Mr. Jim Sims reports

NIOCORP COMPLETES ISSUANCE AND SALE OF 75,000 SHARES UNDER THE STANDBY EQUITY PURCHASE AGREEMENT

Niocorp Developments Ltd. today issued and sold 75,000 shares (the advance shares) of the company's common shares, without par value, upon settlement of the previously announced advance notice that it delivered on Nov. 28, 2023, pursuant to the standby equity purchase agreement, dated Jan. 26, 2023. The advance shares were issued and sold at a purchase price per share of $3.1185, which reflects 97 per cent of the average volume-weighted average price of the common shares on the Nasdaq Stock Market LLC as required under the standby equity purchase agreement.

About Niocorp Developments Ltd.

Niocorp is developing a critical mineral 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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