Lockheed Martin and NioCorp Sign MOU to Advance U.S. Scandium Supply for Defense

Key Points

• NioCorp Developments Ltd. signed a non-binding MOU with Lockheed Martin for the potential purchase of up to 15 tonnes per year of scandium oxide over the next 10 years.
• The agreement builds on a Pentagon-funded joint development program with Lockheed Martin Skunk Works to develop scandium-based defense technologies.
• The deal supports the goal of building a domestic scandium mine-to-master-alloy supply chain in the United States.

NioCorp Developments Ltd. (NASDAQ: NB) has signed a non-binding memorandum of understanding with Lockheed Martin (NYSE: LMT) that could lead to long-term scandium oxide supply for defense applications. The agreement is an important step because it links a U.S. critical minerals developer with one of the country’s largest defense contractors, creating a clearer path toward domestic supply for a material used in advanced aerospace and military systems.

How the Lockheed Martin and NioCorp agreement works

The MOU covers the potential purchase of up to 15 tonnes per year of scandium oxide from NioCorp’s Elk Creek project in Nebraska, either as scandium oxide or as aluminum-scandium alloys. The agreement is non-binding, which means the companies still need to negotiate and finalize a definitive contract before any commercial supply begins. Even so, the MOU signals that both companies see strategic value in building a long-term supply relationship around scandium.

Why scandium matters for defense technologies

Scandium is a specialty metal used to make lightweight, corrosion-resistant aluminum alloys that can improve performance in aircraft and other defense systems. That makes it especially valuable for fighter aircraft and other advanced military applications where strength, weight, and durability all matter. Lockheed Martin’s Skunk Works has already been working with NioCorp on scandium-based defense technologies, so the MOU extends an existing development relationship rather than starting from scratch.

How the deal fits into U.S. supply-chain strategy

The agreement also aligns with broader U.S. efforts to reduce dependence on foreign critical mineral supply chains. The joint development program between NioCorp and Lockheed Martin is funded by the U.S. Department of War under Title III of the Defense Production Act, which is aimed at strengthening domestic industrial capacity for strategic materials. If the project succeeds, it could help establish the United States’ first mine-to-master-alloy scandium supply chain, from extraction to advanced materials manufacturing.

What the update means for NB investors

For NB investors, the MOU adds credibility to NioCorp’s Elk Creek project and shows potential demand from a major defense customer. The company still needs to finalize terms, secure project financing, and build out production capacity before meaningful commercial supply can begin. But even as a non-binding agreement, the partnership with Lockheed Martin gives NioCorp a stronger strategic narrative and could improve investor confidence in its long-term rare metals thesis.