NioCorp Developments Ltd. plans to make aluminum-scandium master alloy product from mining and upgrade facilities to be located in the U.S., subject to, among other matters, receipt of project financing and consummation of mining operations at the Elk Creek Project, which could enable commercial and defense manufacturers to replace select existing aluminum parts in vehicles. Aluminum alloys containing scandium offer high-strength, corrosion-resistant, weldable alternatives to existing aluminum options and deliver significant property improvements and light-weighting opportunities, particularly in transportation applications. Military and strategic applications are expected to be significant as well.

Scandium is one of several strategic metal products that NioCorp plans to make from its Elk Creek Critical Minerals Project (the "Project") in Nebraska, USA, contingent on, among other matters, obtaining sufficient project financing. Once in commercial operation, the scandium component from this mine could potentially position NioCorp as one of the producers of Al-Sc MA in the world. Still, more scandium production would need to come online in both North America and Europe, if more than a small handful of manufacturers are to benefit from these high-performance aluminum alloy variants.

At the recent HC Wainwright Global Investor Conference in New York City, Mr. Smith discussed these trends, as well as the Company's recently launched phased approach to commercial-scale production in the U.S. of Al-Sc MA. The traditional method of introducing scandium into Al-Sc alloys is via a master alloy containing 98% aluminum and 2% scandium. NioCorp is now engaged in pilot-scale production of Al-Sc MA, containing up to 5% or more scandium by weight, and anticipates producing the pilot-scale ingots of Al-Sc MA over the coming weeks.

If and when the Company is able to obtain sufficient project financing, as well as completes both pilot-scale and commercial demonstration testing operations, and validation of the technical and economic feasibility of proceeding to full-scale commercial master alloy production, NioCorp plans to construct and operate a commercial-scale master alloy facility, operating in parallel with its planned Elk Creek Project. Contingent upon, among other matters, securing adequate project financing, the Elk Creek Project plans to produce more than 100 tonnes of scandium oxide annually, with some or all of the oxide product to be further processed by NioCorp into an Al-Sc MA for direct sale to aluminum alloy producers and customers.