<SEC-DOCUMENT>0001615774-17-006990.txt : 20171127
<SEC-HEADER>0001615774-17-006990.hdr.sgml : 20171127
<ACCEPTANCE-DATETIME>20171127165723
ACCESSION NUMBER:		0001615774-17-006990
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171127
DATE AS OF CHANGE:		20171127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NIOCORP DEVELOPMENTS LTD
		CENTRAL INDEX KEY:			0001512228
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220648
		FILM NUMBER:		171223415

	BUSINESS ADDRESS:	
		STREET 1:		7000 S. YOSEMITE STREET
		STREET 2:		STE. 115
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112
		BUSINESS PHONE:		720-639-4647

	MAIL ADDRESS:	
		STREET 1:		7000 S. YOSEMITE STREET
		STREET 2:		STE. 115
		CITY:			CENTENNIAL
		STATE:			CO
		ZIP:			80112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUANTUM RARE EARTH DEVELOPMENTS CORP.
		DATE OF NAME CHANGE:	20110204
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>s108258_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 424(b)(3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-220648</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PROSPECTUS SUPPLEMENT NO. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(To Prospectus dated October 20, 2017)</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="img002_v1.jpg" ALT="{grapics}">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>NioCorp Developments
Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">This
prospectus supplement supplements the prospectus dated October 20, 2017 (the &ldquo;Prospectus&rdquo;) of NioCorp
Developments Ltd. (the &ldquo;Company,&rdquo; &ldquo;we&rdquo; or &ldquo;our&rdquo;), which is part of a registration statement on Form S-1
(Registration No. 333-220648) filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) relating to the resale of
securities by the selling shareholders as described therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Prospectus
relates to the resale or other disposition from time to time by certain selling shareholders as further described in the
Prospectus, of up to an aggregate of 6,378,045 common shares (the &ldquo;Common Shares&rdquo;) of the Company, consisting of
Common Shares and Common Shares acquirable upon exercise of common share purchase warrants, and up to an aggregate of
3,155,062 common share purchase warrants (the &ldquo;Warrants&rdquo;) that were issued by the Company to such selling
shareholders in private transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
incorporates into the Prospectus (i) the Company&rsquo;s Current Report on Form 8-K filed with the SEC on October 3, 2017, (ii)
the Company&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 and (iii) the Company&rsquo;s
Current Report on Form 8-K filed with the SEC on November 13, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
should be read in conjunction with the Prospectus and is qualified by reference to the Prospectus, except to the extent that the
information provided by this prospectus supplement supersedes the information contained in the Prospectus. This prospectus supplement
is not complete without, and may not be delivered or utilized except in connection with, the Prospectus with respect to the securities
described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
Common Shares are traded on the Toronto Stock Exchange (the &ldquo;TSX&rdquo;) under the symbol &ldquo;NB&rdquo; and quoted on
the OTCQX under the symbol &ldquo;NIOBF.&rdquo; On November 24, 2017, the last reported closing bid price of our Common Shares
was $0.368 per Common Share on the OTCQX and C$0.455 per Common Share on the TSX. The over-the-counter quotations on the OTCQX
reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
You are urged to obtain current market quotations of the Common Shares. Our Warrants have not been and will not be quoted on the
TSX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>We are an &ldquo;emerging
growth company&rdquo; as defined under federal securities laws and, as such, may elect to comply with certain reduced public company
requirements for future filings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>INVESTING IN OUR SECURITIES
INVOLVES RISKS. YOU SHOULD CAREFULLY CONSIDER THE RISK FACTORS BEGINNING ON PAGE 6 OF THE PROSPECTUS DATED OCTOBER 20, 2017, BEFORE
YOU MAKE AN INVESTMENT IN OUR SECURITIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of the securities offered hereby or passed
upon the accuracy or adequacy of this prospectus supplement or the Prospectus. Any representation to the contrary is a criminal
offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 100%; border: Black 1pt solid; text-align: center; font-size: 10pt"><B>THE DATE OF THIS PROSPECTUS
SUPPLEMENT IS NOVEMBER 27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 2017</FONT></B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><B>UNITED
STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>FORM 8-K<BR>
_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Pursuant to Section 13 or 15(d)<BR>
of the Securities Exchange Act of 1934</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of Report (Date of earliest event reported):&nbsp;&nbsp;September 28, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">____________________________</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>NioCorp Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">____________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>British Columbia, Canada</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT><BR>
<FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-55710</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>98-1262185</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>7000 South Yosemite Street, Suite 115</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Centennial, Colorado&nbsp;&nbsp;80112</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Address of principal executive offices) (Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Registrant&rsquo;s telephone number, including
        area code: <B>(720) 639-4647</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Former name or former address,
if changed since last report)&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 3.5in">Emerging growth company&#9;<FONT STYLE="font-family: Wingdings">&#253;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 463.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 463.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 17%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Item 3.02</B></FONT></TD>
    <TD STYLE="width: 83%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Unregistered Sales of Equity Securities.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">On September 8, 2017, NioCorp Developments
Ltd. (the &ldquo;<B><I>Company</I></B>&rdquo;) issued 1,251,572 common shares of the Company to Lind upon conversion of US$500,000
in principal amount of the Initial Convertible Security at a conversion price of C$0.4841 per share. The common shares were issued,
among other exemptions, pursuant to Section 3(a)(9) of the Securities Act of 1933 (the&nbsp;&ldquo;<B><I>Securities Act</I></B>&rdquo;),
in connection with the voluntary conversion of a portion of the amount outstanding under the Initial Convertible Security and based
upon representations and warranties of Lind in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">On September 20, 2017, the Company issued
415,747 common shares to Northcott Developments to settle a debt of C$253,606 owed to Northcott Capital Limited (&ldquo;<B><I>Northcott</I></B>&rdquo;)
for past and prospective services through December 2017. The shares issued were priced at C$0.61. The common shares were issued,
among other exemptions, pursuant to the exemption from the registration requirements of the Securities Act provided by Regulation
S thereof based upon representations and warranties of Northcott in connection therewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As previously disclosed, on August 10,
2017, Lind provided notice to the Company of its election to advance an additional $1.0 million in funding to the Company pursuant
to the definitive convertible security funding agreement, dated December 14, 2015, between the Company and Lind (the &ldquo;<B><I>Convertible
Security Increase</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">On September 28, 2017, in connection with
the Convertible Security Increase, the Company issued 283,413 common share purchase warrants of the Company (the &ldquo;<B><I>Warrants</I></B>&rdquo;)
to Lind, with each Warrant entitling the holder to acquire one common share of the Company at a price of C$0.66 per share until
September 27, 2020. The Warrants were issued pursuant to the exemption from the registration requirements of the Securities Act
provided by Section 4(a)(2) thereof based upon representations and warranties of Lind in connection therewith.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 17%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Item 5.02</B></FONT></TD>
    <TD STYLE="width: 83%; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">On September 28, 2017, the Board of Directors
(the &ldquo;<B><I>Board</I></B>&rdquo;) of the Company increased the size of the Board to six members and appointed Nilsa Guerrero-Mahon
as a Director to fill the resulting vacancy. Ms. Guerrero-Mahon will serve for an initial term ending at the Company&rsquo;s 2017
Annual General Meeting of Shareholders. Ms. Guerrero-Mahon will also serve on the Audit Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">As a non-employee Director, Ms. Guerrero-Mahon
will receive compensation in the same manner as the Company&rsquo;s other non-employee Directors, as disclosed in the Company&rsquo;s
Definitive Proxy Statement filed with the Securities and Exchange Commission on November 9, 2016.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in"><B>NIOCORP DEVELOPMENTS LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt 3.25in">By: <U>/s/ Neal S. Shah&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Neal S. Shah<BR>
Title: &nbsp;&nbsp;Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date: October 3, 2017&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TR STYLE="vertical-align: top; text-align: left">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: Black 1pt solid"><FONT STYLE="font: 16pt Times New Roman, Times, Serif"><B>FORM
10-Q</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9746;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 87%; padding-right: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>QUARTERLY
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
    the quarterly period ended September 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OR</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 40%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Commission
    file number: 000-55710</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 16pt Times New Roman, Times, Serif"><B>NioCorp
Developments Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact
Name of Registrant as Specified in its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 45pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>British
    Columbia, Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>98-1262185</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 45pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State
    or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>7000
        South Yosemite Street, Suite 115</B></FONT><FONT STYLE="font-size: 10pt"><BR>
        <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Centennial, CO</B></FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
        of Principal Executive Offices)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>80112</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip
        code)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s
                                         telephone number, including area code: (855) 264-6267</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 48%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yes
&#9746;&nbsp;&nbsp;No &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yes
&#9746;&nbsp;&nbsp;No &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;,
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large
    Accelerated Filer&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 50%; padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated
    Filer&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-Accelerated
                                         Filer &#9746;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Do
        not check if a smaller reporting company)</FONT></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Small
        Reporting Company &#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emerging
        Growth Company &#9746;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes &#9744; No &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of November 9, 2017, the registrant had 205,281,674 Common Shares outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1pt solid; text-align: center"><B>Page</B></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><A HREF="#a001_v1"><B>PART I &mdash; FINANCIAL INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a002_v1">ITEM 1.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a002_v1">FINANCIAL STATEMENTS (UNAUDITED)</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a003_v1">ITEM 2.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a003_v1">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a004_v1">ITEM 3.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a004_v1">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a005_v1">ITEM 4.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a005_v1">CONTROLS AND PROCEDURES</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><A HREF="#a006_v1"><B>PART II &mdash; OTHER INFORMATION</B></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a007_v1">ITEM 1.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a007_v1">LEGAL PROCEEDINGS</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a008_v1">ITEM 1A.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a008_v1">RISK FACTORS</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a009_v1">ITEM 2.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a009_v1">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a010_v1">ITEM 3.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a010_v1">DEFAULTS UPON SENIOR SECURITIES</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a011_v1">ITEM 4.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a011_v1">MINE SAFETY DISCLOSURES</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a012_v1">ITEM 5.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a012_v1">OTHER INFORMATION</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.2in"><A HREF="#a013_v1">ITEM 6.</A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><A HREF="#a013_v1">EXHIBITS</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top"><A HREF="#a014_v1">SIGNATURES</A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a001_v1"></A>PART&nbsp;I&mdash;
FINANCIAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a002_v1"></A>ITEM
1. FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Contents</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 84%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><A HREF="#b001_v1">Condensed consolidated balance sheets</A></I>&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>2</I></FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><A HREF="#b002_v1">Condensed consolidated statements of operations and comprehensive loss</A></I></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>3</I></FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><A HREF="#b003_v1">Condensed consolidated statements of cash flows</A></I>&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>4</I></FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><A HREF="#b004_v1">Condensed consolidated statements of equity</A></I>&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>5</I></FONT></TD></TR>
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    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><A HREF="#b005_v1">Notes to condensed consolidated financial statements</A></I>&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>6 - 13</I></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><A NAME="b001_v1"></A>Condensed Consolidated Balance Sheets</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">(expressed in thousands of U.S. dollars, except share data) (unaudited)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; padding-bottom: 1pt"><B>As of</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; text-indent: -6pt"><B>September 30,</B></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right; text-indent: -6pt"><B>2017</B></P></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>June 30,</B></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>2017</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="font-weight: bold">ASSETS</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold">Current</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; padding-left: 10pt">Cash</TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">317</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid expenses and other</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">289</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total current assets</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">655</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Non-current</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Deposits</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Available for sale securities at fair value</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Equipment</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Mineral interests</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,617</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">11,373</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">11,351</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Current</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable and accrued liabilities</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Related party loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,175</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Convertible debt, current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">572</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,161</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total current liabilities</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Convertible debt, net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,896</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Derivative liability, convertible debt</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Common stock, unlimited shares authorized; shares outstanding: 204,518,956 and 198,776,337, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,029</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Additional paid-in capital</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accumulated deficit</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(74,852</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Accumulated other comprehensive loss</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(891</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,313</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and equity</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">11,373</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">11,351</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of these
condensed consolidated financial statements</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><A NAME="b002_v1"></A>Condensed Consolidated Statements of Operations and Comprehensive
Loss</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B></B></P>

<P STYLE="margin: 0pt 0">(expressed in thousands of U.S. dollars, except share and per share data) (unaudited)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">For the three months ended <BR>
September 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Operating expenses</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.25in">Employee related costs</TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">772</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">540</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Professional fees</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Exploration expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">713</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Other operating expenses</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">172</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Total operating expenses</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in financial instrument fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Foreign exchange (gain) loss</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(237</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Gain (loss) on available for sale securities</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Loss before income taxes</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Income tax benefit</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net loss</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">1,813</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,775</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 5.4pt">Other comprehensive loss:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net loss</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Other comprehensive loss (gain):</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Reporting currency translation</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">285</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(66</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total comprehensive loss</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,098</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,709</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt">Loss per common share, basic</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt">Weighted average common shares outstanding</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">202,023,001</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">180,530,068</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these condensed consolidated financial statements</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><A NAME="b003_v1"></A>Condensed Consolidated Statements of Cash Flows</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B></B></P>

<P STYLE="margin: 0pt 0">(expressed in thousands of U.S. dollars) (unaudited)</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">For the three months ended</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">September 30,</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH
    FLOWS FROM OPERATING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total
    loss for the period</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,813</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,775</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Non-cash
    elements included in net loss:</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Change in
    financial instrument fair value</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(296</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Unrealized
    gain (loss) on available-for-sale investments</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Accretion
    of convertible debt</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Foreign exchange
    (gain) loss</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(227</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">124</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Share-based
    compensation</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">451</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">218</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,517</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,692</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Change in
    working capital items:</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Receivables</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Prepaid expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Accounts
    payable and accrued liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(322</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">411</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    cash used in operating activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,779</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(2,247</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH
    FLOWS FROM INVESTING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Restricted
    cash funding</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    cash used in investing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(500</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">CASH
    FLOWS FROM FINANCING ACTIVITIES</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Proceeds
    from issuance of capital stock</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,545</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Share issue costs</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(189</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Issuance
    of convertible debt</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">500</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other
    current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(289</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net
    cash provided by financing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,567</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Exchange
    rate effect on cash, cash equivalents and restricted cash</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Change in
    cash, cash equivalents and restricted cash during period</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">(186</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cash,
    cash equivalents and restricted cash, beginning of period</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">503</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,412</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Cash,
    cash equivalents and restricted cash, end of period</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">317</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; border-bottom: Black 2pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,724</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Supplemental
    cash flow information:</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Amounts paid
    for interest</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Amounts paid
    for income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Non-cash
    financing transactions</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 11.25pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Lind
    conversions</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">1,441</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; text-indent: 11.25pt; padding-left: 20pt"><FONT STYLE="font-size: 10pt">Debt
    to equity conversion</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">207</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of these
condensed consolidated financial statements</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><A NAME="b004_v1"></A>Consolidated Statements of Shareholders&rsquo; Equity</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B></B></P>

<P STYLE="margin: 0pt 0">(expressed in thousands of U.S. dollars, except for Common Shares) (unaudited)</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Common
