NioCorp Investor Presentation Deck
Classification
Elk Creek 2022 In Situ Mineral Resource Estimate (niobium, titanium, and scandium) excluding reserves
Indicated
Inferred
NSR Cutoff
(US$/tonne)
NioCorp
Critical Mineral Security
180
180
Elk Creek S-K 1300 Mineral Resource¹
Tonnage
(Mt)
151.7
108.3
(MINERAL RESOURCE AS OF June 30, 2022)
Grades
Nb205 (%)
0.43
TiO2 (%)
2.02
Sc (ppm)
56.42
Nb205 (%)
0.39
TiO2 (%)
1.92
Sc (ppm)
52.28
Tonnages
Nb205 (kt)
649.8
TiO2 (kt)
3,067
Sc (t)
8,558
Nb205 (kt)
426.6
TiO2 (kt)
2,082
Sc (t)
5,660
NOTE: The Qualified Person for the Mineral Resource estimate is Understood Mineral Resources Ltd. The estimate has
an effective date of June 30, 2022.
Notes:
a. Classification of Mineral Resources in the above tables is in accordance with the S-K 1300
classification system. Mineral Resources in this table are reported exclusive of Mineral
Reserves
b. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
The Mineral Resources are reported at a Diluted Net Smelter Return (NSR) Cut-off of US
$180/tonne.
The diluted NSR is defined as:
C.
d.
e.
f.
g.
•
Sc Revenue: a 94% grade recovery, a 1.534 factor to convert Sc to Sc₂03,
93.14% assumption for plant recovery, and a US$ 3,675 kg selling price per kg
of scandium oxide as of June 30, 2022.
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 and are assigned a price of $0.
h. 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 Sm2O3 (%),
Eu203 (%), Gd₂03 (%), Tb₂O3 (%) , Dy2O3 (%), Ho₂O3 (%), Er₂O3 (%), Tm₂03 (%), Yb₂O3 (%),
Lu₂O3 (%), and Y₂O3 (%) estimates.
The stated Total Rare Earth Oxide (TREO) grade (%) is the summation of LREO (%) and
HREO (%).
i.
●
j.
Diluted NSR (U.S. $) =
Revenue per block Nb₂05 (diluted) + Revenue per block TiO2 (diluted) + Revenue per block Sc (diluted)
Diluted tonnes per block
The diluted revenue from Nb₂O5, TiO2, and Sc per block used the following factors:
• Nb₂O5 Revenue: a 94% grade recovery, 0.696 factor to convert Nb₂O5 to Nb,
82.36% assumption for plant recovery, and a US$ 39.60 selling price per kg of
ferroniobium as of June 30, 2022.
•
TiO₂ Revenue: a 94% grade recovery, a 40.31% assumption for plant recovery,
and a US$ 0.88 selling price per kg of titanium oxide as of June 30, 2022.
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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