NioCorp Developments Ltd. (NASDAQ: NB) released results of an updated feasibility study for its Elk Creek Critical Minerals Project in Nebraska, projecting a pre-tax net present value of $4.1 billion and an after-tax NPV of $3.4 billion at an 8% discount rate, according to a company press release dated August 10, 2026.

The 2026 Feasibility Study estimates a pre-tax internal rate of return of 24% and an after-tax IRR of 22.8%. Over a projected 40-year mine life, the project is expected to generate $37.4 billion in life-of-mine gross revenue, $608 million in average annual EBITDA, and $519 million in average annual operating cash flow. Upfront capital costs are estimated at $1.85 billion, which includes a 14% contingency factor.

The updated plan expands the project's output from three to eight products, all designated by the U.S. government as critical minerals: ferroniobium, scandium trioxide, titanium tetrachloride, neodymium-praseodymium oxide, dysprosium oxide, terbium oxide, SEG carbonate, and heavy rare earth carbonate. The study estimates average revenue of $815 per ton of ore against average operating costs of $255 per ton. No single product category is projected to account for more than 39% of total revenue.

Proven and probable mineral reserves total 45.9 million tons as of April 2, 2026, comprising 7.6 million tons of proven and 38.4 million tons of probable reserves. The study introduces a proven mineral reserve and includes rare earth elements in the reserve estimate for the first time.

NioCorp stated that completion of the feasibility study satisfies a key due diligence requirement from the U.S. Export-Import Bank, which issued a preliminary project letter to the company in April 2024. The company said it expects to advance to detailed engineering and engineering, procurement, and construction contracting. NioCorp cautioned that it cannot estimate the total amount of potential EXIM financing, if any, and that there is no assurance a final financing commitment will be reached.

The technical report was prepared in accordance with National Instrument 43-101 and filed on SEDAR+.