Mr. Jim Sims reports

NIOCORP DEMONSTRATES THE ABILITY TO POTENTIALLY DOUBLE PROJECTED TITANIUM RECOVERY RATES FOR THE ELK CREEK PROJECT

Niocorp Developments Ltd. has successfully demonstrated an ability to potentially double the recovery of titanium from each tonne of ore the company expects to mine at its Nebraska-based Elk Creek critical minerals project, once project financing is obtained and the commercial plant is constructed. The new process is expected to produce a purer form of titanium that may command a higher price than is assumed in Niocorp's June 2022 feasibility study for the Project (the "Feasibility Study").

Niocorp's demonstration plant in Trois Rivieres, Quebec, has shown that the Company's new and improved recovery process can likely achieve an 83.7% rate of overall titanium recovery to final product. This compares to a 40.3% titanium recovery rate in Niocorp's previous process approach. This new result points to a potentially large increase in the amount of titanium that Niocorp can potentially produce at currently planned rates of mining.

Niocorp's current Feasibility Study shows the Project producing approximately 431,793 tonnes of titanium dioxide. The titanium produced by Niocorp's new process is in the form of titanium tetrachloride ("TiCl4"), known in commercial markets as "tickle." This is a purer form of titanium than the synthetic rutile, and generally commands a higher market price. TiCl4 is an input for the production of high-purity titanium oxides and compounds, which are used primarily in the manufacture of white pigments, and titanium metal and aerospace-grade titanium alloys.

Final determination of planned titanium production can be made only after work related to a mineral reserve update, additional engineering, updated project capital and operating cost estimates, and other required information is produced for publication in a new feasibility study.

Growing Demand for Titanium Metal and Alloys in the U.S. and the West

Demand and pricing for titanium metal and associated alloys has increased in recent years, and the U.S. is more than 95% dependent upon foreign nations (Ukraine, Kazakhstan, Japan, and Russia) for titanium metal and alloys, according to the U.S. Geological Survey. While Russia is only the third largest titanium mineral producer in the world, it is the world's largest supplier of aerospace-grade titanium, producing half of the world's titanium used in aerospace before 2022. Virtually all U.S. Air Force planes rely on aerospace-grade titanium; for example, the F-22 is constructed using approximately 42% titanium by weight.

More Streamlined Production Process Demonstrated

Niocorp's new process has been demonstrated to be more efficient than the previous design, is expected to require fewer processing steps, and may allow the elimination of entire processes in Niocorp's planned processing plant in Nebraska, such as acid regeneration.

"In demonstrating our ability to potentially make higher-purity titanium in multiple forms, and in potentially higher volumes, we open up a range of new and exciting possibilities for the business, including potentially emerging as a key supplier of titanium to several industries of importance to U.S. national defense and commercial markets," said Mark A. Smith, CEO and Executive Chairman of Niocorp. "The increasing value of potential titanium production in the Elk Creek Project is a direct result of our new processing design and the careful testing of that system at the demonstration plant level. This is one of the reasons why we have focused so intently on getting this process right and demonstrating its technical feasibility."

"A lot of work has gone into testing and validating this new processing approach, and while we are seeing the results that we expected, it is very gratifying to have those results validated at the demonstration plant level," said Scott Honan, Chief Operating Officer of Niocorp. "For the U.S. and many Western nations, supply chain risk for titanium has become an increasing concern for both industry and defense markets. We look forward to Niocorp helping to contribute to a more reliable and domestic titanium supply chain from our potential production in Nebraska."

Qualified Persons:

Eric Larochelle, B.Eng., Co-Owner, L3 Process Development, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information, and verified the data, contained in this news release.

Scott Honan, M.Sc., SME-RM, COO of Niocorp Developments Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in the news release.# # #

ABOUT NIOCORP

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 Project. Niobium is used to produce specialty alloys 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 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 ("NdFeB") magnets, which are used across a wide variety of defense and civilian applications.

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