Shares Outstanding</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Common
Stock</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Additional Paid-in Capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Deficit</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Accumulated Other Comprehensive Loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-family: Calibri,sans-serif; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; padding-bottom: 1pt; padding-left: 5.4pt">Balance, June 30, 2016</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">180,467,990</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">58,401</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">8,630</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">(60,222</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">(615</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">6,194</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 5.25pt; padding-left: 5.4pt">Exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">3,447,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 5.25pt; padding-left: 5.4pt">Exercise of options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of broker warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of Lind warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 4.85pt; padding-left: 5.4pt">Private placements - February 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">7,364,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,927</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Debt conversions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">7,346,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,103</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 4.85pt; padding-left: 5.4pt">Share issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of stock options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,471</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Reporting currency presentation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 4.85pt; padding-left: 5.4pt">Loss for the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,630</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,630</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Balance, June 30, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">198,776,337</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68,029</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,320</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(74,852</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(606</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 5.25pt; padding-left: 5.4pt">Exercise of options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">10,091</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of broker warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of Lind warrants granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 4.85pt; padding-left: 5.4pt">Private placements - July 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">2,962,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,540</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 4.85pt; padding-left: 5.4pt">Private placement &ndash; September 2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">415,747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Debt conversions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">2,354,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,441</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 4.85pt; padding-left: 5.4pt">Share issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(231</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(231</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Fair value of stock options exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Share-based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 4.85pt; padding-left: 5.4pt">Reporting currency presentation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(285</TD><TD STYLE="text-align: left">)</TD><TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(285</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 4.85pt; padding-left: 5.4pt">Loss for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,813</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,813</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Balance, September 30, 2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">204,518,956</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">70,993</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">10,876</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(76,665</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">(891</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt solid">)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">4,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">The accompanying notes are an integral part of these
condensed consolidated financial statements</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
    Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="b005_v1"></A>Notes
    to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September
    30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(expressed
    in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DESCRIPTION
                                         OF BUSINESS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NioCorp
Developments Ltd. (&ldquo;NioCorp&rdquo; or the &ldquo;Company&rdquo;) was incorporated on February 27, 1987 under the laws of
the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development
of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the &ldquo;Elk Creek Project&rdquo;)
located in southeastern Nebraska.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of
liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do
not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project. The
Company&rsquo;s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral
properties, obtaining additional financing, and maintaining continued support from its shareholders and creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BASIS
                                         OF PREPARATION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basis
                                         of Preparation and Consolidation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted
accounting principles of the United States of America (&ldquo;US GAAP&rdquo;) and the rules and regulations of the Securities
and Exchange Commission (&ldquo;SEC&rdquo;). The interim condensed consolidated financial statements include the consolidated
accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting
policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set
out in the audited consolidated financial statements for the year ended June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the opinion of Management, all adjustments considered necessary (including reclassifications and normal recurring adjustments)
to present fairly the financial position, results of operations, and cash flows at September 30, 2017, and for all periods presented,
have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures
normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted
pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements for the year ended June 30, 2017. The interim results are not necessarily
indicative of results for the full year ending June 30, 2018, or future operating periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Recent
                                         Accounting Standards</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Issued
and Adopted</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
March 2016, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;)
2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in this ASU require, among other things, that
all income tax effects of awards be recognized in the income statement when the awards vest or are settled. The ASU also allows
for an employer to repurchase more of an employee&rsquo;s shares than it can today for tax withholding purposes without triggering
liability accounting, and it allows for a policy election to account for forfeitures as they occur. The amendments in this ASU
are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We adopted
this guidance during the quarter ended September 30, 2017. The adoption of this ASU had no material impacts on our financial statement
results or disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Issued
and Not Effective</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective
date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a
material impact on the Company&rsquo;s consolidated financial statements upon adoption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
    Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September
    30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(expressed
    in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The
update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether
transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal
years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions
of the update to potential future acquisitions occurring after the effective date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
February 2016, the FASB issued ASU 2016-02, Leases. The standard requires that a lessee recognize on the balance sheet assets
and liabilities for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses
and cash flows arising from a lease have not significantly changed from the previous US GAAP. The standard is effective for fiscal
years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. The
Company is currently assessing the impact, if any, of implementing this guidance on its consolidated financial position, results
of operations, and liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use
                                         of Estimates</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preparation of consolidated financial statements in conformity with US GAAP requires Management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates
estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation.
The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes
to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The
actual results experienced by the Company may differ materially and adversely from the Company&rsquo;s estimates. To the extent
there are material differences between estimates and the actual results, future results of operations will be affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">GOING
                                         CONCERN ISSUES</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company incurred a loss of $1,813 for the three months ended September 30, 2017 (2016 - $2,775), and had a working capital deficit
and an accumulated deficit of $3,734 and $76,665, respectively, as of September 30, 2017. These factors indicate the existence
of a material uncertainty that raises substantial doubt about the Company&rsquo;s ability to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s ability to continue operations and fund its expenditures is dependent on Management&rsquo;s ability to secure
additional financing. Management is actively pursuing such additional sources of financing, and while it has been successful in
doing so in the past, there can be no assurance it will be able to do so in the future. These consolidated financial statements
do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course
of business and at amounts different from those reflected in the accompanying financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RESTRICTED
                                         CASH</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted
cash represents amounts held in escrow to secure payment of work related to the Company&rsquo;s Elk Creek Feasibility Study. Under
the terms of the escrow agreement, the balance of $265 was drawn against outstanding accounts payable during the quarter ended
September 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OTHER
                                         CURRENT ASSETS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
current assets include legal and other professional fees associated with obtaining project debt financing for the Elk Creek Project.
Amounts will be deferred until funding is completed, at which time the balance will become a direct deduction from the related
debt liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
    Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September
    30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(expressed
    in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONVERTIBLE
                                         DEBT</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    30,<BR>
2017</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June
    30, <BR> 2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 68%; text-align: left; padding-bottom: 2pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    security, current portion</FONT></TD><TD STYLE="width: 2%; padding-bottom: 2pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">572</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-bottom: Black 2pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,161</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    notes</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">628</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">592</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    security</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,978</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,304</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,606</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,896</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Convertible
Security Funding</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in the Lind Partners Asset Management IV, LLC (&ldquo;Lind&rdquo;) convertible security (the &ldquo;Convertible Security&rdquo;)
balance are comprised of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    Security</FONT></TD>
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 80%; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    June 30, 2017</FONT></TD><TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 16%; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,465</FONT></TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 8.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional
    debt drawdown</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">500</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 8.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conversions,
    at fair value</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,441</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 8.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in fair market value</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    September 30, 2017</FONT></TD><TD STYLE="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,550</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Comprised of:</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: 8.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
    portion</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">572</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 8.05pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Noncurrent
    portion</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,978</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,550</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2017, Lind provided notice to the Company of its election to advance an additional $1.0 million in funding under the
Initial Convertible Security pursuant to its right under the Lind Agreement (the &ldquo;Convertible Security Increase&rdquo;).
As a result, upon payment of the additional $1.0 million in funding by Lind to the Company, the face amount of the Initial Convertible
Security will be increased by $1.2 million ($1.0 million in additional funding plus implied interest). On August 15, 2017, in
connection with the Convertible Security Increase, the Company issued 260,483 Common Share purchase warrants of the Company to
Lind, with each Common Share purchase warrant entitling the holder to acquire one Common Share at a price of C$0.73 per share
until August 15, 2020. The fair value of the warrants of $33 was estimated based on the Black Scholes pricing model using a risk-free
interest rate of 1.23%, an expected dividend yield of 0%, a volatility of 49.6%, and an expected life of three years. On September
28, 2017, in connection with the Convertible Security Increase, the Company issued 283,413 Common Share purchase warrants of the
Company to Lind, with each Common Share purchase warrant entitling the holder to acquire one Common Share at a price of C$0.66
per share until September 28, 2020. The fair value of the warrants of $32 was estimated based on the Black Scholes pricing model
using a risk-free interest rate of 1.23%, an expected dividend yield of 0%, a volatility of 47.7%, and an expected life of three
years. As of September 30, 2017, $0.5 million of this additional funding has been received from Lind.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Convertible Security is convertible into Common Shares of the Company at a conversion price equal to 85% of the volume weighted
average trading price of the Common Shares (in Canadian dollars) on the TSX for the five consecutive trading days immediately
prior to the date on which the Lind provides the Company with notice of its intention to convert an amount of the Convertible
Security from time to time. During the three-month period ended September 30, 2017, $1.0 million face value of the Convertible
Security was converted into 2,354,281 Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes
a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries,
exclusive of related party loans, for an amount or amounts exceeding $2.0 million, and which have not been satisfied on time or
within 90 days of invoice, or have become prematurely payable as a result of its default or breach. The Company was in compliance
as of September 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
    Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September
    30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(expressed
    in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Convertible
Notes</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in the Company&rsquo;s outstanding convertible promissory notes (the &ldquo;Convertible Notes&rdquo;) balance are comprised of
the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Convertible
    Notes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    June 30, 2017</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">592</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accreted
    interest, net of interest paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    September 30, 2017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">628</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
changes in the derivative liability related to the conversion feature are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivative
    Liability</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 82%; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    June 30, 2017</FONT></TD><TD STYLE="width: 2%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82</FONT></TD><TD STYLE="width: 1%; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in fair value of derivative liability</FONT></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 2pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    September 30, 2017</FONT></TD><TD STYLE="padding-bottom: 2pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMMON
                                         STOCK</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuances</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
July 26, 2017, the Company closed a brokered private placement (the &ldquo;July 2017 Private Placement&rdquo;) of units (the &ldquo;Units&rdquo;)
of the Company. Under the July 2017 Private Placement, a total of 2,962,500 Units were issued at C$0.65 per Unit, for total gross
proceeds to the Company of approximately C$1,926. Each Unit issued pursuant to the July 2017 Private Placement consists of one
Common Share and Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.79
until July 26, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
July 2017 Private Placement was brokered by Mackie Research Capital Corporation (the &ldquo;Agent&rdquo;). The Company paid the
Agent an aggregate cash commission of approximately C$125, equal to six and a half per cent (6.5%) of the gross proceeds raised
under the July 2017 Private Placement. The Company also issued to the Agent 192,562 broker warrants (the &ldquo;Broker Warrants&rdquo;),
equal to six and a half per cent (6.5%) of the Units sold pursuant to the July 2017 Private Placement. Each Broker Warrant entitles
the holder thereof to purchase one Common Share at a price of C$0.79 until July 26, 2021. The fair value of the Broker Warrants
of $41 was estimated based on the Black Scholes pricing model using a risk-free interest rate of 1.32%, an expected dividend yield
of 0%, a volatility of 60.3%, and an expected life of four years. Total cash issue costs including agents&rsquo; commission, legal
and other fees was $189.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds
of the July 2017 Private Placement were used for general working capital purposes and to continue to advance the Company&rsquo;s
Elk Creek Superalloy Materials Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 5, 2017, the Company entered into a shares-for-debt agreement with Northcott Capital Limited (&ldquo;Northcott&rdquo;)
whereby NioCorp issued 415,747 common shares of the Company to settle a debt of C$253,606 owed to Northcott for past and prospective
services through December 2017. Northcott manages NioCorp&rsquo;s current effort to assemble a debt financing package as part
of the Company&rsquo;s overall Elk Creek project financing effort. The shares issued to Northcott were priced at C$0.61, which
represents a 10% premium over the five-day Volume Weighted Average Price of NioCorp&rsquo;s shares of C$0.5571 as of the date
of the agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock
                                         Options</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has a rolling stock option plan (the &ldquo;Plan&rdquo;) whereby the Company may grant stock options to executive officers
and directors, employees, and consultants at an exercise price to be determined by the board of directors, provided the exercise
price is not lower than the greater of (i) the last closing price of the Company&rsquo;s common shares on the TSX and (ii) the
volume weighted average closing price of the Company&rsquo;s common shares on the TSX for the five days immediately prior to the
date of grant. The Plan provides for the issuance of up to 10% of the Company&rsquo;s issued Common Shares as at the date of grant
with each stock option having a maximum term of ten years. The board of directors has the exclusive power over the granting of
options and their vesting provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
    Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September
    30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(expressed
    in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock
option transactions are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font-family: Times New Roman, Times, Serif">
<TR STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
                                         of <BR>
                                         Options</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted
    Average Exercise Price (C$)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    June 30, 2017</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,605,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.73</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercised</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,091</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.62</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cancelled/expired</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,750,000</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.68</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    September 30, 2017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,844,909</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.73</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table summarizes information about stock options outstanding at September 30, 2017:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exercise
    <BR>
    price <BR>
    (C$)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expiry
    date</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    outstanding</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    <BR>
    Intrinsic Value (C$000s)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    exercisable</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    <BR>
    Intrinsic Value (C$000s)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.62</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January
    19, 2021</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,264,909</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,264,909</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March
    7, 2022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,650,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,825,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
    22, 2017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,720,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,720,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.94</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
    28, 2018</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.94</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
    21, 2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">710,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">532,500</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance
    September 30, 2017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,844,909</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,842,409</FONT></TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company&rsquo;s closing stock
price of C$0.52 as of September 30, 2017, that would have been received by the option holders had all option holders exercised
their options as of that date. In-the-money options vested and exercisable as of September 30, 2017, totaled -nil-.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2017, there was $430 of unrecognized compensation cost related to unvested share-based compensation arrangements
granted under the Plan. The cost is expected to be recognized over a remaining weighted average period of approximately 0.9 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrant
transactions are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted
    average exercise price (C$)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance
    June 30, 2017</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,609,086</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.79</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Granted</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,698,958</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.
                                         78</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance,
    September 30, 2017</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,308,044</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.
