• New Feasibility Study Shows Project Economics Including an Average Annual EBITDA² of $608 Million, Life-of-Mine Revenue of $37.4 Billion with a Pre-Tax NPV_8% of $4.1 Billion (After-Tax NPV8% of $3.4 Billion) and Pre-Tax IRR of 24% (After-Tax IRR of 22.8%)

• Expanded Product Mix is Expected to Generate Revenue of $815/Ton of Ore Against Average Operating Costs of $255/Ton, Creating a More Robust and Diversified Revenue Profile

• Proven and Probable Mineral Reserves of 45.9 Million Tons Support a 40-Year Operating Mine Life, with Additional Mineral Resources Providing Potential for Future Expansion

• NioCorp's Integrated Mine and Processing Plant in Nebraska Expected to Reduce U.S. Import Reliance on Eight Different Imported Critical Minerals: Ferroniobium, Scandium Trioxide, Titanium Tetrachloride, Terbium Oxide, Dysprosium Oxide, NdPr Oxide, SEG Carbonate, and Heavy Rare Earth Carbonate

• Diversified Revenue Stream Expected to Reduce NioCorp's Exposure to Market Concentration, Export Controls, and Pricing Volatility Associated with China-Dominated Supply Chains

• Upfront Capital Estimate of $1.85 Billion Reflects a Substantially Redesigned Processing Plant and Mining Operation Producing Eight Critical Minerals and Significant Inflationary Impacts Since the Previous Feasibility Study

• Completion of NioCorp's Feasibility Study Will Satisfy a Key U.S. Export-Import ("EXIM") Bank Due Diligence Requirement; Company Now Expects to Advance to the Next Step of Detailed Engineering and Engineering, Procurement and Construction ("EPC") Contracting

• NioCorp to Host Live Investor Webcast on Tuesday, August 11 at 10:00 AM ET. Register Here to Participate.

CENTENNIAL, CO / ACCESS Newswire / August 10, 2026 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) is pleased to report the results of an updated Feasibility Study (the "2026 Feasibility Study") for its Elk Creek Critical Minerals Project (the "Elk Creek Project") outlining the project's evolution into a 40-year, integrated U.S. operation with a Net Present Value exceeding $4 billion that is expected to produce eight critical-mineral products from a single ore body.

The 2026 Feasibility Study estimates a pre-tax net present value at an 8% discount ("NPV_8%") of $4.1 billion, an after-tax NPV_8% of $3.4 billion, a pre-tax Internal Rate of Return ("IRR") of 24% and an after-tax IRR of 22.8%. Over the projected mine life, the Elk Creek Project is projected to generate approximately $37.4 billion in life-of-mine ("LoM") revenue, $608 million in average annual EBITDA², and $519 million in average annual operating cash flow.

The Elk Creek Project is expected to produce eight products, all designated by the U.S. Government as critical minerals: ferroniobium ("FeNb"), scandium trioxide ("Sc₂O₃"), titanium tetrachloride ("TiCl₄"), and several rare earth oxide products, including neodymium-praseodymium oxide ("NdPr"), dysprosium oxide ("Dy") and terbium oxide ("Tb"), samarium-europium-gadolinium ("SEG") carbonate, and heavy rare earth carbonate. This expanded product suite creates a more diversified revenue profile while positioning the Elk Creek Project to serve multiple U.S. critical-mineral and defense supply chains from an integrated mine and processing facility that has secured its major construction-related permits.

A technical report summarizing the 2026 Feasibility Study (the "2026 Technical Report") was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") for the Company by Dahrouge Geological Consulting Ltd. and the other Qualified Persons and has been filed on SEDAR+. The 2026 Technical Report can be accessed here.

"Our 2026 Feasibility Study transforms the Elk Creek Project into the kind of critical minerals project the United States needs to have online as soon as possible," said Mark A. Smith, CEO and Executive Chairman of NioCorp. "Few critical minerals projects in the U.S. can match the Elk Creek Project's combination of a 40-year mine life, all major construction-related permits already in hand, and the planned production of eight critical mineral products from a single ore body."

