Slide 1: Strengthening American Supply Chains for Defense-Critical Minerals
Strengthening American Supply Chains for Defense-Critical Minerals
Slide 2: Disclaimers & Technical Disclosures: Forward-Looking Statements
NASDAQ:NB Disclaimers & Technical Disclosures Forward-Looking Statements This Presentation of NioCorp Developments Ltd. (“NioCorp”) contains forward-looking statements within the meaning of the United States federal securities laws and forward-looking information within the meaning of applicable Can
Slide 3: Disclaimers & Technical Disclosures: Financial Information
NASDAQ:NB Disclaimers & Technical Disclosures Financial Information Certain financial information and data included in this Presentation is unaudited and may not conform to Regulation S-X. This Presentation may contain financial forecasts and projections (collectively, “prospective financial informa
Slide 4: NioCorp: At-a-Glance
NASDAQ:NB NioCorp: At-a-Glance $1.2B 1 $370M+ $10M Capital Raises & Underground Mine & Funding In 2025 Awarded from Pentagon Surface Processing Title III Program Facility One of the few teams in U.S. with commercial experience in Southeast, Nebraska $820M+ 4 producing rare earths in oxide form. Mark
Slide 5: Growing Tailwinds as National and State Leadership Underscore Elk Creek’s Importance
NASDAQ:NB Growing Tailwinds as National and State Leadership Underscore Elk Creek’s Importance Senior U.S. elected officials and leaders shared their remarks during NioCorp’s largest-ever Town Hall, attended by more than 600 community members, business leaders and investors in Dec. 2025. “The Elk Cr
Slide 6: Elk Creek Project on Track for 2026 Construction Start
NASDAQ:NB Elk Creek Project on Track for 2026 Construction Start Strong Mineral Major Project Proven Feasibility Offtake State/Local Reserve Permits Financing Metallurgy Study Agreements Support Established Secured Underway Near- Demonstration SK-1300 / Probable Major permits $780M debt 75% of niobi
Slide 7: Critical Minerals in the Elk Creek Resource
NASDAQ:NB Critical Minerals in the Elk Creek Resource1 Critical Minerals Magnetic Rare Earths Neodymium- Dysprosium Terbium TiO2 / Titanium Praseodymium Oxide3 Oxide3 Ferroniobium Scandium Oxide Tetrachloride Oxide3 Planned production: Planned production: Resource: Resource: Planned production: Reso
Slide 8: Offtake Agreements for Potential Products
NASDAQ:NB Offtake Agreements for Potential Products Niobium Scandium Titanium Rare Earths5 75% ~12% of NioCorp’s planned of NioCorp’s planned Ferroniobium production production already already contracted for the contracted for the first 10 years of operation first 10 years of operation ThyssenKrupp
Slide 9: Strong Fundraising Momentum Relative to Upfront Capital Requirements
NASDAQ:NB Strong Fundraising Momentum Relative to Upfront Capital Requirements Anticipated Upfront CAPEX/Financing3,4 YTD 2025 Capital Raises & Funding: $370M+ $1,200 $150.2M Equity Offering, $45M Equity Offering, Gross Proceeds Gross Proceeds $1,000 (Oct. 2025) (July 2025) Debt $60M Equity Offering
Slide 10: Project Advancement Underway in 2025/2026
NASDAQ:NB Project Advancement Underway in 2025/2026 With NioCorp’s fundraising success in 2025, the Elk Creek Project is being rapidly advanced to prepare for the start of construction once project financing is obtained. Finalizing Land Purchases Mineral Reserve uplift drilling Geotechnical field wo
Slide 11: Major New Development: Pentagon Partnership and Funding
NASDAQ:NB Major New Development: Pentagon Partnership and Funding Pentagon Title III program awards up to $10M to NioCorp’s operating unit Elk Creek Development Corp. Planned Objectives with DoD Funding Uplift Current Process Engineering For Scandium Metal New Scandium-Based Mineral Reserves Additio
Slide 12: Lockheed Skunk Works Partnership to Advance Scandium Defense Applications
