Mr. Scott Honan reports

NIOCORP COMPLETES GEOTECHNICAL DRILLING CAMPAIGN AT THE ELK CREEK CRITICAL MINERALS MINE SITE

Niocorp Developments Ltd. has successfully completed a geotechnical drilling campaign at the Elk Creek critical minerals project in southeast Nebraska, which was done in advance of the proposed site preparation, grading, heavy construction and eventual foundation pours for the Elk Creek project that are expected to commence once sufficient financing is obtained.

The campaign involved drilling 16 boreholes and 20 test pits across the one-square-mile Elk Creek project site, analyzing soil samples, and generating data for engineering design firms that are continuing to finalize plans for the potential construction of the facility. The drilling explored the glacial till geological layer, which comprises the first 30 metres or so of soil, clay and sand that covers much of southeast Nebraska. This layer of sediment was deposited by repeated glaciation that occurred in the Pleistocene epoch that ended approximately 11,000 years ago.

"This important drilling is part of a site-wide investigation that helps us to understand how the soils vary across the site so that we can carefully plan our facility layout and construction plans," said Scott Honan, Niocorp's chief operating officer, who supervised the fieldwork.

"What is exciting to me about this drilling campaign is that this is the kind of work that you do before you start some of the important site preparation work in terms of clearing the land, grading the land, getting it ready to bring in temporary facilities and utilities, construction trailers, and other supporting infrastructure, and launching the early works needed to support the full construction package.

"We expect that completing this work now will allow us to move that much more quickly to construction once we have sufficient financing necessary to move to that stage," he added.

Qualified person

Mr. Honan, MSc, SME-RM, chief operating officer of the company, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information, and verified the data, contained in this press release.

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 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, armour 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 defence and civilian applications.

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