"The United States is heavily reliant on imports for every single one of the products that NioCorp plans to manufacture," Mr. Smith said. "NioCorp offers an American-made solution: secure, long-term domestic production of materials essential to national defense, advanced manufacturing, energy resilience, and the technologies that will power the U.S. economy for decades to come."

"For NioCorp, this feasibility study delivers a larger, stronger, and more highly de-risked project," he added. "Eight products give us access to more markets, create multiple and highly diversified revenue streams, and reduce our exposure to the price of any one critical mineral. Combined with stronger economics and a 40-year mine life, we are now in a much stronger position to advance detailed engineering and project financing. Our job now is to turn this highly unique and important opportunity in Nebraska into a new source of American jobs, industrial strength, and critical mineral security right here at home."

A Diversified, Long-Life, Eight-Product Operation

The 2026 Feasibility Study's updated economics incorporate the expanded product offering, revised mine and processing design, an updated Mineral Resource and Mineral Reserve and current capital and operating cost estimates. Key economic results are summarized in Table 1 below.

Table 1: Highlighted 2026 Elk Creek Project Feasibility Study Economic Results

A Diversified Domestic Source of Critical Minerals in a Bifurcated Market

The addition of five rare-earth products materially changes the Elk Creek Project's revenue profile. Based on the 2026 Feasibility Study assumptions, no single product category is expected to account for more than 39% of revenue. This broader product mix gives the Elk Creek Project exposure to multiple critical-mineral markets, reduces its dependence on the pricing of any one product, and provides greater resilience against volatility or disruption in any single market.

Figure 1: Gross Revenue Breakdown (2022 Feasibility Study vs. 2026 Feasibility Study)

Figure 2: Gross Revenue, OPEX, and Gross Margin per Ton (2022 Feasibility Study vs. 2026 Feasibility Study)

The markets and pricing for scandium and the rare-earth products to be produced at the Elk Creek Project have become increasingly bifurcated between China and the rest of the world. China dominates global production and processing of these materials, but export restrictions on scandium and several heavy rare earths have constrained the availability of Chinese material to customers outside the country, contributing to materially higher prices in non-China markets. At the same time, demand is expanding across several high-growth sectors. For example, scandium is used in solid oxide fuel cells, which are increasingly being deployed to provide reliable, on-site power for energy-intensive artificial intelligence data centers, while neodymium, praseodymium, dysprosium and terbium are essential to the high-performance permanent magnets used in critical defense systems, electric vehicles, advanced automation, and robotics. Because the Elk Creek Project is expected to produce these materials in the United States for customers seeking a secure supply outside China, the economic model prepared for the 2026 Feasibility Study reflects pricing in the non-China markets that the Elk Creek Project is designed to serve.

Such pricing projections are based on assumptions and are subject to various risks described in the 2026 Technical Report, including, but not limited to, risks that anticipated demand drivers for scandium relating to artificial intelligence are not sustainable, international trade restrictions resulting in pricing bifurcation between China and the rest of the world relax, or that supply of such products increases from other sources.

Refined Mineral Processing Strategy Features Substantial Upgrades and Improvements

The 2026 Feasibility Study incorporates 12 years of engineering, metallurgical testing and mine-planning work across the Elk Creek Project. The updated design improves processing efficiency and yield, reduces reagent requirements, simplifies access to the underground mine, and supports greater electrification of the project's operations.

The redesigned production process adds calcination and ammonium chloride leaching ahead of the acid-leach stage, removing a substantial portion of acid-consuming species in the ore ahead of the introduction of mineral acid and thus reducing reagent consumption throughout the circuit. The updated design also eliminates the dedicated sulfuric acid plant contemplated in the 2022 Feasibility Study and instead uses on-site acid neutralization for sulfuric acid and hydrochloric acid regeneration to recover and reuse reagents.

