Interview with Mark Smith, Executive Chairman, President & CEO of NioCorp Developments Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/niocorp-nasdaqnb-critical-minerals-project-targets-us-supply-chain-security-7125

Recording date: 26th January 2026

NioCorp Developments (NASDAQ: NB) is accelerating toward project financing for its Elk Creek critical minerals facility in Nebraska, backed by over $300 million in cash and intensifying support from US government agencies. The company raised $370 million in 2025, including a $10 million Department of Defense grant that funded reserve upgrades and engineering work critical to securing Export-Import Bank financing.

Executive Chairman Mark Smith reports unprecedented momentum with the US Export-Import Bank, which designated NioCorp as a "very top priority project" in December 2025. "In the last two weeks, I have received more emails and more phone calls from EXIM than I did in all of 2025," Smith said, describing the pace as "Trump speed." The company expects binding commitments by Q2 2026 for a 65% debt, 35% equity structure totaling $780 million.

Project economics have been dramatically enhanced by surging rare earth prices. Neodymium-praseodymium oxide has doubled from $55/kg in July 2025 to $110-120/kg, while heavy rare earths show even more striking differentials—dysprosium at $1,250/kg outside China versus $250/kg domestically. These pricing improvements will be reflected in the company's mid-March feasibility study update.

NioCorp has commenced detailed engineering for a $45 million underground mine portal project starting February 2026, demonstrating management confidence in near-term financing. The project offers exceptional margins of approximately $450-475 per ton, with $700 in revenue against $225-250 in processing costs across four critical minerals: niobium, scandium, titanium, and magnetic rare earths.

The company has secured definitive offtake agreements for 75% of ferroniobium production and 12 tons annually of scandium, with additional announcements expected through April. NioCorp is also negotiating with the Department of Defense for support similar to recent arrangements with MP Materials and USA Rare Earth, positioning the project as critical to US supply chain independence for materials currently 100% imported.

View NioCorp's company profile: https://www.cruxinvestor.com/companies/niocorp-developments

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