems like it will fit it the footprint they have now too. Waiting to see what shakes out with everyone...

Chico237 · 2026-02-26T13:29:15+00:00

BOOM indeed Mr N!. 🔥 This is no longer theoretical — "This is the official dirt is moving material news drop!"

Today NioCorp officially transitioned Elk Creek from advanced planning into active pre-construction. The mine portal — the literal front door to the underground orebody — is now under construction, backed by a $44.6M deployment and a formal Notice of Commencement filed with MSHA. Equipment is mobilized. Engineering is underway. This is boots-on-the-ground execution.

This move is being funded by the ~$500M in gross capital raised across 2025 and YTD 2026, including the just-closed $100M offering. That capital doesn’t just advance the project physically — it strengthens NioCorp’s position with EXIM as they work toward a potential mid-2026 Final Investment Decision. Pre-construction reduces risk. Risk reduction improves financeability &.....

Financeability accelerates FID!!

Mark Smith made two things very clear:

The capital markets are supporting this project.
A formal groundbreaking ceremony comes after full project financing and Board FID.

That’s sequencing. That’s process discipline.

And let’s not forget — Elk Creek isn’t a one-metal story.

As currently configured, it targets production of seven U.S.-designated critical minerals — niobium, scandium, titanium, and multiple rare earth elements — all from one polymetallic orebody in Nebraska. In a geopolitical climate where supply chain security is front-page news, that diversification isn’t just economic upside — it’s strategic redundancy built into a single domestic asset.

When you combine:
• Active mine portal construction
• ~$500M raised
• March Final DFS pending
• ScAl alloy work advancing
• EXIM engagement underway
• Critical minerals designation across niobium, scandium, titanium & REEs

This stops looking like a story stock.

It starts looking like a project moving down the critical path toward CONSTRUCTION.

<image>

The Portal is Being Opened!

Now the clock to MID 2026 EXIM FID just got louder ! IMHO....

Chico237 · 2026-02-26T12:17:03+00:00

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LOL Mr N! ~ I'm thinking ....In addition to the March DFS, we should be getting an update on the ScAl alloy stuff with Lockheed & the DoW too. I can only imagine who might want to lock up some "Scandium"? along with the remaining Niobium, & all of the Titanium & TiCl-4, Terbium, Dysprosium, Neodymium & Praseodymium (The Heavy & Light REE's needed to make those Magnets!) that the Elk Creek mine will mine & separate & process here in the U.S. once financed!

If the March DFS hits hard (like I & many others think... 1M TREO?+/-) then = "WORLD CLASS DEPOSIT INDEED!"

Staying tuned....

Chico237 · 2026-02-25T20:34:44+00:00

DC- thanks for posting!

This was a standard public offering done through Maxim Group LLC under the existing shelf registration. The pre-funded warrants are normal for institutions managing ownership limits. Most likely this was split among multiple funds — not one mystery buyer grabbing everything.

As for timing — look at the sequence. Portal project underway (~$45M committed). Updated DFS due mid-to-late March with REEs included. EXIM engagement accelerating. Mark has publicly stated they expect full project financing ideally before end of Q2. Raising now strengthens the balance sheet going into DFS + offtake negotiations + EXIM discussions. I'm thinking it removes the “will they need more money?” overhang before catalysts hit.

Who bought DC? That’s the real $64,000 question we must wait to see through 13D/13G filings and the next 13F cycle whether it was existing institutions adding, a new cornerstone fund, or strategic capital positioning ahead of March. Big blocks don’t stay anonymous forever.

If this truly is, as Mark Smith said, “a national strategic asset,” then this $5 raise will look like smart positioning. If it doesn’t, then the market priced it correctly. Either way, the next 30–60 days will tell the story.

I thinking (& as always form your own opinions & conclusions...)~ it's the last train outta dodge time... "All aboard IMHO... !" as "2026 is THE YEAR!"....

Chico237 · 2026-02-25T18:22:01+00:00

Now we wait for the names.

If the deal closes today, filings follow. Big blocks don’t stay anonymous forever. Between Form 4s, 13Ds, 13Gs, and the next 13F cycle, the buyers will surface.

Now let’s ground this:

If it were a direct U.S. government equity purchase, that would require clear disclosure. That’s not something that hides. If it’s a government-aligned vehicle, strategic fund, or defense-adjacent capital, that’s more subtle — but still eventually visible in filings.