Ongoing construction of the mine portal is establishing the future access point to the Elk Creek Project underground operations. From the mine portal, twin ramps will provide access from the surface to the ore body, replacing the twin shafts contemplated in the 2022 Feasibility Study and enabling the use of the Railveyor™ system for ore movement and electric underground haulage. NioCorp also plans to develop an on-site, behind-the-meter microgrid to supply a majority of the Elk Creek Project's electricity, eliminating reliance on the regional grid, and providing a reliable source of power over the operating life. Together, these changes are expected to improve project execution and operating efficiency.

Figure 3: 2026 Elk Creek Project Underground Mine Design (Cross Section View)

Updated Mineral Reserves Support a Long-Life Operation

The 2026 Feasibility Study establishes a larger and higher-confidence Mineral Reserve that supports a long-life operation at Elk Creek. As of April 2, 2026, the Elk Creek Mineral Reserve totals 45.9 million tons, comprising 7.6 million tons of Proven and 38.4 million tons of Probable Mineral Reserves. The 2026 estimate introduces a Proven Mineral Reserve for the first time, and for the first time includes rare earth elements in the Reserve, supporting the project's expanded suite of eight critical mineral products. The Reserve now supports a mine life of 40 years.

Table 2: Underground Mineral Reserves Estimate for Elk Creek, Effective Date April 2, 2026

See accompanying notes to this table in the Appendix of this press release.

The updated 2026 Mineral Resource estimate introduces a Measured category of 21.7 million tons, reports Indicated Mineral Resources of 187.4 million tons, and reports Inferred Mineral Resources of 169.2 million tons. The growth in the Mineral Resource, driven by additional drilling completed in 2025, suggests exploration and expansion potential that is not included in the current mine plan or economic analysis.

Table 3: Elk Creek Mineral Resource Estimate - Effective January 9, 2026

See accompanying notes to this table in the Appendix of this press release.

Potential for EXIM Financing Support

NioCorp continues to work with EXIM to advance the Elk Creek Project through EXIM's due diligence and loan application process. The completion of the 2026 Feasibility Study satisfies a key EXIM due diligence requirement reflected in the preliminary project letter that the Company received from EXIM in April 2024 (the "PPL"), and the Company now expects to advance to the next steps of the process relating to detailed engineering, procurement and construction contracting. The PPL included an indicative term sheet, which left open the total estimated amount of EXIM bank support and provided that the amount of EXIM financing that could be made available for the Elk Creek Project will be scaled based on the number of U.S. jobs supported, both during construction and over the life of EXIM's financing, subject to certain expectations regarding the ratio of debt-to-equity financing for the Elk Creek Project. The Company believes that the updated 2026 Feasibility Study, with its updated economic model, Mineral Resource and Mineral Reserve estimates, and increased job creation projections, demonstrates that the Elk Creek Project satisfies the criteria for increased EXIM financing as contemplated by the PPL. However, NioCorp is currently unable to estimate the total amount of EXIM financing, if any, as well as how long the application process, including additional project activities identified by EXIM, may take, and there can be no assurances that NioCorp will be able to successfully negotiate a final commitment of debt financing from EXIM, on acceptable terms, or at all.

TECHNICAL REPORT AND QUALIFIED PERSONS

The following 15 independent experts, each a Qualified Person as defined by NI 43-101, have reviewed, and approved the scientific and technical information and verified the data contained in this press release, which are derived from the 2026 Feasibility Study:

• Jacob Anderson, CPG, MAusIMM, Resource Geologist, Dahrouge Geological Consulting Ltd.

• Trevor Mills, P.G., SME-RM, Principal Geologist, Dahrouge Geological Consulting Ltd.

• Gareth Flitton, CPG, Pr.Sci. Nat, Mining Geologist, Dahrouge Geological Consulting Ltd.

