NioCorp Developments (NB) 46th Annual William Blair Growth Stock Conference summary

Project overview and strategic importance

• Project located in southeast Nebraska, fully permitted and ready for construction, with strong infrastructure access and local support.

• Resource includes niobium, scandium, titanium, and rare earths (NdPr, Dy, Tb), all critical minerals for U.S. supply chains.

• U.S. currently imports nearly all of these minerals, making the project strategically significant for national security and industry.

• Federal and state governments, including the Department of Defense and Ex-Im Bank, are highly supportive.

• Project has a strong social license, with significant local and political backing and a $200+ million state tax package.

Financing, contracts, and timeline

• Over $500 million in equity raised in 2025, with a clean balance sheet and zero debt.

• Project financing structure targets 65% debt (Ex-Im Bank) and 35% equity, with Ex-Im loan authorization expected in 2–4 months.

• Commercial offtake agreements in place: enforceable contract with ThyssenKrupp for half the niobium, and near-final agreement with Traxys for remaining products.

• Early construction (Mine Portal project) underway, providing a 4–5 month schedule advantage.

• Full construction expected to start in late 2026, with first production ramping up in late 2029 and full production in 2030.

Technical progress and resource potential

• Ore body is among the richest globally, with proven reserves and over 38 years of mine life based on current drilling.

• Metallurgical processes achieve over 90% recovery for niobium and titanium, with significant technical de-risking completed.

• New process flow increases titanium output sixfold and adds magnetic rare earths to the product mix.

• Updated feasibility study will reflect higher prices, expanded product slate, and process improvements, with CapEx adjustments expected.

• Team has extensive experience in large-scale mining projects, ensuring confidence in execution and operations.