NASDAQ:NB Lockheed Skunk Works® Partnership to Advance Scandium Defense Applications Lockheed/NioCorp Scandium Program ✓ Developing prototype aluminum-scandium alloy components for next-generation fighter aircraft ✓ Technology will both enhance pilot safety and improve system lethality ✓ Demonstrate
Slide 13: Building America’s First-Ever Integrated Scandium-to-Warfighter Supply Chain
NASDAQ:NB Building America’s First-Ever Integrated Scandium-to-Warfighter Supply Chain • NioCorp can now produce aluminum-scandium master • Company examining the feasibility of integrating alloy after acquiring assets / IP. down to the production of finished aluminum- scandium alloy parts for OEM ma
Slide 14: US Export-Import Bank Now Processing Debt Financing Application of $780M
NASDAQ:NB US Export-Import Bank NASDAQ:NB Now Processing Debt Financing 1 Application of $780M for NioCorp ✓ NioCorp’s application has cleared EXIM’s first formal review (TRC-1) ✓ EXIM has provided a Preliminary Project Letter (the “PPL”) and preliminary indicative term sheet to NioCorp ✓ Ongoing wo
Slide 15: Additional Export Credit Agency Interest
NASDAQ:NB Additional Export Credit Agency Interest British UK Export Finance (UKEF) German Untied Loan Program (UFK) • UKEF issued an Expression of Interest to NioCorp • NioCorp deemed eligible to receive loan for potential debt guarantee of up to $200 guarantee from the German government’s UFK Mill
Slide 16: Elk Creek Feasibility Study Highlights
NASDAQ:NB Elk Creek Feasibility Study1 Highlights (does not include rare earth production, metallurgical advancements, and mine plan improvements) $2.8B 29.2% $2.35B 27.6% $403M Pre-Tax NPV Pre-Tax IRR After-Tax NPV After-Tax IRR Averaged Annual EBITDA2 over Run of Mine3 68% $21.9B $10.9B $1.14B 38
Slide 17: Management Team
NASDAQ:NB Management Team Mark A. Smith, P.E. Scott Honan, MSc, SME-RM Neal Shah, BSME, MBA Jim Sims Ernest Cleave David Hamm Executive Chairman, President and Chief Operating Officer, NioCorp Chief Financial Officer & Chief Communications Senior Vice President, General Chief Executive Officer Presi
Slide 18: Appendix
Natorp NioLorp Critical Mineral Security APPENDIX o&
Slide 19: Fully Diluted Common Shares
NASDAQ:NB Fully Diluted Common Shares Fully Diluted Common Shares Outstanding Exercisable Warrants (as at October 14, 2025) (as at October 14, 2025) Common Shares Outstanding 118,070,670 Number Exercise Price Expiry Date Common Shares Issuable upon exercise of 413,432 3.54 December 22, 2025 4,952,50
Slide 20: US Government Finds That 3 of NioCorp’s Minerals are Most Critical
Among the Most Critical of US Government Finds That 3 of NioCorp’s Minerals are Most Critical All Minerals to the US: • Niobium, Dysprosium, and Terbium now considered among the highest priority critical minerals by the US Government because of GDP impacts, according to a recent USGS analysis. • Nio
Slide 21: 2025 Work Programs: Land Acquisition
NASDAQ:NB 2025 Work Programs: Land Acquisition Highway 50 County Road 721 Highway 62
Slide 22: 2025 Work Programs: Reserve Uplift Drilling
NASDAQ:NB 2025 Work Programs: Reserve Uplift Drilling ✓ Infill program targeting 11,431 m 9,481 m 13 holes existing reserve to upgrade TOTAL DRILLING RESOURCE/RESERVE Probable Reserves to Proven Reserves to meet EXIM loan requirements ✓ Hydrogeology • Numerous grouting tests ✓ Geomechanical • Two fo
Slide 23: 2025 Work Programs: Project Layout (in progress)
NASDAQ:NB 2025 Work Programs: Project Layout (in progress) Main Entrance from 721 Road Power Substation Production Plants Twin Mine Portals Railveyor Drop Points Portal Stockpiles Excavation 23 Area
Slide 24: 2025 Work Programs: Mine Design
NASDAQ:NB 2025 Work Programs: Mine Design 24
Slide 25: 2026 Project Execution: Highway 50/62 Road Improvements