• Eric Larochelle, B.Eng., SMH Process Innovation

• Anthony (Tony) Linton, FEC, P.Eng., IntPE (Canada), Director, Engineering & Technical Services, Dumas Contracting USA Inc.

• Scott G. Britton, P.E., Amplify Mine Planning

• Troy Meyer, P.E., Chief Geotechnical Quality Engineer, BBA Consultants International LP, Tierra Group/BBA (formerly Tierra Group International, Ltd.)

• Jason Byler, P.E., Olsson

• Adrian Brown, P.E., President, Adrian Brown Consultants, Inc.

• Patrick Andrieux, Ph.D., P.Eng., (ON, NT/NU), Eng. (QC), Principal Engineer, Andrieux & Associates Geomechanics Consulting, L.P.

• David Winters, S.E., P.E., MBA, Senior Principal Engineer, Tetra Tech

• Deepak Malhotra, Ph.D., SME (RM), DM Consulting

• Sylvain Harton, P.Eng., President, Metallurgy Concept Solutions

• Georgi Doundarov, M.Sc., P.Eng., PMP, CCP, CEO, Magemi Mining Inc.

• B. Ting, P. Eng., MASc., T Engineering

Readers are encouraged to read the 2026 Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Reserve and Mineral Resource declaration. The 2026 Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The Mineral Resource statement for the Elk Creek Project included in this press release was prepared by Jacob Anderson, CPG, MAusIMM, Resource Geologist, Dahrouge Geological Consulting Ltd. The Mineral Reserve statement for the Elk Creek Project included in this press release was prepared under the supervision of Scott G. Britton, P.E, Amplify Mine Planning.

# # #

FOR MORE INFORMATION:

Jim Sims, Chief Communications Officer, NioCorp Developments Ltd., (720) 334-7066, jim.sims@niocorp.com

Alex Guthrie, Director, Investor Relations, NioCorp Developments Ltd., (647) 999-0527, aguthrie@niocorp.com

@NioCorp $NB #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek

ABOUT NIOCORP

NioCorp is developing the Elk Creek Project that is expected to produce niobium, scandium, and titanium and several rare earth products. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy 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 magnets, which are used across a wide variety of defense and civilian applications.

About Dahrouge Geological Consulting Ltd.

Dahrouge Geological Consulting Ltd. (DGC Canada), and its subsidiary, Dahrouge Geological Consulting USA Ltd. (DGC USA), advise and assist clients in identifying, exploring, and developing mineral projects. DGC manages projects of all scopes from grassroots exploration and resource delineation to pre-feasibility and feasibility level studies. Experienced project teams plan mineral projects based upon client needs, provide a detailed review of approach, and execute programs following industry-standard best practices.