                                         79</FONT></TD><TD STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
discussed above under Note 5, the Company granted 543,896 Convertible Security Increase warrants to Lind in connection with the
funding of the Convertible Security Increase. As discussed above under Note 6a, the Company granted 2,962,500 warrants and 192,562
broker warrants in conjunction with the July 2017 Private Placement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(expressed in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At September 30, 2017, the Company has
outstanding exercisable warrants, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Exercise Price (C$)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">Expiry Date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">283,413</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: right; padding-left: 5.4pt">September 28, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">December 22, 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">August 15, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,150,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">January 19, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,155,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">July 26, 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,860,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">February 14, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,043,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">February 21, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539,307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">February 28, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">890,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">March 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">24,308,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">8.</TD><TD>RELATED PARTY TRANSACTIONS AND BALANCES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has a loan with Mark Smith,
President, Chief Executive Officer and Executive Chairman of NioCorp (the &ldquo;Original Smith Loan&rdquo;), that bears an interest
rate of 10%, is secured by the Company&rsquo;s assets pursuant to a concurrently executed general security agreement (the &ldquo;General
Security Agreement&rdquo;), and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. The principal amount outstanding
under the Original Smith Loan is $1.0 million, and is due on June 17, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has a non-revolving credit
facility agreement (the &ldquo;Credit Facility&rdquo;) in the amount of $2.0 million with Mr. Smith. The Credit Facility bears
an interest rate of 10% and drawdowns from the Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under
the Credit Facility are secured by all of the Company&rsquo;s assets pursuant to the General Security Agreement. The Credit Facility
contains financial and non-financial covenants customary for a facility of this size and nature. As of September 30, 2017, the
principal amount outstanding under the Credit Facility is $175, and is due on June 16, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of September 30, 2017, accounts payable
and accrued liabilities included interest payable to Mr. Smith of $132.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">9.</TD><TD><FONT STYLE="text-transform: uppercase">Exploration Expenditures </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">For the three months ended September 30,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 50%; text-align: left">Technical studies and engineering</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">395</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Field management and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Metallurgical development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Geologists and field staff</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.125in">Total</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">713</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">1,970</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="text-transform: uppercase">10.</FONT></TD><TD><FONT STYLE="text-transform: uppercase">Fair Value Measurements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company measures the fair value of
financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company classifies financial assets
and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities
depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(expressed in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial assets and liabilities classified
as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as
held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured
at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured
at fair value, with unrealized gains and losses being recognized in income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Financial instruments including receivables,
accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which Management believes approximates
fair value due to the short-term nature of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table presents information
about the assets and liabilities that are measured at fair value on a recurring basis as at September 30, 2017 and June 30, 2017,
and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general,
fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values
determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, and yield curves.
Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and included situations where
there is little, if any, market activity for the instrument:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid">As of September 30, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left; padding-left: 0.125in">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">317</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">317</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Available for sale securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">330</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">330</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Convertible debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Derivative liability, convertible debt</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2pt">Total</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,566</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,566</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid">As of June 30, 2017</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; text-align: left; padding-left: 0.125in">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Available for sale securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">526</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">526</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Convertible debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Derivative liability, convertible debt</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt">Total</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">3,547</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">3,547</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company measures the fair market value
of the Level 3 components using the Black-Scholes model and discounted cash flows, as appropriate. These models take into account
Management&rsquo;s best estimate of the conversion price of the stock, an estimate of the expected time to conversion, an estimate of
the stock&rsquo;s volatility, and the risk-free rate of return expected for an instrument with a term equal to the duration of the convertible
debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth a reconciliation
of changes in the fair value of the Company&rsquo;s convertible debt components classified as Level 3 in the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%">Balance, June 30, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,547</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in">Additional debt drawdown</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Conversions to equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,441</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Realized and unrealized gains</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt">Balance, September 30, 2017</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right">2,566</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp Developments Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes to the Condensed Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">(expressed in thousands of U.S. dollars, unless otherwise stated) (unaudited)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="text-transform: uppercase">11.</FONT></TD><TD><FONT STYLE="text-transform: uppercase">Subsequent events</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 19, 2017, the Company announced
that Mark Smith was providing $180 in funding under the existing Credit Facility with the Company. This funding, which was received
on October 20, 2017, is subject to the same terms and conditions as the prior drawdown under the Credit Facility and will be used
to accelerate NioCorp&rsquo;s ongoing Elk Creek project finance efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On October 31, 2017, Lind funded an additional
$0.25 million of the Convertible Security Increase, bringing the total Convertible Security Increase funding to $0.75 million as
of that date. In connection with this funding, the Company issued 308,901 Warrants to Lind, with each Warrant entitling the holder
to acquire one common share at a price of C$0.62 per share until October 31, 2020.</P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: -0.5in"><B><A NAME="a003_v1"></A>ITEM
2. MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following discussion and analysis
should be read in conjunction with our unaudited condensed interim consolidated financial statements as at and for the three months
ended September 30, 2017 and the related notes thereto, which have been prepared in accordance with generally accepted accounting
principles in the United States (&ldquo;U.S. GAAP&rdquo;).&nbsp;This discussion and analysis contains forward-looking statements
and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from
those anticipated in these forward-looking statements and information as a result of many factors, including, but not limited to,
those set forth elsewhere in this Quarterly Report on Form 10-Q. See section heading &ldquo;Note Regarding Forward-Looking Statements&rdquo;
below.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>All currency amounts are stated in thousands
of U.S. dollars unless noted otherwise.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>As used in this report, unless the context
otherwise indicates, references to &ldquo;we,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company,&rdquo; &ldquo;NioCorp,&rdquo; and &ldquo;us&rdquo;
refer to NioCorp Developments Ltd. and its subsidiaries collectively. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note Regarding Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Quarterly Report
on Form 10-Q and the exhibits attached hereto contain &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and &ldquo;forward-looking
information&rdquo; within the meaning of applicable Canadian securities legislation, collectively &ldquo;forward-looking statements.&rdquo;
Such forward-looking statements concern our anticipated results and developments in the operations of the Company in future periods,
planned exploration activities, the adequacy of the Company&rsquo;s financial resources, and other events or conditions that may
occur in the future. Forward-looking statements are frequently, but not always, identified by words such as &ldquo;expects,&rdquo;
&ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo; &ldquo;potential,&rdquo; &ldquo;possible,&rdquo;
and similar expressions, or statements that events, conditions, or results &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo;
or &ldquo;should&rdquo; (or the negative and grammatical variations of any of these terms) occur or be achieved. Any statements
that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions,
or future events or performance (often, but not always, using words or phrases such as &ldquo;expects&rdquo; or &ldquo;does not
expect,&rdquo; &ldquo;is expected,&rdquo; &ldquo;anticipates&rdquo; or &ldquo;does not anticipate,&rdquo; &ldquo;plans,&rdquo;
&ldquo;estimates,&rdquo; or &ldquo;intends,&rdquo; or stating that certain actions, events, or results &ldquo;may,&rdquo; &ldquo;could,&rdquo;
&ldquo;would,&rdquo; &ldquo;might,&rdquo; or &ldquo;will&rdquo; be taken, occur or be achieved) are not statements of historical
fact and may be forward-looking statements. Such forward-looking statements reflect the Company&rsquo;s current views with respect
to future events and are subject to certain known and unknown risks, uncertainties, and assumptions. Many factors could cause actual
results, performance, or achievements to be materially different from any future results, performance, or achievements that may
be expressed or implied by such forward-looking statements, including, among others, risks related to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our ability to operate as a going concern;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our requirement of significant additional capital;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our limited operating history;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to changes in economic valuations of the Elk Creek Project, such as net present value
calculations, changes, or disruptions in the securities markets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our history of losses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to cost increases for our exploration and, if warranted, development projects;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to feasibility study results;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to mineral exploration and production activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our lack of mineral production from our properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to the results of our metallurgical testing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to the price volatility of commodities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to estimates of mineral resources and reserves;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to changes in mineral resource and reserve estimates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to differences in United States and Canadian reserve and resource reporting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our exploration activities being unsuccessful;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our ability to obtain permits and licenses for production;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to government and environmental regulations that may increase our costs of doing
business or restrict our operations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to proposed legislation that may significantly affect the mining industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to land reclamation requirements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to competition in the mining industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to the difficulties of handling the disposal of mine water at our Elk Creek Project;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to equipment and supply shortages;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to current and future joint ventures and partnerships;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our ability to attract qualified management;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to the ability to enforce judgment against certain of our Directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to currency fluctuations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to claims on the title to our properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to surface access on our properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to potential future litigation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our lack of insurance covering all our operations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our status as a &ldquo;passive foreign investment company&rdquo; under US federal
tax code;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to the Common Shares, including price volatility, lack of dividend payments, dilution,
and penny stock rules; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">risks related to our debt.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Should one or more of
these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those described herein. This list is not exhaustive of the factors that may affect any of the Company&rsquo;s forward-looking
statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of
the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due
to a variety of risks, uncertainties, and other factors, including without limitation those discussed under the heading &ldquo;Risk
Factors&rdquo; of our Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as well as other factors described elsewhere
in this report and the Company&rsquo;s other reports filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company&rsquo;s forward-looking
statements contained in this Quarterly Report on Form 10-Q are based on the beliefs, expectations, and opinions of Management as
of the date of this report. The Company does not assume any obligation to update forward-looking statements if circumstances or
Management&rsquo;s beliefs, expectations, or opinions should change, except as required by law. For the reasons set forth above,
investors should not attribute undue certainty to or place undue reliance on forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>National Instrument 43-101 Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scott Honan, M.Sc., SME-RM, a
qualified person as defined by National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects, has
supervised the preparation of the scientific and technical information that forms the basis for the Elk Creek disclosure in
this Quarterly Report on Form 10-Q and has approved the disclosure in this Quarterly Report on Form 10-Q related thereto. Mr.
Honan is not independent of the Company, as he is the Vice President, Business Development. For additional information on the
Elk Creek Project, including information relating to exploration, data verification, the mineral resource estimates and the
mineral reserve estimates, see the Elk Creek Feasibility Study, dated August 10, 2017, which is available under
NioCorp&rsquo;s SEDAR profile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NioCorp is developing the Elk Creek Project,
located in southeast Nebraska. The Elk Creek Project is an advanced Niobium/Scandium/Titanium exploration project. Niobium is used
to produce various superalloys that are extensively used in high performance aircraft and jet turbines. It also is used in High-Strength,
Low-Allow (&ldquo;HSLA&rdquo;) steel, a stronger steel used in automotive, bridges, structural systems, buildings, pipelines, and
other applications that generally reduces the weight of those applications, which can result in environmental benefits, including
reduced fuel consumption and material usage and fewer air emissions. Scandium can be combined with aluminum to make super-high-performance
alloys with increased strength and improved corrosion resistance. Scandium also is a critical component of advanced solid oxide
fuel cells, an environmentally preferred technology for high-reliability, distributed electricity generation. Titanium is a component
of various superalloys and other applications that are used for aerospace applications, weapons systems, protective armor, medical
implants and many others. It also is used in pigments for paper, paint, and plastics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary business strategy is to advance
our Elk Creek Project to commercial production. We are focused on obtaining additional funds to carry out our near-term planned
work programs associated with securing the project financing necessary to complete mine development and construction of the Elk
Creek Project. With the recent filing of the Elk Creek Feasibility Study (see &ldquo;Elk Creek Project Update,&rdquo; below), all
work presently planned by us is directed at obtaining the financing necessary to advance the Elk Creek Project to construction
and operations. In addition, we are also conducting permitting and other related activities at and for the Elk Creek Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in Section 101 of the Jumpstart our Business Startups Act (&ldquo;JOBS Act&rdquo;) as we do not have
more than $1.07 billion in annual gross revenue and did not have such amount as of June 30, 2017, being the last day of our most
recently completed fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may lose our status as an emerging growth
company on the last day of our fiscal year during which (i) our annual gross revenue exceeds $1.07 billion or (ii) we issue more
than $1.07 billion in non-convertible debt in a three-year period. We will lose our status as an emerging growth company if at
any time we are deemed to be a large accelerated filer. We will lose our status as an emerging growth company on the last day of
our fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an emerging growth company under the
JOBS Act, we have elected to opt out of the extended transition period for complying with new or revised standards pursuant to
Section 107(b) of the Act. The election is irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an emerging growth company, we are exempt
from Section 404(b) of the Sarbanes-Oxley Act of 2002 and Section 14A(a) and (b) of the Securities Exchange Act of 1934. Such sections
are provided below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 404(b) of the Sarbanes-Oxley Act of 2002 requires a public
company&rsquo;s auditor to attest to, and report on, Management&rsquo;s assessment of its internal controls.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sections 14A(a) and (b) of the Securities and Exchange Act, implemented
by Section 951 of the Dodd-Frank Act, require companies to hold shareholder advisory votes on executive compensation and golden
parachute compensation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As long as we qualify as an emerging growth
company, we will not be required to comply with the requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 and Section
14A (a) and (b) of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Corporate Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term financing efforts continued during
the quarter ended September 30, 2017, with principal activities focused on the technical due diligence review (the &ldquo;technical
review&rdquo;) of the Company&rsquo;s recently released Elk Creek Feasibility Study by RPM Global USA, Inc. on behalf of a potential
debt financing syndicate. The technical review is projected to be completed in the second fiscal quarter of the current fiscal
year. The technical review provides an independent analysis and opinion on the technical content of the Elk Creek Feasibility Study,
and will be provided to financial institutions expected to form debt and/or equity syndicates that will help finance the Elk Creek
Project. In addition, the Company received a reiteration of in-principle eligibility during the quarter for a loan guarantee under
the German Government&rsquo;s UFK program following release of the Elk Creek Feasibility Study. Upon completion of the technical
review, the following steps remain in our financing plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Completion of due diligence on the project&rsquo;s financial model;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Completion of technical and environmental due diligence;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Completion of additional independent market reviews for Sc and Nb;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Completion of legal due diligence;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Additional &ldquo;road show&rdquo; style presentations to potential debt and equity providers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Negotiation and execution of specific debt and equity financing assistance, along with necessary
regulatory approvals for such financings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Elk Creek Project Update</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2017, we announced the results
of the Elk Creek Feasibility Study, and the related technical report was completed and filed in Canada on SEDAR on August 10, 2017.
