As more states follow California in banning sales of new internal combustion engine vehicles, demand for critical minerals will increase, NioCorp says

In an interview with a reporter, NioCorp Mark Smith reports growing demand from automakers for NioCorp’s planned products

CENTENARY, Colo., August 30, 2022 /PRNewswire/ — Other states likely to follow California Lead Ban on Future Sales of Internal Combustion Engine Vehicles as Way to Accelerate Demand for Electric Vehicles (“EVs”) and Address Climate Change, Says NioCorp CEO and Executive Chairman Mark Smith. In a interview with a journalist this weekMr. Smith noted that these and other government actions are also likely to increase demand for critical minerals needed for electric vehicles and other clean technology applications – including critical minerals that NioCorp plans to produce in its Elk Creek project in Nebraskaonce financing has been obtained and the project is in commercial operation.

“The demand for electric and hybrid vehicles will skyrocket as a result,” Mr Smith told Stephen Gunnion about Proactive investor. “Virginia it looks like he will follow suit by not allowing the sale of internal combustion engines on the same schedule as California.”

Mr. Smith also discussed the impact of a new US law tying the federal tax credit for electric vehicle purchases to minimum percentages of critical minerals used in US-made lithium-ion batteries. “There is no doubt that this will impact producers of critical minerals in the United States,” he noted. what the government is currently promoting. This is a huge development for NioCorp.”

Mr. Smith also noted that companies in the automotive sector have increased their demands on NioCorp in terms of interest in the critical minerals that NioCorp intends to produce, once the Elk Creek project is funded and in commercial operation.

“These conversations have been building since the start of the year, and with the passage of the Cut Inflation Act, those conversations have accelerated,” he noted. “It’s really a game changer in our industry.”

To see Mr. Smith’s full interview, go here:
https://www.proactiveinvestors.com/companies/news/991202/niocorp-developments-says-legislation-including-ira-2022-has-boosted-interest-in-critical-minerals-991202.html

For more information:

Contact Jim SimsCorporate Communications Manager, NioCorp Developments Ltd., 720-639-4650, [email protected]

@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 which will produce niobium, scandium and titanium. The Company is also evaluating the production potential of 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 special metal that can be combined with aluminum to make alloys with increased strength and better corrosion resistance. Scandium is also an essential component of advanced solid oxide fuel cells. Titanium is used in various light 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 essential to the manufacture of neodymium-iron-boron (“NdFeB”) magnets, which are used in a wide variety of military and civilian applications .

Caution Regarding Forward-Looking Statements

Neither the Toronto Stock Exchange (“TSX”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this material. Certain statements contained herein may constitute forward-looking statements, including, but not limited to, statements relating to the Company’s expectations regarding the anticipated benefits of the Cut Inflation Act of 2022, including benefits related to advanced manufacturing tax credits, electric vehicle tax credits and provisions encouraging greater production of critical minerals in the United States; the impact of states prohibiting the future sale of internal combustion engines on demand for critical US-made minerals; and any results of conversations that NioCorp has with companies in the automotive industry about possible off-take agreements for products planned by NioCorp. These forward-looking statements are based on NioCorp’s reasonable expectations and business plan as of the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that these forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause these assumptions to change and that actual results and estimates may differ materially from any future results, achievements or positions estimated or expectations expressed or implied by these forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp’s plans or prospects to change include risks relating to NioCorp’s ability to operate as a going concern; risks relating to NioCorp requiring significant additional capital; 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 to comply with laws and regulations and other regulatory requirements; the possibility that actual results of the work may differ from projections/expectations or fail to realize the perceived potential of NioCorp’s projects; risks of accidents, equipment failures and labor disputes or other unforeseen difficulties or disruptions; the possibility of cost overruns or unforeseen expenses in development programs; operational or technical difficulties related to exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of reserve and resource grades; risks relating to exploration, development and mining activities, and the risks set forth in the Company’s filings with the SEC at www.sec.gov. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE NioCorp Developments Ltd.

Kevin A. Perras