NASDAQ:NB 2026 Project Execution: Highway 50/62 Road Improvements 721 Road Highway 50 Highway 62 Key Features: • Southbound turn lane from Highway 50 to 721 Road • Northbound turn lane from Highway 50 to 721 Road • Paving 721 Road to project entrance 25
Slide 26: 2026 Project Execution: Mine Portal Establishment
NASDAQ:NB 2026 Project Execution: Mine Portal Establishment NioCorp Offices / Parking Access Road Portal Excavation Marine and Twin Ramps Sediments Stockpile Glacial Till Stockpile Soil Stockpile Stormwater Pond 26
Slide 27: Continuous Improvement: Prospective Project Advancements
NASDAQ:NB Continuous Improvement: Prospective Project Advancements 2022 Feasibility Study Prospective Project Advancements1 Process flowsheet designed to make 3 Re-designed to make 6 products: Nb, Sc, Ti & REE products: Niobium, Scandium & Titanium magnetic oxides (NdPr, Dy, Tb) Twin shaft mining de
Slide 28: Wider Adoption of Critical Materials is Supply Constrained
NASDAQ:NB Wider Adoption of Critical Materials is Supply Constrained Current Annual Niobium, Scandium, and Magnetic REE Oxide Production1 The Problem Magris Rio Tinto Estonia Russia Resources Lack of secure and reliable long-term supply is 3t – 12t 0.4kt 3t 7 kt preventing fulfilment of latent marke
Slide 29: Reliable, Low-Risk U.S. Supply is Key to Securing Energy Transition
NASDAQ:NB Reliable, Low-Risk U.S. Supply is Key to Securing Energy Transition The Elk Creek Project is anticipated to be able to supply some of the world’s largest industries and sustainable technologies with Made-in-USA critical minerals produced in a low-impact, sustainable manner.1 The Solution E
Slide 30: Niobium: A Critical Supply Risk To The U.S.
NASDAQ:NB NIOBIUM: A Critical Supply Risk To The U.S. Niobium ◉ 88% of the world’s Niobium is produced in only one country1 – Brazil – which increases supply chain risk and has Global Niobium Demand Drivers forced the U.S. Government to stockpile Niobium. ◉ Market growth is expected to rise sharply
Slide 31: Scandium: Limited Current Supply But Very Large Latent Demand
NASDAQ:NB SCANDIUM: Limited Current Supply But Very Large Latent Demand Scandium ◉ Forecast demand (117 tonnes/year by 2026) greatly exceeds current supply (25 tonnes/year)1 and exceeds Global Scandium Demand Drivers NioCorp’s potential annual scandium production. ▪ Solid oxide fuel cell use of Scan
Slide 32: Titanium: Tight Global Supply With Rising Demand + War in Europe
NASDAQ:NB TITANIUM: Tight Global Supply With Rising Demand + War in Europe Titanium Global Titanium Demand Drivers ◉ Demand for titanium metal is forecast to growth by a 6.8% Primary Titanium Sponge Production Capacity CAGR between 2022 and 2030, driven primarily by increasing demand in defense and
Slide 33: Magnetic Rare Earths: Global Demand to Grow 3X by 2035
NASDAQ:NB MAGNETIC RARE EARTHS: Global Demand to Grow 3X by 20351 Magnetic Rare Earth Elements Global Magnetic REE Demand Drivers ◉ NioCorp has signed a non-binding term sheet with Stellantis NV for possible sale of these magnetic rare earth oxides: NdPr, Dy, and Tb.2 ◉ Global magnetic REE oxide con
Slide 34: Successful Testing of NdFeB Magnet Recycling
Successful Testing of NdFeB Magnet Recycling • Recent bench-scale testing was successful in showing our planned hydromet process flow sheet can extract REEs from post-consumer NdFeB magnets. • Recycling NdFeB magnets can increase the Project’s production of separated REE oxides, including HREEs, bey
Slide 35: The Strategic Imperative of the Elk Creek Project
NASDAQ:NB The Strategic Imperative of the Elk Creek Project ◉ All of NioCorp’s planned products have been designated as “critical minerals” by the U.S. Government.1 What The Elk Creek Project Delivers to America1 ◉ The products NioCorp intends to focus on – including potentially rare earths2 – inclu
Slide 36: Elk Creek Project Location & Layout
