NioCorp SPAC Presentation Deck
Elk Creek 2022 In Situ Mineral Resource Estimate (niobium, titanium, and scandium) including reserves
Classification
Indicated
Inferred
NSR Cutoff
(US$/tonne)
NioCorp
Critical Mineral Security
180
Elk Creek NI 43-101 Mineral Resource¹
(MINERAL RESOURCE AS OF DECEMBER 8, 2021)
180
Tonnage
(Mt)
188.8
108.3
Grades
Nb205 (%)
0.51
TiO2 (%)
2.24
Sc (ppm)
60.06
Nb205 (%)
0.39
TiO2 (%)
1.92
Sc (ppm)
52.28
Tonnages
Nb205 (kt)
970.3
TiO2 (kt)
4,221
Sc (t)
11,337
Nb205 (kt)
426.6
TiO2 (kt)
2,082
Sc (t)
5,660
NOTE: The Qualified Person for this Mineral Resource estimate is Matthew Batty, P.Geo., Owner, Understood Mineral Resources
Ltd. The estimate has an effective date of December 8, 2021.
Notes:
a.
The reporting standard for the Mineral Resource Estimate uses the terminology, definitions and
guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards
on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101.
b. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.
C. The Mineral Resources are reported at a Diluted Net Smelter Return (NSR) Cut-off of US
$180/tonne.
d.
e.
f.
g.
h.
i.
j.
k.
I.
The diluted NSR is defined as:
Diluted NSR (U.S. $) =
Revenue per block Nb205 (diluted) + Revenue per block Tio2 (diluted) + Revenue per block Sc (diluted)
Diluted tonnes per block
The diluted revenue from Nb₂O5, TiO2, and Sc per block used the following factors:
• Nb₂O5 Revenue: a 94% grade recovery, a 0.696 factor to convert Nb₂O5 to Nb,
82.36% assumption for plant recovery, and a US$ 39.60 kg selling price per kg of
ferroniobium.
• TiO₂ Revenue: a 94% grade recovery, a 40.31% assumption for plant recovery, and
an US$ 0.88 kg selling price per kg of titanium oxide.
• Sc Revenue: a 94% grade recovery, a 1.534 factor to convert Sc to Sc₂03, 93.14%
assumption for plant recovery, and a US$ 3,675 kg is selling price per kg of
scandium oxide.
The diluted tonnes are a 6% increase in the total tonnes of the block.
Price assumptions for FeNb, Sc₂O3, and TiO₂ are based upon independent market analyses for
each product.
Numbers may not sum due to rounding. The rounding is not considered to be material.
Rare Earth Oxides (REO) were evaluated as a potential by-product to the mining of niobium,
titanium, and scandium; thus the estimated values of the REOs are reported using the
previously determined diluted NSR as derived from the Nb₂O5, TiO₂, and Sc Mineral Resources.
The stated Light Rare Earth Oxides (LREO) grade (%) is the summation of La₂O3 (%). Ce₂O3 (%).
Pr₂O3 (%), and Nd2O3 (%) estimates.
The stated Heavy Rare Earth Oxides (HREO) grade (%) is the summation of Sm₂03 (%), EU₂03
(%), Gd₂O3 (%), Tb₂O3 (%), Dy2O3 (%), Ho₂O3 (%), Er2O3 (%), Tm₂O3 (%), Yb₂O3 (%), LU₂03 (%).
and Y₂O3 (%) estimates.
The stated Tot Rare Earth Oxide (TREO) grade
the summation of LRE (%) and HREO
(%).
Numbers may not sum due to rounding. The rounding is not considered to be material.
The effective date of the Mineral Resource, including by-products, is December 8th, 2021 (date
of last assay received).
1 Based on the June 2022 Feasibility Study, as summarized by the 2022 NI 43-101 Elk Creek Technical Report. See "Mineral
Reserves and Resources" in the Disclaimers & Technical Disclosures at the beginning of this presentation.
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