Is NioCorp Developments Ltd. (NB) One of the Best Metal Stocks to Buy Right Now?

NioCorp Developments Ltd. (NASDAQ:NB) is one of the best metal stocks to buy right now. On December 22, the company’s board approved the Mine Portal Project, paving the way for the development of the Elk Creek Critical Minerals Project.

The approval paves the way for the establishment of the main entrances to the Elk Creek project’s underground mine, which is expected to serve as the access point for personnel, equipment, and materials. Work is to begin in the first quarter and is likely to result in a capital cost of about $44.6 million.

“Approval of the Portal Project is a significant milestone for NioCorp,” said Mark A. Smith, CEO and Chairman of NioCorp. “This initiative allows us to advance one of the critical path schedule items for the project as we continue working toward securing the remaining financing needed for the Elk Creek Project. We greatly appreciate the strong support shown by Nebraskans and our project partners as we continue advancing.”

Meanwhile, on December 8, H.C. Wainwright reiterated a Buy rating and increased the price target to $9.50 from $8.25. The Buy rating comes on the company completing an $8.4 million acquisition of FEA Materials LLC, which will bolster its ability to produce aluminum scandium master alloy in the US.

Earlier on December 4, NioCorp Developments Ltd. announced it had acquired the manufacturing assets and intellectual property of Massachusetts-based FEA Materials LLC, a move that will support U.S. production of aluminum-scandium master alloy as demand rises. Once its Nebraska mine and processing facility are funded and operational, the deal positions NioCorp to build the nation’s first fully integrated scandium supply chain, spanning mining, oxide production, and alloy manufacturing for defense and commercial markets.

NioCorp Developments Ltd. (NASDAQ:NB) is a U.S. mineral Development Company focused on bringing the Elk Creek Project in Nebraska online to mine crucial materials Niobium, Scandium, and Titanium, along with potential Rare Earth Elements (REEs).

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Disclosure: None. This article is originally published at Insider Monkey.