NioCorp Developments Ltd. confirmed that its Board of Directors approved the construction of the Mine Portal for the Elk Creek Critical Minerals Project in southeastern Nebraska on December 22, 2025. The portal will provide the first mine entrances and is the essential gateway to underground development, with construction slated to begin in the first quarter of 2026.
The portal project is estimated to cost $44.6 million and will incorporate the Railveyor™ bulk‑material handling system, an electric‑powered solution selected in 2024 to replace a twin‑shaft design. The electrification of underground equipment, including the Railveyor, is expected to reduce initial capital costs and improve environmental performance.
Elk Creek is positioned to become a major U.S. producer of niobium, scandium, titanium, and rare‑earth elements—minerals that are critical to national‑security technologies and advanced manufacturing. The project’s development is supported by federal, state, and local permits, and a feasibility study completed in June 2022 projected a pre‑tax net present value of $2.8 billion and an internal rate of return of 29.2% over a 38‑year mine life.
CEO Mark A. Smith said the portal approval “is a significant milestone for NioCorp. It allows us to advance one of the critical‑path schedule items while we continue to secure the remaining financing needed for Elk Creek.” COO Scott Honan added that the portal marks the beginning of major pre‑construction activity and is an important step toward underground development.
Investors have responded positively to the milestone, citing the company’s progress toward construction and the de‑risking of the project. NioCorp remains debt‑free and has a strong cash position, which supports its ability to fund the next phases of development.
The approval moves Elk Creek from the permitting stage into the construction phase, setting the stage for the next capital‑intensive steps. Successful completion of the portal will enable the company to begin underground mining operations, ultimately generating revenue from the extraction of high‑grade critical minerals and strengthening the U.S. supply chain for advanced technologies.
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