(KLZA)-- NioCorp Developments a leading U.S. critical minerals developer, has reported results from the first completed diamond drill hole from its drilling program at its critical minerals project in Southeast Nebraska. Known as the “Elk Creek Project”.

The drilling program and associated technical work is being funded by the Pentagon and is designed to support the conversion of a portion of the Elk Creek Project- Indicated Mineral Resources into Measured Mineral Resources and the subsequent conversion of a portion of its Probable Mineral Reserves into Proven Mineral Reserves.

The drilling program was designed to help meet Mineral Resource and Mineral Reserve classification requirements associated with the ongoing review of the Company- application for up to $800 million in potential debt financing by the Export-Import Bank of the United States.

Studies of the other completed drill holes during the now complete drilling program are underway at external laboratories.

The latest results are consistent with the existing Mineral Resource model for the Elk Creek deposit along with the lithologies logged by the field geology team when the hole was drilled, and confirm that the deposit is well understood.

NioCorp is looking forward to receiving the remaining results and completing updates to their Mineral Resources and Mineral Reserves and continuing discussions with EXIM Bank as they work to advance financing efforts for the Elk Creek Project.