Mr. Mark Smith reports

NIOCORP SET TO BE ADDED TO THE RUSSELL 3000 INDEX

Niocorp Developments Ltd. is set to join the broad-market Russell 3000 Index at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the U.S. market opens on June 26, 2023, according to a preliminary list of additions posted May 19, 2023.

Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of April 28, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily through objective, market-capitalization rankings and style attributes. Over all, more than $12.1-trillion in investor assets track the Russell indexes, and 69 per cent of actively managed U.S. equity institutional assets are benchmarked to a Russell U.S. index.

"Being added to the Russell 3000 is another big step forward for Niocorp, after uplisting to the Nasdaq, and we believe it will significantly raise Niocorp's global visibility with institutional investment firms that have index funds that track Russell indexes," said Mark A. Smith, Niocorp chief executive officer and executive chairman.

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.

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