NioCorp Advances Elk Creek with $44.6M Portal Build and $500M Capital Secured
NB•NioCorp Developments Ltd. commenced Elk Creek mine portal construction in Q1 2026 at an estimated cost of $44.6 million and has raised over $500 million in gross capital across 2025–2026 to advance project development. The company secured a non-binding offtake agreement with Traxys North America, holds definitive contracts for roughly 75% of niobium output, and is pursuing a $780 million U.S. Export-Import Bank debt financing.
1. Elk Creek Portal Construction
NioCorp Developments Ltd. initiated portal construction at its Elk Creek Critical Minerals Project in Q1 2026, budgeting approximately $44.6 million for initial development. This work will establish access to underground zones containing niobium, scandium and titanium mineralization.
2. Financing and Capital Raised
The company has secured over $500 million in gross capital between 2025 and 2026 to fund project advancement and is applying for a $780 million debt facility from the U.S. Export-Import Bank to support further construction and commissioning activities.
3. Offtake and Marketing Agreements
NioCorp signed a non-binding long-term marketing and offtake arrangement with Traxys North America for its planned critical minerals products spanning the first 10 years of operation. To date, about 75% of projected niobium output is covered under definitive sales contracts, and initial commercial volumes of scandium are being produced.
4. Diversified Production Outlook
Elk Creek is one of North America’s few deposits combining niobium, scandium, titanium and rare earth elements, offering revenue diversification. The ongoing work program includes engineering studies and groundwork to support phased production of all four commodities.
