Interview with Mark Smith, Executive Chairman, President & CEO of NioCorp Developments Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/niocorp-nasdaqnb-critical-minerals-project-targets-us-supply-chain-security-7125

Recording date: 26th January 2026

NioCorp Developments (NASDAQ: NB) is accelerating toward project financing for its Elk Creek critical minerals facility in Nebraska, backed by over $300 million in cash and intensifying support from US government agencies. The company raised $370 million in 2025, including a $10 million Department of Defense grant that funded reserve upgrades and engineering work critical to securing Export-Import Bank financing.

Executive Chairman Mark Smith reports unprecedented momentum with the US Export-Import Bank, which designated NioCorp as a "very top priority project" in December 2025. "In the last two weeks, I have received more emails and more phone calls from EXIM than I did in all of 2025," Smith said, describing the pace as "Trump speed." The company expects binding commitments by Q2 2026 for a 65% debt, 35% equity structure totaling $780 million.

Project economics have been dramatically enhanced by surging rare earth prices. Neodymium-praseodymium oxide has doubled from $55/kg in July 2025 to $110-120/kg, while heavy rare earths show even more striking differentials—dysprosium at $1,250/kg outside China versus $250/kg domestically. These pricing improvements will be reflected in the company's mid-March feasibility study update.

NioCorp has commenced detailed engineering for a $45 million underground mine portal project starting February 2026, demonstrating management confidence in near-term financing. The project offers exceptional margins of approximately $450-475 per ton, with $700 in revenue against $225-250 in processing costs across four critical minerals: niobium, scandium, titanium, and magnetic rare earths.

The company has secured definitive offtake agreements for 75% of ferroniobium production and 12 tons annually of scandium, with additional announcements expected through April. NioCorp is also negotiating with the Department of Defense for support similar to recent arrangements with MP Materials and USA Rare Earth, positioning the project as critical to US supply chain independence for materials currently 100% imported.

View NioCorp's company profile: https://www.cruxinvestor.com/companies/niocorp-developments

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Terry Lynch, CEO of Power Metallic Mines

Our previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-aggressive-drilling-and-land-expansion-fuel-growth-potential-7925

Recording date: 29th January 2026

Power Metallic (TSXV: PNPN) is advancing one of the world's rarest deposit types—an orthomagmatic polymetallic discovery at its NISK project in Quebec. CEO Terry Lynch recently outlined the company's significant 2025 achievements and ambitious 2026 plans, positioning the explorer for a transition toward mine development.

The company's most significant 2025 milestone was a metallurgical study delivering exceptional 95% recovery rates across its metal suite, substantially exceeding the 80% modeled. Specific recoveries include copper at 98.9%, palladium at 93.9%, platinum at 96.8%, gold at 85%, and silver at 88.9%. These results address a primary concern in polymetallic projects and, combined with near-surface mineralisation, position NISK as a low-capital, high-margin opportunity with estimated internal rates of return approaching 100%.

Power Metallic also successfully consolidated its land position, acquiring seven of eight priority targets around the discovery. Orthomagmatic deposits are exceptionally rare—only 20 discovered globally—with 19 of 20 developing into multi-mine districts. The company now controls a land package six times larger than at the discovery stage, providing district-scale development potential.

The company raised $50 million in 2025 and currently holds approximately $33 million cash, fully funding its aggressive 2026 program without near-term financing needs. Plans include 100,000 meters of drilling using five rigs expanding to seven, testing four transformative exploration targets beyond the known Lion zone. The "Elephant" target, emerging from borehole electromagnetic surveys, theoretically measures five times Lion's size and represents the largest anomaly the technical team has encountered.

Beyond Quebec, Power Metallic is diversifying its portfolio through a Chilean Metals spinout (TSXV listing expected within weeks) consolidating copper-gold assets near the Candelaria mine, plus three large-scale Saudi Arabian concessions offering significantly lower exploration costs and unprecedented government incentives including 75% project financing at 1% interest rates.

With commodity prices strengthening across its metal portfolio and multiple near-term catalysts including drill results and a preliminary economic assessment targeted for Q4 2026 or Q1 2027, Power Metallic is positioning for significant rerating as markets recognize the development potential of this rare discovery.

View Power Metallic's company profile: https://www.cruxinvestor.com/companies/power-metallic

Sign up for Crux Investor: https://cruxinvestor.com

Interview with Thomas Abraham-James, President & CEO of Pulsar Helium Inc.

Our previous interview: https://www.cruxinvestor.com/posts/pulsar-helium-tsxvplsr-exceptional-145-concentrations-drive-resource-expansion-program-7877

Recording date: 29th January 2026

Pulsar Helium is developing the Topaz Project in Minnesota, positioning itself as a potential solution to America's persistent helium supply challenges. Led by President and CEO Thomas Abraham-James, the company has systematically de-risked its primary helium discovery through 2025, setting the stage for a transformative 2026 with multiple value-defining catalysts on the horizon.

The United States represents the world's largest helium market yet has experienced persistent shortages over the past 15 years. Unlike most commodities, helium exists primarily as a byproduct of natural gas production, creating significant supply inflexibility. Major producers outside the United States—Qatar, Algeria, and Russia—present both geopolitical risks and logistical challenges, with helium's molecular properties causing product loss during the four-week shipping transit.

Pulsar specializes in primary helium resources, where helium exists as the principal gas rather than a byproduct. The Topaz Project has delivered five consecutive successful wells, all intersecting helium-bearing gas zones with concentrations of 8-10%—significantly exceeding the 2% economic threshold. These wells flow naturally to surface without hydraulic fracturing, and approximately 85% of the raw gas stream appears marketable.

The October 2025 announcement of helium-3 presence garnered particular market attention. This ultra-rare isotope, valued at $18.5 million per kilogram, is currently being pursued through lunar mining programs funded by the U.S. and Chinese governments. Pulsar's terrestrial alternative offers concentrations comparable to the moon's surface but in gaseous form, making extraction significantly simpler. Helium-3 is critical for quantum computing applications, enabling optimal processing at near-absolute-zero temperatures.

Looking ahead, flow testing scheduled for February through May 2026 will provide critical reservoir data, followed by a resource update and the company's first economic study expected mid-2026. Recent warrant exercises and efficient drilling costs have strengthened Pulsar's financial position, providing sufficient capital through these key milestones. Abraham-James characterized the coming six months as "fast and furious" as the company transitions from exploration to engineering-ready status.

View Pulsar Helium's company profile: https://www.cruxinvestor.com/companies/pulsar-helium

Sign up for Crux Investor: https://cruxinvestor.com