Mr. Jim Sims reports

NIOCORP ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF US$1 MILLION

Niocorp Developments Ltd. has closed a non-brokered private placement of 250,000 units of the company at a price of $4 (U.S.) per unit for aggregate gross proceeds to the company of $1-million (U.S.).

Each unit issued in the private placement consisted of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable into one common share at a price of $4.60 (U.S.) per common share until Sept. 1, 2025. All of the securities issued pursuant to the private placement are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

Proceeds of the private placement will be used for continued advancement of the company's Elk Creek critical minerals project and for working capital and general corporate purposes.

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.

We seek Safe Harbor.