NioCorp Developments Ltd. announced that it has completed its metallurgical testing program at its Quebec-based demonstration plant. Results show that NioCorp's enhanced processing design can produce, at demonstration scale, higher-purity forms of niobium and titanium, and higher yields for each product, than previously attained. The results also show that NioCorp can produce, at demonstration scale., scandium and magnetic rare earth products with commercial purities at recovery rates of 92% or higher.

With all metallurgical work required to update NioCorp's current Feasibility Study for the Elk Creek Critical Minerals Project now completed, NioCorp is working to update its mineral reserve to include rare earths, complete additional engineering required by the new processing design, update project capital and operating cost estimates, and producing other information required for publication in an updated Feasibility Study. This is expected to be completed as early as possible in 2024. 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 defense and civilian applications.