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Niocorp Developments Ltd
Symbol NB
Shares Issued 282,420,651
Close 2023-02-06 C$ 1.31
Market Cap C$ 369,971,053
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Niocorp to recover 92% from demo plant rare earths

2023-02-06 17:52 ET - News Release

Mr. Scott Honan reports

NIOCORP'S RARE EARTH DEMONSTRATION PLANT SHOWING STRONG RARE EARTH RECOVERY RESULTS, IN LINE WITH EXPECTATIONS

Niocorp Developments Ltd.'s demonstration-scale processing plant at L3 Process Development in Quebec, Canada, has succeeded in producing a high-purity mixed rare earth concentrate from Niocorp's integrated demonstration plant. These encouraging results lend support to the technical feasibility of separating high-purity oxides of several key magnetic rare earths, on which the United States is currently 100 per cent dependent, primarily from China, from ore comprising the Elk Creek critical mineral project.

Niocorp's patent-pending demonstration-scale rare earth extraction and purification solvent extraction process operation is continuing in Trois-Rivieres, Que., using solutions generated by the upstream operations of the demonstration plant. The rare earths were then precipitated out of solution, producing a solid that contains 6 per cent praseodymium (Pr) oxide, 25 per cent neodymium (Nd) oxide, 0.35 per cent terbium oxide (Tb) and 1.6 per cent dysprosium (Dy) oxide, with the balance of the solids consisting primarily of rare earths with minor base metal impurities.

Based on these results and subject to additional demonstration testing over the coming weeks, L3's process engineering team has determined that overall recoveries for these four magnetic rare earths are likely to be greater than 92 per cent and meet commercial purity specifications for magnetic rare earth oxides. These results are in line with bench- and pilot-scale testing of L3's rare earth recovery system, as well as hydrometallurgical performance models that have been run on the rare earth recovery process upon which the demonstration plant is based. They are in line with the company's previous published success at demonstration scale in producing high-purity scandium oxide at an overall recovery rate of approximately 92 per cent. Scandium behaves very similarly to rare earths in solution while it is being separated and recovered into a high-purity oxide product.

L3 is currently completing the assembly and commissioning of additional solvent extraction steps that will be run in concert with the rest of the demonstration plant to confirm these recovery numbers.

Niocorp is currently focused on demonstrating its ability to recover three high-purity rare earth products: (1) neodymium-praseodymium oxide, which is the principal component of neodymium-iron-boron (NdFeB) permanent rare earth magnets; (2) dysprosium oxide; and (3) terbium oxide. Both Dy and Tb oxide are critical to the type of powerful NdFeB magnets used in the traction motors of electric vehicles. However, very little of these high-purity separated rare earth products are made outside of Asia.

"We are very pleased to be able to deliver these outstanding results to Niocorp using the demonstration plant equipment," said Eric Larochelle, co-owner of L3. "We have established a baseline of performance in the demonstration plant solvent extraction system, and expect to maintain or exceed these results as we gain further operating experience with that system."

"These results are right in line with our expectations and are a reflection of the excellent technical pedigree of the L3 team along with a tremendous amount of hard work to get the demonstration plant built, commissioned and operating," said Scott Honan, Niocorp's chief operating officer. "In the coming weeks, we look forward to seeing additional results from L3's efforts, including the final portions of the operation involving niobium and titanium separations."

As no economic analysis has been completed on the rare earth mineral resource comprising a portion of the Elk Creek project, further studies are required before determining whether extraction of rare earth elements can be reasonably justified and economically viable after taking into account all relevant factors.

Qualified persons

Eric Larochelle, BEng, co-owner, L3, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information, and verified the data, contained in this news release.

Scott Honan, MSc, SME-RM, COO of Niocorp, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in the news release.

About Niocorp Developments Ltd.

Niocorp is developing a critical mineral project in southeast Nebraska that will produce niobium, scandium and titanium. The company also is evaluating the potential to produce several rare earths from the project. Niobium is used to produce specialty alloys, as well as high-strength, low-alloy (HSLA) steel, which is a lighter, stronger steel used in automotive, structural and pipeline applications. Scandium is a specialty metal that can be combined with aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys, is a key component of pigments used in paper, paint and plastics, and is also used for aerospace applications, armour and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium and dysprosium, are critical to the making of neodymium-iron-boron magnets, which are used across a wide variety of defence and civilian applications.

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