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 (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements related to the expected economics for the Elk Creek Project, including NPV, IRR, payback period, CAPEX, gross revenue, gross margin, EBITDA, operating cost and effective tax rate; future commodity price volatility and any possible reductions thereto; NioCorp's expectation that the Elk Creek Project will have over a 40-year mine life; statements regarding NioCorp's Mineral Resource and Mineral Reserve estimates; NioCorp's expectations related to the development timeline of 35 months; statements related to potential future expansion of the Elk Creek Project; NioCorp's expectation that the integrated mine and processing plan will reduce U.S. import reliance; effects on and benefits to the U.S. derived from NioCorp's future operations; NioCorp's expectation that a diversified revenue stream will reduce exposure to market concentration, export controls and pricing volatility associated with China-dominated supply chains; statements related to expected pricing for niobium, scandium, titanium and the rare earth products; statements regarding NioCorp's debt financing application process with EXIM; NioCorp's expectation of producing niobium, scandium, titanium and the rare earth products at the Elk Creek Project, including estimated production totals; NioCorp's confidence in and ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial operation, as well as efforts and expenditures relating to the same; statements that demand for niobium, scandium, titanium and the rare earth products is expanding across several high-growth sectors; statements that NioCorp expects to produce its products in the United States; statements related to the expected design of the mine, including the mine portal, Railveyor™ system and behind-the-meter microgrid for electricity, as well as the expectation that these will improve project execution and operating efficiency; and trends in global geopolitics and their effects on NioCorp's operations. 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: NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; the future price of and demand for metals, including Al-Sc alloy; the impact that Chinese restrictions have on pricing and demand, including the existence of a bifurcated market between China and the rest of the world; and the stability of the financial and capital markets. 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 Securities and Exchange Commission and with the applicable Canadian securities regulatory authorities, as well as those risks identified in the 2026 Technical Report, and the following: NioCorp's requirement of significant additional capital; NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; NioCorp's ability to achieve the required milestones and receive the full $10.0 million in reimbursement under the Project Sub-Agreement with Advanced Technology International, an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of War; NioCorp's ability to receive a final commitment of financing from EXIM or other debt financing or financial support on acceptable timelines, on acceptable terms, or at all; NioCorp's ability to continue to meet the listing standards of The Nasdaq Stock Market LLC; risks relating to NioCorp's common shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood of any of the foregoing; the extent to which NioCorp's level of indebtedness and/or the terms contained in agreements governing NioCorp's indebtedness, if any, or other agreements may impair NioCorp's ability to obtain additional financing, on acceptable terms, or at all; covenants contained in agreements with NioCorp's secured creditors that may affect its assets; NioCorp's limited operating history; NioCorp's history of losses; the material weaknesses in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weaknesses and the timing of remediation; the possibility that NioCorp may qualify as a passive foreign investment company under the U.S. Internal Revenue Code of 1986, as amended (the "Code"); the potential that the business combination with GX Acquisition Corp. II and other related transactions could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application of Section 7874 and related sections of the Code; changes in tax laws and regulations; 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; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products, including a reduction of demand for scandium from a downturn in capital spending for artificial intelligence; impacts on the markets and pricing for scandium and rare earth products from the Chinese-based markets, including any future changes to export restrictions; current and future offtake agreements, joint ventures, and partnerships, including NioCorp's ability to negotiate extensions to existing agreements or to enter into new agreements, on favorable terms or at all; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical testing; the results of technological research; unexpected variations in the quantity of ore, grade or recovery rates, or the presence of deleterious elements that would affect the process plant or waste removal; unexpected geotechnical and hydrogeological conditions from what was assumed in the mine designs; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or state laws that may significantly affect the mining and scandium alloy industries; trade policies and tensions, including tariffs and other export controls; inflationary pressures; the impacts of climate change, as well as actions taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; changes in other environmental and social factors; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; 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, development or scandium alloy production activities; management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek Project; 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; the infringement or loss of NioCorp's intellectual property rights; potential future litigation; NioCorp's lack of insurance covering all of NioCorp's operations; and changes in operating and capital costs, exchange rates, metallurgical performance, labor availability and other risk associated with the mining industry.

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.

Non-GAAP Financial Measures

This press release includes certain forward-looking non-GAAP financial measures, including EBITDA. These non-GAAP financial measures are included in this press release because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of operations. These performance measures do not have a standard meaning within GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with GAAP. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items impacting comparability and the periods in which such items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

SEC Standards Regarding Mineral Resources and Reserves

The scientific and technical information concerning the Elk Creek Project included in this press release has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the definitions and standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM Definition Standards").

Mining property disclosure requirements applicable to registrants in the United States are governed by Subpart 1300 of Regulation S-K ("S-K 1300"). The definitions of "mineral resource," "measured mineral resource," "indicated mineral resource," "inferred mineral resource," "mineral reserve," "proven mineral reserve" and "probable mineral reserve" under the CIM Definition Standards are substantially similar to the corresponding definitions under S-K 1300; however, differences exist between the two reporting frameworks. Accordingly, there is no assurance that Mineral Resource or Mineral Reserve estimates prepared in accordance with NI 43-101 would be identical to estimates prepared under S-K 1300.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of a Mineral Resource will be converted into a Mineral Reserve. Inferred Mineral Resources are subject to a high degree of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource or converted into a Mineral Reserve. Investors are cautioned not to assume that any part or all of the Mineral Resources reported in this press release are economically or legally mineable. As such, the conversion of reported Mineral Resources to Mineral Reserves should not be assumed, and the reclassification of reported Mineral Resources or Mineral Reserves from lower to higher levels of geological confidence should not be assumed.

