NioCorp Signs Lockheed Martin Scandium MOU for Up to 15 Tonnes Annually

Highlights

• NioCorp and Lockheed Martin signed a non-binding MOU for up to 15 tonnes of scandium oxide or aluminum-scandium alloy per year over 10 years.
• The agreement validates aerospace and defense demand for scandium but does not constitute a binding offtake contract or guarantee project financing.
• NioCorp began a $44.6 million mine-portal construction program at Elk Creek in February 2026, with equipment mobilized and MSHA notice filed.
• Elk Creek's published resource includes 188.8 million tonnes indicated at 0.51% Nb₂O₅ and 60.06 g/t scandium, though rare earth potential still requires validation.
• Lockheed's involvement strengthens the demand narrative but does not eliminate financing, construction, metallurgy, or production ramp risks.

NioCorp Developments (opens in a new tab) (NASDAQ: NB) has signed a non-binding memorandum of understanding with Lockheed Martin (opens in a new tab) (NYSE: LMT) covering the potential purchase of up to 15 tonnes of scandium oxide annually for 10 years, either as oxide or aluminum-scandium alloy. The agreement is strategically meaningful—but it is not yet an offtake contract, and NioCorp's Elk Creek mine remains a development-stage project requiring additional capital before commercial operation.

REEx Insight | Lockheed Validates the Demand—Not Yet the Mine

The headline is powerful because Lockheed is not merely another prospective industrial customer. Aerospace and defense represent precisely the markets where scandium's ability to strengthen and lighten aluminum alloys could command premium value. A relationship covering 15 tonnes annually would also be meaningful against NioCorp's planned production of roughly 100 tonnes of scandium oxide per year.

But investors should separate customer interest from project execution. NioCorp's SEC filings say Elk Creek currently generates no operating revenue and requires additional capital to reach construction and commercial operation. Rare earth production is also still described as potential, not part of the project's currently disclosed mineral reserves.

Elk Creek Moves From PowerPoint Toward Concrete

There is tangible progress. NioCorp began the approximately $44.6 million mine-portal construction program in February 2026, with equipment mobilized and a formal commencement notice filed with MSHA. The company has also secured the land required for its planned mine and processing facility and previously advanced through EXIM technical review for prospective project financing.

The project's published resource contains 188.8 million tonnes indicated grading 0.51% Nb₂O₅, 60.06 g/t scandium, and 0.34% TREO. But the rare-earth opportunity still requires technical and economic validation.

The distinction investors should remember is simple: Lockheed materially strengthens the demand story. It does not eliminate financing, construction, metallurgy, or ramp risk.

REEx Connect

NioCorp Developments (opens in a new tab) — Investor Relations: Jim Sims, Chief Communications Officer; +1 720-334-7066; Jim.Sims@NioCorp.com. Lockheed Martin (opens in a new tab) — Potential scandium customer and defense/aerospace end user. U.S. EXIM Bank / NioCorp project update (opens in a new tab) — Prospective Elk Creek project-financing diligence.