Mr. Jim Sims reports

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

Niocorp Developments Ltd. has entered into binding subscription agreements with certain individual accredited investors, including certain officers and directors of the company, to complete a non-brokered private placement of 336,185 units of the company at a price of $3.08 (U.S.) per unit, provided that the insider investors have agreed to subscribe at a price of $3.205 (U.S.) per unit, which price includes 12.5 U.S. cents per warrant (as defined below) underlying each unit purchased by the insider investors and allows the insider investors to participate in the private placement in accordance with the rules of the Nasdaq Stock Market LLC, for aggregate gross proceeds of $1-million (U.S.).

Each unit issuable under the private placement will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will be exercisable into one common share at an exercise price of $3.54 (U.S.) per warrant share, for a period of 24 months following the closing date of the private placement.

It is anticipated that the closing date will occur on or about Dec. 22, 2023, subject to the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange. The company expects the 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.

All of the securities issuable pursuant to the private placement will be subject to a hold period in accordance with applicable Canadian securities laws, which will expire four months and one day from the closing date.

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 Elk Creek project. Niobium is used to produce specialty alloys as well as high-strength, low-alloy steel (HSLA), 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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