Mr. Mark Smith reports

NIOCORP RECEIVES PRELIMINARY INDICATIVE TERM SHEET FROM U.S. EXPORT-IMPORT BANK ON POTENTIAL $800 MILLION DEBT FINANCING

Niocorp Developments Ltd. has received a preliminary non-binding indicative financing term sheet from the Export-Import Bank of the United States (EXIM) as part of a preliminary project letter (PPL) conveying EXIM's initial due diligence findings to Niocorp on its application for $800-million (U.S.) in debt financing from EXIM for the Elk Creek critical minerals project.

Along with the preliminary indicative term sheet, the PPL provides a summary of EXIM's initial due diligence findings of the project. Management is working with EXIM to continue to advance the project through the next stages of EXIM's due diligence and loan application process.

"While it is not possible to estimate how long the application process will take, I remain very pleased and appreciative of the very focused engagement and constructive feedback that EXIM is providing to us in order to continue advancing our application for financing from the bank," said Niocorp chief executive officer and chairman Mark A. Smith. "I continue to be impressed with the EXIM staff's dedication and professionalism in helping Niocorp advance through this loan application process."

About Niocorp Developments Ltd.

Niocorp is developing a critical minerals project in southeast Nebraska that is expected to 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, which is a lighter, stronger steel used in automotive, structural and pipeline applications.

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