NioCorp Developments Ltd Dossier
Qualitative Analysis
Business overview
NioCorp Developments Ltd. is a development-stage mineral exploration and development company focused on its flagship Elk Creek Critical Minerals Project located in southeast Nebraska. The project is recognized as one of the highest-grade niobium deposits in North America. It is designed to produce critical minerals essential for national security, clean energy, and advanced manufacturing, including niobium, scandium, and titanium, with potential future production of magnetic rare earth elements (such as neodymium, praseodymium, terbium, and dysprosium). NioCorp is positioning itself to establish a vertically integrated domestic supply chain, notably through its acquisition of FEA Materials' assets to produce aluminum-scandium master alloys.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A $45 million undertaking to establish access from the surface into the underground limestone formation at the Elk Creek site, representing the main entrances to the planned underground mine.
Expected impact: Establishes critical underground access and demonstrates pre-construction progress to build confidence for project financing.
A joint development program with Lockheed Martin Skunk Works, supported by up to $10 million in funding from the U.S. Department of Defense (DoD) Title III Program, to evaluate and develop new scandium-based defense applications.
Expected impact: Aims to design, test, and produce prototype aluminum-scandium components for advanced fighter jets and other aerospace platforms, establishing a domestic mine-to-market scandium supply chain.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of manufacturing assets and IP related to commercial manufacturing of 2%-4% aluminum-scandium (Al-Sc) master alloy. FEA's proprietary process converts scandium oxide directly into Al-Sc master alloy, bypassing the interim step of converting oxide to metal.
Financial impact: All-cash transaction of $8.4 million.
Strategic Partnerships
Collaborative development of Stellantis' magnetic rare earth supply chain, establishing a prospective 10-year offtake contract for rare earth oxides (neodymium-praseodymium, dysprosium, and terbium) from the Elk Creek Project.
Terms: Non-binding term sheet proposing a 10-year offtake agreement and a potential strategic equity investment by Stellantis in NioCorp, subject to definitive agreements and project financing.
Collaboration on the design, testing, and production of airworthy aluminum-scandium parts for advanced aerospace and defense applications, leveraging NioCorp's planned domestic scandium supply.
Terms: Supported in part by up to $10 million in funding from the U.S. Department of Defense Title III Program.