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Investing.com -- NioCorp Developments Ltd. (NASDAQ:NB) stock rose 6% after the U.S. critical minerals developer announced a Pentagon-funded collaboration with Lockheed Martin to develop scandium-based defense technology.
The project, funded through a $10 million agreement under Title III of the Defense Production Act, aims to produce prototype components using aluminum-scandium alloy to enhance modern fighter aircraft capabilities. The partnership involves Lockheed Martin’s Skunk Works advanced development programs division.
"We are pleased to collaborate with NioCorp on this important initiative that will connect domestic critical materials mining through the value-chain to advanced materials to provide advanced capabilities for the warfighter," said OJ Sanchez, vice president and general manager of Lockheed Martin Skunk Works.
The funding supports NioCorp’s Elk Creek Critical Minerals Project in Nebraska, which is positioned to become America’s first domestic source of scandium. The project aims to produce approximately 100 tonnes of scandium oxide annually, reducing U.S. dependence on foreign suppliers.
Mark A. Smith, NioCorp’s CEO and Chairman, called the potential domestic scandium production "a game changer for both U.S. defense and commercial applications."
The Pentagon investment aligns with President Trump’s March 2025 executive order aimed at increasing American mineral production. NioCorp’s Nebraska facility is developing the first U.S. polymetallic deposit targeting production of scandium, niobium, titanium, and rare earth oxides - all critical minerals for which the U.S. currently depends heavily on foreign sources.
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