APPENDIX: Mineral Resource and Mineral Reserve Data Tables

The following data tables and accompanying notes are derived from the 2026 Technical Report for the Elk Creek Project, and are subject to all of the assumptions, qualifications, and limitations included therein:

Table 4: Elk Creek Mineral Resource Estimate - Effective January 9, 2026

Source: DGC 2026

Notes:

1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.

2. Mineral Reserves are reported separately in Section 15 of the Company's 2026 Technical Report and are a subset of the total Mineral Resources reported herein.

3. Prepared in accordance with CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019).

4. NSR cut-off of US$218/ton ($240/tonne) based on longhole stoping underground mining; incorporates concentration circuit recoveries of Nb 86.72%, TiO2 83.65%, Sc 92.00%, and REE by-products 92.00%, at metal prices of US$52.00/kg Nb, US$2,000.00/kg Sc, US$1.86/kg TiCl4, US$1,845.00/kg Tb2O3, US$125.00/kg NdPr, and US$8.97/kg SEG carbonate.

5. TREO = LREO + HREO expressed as a percentage (TREO% = TREO ppm ÷ 10,000).

6. Tonnages in millions of tons (Mt). Grades rounded to reflect the approximate nature of resource estimates.

7. Totals may not sum due to rounding.

8. Qualified Person: Jacob Anderson, CPG, MAusIMM, Dahrouge Geological Consulting Ltd., effective date January 9, 2026.

Table 5: Underground Mineral Reserves Estimate for Elk Creek, Effective Date April 2, 2026

Source: Amplify Mine Planning, 2026.

Notes:

1. All figures are rounded to reflect the accuracy of the estimates. Totals may not sum due to rounding.

2. The Qualified Person for the Mineral Reserve estimate is Scott G. Britton, P.E., consultant to Amplify Mine Planning. The estimate has an effective date of April 2nd, 2026.

3. The Mineral Reserve is based on the mine design and mine plan, utilizing an average cut-off grade of 0.650% Nb₂O₅ with an NSR of US$ 218/t.

4. The estimate of Mineral Reserves may be materially affected by metal prices, environmental, permitting, legal, title, taxation, socio-political, marketing, infrastructure development, or other relevant issues.

5. Annual life of mine (LOM) average production rate of ~8,282 tons of FeNb/annum in the years of full production,

6. Mining dilution of ~6% was applied to all stopes and development, based on 3% for the primary stopes, 9% for the secondary stopes, and 5% for ore development.

7. Mining recoveries of 95% were applied in longhole stopes and 62.5% in sill pillar stopes.

8. Price assumptions for FeNb, Sc₂O₃, TiO₂ and TREO metals are based upon independent market analyses for each product.

9. Price and cost assumptions are based on the pricing of products at the "mine-gate," with no additional downstream costs required. The assumed products are a ferroniobium product (metallic alloy shots consisting of 65% Nb and 35% Fe), titanium in the form of TiCl₄, scandium trioxide in powder form and rare earth oxides in either purified oxide or carbonate form. The Mineral Reserve has an average LOM NSR of US$590.84/ton.

10. The economic assumptions used to define Mineral Reserve cut-off grade are as follows:

Economic Sensitivity Analysis

Figure 5-6: Pre-Tax NPV and IRR Sensitivity Analysis ($M)

Figure 7-8: After-Tax NPV and IRR Sensitivity Analysis ($M)