Contract Positions NioCorp to Advance to a
Construction Start Upon Receipt of Project Financing, According to
NioCorp CEO and Chairman Mark
Smith
CENTENNIAL, Colo., Feb. 20,
2023 /PRNewswire/ -- NioCorp Developments Ltd.
("NioCorp" or the "Company") (TSX:NB)
(OTCQX:NIOBF) today announced that it has executed a
contract with Zachry Group ("Zachry") to develop a cost for
the surface facilities associated with NioCorp's Elk Creek Critical
Minerals Project (the "Project") in southeast
Nebraska. The contract represents the first phase of
engineering, procurement, and construction ("EPC")
contracting for the $1.2 billion
Project.
NioCorp had previously selected Zachry as its EPC firm for the
Project's surface facilities. Zachry is widely recognized as
one of the world's leading turnkey engineering, construction,
maintenance, turnaround, and fabrication companies. Zachry
serves companies in the energy, chemicals, power, manufacturing,
and industrial sectors.
"We are very pleased to take this important next step with
Zachry as it positions NioCorp to advance to a construction start
following receipt of sufficient project financing," said
Mark Smith, Chairman and CEO of
NioCorp. "Zachry is a highly respected company with an
excellent track record of success in large projects such as ours,
and I am pleased to continue our partnership with Zachry as we work
together to bring the Elk Creek Project to commercial reality."
Scott Honan, NioCorp's Chief
Operating Officer, added: "Zachry has a large craft workforce
and a strong presence in Nebraska. Together with our long
relationship with the Zachry team, this makes for a great fit with
the Elk Creek Project. Having spent time at Zachry's offices
and multiple project sites, I am confident that Zachry can execute
their scope of work on our Project in a safe, timely, and
cost-effective manner."
"We are excited to work with NioCorp to support the
development of critical minerals that will help the United States transition to a lower-carbon
economy," said Ralph Biediger, EPC
President, Zachry Group. "We look
forward to bringing our decades of EPC experience to bear on
this vitally important project and continuing our long-term
presence in Nebraska."
# # #
FOR MORE INFORMATION:
Jim Sims, Corporate
Communications Officer, NioCorp Developments Ltd., 720-639-4650,
jim.sims@niocorp.com
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
advancing the Elk Creek Project to a construction start, 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 Company's
contract with Zachry and NioCorp' ability to secure sufficient
project financing. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/niocorp-and-zachry-group-execute-engineering-contract-for-the-elk-creek-critical-minerals-projects-surface-facilities-301751254.html
SOURCE NioCorp Developments Ltd.
