Mr. Jim Sims reports

NIOCORP ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF US$1.29 MILLION

Niocorp Developments Ltd. has closed its previously announced non-brokered private placement for an upsized amount of an aggregate of 413,432 units of the company at a price of $3.08 (U.S.) per unit, provided that certain officers and directors of the company subscribed at a price of $3.205 (U.S.) per unit, which price includes 12.5 U.S. cents per warrant underlying each unit purchased by the insider investors and allowed the insider investors to participate in the private placement in accordance with the rules of the Nasdaq Stock Market, for aggregate gross proceeds of approximately $1.29-million (U.S.).

Each Unit issued under the Private Placement consists of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant" and, together with the Common Shares included as part of the Units, the "Securities"). Each Warrant is exercisable into one Common Share (a "Warrant Share") at an exercise price of US$3.54 per Warrant Share until December 22, 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.

The Insider Investors subscribed for an aggregate of 138,845 Units under the Private Placement for aggregate gross proceeds of approximately US$445,000. The Insider Investors are each considered a "related party" of the Company and, accordingly, their participation in the Private Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Shareholder Approval ("MI 61-101"). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the Units issued to the Insider Investors, nor the consideration received for those Units, exceeds 25% of the Company's market capitalization.

The Company expects the net proceeds of the Private Placement will be used for the continued advancement of the Company's Elk Creek Critical Minerals Project (the "Elk Creek Project") and for working capital and general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the Securities in the United States of America. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.# # #

FOR MORE INFORMATION:

Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., + 1 (720) 334-7066, jim.sims@niocorp.com

ABOUT NIOCORP

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, armor, 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 defense and civilian applications.

We seek Safe Harbor.