NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB), a leading U.S. critical minerals developer, announced the signing of a non-binding Memorandum of Understanding ("MOU") with Lockheed Martin regarding the potential purchase of up to 15 tonnes/year of scandium oxide from NioCorp, in either oxide form or in the form of aluminum-scandium alloys, over the next 10 years.

NioCorp plans to produce approximately 100 tonnes/year of scandium oxide from its Nebraska-based Elk Creek Critical Minerals Project, once project financing and construction are complete. NioCorp currently produces 4% aluminum-scandium master alloy in the U.S., utilizing market-sourced scandium oxide. NioCorp has said it also intends to produce finished aluminum-scandium alloy ingots that vary in scandium content from 0.2% to 0.8% for customers in both the commercial and defense markets.