Mr. Mark Smith reports

NIOCORP APPLAUDS PRO-GROWTH TAX REFORMS BY NEBRASKA

Niocorp Developments Ltd. today applauded Nebraska governor Jim Pillen (R) and a bipartisan group of Nebraska senators for enacting a historic package of tax reform measures that are expected to stimulate greater investment in Nebraska by cutting the top individual and corporate state income tax rates by nearly one-third over the next several years.

The measures, signed into law this week by Governor Pillen, will gradually reduce the top rate for Nebraska's top two individual tax brackets and both corporate tax brackets to 3.99 per cent by 2027. The current top individual rate in Nebraska is 6.64 per cent and the top corporate rate is 7.25 per cent. Both of these rates were scheduled to decline to 5.84 per cent by 2027 under a law enacted in 2022, but the new laws will significantly accelerate the reductions in rates.

The new law also will provide up to $15-million per year in childcare tax credits for parents using childcare services, $2.5-million a year in credits for those donating to childcare programs, and $7.5-million in credits for childcare programs and childcare workers.

"These tax reforms have the potential to catapult Nebraska toward the upper ranks of states that want to attract more job-creating investment and entrepreneurial activity," said Niocorp chief executive officer and executive chairman Mark A. Smith. "Coupled with the tax credits for child care and property tax relief, these initiatives send a powerful signal to the world that Nebraska is open for business and that the state intends to help workers and their families prosper across the Nebraska economy."

"On behalf of our thousands of shareholders and supporters across the state of Nebraska, I want to thank Governor Pillen and the overwhelming majority of Nebraska senators who supported these historic reforms," Mr. Smith added. "Once our Elk Creek critical minerals project receives necessary project financing, we look forward to making significant investments in Nebraska over the coming decades and to potentially helping establish Nebraska as a global leader of critical minerals production."

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.