Slide 1: NioCorp: Critical minerals for U.S. supply chain security
NioCorp: Critical minerals for U.S. supply chain security OUR MISSION: To accelerate the transition to a lower carbon economy by serving as a reliable U.S. supplier of sustainably produced critical minerals.
Slide 2: Disclaimers & Technical Disclosures
Disclaimers & Technical Disclosures Legal Disclaimers This investor presentation (this “Presentation”) is dated as of October 7, 2022 and contains information of NioCorp Developments Ltd. (“NioCorp” or the “Company”) (TSX: NB; OTCQX: NIOBF) and GX Acquisition Corp II (“GXII”) (Nasdaq: GXII). This Pr
Slide 3: Disclaimers & Technical Disclosures
Disclaimers & Technical Disclosures No Offer or Solicitation This Presentation and the information contained herein do not constitute (i) (a) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Transaction or (b) an offer to sell or the so
Slide 4: Disclaimers & Technical Disclosures
Disclaimers & Technical Disclosures Financial Information; Non-GAAP Measures Certain financial information and data included in this Presentation is unaudited and may not conform to Regulation S-X. Such information and data may not be included in, may be adjusted in or may be presented differently i
Slide 5: Transaction Overview
Transaction Overview NioCorp Team Overview Mark A. Smith, P.E. ◉ Deal represents an Enterprise Value of $313.5 million, reflecting an 89% discount to the Net Present Value (NPV) Executive Chairman, President & CEO in the Elk Creek Project 2022 Feasibility Study. Scott Honan, MSc, SME-RM ◉ Business c
Slide 6: Our Mission: To Accelerate the Global Transition to Low-Carbon Economy
OUR MISSION: To Accelerate The Global Transition to Low-Carbon Economy Our mission is to accelerate the Enabling global transition to a lower carbon The Energy Transition economy by serving as a reliable U.S. supplier of sustainably produced critical minerals.1 Sustainable Development “Our goal is t
Slide 7: Management Team
Management Team Mark A. Smith, P.E. Scott Honan, MSc, SME-RM Neal Shah, BSME, MBA Jim Sims Executive Chairman, President and Chief Operating Officer, NioCorp Chief Financial Officer & Chief Communications Chief Executive Officer President, Elk Creek Resources Corp. Corporate Secretary Officer Mr. Sm
Slide 8: Value Proposition: Transition to Net Zero Emissions Driving Demand Growth
Value Proposition: Transition to Net Zero Emissions is Driving Demand Growth for the Critical Minerals at the Focus of NioCorp1 Shovel-ready1 pure-play critical minerals project with the highest-grade Niobium resource in North America and the Niobium 2nd largest indicated rare earth resource in the
Slide 9: Markets
MARKETS 9
Slide 10: Wider Adoption of these Critical Materials is Supply Constrained
Wider Adoption of these 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 0.4kt 3t 7 kt preventing fulfilment of latent market demand a
Slide 11: Reliable, Low-Risk U.S. Supply is Key to Securing Energy Transition
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 The Solution in a low-impact, sustainable manner. Electrified
Slide 12: Niobium: A Critical Supply Risk To The U.S.
