NioCorp Developments Ltd. (NASDAQ: NB) announced the signing of a non-binding Memorandum of Understanding with Lockheed Martin for the potential purchase of up to 15 tonnes per year of scandium oxide, in either oxide or aluminum-scandium alloy form, over a 10-year period.

NioCorp plans to produce approximately 100 tonnes per year of scandium oxide from its Elk Creek Critical Minerals Project in Nebraska, pending project financing and construction completion. The company currently produces 4% aluminum-scandium master alloy in the U.S. using market-sourced scandium oxide and intends to produce finished aluminum-scandium alloy ingots with scandium content ranging from 0.2% to 0.8%.

The MOU builds on an existing joint development program with Lockheed Martin's Skunk Works to develop scandium-based aluminum alloy components for modern fighter aircraft. That program, announced in October 2025, is funded by the U.S. Department of War under a $10 million award to NioCorp's subsidiary, Elk Creek Resources Corp., through Title III of the Defense Production Act.

"Lockheed Martin has long valued partnerships that strengthen the U.S. industrial base and support our warfighters," said Tyler Robinson, vice president of Technology Roadmaps at Lockheed Martin Skunk Works. "We look forward to continuing to evaluate that supply as part of our broader alloy development efforts."

Both parties have agreed to negotiate a definitive agreement in good faith. NioCorp noted there is no assurance that a definitive agreement will be reached or as to its eventual terms.