u/Gman-303
▲ 13 r/NIOCORP_MINE
Why the Next Rare Earth Winner May Be (Is) a Process, Not a Deposit "The 2026 Feasibility Study for NioCorp Developments Ltd. (NASDAQ: NB) already incorporates this technology into its proposed flowsheet for the recovery of rare earth elements and scandium."
Critical Minerals & Rare Earths, Market Opinion
Jack Lifton
August 16, 2026
Introducing Lifton’s Third Law of Rare Earth Economics
For decades, investors have been conditioned to believe that success in the rare earth industry begins with discovering another deposit. I believe they have been looking in the wrong place. The next great winner in the rare earth industry may not be the company that discovers another ore body. It may be the company that discovers a better way to process the ore bodies—and the recycled materials—we already have one.
Throughout my career, I have argued that geology creates opportunities, but chemistry and engineering create wealth. A mineral deposit is simply a natural occurrence until someone develops an economical method to convert the elements it contains into marketable commercial products. That observation leads me to what I believe is another fundamental principle governing our industry.
Lifton’s Third Law of Rare Earth Economics
The economic value of a rare earth resource is determined less by the size or grade of its deposit than by the efficiency with which its contained rare earths can be converted into qualified products.
This may seem counterintuitive to those who continue to judge rare earth companies primarily by the size of their resources or the grades they report. History tells a different story. The rare earth industry has never suffered from a shortage of deposits. It has suffered from a shortage of economical processing technologies. Every meaningful advance in extractive chemistry, solvent extraction, metallurgy, alloy production, magnet manufacturing or recycling increases the value of resources that are already known to exist.
That is why a recent announcement from privately held L3 Process Development LLC (L3) deserves far more attention than it is likely to receive.
L3 has reported the successful application of an extractant that it has exclusively licensed from the U.S. Department of Energy (DOE). To understand why this matters, it is first necessary to understand what happens during rare earth processing.
Whether the feedstock is monazite, bastnäsite, ionic adsorption clay, xenotime or recycled permanent magnets, the first chemical attack is intentionally indiscriminate. Strong mineral acids dissolve almost everything they encounter. The resulting solution contains not only the rare earths, but also iron and numerous other dissolved elements that must eventually be removed before the rare earths themselves can be purified and separated. That cleanup stage has always been one of the hidden costs of the industry.
L3’s process does not attempt to solve the extraordinarily difficult problem of separating the individual rare earth elements from one another. Conventional rare earth solvent extraction, at which L3 is a world class vendor, remains the preferred technology for that task. Instead, L3 addresses an earlier—and in many ways more fundamental—problem.
The company’s process selectively extracts the rare earths as a group while rejecting much of the dissolved iron and many of the unwanted elements present after acid leaching. According to the company, the differential extraction coefficient between light rare earths and iron is well over 100:1. The separation factor for heavy rare earths is an order of magnitude greater. The technology also demonstrates selectivity against aluminum of 5,000:1, phosphorus of 300:1 and thorium of 80:1.
If those levels of selectivity prove repeatable under commercial operating conditions, the implications could extend throughout the rare earth industry.
Iron has always been one of the major burdens carried through downstream rare earth processing. Every kilogram of dissolved iron consumes extractants, reagents and neutralizing chemicals. It occupies plant capacity, generates residues that require disposal, increases operating costs and expands the process’s environmental footprint.
The problem becomes even more important in recycling. Most high performance permanent magnets are based upon neodymium iron boron alloys. Anyone attempting to recover the valuable rare earths must first contend with the fact that they are intimately associated with very large quantities of iron. Recovering the rare earths has traditionally required carrying that dissolved iron through multiple processing stages before it could finally be discarded. That approach is expensive. It consumes chemicals. It generates large volumes of neutralized residues. It increases water consumption. It raises both capital and operating costs.
If, however, the rare earths can be selectively transferred into an organic phase while leaving most of the iron behind, the economics change immediately. Downstream solvent extraction circuits become simpler. Reagent consumption declines. Neutralization requirements are reduced. Waste generation falls. Plant throughput increases. The environmental footprint becomes smaller. Most importantly, the cost of recovering rare earths declines.
This is precisely the type of innovation that creates value. Notice that none of these improvements requires the discovery of another rare earth deposit. None requires finding higher grade ore. None requires government subsidies. They arise from improving the efficiency of converting known resources into useful materials. That is exactly what Lifton’s Third Law predicts.
Every improvement in chemistry increases the value of every ton of ore already discovered and every ton of permanent magnets awaiting recycling. It can transform previously marginal resources into potentially economic ones. It allows existing plants to become more productive. It lowers barriers to recycling. It reduces environmental impacts while improving profitability.
Those are the characteristics of truly productive innovation. For many years, investors have tended to reward companies for announcing larger resources. Perhaps they should pay closer attention to companies announcing better processes.
Geology determines where the rare earths are. Chemistry determines whether they can be recovered economically. Engineering determines whether that recovery can be accomplished reliably at commercial scale. Manufacturing determines whether those rare earths become products that customers are willing to qualify and purchase. Only then is value created.
The rare earth industry’s future will not be determined solely by who owns the largest deposits. It will be determined by who develops the best chemistry, the most efficient engineering, the lowest cost processing and the highest quality manufacturing capability.
L3 Process Development’s reported process improvement is significant because it addresses one of the industry’s most persistent and costly processing problems. Its ultimate commercial importance will, of course, depend upon successful pilot scale and industrial scale validation, but the reported results suggest exactly the type of technological advance the rare earth industry has needed for decades.
The 2026 Feasibility Study for NioCorp Developments Ltd. (NASDAQ: NB) already incorporates this technology into its proposed flowsheet for the recovery of rare earth elements and scandium.
Investors should remember that history rarely rewards those who merely find more rock. It rewards those who discover better ways to transform that rock into products the world needs. The next great rare earth winner may not be another deposit. It may be another process.
u/Gman-303 — 3 days ago
▲ 7 r/NIOCORP_MINE
Argus Rare Earths & Critical Minerals Conference Washington DC, US 2-3 March 2027
https://www.argusmedia.com/en/events/conferences/rare-earths-and-critical-minerals-conference
Mark Smith - NioCorp Developments
Who will finance the next generation of critical mineral projects?
- What will investors need to see before committing capital to projects expected to supply the market between 2027 and 2030?
- How can projects secure investment despite opaque pricing and long development timelines?
- What role should governments, export credit agencies, strategic investors and buyers play in de-risking projects?
