An anonymous director reports

NIOCORP APPLIES FOR DEBT FINANCING FROM THE US EXPORT-IMPORT BANK

Niocorp Developments Ltd. has submitted an application to the Export-Import Bank of the United States (Exim) for debt financing to pay the project costs for the company's proposed Elk Creek critical minerals project located in southeast Nebraska, under Exim's "Make More in America" initiative.

The company submitted its phase I application following receipt of a letter of interest from Exim in February, 2023, as announced on March 6, 2023, with regard to Exim's potential interest in helping to finance the construction and development of the Elk Creek project.

According to Exim, the process from submission of a phase I application to a final commitment of financing by Exim, if any, is expected to take approximately six to nine months and is subject to a number of risks and uncertainties.

The debt financing is subject to, among other matters, the satisfactory completion of due diligence, the negotiation and settlement of final terms, and the negotiation of definitive documentation. There can be no assurance that the debt financing will be completed on the terms described herein or at all.

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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