NioCorp Developments Ltd. announced on September 8, 2025, the successful completion of a Pentagon-funded exploratory drilling program at its Elk Creek Critical Minerals Project. This campaign was a crucial step in advancing the project.
The drilling program was designed to upgrade mineral resources and reserves, which is necessary to support an updated feasibility study. This study is a key requirement for the U.S. Export-Import Bank's due diligence process for NioCorp's application for up to $800 million in debt financing.
The program, which included nine HQ diamond drillholes totaling 6,817 meters, was completed ahead of schedule and under budget. This efficiency enabled the addition of Phase II drilling, further enhancing resource potential and supporting mine design efforts.
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