NioCorp Investor Presentation Deck
Classification
●
Proven
Probable
.
TOTAL
Underground In Situ Mineral Reserves Estimate for Elk Creek
Payable
Nb
(t)
TiO₂
Grade
(%)
Tonnage
(Kt)
Nb₂05
Grade
(%)
NioCorp
Critical Mineral Security
36,656 0.81
36,656 0.81
Contained
Nb₂O5 (t)
297,278
Elk Creek S-K 1300 Mineral Reserve¹
(not including REE production)
(MINERAL RESERVE AS OF June 30, 2022)
297,278
170,409 2.92
170,409 2.92
Contained Payable
TiO₂ (t) TiO₂ (t)
1,071,182
1,071,182
431,793
Sc
Grade
(ppm)
70.2
431,793 70.2
Contained Payable
Sc (t) Sc₂O3 (t)
2,573
2.573
NOTES
The Qualified Person for the Mineral Reserve estimate is Optimize Group Inc. The estimate has an effective date of June 30, 2022.
The Mineral Reserve is based on the mine design, mine plan, and cash-flow model utilizing an average cut-off grade of 0.679% Nb₂O5 with an
NSR of US$ 180/t.
3.677
3,677
The estimate of Mineral Reserves may be materially affected by metal prices, environmental, permitting, legal, title, taxation, socio-political,
marketing, infrastructure development, or other relevant issues.
The economic assumptions used to define Mineral Reserve cut-off grade are as follows:
O Annual life of mine (LOM) production rate of ~7,450 tonnes of FeNb/annum during the years of full production.
O Initial elevated five-year production rate ~ 7,500 tonnes of FeNb/annum when full production is reached.
O Mining dilution of ~6% was applied to all stopes and development, based on 3% for the primary stopes, 9% for the secondary stopes, and
5% for ore development.
O Mining recoveries of 95% were applied in longhole stopes and 62.5% in sill pillar stopes.
●
Parameter
Mining Cost
Processing
Water Management and Infrastructure.
Tailings Management
Other Infrastructure
General and Administrative
Royalties/Annual Bond Premium
Other Costs
Total Cost
Nb₂O5 to Niobium conversion
Niobium Process Recovery
Niobium Price
TiO₂ Process Recovery
TiO₂ Price
Sc Process Recovery
Sc to Sc₂O3 conversion
Sc Price
Value
42.38
106.70
16.62
2.01
5.47
8.91
8.34
6.29
196.72
69.60
82.36
39.60
40.31
0.88
93.14
153.40
3,675.00
Unit
US$/t mined
US$/t mined
US$/t mined
US$/t mined
US$/t mined
US$/t mined
US$/t mined
US$/t mined
US$/t mined
%
%
US$/kg
%
US$/kg
%
%
US$/kg
Price assumptions are as follows: FeNb US$ 39.60/kg Nb, Sc₂O3 US $3,675/kg, and TiO₂ US $0.88/kg. Price
assumptions are based upon independent market analyses for each product as of June 30, 2022
Price and cost assumptions are based on the pricing of products at the "mine-gate," with no additional down-stream
costs required. The assumed products are ferroniobium (metallic alloy shots consisting of 65% Nb and 35% Fe), a
titanium dioxide product in powder form, and scandium trioxide in powder form.
The Mineral Reserve has an average LOM NSR of US$ 563.06/tonne.
Optimize Group has provided detailed estimates of the expected costs based on the knowledge of the style of
mining (underground) and potential processing methods (by 3rd party Qualified Persons).
Mineral reserve effective date is June 30, 2022. The financial model was run after the estimate of the NSR above,
which reflects a total cost per tonne of US$ 196.72 versus US$ 189.91. This is not considered a material change.
Price variances for commodities are based on independent market studies versus earlier projected pricing. The
independent market studies do not have a negative effect on the reserve.
¹ Based on the S-K 1300 Elk Creek Technical Report Summary. See "Mineral Reserves and Resources" in the
Disclaimers & Technical Disclosures at the beginning of this presentation.
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