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Pentagon funds test drilling at NioCorp mine site

By John Nixon

09/09/2025

(KLZA)-- NioCorp Developments has announced that a Pentagon-funded exploratory drilling program at the Company's Elk Creek Critical Minerals Project in southeast Nebraska has been completed.

The resource drilling program, funded by the Pentagon, was designed to support converting a portion of the Company- current Indicated Resources into Measured Resources and the subsequent conversion of a portion of its current Probable Mineral Reserves into Proven Mineral Reserves.

The effort was designed to meet Mineral Reserve requirements of the Export-Import Bank of the U.S. as it processes a proposed debt financing package of up to $800 million for the Elk Creek Project.

Phase I of the resource drilling program, which was completed in August, involved 11 drill holes, totaling about 7,336 meters of drilling.

Phase 2 of the resource drilling program involved four drill holes totaling about 2,235 meters of drilling. Drill core processing and analysis is currently underway. Results are expected to be released shortly.

Two additional drill holes are currently underway and are being drilled for geomechanical purposes in the areas where the company plans to locate underground mine access ramp declines.

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