Mining veteran Ernest Cleave joins NioCorp as business development SVP

CENTENNIAL, Colo. - NioCorp Developments Ltd. (NASDAQ:NB), which has delivered an impressive 146% return over the past year according to InvestingPro data, announced Monday that Ernest M. Cleave has joined the company as Senior Vice President of Business Development.

Cleave brings 20 years of experience in the mining, mineral processing, and energy industries. His previous roles include serving as President and CEO of Tinova Resources, Chief Financial Officer of Largo Resources, Interim President of Largo Clean Energy, and Chief Financial Officer at both Cline Mining and Petrolympic. He joins NioCorp at a time when the company maintains a moderate debt level and shows a GOOD overall financial health score, as reported by InvestingPro.

He also held positions as Global Lead of Sarbanes-Oxley Compliance at Glencore (previously Falconbridge) and as Treasurer and Director of Financial Planning and Analysis at Goldcorp.

"I am very pleased to have Ernest join the NioCorp team and lead our business development efforts," said Mark A. Smith, Chairman and CEO of NioCorp, in a press release statement.

Cleave is a Chartered Accountant in Australia and New Zealand and a registered CPA in both Canada and Australia. He holds an M.B.A. from Deakin University of Victoria Australia and undergraduate degrees in computational science and commerce.

NioCorp, with a market capitalization of $1.4 billion and strong revenue growth of 67% in the last twelve months, is developing the Elk Creek Critical Minerals Project in Nebraska, which is expected to produce niobium, scandium, and titanium. The company is also evaluating the potential to produce rare earth elements from the project. (Get access to 8 more exclusive InvestingPro Tips for deeper insights into NioCorp’s financial outlook.)

Niobium is used in specialty alloys and high-strength steel for automotive, structural, and pipeline applications, while scandium is used in aluminum alloys and fuel cells. Titanium serves various applications including aerospace, armor, and medical implants.

In other recent news, NioCorp Developments Ltd. announced the completion of its Phase I drilling campaign at the Elk Creek Project in Southeast Nebraska. This drilling program included nine HQ diamond drill holes totaling 6,817 meters, with core processing and sample analysis currently underway. Additionally, NioCorp secured up to $10 million in funding from the U.S. Department of Defense to support the establishment of a domestic scandium supply chain, contingent upon meeting certain milestones. The funding will aid the development of the Elk Creek Critical Minerals Project, a move supported by U.S. Senator Deb Fischer and other congressional members.

In corporate developments, Tony Fulton has rejoined NioCorp’s Board of Directors, filling a current vacancy and serving on the Nominating and Corporate Governance Committee and Audit Committee. Fulton previously served on the board from 2013 to 2016 and recently completed his tenure as Nebraska’s Tax Commissioner. Furthermore, NioCorp finalized a $2.7 million land purchase in Johnson County, Nebraska, through its subsidiary Elk Creek Resources Corp., acquiring both surface and mineral rights to parcels totaling approximately 1.66 acres.

Reports have also surfaced about a Trump Administration plan to establish price supports for critical minerals produced in the U.S., potentially benefiting NioCorp’s Elk Creek Project. This initiative would utilize the Defense Production Act to set price support levels for minerals deemed critical by the U.S. government. These developments highlight NioCorp’s continued progress in advancing its critical minerals project and expanding its operational footprint in Nebraska.

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