Niocorp Developments Ltd (NB)

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NioCorp CEO: Automotive Industry Should Not Count on Sufficient Rare Earth Minerals Coming From China

CENTENNIAL, Colo., October 4, 2022 — Automotive and other manufacturers should not count on sufficient supplies of rare earths and other critical minerals coming from China, because China is increasingly consuming its own production for electric vehicles and other technologies that use permanent rare earth magnets, Mark A. Smith, CEO and Executive Chairman of NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX: NB; OTCQX: NIOBF) said during an appearance Monday on Fox Business News.

“Rare earth minerals are very, very important, and the majority of the rare earths in the world today are coming out of China,” Mr. Smith said. “Well, that's fine, except China's making a whole bunch of EVs. Now we want to make EVs. And there isn't going to be enough rare earths coming out of China to feed all of those EVs that we want.”

Ms. Claman asked Mr. Smith whether large automotive manufacturers and other potential customers are inquiring about the critical minerals that NioCorp intends to produce at its Elk Creek Critical Minerals Project in southeast Nebraska, once sufficient project financing is obtained to allow the Project to proceed.

“Who's approaching you right now? Who wants these minerals? Is the word out?” Ms. Claman asked.

“The word is out,” Mr. Smith responded. “You've seen the reports about the automobile companies, the steel companies, going out and searching for these minerals. They can't find enough of these minerals. So, we are in discussions with some of the top automotive companies, the top steel companies in the world, because they want to put their procurement programs together, 10, 15, 20 years out. We're happy to talk to them.”

Read more at:
https://www.niocorp.com/niocorp-ceo-mark-smith-to-appear-on-fox-business-news-the-claman-countdown-on-monday-oct-3-2022/