The Elk Creek Project is planned as an underground mining operation using a long-hole stoping mining method and paste backfill,
operating with a processing rate of 2,760 tonnes per day. Expected total production over the 32-year mine life includes 143,824
tonnes of payable niobium, 3,237 tonnes of scandium trioxide (Sc<SUB>2</SUB>O<SUB>3</SUB>), and 359,128 tonnes of titanium dioxide
(TiO<SUB>2</SUB>). Estimated up-front direct capital costs are $705 million, in addition to indirect costs of $189 million, pre-production
capital costs of $85 million, an overall contingency of $109 million, and pre-production net revenue credit of $79 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continued to advance Elk Creek Project-related
work during the quarter. Primary activities included:<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Completed the Elk Creek Feasibility Study
written report and subsequent filing on SEDAR, as noted above, as well as completion of the underlying detailed technical report
volumes; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Completed the preliminary air monitoring
activities, positioning us to file an air construction permit with the Nebraska Department of Environmental Quality, which we expect
to file by December 31, 2017;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Completed step three of the nine-step
Army Corps of Engineers Section 408 permitting process, with fieldwork expected to be completed by December 31, 2017; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Initiated the competitive process to identify
and select engineering, procurement and construction firms; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continued discussions with drilling companies,
energy providers and other related businesses required for initiation of water management, gas pipeline, and construction activities
at the Elk Creek Project. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial and Operating Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continues to expense all expenditures
when incurred, except for equipment, which is capitalized. The Company has no revenues from mining operations. Operating expenses
incurred related primarily to performing exploration activities, as well as the activities necessary to support corporate and shareholder
duties, and are detailed in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the three&nbsp;</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>months ended </B>&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 30,</B>&nbsp;</P></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 9pt">Employee-related costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">772</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">540</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Exploration expenditures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">713</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">172</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt">Change in financial instrument fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9.35pt">Foreign exchange (gain) loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(237</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9.35pt">Gain (loss) on available for sale securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9.35pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net Loss</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,813</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,775</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant items affecting operating expenses
are noted below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Employee related costs </I>increased
primarily due to increased share-based compensation costs reflecting the timing of option issuances, as well as the number of options
granted and associated fair value calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Professional fees </I>include
legal and accounting services. Overall, these fees decreased slightly, reflecting the timing of registration statements filed with
the SEC and ongoing compliance efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Exploration expenditures
</I>decreased $1.3 million, reflecting the timing of expenditures at the Elk Creek Project as discussed above under &ldquo;<I>Elk
Creek Project Update</I>.&rdquo; 2017 expenditures primarily related to final wrap-up and issuance of the Elk Creek Feasibility
Study, while 2016 costs were primarily directed towards engineering and metallurgical bench and pilot plant testwork in support
of our continuing Feasibility Study work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;Other significant items impacting
the change in the Company&rsquo;s net loss are noted below<I>:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Change in financial instrument
fair value </I>represents non-cash changes in the market value of the Lind Partners Asset Management IV, LLC (&ldquo;Lind&rdquo;)
convertible security (the &ldquo;Convertible Security&rdquo;), which is carried at fair value, as well as changes in the market
value of the derivative liability component of the Convertible Notes, and the fair market value of warrants issued in connection
with the Convertible Security. The 2016 gain primarily represents the impact of declining stock prices and trading volumes on the
underlying valuation of the Convertible Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Foreign exchange (gain) loss</I>
is primarily due to changes in the United States dollar (&ldquo;USD&rdquo;) against the Canadian dollar (&ldquo;C$&rdquo;), and
reflects the timing of foreign currency transactions and subsequent changes in exchange rates. The impact in 2017 primarily relates
to the impact of changing foreign currency rates as applied to the USD-denominated convertible debt instruments and related party
debt, which are recorded on the Canadian parent company books in Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"></P>

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<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have no revenue generating operations from which we can internally generate funds. To date, our ongoing operations have been financed
by the sale of our equity securities by way of private placements, convertible securities issuances, and the exercise of incentive
stock options and share purchase warrants. We believe that we will be able to secure additional private placement financings in
the future, although we cannot predict the size or pricing of any such financings. In addition, we may raise funds through the
sale of interests in our mineral properties, although current market conditions have substantially reduced the number of potential
buyers/acquirers of any such interest(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2017, the Company had cash of $0.3 million and a working capital deficit of $3.7 million, compared to cash of
$0.2 million and working capital deficit of $5.8 million on June 30, 2017. This change in working capital is the result of cash
inflows of C$1.9 million from the July 2017 Private Placement and $0.5 million from the Lind Convertible Security Increase, and
the conversion of $1.0 million face value of the Lind Convertible Security. These positive impacts to the working capital deficit
were partially offset by operating expenditures during the quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
expect that the Company will operate at a loss for the foreseeable future. The Company&rsquo;s current planned operational needs
are approximately $7.8 million until June 30, 2018. In addition to outstanding accounts payable and short-term liabilities, our
average monthly expenditures are approximately $452 per month where approximately $363 is for administrative purposes, including
overhead and estimated costs related to securing financing necessary for advancement of the Elk Creek Project. Approximately $89
per month is planned for expenditures relating to the advancement of Elk Creek Project. The Company&rsquo;s ability to continue
operations and fund our current work plan is dependent on Management&rsquo;s ability to secure additional financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company anticipates that it may need to raise $7.5 &ndash; 8.0 million to continue planned operations for the next twelve months
focused on financing the Elk Creek Resources Project. Management is actively pursuing such additional sources of debt and equity
financing, and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the
future.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Elk
Creek Property lease commitments are $36 until June 30, 2018. To maintain its currently held properties and fund its currently
anticipated general and administrative costs and planned exploration and development activities at the Elk Creek Project for the
fiscal year ending June 30, 2018, the Company will likely require additional financing during the current fiscal year. Should
such financing not be available in that time-frame, we will be required to reduce our activities and will not be able to carry
out all our presently planned activities at the Elk Creek Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
currently have no further funding commitments or arrangements for additional financing at this time (other than the potential
exercise of options and warrants) and there is no assurance that we will be able to obtain additional financing on acceptable
terms, if at all. There is significant uncertainty that we will be able to secure any additional financing in the current equity
or debt markets. The quantity of funds to be raised and the terms of any proposed equity or debt financing that may be undertaken
will be negotiated by Management as opportunities to raise funds arise. Management intends to pursue funding sources of both debt
and equity financing, including but not limited to the issuance of equity securities in the form of Common Shares, warrants, subscription
receipts, or any combination thereof in units of the Company pursuant to private placements to accredited investors or pursuant
to equity lines of credit or public offerings in the form of underwritten/brokered offerings, at-the-market offerings, registered
direct offerings, or other forms of equity financing and public or private issuances of debt securities including secured and
unsecured convertible debt instruments or secured debt project financing. Management does not currently know the terms pursuant
to which such financings may be completed in the future, but any such financings will be negotiated at arms-length. Future financings
involving the issuance of equity securities or derivatives thereof will likely be completed at a discount to the then-current
market price of the Company&rsquo;s securities and will likely be dilutive to current shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
audit opinion and notes that accompany our financial statements for the year ended June 30, 2017 disclose a &ldquo;going concern&rdquo;
qualification and disclosures to our ability to continue in business. The accompanying financial statements have been prepared
under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses
since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months
without deferring payment on certain current liabilities and raising additional funds. We believe that the going concern condition
cannot be removed with confidence until the Company has entered into a business climate where funding of its planned ongoing operating
activities is secured.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have no exposure to any asset-backed commercial paper. Other than cash held by our subsidiaries for their immediate operating
needs in Colorado and Nebraska, all of our cash reserves are on deposit with major United States and Canadian chartered banks.
We do not believe that the credit, liquidity, or market risks with respect thereto have increased as a result of the current market
conditions. However, in order to achieve greater security for the preservation of its capital, we have, of necessity, been required
to accept lower rates of interest, which has also lowered our potential interest income.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating
Activities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the three months ended September 30, 2017, the Company&rsquo;s operating activities consumed $1.8 million of cash (2016: $2.2
million). The cash used in operating activities for 2017 reflects the Company&rsquo;s funding of losses of $1.8 million. Overall,
2017 operational outflows declined from 2016 due to the timing of the work efforts on the Elk Creek Feasibility Study, offset
by changes in accounts payable and accrued liabilities. Going forward, the Company&rsquo;s working capital requirements are expected
to increase substantially in connection the development of the Elk Creek Project.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financing
Activities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financing
inflows were $1.6 million in 2017 as compared to $0.1 million in 2016, reflecting the timing of convertible debt instrument and
private placement issuances initiated during the comparative periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash
Flow Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has historically relied upon equity financings, and to a lesser degree, debt financings, to satisfy its capital requirements
and will continue to depend heavily upon equity capital to finance its activities. The Company may pursue debt financing in the
medium term if it is able to procure such financing on terms more favorable than available equity financing; however, there can
be no assurance the Company will be able to obtain any required financing in the future on acceptable terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has limited financial resources compared to its proposed expenditures, no source of operating income, and no assurance
that additional funding will be available to it for current or future projects, although the Company has been successful in the
past in financing its activities through the sale of equity securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
ability of the Company to arrange additional financing in the future will depend, in part, on the prevailing capital market conditions
and its success in developing the Elk Creek Project. Any quoted market for the Company&rsquo;s shares may be subject to market
trends generally, notwithstanding any potential success of the Company in creating revenue, cash flows, or earnings, and any depression
of the trading price of the Company&rsquo;s Common Shares could impact its ability to obtain equity financing on acceptable terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Historically,
the Company has used net proceeds from issuances of Common Shares to provide sufficient funds to meet its near-term exploration
and development plans and other contractual obligations when due. However, further development and construction of the Elk Creek
Project will require substantial additional capital resources. This includes near-term funding and, ultimately, funding for Elk
Creek Project construction and other costs. See &ldquo;<I>Liquidity and Capital Resources</I>&rdquo; above for the Company&rsquo;s
discussion of arrangements related to possible future financing(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Contractual
Obligations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
than as described below, there have been no material changes to our contractual obligations discussed in &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; under the heading &ldquo;Tabular Disclosure of
Contractual Obligations&rdquo; as of June 30, 2017, in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017.
During the three-month period ended September 30, 2017, debt obligations decreased $0.9 million due to conversions under the Lind
Agreement, partially offset by funds received from the Convertible Security Increase. There were no other substantial changes
to contractual obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Off
Balance Sheet Arrangements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has no off balance sheet arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical
Accounting Policies </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
have been no material changes in our critical accounting policies discussed in &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; under the heading &ldquo;Critical Accounting Policies&rdquo; as of June
30, 2017, in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain
U.S. Federal Income Tax Considerations </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has been a &ldquo;passive foreign investment company&rdquo; (&ldquo;PFIC&rdquo;) as defined under Section 1297 of the
U.S. Internal Revenue Code of 1986, as amended, in recent years and expects to continue to be a PFIC in the future. Current and
prospective United States shareholders should consult their tax advisors as to the tax consequences of PFIC classification and
the U.S. federal tax treatment of PFICs. Additional information on this matter is included in the Company&rsquo;s Annual Report
on Form 10-K for the fiscal year ended June 30, 2017, under the heading &ldquo;Risks Related to the Common Shares.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a004_v1"></A>ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Interest
rate risk</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s exposure to changes in market interest rates, relates primarily to the Company&rsquo;s earned interest income
on cash deposits and short-term investments. The Company maintains a balance between the liquidity of cash assets and the interest
rate return thereon. The carrying amount of financial assets, net of any provisions for losses, represents the Company&rsquo;s
maximum exposure to credit risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Foreign
currency exchange risk</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
company incurs expenditures in both U.S. and Canadian dollars. Canadian dollar expenditures are primarily related to metallurgical-related
exploration expenses, as well as certain common share-related costs and professional services. As a result, currency exchange
fluctuations may impact the costs of our operating activities. To reduce this risk, we maintain sufficient cash balances in Canadian
dollars to fund expected near-term expenditures.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Commodity
price risk</U></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is exposed to commodity price risk related to the elements associated with the Elk Creek Project. A significant decrease
in the global demand for these elements may have a material adverse effect on our business. The Elk Creek Project is not in production,
and the Company does not currently hold any commodity derivative positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a005_v1"></A>ITEM
4. CONTROLS AND PROCEDURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Disclosure
Controls and Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
the end of the period covered by this quarterly report on Form 10-Q for the three months ended September 30, 2017, an evaluation
was carried out under the supervision of and with the participation of our Management, including the Chief Executive Officer (&ldquo;CEO&rdquo;)
and Chief Financial Officer (&ldquo;CFO&rdquo;), of the effectiveness of the design and operations of our disclosure controls
and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on that evaluation, the CEO and
the CFO have concluded that, as of the end of the period covered by this quarterly report, our disclosure controls and procedures
were effective in ensuring that: (i) information required to be disclosed by us in reports that we file or submit to the SEC under
the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms
and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated
to our Management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Management does not expect that our disclosure controls and procedures will prevent all error and all fraud. The effectiveness
of our or any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable assurance
that the objectives of the system will be met and is subject to certain limitations, including the exercise of judgment in designing,
implementing and evaluating controls and procedures and the assumptions used in identifying the likelihood of future events.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Changes
in Internal Control over Financial Reporting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
have been no changes in the Company&rsquo;s internal control over financial reporting during the three months ended September
30, 2017 that have materially affected, or are reasonably likely to materially affect, the Company&rsquo;s internal controls over
financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; text-indent: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a006_v1"></A>PART
II &mdash; OTHER INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; text-indent: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a007_v1"></A>ITEM
1. LEGAL PROCEEDINGS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
know of no material, active, or pending legal proceedings against the Company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our directors, officers, or affiliates, or any registered
or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a008_v1"></A>ITEM
1A. RISK FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
have been no changes to the risk factors set forth under the heading &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a009_v1"></A>ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2017, Lind provided notice to the Company of its election to advance an additional $1.0 million in funding under the
Initial Convertible Security pursuant to its right under the Lind Agreement (the &ldquo;Convertible Security Increase&rdquo;).