- Can new financing models including strategic procurement, long-term offtakes and price support mechanisms unlock commercially viable supply chains?
u/Gman-303 — 10 days ago
NioCorp Project to Expand Production to 8 Made-in-USA Critical Minerals Over a 40-Year Mine Life with an Estimated $4.1 Billion Pre-Tax NPV8%
• New Feasibility Study Shows Project Economics Including an Average Annual EBITDA^(2) of $608 Million, Life-of-Mine Revenue of $37.4 Billion with a Pre-Tax NPV8% of $4.1 Billion (After-Tax NPV8% of $3.4 Billion) and Pre-Tax IRR of 24% (After-Tax IRR of 22.8%)
• Expanded Product Mix is Expected to Generate Revenue of $815/Ton of Ore Against Average Operating Costs of $255/Ton, Creating a More Robust and Diversified Revenue Profile
• Proven and Probable Mineral Reserves of 45.9 Million Tons Support a 40-Year Operating Mine Life, with Additional Mineral Resources Providing Potential for Future Expansion
• NioCorp’s Integrated Mine and Processing Plant in Nebraska Expected to Reduce U.S. Import Reliance on Eight Different Imported Critical Minerals: Ferroniobium, Scandium Trioxide, Titanium Tetrachloride, Terbium Oxide, Dysprosium Oxide, NdPr Oxide, SEG Carbonate, and Heavy Rare Earth Carbonate
• Diversified Revenue Stream Expected to Reduce NioCorp’s Exposure to Market Concentration, Export Controls, and Pricing Volatility Associated with China-Dominated Supply Chains
• Upfront Capital Estimate of $1.85 Billion Reflects a Substantially Redesigned Processing Plant and Mining Operation Producing Eight Critical Minerals and Significant Inflationary Impacts Since the Previous Feasibility Study
• Completion of NioCorp’s Feasibility Study Will Satisfy a Key U.S. Export-Import (“EXIM”) Bank Due Diligence Requirement; Company Now Expects to Advance to the Next Step of Detailed Engineering and Engineering, Procurement and Construction (“EPC”) Contracting
• NioCorp to Host Live Investor Webcast on Tuesday, August 11 at 10:00 AM ET. Register Here to Participate.
u/Gman-303 — 10 days ago
▲ 25 r/NIOCORP_MINE
News out! NioCorp Project to Expand Production to 8 Made-in-USA Critical Minerals Over a 40-Year Mine Life with an Estimated $4.1 Billion Pre-Tax NPV8%1
New Feasibility Study Shows Project Economics Including an Average Annual EBITDA^(2) of $608 Million, Life-of-Mine Revenue of $37.4 Billion with a Pre-Tax NPV8% of $4.1 Billion (After-Tax NPV8% of $3.4 Billion) and Pre-Tax IRR of 24% (After-Tax IRR of 22.8%)
- Expanded Product Mix is Expected to Generate Revenue of $815/Ton of Ore Against Average Operating Costs of $255/Ton, Creating a More Robust and Diversified Revenue Profile
- Proven and Probable Mineral Reserves of 45.9 Million Tons Support a 40-Year Operating Mine Life, with Additional Mineral Resources Providing Potential for Future Expansion
- NioCorp’s Integrated Mine and Processing Plant in Nebraska Expected to Reduce U.S. Import Reliance on Eight Different Imported Critical Minerals: Ferroniobium, Scandium Trioxide, Titanium Tetrachloride, Terbium Oxide, Dysprosium Oxide, NdPr Oxide, SEG Carbonate, and Heavy Rare Earth Carbonate
- Diversified Revenue Stream Expected to Reduce NioCorp’s Exposure to Market Concentration, Export Controls, and Pricing Volatility Associated with China-Dominated Supply Chains
- Upfront Capital Estimate of $1.85 Billion Reflects a Substantially Redesigned Processing Plant and Mining Operation Producing Eight Critical Minerals and Significant Inflationary Impacts Since the Previous Feasibility Study
- Completion of NioCorp’s Feasibility Study Will Satisfy a Key U.S. Export-Import (“EXIM”) Bank Due Diligence Requirement; Company Now Expects to Advance to the Next Step of Detailed Engineering and Engineering, Procurement and Construction (“EPC”) Contracting
- NioCorp to Host Live Investor Webcast on Tuesday, August 11 at 10:00 AM ET. Register Here to Participate.
CENTENNIAL, Colo. (August 10, 2026) – NioCorp Developments Ltd. (“NioCorp,” “our,” or the “Company”) (NASDAQ:NB), a leading U.S. critical minerals developer, is pleased to report the results of an updated Feasibility Study (the “2026 Feasibility Study”) for its Elk Creek Critical Minerals Project (the "Elk Creek Project") outlining the project’s evolution into a 40-year, integrated U.S. operation with a Net Present Value exceeding $4 billion that is expected to produce eight critical-mineral products from a single ore body.
The 2026 Feasibility Study estimates a pre-tax net present value at an 8% discount (“NPV8%”) of $4.1 billion, an after-tax NPV8% of $3.4 billion, a pre-tax Internal Rate of Return (“IRR”) of 24% and an after-tax IRR of 22.8%. Over the projected mine life, the Elk Creek Project is projected to generate approximately $37.4 billion in life-of-mine (“LoM”) revenue, $608 million in average annual EBITDA^(2), and $519 million in average annual operating cash flow.
The Elk Creek Project is expected to produce eight products, all designated by the U.S. Government as critical minerals: ferroniobium (“FeNb”), scandium trioxide (“Sc2O3”), titanium tetrachloride (“TiCl4”), and several rare earth oxide products, including neodymium-praseodymium oxide (“NdPr”), dysprosium oxide (“Dy”) and terbium oxide (“Tb”), samarium-europium-gadolinium (“SEG”) carbonate, and heavy rare earth carbonate. This expanded product suite creates a more diversified revenue profile while positioning the Elk Creek Project to serve multiple U.S. critical-mineral and defense supply chains from an integrated mine and processing facility that has secured its major construction-related permits.
A technical report summarizing the 2026 Feasibility Study (the “2026 Technical Report”) was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the Company by Dahrouge Geological Consulting Ltd. and the other Qualified Persons and has been filed on SEDAR+. The 2026 Technical Report can be accessed here.
“Our 2026 Feasibility Study transforms the Elk Creek Project into the kind of critical minerals project the United States needs to have online as soon as possible,” said Mark A. Smith, CEO and Executive Chairman of NioCorp. “Few critical minerals projects in the U.S. can match the Elk Creek Project’s combination of a 40-year mine life, all major construction-related permits already in hand, and the planned production of eight critical mineral products from a single ore body.”
“The United States is heavily reliant on imports for every single one of the products that NioCorp plans to manufacture,” Mr. Smith said. “NioCorp offers an American-made solution: secure, long-term domestic production of materials essential to national defense, advanced manufacturing, energy resilience, and the technologies that will power the U.S. economy for decades to come.”
