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CENTENNIAL, CO - NioCorp Developments Ltd. (NASDAQ:NB), a mining company with a market capitalization of $1.47 billion that has seen its stock surge 140% over the past year according to InvestingPro data, has completed its Phase I drilling campaign at the Elk Creek Project in Southeast Nebraska, the company announced Tuesday.
The program consisted of nine HQ diamond drillholes totaling 6,817 meters, with core processing and sample analysis currently underway at SGS USA.
The drilling campaign aims to convert a portion of the project’s Indicated Resources to Measured Resources and Probable Mineral Reserves to Proven Mineral Reserves. This work represents one of the requirements from the Export-Import Bank of the United States as part of its due diligence for NioCorp’s application for up to $800 million in potential debt financing. The company currently operates with a moderate debt-to-equity ratio of 0.33, as reported by InvestingPro.
Following favorable outcomes in terms of schedule and budget, NioCorp has decided to add up to six additional drillholes totaling approximately 3,930 meters as Phase II of the program.
"The drilling campaign was conducted very efficiently and resulted in lower overall program costs, which is enabling us to conduct some additional drilling to further explore our mineral resource and potentially expand its size," said Mark Smith, Chairman and CEO of NioCorp.
The company expects the drilling data to support an updated feasibility study for the Elk Creek Project, which is necessary for EXIM’s consideration of the proposed debt financing.
NioCorp is also finalizing engineering plans for a new production process that may incorporate light and heavy magnetic rare earth oxides, titanium production in the form of titanium tetrachloride, and the potential to produce both ferroniobium and niobium oxide.
The Elk Creek Project is being developed to produce niobium, scandium, and titanium, with potential for rare earth production.
This information is based on a company press release statement.
In other recent news, NioCorp Developments Ltd. has made several notable announcements. The company reported that its subsidiary, Elk Creek Resources Corp., received up to $10 million in funding from the U.S. Department of Defense. This funding aims to support the establishment of a domestic scandium supply chain as part of the Elk Creek Critical Minerals Project in Nebraska. Additionally, NioCorp completed a $2.7 million land purchase in Johnson County, Nebraska, securing both surface and mineral rights to several parcels.
In another development, NioCorp regained compliance with Nasdaq audit committee requirements following changes to its board of directors. Tony Fulton, a former Nebraska state senator, rejoined NioCorp’s Board of Directors, filling a vacancy and serving on key committees. The company is also potentially poised to benefit from a Trump Administration initiative to establish price supports for critical minerals, including those produced by NioCorp’s Elk Creek project. These recent developments highlight significant progress in NioCorp’s strategic initiatives.
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