On October 31, 2017, in connection with the Convertible Security Increase, the Company issued 308,901 common share purchase warrants
of the Company (the &ldquo;Warrants&rdquo;) to Lind, with each Warrant entitling the holder to acquire one common share at a price
of C$0.62 per share until October 31, 2020. The Warrants were issued pursuant to the exemption from the registration requirements
of the Securities Act provided by Section 4(a)(2) thereof based upon representations and warranties of Lind in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 10, 2017, the Company issued 762,718 common shares of the Company to Lind upon conversion of US$275 in principal amount
of the Company&rsquo;s outstanding convertible note issued in December of 2015 at a conversion price of C$0.45 per share. The
common shares were issued pursuant to Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of convertible
notes and based upon representations and warranties of Lind in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a010_v1"></A>ITEM
3. DEFAULTS UPON SENIOR SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a011_v1"></A>ITEM
4. MINE SAFETY DISCLOSURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 1503(a) of the Dodd-Frank Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal
or other mine in the United States are required to disclose specified information about mine health and safety in their periodic
reports. These reporting requirements are based on the safety and health requirements applicable to mines under the Federal Mine
Safety and Health Act of 1977 (the &ldquo;Mine Act&rdquo;) which is administered by the U.S. Department of Labor&rsquo;s Mine
Safety and Health Administration (&ldquo;MSHA&rdquo;). During the three-month period ended September 30, 2017, the Company and
its subsidiaries and their properties or operations were not subject to regulation by MSHA under the Mine Act and thus no disclosure
is required under Section 1503(a) of the Dodd-Frank Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="a012_v1"></A>ITEM
5. OTHER INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 217.7pt; text-indent: -217.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt"><B><A NAME="a013_v1"></A>ITEM 6. EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 11%; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Exhibit</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman,serif">No.</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 88%; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Title</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename2.htm">3.1(1)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename2.htm">Notice of Articles dated April 5, 2016</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename3.htm">3.2(1)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename3.htm">Articles, as amended, effective as of January 27, 2015</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-1.htm">4.1 (2)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-1.htm">Agency Agreement, dated July 26, 2017, between the Company and Mackie Research Capital Corporation</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-2.htm">4.2(2)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-2.htm">Form of Subscription Agreement in respect of units of the Company issued in July 2017</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-3.htm">4.3(2)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-3.htm">Non-Transferable Broker Warrant Certificate, dated July 26, 2017, in respect of non-transferable broker warrants issued to Mackie Research Capital Corporation</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-4.htm">4.4(2)</A> </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417003986/s106977_ex4-4.htm">Warrant Indenture, dated July 26, 2017, between the Company and Computershare Trust Company of Canada</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename10.htm">4.5(1)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename10.htm" STYLE="-sec-extract: exhibit">Convertible Security Funding Agreement between the Company and Lind Asset Management IV, LLC, dated December 14, 2015 (including Form of Warrant)</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417004839/s107345_ex10-18.htm" STYLE="-sec-extract: exhibit">10.1(3)</A></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000161577417004839/s107345_ex10-18.htm" STYLE="-sec-extract: exhibit">Amendment #6 to Lind Agreement, dated August 10, 2017, between the Company and Lind Asset Management IV, LLC</A></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">31.1</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a),
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">31.2</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a),
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">32.1</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">32.2</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.INS (4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Instance Document</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.SCH(4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Taxonomy Extension- Schema</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.CAL(4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Taxonomy Extension &ndash; Calculations</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.DEF(4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Taxonomy Extension &ndash; Definitions</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.LAB(4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Taxonomy Extension &ndash; Labels</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">101.PRE(4)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">XBRL Taxonomy Extension &ndash; Presentations</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-left: 0.75pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Previously filed as an exhibit to the Company&rsquo;s Draft Registration Statement on Form S-1 (Registration No. 377-01354) submitted to the SEC on July 26, 2016 and incorporated herein by reference. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Previously filed as an exhibit to the Company&rsquo;s Current Report on Form 8-K (File No. 000-55710) filed with the SEC on August 1, 2017 and incorporated herein by reference. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Previously filed as an exhibit to the Company&rsquo;s Annual Report on Form 10-K (File No. 000-55710) for the fiscal year ended June 30, 2017. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(4)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Submitted Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Interim Consolidated Balance Sheets at September 30, 2017 and June 30, 2017, (ii) the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended September 30, 2017 and 2016, (iii) the Condensed Interim Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2017 and 2016, (iv) the Condensed Interim Consolidated Statements of Changes in Equity for the Three Months Ended September 30, 2017 and the Year ended June 30, 2017 and (v) the Notes to the Condensed Interim Consolidated Financial Statements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><A NAME="a014_v1"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>NIOCORP DEVELOPMENTS LTD.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>(Registrant)</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">By: </FONT></TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">/s/ Mark A. Smith</FONT></TD>
    <TD STYLE="width: 52%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Mark A. Smith</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Chief Executive Officer</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Date: November 9, 2017</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">/s/ Neal Shah</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Neal Shah</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Chief Financial Officer</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Date: November 9, 2017</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Mark Smith, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. I have reviewed this Quarterly Report on
Form 10-Q of NioCorp Developments Ltd.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make&nbsp;the&nbsp;statements made, in light
of&nbsp;the&nbsp;circumstances under which such statements were made, not misleading with respect to&nbsp;the&nbsp;period covered
by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">3. Based on my knowledge,&nbsp;the&nbsp;financial statements,
and other financial information included in this report, fairly present in all material respects the&nbsp;financial condition,
results of operations and cash flows of&nbsp;the&nbsp;registrant as of, and for,&nbsp;the&nbsp;periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">4.&nbsp;The&nbsp;registrant's other&nbsp;certifying&nbsp;officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for&nbsp;the&nbsp;registrant
and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to&nbsp;the&nbsp;registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during&nbsp;the&nbsp;period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding&nbsp;the&nbsp;reliability of financial reporting and&nbsp;the&nbsp;preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(c) Evaluated&nbsp;the&nbsp;effectiveness of&nbsp;the&nbsp;registrant's
disclosure controls and procedures and presented in this report our conclusions about&nbsp;the effectiveness of&nbsp;the&nbsp;disclosure
controls and procedures, as of&nbsp;the&nbsp;end of&nbsp;the&nbsp;period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(d) Disclosed in this report any change in&nbsp;the&nbsp;registrant's
internal control over financial reporting that occurred during&nbsp;the&nbsp;registrant's most recent fiscal quarter (the&nbsp;registrant's
fourth fiscal quarter in&nbsp;the&nbsp;case of an annual report) that has materially affected, or is reasonably likely to materially
affect,&nbsp;the&nbsp;registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">5.&nbsp;The&nbsp;registrant's other&nbsp;certifying&nbsp;officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to&nbsp;the&nbsp;registrant's
auditors and&nbsp;the&nbsp;audit committee of&nbsp;the&nbsp;registrant's board of directors (or persons performing&nbsp;the&nbsp;equivalent
functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(a) All significant deficiencies and material weaknesses
in&nbsp;the&nbsp;design or operation of internal control over financial reporting which are reasonably likely to adversely affect&nbsp;the&nbsp;registrant's
ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in&nbsp;the&nbsp;registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: November 9, 2017</P></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Mark     A. Smith</FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mark A. Smith</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Neal Shah, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. I have reviewed this Quarterly Report on
Form 10-Q of NioCorp Developments Ltd.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make&nbsp;the&nbsp;statements made, in light
of&nbsp;the&nbsp;circumstances under which such statements were made, not misleading with respect to&nbsp;the&nbsp;period covered
by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">3. Based on my knowledge,&nbsp;the&nbsp;financial statements,
and other financial information included in this report, fairly present in all material respects the&nbsp;financial condition,
results of operations and cash flows of&nbsp;the&nbsp;registrant as of, and for,&nbsp;the&nbsp;periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">4.&nbsp;The&nbsp;registrant's other&nbsp;certifying&nbsp;officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for&nbsp;the&nbsp;registrant
and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating
to&nbsp;the&nbsp;registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during&nbsp;the&nbsp;period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding&nbsp;the&nbsp;reliability of financial reporting and&nbsp;the&nbsp;preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(c) Evaluated&nbsp;the&nbsp;effectiveness of&nbsp;the&nbsp;registrant's
disclosure controls and procedures and presented in this report our conclusions about&nbsp;the effectiveness of&nbsp;the&nbsp;disclosure
controls and procedures, as of&nbsp;the&nbsp;end of&nbsp;the&nbsp;period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(d) Disclosed in this report any change in&nbsp;the&nbsp;registrant's
internal control over financial reporting that occurred during&nbsp;the&nbsp;registrant's most recent fiscal quarter (the&nbsp;registrant's
fourth fiscal quarter in&nbsp;the&nbsp;case of an annual report) that has materially affected, or is reasonably likely to materially
affect,&nbsp;the&nbsp;registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">5.&nbsp;The&nbsp;registrant's other&nbsp;certifying&nbsp;officer(s)
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to&nbsp;the&nbsp;registrant's
auditors and&nbsp;the&nbsp;audit committee of&nbsp;the&nbsp;registrant's board of directors (or persons performing&nbsp;the&nbsp;equivalent
functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(a) All significant deficiencies and material weaknesses
in&nbsp;the&nbsp;design or operation of internal control over financial reporting which are reasonably likely to adversely affect&nbsp;the&nbsp;registrant's
ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in&nbsp;the&nbsp;registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: November 9, 2017</P></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 39%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Neal Shah</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Neal Shah</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the Quarterly Report
on Form 10-Q of NioCorp Developments Ltd. (the "Company"), for the period ended September 30, 2017, as filed with the Securities
and Exchange Commission on the date hereof (the "Report"), I, Mark Smith, Chief Executive Officer of the Company, hereby certify
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">1. The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt">2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operation of the Company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Date: November 9, 2017</P></TD>
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 1%; font-size-adjust: none; font-stretch: normal"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 35%; border-bottom: black 1.5pt solid; font-size-adjust: none; font-stretch: normal"><FONT STYLE="font-size: 10pt">/s/
    Mark A. Smith</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"><FONT STYLE="font-size: 10pt">Mark A. Smith</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the Quarterly Report on Form
10-Q of NioCorp Developments Ltd. (the &quot;Company&quot;), for the period ended September 30, 2017, as filed with the Securities
and Exchange Commission on the date hereof (the &quot;Report&quot;), I, Neal Shah, Chief Financial Officer of the Company, hereby
certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">1. The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt">2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operation of the Company.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: November 9, 2017</P></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Neal Shah</FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Neal Shah</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Principal Financial and Accounting Officer)</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>WASHINGTON, D.C. 20549</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font-family: Times New Roman, Times, Serif"><DIV STYLE="font: 1pt Times New Roman, Times, Serif; border-top: Black 1pt solid; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 13 or 15(d) of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">Securities Exchange Act of 1934</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of Report (Date of earliest event reported): <B>November 9, 2017</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
Developments Ltd.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 33%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>British
    Columbia, Canada</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
    <FONT STYLE="font-size: 10pt">incorporation)</FONT></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>000-55710</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>98-1262185</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7000
                                         South Yosemite Street, Suite 115</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Centennial,
        Colorado</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address
        of principal executive offices)&nbsp;</FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>80112</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">(Zip Code)</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s
telephone number, including area code: <B>(720) 639-4647</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.25in; padding-right: 0.8pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
                                         5.02</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Departure
                                         of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
                                         Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
November 9, 2017, NioCorp Developments Ltd (&ldquo;The Company&rdquo;) held its 2017 Annual Meeting of Shareholders (&ldquo;Annual
Meeting&rdquo;) at which the shareholders considered and approved the Company&rsquo;s Long-Term Incentive Plan (the &ldquo;2017
Plan&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
2017 Plan became effective upon such shareholder approval. Under the 2017 Plan, the Board may in its discretion from time to time
grant stock options, share units (in the form of restricted share units (&ldquo;RSUs&rdquo;) and performance share units (&ldquo;PSUs&rdquo;))
and dividend equivalents to directors, employees and certain other service providers (as further described in the 2017 Plan) of
the Company and affiliated entities selected by the Board. Subject to adjustment as provided in the 2017 Plan, the aggregate number
of common shares of the Company (&ldquo;Common Shares&rdquo;) that may be reserved for issuance to participants under the 2017
Plan, together with all other security based compensation arrangements of the Company, including with respect to stock options
outstanding under the Company&rsquo;s 2016 Incentive Stock Option Plan, may not exceed 10% of the issued and outstanding Common
Shares from time to time, and the Common Shares reserved for issuance upon settlement of share units shall not exceed 5% of the
issued and outstanding Common Shares from time to time. Further, the aggregate number of Common Shares reserved for issuance to
any one participant under the 2017 Plan, together with all other security based compensation arrangements of the Company, must
not exceed 5% of the aggregate issued and outstanding Common Shares (on a non-diluted basis). The maximum number of Common Shares
(1) issued to insiders (for purposes of the Toronto Stock Exchange Company Manual) within any one-year period and (2) issuable
to insiders at any time, under the 2017 Plan, or when combined with the Company&rsquo;s other security based compensation arrangements,
will not exceed 10% of the number of the aggregate issued and outstanding Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the 2017 Plan, stock options and share units granted to non-employee directors, together with all other equity awards granted
to non-employee directors under any other security based compensation arrangement, are limited to an annual equity award value
of C$150,000 per non-employee director. The total value of stock options issuable to a non-employee director in a one-year period
is limited to C$100,000. Further, and subject to the adjustment provisions of the 2017 Plan, the aggregate number of Common Shares
actually issued or transferred by the Company upon the exercise of stock options intended to qualify as &ldquo;incentive stock
options&rdquo; under Section 422 of the United States Internal Revenue Code will not exceed 20,451,895 Common Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board will generally be able to amend the 2017 Plan, subject to shareholder approval in certain circumstances as further described
in the 2017 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
foregoing description of the 2017 Plan is not complete and is in all respects qualified in its entirety by the actual provisions
of the 2017 Plan, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
                                         5.07</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Submission
                                         of Matters to a Vote of Security Holders.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company held the Annual Meeting on November 9, 2017. As of the record date for the Annual Meeting, there were 204,518,956 common
shares issued and outstanding and entitled to vote, of which 67,591,080 common shares were present by proxy or in person at the
Annual Meeting. The final results for each of the matters submitted to a vote of shareholders at the Annual Meeting are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal
One &ndash; To Set The Number of Directors For The Ensuing Year At Six.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For:</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,349,671 shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Against:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,050 shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Abstain:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">179,905 shares</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker
non-votes: 0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal
Two &ndash; Election of Directors.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nominee</B></FONT></TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Votes
    FOR</B></FONT></TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Votes
    WITHHELD</B></FONT></TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Broker
    Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark
    A. Smith</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,300,806</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">275,820</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph
    A. Carrabba</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,444,828</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">131,798</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David
    C. Beling</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,444,628</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">131,998</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael
    Morris</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,444,128</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">132,498</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anna
    Castner-Wightman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,440,928</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">135,698</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nilsa
    Guerrero-Mahon</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,431,141</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">145,485</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal
Three &ndash; Appointment and Compensation of Auditors.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For:</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">67,351,399 shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Withhold:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">239,681 shares</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker
non-votes: 0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal
Four &ndash; Approval of the 2017 Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 8%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For:</FONT></TD>
    <TD STYLE="width: 92%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,569,647 shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Against:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">777,406 shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Withhold:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">229,573 shares</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker
non-votes: 0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
                                         9.01</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial
                                         Statements and Exhibits. </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(d)
Exhibits </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 13%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit Number</FONT></TD>
    <TD STYLE="width: 87%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">NioCorp Developments Ltd. Long Term Incentive Plan</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.05pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NIOCORP
    DEVELOPMENTS LTD.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DATE:
    November 13, 2017</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Neal Shah </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -0.45pt; padding-left: 0.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neal
