NioCorp Developments (NASDAQ:NB) said construction has begun on the primary portal that will provide access to the underground section of its Elk Creek Critical Minerals Project in southeast Nebraska, a move that coincided with a roughly 4% rise in the companys shares on Thursday.
The company launched the approximately $44.6 million effort to build the mines main entrance, which NioCorp said will serve as the principal route for personnel, equipment, and materials to reach the underground workings. The portal will also be the pathway for transporting ore from the underground mine to the surface production plant. As part of the work, NioCorp filed a formal Notice of Commencement with the Mine Safety and Health Administration.
Company statements indicate this construction advances the Elk Creek Project out of the planning stage into pre-construction at the Nebraska site. NioCorp said it raised approximately $500 million in capital investment in 2025 and year-to-date in 2026, a financial position the company says is enabling the current advancement and strengthening its standing with the Export-Import Bank of the U.S. in relation to proposed debt financing.
"I am very gratified with the strong investment support from markets that NioCorp and the Elk Creek Project continue to receive," said Mark A. Smith, Chairman and CEO of NioCorp. "I look forward to hosting a formal groundbreaking ceremony once a final investment decision, or FID, is made by our Board of Directors following completion of our project financing effort."
Scott Honan, COO of NioCorp and President of Elk Creek Resources Corp., described the portal project as a substantial excavation that is expected to take about nine months to complete. The companys plans call for producing multiple products from minerals that the U.S. Government designates as critical. These include products derived from niobium, scandium, titanium and potentially several individual rare earth elements.
The start of portal construction represents a tangible step in moving the project toward operational readiness, while the company continues to pursue full project financing and a formal final investment decision by its board. NioCorp has positioned the portal as essential infrastructure - both for daily mine operations and for routing ore to surface processing facilities once underground production begins.
No additional timelines for project completion beyond the portals approximate nine-month excavation period were announced, nor were further details provided about the schedule for any formal groundbreaking event, which the company said will follow a board-level FID after financing is completed.
This report presents the companys announcements and executive statements about the project and its financing status as provided by NioCorp.