“For NioCorp, this feasibility study delivers a larger, stronger, and more highly de-risked project,” he added. “Eight products give us access to more markets, create multiple and highly diversified revenue streams, and reduce our exposure to the price of any one critical mineral. Combined with stronger economics and a 40-year mine life, we are now in a much stronger position to advance detailed engineering and project financing. Our job now is to turn this highly unique and important opportunity in Nebraska into a new source of American jobs, industrial strength, and critical mineral security right here at home.”
u/Gman-303 — 10 days ago
▲ 6 r/NIOCORP_MINE
Do we see one today? When 8-K Disclosures Involve Studies
- Material Corporate Actions: If a feasibility study on a mining project, plant expansion, or merger proves the project is going forward or being abandoned, and that decision materially affects the company's financial posture. [1]
- Press Releases or Exhibits: Companies sometimes furnish the results or summaries of a technical or strategic report under Item 7.01 (Regulation FD Disclosure) or Item 2.02/8.01 if they deem the findings market-moving. [1, 2]
- Mining and Energy Regulations: Companies subject to specific reporting standards (like SEC Regulation S-K 1300) may reference technical summary reports or preliminary economic assessments on 8-K filings when announcing formal resource updates or project viability. [1]
An 8-K filing (current report) falls under the standard EDGAR operating rules, meaning it can be submitted after hours but with specific dating impacts.
8-K Submission Timing
- 5:30 p.m. ET Cutoff: If submitted before 5:30 p.m. ET, it is dated and published the same day.
- Post-5:30 p.m. ET: If submitted between 5:30 p.m. and 10:00 p.m. ET, it is processed and posted online that evening, but it receives the next business day's official filing date.
- 4-Day Deadline: The 4-business-day countdown for material events usually starts the day after the event occurs.
- Item 2.02 & 7.01: Earnings releases or Regulation FD disclosures often target specific aftermarket times for public release.
Courtesy of Google AI
u/Gman-303 — 10 days ago
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US govt announces over $2 billion in project investments as defense focus continues (NioCorp gets significant mention despite not receiving funds)
US govt announces over $2 billion in project investments as defense focus continues
The Trump administration has announced more than $2 billion in investments in critical minerals and battery projects as well as $180 million in funding for mining education and workforce development as it seeks to strengthen supply chains for US industrial and defense applications, US President Donald Trump said on Friday August 7.
August 10, 2026
Aerospace and Defense Critical minerals Rare earths United States
The investments, announced during a mining industry roundtable hosted by US President Trump, target a range of minerals and technologies considered strategically important to US defense and industrial supply chains.
US funding targets strategic minerals, defense supply chains
| Recipient | Funding | Commodity focus | End uses |
|---|---|---|---|
| Sila Nanotechnologies | $1.4bln | Silicon-carbon anodes / lithium-ion batteries | Drones, autonomous systems, military communications equipment, energy storage |
| Sunrise Energy Metals | $400m | Scandium | Aerospace-grade aluminium alloys, military aircraft, spacecraft, missiles |
| Niron Magnetics | $150m | Permanent magnets | Electric vehicle motors, industrial machinery, robotics, consumer electronics, drone equipment, data centre cooling pumps |
| Standard Bauxite | $85m+ | Bauxite | Refractory materials, aluminium production, industrial furnaces, missile and turbine heat shields, steelmaking |
| Westwater Resources | $25m | Graphite | Lithium-ion batteries, EVs, grid storage, energy storage systems |
| Global Advanced Materials | $25m | Tantalum, niobium | Electronics, semiconductors, superalloys |
| 5E Advanced Materials | $8m | Boron | Magnets, semiconductors, specialty glass, clean-energy technologies |
| Harena Rare Earths | $4.8m | Rare earths | Permanent magnets used in EV drive motors, wind turbines, data storage devices |
As part of the announcement, the administration said it has signed or approved 160 minerals-related deals worth nearly $40 billion since January 2025.
Want to learn more about what is happening at the cutting-edge of critical minerals and battery raw materials? Listen to our Fast Forward podcast series for insight, debate and news from the major players.
Battery and scandium projects receive largest commitments
The largest funding commitment was a conditional $1.4 billion loan from the Department of Defense’s Office of Strategic Capital (OSC) to California-based Sila Nanotechnologies, which produces silicon-based anode materials for lithium-ion batteries.
This funding will support the expansion of domestic battery materials production and manufacturing capacity for applications ranging from drones and autonomous systems to other defense-related technologies, the US government said.
The US government also announced a $400 million investment in Sunrise Energy Metals to develop a scandium supply chain. Sunrise is developing a scandium project approximately 460km west of Sydney, Australia, with production targeted for the second half of 2028.
Scandium is used in a range of applications, including high-performance aluminium alloys for aerospace and defense, consumer electronics and semiconductor technologies.
Rio Tinto currently produces high-purity scandium oxide as a by-product of titanium dioxide production at its Rio Tinto Fer et Titane complex in Quebec, Canada.
However, outside China, the dominant producer, only a limited number of companies are advancing commercial scandium projects. Critical minerals developer NioCorp plans to produce 100 tonnes of scandium annually from its Elk Creek Project in Nebraska starting in 2028.
On August 4, the company signed a non-binding memorandum of understanding with Lockheed Martin for the potential supply of up to 15 tonnes per year of scandium oxide or aluminium-scandium alloy products over a 10-year period.
Other investments include $150 million for Minnesota-based Niron Magnetics, which aims to develop rare-earth-free iron nitride permanent magnets, and more than $85 million for Standard Bauxite to establish a domestic supply of refractory-grade bauxite.
High-purity bauxite is an important raw material for steel and aluminium production, energy infrastructure and industrial furnaces. In defense applications, refractory-grade bauxite is used to make heat-resistant materials for heat shields, thermal barriers and turbine engines used in guided missiles, rockets, military aircraft and space systems.
Meanwhile, the Export-Import Bank is providing a further $58 million across three projects. These include $8 million for 5E Advanced Materials to boost production of boron at its Fort Cady boron and lithium project in Southern California, $25 million for Westwater Resources to support graphite production from its Coosa graphite deposit in Alabama, and $25 million for Global Advanced Materials to develop tantalum and niobium resources in Pennsylvania.
The US government added boron to its critical minerals list in November 2025, when it published the third iteration of the list since the initiative was launched under Executive Order 13817 in 2017.
Separately, the US International Development Finance Corporation is matching a $4.8 million investment in Harena Rare Earths with the aim to mine magnet rare earths neodymium, praseodymium, dysprosium and terbium from its Ampasindava Ionic Clay rare earth project in Madagascar.
US government targets mining skills gap
Alongside the latest round of project investments, the US administration announced $180 million in funding aimed at expanding the domestic mining workforce.
The package includes $100 million from the Department of Energy for 14 US mining schools to increase the number of graduates qualified in mining, minerals and related supply-chain disciplines, alongside a further $80 million for workforce development programs and technology innovation hubs focused on training geologists, metallurgists and mining engineers.