    Shah</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>NIOCORP
DEVELOPMENTS LTD.</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>LONG
TERM Incentive PLAN</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Approved
by the Board of Directors on <U>September 29, 2017</U> and by Shareholders on <U>November 9, 2017</U></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
I &ndash; GENERAL PROVISIONS</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PREAMBLE
                                         AND DEFINITIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Title.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Plan described in this document shall be called the &ldquo;NioCorp Developments Ltd. Long Term Incentive Plan&rdquo;.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Purpose
                                         of the Plan.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         purposes of the Plan are:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to
                                         promote a further alignment of interests between officers, employees and other eligible
                                         service providers and the shareholders of the Corporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to
                                         potentially associate a portion of the compensation payable to officers, employees and
                                         other eligible service providers with the returns achieved by shareholders of the Corporation;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to
                                         help attract and retain officers, employees and other eligible service providers with
                                         the knowledge, experience and expertise required by the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Plan shall serve as the successor to the Corporation&rsquo;s 2016 Incentive Stock Option
                                         Plan approved by shareholders on February&nbsp;23,&nbsp;2016 (the &ldquo;<B>Prior Plan</B>&rdquo;),
                                         and no further awards shall be made under the Prior Plan on and after the effective date
                                         of the Plan. All outstanding awards under the Prior Plan immediately prior to the effective
                                         date of the Plan shall be included in the maximum number of Shares and other limitations
                                         set forth in Section 4 herein. However, each such award shall continue to be governed
                                         solely by the terms and conditions of the instrument evidencing such grant and the Prior
                                         Plan, and no provision of this Plan shall affect or otherwise modify the rights or obligations
                                         of holders of such awards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Definitions.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Affiliate(s)</B>&rdquo;
                                         shall mean a Parent or Subsidiary of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Applicable
                                         Law</B>&rdquo; means any applicable provision of law, domestic or foreign, including,
                                         without limitation, applicable securities legislation, together with all regulations,
                                         rules, policy statements, rulings, notices, orders or other instruments promulgated thereunder,
                                         and Stock Exchange Rules.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Beneficiary</B>&rdquo;
                                         means, subject to Applicable Law, an individual who has been designated by a Participant,
                                         in such form and manner as the Board may determine, to receive benefits payable under
                                         the Plan upon the death of the Participant, or, where no such designation is validly
                                         in effect at the time of death, the Participant&rsquo;s legal representative.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Blackout
                                         Period</B>&rdquo; means a period of time when, pursuant to any policies of the Corporation,
                                         any securities of the Corporation may not be traded by certain persons as designated
                                         by the Corporation, including any holder of a Grant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Board</B>&rdquo;
                                         means the Board of Directors of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Cause</B>&rdquo;
                                         means, except as otherwise provided in an applicable Grant Agreement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subject
                                         to (b) below, &ldquo;just cause&rdquo; or &ldquo;cause&rdquo; for Termination by the
                                         Corporation or an Affiliate as determined under Applicable Law;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">where
                                         a Participant has a written employment agreement with the Corporation or an Affiliate,
                                         &ldquo;<B>Cause</B>&rdquo; as defined in such employment agreement, if applicable; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">where
                                         a Participant provides services as an independent contractor pursuant to a contract for
                                         services with the Corporation or an Affiliate, any material breach of such contract.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Change
                                         in Control</B>&rdquo; means, except as otherwise provided in an applicable Grant Agreement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         successful &ldquo;take-over bid&rdquo; (as defined in the <I>Securities Act</I> (British
                                         Columbia), as amended, or any successor legislation thereto) pursuant to which the &ldquo;offeror&rdquo;
                                         acquires beneficial ownership of securities of the Corporation which, directly or following
                                         conversion or exercise thereof, would entitle the holder thereof, together with persons
                                         acting jointly or in concert with the holder thereof, to cast more than fifty percent
                                         (50%) of the votes attaching to all securities of the Corporation which may be cast to
                                         elect directors of the Corporation, other than the acquisition of beneficial ownership
                                         of additional securities of the Corporation by any person who, together with persons
                                         acting jointly or in concert with such person, was entitled prior to such &ldquo;take-over
                                         bid&rdquo;, directly or following conversion or exercise securities of the Corporation,
                                         to cast more than fifty percent (50%) of the votes attaching to all securities of the
                                         Corporation which may be cast to elect directors of the Corporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         issuance to, or acquisition by, any person, or group of persons acting jointly or in
                                         concert, directly or indirectly, including through an arrangement or other form of reorganization,
                                         of beneficial ownership of securities of the Corporation which, directly or following
                                         conversion or exercise thereof, would entitle the holder thereof to cast more than fifty
                                         percent (50%) of the votes attaching to all securities of the Corporation which may be
                                         cast to elect directors of the Corporation, other than the issuance of securities of
                                         the Corporation to, or acquisition of securities of the Corporation by, any person who,
                                         together with persons acting jointly or in concert with such person, was entitled prior
                                         to such issuance or acquisition, directly or following conversion or exercise securities
                                         of the Corporation, to cast more than fifty percent (50%) of the votes attaching to all
                                         securities of the Corporation which may be cast to elect directors of the Corporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">individuals
                                         who, as of a Grant Date, constitute the Board (the &ldquo;<B>Incumbent Board</B>&rdquo;)
                                         cease for any reason (other than death or disability) to constitute at least a majority
                                         of the Board; provided, however, that any individual becoming a Director subsequent to
                                         the Grant Date, whose election, or nomination for election by the Corporation&rsquo;s
                                         shareholders, was approved by a vote of at least two-thirds of the Directors then comprising
                                         the Incumbent Board (either by a specific vote or by approval of the proxy statement
                                         of the Corporation in which such person is named as a nominee for Director, without objection
                                         to such nomination) will be considered as though such individual was a member of the
                                         Incumbent Board, but excluding for this purpose any such individual whose initial assumption
                                         of office occurs as a result of an actual or threatened election contest with respect
                                         to the election or removal of Directors or other actual or threatened solicitation of
                                         proxies or consents by or on behalf of a person other than the Directors then comprising
                                         the Board;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an
                                         arrangement, amalgamation, merger or other form of reorganization of the Corporation
                                         where the holders of the outstanding voting securities or interests of the Corporation
                                         immediately prior to the completion of the arrangement, amalgamation, merger or reorganization
                                         will hold fifty percent (50%) or less of the votes attaching to all outstanding voting
                                         securities or interests of the continuing entity upon completion of the arrangement,
                                         amalgamation, merger or reorganization;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         sale of all or substantially all of the assets of the Corporation; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         liquidation, winding-up or dissolution of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Code</B>&rdquo;
                                         or &ldquo;<B>Internal Revenue Code</B>&rdquo; means the United States Internal Revenue
                                         Code of 1986, as amended, and any applicable United States Treasury Regulations and other
                                         binding regulatory guidance thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Corporation</B>&rdquo;
                                         means NioCorp Developments Ltd., and includes any successor corporation or entity thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Director</B>&rdquo;
                                         means a director of the Corporation from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Disability</B>&rdquo;
                                         means, except as otherwise provided in an applicable Grant Agreement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subject
                                         to (b) below, a Participant&rsquo;s physical or mental incapacity that prevents him/her
                                         from substantially fulfilling his or her duties and responsibilities on behalf of the
                                         Corporation or, if applicable, an Affiliate, as determined by the Board and, in the case
                                         of a Participant who is an employee of the Corporation or an Affiliate, in respect of
                                         which the Participant commences receiving, or is eligible to receive, disability benefits
                                         under the Corporation&rsquo;s or Affiliate&rsquo;s long-term disability plan; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">where
                                         a Participant has a written employment agreement with the Corporation or an Affiliate,
                                         &ldquo;<B>Disability</B>&rdquo; as defined in such employment agreement, if applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Disability
                                         Date</B>&rdquo; means, in relation to a Participant, that date determined by the Board
                                         to be the date on which the Participant experienced a Disability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Eligible
                                         Person</B>&rdquo; means a Director or an individual Employed by the Corporation or any
                                         Affiliate, including a Service Provider, who, by the nature of his or her position or
                                         job is, in the opinion of the Board, in a position to contribute to the success of the
                                         Corporation provided, however, that only persons who meet the definition of &ldquo;employees&rdquo;
                                         under Code Section 3401(c) shall be eligible to receive Incentive Stock Options.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.14</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Employed</B>&rdquo;
                                         means, with respect to a Participant, that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Participant is rendering services to the Corporation or an Affiliate (excluding services
                                         as a Director) including as a Service Provider (referred to in Section 1.3.40 as &ldquo;active
                                         Employment&rdquo;); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Participant is not actively rendering services to the Corporation or an Affiliate due
                                         to an approved leave of absence, maternity or parental leave or leave on account of Disability.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
greater certainty, a Participant shall not be considered to be Employed on a Vesting Date if, prior to such Vesting Date, such
Participant received a payment in lieu of notice of termination of employment, whether under a contract of employment, as damages
or otherwise.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and
&ldquo;<B>Employment</B>&rsquo; has the corresponding meaning.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 117pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.15</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Exercise
                                         Price</B>&rdquo; means, with respect to an Option, the price payable by a Participant
                                         to purchase one Share on exercise of such Option, which (except as otherwise provided
                                         in Section 9.2) shall not be less than one hundred percent (100%) of the Market Price
                                         on the Grant Date of the Option covering such Share, subject to adjustment pursuant to
                                         Section 5.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.16</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Form
                                         S-8</B>&rdquo; means a Form S-8 Registration Statement under the United States Securities
                                         Act of 1933.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.17</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Good
                                         Reason</B>&rdquo; means, except as otherwise provided in an applicable Grant Agreement,
                                         the occurrence of any one or more of the following without a Participant&rsquo;s written
                                         consent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         material change in the Participant&rsquo;s position or duties, responsibilities, titles
                                         or offices in effect immediately prior to a Change in Control, which includes any removal
                                         of the Participant from or any failure to re-elect or re-appoint the Participant to any
                                         such position or office;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         reduction in the Participant&rsquo;s overall annual compensation for services provided
                                         to the Corporation or an Affiliate in the cumulative amount of 5% or more within a 12-month
                                         period;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         change to the terms or conditions of the employment of the Participant that would constitute
                                         &ldquo;constructive dismissal&rdquo; as that term is defined at common law which the
                                         Corporation or an Affiliate, as the case may be, fails to remedy within thirty (30) days
                                         of receiving written notice from the Participant of any such change; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Corporation or an Affiliate relocating the Participant to any place other than the location
                                         at which the Participant reported for work on a regular basis immediately prior to a
                                         Change in Control or a place within 15 kilometres of that location.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.18</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Grant</B>&rdquo;
                                         means a grant or right granted under the Plan consisting of one or more Options, RSUs
                                         or PSUs.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.19</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Grant
                                         Agreement</B>&rdquo; means an agreement between the Corporation and a Participant or
                                         other instrument or document evidencing a Grant and setting out the terms under which
                                         such Grant is made, together with such schedules, amendments, deletions or changes thereto
                                         as are permitted under the Plan. A Grant Agreement may be in an electronic medium and
                                         may be limited to a notation on the books and records of the Corporation. Unless otherwise
                                         determined by the Board, a Grant Agreement does not need to be signed by a representative
                                         of the Corporation or a Participant, provided the Participant&rsquo;s agreement is expressly
                                         acknowledged.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.20</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Grant
                                         Date</B>&rdquo; means the effective date of a Grant (which date will not be earlier than
                                         the date on which the Board takes action with respect thereto).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Grant
                                         Value</B>&rdquo; is as defined in Section 12.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.22</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Incentive
                                         Stock Option</B>&rdquo; means an Option that is intended to qualify as an &ldquo;incentive
                                         stock option&rdquo; under Code Section 422 or any successor provision.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.23</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Insider</B>&rdquo;
                                         means an insider of the Corporation as defined in the rules of the Toronto Stock Exchange
                                         Company Manual for the purpose of security based compensation arrangements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.24</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Market
                                         Price</B>&rdquo; means, with respect to any particular date:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: windowtext">if
                                         the Shares are listed on only one Stock Exchange, the closing price per Share on such
                                         Stock Exchange on the Trading Day immediately preceding such date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
                                         the Shares are listed on more than one Stock Exchange, the &ldquo;Market Price&rdquo;
                                         as determined in accordance with paragraph (a) above for the primary Stock Exchange on
                                         which the greatest volume of trading of the Shares occurred during the immediately preceding
                                         twenty (20) Trading Days; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
                                         the Shares are not listed for trading on a Stock Exchange, a price which is determined
                                         by the Board in good faith to be the fair market value of the Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.25</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Option</B>&rdquo;
                                         means an option to purchase a Share granted by the Board to an Eligible Person in accordance
                                         with Section 3 and Section 9.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.26</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Parent</B>&rdquo;
                                         means any parent corporation of the Corporation within the meaning of Code Section 424(e),
                                         or any successor provision.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.27</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Participant</B>&rdquo;
                                         means an Eligible Person to whom a Grant is made and which Grant or a portion thereof
                                         remains outstanding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.28</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Performance
                                         Conditions</B>&rdquo; means such financial, personal, operational, transaction-based
                                         or other performance criteria as may be determined by the Board in respect of a Grant
                                         to any Participant or Participants and set out in a Grant Agreement. Performance Conditions
                                         may apply to an individual Participant or to the Corporation, an Affiliate, the Corporation
                                         and its Affiliates as a whole, a business unit of the Corporation or group comprised
                                         of the Corporation and some Affiliates or a group of Affiliates, either individually,
                                         alternatively or in any combination, and measured either in total, incrementally or cumulatively
                                         over a specified performance period, on an absolute basis or relative to a pre-established
                                         target or milestone, to previous years&rsquo; results or to a designated comparator group
                                         or index, or otherwise, provided that the performance period for measurement or achievement
                                         of any such performance criteria (or incremental element thereof) shall in all events
                                         exceed one year. When establishing Performance Conditions, the Board may exclude any
                                         or all &ldquo;extraordinary items&rdquo; as determined under applicable accounting standards.
