U.S. ENERGY SECRETARY CHRIS WRIGHT, EXIM CHAIRMAN JOHN JOVANOVIC & LEADERS VISIT NIOCORP'S ELK CREEK - NIOCORP DEVELOPMENTS LTD

Explicit Guidance:

• No financial guidance (revenue, earnings, capex, etc.) is provided in this transcript.

Business-Segment Outlook:

• Production Scope: Elk Creek mine is designed to produce eight critical mineral products on-site from mined ore to finished product, eliminating the need for export to China for processing.
• Product Lines & Market Share:
  • Niobium: Aiming to replace 100% current U.S. imports.
  • Scandium: Aiming to replace 100% current U.S. imports; essential for aluminum alloys in aerospace/defense and advanced electronics/superintelligence.
  • Titanium: Aiming to address the >85% import reliance for modern aircraft and military hardware.
  • Rare Earth Elements (Dysprosium, Terbium): Aiming to replace ~100% U.S. imports for magnets used in electric motors, drones, and guided munitions, currently dominated by China (who processes >80% of global supply).
• Employment & Operations:
  • Construction: Expecting to support ~1,200 construction jobs currently underway.
  • Permanent Workforce: Projected to create ~500 high-skilled permanent jobs.
  • Mine Life: Operating timeline expected to span 40 years.

Market and Competitive Outlook:

• Supply Chain Shift: Strategic pivot to secure domestic supply lines to eliminate reliance on China, described as a "state sponsor of terrorism" and primary adversary in critical mineral markets.
• Competitive Landscape: Acknowledges China has strategically manipulated the market (subsidies, dumping, price manipulation) to make U.S. operations uneconomic, necessitating government support to "change the math."
• Demand Trends: Demand driven by national security requirements for defense systems (armored vehicles, naval vessels, jet engines, drones) and the broader reindustrialization of the U.S. economy.

Macro / Industry Outlook:

• Economic/Industrial: Outlook centers on "reindustrializing America" and delivering "American Dream 2.0" through supply chain security and economic security.
• Regulatory/Political: Administration is committed to fixing the energy crisis and removing barriers that have historically stalled mining development (citing an average 29-year timeline for U.S. mine development vs. industrial powerhouses of the past).
• International Relations: Anticipates potential market disruptions from China (dumping) and seeks legislative support (e.g., CTAP program) to provide the Ex-Im Bank with flexibility to counter foreign state-sponsored competition in sectors including semiconductors and medical supplies.

Strategic Initiatives:

• Partnerships: Traxxas identified as the key commercial partner to purchase and distribute Elk Creek products globally. JPMorgan (Michael Johnson) and Export-Import Bank (Ex-Im) providing financing support.
• Capacity & Site Expansion: Currently moving from project planning to construction (groundbreaking complete); active site construction with mining vehicles moving daily (temporarily paused for safety event).
• Legislative Action: Senator Ricketts introduced a bill to grant Ex-Im Bank greater flexibility to support U.S. critical mineral security against market manipulation by adversaries.
• Financing: Ex-Im Bank committing to providing capital in a distorted marketplace to enable the project; federal financing review process currently active following a signed letter from the President.

Risks and Headwinds to Outlook:

• Geopolitical: Reliance on China for >85% of processed rare earths and 100% of niobium/scandium creates vulnerabilities for the U.S. economy and military.
• Regulatory/Time: The average 29-year timeline for U.S. mine development is identified as a structural barrier that must be overcome to achieve strategic goals.
• Market Distortion: China's strategic decision to use price manipulation and subsidies to prevent commercial U.S. competition is a primary headwind that requires government intervention to neutralize.

Management Tone on the Future:

• Confidence Level: Extremely high and determined. Management describes the effort as a "generational job-creating powerhouse" and emphasizes that "nobody gave up" over 16 years.
• Urgency: Strong emphasis on immediate action ("enough is enough," "fix this problem now") rather than further reporting or delays.
• Partnership: Tone is collaborative and inclusive, highlighting a "Team America" effort involving federal, state, local, and private sector partners to achieve national security goals.
• Sentiment: Viewed as a "heroic" and "extraordinary" opportunity to transform underground materials into national security resources.

Miscellaneous:

• Safety Protocol: Safety emphasized as a core company value ("not a goal") with a specific protocol: any safety concern can stop all work immediately via a "card" system.
• Location Context: Project located in Johnson County, Nebraska, leveraging the state's "18 of 24 plants" carbon capture in ethanol and renewable natural gas initiatives as a model for energy independence.