The funding commitments build on a series of policy measures introduced by the Trump administration to boost domestic production of critical minerals and strengthen supply chains serving US industrial and defense applications.
Over the past few years, the Defense Logistics Agency (DLA), the arm of the US government that handles procurement for the US government national stockpile, has issued a slew of procurement requests for materials such as antimony, bismuth, cobalt, indium and fluorspar, among others.
And notably, the US government established its Project Vault in February to establish a US strategic minerals reserve via a public-private partnership backed by a loan of up to $10 billion from the US Export-Import Bank (EXIM) and $2 billion from private industry.
Since then, more money has poured into projects alongside other efforts to reduce import reliance.
In June, the US government committed almost $2.9 billion in direct federal funding to build a rare earth metals and permanent magnet supply chain outside China.
And in late July, Trump signed an executive order making it harder for US defense contractors to obtain waivers allowing purchases of critical minerals and other materials from restricted foreign suppliers.
u/Gman-303 — 10 days ago
▲ 10 r/NIOCORP_MINE
Office of Strategic Capital Signs $400 Million Conditional Loan Commitment With Sunrise Energy Metals Limited to Expand Scandium Mining Operations Aug. 7, 2026 | By War.gov (sounds like more scandium money to come)
The Department of War's Office of Strategic Capital (OSC) announced today a $400 million conditional loan commitment to Sunrise Energy Metals Limited (Sunrise) to build out the company's scandium operations.
Sunrise is an Australian publicly listed company (ASX: SRL) that owns the Syerston Scandium Project in New South Wales, Australia. Scandium is a metal that is found throughout the Earth's crust in low concentrations. Currently, it is harvested through byproducts of other industrial or resource extraction processes. No primary mine-source scandium supply exists globally, and foreign competitors dominate the supply side, accounting for approximately 80% of global mining production and nearly 100% of scandium processing.
With these funds, alongside private capital, Sunrise will develop a full scandium value chain, beginning with its primary mining operations at its Syerston project, which boasts a high-grade scandium deposit. Additionally, Sunrise will build metallization and additive layer manufacturing capabilities to ensure Western alignment from mine to finished product. This financing will provide the Department with a right of first offer on Sunrise's output, and the scandium produced by Sunrise would support the demand of U.S. companies, including defense industrial base companies.
"Under the leadership of President Donald J. Trump, securing our critical minerals supply chain is a top national security priority. The contemplated Sunrise transaction marks a significant step in establishing supply chain resiliency for an increasingly critical mineral. This nearly $1 billion deal, bringing together public and private capital, would help address foreign dependencies in scandium supply and facilitate scandium's use in critical defense and commercial applications," said David A. Lorch, Director of the Office of Strategic Capital and Senior Advisor to Deputy Secretary of War Steve Feinberg.
With this conditional loan commitment to Sunrise, OSC directly advances President Trump's mandate to secure a resilient, domestic supply chain for rare earths. The company's production will directly support warfighting capabilities in aerospace and defense as well as strategically important economic sectors such as data centers, semiconductors, and the automotive sector.
"This commitment is an example of the strategic financing OSC can provide," said Asad Akram, Managing Director and Co-Head of Critical Minerals at OSC. "Sunrise's scandium deposit will support strategic sectors in both national and economic security, with the capability to secure and expand both compute capacity and enhanced capabilities of modern fighter aircraft."
"This conditional loan commitment is a decisive step toward creating a U.S.-aligned scandium value chain, ensuring our warfighters and manufacturers no longer depend on adversaries. We are attracting meaningful private capital investment into the front lines of our industrial base," said Peter B. Zuckerman, Senior Managing Director at OSC. "The Sunrise commitment is just the first step in our effort to strengthen the scandium supply chain as OSC is conducting active due diligence on additional opportunities."
"By backing Sunrise, we would be engineering a complete, allied mine-to-metal supply chain," said John Gallagher, Co-Head of Critical Minerals at OSC. "Providing the capital to extract scandium from a primary mine and connecting it directly to onshore U.S. metallization ensures that the materials required for the future success of commercial and defense industries remain under our sovereign control."
"Secretary Hegseth and Deputy Secretary Feinberg are mobilizing the Department of War's resources to secure our critical mineral supply chain," said Emil Michael, Under Secretary of War for Research and Engineering. "Congress provided the necessary resources, and OSC is aggressively executing that mandate to deliver for the American warfighter."
The conditional loan commitment between OSC and Sunrise specifies customary additional steps the company must take to proceed toward financial close, including satisfying financial, legal, technical, and other requirements.
In FY 2026, OSC has committed over $8.4 billion in debt financing and has successfully mobilized over $17.8 billion in total capital from the public and private sectors to support the American industrial base.
They also have a deal with Lockheed and their stock is up almost 4x since that was announced. Oct 24 (Reuters) - Australia's Sunrise Energy Metals (SRL.AX), said on Friday it has granted U.S. defence contractor Lockheed Martin (LMT.N), opens new tab an option to purchase up to 15 tonnes of scandium oxide produced over five years from its onshore Syerston Scandium Project.
u/Gman-303 — 13 days ago
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Trump administration to invest $3 billion into minerals projects to boost US defense supply chains Reuters (NioCorp and scandium mentioned)
By Jarrett Renshaw and Ernest Scheyder
WASHINGTON, - U.S. President Donald Trump said on Friday the federal government would invest $3 billion into multiple critical minerals and battery projects as part of a push to increase domestic production and boost national security and industrial policy.
"We're reclaiming America's rightful place as the minerals superpower of the world," Trump told more than 200 mining executives, educators, investors and fellow politicians at a roundtable at the State Department aimed at supporting the industry, which he said had not received enough attention from Washington in recent years.
He announced a slew of investments during his speech, including a $1.4 billion conditional loan from the U.S. Department of Defense's Office of Strategic Capital for Sila Nanotechnologies, which makes lithium-ion battery parts.
The OSC also extended a $400 million conditional loan to scandium miner Sunrise Energy Metals and a $150 million conditional loan to magnet developer Niron Magnetics.
The U.S. Export-Import Bank will lend $58 million to Westwater Resources, Global Advanced Metals and 5E Advanced Materials, which Reuters reported earlier on Friday.
"Critical minerals are the raw materials of American strength that power everything from advanced weaponry to automobiles, and we want these essential products to be mined, refined and made right here in the USA," Trump said.
Interior Secretary Doug Burgum, Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick and National Security Council official David Copley also attended.
WEAPONS STOCKPILES DRIVE MINERAL DEMAND
The White House needs critical minerals to replenish weapons stockpiles depleted during the Iran conflict and reduce U.S. dependence on Chinese supply chains.
Several executives came with gifts for Trump. Tom Albanese, chairman of deep-sea mining firm American Ocean Minerals, gave Trump a gold replica of a nodule that the company hopes to mine from the Pacific seabed. Trump last year said he may bypass the United Nations-backed International Seabed Authority and issue international seabed mining licenses.
