(KLZA)--NioCorp Developments Ltd. a leading U.S. critical minerals developer, has announced that its Board of Directors  has approved the Company’s Mine Portal Project, a major initiative to advance the Elk Creek Critical Minerals Project.
The Portal Project will establish the main entrances to the Elk Creek Project underground mine and will serve as the primary access point for personnel, equipment, and materials for the Company’s planned underground mining operations.
 The Board-approved scope also includes excavating to bedrock, drilling and blasting to establish the twin mine ramps, on-site access road construction, as well as on-site supporting infrastructure. Work is expected to begin during the first quarter of calendar year 2026 and the current estimated capital cost for the project is approximately $44.6 million. 
The portal will provide access for the Company’s planned implementation of the Railveyor™ system, which NioCorp announced in 2024 as the preferred bulk material handling solution for the Elk Creek Project. 
The Railveyor™ system will run on electricity, as will all of NioCorp’s underground mining equipment, offering potential environmental, safety, and operational benefits when compared to conventional diesel-powered underground mining systems.