NIOBIUM: A Critical Supply Risk To The U.S. Niobium Global Niobium Demand Drivers ◉ 88% of the world’s Niobium is produced in only one country1 – Brazil – which increases supply chain risk and has forced the U.S. Government to stockpile Niobium. ◉ Market growth is expected to rise sharply with the e
Slide 13: Scandium: Limited Supply But Very Large Latent Demand
SCANDIUM: Limited Supply But Very Large Latent Demand Scandium Global Scandium Demand Drivers ◉ Forecast demand (117 tpy by 2026) greatly exceeds current supply (25 tonnes/year)1 and exceeds NioCorp’s potential annual scandium production. § Solid oxide fuel cell use of Scandium (⋍22 tpy) forecast to
Slide 14: Magnetic Rare Earths: Global Demand to Grow 3X by 2035
MAGNETIC RARE EARTHS: Global Demand to Grow 3X by 20351 Magnetic Rare Earth Elements Global Magnetic REE Demand Drivers ◉ NioCorp is currently conducting technical and economic analyses on the potential addition to its planned product suite of three magnetic rare earth oxides: NdPr, Dy, and Tb. ◉ Gl
Slide 15: U.S. Government: The Products NioCorp Intends to Produce Are Critical
U.S. Government: The Products That NioCorp Intends to Produce1 Are Critical ◉ All of NioCorp’s planned products have been singled out as “critical minerals” by the U.S. Government. ◉ The products NioCorp intends to focus on – including potentially rare earths2 – include the top 3 most critical miner
Slide 16: The Asset
~ NID Critical Mineral Security
Slide 17: A Shovel-Ready Pure-Play Critical Minerals Project
A Shovel-Ready1 Pure-Play Critical Minerals Project and the Second-Largest Indicated Rare Earth Resource in the U.S.2 Critical $2.8B NPV Not Long-Life Asset Sustainable Owned and Significant State Minerals & Rare Including Rare with Offtake Development & Permitted for and Local Earths3 Earth Potenti
Slide 18: Critical Minerals in the Elk Creek Resource
Critical Minerals in the Elk Creek Resource1 Critical Minerals Magnetic Rare Earths Scandium Titanium Neodymium- Dysprosium Terbium Ferroniobium Praseodymium Oxide Dioxide Oxide2 Oxide2 Oxide2 970,300 11,337 4,221,000 125,800 9,100 2,300 tonnes tonnes tonnes tonnes tonnes tonnes No production No pro
Slide 19: Offtake Agreements for Products NioCorp Intends to Produce
Offtake Agreements for Products NioCorp Intends to Produce1 Niobium Scandium Rare Earths5 75% ~12% of NioCorp’s planned Ferroniobium of NioCorp’s planned production already contracted for the first production already contracted 10 years of operation for the first 10 years of operation ThyssenKrupp M
Slide 20: Progression to a Highly De-Risked Critical Minerals Project
Progression to a Highly De-Risked Critical Minerals Project 2022: 1986: 2021: NioCorp issues Molycorp halts NioCorp updated NI 43- The Elk Creek 1970: 1973: exploration and 2014: 2018: acquires key 101-compliant Resource1 Discovery of a Molycorp calculates an ThyssenKrupp Traxys N.A. land parcel tec
Slide 21: World Class Development Partners
World Class Development Partners Surface Processing Facilities EPC Mine Development EPC Geology Mineral Resource Process Development Project Permitting Mineral Reserve NioCorp’s global team includes some of the world’s best in their fields. 21
Slide 22: Elk Creek Positioned to Become America's Second Major Rare Earth Project
Elk Creek Positioned to Become America’s Second Major Rare Earth Project1 1 Mountain Pass: 2 Elk Creek: Second Largest largest indicated indicated rare earth rare earth resource in resource in the U.S. the U.S.2 MP Materials’ Mountain Pass Rare Earth Mine & NioCorp’s Elk Creek Critical Minerals Proj
Slide 23: The Project
THE PROJECT 23
Slide 24: Elk Creek Project Location & Layout
Elk Creek Project Location & Layout The 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 Vent Ore Bunker Elk
Slide 25: Mineral Reserves and Mineral Resources
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) Highway 50
Slide 26: Key Permits Obtained
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, Nebraska
Slide 27: Uses of Funds
Uses of Funds Various levels of funding can advance the project to create additional value and move the project closer to the commencement of mine and surface construction.1 Uses of Funds at Various Levels (USD millions) Cost Element $25 $100 $150 $285 Final Subsurface Water and Subsoil $11 $11 $11
Slide 28: Major Project Milestones Ahead
Major Project Milestones Ahead Exercise Completion of option-to- Demonstration purchase Conduct Plant testing of agreements detailed optimized flow for engineering Begin sheet and rare additional necessary for sinking Complete earth recovery land launch of shafts into project Plant rates purchases c