Jim Litinsky, CEO of rare earths firm MP Materials, which is financially supported by the Pentagon, gave Trump magnets that had been produced for General Motors in the company's Texas plant.
Other attendees included executives from Lithium Americas, which is building the largest U.S. lithium mine, NioCorp, which is building a scandium mine to supply defense contractor Lockheed Martin, and Energy Fuels, which received a $725 million OSC conditional loan in June.
U.S. forces have burned through large numbers of precision-guided missiles and air-defense interceptors during the five-month-long Iran war. Defense officials and lawmakers have warned that replenishing some inventories could take years given existing production constraints, even as the Trump administration has disputed reports of significant shortages.
Supplies of minerals including rare earths, tungsten, germanium and scandium are essential for manufacturing precision-guided missiles, fighter aircraft, armored vehicles, infrared sensors and other advanced weapons systems, according to Pentagon officials and defense companies.
MINING SCHOOLS RECEIVE FUNDING BOOST
The Department of Energy also on Friday hosted representatives from all 14 accredited U.S. mining schools to promote mining careers and encourage more students to enter the field.
The department announced $100 million in grants to help boost educational programs and set a goal of doubling the number of mining-related graduates at the nation's universities within two years.
"We need to work on some systemic changes to how we as a nation want to offer our brightest students an opportunity to participate in this industry," said Assistant Energy Secretary Audrey Robertson.
The Pentagon also said it would fund $80 million in projects at three U.S. mining schools.
Officials have pointed to China's extensive network of mining universities as a key advantage in its dominance of global mineral production.
Since returning to office, Trump has launched a $12 billion strategic minerals stockpile, backed equity investments in companies developing U.S. mines and processing facilities, and sought to limit defense contractors from relying on supplies from China.
The administration says government support is needed to counter decades of Chinese investment that left Beijing dominant in the mining and processing of many strategic minerals.
u/Gman-303 — 13 days ago
Rec'd from Schwab - EXCLUSIVE-Lockheed seeks U.S. mineral supplies after Trump supply-chain push, sources say 12:20pm ET, 08/04/2026 - Reuters NioCorp preliminarily agrees to supply Lockheed 15 metric tons of scandium annually, source says
Lockheed Martin LMT.N is in talks to buy supplies of two critical minerals from U.S. mines, two sources familiar with the discussions said, as President Donald Trump pressures defense contractors to cut reliance on China.
The world's largest defense contractor is negotiating with NioCorp Developments NB.O for supply of scandium, and Teck Resources TECKb.TO and 5N Plus VNP.TO for supply of germanium, both of which are used in military equipment ranging from aircraft components to infrared sensors, the sources said.
The deals would mark a significant step in the U.S. push to build domestic mineral supply chains, but face hurdles: Chinese suppliers have long offered cheaper prices, and U.S. mining and processing capacity remains limited.
Lockheed makes the F-35 Lightning II fighter jet, Patriot interceptor missiles and other weaponry for the U.S. government. As China has tightened controls on critical minerals exports in recent years, Trump has pressured Lockheed and its peers to support U.S. mines with long-term supply deals.
Last month, he signed an executive order making it harder for defense contractors to obtain waivers that had allowed them for years to buy minerals from China and other prohibited foreign suppliers.
That order has highlighted how far behind U.S. miners and processors are in their race to match China's market dominance, even as dozens of U.S. projects for a range of minerals are under development, Reuters reported last week.
Colorado-based NioCorp Developments has signed a preliminary deal to supply Lockheed with 15 metric tons per year of scandium, one of the 17 rare earths that can be used to make lightweight, corrosion-resistant alloys for aircraft, according to a source familiar with the agreement and details seen by Reuters. These have not been previously reported.
NioCorp will supply the metal from its Nebraska mine, slated to open by 2028 with annual production of 100 metric tons.
The agreement would need to be finalized, although the two companies have an existing relationship as part of a Pentagon-funded research program.
The contracted volume would be roughly a quarter of global scandium demand, which the U.S. Geological Survey estimates at about 60 metric tons and rising.
"Both companies recognize how important scandium has become to the future of American defense technology," said Mark Smith, NioCorp's CEO.
Lockheed said it appreciated "the work NioCorp is doing to establish a domestic source of scandium."
The U.S. has not mined scandium since 1969. Rio Tinto RIO.L is the only North American scandium producer, with capacity to produce roughly nine metric tons annually.
GERMANIUM NEGOTIATIONS
Separately, Lockheed is in talks with Teck Resources for a supply of germanium, used to make infrared sensors and other military equipment, a second person familiar with those negotiations said.
Teck mines and produces a zinc and germanium concentrate from its Red Dog mine in Alaska. That concentrate is then smelted in British Columbia and the two metals are separated.
Teck does not break out its annual germanium production but has called itself the largest North American producer and fourth-largest globally. The USGS estimates that global germanium consumption is roughly 60 metric tons annually and rising.
The U.S. imports more than half of its germanium needs.
Lockheed is also in germanium supply talks with Quebec-based 5N Plus VNP.TO, which earlier this year received Pentagon funding to process the metal from recycled feedstock in Utah, the second source added.
"What Lockheed basically wants is a long-term supply chain security," according to the second source. "Because they are under pressure, so they really want to know if the supply is coming from China or elsewhere."
Negotiations with both Teck and 5N have been going on for more than a year. Pricing and the length of the contracts have been sticking points, according to the source.
Representatives for 5N were not immediately available to comment. Teck declined to comment on specific commercial agreements, but said it has agreed to work with the Canadian government to increase germanium processing in British Columbia.
Asked about the germanium discussions, Lockheed said it continuously assesses "the global critical minerals supply chain to ensure access to materials that support our customers' missions."
Chinese critical minerals prices have for years been cheaper than those from Western sources due to differences in mining practices, regulatory standards and other factors. Reuters reported earlier this year that Western governments are trying to set regional minerals prices free from Chinese interference.
(Reporting by Ernest Scheyder in Houston and Divya Rajagopal in Toronto; Editing by Veronica Brown and Sanjeev Miglani)
u/BayouBluff — 16 days ago
▲ 9 r/NIOCORP_MINE
MP Materials: Wait For A Better Entry Point (Rating Downgrade) Jul 28, 2026 (NioCorp mentioned)
https://seekingalpha.com/article/4926535-mp-materials-wait-for-a-better-entry-point-rating-downgrade
"Analysts too seem bullish over the long term. By 2030, the stock's P/E is expected to fall to 15.6x, which is smaller than the 18.4x level the last I checked. However, there are two challenges on this front too:
- MP is the priciest among peers, which are all projected to trade at sub-10x P/Es for 2030. USA Rare Earth, for example, is at 4.9x, while NioCorp Developments (NB) is at an even smaller 4x, while Energy Fuels (UUUU) is at 8.7x.
