NioCorp Investor Presentation Deck
Classification
●
●
Proven
Probable
●
TOTAL
Tonnage
(Kt)
36,656
36,656
Underground In Situ Mineral Reserves Estimate for Elk Creek
TiO₂
Grade
(%)
Nb₂05
Grade
(%)
NioCorp
Critical Mineral Security
0.81
0.81
Contained
Nb₂05 (t)
297,278
297,278
Payable Nb
(t)
Elk Creek S-K 1300 Mineral Reserve¹
(not including REE production)
(MINERAL RESERVE AS OF May 10, 2022)
170,409
2.92
170,409 2.92
Contained
TiO₂ (t)
1,071,182
1,071,182
Payable
TiO₂ (t)
431,793
Sc
Grade
(ppm)
70.2
431,793 70.2
Contained Sc Payable
(t)
SC₂O3 (t)
2.573
NOTES
The Qualified Person for the Mineral Reserve estimate is Richard Jundis, P.Eng., of Optimize Group Inc. The estimate has an effective date of May 3rd, 2022.
The Mineral Reserve is based on the mine design and mine plan, utilizing an average cut-off grade of 0.679% Nb205 with an NSR of US$ 180/mt.
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.
2,573
3,677
3,677
The economic assumptions used to define Mineral Reserve cut-off grade are as follows:
o Annual life of mine (LOM) average production rate of ~7,450 tonnes of FeNb/annum in the years of full production,
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
Value
42.38
106.70
16.62
2.01
5.47
8.91
8.34
6.29
196.72
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$/t mined
69.60 %
%
82.36
39.60
40.31
0.88
93.14
153.40 %
%
US$/kg
%
US$/kg
Price assumptions for FeNb, Sc203, and TiO2 are based upon independent market analyses for each product.
Price and cost assumptions are based on the pricing of products at the "mine-gate," with no additional down-stream costs required.
The assumed products are a ferroniobium product (metallic alloy shots consisting of 65% Nb and 35% Fe), a titanium dioxide
product in powder form, and scandium trioxide in powder form.
The Mineral Reserve has an average LOM NSR of US$ 563.06/tonne.
Richard Jundis 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 May 10th, 2022. The financial model was run post-February 2019, which reflects a total cost per
tonne of US$ 196.72 versus US$ 189.91 (May 20, 2022 Mineral Reserve Details Table above). This is not considered a material
change.
Price variances for commodities are based on updated independent market studies versus earlier projected pricing. The updated
independent market studies do not have a negative effect on the reserve.
1 Based on the 2022 Elk Creek Technical Report. See "Mineral Reserves and Resources" in the Disclaimers &
Technical Disclosures at the beginning of this presentation.
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