Mr. Jim Sims reports

NIOCORP RECEIVES NOTIFICATION FROM NASDAQ RELATED TO DELAYED QUARTERLY REPORT ON FORM 10-Q

Niocorp Developments Ltd. has received a letter from the listing qualifications department of Nasdaq Stock Market LLC on May 24, 2023, indicating that, because the company has not filed its quarterly report on Form 10-Q for the quarterly period ended March 31, 2023, within the prescribed time period, the company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).

The Nasdaq notification letter has no immediate effect on the listing or trading of the company's common shares on Nasdaq. While the notification letter provides the company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days from the date of the notification letter, the company currently expects to be in compliance with the listing rule in that time frame.

The company filed a notification of late filing on Form 12b-25 with the U.S. Securities and Exchange Commission (the SEC) on May 16, 2023, indicating that the filing of the Form 10-Q would be delayed due to the high level of complexities in integrating GX Acquisition Corp. IIand accounting for the recently consummated business combination transaction with GX. Due to the time required to complete this process, the company was not able to file the Form 10-Q within the five-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended.

In addition, further to the company's news release on May 17, 2023, the company expects to be subject to a management cease trade order (the MCTO) for the delay in filing the company's third quarter financial statements for the period ended March 31, 2023, the related management's discussion and analysis, and the chief executive officer and chief financial officer certifications relating to the third quarter financial statements by the May 15, 2023, filing deadline, as extended by the Ontario Securities Commission to May 23, 2023. The MCTO will restrict all trading in securities of the company by Niocorp's chief executive officer, chief financial officer and directors until such time as the Canadian required documents have been filed by the company and the MCTO has been revoked by the applicable Canadian regulatory authorities. The company's existing insider trading policy prohibits any and all trading by company employees until at least three business days following the filing of all quarterly financial statements with securities regulators in both the United States and Canada.

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, armor 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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