Mr. Jim Sims reports

NIOCORP ANNOUNCES DELAY IN FILING QUARTERLY FINANCIAL STATEMENTS

Niocorp Developments Ltd. anticipates a delay in filing its quarterly financial statements for the three and nine months ended March 31, 2023, the related management's discussion and analysis, and the CEO (chief executive officer) and CFO (chief financial officer) certifications relating to the quarterly financial statements before the May 15, 2023, deadline.

The closing of the company's previously announced business combination with GX Acquisition Corp. II, and the high level of complexities in integrating GX and accounting for the business combination, has resulted in the anticipated delay in filing the required documents.

The company has applied to the Ontario Securities Commission (the OSC), as principal Canadian regulator for the company, for the imposition of a management cease trade order (MCTO) under National Policy 12-203 -- Management Cease Trade Orders throughout the duration of the default. The MCTO, if approved, would generally not affect the ability of persons who are not management of the company to trade in its securities. While no assurance can be given that the MCTO will be issued, the company's existing insider trading policy prohibits any and all trading by company employees until at least three days following the filing of the required documents.

The OSC may issue a general cease trade order against the company for failure to file the required documents within the prescribed time period or sooner if the company fails to file its status reports during the prescribed time limits.

The company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements and further confirms there is no other material information relating to its affairs that has not been generally disclosed.

Niocorp's management is working diligently to remedy the situation and anticipates the required documents will be filed as soon as they are available, likely by May 22, 2023. As a U.S. Securities and Exchange Commission (the SEC) reporting issuer, Niocorp anticipates filing a Form 12b-25 Notice of Late Filing with the SEC on or before May 16, 2023, to provide for an extension to file its quarterly report on Form 10-Q through May 22, 2023.

Niocorp intends to provide updates on further developments in respect of this matter promptly following their occurrence.

About Niocorp Developments Ltd.

Niocorp is developing a critical minerals project in southeast Nebraska that will produce niobium, scandium and titanium. The company also is evaluating the potential to produce several rare earths from the Elk Creek project. Niobium is used to produce specialty alloys as well as high-strength, low-alloy steel, which is a lighter, stronger steel used in automotive, structural and pipeline applications. Scandium is a specialty metal 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 lightweight alloys 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 magnets, which are used across a wide variety of defence and civilian applications.

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