Slide 29: Strong State & Local Support
Strong State & Local Support The Elk Creek Project is located exclusively on Estimated Economic Benefits and New Tax Revenue 1 private land with extensive nearby infrastructure Generated by the Elk Creek Project 4 (roads, rail, water, and utilities). Direct Full-Time, Permanent Jobs Created ~450 The
Slide 30: ESG
ESG 30
Slide 31: Expected Mining Operations Designed with Sustainability in Mind
NioCorp’s Expected Mining Operations Designed from the Start with Sustainability in Mind ◉ Fully aligned with Equator Principles ◉ Zero process water discharge facility ◉ Additional protection of groundwater resources through artificial ground freezing and grouting ◉ Avoidance of permanent impacts t
Slide 32: Elk Creek's Expected Output Can Create Significant 5.7-to-1 GHG Reductions
Elk Creek’s Expected Output Can Create Significant 5.7-to-1 GHG Reductions1 Use of NioCorp’s planned products in applications such as electric vehicles and commercial aviation could help avoid greenhouse gas emissions because of the higher efficiency these technologies can achieve with critical mine
Slide 33: Deal Overview
‘Sp a ‘Nig “We ,. Critical Mineral mane D9 Sy» 125.91 gg gal 41.6 24.74 32.36 9 103.95 100.9 103.95 99.99 84.981 4 09 99. 129.9 134.69 Sie4y 131.82 19 83.48 56.29 92.37 9108 187 ay, 61 3,097. DN iGuSsT SI whe 52.08
Slide 34: Elk Creek Feasibility Study Highlights
Elk Creek Feasibility Study1 Highlights (not including REE production) $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 Yrs. Averaged Annual Gross Revenue After-Tax Cumulative Total Net Up- Mine L
Slide 35: Project Expected to Deliver Significant Cash Flow Over 38-Year Life
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 (not including REE production) $500 6,000 (US$ Millions) $400 Pre-Tax Net Present Value (NPV) (8% discount) $2,
Slide 36: Transaction Structure
Transaction Structure Transaction Summary Pro-forma Capitalization ($ in millions, except share price) ◉ NioCorp to acquire GXII and expects to become listed on Nasdaq in addition to its current TSX listing. Share Price $10.00 ◉ Pro-Forma Enterprise Value of $313.5 million with a market cap of $598.
Slide 37: Investment Highlights
Investment Highlights Potential pure play exposure to critical mineral mega trends1 Low Carbon Economy Significant, rapidly growing total available markets Unique competitive position with large barriers to entry Defense and Aerospace Key customer relationships and offtake agreements Mega- Governmen
Slide 38: Appendix
APPENDIX 38
Slide 39: Elk Creek NI 43-101 Mineral Resource
Elk Creek NI 43-101 Mineral Resource1 (MINERAL RESOURCE AS OF DECEMBER 8, 2021) Notes: a. The reporting standard for the Mineral Resource Estimate uses the terminology, definitions Elk Creek 2022 In Situ Mineral Resource Estimate (niobium, titanium, and scandium) including reserves and guidelines gi
Slide 40: Elk Creek NI 43-101 REE Mineral Resource
Elk Creek NI 43-101 REE Mineral Resource1 (MINERAL RESOURCE AS OF DECEMBER 8, 2021) Notes: Elk Creek 2022 In Situ Mineral Resource Estimate (rare earth oxides) including reserves a. The reporting standard for the Mineral Resource Estimate uses the terminology, definitions and guidelines given in the
Slide 41: Elk Creek S-K 1300 Mineral Resource
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 classification system
Slide 42: Elk Creek S-K 1300 REE Mineral Resource
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 1300 classification Class NSR Cut-of
Slide 43: Elk Creek S-K 1300 Mineral Reserve
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$/t mined Tonnage Contained Payable Nb Contained Payab
Slide 44: Elk Creek S-K 1300 Mineral Reserve
Elk Creek S-K 1300 Mineral Reserve1 (not including REE production) (MINERAL RESERVE AS OF June 30, 2022) Parameter Value Unit Underground In Situ Mineral Reserves Estimate for Elk Creek Mining Cost 42.38 US$/t mined Processing 106.70 US$/t mined Nb2O5 Payable TiO2 Sc Tonnage Contained Contained Paya
Slide 45: Feasibility Study: Indicated Economic Results
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 kg-Sc2O3 116 114 113 109 112 109 105 102 101 101 102 107 Titanium t-TiO2 13,063 12,120 12,747 12,605 12,60
Slide 46: Contact
For More Information NioCorp Jim Sims Chief Communications Officer jim.sims@niocorp.com +1 (303) 503-6203 CONTACT 46