NioCorp’s Updated Elk Creek Study Puts Critical Minerals Project at $4.1 Billion Valuation
NioCorp Developments has released an updated feasibility study for its Elk Creek Critical Minerals Project in Nebraska, outlining a major expansion of the project and an estimated pre-tax net present value (NPV) of $4.1 billion. The study strengthens the economic case for one of the United States’ most significant proposed critical-minerals developments.
The 2026 feasibility study envisions Elk Creek as a 40-year integrated U.S. mining and processing operation capable of producing eight critical-mineral products from a single ore body. These include niobium, scandium, titanium and several rare-earth products, positioning the project as a potential contributor to domestic critical-mineral supply chains.
According to NioCorp, the project has an estimated after-tax NPV of $3.4 billion, while the pre-tax internal rate of return stands at 24%, compared with an after-tax IRR of 22.8%. The company expects the project to generate approximately $37.4 billion in revenue over its mine life and average annual EBITDA of around $608 million.
The updated study also reflects a larger and more diversified product portfolio. Average annual production is projected to include ferroniobium, scandium oxide, titanium tetrachloride, neodymium-praseodymium oxide and other rare-earth products. The expansion could make Elk Creek an important domestic source of minerals considered strategically important to the U.S. economy and national security.
NioCorp said the updated reserve estimate supports the extended 40-year mine life and includes rare earth elements in the mineral reserve classification for the first time. The project’s development is therefore increasingly focused not only on traditional critical minerals such as niobium and titanium, but also on rare earths used in advanced technologies and high-performance applications.
The updated economics come as the company continues to advance Elk Creek toward construction. However, securing the financing required to fully develop the project remains an important milestone. NioCorp has been undertaking engineering, site preparation, land acquisition and other early development activities while working toward project financing.
The latest feasibility study could strengthen NioCorp’s case as the United States seeks to reduce dependence on overseas supplies of critical minerals. If successfully financed and developed, Elk Creek could become a major domestic source of multiple minerals supporting industries ranging from defense and aerospace to energy, electronics and advanced manufacturing.