Mr. Scott Honan reports

NEBRASKA GRANTS EXTENSION TO NIOCORP OF CONSTRUCTION START DATE UNDER THE ELK CREEK PROJECT AIR PERMIT

Niocorp Developments Ltd. has been granted an extension by the Nebraska Department of Environment and Energy (NDEE) until April 4, 2022, as to when construction must be initiated at the company's Elk Creek superalloy materials project under the current construction air permit.

The project's construction air permit was issued by NDEE on June 2, 2020, and requires that "construction, reconstruction, or modification of the source" be commenced within 18 months of the permit's issuance. The six-month extension recently granted by NDEE was based on the date of the company's Oct. 4, 2021, request for such an extension.

"We very much appreciate the NDEE's granting of this extension," said Scott Honan, Niocorp's chief operating officer, "and we look forward to the onset of construction-related activities at the project site, in compliance with the permit, once we have obtained sufficient project financing to proceed."

About Niocorp Developments Ltd.

Niocorp is developing a superalloy materials project in southeast Nebraska that will produce niobium, scandium and titanium. Also under consideration by the company is the production of several magnetic rare earth products. Niobium is used to produce superalloys as well as high-strength, low-alloy (HSLA) steel, which is a lighter, stronger steel used in automotive, structural and pipeline applications. Scandium is a superalloy material that can be combined with aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various superalloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armour and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium and dysprosium, are critical to the making of neodymium-iron-boron (NdFeB) magnets, which are used across a wide variety of defence and civilian applications.

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