NioCorp SPAC Presentation Deck
Class
Indicated
Class
Inferred
Elk Creek 2022 In Situ Mineral Resource Estimate (rare earth oxides) including reserves
Tonnage (Mt)
La203 (%)
0.0773
Nd₂03 (%)
0.0524
Gd203 (%)
0.0110
Ho203 (%)
0.0007
Yb203 (%)
0.0010
LREO (%)
0.2774
La203 (kt)
145.8
Nd₂O3 (kt)
98.9
Gd203 (kt)
20.8
Ho203 (kt)
1.3
Yb203 (kt)
1.9
LREO (kt)
523.6
Ce203 (%)
0.1335
Sm₂03 (%)
0.0129
Tb203 (%)
0.0012
Er203 (%)
0.0015
Lu203 (%)
0.0001
HREO (%)
0.0579
Ce203 (kt)
251.9
Sm₂O3 (kt)
24.3
Tb203 (kt)
2.3
Er203 (kt)
2.9
Lu203 (kt)
0.3
HREO (kt)
109.3
Pr203 (%)
0.0143
Eu₂03 (%)
0.0046
Dy203 (%)
0.0048
Tm203(%)
0.0002
Y203 (%)
0.0199
TREO (%)
0.3353
NSR Cut-off
180
NSR Cut-off
180
188.8
NioCorp
Critical Mineral Security
Tonnage (Mt)
108.3
Elk Creek NI 43-101 REE Mineral Resource¹
(MINERAL RESOURCE AS OF DECEMBER 8, 2021)
La203 (%)
0.0943
Nd₂03 (%)
0.0575
Gd203 (%)
0.0090
Ho203 (%)
0.0006
Yb203 (%)
0.0010
LREO (%)
0.3257
La203 (kt)
102.1
Nd₂O3 (kt)
62.2
Gd203 (kt)
9.8
Ho203 (kt)
0.7
Yb203 (kt)
1.1
LREO (kt)
352.6
Ce203 (%)
0.1576
Sm₂03 (%)
0.0116
Tb203 (%)
0.0010
Er203 (%)
0.0014
Lu203 (%)
0.0001
HREO (%)
0.0512
Ce203 (kt)
170.6
Sm₂O3 (kt)
12.6
Tb203 (kt)
1.1
Er203 (kt)
1.5
Lu203 (kt)
0.1
HREO (kt)
55.5
Pr203 (%)
0.0163
Eu₂O3(%)
0.0038
Dy203 (%)
0.0042
Tm203(%)
0.0002
Y203 (%)
0.0182
TREO (%)
0.3769
NOTE: The Qualified Person for the Mineral Resource estimate is Matthew Batty, P.Geo., Owner, Understood Mineral Resources Ltd. The
estimate has an effective date of December 8, 2021.
Pr203 (kt)
26.9
Eu₂O3 (kt)
8.6
Dy203 (kt)
9.1
Tm203 (kt)
0.3
Y203 (kt)
37.6
TREO (kt)
632.9
Pr203 (kt)
17.7
Eu₂O3 (kt)
4.1
Dy203 (kt)
4.6
Tm203 (kt)
0.2
Y203 (kt)
19.7
TREO (kt)
408.1
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.
C. The Mineral Resources are reported at a Diluted Net Smelter Return (NSR) Cut-off of US
$180/tonne.
d.
f.
g.
i.
j.
Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.
k.
I.
The diluted NSR is defined as:
Diluted NSR (U.S. $) =
Numbers may not sum due to rounding. The rounding is not considered to be material.
Rare Earth Oxides (REO) were evaluated as a potential by-product to the mining of niobium,
titanium, and scandium; thus the estimated values of the REOs are reported using the
previously determined diluted NSR as derived from the Nb₂O5, TiO₂, and Sc Mineral Resources.
h. The stated Light Rare Earth Oxides (LREO) grade (%) is the summation of La2O3 (%), Ce₂O3 (%),
Pr₂O3 (%), and Nd₂03 (%) estimates.
The stated Heavy Rare Earth Oxides (HREO) grade (%) is the summation of Sm₂O3 (%), Eu₂03
(%), Gd₂03 (%), Tb₂O3 (%), Dy2O3 (%), Ho₂O3 (%), Er₂O3 (%), Tm₂O3 (%), Yb₂O3 (%), LU₂03 (%).
and Y₂O3 (%) estimates.
The stated Total Rare Earth Oxide (TREO) grade (%) is the summation of LREO (%) and HREO
(%).
Revenue per block Nb₂05 (diluted) + Revenue per block Tio (diluted) + Revenue per block Sc (diluted)
Diluted tonnes per block
The diluted revenue from Nb₂O5, TiO2, and Sc per block used the following factors:
• Nb₂O5 Revenue: a 94% grade recovery, a 0.696 factor to convert Nb₂O5 to Nb,
82.36% assumption for plant recovery, and a US$ 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 Sc₂O3, 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.
The effective date of the Mineral Resource, including by-products, is December 8th, 2021 (date
of last assay received).
1 Based on 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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