                                         The Board may provide that Performance Conditions will be adjusted to reflect events
                                         occurring during the performance period that affect the applicable Performance Condition.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.29</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Performance
                                         Period</B>&rdquo; means, with respect to PSUs, the period specified by the Board for
                                         achievement of any applicable Performance Conditions as a condition to Vesting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.30</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Plan</B>&rdquo;
                                         means this NioCorp Developments Ltd. Long Term Incentive Plan, including any schedules
                                         or appendices hereto, as may be amended from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.31</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Performance
                                         Share Unit</B>&rdquo; or &ldquo;<B>PSU</B>&rdquo; means a right granted to an Eligible
                                         Person in accordance with Section 3 and Section 13.1 to receive a Share or the Market
                                         Price, as determined by the Board, that generally becomes Vested, if at all, subject
                                         to the attainment of certain Performance Conditions and satisfaction of such other conditions
                                         to Vesting, if any, as may be determined by the Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.32</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Restricted
                                         Share Unit</B>&rdquo; or &ldquo;<B>RSU</B>&rdquo; means a right granted to an Eligible
                                         Person in accordance with Section 3 and Section 13.1 to receive a Share or the Market
                                         Price, as determined by the Board, that generally becomes Vested, if at all, following
                                         a period of continuous Employment or service of the Participant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.33</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Restrictive
                                         Covenant</B>&rdquo; means any obligation of a Participant to the Corporation or an Affiliate
                                         to (A) maintain the confidentiality of information relating to the Corporation or the
                                         Affiliate and/or its business, (B) not engage in employment or business activities that
                                         compete with the business of the Corporation or the Affiliate, (C) not solicit employees
                                         or other service providers, customers and/or suppliers of the Corporation or the Affiliate,
                                         whether during or after employment with the Corporation or Affiliate, and whether such
                                         obligation is set out in a Grant Agreement issued under the Plan or other agreement between
                                         the Participant and the Corporation or Affiliate, including, without limitation, an employment
                                         agreement, or otherwise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.34</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Service
                                         Provider</B>&rdquo; means a person, other than an employee, officer or director of the
                                         Corporation or an Affiliate, that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">satisfies
                                         the Form S-8 definition of &ldquo;employee&rdquo;;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">is
                                         engaged to provide, on a <I>bona fide</I> basis, for an initial, renewable or extended
                                         period of twelve (12) months or more, services to the Corporation or an Affiliate, other
                                         than services provided in relation to a distribution of securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provides
                                         the services under a written contract between the Corporation or an Affiliate and the
                                         person or company; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
                                         the reasonable opinion of the Corporation, spends or will spend a significant amount
                                         of time and attention on the affairs and business of the Corporation or an Affiliate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.35</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Share</B>&rdquo;
                                         means a common share of the Corporation or, in the event of an adjustment contemplated
                                         by Section 5.1, such other security to which a Participant may be entitled upon the exercise
                                         or settlement of a Grant as a result of such adjustment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.36</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Share
                                         Unit</B>&rdquo; means either an RSU or a PSU, as the context requires.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.37</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Stock
                                         Exchange</B>&rdquo; means the Toronto Stock Exchange and such other stock exchange on
                                         which the Shares are listed, or if the Shares are not listed on any stock exchange, then
                                         on the over-the-counter market.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.38</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Stock
                                         Exchange Rules</B>&rdquo; means the applicable rules of any Stock Exchange upon which
                                         Shares of the Corporation are listed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.39</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Subsidiary</B>&rdquo;
                                         means, any subsidiary corporation of the Corporation within the meaning of Code Section
                                         424(f), or any successor provision.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.40</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Termination</B>&rdquo;
                                         means, except as otherwise provided in an applicable Grant Agreement, (i) in the case
                                         of a Director, the cessation of such Director acting as same, which shall occur on the
                                         date such Director ceases to be a Director, (ii) in the case of all Participants Employed
                                         by the Corporation or an Affiliate, the termination of a Participant&rsquo;s active Employment
                                         with the Corporation or an Affiliate (other than in connection with the Participant&rsquo;s
                                         transfer to Employment with the Corporation or another Affiliate), which shall occur
                                         on the earlier of the date on which the Participant ceases to render services to the
                                         Corporation or Affiliate, as applicable, and the date on which the Corporation or an
                                         Affiliate, as applicable, delivers notice of the termination of the Participant&rsquo;s
                                         employment or contract for services, whether such termination is lawful or otherwise,
                                         without giving effect to any period of notice or compensation in lieu of notice (except
                                         as expressly required by applicable employment standards legislation), but, for greater
                                         certainty, a Participant&rsquo;s absence from active work during a period of vacation,
                                         temporary illness, authorized leave of absence, maternity or parental leave or leave
                                         on account of Disability shall not be considered to be a &ldquo;Termination&rdquo;, and
                                         (iii) in the case of a Participant who does not return to active Employment with the
                                         Corporation or an Affiliate immediately following a period of absence due to vacation,
                                         temporary illness, authorized leave of absence, maternity or parental leave or leave
                                         on account of Disability, such cessation shall be deemed to occur on the last day of
                                         such period of absence, and &ldquo;<B>Terminated</B>&rdquo; and &ldquo;<B>Terminates</B>&rdquo;
                                         shall be construed accordingly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.41</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Time
                                         Vesting</B>&rdquo; means any conditions relating to the passage of time or continued
                                         service with the Corporation or an Affiliate for a period of time in respect of a Grant,
                                         as may be determined by the Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.42</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Trading
                                         Day</B>&rdquo; means a day on which the Stock Exchange is open for trading and on which
                                         the Shares actually traded.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.43</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;US
                                         Taxpayer&rdquo;</B> means an individual who is subject to tax under the Code in respect
                                         of any amounts payable or Shares deliverable under this Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.44</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Vested</B>&rdquo;
                                         means, with respect to any Option or Share Unit, that the applicable conditions with
                                         respect to Time Vesting, achievement of Performance Conditions and/or any other conditions
                                         established by the Board have been satisfied or, to the extent permitted under the Plan,
                                         waived, whether or not the Participant&rsquo;s rights with respect to such Grant may
                                         be conditioned upon prior or subsequent compliance with any Restrictive Covenants (and
                                         any applicable derivative term shall be construed accordingly).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3.45</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Vesting
                                         Date</B>&rdquo; means the date on which the applicable Time Vesting, Performance Conditions
                                         and/or any other conditions for an Option or Share Unit becoming Vested are met, deemed
                                         to have been met or waived as contemplated in Section 1.3.44.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONSTRUCTION
                                         AND INTERPRETATION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Gender,
                                         Singular, Plural. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the Plan, references to the masculine include the feminine, and references to the singular shall include the plural and vice versa,
as the context shall require.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Severability.
                                         </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
any provision or part of the Plan is determined to be void or unenforceable in whole or in part, such determination shall not
affect the validity or enforcement of any other provision or part thereof.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Headings,
                                         Sections and Parts. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Headings
wherever used herein are for reference purposes only and do not limit or extend the meaning of the provisions herein contained.
A reference to a section or schedule shall, except where expressly stated otherwise, mean a section or schedule of the Plan, as
applicable. The Plan is divided into three Parts. Part I contains provisions of general application to all Grants; Part II applies
specifically to Options; and Part III applies specifically to Share Units.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ADMINISTRATION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Administration
                                         by the Board.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Plan shall be administered by the Board in accordance with its terms and subject to Applicable Law. Subject to and consistent
with the terms of the Plan, in addition to any authority of the Board specified under any other terms of the Plan, the Board shall
have full and complete discretionary authority to:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interpret
                                         the Plan and Grant Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">prescribe,
                                         amend and rescind such rules and regulations and make all determinations necessary or
                                         desirable for the administration and interpretation of the Plan and instruments of grant
                                         evidencing Grants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine
                                         those Eligible Persons who may receive Grants as Participants, grant one or more Grants
                                         to such Participants and approve or authorize the applicable form and terms of the related
                                         Grant Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine
                                         the terms and conditions of Grants granted to any Participant, including, without limitation,
                                         as applicable (i) Grant Value and the number of Shares subject to a Grant, (ii) the Exercise
                                         Price for Shares subject to a Grant, (iii) the conditions to the Vesting of a Grant or
                                         any portion thereof, including, as applicable, the period for achievement of any applicable
                                         Performance Conditions as a condition to Vesting and conditions pertaining to compliance
                                         with Restrictive Covenants, and the conditions, if any, upon which Vesting of any Grant
                                         or any portion thereof will be waived or accelerated without any further action by the
                                         Board, (iv)&nbsp;the circumstances upon which a Grant or any portion thereof shall be
                                         forfeited or cancelled or expire, including in connection with the breach by a Participant
                                         of any Restrictive Covenant, (v)&nbsp;the consequences of a Termination with respect
                                         to a Grant, (vi)&nbsp;the manner of exercise or settlement of the Vested portion of a
                                         Grant, and (vii)&nbsp;whether, and the terms upon which, any Shares delivered upon exercise
                                         or settlement of a Grant must be held by a Participant for any specified period of time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine
                                         whether, and the extent to which, any Performance Conditions or other conditions applicable
                                         to the Vesting of a Grant have been satisfied or, to the extent permitted by Code Section
                                         409A (to the extent applicable), shall be waived or modified;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">make
                                         such rules, regulations and determinations as it deems appropriate under the Plan in
                                         respect of any leave of absence or disability of any Participant. Without limiting the
                                         generality of the foregoing, the Board shall be entitled to determine:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
or not any such leave of absence shall constitute a Termination within the meaning of the Plan;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
impact, if any, of any such leave of absence on Grants issued under the Plan made to any Participant who takes such leave of absence
(including, without limitation, whether or not such leave of absence shall cause any Grants to expire and the impact upon the
time or times such Grants shall be exercisable); and</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided
that, with respect to Options that are intended to be Incentive Stock Options, the treatment of any such leave of absence shall
comply with Code Section 422 and the regulations issued thereunder;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amend
                                         the terms of any Grant Agreement or other documents evidencing Grants; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine
                                         whether, and the extent to which, adjustments shall be made pursuant to Section 5 and
                                         the terms of such adjustments.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">All
                                         determinations, interpretations, rules, regulations, or other acts of the Board respecting
                                         the Plan or any Grant shall be made in its sole discretion and shall be conclusively
                                         binding upon all persons.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Board may prescribe terms for Grant Agreements in respect of Eligible Persons who are
                                         subject to the laws of a jurisdiction other than Canada in connection with their participation
                                         in the Plan that are different than the terms of the Grant Agreements for Eligible Persons
                                         who are subject to the laws of Canada in connection with their participation in the Plan,
                                         and/or deviate from the terms of the Plan set out herein, for purposes of compliance
                                         with Applicable Law in such other jurisdiction or where, in the Board&rsquo;s opinion,
                                         such terms or deviations are necessary or desirable to obtain more advantageous treatment
                                         for the Corporation, an Affiliate or the Eligible Person in respect of the Plan under
                                         the Applicable Law of the other jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
the foregoing, the terms of any Grant Agreement authorized pursuant to this Section 3.3 shall be consistent with the Plan having
regard to the Applicable Law of the jurisdiction in which such Grant Agreement is applicable and in no event shall contravene
the Applicable Law of Canada.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Board may, in its discretion, subject to Applicable Law, delegate its powers, rights
                                         and duties under the Plan, in whole or in part, to a committee of the Board, or to a
                                         person or persons, as it may determine, from time to time, on terms and conditions as
                                         it may determine, except that the Board shall not, and shall not be permitted to delegate
                                         any such powers, rights or duties with respect to the grant, amendment, administration
                                         or settlement of any Grant to the extent delegation is not consistent with Applicable
                                         Law and any such purported delegation or action shall not be given effect, and provided
                                         that the composition of the committee of the Board, person or persons, as the case may
                                         be, shall comply with Applicable Law. In addition, provided it complies with the foregoing,
                                         the Board may appoint or engage a trustee, custodian or administrator to administer or
                                         implement the Plan or any aspect of it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">3.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">In
                                         addition, the Board is authorized to take any action it determines in its sole discretion
                                         to be appropriate subject only to the express limitations contained in this Plan, and
                                         no authorization in any Plan section or other provision of this plan is intended or may
                                         be deemed to constitute a limitation on the authority of the Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SHARE
                                         RESERVE</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Subject
                                         to Section 4.4 and any adjustment pursuant to Section 5.1, the aggregate number of Shares
                                         reserved for issuance to Participants under the Plan, together with all other security
                                         based compensation arrangements of the Corporation, shall not exceed the number which
                                         represents ten percent (10%) of the issued and outstanding Shares from time to time;
                                         provided that in no event shall Shares reserved for issuance upon the settlement of Share
                                         Units exceed five percent (5%) of the issued and outstanding Shares from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         aggregate number of Shares reserved for issuance to any one Participant under the Plan,
                                         together with all other security based compensation arrangements of the Corporation,
                                         must not exceed five percent (5%) of the aggregate issued and outstanding Shares (on
                                         a non-diluted basis).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         maximum number of Shares of the Corporation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
                                         to Insiders within any one-year period, and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issuable
                                         to Insiders, at any time,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under
the Plan, or when combined with all of the Corporation&rsquo;s other security based compensation arrangements, shall not exceed
ten percent (10%) of the number of the aggregate issued and outstanding Shares.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">At
                                         any given time, the number of Options and Share Units granted to non-employee Directors
                                         under the Plan, in combination with all other equity awards granted to non-employee Directors
                                         under any other security based compensation arrangement, shall be limited to an annual
                                         equity award value (based on grant date fair value as determined by the Board) of C$150,000
                                         per non-employee Director, provided that the total value (based on grant date fair value
                                         as determined by the Board) of Options issuable to any one non-employee Director in any
                                         one year period shall not exceed C$100,000.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">4.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">For
                                         purposes of computing the total number of Shares available for grant under the Plan or
                                         any other security based compensation arrangement of the Corporation, Shares subject
                                         to any Grant (or any portion thereof) that are issued upon exercise or settlement, forfeited,
                                         surrendered, cancelled, unearned or otherwise terminated shall again be available for
                                         grant under the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alteration
                                         of Capital And Change In Control</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
                                         any other provision of the Plan, and subject to Applicable Law, in the event of any change
                                         in or impact to the Shares by reason of any dividend (other than dividends in the ordinary
                                         course), split, recapitalization, reclassification, amalgamation, arrangement, merger,
                                         consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete
                                         liquidation or other distribution of assets, issuance of rights or warrants to purchase
                                         securities, combination or exchange of Shares or distribution of rights to holders of
                                         Shares or any other relevant changes to or impact to the authorized or issued capital
                                         of the Corporation, if the Board shall determine that an equitable adjustment should
                                         be made, such adjustment shall, subject to Applicable Law, be made by the Board to (i)
                                         the number of Shares subject to the Plan; (ii) the securities into which the Shares are
                                         changed or are convertible or exchangeable; (iii) any Options then outstanding; (iv)
                                         the Exercise Price in respect of such Options; (v) the number of Share Units outstanding
                                         under the Plan; and/or (vi) other award terms, and any such adjustment shall be conclusive
                                         and binding for all purposes of the Plan; <U>provided</U>, <U>however</U>, that any such
                                         adjustment to the number specified in Section 9.7(f) of this Plan will be made only if
                                         and to the extent that such adjustment would not cause any Option intended to qualify
                                         as an Incentive Stock Option to fail to so qualify. Moreover, in the event of any such
                                         transaction or event or in the event of a Change in Control, the Board may provide in
                                         substitution for any or all outstanding Grants under this Plan such alternative consideration
                                         (including cash), if any, as it, in good faith, may determine to be equitable in the
                                         circumstances and shall require in connection therewith the surrender of all awards so
                                         replaced in a manner that complies with Code Section 409A (if applicable). In addition,
                                         for each Option with an Exercise Price greater than the consideration offered in connection
                                         with any such transaction or event or Change in Control, the Board may in its discretion
                                         elect to cancel such Option without any payment to the person holding such Option.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Nothing
                                         in the Plan shall require the Corporation to issue fractional Shares in satisfaction
                                         of its obligations under the Plan. Any fractional interest in a Share that would, except
                                         for the provisions of this Section 5.2, be deliverable upon the exercise of any Grant
                                         shall be cancelled and not deliverable by the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">In
                                         the event of a Change in Control prior to the Vesting of a Grant, and subject to the
                                         terms of a Participant&rsquo;s written employment agreement or contract for services
                                         with the Corporation or an Affiliate, notwithstanding the conditions as to vesting of
                                         Options and Share Units contained in any individual Grant Agreement, if at any time within
                                         one year from the date of a Change in Control: (i) a Participant&rsquo;s relationship
                                         with the Corporation is terminated by the Corporation other than for Cause or (ii) a
                                         Participant resigns for Good Reason, all outstanding Options and Share Units, as applicable,
                                         held by such Participant shall become Vested as of the date of such Participant&rsquo;s
                                         termination or resignation for Good Reason and the Corporation shall issue Shares to
                                         such Participants with respect to such Vested Options and Vested Share Units, as applicable,
                                         in accordance with the provisions herein; provided that in the event that any Share Units
                                         are subject to Performance Conditions, then the vesting of such Share Units shall accelerate
                                         only to the extent that such Performance Conditions have been satisfied and further provided
                                         that if a Performance Condition is, in the Board&rsquo;s discretion, capable of being
                                         partially performed, then vesting shall be accelerated on a pro rata basis to reflect
                                         the degree to which the Performance Condition has been satisfied, as determined by the
                                         Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">clawback</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Clawback.
