Key Takeaways:
- Pre-tax NPV8% of $4.1 billion and 24 percent IRR on a 40-year mine life
- Eight critical minerals from one ore body, no single product above 39 percent of revenue
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NioCorp Elk Creek study shows $4.1B NPV, 40-year mine life
NioCorp reported a pre-tax NPV8% of $4.1 billion for its Elk Creek project, a 40-year Nebraska operation producing eight critical minerals.
"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," Mark A. Smith, CEO and Executive Chairman at NioCorp, said.
The 2026 feasibility study projects life-of-mine revenue of $37.4 billion, average annual EBITDA of $608 million at a 67 percent margin, and average annual operating cash flow of $519 million. After-tax NPV8% is $3.4 billion with a 22.8 percent after-tax IRR and a 2.93-year payback. Upfront capital is estimated at $1.85 billion over a 35-month development timeline.
The study satisfies a key U.S. Export-Import Bank due diligence requirement, clearing the path toward detailed engineering and EPC contracting. NioCorp cannot yet estimate the total EXIM financing amount or timing, and the $1.85 billion capital requirement remains the largest execution hurdle.
Eight Products, $815 Per Ton Revenue
The expanded product suite spans ferroniobium, scandium trioxide, titanium tetrachloride, neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, SEG carbonate, and heavy rare earth carbonate. Average life-of-mine revenue is projected at $815 per ton of ore against operating costs of $255 per ton. Scandium is the largest revenue contributor at $14.3 billion over the mine life, followed by niobium at $9.8 billion and rare earth oxides at $9.4 billion.
The project's pricing model reflects non-China markets, where export restrictions on scandium and heavy rare earths have pushed prices higher. Demand drivers include solid oxide fuel cells for AI data centers and permanent magnets for defense systems, electric vehicles, and robotics. The company's Lockheed Martin memorandum of understanding for scandium oxide purchase adds an offtake anchor.
Reserves Grow to 45.9 Million Tons
The updated reserve estimate, effective April 2, 2026, totals 45.9 million tons, comprising 7.6 million tons of Proven and 38.4 million tons of Probable reserves — the first time the project has declared a Proven category and the first time rare earth elements are included in the reserve. Measured and Indicated resources total 209.1 million tons, with an additional 169.2 million tons of Inferred resources, suggesting expansion potential beyond the current mine plan.
The project would position NioCorp alongside MP Materials as one of the few U.S.-based critical minerals producers, targeting materials where the United States remains heavily import-dependent. The redesigned processing plant eliminates the dedicated sulfuric acid plant from the 2022 study, adds calcination and ammonium chloride leaching ahead of acid-leach, and plans a behind-the-meter microgrid for electricity supply.
The company will host an investor webcast on Aug. 11 at 10 a.m. ET to discuss the study results.
This article is for informational purposes only and does not constitute investment advice.
[1] 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%[2] NioCorp Feasibility Study Estimates $4.1B Pre-Tax NPV | NB Stock News[3] NioCorp Developments Ltd.: 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%
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