NioCorp Unveils Assay Outcomes from Key Drilling Program

NioCorp Developments Ltd. reported the assay results from its first fully completed diamond drill hole at the Elk Creek Project in Southeast Nebraska. The drilling effort is funded by the Pentagon, targeting the conversion of the project's Indicated Mineral Resources to Measured and Probable Mineral Reserves to Proven status. This program supports NioCorp's $800 million debt financing application with the EXIM Bank.

The early assay results align with Elk Creek's existing resource model, demonstrating a strong understanding of the deposit. Additional results are pending from external labs. CEO Mark A. Smith expressed appreciation for the partnership with the Pentagon, emphasizing that these results validate the geological team's field observations.

The project, divided into two drilling phases, aims to classify resources accurately as part of NioCorp's ongoing financial strategies. However, results currently do not translate into reserve estimates according to S-K 1300 or NI 43-101 standards.