NASDAQ:NB Elk Creek Project Location & Layout1 The Elk Creek Project is centered within one 640-acre section of all private land. Highway 62 Substation Salt Pyro Cell 1 W T Acid Hydromet P Tailings 2 Tailings 1 Mineral Pond HCl Processing Dry Highway 50 Pond Fill Tailings 3 Production Waste Backfill
Slide 37: Mineral Reserves and Mineral Resources
NASDAQ:NB Mineral Reserves and Mineral Resources1 Carbonatite Initial Operational Boundary Footprint (~7,800 (640 acres) acres) Mineral Resource and Reserves1 Mineral Cut-off Tonnage Grade Grade Grade Grade Resource NSR (000’s Mt) (Nb2O5%) (TiO2%) (Sc g/t) (TREO%) Highway 62 Classification (US$/t) I
Slide 38: Key Permits Obtained
NASDAQ:NB Key Permits Obtained The Elk Creek Project has secured key federal, state, and local permits required to proceed to the start of construction once project financing is obtained. ◉ Construction Air Permit secured from the State of Nebraska. ◉ A Special Use Permit secured from Johnson County
Slide 39: Railveyor System To Potentially Shave ~$189M from Project Initial CAPEX
Railveyor System To Potentially Shave ~$189M from Project Initial CAPEX • Recent study1: NioCorp can potentially cut initial CAPEX Project Outcomes Summary by ~$189M by implementing a twin ramp Railveyor system in lieu of two mining shafts in the mine’s Difference with 2022 Shaft 2024 Twin Ramp Item
Slide 40: Strong State & Local Support
NASDAQ:NB Strong State & Local Support The Elk Creek Project is located exclusively on private Estimated Economic Benefits and New Tax Revenue 1 land with extensive nearby infrastructure (roads, rail, Generated by the Elk Creek Project 4 water, and utilities). Direct full-time, permanent jobs create
Slide 41: Expected Mining Operations Designed with Sustainability in Mind
NASDAQ:NB NioCorp’s Expected Mining Operations Designed from the Start with Sustainability in Mind Underground mining operations to Recycling of reagents be electrified, avoiding emissions Fully aligned with Equator Avoidance of permanent Principles, an auditable ESG impacts to Federally framework J
Slide 42: Elk Creek Project Expected to Deliver Significant Cash Flow Over 38-Year Life
NASDAQ:NB Elk Creek Project Expected to Deliver Significant Cash Flow Over 38-Year Life Elk Creek Project Metrics Summary1 2022 Elk Creek Feasibility Study Economic Results Elk Creek Project After-Tax Metrics $500 6,000 (not including REE production) (US$ Millions) $400 Pre-Tax Net Present Value (NP
Slide 43: Board of Directors (slide 1 of 2)
NASDAQ:NB Board of Directors (slide 1 of 2) Mark A. Smith, P.E. Nilsa Guerrero-Mahon Peter Oliver Executive Chairman, Audit Committee Chair Lead Director President and CEO Mr. Smith has over 40 years of experience in operating, developing, A former CFO and Controller for global corporations in the t
Slide 44: Board of Directors (slide 2 of 2)
NASDAQ:NB Board of Directors (slide 2 of 2) David C. Beling, P.E. Dean C. Kehler Michael G. Maselli Tony Fulton Mr. Beling is a Registered Professional Mining Mr. Kehler is Managing Partner of Trimaran Capital Mr. Maselli joined the NioCorp board in 2023 and has A former Nebraska State Senator and s
Slide 45: The Power of Aluminum-Scandium Master Alloy
NASDAQ:NB The Power of Aluminum-Scandium Master Alloy ◉ No need to quench cast parts ◉ High specific strengthening effect ◉ Inhibition of recrystallization ◉ Grain size refinement ◉ Better fatigue life ◉ Improved resistance to hot cracking and improved corrosion resistance ◉ Enables better parts rec
Slide 46: Downstream Integration: Aluminum-Scandium Master Alloy
NASDAQ:NB Downstream Integration: Aluminum-Scandium Master Alloy NioCorp has launched a phased commercialization effort aimed at also producing value-added aluminum- scandium master alloy, which opens up new potential markets for NioCorp’s planned scandium production at the Elk Creek Project. NioCor
