NioCorp Developments Ltd. has officially begun construction of the main access portal for the underground portion of its Elk Creek Critical Minerals Project in southeast Nebraska, marking a major milestone for the long-anticipated mining development.
The Centennial, Colorado-based company is investing $44.6 million to build the mine’s primary entrance, which will provide access for personnel, heavy equipment and materials. The portal will also serve as the transport route for ore moving from underground operations to the surface production facility.
The company filed a Notice of Commencement with the Mine Safety and Health Administration and confirmed that detailed engineering work is underway. Construction equipment has already been mobilized to the site near Elk Creek.
NioCorp raised approximately $500 million during 2025 and early 2026, significantly strengthening its balance sheet and advancing pre-construction work. The funding surge has helped lift the company’s market capitalization to $1.81 billion. Financial data indicates the company holds more cash than debt and maintains strong liquidity as it advances toward full-scale mine development.
Mark A. Smith, Chairman and CEO, stated that the recent capital raise is enabling pre-construction of the underground mine while reinforcing the company’s position with the Export-Import Bank of the United States for potential debt financing support.
The company plans to host a formal groundbreaking ceremony once project financing is finalized and a final investment decision is approved by its Board of Directors.
Scott Honan, Chief Operating Officer and President of Elk Creek Resources Corp., said construction of the portal is expected to take about nine months to complete. The structure will function as the backbone of underground operations, forming the gateway to mineral extraction activities.
The Elk Creek Project is designed to produce minerals classified by the U.S. government as critical to national security and industrial supply chains. These include niobium, scandium and titanium, along with the potential addition of several rare earth elements pending further technical work and reserve confirmation.
The project has gained increasing attention as the United States works to strengthen domestic supply chains for critical minerals used in aerospace, defense systems, electric vehicles, advanced electronics and renewable energy technologies. Niobium enhances steel strength, scandium is used in lightweight aluminum alloys, and titanium is essential in aerospace and medical applications.
Although the company has not yet reached profitability, its stock has delivered strong returns over the past year, reflecting investor optimism about the project’s long-term production potential. Analysts have also highlighted the company’s improved cash position following recent equity offerings.
In recent developments, NioCorp completed a public offering of 20 million common shares and pre-funded warrants at $5 per share, generating approximately $100 million in gross proceeds before fees and expenses. The company also secured over $370 million during 2025, including $360.8 million in equity capital and $10 million from the U.S. Department of Defense under the Defense Production Act.
As of the end of 2025, NioCorp reported a consolidated cash balance of $307 million, positioning the company to continue advancing construction, engineering and technical studies.
With portal construction now underway, Elk Creek moves closer to becoming one of the few domestic sources of several high-demand critical minerals — a development that could play a meaningful role in reshaping U.S. mineral independence and supply chain resilience.
Originally reported by Investing. Com.
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