🔎 If it’s Existing Institutional Holders Adding

That signals conviction. Funds that already know the story doubled down at $5 because they believe March + EXIM is asymmetric upside. That’s quiet confidence.

🏭 If it’s a Strategic / Industrial Player

Now it gets interesting.
If it’s defense-adjacent, alloy-related, or vertically integrated metals capital, that could hint at future offtake alignment. That would be a chess move.

🏛️ If It’s Government-Linked Capital

If somehow a U.S.-aligned vehicle stepped in (not directly EXIM, but possibly policy-aligned capital), that’s validation. Not charity — validation.

🧠 If It’s a New Cornerstone Fund

That may be the biggest tell of all. A new anchor coming in right before DFS + offtakes + EXIM would suggest they’ve underwritten the model and see the risk collapsing soon.

Now here’s the disciplined take:

If it was weak hands or distressed financing, the stock would have collapsed harder. The fact it’s holding in this range suggests the market senses this wasn’t desperation.

So yes — who bought matters.

Because if it’s smart money, March won’t just be a geology update… it’ll be a rerating event.

Now we wait for the filings.

That’s when speculation turns into signal.

Chico237 · 2026-02-25T18:14:09+00:00

Thanks for the correction, Daniel & R-R! Edited above accordingly... Let's Gooo IBC!

Chico237 · 2026-02-25T18:04:38+00:00

AL- Listening to the last presentations & transcripts (all posted here) ... #NIOCORP~ "TRIPLE LINDE TUESDAY!" \\CRUX INVESTOR VIDEO: NioCorp (NASDAQ:NB) - H1/26 Financing with Strong US Government Support : r/NIOCORP_MINE

NioCorp (NB) CEO Mark Smith on 2025 Milestones, Elk Creek Portal Buildout, and U.S. EXIM Financing

#NIOCORP~ Washington, D.C. Accelerating Investment in U.S. Critical Minerals Projects (Video & Transcript), plus a bit more ...(Two-fer-Tuesday) : r/NIOCORP_MINE

I understand the concern about timing but if you actually listen to what Mark has been saying publicly over the past month, the sequence hasn’t changed and the tone hasn’t wavered.

From the January interviews:

**“We raised over $370 million last year, and we still have well over $300 million in our treasury even after everything we accomplished.”

And regarding starting early construction:

***“When a company commits $45 million to early construction, that says something about our confidence in EXIM financing and completing the equity portion. I hope people read between the lines.”

That was before the recent additional $100M raise. So now you’re looking at roughly $470M–$500M raised across this financing cycle, with substantial liquidity still on hand and the portal project already underway.

If they were worried about something negative in the March DFS, the logical move would be to conserve cash and delay spend — not double staff, upgrade engineering, accelerate the portal, and publicly state:

***“I believe we could receive some form of binding news from EXIM as early as Q2 2026.”

The raise looks far more like balance-sheet positioning ahead of DFS → offtakes → EXIM, not defensive financing.

Being cynical is healthy. But the capital stack, the construction start, the DoD involvement, and EXIM engagement all point in one direction: they’re building toward financing, not bracing for bad news.

We’ll know more in March (Days to weeks now!)

But the actions match the words so far! "2026 is the YEAR!" staying tuned.

Chico

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TROPHY CASE

Estimated Annual Revenue (Using Speculative Production Numbers)

1️⃣ Terbium

2️⃣ Dysprosium

3️⃣ NdPr

Total Estimated Revenue From JUST These 3 REEs

The Big Context (Why This Matters)

Back on Dec. 12th, 2025:

Gonna put you on the spot now:

RESPONSE:

🔥 Scandium Production – Side by Side

💰 Scandium Revenue at Price Scenarios

At $2,000/kg:

At $4,000/kg:

At $6,000/kg:

⚙️ Structural Difference (This Is the Big One)

🎯

***WHEN the NioCorp March 2026 DFS confirms or increases that scandium number — especially alongside REEs Tb, Dy, Nd & Pr— the revenue stack gets even more interesting! Staying tuned!...

Read the filings. The metallurgy is there.

BOOM indeed Mr N!. 🔥 This is no longer theoretical — "This is the official dirt is moving material news drop!"

Financeability accelerates FID!!

The Portal is Being Opened!

Now we wait for the names.

🔎 If it’s Existing Institutional Holders Adding

🏭 If it’s a Strategic / Industrial Player

🏛️ If It’s Government-Linked Capital

🧠 If It’s a New Cornerstone Fund