Slide 47: Automotive Consortium Wins UK Gov’t Funding for Recycled Aluminum Casting with Scandium
Automotive Consortium Wins UK Gov’t Funding to Investigate Recycled Aluminum Casting with Scandium • Project PIVOT (“Performance Integrated Vehicle Optimization Technology”), includes such companies as Aston Martin, Sarginsons, NioCorp, Altair, GESCRAP, Brunel University London and others. Steering
Slide 48: Project PIVOT
NASDAQ:NB Project PIVOT Project PIVOT “Performance Integrated Vehicle Optimization Technology” Three objectives: 1. Digital Twin & Advanced Simulation in Casting Development 2. Secondary Al Alloy Use in Automotive Chassis Castings (Sc) 3. UK hub for industrialized casting design and development Proj
Slide 49: New Value Chain for End-of-Life Recycling
New Value Chain for End-of-Life Recycling Current State Dismantling Shredding Disposal or low-grade reuse After Project PIVOT Scandium High-grade, Dismantling Dismantling Remelting high- stronger Aluminum graded material • Greater use of high-strength (and recycled) aluminum to lightweight vehicles
Slide 50: Industrial Sectors Seeking Greater Access to Scandium Alloys
NASDAQ:NB Industrial Sectors Seeking Greater Access to Scandium Alloys Automotive Commercial Aviation Defense/Space 5G / Communications NioCorp is now working with Commercial airlines intensely interested DoD interested in aluminum-scandium 5G networks require improved RF automotive manufacturers to
Slide 51: Progression to a Highly De-Risked Critical Minerals Project
NASDAQ:NB Progression to a Highly De-Risked Critical Minerals Project 1986: 2022: Molycorp halts 2021: NioCorp issues exploration and NioCorp updated NI 43-101- The Elk Creek 1970: 1973: calculates an 2014: 2018: acquires key compliant technical Resource1 Discovery of a Molycorp initial resource; Th
Slide 52: Elk Creek S-K 1300 Mineral Resource
NASDAQ:NB Elk Creek S-K 1300 Mineral Resource1 (MINERAL RESOURCE AS OF June 30, 2022) Notes: Elk Creek 2022 In Situ Mineral Resource Estimate (niobium, titanium, and scandium) excluding reserves a. Classification of Mineral Resources in the above tables is in accordance with the S-K 1300 classificat
Slide 53: Elk Creek S-K 1300 REE Mineral Resource
NASDAQ:NB Elk Creek S-K 1300 REE Mineral Resource1 (MINERAL RESOURCE AS OF JUNE 30, 2022) Elk Creek 2022 In Situ Mineral Resource Estimate (rare earth oxides) excluding reserves Notes: a. Classification of Mineral Resources in the above tables is in accordance with the S-K Class NSR Cut-off Tonnage
Slide 54: Elk Creek S-K 1300 Mineral Reserve
NASDAQ:NB Elk Creek S-K 1300 Mineral Reserve1 (not including REE production) (MINERAL RESERVE AS OF May 10, 2022) Parameter Value Unit Underground In Situ Mineral Reserves Estimate for Elk Creek Mining Cost 42.38 US$/t mined Nb2O5 TiO2 Processing 106.70 US$/t mined Tonnage Contained Payable Nb Conta
Slide 55: Elk Creek S-K 1300 Mineral Reserve
NASDAQ:NB Elk Creek S-K 1300 Mineral Reserve1 (not including REE production) (MINERAL RESERVE AS OF June 30, 2022) Parameter Value Unit Underground In Situ Mineral Reserves Estimate for Elk Creek Mining Cost 42.38 US$/t mined Processing 106.70 US$/t mined Nb2O5 TiO2 Sc Tonnage Contained Payable Nb C
Slide 56: Feasibility Study: Indicated Economic Results
NASDAQ:NB Feasibility Study: Indicated Economic Results1 Operating Year 1 2 3 4 5 6 7 8 9 10 20 30 Production Niobium t-Nb 4,960 4,742 4,949 4,903 4,949 4,716 4,715 4,733 4,799 4,672 4,772 4,773 Scandium t-Sc2O3 116 114 113 109 112 109 105 102 101 101 102 107 Titanium t-TiO2 13,063 12,120 12,747 12,
Slide 57: Contact
For More Information NioCorp Alex Guthrie Director of Investor Relations aguthrie@niocorp.com +1 (647) 999-0527 CONTACT Jim Sims Chief Communications Officer jim.sims@niocorp.com +1 (720) 334-7066 57