- Also, the actual EPS estimate for 2030 has been reduced to $2.6 from the earlier $3.5. This is a 26% forecast reduction, and it's hardly a one-off. As earlier noted, even for 2026, the number has been reduced significantly. In other words, the financial prospects for MP aren't as bright as initially suggested by estimates."
u/Gman-303 — 22 days ago
▲ 11 r/NIOCORP_MINE
Critical Metals Corp PR uses Elk Creek project to tout technical team experience
"The Consortium is built for speed as well as scale. An accelerated development approach, combining parallel engineering, permitting and procurement, early mobilization of EPC and technical contractors, and fast-tracked long-lead equipment procurement is expected to be designed to deliver earlier first production and earlier cash flow generation than a conventional development timeline would allow. The Consortium’s ambition extends across the full rare earth value chain, from initial concentrate production through to separated rare earth oxides and, ultimately, the production of high-value NdPr magnets — the single most valuable product in the rare earth supply chain, and one currently dominated entirely by China.
Underpinning all of this is a technical team that has not just studied rare earth projects but helped build them, including Molycorp’s Mountain Pass project in California (now owned by MP Materials), Pensana’s Longonjo project in Angola, NioCorp’s US$1 billion Elk Creek project in Nebraska, and Peak Resources’ Ngualla project in Tanzania."
Jody Dahrouge is named as Technical Advisor on CMC site.
This would seem like a good thing...
u/Gman-303 — 1 month ago
▲ 11 r/NIOCORP_MINE
Top 10 Scandium Uses: Aerospace to Fuel Cells July 20, 2026 (NioCorp mentioned)
https://rare-earth-mining.com/top-10-scandium-uses/
Scandium uses cluster around one dominant application by weight: aluminium alloying for aerospace structures. But the element’s unusual mix of properties, extreme rigidity, high melting point and resistance to grain growth under welding, has carried it into fuel cells, lighting, lasers, sports equipment and even firearms. Global scandium supply remains under 20 tonnes a year, produced almost entirely as a byproduct of other metals, which keeps every one of these uses tightly bound to a handful of named producers rather than an open commodity market.
How We Ranked the Top 10 Scandium Uses
This list ranks scandium uses by current commercial scale and technological maturity rather than alphabetically. Established, high-volume applications with active production sit above niche or emerging ones. Where a named company or project underpins a specific use, that link is stated explicitly rather than left as abstract chemistry, distinguishing REM’s approach from generic encyclopaedic treatments of scandium uses.
1. Aluminium-Scandium Alloys — Aerospace and Structural Components
Adding as little as 0.1% to 0.5% scandium by weight to aluminium refines grain structure, improves weldability and lets the alloy hold its strength at higher operating temperatures than standard aluminium. This is the largest scandium use by volume. The technique dates to Soviet-era aircraft, including the MiG-21 and MiG-29, and has since spread into automotive and defence components wherever a lighter substitute for steel or titanium is needed near an engine. USGS Rare Earths Statistics tracks scandium alongside the broader rare earth group given the shared byproduct supply chain. REM’s scandium primer covers the element’s supply chain in more depth.
2. Scalmalloy — 3D-Printed Aerospace and Motorsport Alloy
Scalmalloy, an aluminium-magnesium-scandium powder developed by APWorks, an Airbus subsidiary, is purpose-built for laser powder bed fusion 3D printing. It combines near-titanium specific strength with aluminium’s low weight and high corrosion resistance, and is now qualified across multiple industrial printer platforms. APWorks recently partnered with Canadian powder producer Equispheres to establish North American Scalmalloy production, a direct response to supply chain concerns around scandium-bearing feedstock. This is a distinct, faster-growing use case from bulk Al-Sc alloying: additive manufacturing rather than conventional wrought aluminium.
3. Solid Oxide Fuel Cell Electrolytes
Scandium-stabilised zirconia is used as the electrolyte layer in solid oxide fuel cells (SOFCs), where it improves ionic conductivity and allows cells to run at lower operating temperatures than conventional zirconia electrolytes. This extends cell life and improves efficiency in stationary power generation. Sumitomo Metal Mining has supplied scandium oxide to fuel cell manufacturers under long-term agreements since establishing scandium recovery at its Taganito HPAL nickel plant in the Philippines in 2018, one of the only continuously operating scandium recovery streams outside China.
4. Metal-Halide Stadium and Broadcast Lighting
Scandium iodide, added to metal-halide lamps, produces a light spectrum close to natural daylight, which is why this remains a standing scandium use in stadium and broadcast television lighting despite LED competition in general lighting markets. Global consumption for this application is small in absolute tonnage but has persisted for decades because no direct substitute matches the colour rendering at comparable cost.
5. High-Performance Sports Equipment
Aluminium-scandium alloys appear in bicycle frames, baseball bats, lacrosse sticks and tent poles, exploiting the same strength-to-weight advantage that drives aerospace demand. This is a mature, low-volume niche: manufacturers use scandium alloying selectively on premium product lines where the cost premium is acceptable relative to a marginal performance gain over standard 7000-series aluminium.
6. Scandium-Alloy Firearm Frames
Smith & Wesson has for years produced semi-automatic pistols and revolvers with frames made from scandium-alloy, paired with titanium or carbon steel cylinders, to reduce carry weight without sacrificing frame strength. This is a small, stable niche use rather than a growth category, but it is a long-running commercial application distinct from the industrial and aerospace uses above.
7. High-Intensity GSGG Lasers
Gadolinium-scandium-gallium garnet (GSGG) crystals are used as a laser host material in high-intensity research, defence and medical laser systems, valued for their thermal and optical properties relative to standard YAG crystals. These remain specialist, low-volume applications tied closely to defence and research procurement rather than commercial manufacturing. Scandium’s role in defence-adjacent applications sits alongside the broader picture covered in REM’s Top 10 Rare Earth Defence Applications.
8. Dental and Medical Lasers
Erbium, chromium-doped yttrium-scandium-gallium garnet (Er,Cr:YSGG) crystals are used in dental and some medical laser systems for soft and hard tissue procedures. As with GSGG lasers, this is a small, established, technically specialised use rather than a volume driver for scandium demand.
9. Oil Refinery Radioactive Tracers
The radioactive isotope scandium-46 is used as a tracer agent in oil refineries to monitor flow and diagnose processing issues within catalytic units and pipelines. Consumption is negligible by weight but represents one of the longest-standing industrial scandium uses, predating most of the alloying applications above.
