Mr. Mark Smith reports

NIOCORP ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED EQUITY FINANCING FOR GROSS PROCEEDS OF CAD$5.2 MILLION

Niocorp Developments Ltd. has closed its oversubscribed private placement financing announced by the company on Dec. 15, 2015, for gross proceeds of $5,247,485 through the issuance of 9,074,835 units at a price of 57 cents per unit. Each unit comprises one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire a common share of the company at a price of 75 cents for a period of three years from their date of issuance.

Mark Smith, executive chairman and chief executive officer of Niocorp, acquired 115,000 units under the private placement.

"This is yet another significant milestone accomplished by Niocorp in very difficult capital markets," said Mr. Smith. "The fact that our Elk Creek, Neb., project continues to attract capital from both retail and institutional investors underscores how differentiated this project is from so many other mining projects. I thank our many new investors and welcome them to the Niocorp family as we work to bring on-line this remarkable Nebraska superalloy materials project for markets around the globe."

Mr. Smith added that completing this private placement also satisfies a final condition of release of the balance of funds recently committed by the Lind Partners, a New York-based institutional investment house. "Once the final funds from Lind are received by Niocorp, we will have raised gross proceeds of $11.5-million within just the past several weeks. These funds will help us complete work on our Elk Creek feasibility study and continue to push this project down the path to commercial operation."

The subscription by Mr. Smith to the private placement constitutes a related-party transaction under Multilateral Instrument 61-101 protection of minority security holders in special transactions. Because the value of Mr. Smith's subscription is less than 25 per cent of Niocorp's market capitalization, it is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The material change report in relation to Mr. Smith's subscription will be filed fewer than 21 days before the closing date as the company wished to complete the private placement as soon as commercially practical after all required approvals were obtained. The company paid cash commissions of $43,007 and issued 75,450 broker warrants (having the same terms as the warrants) in connection with the private placement. All securities issued pursuant to the private placement are subject to a hold period expiring four months and one day from closing.