Mr. Jim Sims reports

NIOCORP DELIVERS ADVANCE NOTICE UNDER THE STANDBY EQUITY PURCHASE AGREEMENT

Niocorp Developments Ltd. has delivered a written notice pursuant to the previously announced standby equity purchase agreement, dated Jan. 26, 2023, requesting the purchase of 70,000 shares of the company's common shares, without par value.

The company has elected an option 2 pricing period (as defined in the standby equity purchase agreement). Subject to the satisfaction of certain conditions contained in the standby equity purchase agreement, the advance shares will be issued at a purchase price equal to 97 per cent of the daily volume-weighted average price of the common shares on The Nasdaq Stock Market LLC as reported on Bloomberg Financial Markets during a pricing period of three consecutive trading days commencing on the date hereof.

The company expects the issuance and sale of the advance shares will close on or about Sept. 11, 2023.

Investors and securityholders should refer to the company's news release dated Jan. 26, 2023, and its management information and proxy circular dated Feb. 8, 2023, for additional information regarding the standby equity purchase agreement, both as filed by Niocorp with the applicable Canadian securities regulatory authorities through the website maintained by the Canadian Securities Administrators on SEDAR.

About Niocorp Developments Ltd.

Niocorp is developing a critical minerals project in southeast Nebraska that is expected to produce niobium, scandium and titanium, subject to the receipt of sufficient project financing. 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, 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 magnets, which are used across a wide variety of defence and civilian applications.

We seek Safe Harbor.