10. Scandium Triflate — Organic Chemistry Catalysis
Scandium triflate is used as a Lewis acid catalyst in organic synthesis, prized for stability in water and reusability compared with many conventional catalysts. This is a laboratory and fine-chemical-scale use with no meaningful demand impact on primary scandium supply, closing out the list at the smallest end of current commercial scandium uses.
| Use | Sector | Scale | Named Supply Link |
|---|---|---|---|
| Aluminium-scandium alloys | Aerospace / structural | Largest by volume | Broad byproduct supply chain |
| Scalmalloy | Aerospace / motorsport / 3D printing | Established, growing | APWorks (Airbus), Equispheres |
| SOFC electrolytes | Clean energy | Established | Sumitomo Metal Mining (Taganito) |
| Metal-halide lighting | Broadcast / stadium | Established, small volume | Broad byproduct supply chain |
| Sports equipment | Consumer goods | Established niche | Broad byproduct supply chain |
| Firearm frames | Consumer / defence-adjacent | Stable niche | Broad byproduct supply chain |
| GSGG lasers | Defence / research | Specialist | Broad byproduct supply chain |
| Dental/medical lasers | Healthcare | Specialist | Broad byproduct supply chain |
| Refinery tracers | Oil & gas | Negligible volume | Broad byproduct supply chain |
| Scandium triflate | Chemistry / catalysis | Laboratory scale | Broad byproduct supply chain |
The Outlook for Scandium Uses
Growth in scandium uses is currently supply-constrained rather than demand-constrained. NioCorp’s Elk Creek Project in Nebraska began mine portal construction in February 2026 and is contracted to supply roughly 12 tonnes a year of scandium oxide as a niobium byproduct, with a target of 104 tonnes a year at full scale, though its financing (including a US Export-Import Bank application) is not yet fully secured. Not every Western polymetallic project targets scandium specifically: Australian Strategic Materials‘ Dubbo Project, now subject to a pending acquisition by Energy Fuels, is focused on neodymium-praseodymium, dysprosium, terbium, zirconium, niobium and hafnium rather than scandium recovery. For broader context on how Australia’s critical minerals sector fits alongside these US and Asian supply sources, see REM’s Australia rare earth country page. As new scandium uses in additive manufacturing and fuel cells scale up, the binding constraint on further scandium uses will remain the small number of producers willing to build dedicated byproduct recovery circuits, not a lack of technical demand.
This article is for informational purposes only and does not constitute investment advice. Company and project status is current as of publication and subject to change.
What is the biggest use of scandium?
The largest scandium use by volume is aluminium-scandium alloying for aerospace and structural components, where small additions of scandium improve strength, weldability and high-temperature performance. Scalmalloy, a 3D-printable aluminium-scandium alloy, is a faster-growing subset of this same alloying category.
Is scandium used in electric vehicles or batteries?
Scandium’s main energy-sector role is as an electrolyte dopant in solid oxide fuel cells, not in EV battery chemistry. Its high cost and constrained supply have kept it out of mainstream battery applications, unlike magnet rare earths such as neodymium and dysprosium.
Who produces the scandium used in these applications?
Scandium is produced almost entirely as a byproduct of other metals rather than mined directly. Sumitomo Metal Mining recovers it from nickel processing in the Philippines, and several Western projects, including NioCorp’s Elk Creek project in Nebraska, are developing scandium as a byproduct of niobium and rare earth production. See REM’s scandium primer for the full supply chain picture.
Why is scandium so expensive relative to other metals?
Scandium is not concentrated in any economically mineable ore body of its own. It occurs in trace amounts within ores mined primarily for nickel, niobium or other rare earths, so its supply is capped by the scale of those unrelated operations rather than by scandium-specific demand. This structural scarcity keeps unit costs high across every scandium use on this list.
Are new scandium uses emerging beyond aerospace and alloys?
Yes. Additive manufacturing (Scalmalloy) and solid oxide fuel cells are the two fastest-developing scandium uses outside traditional aerospace alloying. Growth in both is currently limited by the small number of companies willing to invest in dedicated scandium recovery capacity rather than by a lack of technical applications.
u/Gman-303 — 1 month ago
▲ 10 r/NIOCORP_MINE
Interesting read - Lanthanum and Cerium: The Rare Earths Everyone Ignores Are the Ones America Uses the Most Jack Lifton July 20, 2026
For years, investors have been taught that only four rare earths matter: neodymium, praseodymium, dysprosium, and terbium. These are the so-called critical rare earths because they are essential to the permanent magnets used in electric vehicles, robotics, wind turbines, defense systems, and a growing range of advanced technologies.
There is truth in that observation. There is also a dangerous omission.
u/Gman-303 — 1 month ago
▲ 15 r/NIOCORP_MINE
Pentagon Routes Critical Minerals Loans Through Private Funds Under $100B Authority Defense Department’s new fund-finance model backs private managers targeting rare earth processing gaps
This goes into significantly more depth on the NSFF. While this hasn't gone live yet, it appears to be yet another funding vehicle that NioCorp could benefit from. Let's get that DFS out there and get this project financed!!
The Pentagon's Office of Strategic Capital introduced a new financing vehicle on Monday that will direct government loans through private investment fund managers — rather than straight to individual companies — in the latest escalation of Washington's push to build a domestic rare earth supply chain before China's export restrictions bite harder. The National Security Fund Finance program, announced by the Department of War on July 14, opens a government lending pathway that any qualified private credit fund can now seek to tap, provided it commits to combining federal dollars with its own private capital before deploying the combined pool into critical minerals companies.
u/Gman-303 — 1 month ago
▲ 11 r/NIOCORP_MINE
The Department of War's Office of Strategic Capital Introduces National Security Fund Finance Program July 14, 2026
The Department of War's Office of Strategic Capital (OSC) is pleased to announce the introduction of the National Security Fund Finance (NSFF) program, which aims to provide capital support to credit funds addressing shortages, gaps, and vulnerabilities in critical minerals vital to United States national security. OSC's mission is to advance these strategic interests by providing direct loans and deploying other financial tools, with the NSFF program acting as the fund-level financing solution to accomplish that goal.
The One Big Beautiful Bill Act, signed into law by President Donald J. Trump, provided funding for OSC to support critical minerals and materials. The NSFF program will provide loans to qualified investment fund managers, who will combine OSC loans with private capital to invest in portfolio companies focused on addressing U.S. national security shortages related to critical minerals and materials.
"The NSFF program clearly advances OSC's goal of crowding-in private capital to address shortages that are vital to U.S. national security. Paired with private capital, NSFF will drive significant investment to address gaps and vulnerabilities in our U.S. critical minerals industry. OSC is taking decisive action to restore our domestic critical minerals supply chain, revive our industrial base, and rebuild our military to achieve President Trump's goal of peace through strength," said David A. Lorch, Director of the Office of Strategic Capital and Senior Advisor to Deputy Secretary of War Steve Feinberg.
OSC is scheduled to issue a formal Notice of Funding Opportunity (NOFO) imminently. The application link will be posted on OSC's website, accompanied by an official press release on the Department's website. The NOFO application period will open upon its official publication.
