Mr. Jim Sims reports

NIOCORP GRANTED EXTENSION TO FILE THIRD QUARTER FINANCIAL STATEMENTS

Niocorp Developments Ltd.'s principal Canadian regulator, the Ontario Securities Commission (OSC), has approved an extension to file the company's third quarter financial statements for the period ended March 31, 2023, the related management discussion and analysis, and the chief executive officer and chief financial officer certifications relating to the third quarter financial statements through to May 23, 2023.

In addition, as a U.S. Securities and Exchange Commission (SEC) reporting issuer, Niocorp filed a Form 12b-25, Notification of Late Filing, with the SEC on May 16, 2023, to provide for a U.S. extension through May 22, 2023, to file its quarterly report on Form 10-Q for the quarterly period ended March 31, 2023.

Niocorp's management is working diligently to remedy the situation and anticipates filing the required documents by the filing deadlines.

Should the company fail to file the required documents by the Canadian filing deadline, the company expects that the OSC will grant a management cease trade order (MCTO), which would restrict all trading in securities of the company by Niocorp's chief executive officer, chief financial officer and directors until such time as the required documents have been filed by the company and the MCTO has been revoked.

As previously announced on May 11, 2023, 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 resulted in the delay in filing the required documents.

About Niocorp Developments Ltd.

Niocorp is developing a critical minerals project in southeast Nebraska that is expected to produce niobium, scandium and titanium, subject to the receipt of sufficient project financing. 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.

We seek Safe Harbor.