CENTENNIAL, Colo., Jan. 4, 2023 /PRNewswire/ -- NioCorp Developments
Ltd. ("NioCorp" or the "Company") (TSX:NB)
(OTCQX:NIOBF) today announced that its demonstration-scale
processing plant (the "demonstration plant") in Quebec, Canada has succeeded in obtaining a
rare earth dissolution rate of 86-95% from Elk Creek ore
through hydrochloric acid leaching, and has achieved a loading rate
of rare earths as high as 99% in the follow-on solvent extraction
recovery step. These relatively high rates, which were
expected, point to potentially strong rates of overall recovery of
separated rare earth oxides, subject to additional demonstration
testing over the coming weeks.
Additional solvent extraction steps will be deployed to
establish the ultimate recovery rates of potential rare earth
products. The demonstration plant has further established
that the rare earths recovered in the initial solvent extraction
step are accompanied by only two impurities of note: iron and
a very small amount of nickel. Given the success of this
initial separation step, L3 and NioCorp expect that losses in the
additional solvent extraction steps would be low.
NioCorp is currently focused on demonstrating its ability to
recover three high-purity rare earth products: (1)
neodymium-praseodymium ("NdPr") oxide, which is the
principal component of neodymium-iron-boron ("NdFeB")
permanent rare earth magnets, (2) Dysprosium ("Dy") oxide,
and (3) Terbium ("Tb") 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.
"These results are in line with our expectations and they show
that the ongoing work at the plant is proceeding in a positive
direction," said Scott Honan,
NioCorp's Chief Operating Officer. "In the coming weeks, we
look forward to seeing the final results from the separations
extractions testing that is now underway and to reporting those
results to the public."
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 account all relevant factors.
QUALIFIED PERSONS:
Eric Larochelle, B.Eng.,
Co-Owner, L3 Process Development, 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, M.Sc.,
SME-RM, COO of NioCorp Developments Ltd., a Qualified Person as
defined by National Instrument 43-101, has reviewed and approved
the technical information contained in the news release.
For More Information:
Jim Sims, Corporate
Communications Officer, NioCorp Developments Ltd., 720-639-4650,
jim.sims@niocorp.com
@NioCorp $NB.TO $NIOBF $BR3 #Niobium #Scandium #rareearth
#neodymium #dysprosium #terbium #ElkCreek #EV #electricvehicle
About NioCorp
NioCorp is developing a critical minerals 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 and is a key component of pigments used in
paper, paint and plastics and is also used for aerospace
applications, armor, and medical implants. Magnetic rare
earths, such as neodymium, praseodymium, terbium, and dysprosium
are critical to the making of Neodymium-Iron-Boron ("NdFeB")
magnets, which are used across a wide variety of defense and
civilian applications.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws. Forward-looking
statements may include, but are not limited to, statements about
NioCorp's expectation that its demonstration plant will produce
results that demonstrate relatively high rates of overall recovery
of separated rare earth oxides, expectations that losses in the
additional solvent extraction steps would be low, the potential to
produce rare earth products for the Project,, and NioCorp's
expectation and ability to produce niobium, scandium, and titanium
at the Elk Creek Project. Forward-looking statements are typically
identified by words such as "plan," "believe," "expect,"
"anticipate," "intend," "outlook," "estimate," "forecast,"
"project," "continue," "could," "may," "might," "possible,"
"potential," "predict," "should," "would" and other similar words
and expressions, but the absence of these words does not mean that
a statement is not forward-looking.
The forward-looking statements are based on the current
expectations of the management of NioCorp and are inherently
subject to uncertainties and changes in circumstances and their
potential effects and speak only as of the date of such statement.
There can be no assurance that future developments will be those
that have been anticipated. Forward-looking statements reflect
material expectations and assumptions, including, without
limitation, expectations, and assumptions relating to: the
translatability of the thermal treatment and leaching process to
remove calcium and magnesium carbonates from ore to the ore that
NioCorp expects to extract from the Elk Creek Project. Such
expectations and assumptions are inherently subject to
uncertainties and contingencies regarding future events and, as
such, are subject to change. Forward-looking statements involve a
number of risks, uncertainties or other factors that may cause
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
discussed and identified in public filings made by NioCorp with the
SEC and with the applicable Canadian securities regulatory
authorities and the following: NioCorp's ability to operate as a
going concern; NioCorp's requirement of significant additional
capital; NioCorp's limited operating history; NioCorp's history of
losses; cost increases for NioCorp's exploration and, if warranted,
development projects; a disruption in, or failure of, NioCorp's
information technology systems, including those related to
cybersecurity; equipment and supply shortages; current and future
off take agreements, joint ventures, and partnerships; NioCorp's
ability to attract qualified management; the effects of the
COVID-19 pandemic or other global health crises on NioCorp's
business plans, financial condition and liquidity; estimates of
mineral resources and reserves; mineral exploration and production
activities; feasibility study results; changes in demand for and
price of commodities (such as fuel and electricity) and currencies;
changes or disruptions in the securities markets; legislative,
political or economic developments; the need to obtain permits and
comply with laws and regulations and other regulatory requirements;
the possibility that actual results of work may differ from
projections/expectations or may not realize the perceived potential
of NioCorp's projects; risks of accidents, equipment breakdowns,
and labor disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated
expenses in development programs; operating or technical
difficulties in connection with exploration, mining, or development
activities; the speculative nature of mineral exploration and
development, including the risks of diminishing quantities of
grades of reserves and resources; claims on the title to NioCorp's
properties; potential future litigation; and NioCorp's lack of
insurance covering all of NioCorp's operations.
Should one or more of these risks or uncertainties materialize
or should any of the assumptions made by the management of NioCorp
prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements
concerning the matters addressed herein and attributable to NioCorp
or any person acting on its behalf are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein. Except to the extent required by applicable law or
regulation, NioCorp undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof to reflect the occurrence of unanticipated
events.
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