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Investing.com -- NioCorp Developments Ltd (NASDAQ:NB) stock jumped 9.3% in premarket trading Thursday after the U.S. critical minerals developer announced a partnership with Lockheed Martin to develop scandium-based defense technology.
The collaboration will focus on producing prototype components made from aluminum-scandium alloy to enhance capabilities of modern fighter aircraft. The program is being funded by the U.S. Department of War through a $10 million agreement under Title III of the Defense Production Act.
"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 partnership supports NioCorp’s Elk Creek Critical Minerals Project in Nebraska, which aims to establish a domestic scandium mine-to-master-alloy supply chain. The project is positioned to be the first polymetallic deposit in the United States targeting production of scandium, niobium, titanium, and rare earth oxides.
NioCorp CEO Mark Smith noted that when operational, the company plans to produce approximately 100 tonnes per year of scandium oxide, potentially reducing U.S. dependence on foreign producers for the critical mineral.
The federal funding follows appropriations in the Fiscal Year 2024 Department of War budget supported by Senator Deb Fischer and other members of Nebraska’s Congressional delegation. The investment aligns with President Trump’s March 2025 executive order aimed at increasing American mineral production.
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