"President Trump has led the way in leveraging the strength of the United States' world-leading capital markets," said Emil Michael, Under Secretary of War for Research and Engineering. "The Office of Strategic Capital's NSFF program represents another tool that will establish true U.S. independence in the critical minerals supply chain."
u/Gman-303 — 1 month ago
▲ 10 r/NIOCORP_MINE
NioCorp CEO Discusses U.S. Critical Minerals Policy, Trade Actions and Elk Creek Project on CNBC Asia
Mark A. Smith, Executive Chairman and CEO of NioCorp Developments joined CNBC's Squawk Box Asia to discuss the outlook for U.S. critical minerals policy, domestic supply chain development, and the role of NioCorp's Elk Creek Critical Minerals Project in helping strengthen North America's critical minerals supply chain.
During the interview, Mr. Smith discussed the Trump Administration's recent actions under Section 232 of the Trade Expansion Act and their potential implications for the domestic critical minerals industry.
He noted that the Administration now has additional tools to address unfair trade practices, including the ability to respond if foreign producers seek to disadvantage U.S. companies through below-market pricing. Mr. Smith highlighted that these measures establish a policy framework intended to support the development of domestic critical minerals supply chains while addressing market practices that have historically challenged new entrants.
Mr. Smith also highlighted ongoing efforts by the United States and key allies, including Japan, the European Union and Mexico, to strengthen critical minerals supply chains through new plurilateral trade arrangements designed to reduce reliance on countries that currently dominate the production and processing of many strategic minerals.
Turning to the Elk Creek Critical Minerals Project, Mr. Smith emphasized that NioCorp continues to advance the project based on its underlying strengths, including its outstanding mineral resource, demonstrated metallurgy, and all major construction permits being in hand. While the company continues advancing financing efforts, he noted that any potential government support mechanisms, including price support initiatives, could help accelerate those efforts by improving market certainty and access to capital.
Watch the full interview here: https://www.cnbc.com/video/2026/07/14/critical-mineral-trade-deals-could-be-announced-any-day.html.
u/Gman-303 — 1 month ago
▲ 14 r/NIOCORP_MINE
NioCorp mentioned in articles about Bloom
u/Gman-303 — 1 month ago
▲ 11 r/NIOCORP_MINE
Critical Minerals: Global Niobium Supply & Demand - Anyone have access or want to spend $99?
https://www.geopoliticalmonitor.com/critical-minerals-global-niobium-supply-demand/
"The Trump administration acknowledged this risk by explicitly exempting niobium from its 50 percent tariff on Brazil while simultaneously funding the first domestic niobium production capability in over six decades at the Elk Creek project in Nebraska."
u/Gman-303 — 1 month ago
▲ 10 r/NIOCORP_MINE
FORM 8-K CURRENT REPORT
https://fintel.io/doc/sec-niocorp-developments-ltd-1512228-8k-2026-july-08-20642-1381
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
|---|
On July 2, 2026, the Board of Directors (the "Board") of NioCorp Developments Ltd. (the "Company"), acting on the recommendation of its Compensation and Organization Committee (the "Compensation Committee"), ratified a series of compensation actions intended to formalize and modernize the Company's executive officer pay program as the Company works to secure project financing and advance construction and commercial operation of its Elk Creek Project. The Compensation Committee developed these recommendations following a multi-month review conducted with the assistance of its independent compensation consultant, Semler Brossy. These actions included (1) the adoption of a Company-wide annual incentive program (the “AIP”) and (2) the determination and approval of AIP awards for the fiscal year ended June 30, 2026 (“fiscal 2026”) for employees of the Company and its subsidiaries, including the Company’s named executive officers.
Adoption of the AIP
The AIP is intended to operate as a Company-wide, performance-based, annual cash incentive award program in which substantially all of the Company’s and its subsidiaries’ regular full-time employees participate, including each of the Company’s named executive officers. Annual AIP award opportunities are established generally by employee role and band considerations, so that annual AIP award opportunities are generally based on the scope of an employee’s role on a consistent, Company-wide basis rather than negotiated individually. The Company adopted the AIP to help attract, motivate, and retain employees at all levels and to align the interests of its workforce, including senior management, with the long-term interests of the Company’s shareholders.
In general, under the AIP, each participant will have a target annual incentive award opportunity expressed as a percentage of base salary rate, with award payouts generally ranging from 0% to 200% of target based on performance against pre-established measures. For all eligible employees for fiscal 2026, performance was weighted: 45% on the achievement of pre-established, Board-approved corporate milestones tied to project development, financing, permitting, and execution readiness; 10% on safety performance, measured by reference to the presence or absence of lost-time incidents and OSHA-reportable statistics; and 45% on individual performance against objectives established at or near the beginning of the performance period. The Board evaluates the performance of the Chief Executive Officer, and the Chief Executive Officer evaluates the performance of the other named executive officers. Annual incentive awards under the AIP, if any, are generally payable in cash following the end of the applicable fiscal year, subject to the participant’s continued service through the payment date and the other terms of the AIP. For the fiscal year beginning July 1, 2026 and subsequent years, the Compensation Committee will choose the type, mix and weighting of applicable performance measures for AIP awards in its discretion. If the Compensation Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business (or other events or circumstances) render any AIP performance measures or goals unsuitable, the Compensation Committee may in its discretion modify such performance measures or goals (or actual levels of achievement), in whole or in part, as the Compensation Committee deems appropriate and equitable.
Fiscal 2026 AIP Awards
In connection with the adoption of the AIP, and generally applying the AIP framework retroactively to the Company’s fiscal 2026 corporate milestones and individual objectives, the Compensation Committee approved AIP award payouts for fiscal 2026 to substantially all eligible employees of the Company and its subsidiaries. The fiscal 2026 AIP award payouts represent the first awards made and settled under the Company’s formalized incentive program; no cash bonuses were approved for or paid to the named executive officers for fiscal 2025.
The fiscal 2026 annual incentive award payouts approved for the named executive officers are set forth below:
| Named Executive Officer | Title | Fiscal 2026 AIP Award Payout |
|---|---|---|
| Mark A. Smith | Chief Executive Officer (1) | $602,784 |
| Neal S. Shah | Chief Financial Officer | $345,621 |
| Scott Honan | Chief Operating Officer | $378,197 |
(1) Amounts payable in respect of Mr. Smith’s services are paid to 76 Resources, LLC under a previously-disclosed consulting arrangement.
The fiscal 2026 AIP awards were paid, or are expected to be paid, in cash on or about July 15, 2026. The Company expects to provide additional detail regarding the fiscal 2026 named executive officer awards in the executive compensation disclosure included in a subsequent Securities and Exchange Commission filing, as applicable.
u/Gman-303 — 1 month ago