Niocorp Developments Ltd (NB)

[Landmark8211111]

Elk Creek Project Expected to Deliver Significant Cash Flow Over 38-Year Life
Elk Creek Project Metrics Summary1
2022 Elk Creek Feasibility Study Economic Results
(not including REE production)

(US$ Millions)
Pre-Tax Net Present Value (NPV) (8% discount) $2,819
Pre-Tax Internal Rate of Return (IRR) 29.2%
After-Tax NPV $2,350
After-Tax IRR 27.6%
After-Tax Payback Period from Production Onset (years) 2.69
Total Upfront CAPEX $1,141
Mine Life (years) 38
Life of Mine (“LoM”) Gross Revenue ($M) $21,900
Niobium $7,968
Scandium $13,504
Titanium $427
Averaged Annual EBITDA over LoM2 $397.5
Averaged EBITDA Margin over LoM (EBITDA as % of total revenue)2 69%
Averaged Annual Operating Cash Flow over LoM2 $337
Average Annual Operating Cost, LoM (OPEX) (US$/t) ($195.9)
Averaged Annual EBITDA over Run of Mine (“RoM”) 2 $403
Averaged EBITDA Margin over RoM (EBITDA as % of total revenue) 2 68%
Averaged Annual Operating Cash Flow over RoM2 $340
Effective Tax Rate 16.4%