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April 18, 2024

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NioCorp's Breakthrough Enhanced Niobium Recovery Promises New Opportunities in the Multibillion Dollar Global Market

NioCorp’s Breakthrough: Enhanced Niobium Recovery Promises New Opportunities in the Multibillion Dollar Global Market

In an exciting development for the critical mineral industry, NioCorp Developments Ltd. (NASDAQ:NB)(TSX:NB) has demonstrated a significant increase in niobium recovery from ore at its Elk Creek Critical Minerals Project in southeast Nebraska. This innovation, as presented in the company’s metallurgical demonstration plant in Trois Rivieres, Quebec, has the potential to revolutionize the market, heightening niobium production levels and offering a broader range of global markets for its products.

Designated as critical, this light grey transition metal makes a $3.3 billion per year global industry and finds wide use in various sectors. It’s pivotal in the production of high-strength low-alloy steel alloys employed in construction, automotive, transport, aerospace, defense, and oil and gas sectors. NioCorp’s breakthrough in increasing the recovery rate from 86.8% to an impressive 90.7% could significantly expand niobium production from the same mining tonnage.

NioCorp’s pioneering process introduces a chlorination step that improves niobium and titanium separation and purification, opening up the opportunity to produce not just one but three different niobium products: ferroniobium, niobium chloride, and niobium oxide. The ability to potentially produce niobium oxide presents a particularly exciting prospect, as it’s pivotal for numerous applications, including niobium-lithium-ion batteries, superalloys, superconducting applications, capacitors, and specialized optics. This development could well position NioCorp at the forefront of one of the fastest-growing prospective global niobium markets.

NioCorp’s innovation doesn’t stop there. The new process is more streamlined and efficient than the previous design, requiring fewer processing steps. It may even allow for the elimination of entire processes in NioCorp’s planned processing plant in Nebraska, further optimizing the production line.

CEO and Executive Chairman of NioCorp, Mark A. Smith, expressed his enthusiasm over the development, stating, “These results point strongly to the likelihood of NioCorp producing more niobium from each tonne of Elk Creek Project ore, which could have positive impacts on our Project’s anticipated overall financial returns.”

With the demonstration plant already showing promise, the team at NioCorp is focused on maintaining high technical standards for feasibility and testing to attract the necessary financing. This meticulous approach underpins their commitment to safety, efficiency, and ensuring the project’s success.

This critical mineral’s benefits extend far beyond its strength-boosting properties. It has superconducting properties, aiding the production of superconducting magnets for particle accelerators, MRI scanners, and NMR equipment. Its compounds enhance the refractive index of glass, enabling the production of thinner lenses for corrective glasses. The element’s versatile nature continues to make it a valuable resource in numerous industries, driving demand in its global market.

Interestingly, Niobium owes its name to the Greek goddess of tears, Niobe, symbolizing its similarity to tantalum. The two elements are nearly always found together in nature, and despite being primarily mined in Brazil and Canada, the estimated amount of niobium in the Earth’s crust is projected to last for the next five centuries.

As NioCorp Developments Ltd. continues to push the boundaries of innovation, this recent breakthrough marks a significant milestone in niobium recovery and production processes. By harnessing this opportunity, the company is poised to bolster its position in the global niobium market and contribute to various high-demand sectors, from the steel industry to healthcare, aerospace, and more.

“Nearly 80 percent of niobium is used in the steel industry to create high-strength low-alloy steels, increasing the steels’ mechanical and high-temperature strength, toughness, and corrosion resistance,” according to USGS. This widespread application of niobium places NioCorp in a strategic position to cater to the ever-growing needs of the steel industry.

Furthermore, the company’s potential to produce diverse forms of the critical mineral introduces the possibility of entering other markets. Niobium oxide, for instance, could see the company contributing to the pipeline construction, heat-resistant equipment, jewelry industries, and even the creation of superconducting magnets capable of producing exceptionally strong magnetic fields.

Niobium, alongside tungsten, molybdenum, tantalum, and rhenium, is part of the exclusive group of five refractory metals, all renowned for their high resistance to heat and wear. This enhances the demand for niobium in numerous high-stress applications, presenting a favorable landscape for NioCorp’s enhanced niobium recovery process.

To conclude, NioCorp’s advancements in niobium recovery, alongside its ability to potentially produce diverse forms of niobium products, offer promising prospects in the multibillion-dollar global niobium market. With its eyes on setting new industry standards, the company’s groundbreaking work promises to offer a boost to industries worldwide while simultaneously enhancing financial returns and business sustainability. As we eagerly anticipate further updates, it is clear that NioCorp is paving the way for a brighter, more efficient future in niobium mining and production.

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