Niocorp Developments Ltd (NB)

[chico237]

Niocorp's (Early Works-First Year items & Critical Path) per 2020 AGM

1) Finalize EPC Contracts -(Placed into final form ready to go once additional finance is announced. Cementation has already completed phase I; also note the shaft sinking is critical path, & a signed contract with a termination clause would fulfill the Air Permit's condition as "commencing construction".)

2) Optimization & Metallurgical Testing - (Currently underway including HPGR testing & the addition of viable REE's into a Mineral Resource estimate & more. The Oct. 6th tour highlights the core samples)
https://www.niocorp.com/niocorp-to-analyze-additional-elk-creek-drill-core-as-it-looks-to-further-enhance-upgrade-and-add-rare-earth-data-to-the-elk-creek-projects-mineral-resource/

3) Permitting- (Additional "smaller/lesser" permits will be required & an extension of the Air Permit may be needed prior to years end "IF" construction has not commenced.)
Nebraska Permits issued to date:
Elk Creek Resources; use NDEQ facility #97622
https://ecmp.nebraska.gov/publicaccess/viewer.aspx?MyQueryID=340

4) Hydrology/GEO-Tech. Drilling- (*Needed to establish the properties of the rock around the mine shaft sinking site. The Oct. 6th tour highlights the mine shaft site where the ground-freezing will be utilized prior to sinking the shaft. Additional permits may be required?)

5) Detailed Engineering & Procurement of LONG LEAD TIME ITEMS.-
("Critical Path" elements would be a priority)
***Note: LONG LEAD TIME ITEMS:
a) Permanent Electric Power- 2 Years
b) Natural Gas Supply- 18 mos.
c) HPGR - 17 mos. (TESTING/OPTOMIZING NOW)
https://www.niocorp.com/niocorp-completes-first-phase-of-hpgr-testing-of-elk-creek-ore-samples/
d) Secondary Crusher -12 mos.
e) SX Mixers & Extraction (OPTOMIZING NOW HYDRO-MET.)
f) Rotary Kilns -18 mos.
g) Arc Furnace -24 mos.
h) Pyro-met Switchgear- 13 mos.
I) Mine Substation- 15 mos.
J) Mine Hoists -12 mos.

6) Natural Gas Supply (Payment Driven Process! Requires additional EPC contractors & is "Critical Path!" Additional permits??)


7) Electric Power Supply (Payment Driven Process! Requires additional EPC contractors & is "Critical Path!" Additional permits??)


8) Water Supply (Additional Water supply to the site is required)
https://www.tecumsehne.com/uploads/1/0/4/6/1046396/bpw_minutes_-_9-4-18.pdf

NioCorp Developments – Possible water main project & estimated costs. The mining company is interested in tapping into City water supply and piping it to the mine site. May need 500 –2,000 gallons per minute. Discussed the need to evaluate our water supply capacity and the
needs of the community to see if the project is feasible. Olsson’s will work on the study and provide some estimated project costs. Motion by Murphy, second by Campbell to authorize Olsson Associates to begin the water study for the potential NioCorp water project. Voting Aye:
Blessing, Campbell, Murphy. Voting Nay: None. Motion Carried. A contract will be brought back to the Board for review. Additional discussion about financing the project and how they would be charged (via rates or assessment) for the infrastructure and water usage is pending.
Scott Honan of NioCorp plans to attend the next meeting on October 1st
.

9) Land Acquisition - (COMPLETED)
SCOTT HONAN per 2020 AGM

The first 8-9 months are really an engineering effort. We need to advance detailed engineering to get to the point where we can start constructing things on the ground. "I think the point I want to make here is that… when we think about execution planning. We really are adaptable to the ultimate financing mix & when the financing arrives! So… for instance we might get an initial offering of modest size. We might get the land we need; so instead of getting the land in month five we get it at the beginning!!!
"We would probably prioritize the work we need on permitting & the utilities we need to run the operation. We certainly want to spend some money on advancing the detailed engineering; & we want to keep a little money aside to cover our operating expenses!!! While we pursue subsequent tranches of funding!"

10) Clearing & Grading

11) Temp. Office Space on site

12) Process Modeling- (Currently Underway)
https://www.niocorp.com/niocorp-scores-initial-success-in-metallurgical-testing-of-elk-creek-ore-samples-to-optimize-process-and-demonstrate-potential-extraction-of-rare-earth-elements/

13) Contractor Mobilization - (Hydro/Geo Drilling & Clearing & Grading....Still possible this Fall????)

14) Ground Freezing-
Shaft Freezing Process: to the Nov. 5th AGM 2020 (@34 min. mark)

Scott details the shaft freezing methods to be utilized. Up-Front the "Drilling"-Hydrology, including Geo Tech. work takes approx. 6-7 months & the ground Freezing itself 5-6 months.

15) Temporary Power- (Generators can be easily rented by EPC contractors....)


Per AO's article: Mark Smith did mention:
https://www.mining.com/coalition-urges-us-congress-to-incentivize-permanent-rare-earth-magnet-making/

In the interim, Smith is looking to secure a $25 million cornerstone investor to get the project out of the starting blocks.

“There are lots of front-end things that we can do. If we bring that anchor equity investor in with that amount of money, we can start to get the infrastructure together for the project, like getting gas lines and electrical lines out to the project.

“Not only will we make a start on construction, but we can also send a message to the debt markets that we have an anchor equity investor, which is a powerful momentum builder for the debt providers. Debt providers want to make sure that the equity is going to be there, and the equity guys want to make sure that the debt is going to be there,” said Smith.

NioCorp to Conduct its Annual General Meeting on December 2, 2021
https://www.niocorp.com/niocorp-to-conduct-its-annual-general-meeting-on-december-2-2021/

IMHO-Speculation:
It is apparent to me - Team Niocorp has been executing upon Scott's strategy from the 2020 AGM. Why have shareholders come to the Oct. 6th Tour "IF" they did not intend to complete the execution of the Project & build the Elk Creek Mine??
I believe Niocorp will secure the next $25M tranche/block of Finance needed. (I cannot predict when lol....-Like Scott... I remain "Hopeful" before years end...!)
https://www.niocorp.com/omaha-ketv-channel-7-news-airs-2-part-feature-on-elk-creek-critical-minerals-project/
Those attending the tour will have a great opportunity to ask some great questions!
Let's see what "Material News" is announced between now & the 2021 AGM!


Sitting in my front row seat! As Yogi said- "It ain't over till it's over!"
..."It ain't over yet!...." Godspeed Team Niocorp!

Chico