Niocorp Developments Ltd (NB)

[Skiluc]

This news release just gets my juices flowing. Not many times, in my 20+ years of investing, has a PR done it for me like this. Some really exciting stuff.

NioCorp's Rare Earth Demonstration Plant Showing Strong Rare Earth Recovery Results, in Line with Expectations

NioCorp is developing a critical minerals project in Southeast Nebraska that will produce Niobium, Scandium, and Titanium. The Company also is evaluating the potential to produce several rare earth byproducts from the Project. (PRNewsfoto/NioCorp Developments Ltd.)

NEWS PROVIDED BY
NioCorp Developments Ltd.
Feb 06, 2023, 17:35 ET

Results Support Feasibility of Separating Magnetic Rare Earth Oxides, Which are Vital to Electric Vehicles and Critical U.S. Defense Systems

CENTENNIAL, Colo., Feb. 6, 2023 /PRNewswire/ -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX:NB) (OTCQX:NIOBF) today announced that its demonstration-scale processing plant (the "demonstration plant") at L3 Process Development in Quebec, Canada has succeeded in producing a high-purity mixed rare earth concentrate from NioCorp's integrated demonstration plant. These encouraging results lend support to the technical feasibility of separating high-purity oxides of several key magnetic rare earths, on which the U.S. is presently 100% dependent, primarily from China, from ore comprising the Elk Creek Critical Minerals Project ("Project").

NioCorp's patent-pending demonstration scale rare earth extraction and purification solvent extraction process operation is ongoing in Trois-Rivieres, Quebec, using solutions generated by the upstream operations of the demonstration plant. The rare earths were then precipitated out of solution, producing a solid that contains 6% praseodymium ("Pr") oxide, 25% neodymium ("Nd") oxide, 0.35% terbium oxide ("Tb"), and 1.6% dysprosium ("Dy") oxide, with the balance of the solids consisting primarily of rare earths with minor base metal impurities.

Based on these results, and subject to additional demonstration testing over the coming weeks, L3's process engineering team have determined that overall recoveries for these four magnetic rare earths are likely to be greater than 92% and meet commercial purity specifications for magnetic rare earth oxides. These results are in line with bench- and pilot-scale testing of L3's rare earth recovery system, as well as hydrometallurgical performance models that have been run on the rare earth recovery process upon which the demonstration plant is based. They are in line with the Company's previous published success at demonstration-scale in producing high-purity Scandium oxide at an overall recovery rate of approximately 92%. Scandium behaves very similarly to rare earths in solution while it is being separated and recovered into a high-purity oxide product.

L3 is currently completing the assembly and commissioning of additional solvent extraction steps that will be run in concert with the rest of the demonstration plant to confirm these recovery numbers.

NioCorp is currently focused on demonstrating its ability to recover three high-purity rare earth products: (1) neodymium-praseodymium oxide, which is the principal component of neodymium-iron-boron ("NdFeB") permanent rare earth magnets; (2) dysprosium oxide, and; (3) terbium oxide. Both Dy and Tb oxide are critical to the type of powerful NdFeB magnets used in the traction motors of electric vehicles. However, very little of these high-purity separated rare earth products are made outside of Asia.

"We are very pleased to be able to deliver these outstanding results to NioCorp using the demonstration plant equipment," said Eric Larochelle, Co-Owner of L3 Process Development. "We have established a baseline of performance in the demonstration plant solvent extraction system, and expect to maintain or exceed these results as we gain further operating experience with that system."

"These results are right in line with our expectations and are a reflection of the excellent technical pedigree of the L3 team along with a tremendous amount of hard work to get the demonstration plant built, commissioned, and operating," said Scott Honan, NioCorp's Chief Operating Officer. "In the coming weeks, we look forward to seeing additional results from L3's efforts, including the final portions of the operation involving niobium and titanium separations."

As no economic analysis has been completed on the rare earth mineral resource comprising a portion of the Elk Creek Project, further studies are required before determining whether extraction of rare earth elements can be reasonably justified and economically viable after taking into account all relevant factors.

https://www.prnewswire.com/news-releases/niocorps-rare-earth-demonstration-plant-showing-strong-rare-earth-recovery-results-in-line-with-expectations-301739932.html