                                         </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is a condition of each Grant that if:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Participant fails to comply with any applicable Restrictive Covenant;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Participant is terminated for Cause, or the Board reasonably determines after employment termination that the Participant&rsquo;s
employment could have been terminated for Cause;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board reasonably determines that the Participant engaged in conduct that causes material financial or reputational harm to the
Corporation or its Affiliates, or engaged in gross negligence, willful misconduct or fraud in respect of the performance of the
Participant&rsquo;s duties for the Corporation or an Affiliate of the Corporation; or</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Corporation&rsquo;s financial statements (the &ldquo;<B>Original Statements</B>&rdquo;) are required to be restated (other than
solely as a result of a change in accounting policy by the Corporation or under International Financial Reporting Standards applicable
to the Corporation) and such restated financial statements (the &ldquo;<B>Restated Statements</B>&rdquo;) disclose, in the opinion
of the Board acting reasonably, materially worse financial results than those contained in the Original Statements,</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">then
the Board may, in its sole discretion, to the full extent permitted by governing law and to the extent it determines that such
action is in the best interest of the Corporation, and in addition to any other rights that the Corporation or an Affiliate may
have at law or under any agreement, take any or all of the following actions, as applicable:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduce
                                         the number or value of, or cancel and terminate, any one or more unvested Grants of Options
                                         or Share Units on or prior to the applicable maturity or Vesting Dates, or cancel or
                                         terminate any outstanding Grants which have Vested in the twelve (12) months prior to
                                         (x) the date on which the Participant fails to comply with a Restrictive Covenant, (y)
                                         the date on which the Participant&rsquo;s employment is terminated for Cause or the Board
                                         makes a determination under paragraph (ii) or (iii) above, or (z) the date on which the
                                         Board determines that the Corporation&rsquo;s Original Statements are required to be
                                         restated, in the event paragraph (iv) above applies (each such date provided for in clause
                                         (x), (y) and (z) of this paragraph (a) being a &ldquo;<B>Relevant Equity Recoupment Date</B>&rdquo;);
                                         and/or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">require
                                         payment to the Corporation of the value of any Shares of the Corporation acquired by
                                         the Participant pursuant to a Grant in the twelve (12) months prior to a Relevant Equity
                                         Recoupment Date (less any amount paid by the Participant to acquire such Shares and less
                                         the amount of tax withheld pursuant to the Income Tax Act (Canada) or other relevant
                                         taxing authority in respect of such Shares).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Other
                                         Recoupment. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
anything in this Plan to the contrary, any Grant Agreement may also provide for the cancellation or forfeiture of a Grant or the
forfeiture and repayment to the Corporation of any gain related to a Grant, or other provisions intended to have a similar effect,
upon such terms and conditions as may be required by the Board or under Section 10D of the Securities Exchange Act of 1934, as
amended, and any applicable rules or regulations promulgated by the United States Securities and Exchange Commission or any Stock
Exchange.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MISCELLANEOUS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Compliance
                                         with Laws and Policies. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Corporation&rsquo;s obligation to make any payments or deliver (or cause to be delivered) any Shares hereunder is subject to compliance
with Applicable Law. Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and
agreed by participating in the Plan) that the Participant will, at all times, act in strict compliance with Applicable Law and
all other laws and any policies of the Corporation applicable to the Participant in connection with the Plan including, without
limitation, furnishing to the Corporation all information and undertakings as may be required to permit compliance with Applicable
Law.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Withholdings.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">So
as to ensure that the Corporation or an Affiliate, as applicable, will be able to comply with the applicable obligations under
any federal, provincial, state or local law relating to the withholding of tax or other required deductions, the Corporation or
the Affiliate shall withhold or cause to be withheld from any amount payable to a Participant, either under this Plan, or otherwise,
such amount as may be necessary to permit the Corporation or the Affiliate, as applicable, to so comply. Subject to Applicable
Law, the Corporation and any Affiliate may also satisfy any liability for any such withholding obligations, on such terms and
conditions as the Board may determine in its sole discretion, by (a) requiring such Participant to sell any Shares and retaining
any amount payable which would otherwise be provided or paid to such Participant in connection with any such sale, or (b) requiring,
as a condition to the delivery of Shares hereunder, that such Participant make such arrangements as the Board may require so that
the Corporation and its Affiliates can satisfy such withholding obligations, including requiring such Participant to remit an
amount to the Corporation or an Affiliate in advance, or reimburse the Corporation or any Affiliate for, any such withholding
obligations.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>No
                                         Right to Continued Employment. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nothing
in the Plan or in any Grant Agreement entered into pursuant hereto shall confer upon any Participant the right to continue in
the employ or service of the Corporation or any Affiliate, to be entitled to any remuneration or benefits not set forth in the
Plan or a Grant Agreement or to interfere with or limit in any way the right of the Corporation or any Affiliate to terminate
Participant&rsquo;s employment or service arrangement with the Corporation or any Affiliate.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>No
                                         Additional Rights. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
the designation of an individual as a Participant nor the Grant of any Options or Share Units to any Participant entitles any
person to the Grant, or any additional Grant, as the case may be, of any Options or Share Units. For greater certainty, the Board&rsquo;s
decision to approve a Grant in any period shall not require the Board to approve a Grant to any Participant in any other period;
nor shall the Board&rsquo;s decision with respect to the size or terms and conditions of a Grant in any period require it to approve
a Grant of the same or similar size or with the same or similar terms and conditions to any Participant in any other period. The
Board shall not be precluded from approving a Grant to any Participant solely because such Participant may have previously received
a Grant under this Plan or any other similar compensation arrangement of the Corporation or an Affiliate. No Eligible Person has
any claim or right to receive a Grant except as may be provided in a written employment or services agreement between an Eligible
Person and the Corporation or an Affiliate.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Amendment,
                                         Termination.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to Applicable Law, the Plan and any Grant made pursuant to the Plan may be amended, modified or terminated by the Board without
approval of shareholders, provided that no amendment to the Plan or Grants made pursuant to the Plan may be made without the consent
of a Participant if it adversely alters or impairs the rights of the Participant in respect of any Grant previously granted to
such Participant under the Plan, except that Participant consent shall not be required where the amendment is required for purposes
of compliance with Applicable Law. For greater certainty, the Plan may not be amended without shareholder approval to do any of
the following:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">increase
                                         the maximum number of Shares issuable pursuant to the Plan and as set out in Section
                                         4.1 (it being understood that this Section 7.5(a) will not be construed to prohibit the
                                         adjustments provided for in Section 5 of this Plan);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduce
                                         the Exercise Price of an outstanding Option, including a cancellation of a Grant of an
                                         Option and re-grant within three (3) months of an Option in conjunction therewith constituting
                                         a reduction of the Exercise Price of the Option or substitution of an Option with cash
                                         or other awards the terms of which are more favorable to the Participant (it being understood
                                         that this Section 7.5(b) will not be construed to prohibit the adjustments provided for
                                         in Section 5 of this Plan);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">extend
                                         the maximum term of any Grant made under the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amend
                                         the assignment provisions contained in Section 7.11 or Section 11;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">expand
                                         the categories of individuals contained in the definition of &ldquo;Eligible Person&rdquo;
                                         who are eligible to participate in the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amend
                                         the number of Options or Share Units which may be granted to non-employee Directors as
                                         set out in Section 4.4;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">increase
                                         the number of Shares that may be issued or issuable to Insiders above the restriction
                                         or deleting the restriction on the number of Shares that may be issued or issuable to
                                         Insiders contained in Section 4.3;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">include
                                         other types of equity compensation involving the issuance of Shares under the Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cause
                                         Incentive Stock Options to fail to meet the requirements of Code Section 422; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amend
                                         this Section 7.5 to amend or delete any of (a) through (i) above or grant additional
                                         powers to the Board to amend the Plan or entitlements without shareholder approval.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
greater certainty and without limiting the foregoing, shareholder approval shall not be required for the following amendments
and the Board may make the following changes without shareholder approval, subject to any regulatory approvals including, where
required, the approval of any Stock Exchange:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amendments
                                         of a &ldquo;housekeeping&rdquo; nature;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         change to the Vesting provisions of any Grants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         change to the termination provisions of any Grant that does not entail an extension beyond
                                         the original term of the Grant; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amendments
                                         to the provisions relating to a Change in Control.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Currency</U>.
                                         <FONT STYLE="font-weight: normal"> Except where the context otherwise requires, all references
                                         in the Plan to currency refer to lawful Canadian currency. Any amounts required to be
                                         determined under this Plan that are denominated in a currency other than Canadian dollars
                                         shall be converted to Canadian dollars at the applicable Bank of Canada daily rate of
                                         exchange on the date as of which the amount is required to be determined.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Administration
                                         Costs. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Corporation will be responsible for all costs relating to the administration of the Plan.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Designation
                                         of Beneficiary.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the requirements of Applicable Law, a Participant may designate a Beneficiary, in writing, to receive any benefits that are
provided under the Plan upon the death of such Participant. The Participant may, subject to Applicable Law, change such designation
from time to time. Such designation or change shall be in such form as may be prescribed by the Board from time to time. A Beneficiary
designation under this Section 7.8 and any subsequent changes thereto shall be filed with the chief legal officer of the Corporation.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Governing
                                         Law.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Plan and any Grants pursuant to the Plan shall be governed by and construed in accordance with the laws of the Province of British
Columbia and the federal laws of Canada applicable therein, and with respect to Participants who are US Taxpayers, with the Code
and applicable federal laws of the US. The Board may provide that any dispute to any Grant shall be presented and determined in
such forum as the Board may specify, including through binding arbitration. Any reference in the Plan, in any Grant Agreement
issued pursuant to the Plan or in any other agreement or document relating to the Plan to a provision of law or rule or regulation
shall be deemed to include any successor law, rule or regulation of similar effect or applicability. To the extent applicable,
with respect to Participants who are US Taxpayers, this Plan shall be interpreted in accordance with the requirements of Code
Sections 409A and the regulations, notices, and other guidance of general applicability issued thereunder. To the extent that
any provision of this Plan would prevent any Option that was intended to qualify as an Incentive Stock Option from qualifying
as such, that provision will be null and void with respect to such Option, but will remain in effect for other Options and there
will be no further effect on any provision of this Plan.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Assignment.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
Plan shall inure to the benefit of and be binding upon the Corporation, its successors and assigns.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Transferability.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
                                         otherwise provided in the Plan or in the applicable Grant Agreement in accordance with
                                         Section 7.11.2, no Grant, and no rights or interests therein, shall or may be assigned,
                                         transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed
                                         of by a Participant other than by testamentary disposition by the Participant or the
                                         laws of intestate succession. No such interest shall be subject to execution, attachment
                                         or similar legal process including without limitation seizure for the payment of the
                                         Participant&rsquo;s debts, judgments, alimony or separate maintenance. In no event will
                                         any Grant under the Plan be transferred for value.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.6in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
                                         the foregoing, with respect to Participants who are not US Taxpayers, the Board may provide
                                         in the applicable Grant Agreement that a Grant is transferable or assignable (a) in the
                                         case of a transfer without the payment of any consideration, to the Participant&rsquo;s
                                         spouse, former spouse, children, stepchildren, grandchildren, parent, stepparent, grandparent,
                                         sibling, persons having one of the foregoing types of relationship with a Participant
                                         due to adoption and any entity in which these persons (or the Participant) own more than
                                         fifty percent (50%) of the voting interests and (b) to an entity in which more than fifty
                                         percent (50%) voting interests are owned by these persons (or the Participant) in exchange
                                         for an interest in that entity. Following any such transfer or assignment, the Grant
                                         shall remain subject to substantially the same terms applicable to the Grant while held
                                         by the Participant to whom it was granted, as modified as the Board shall determine appropriate,
                                         and, as a condition to such transfer, the transferee shall execute an agreement agreeing
                                         to be bound by such terms. Any purported assignment or transfer that does not qualify
                                         under this Section 7.11.2 shall be void and unenforceable against the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">7.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Substitute
                                         Awards</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Grants
may be made under this Plan in substitution for or in conversion of, or in connection with an assumption of, stock options, restricted
share units or performance share units held by awardees of an entity engaging in a corporate acquisition or merger transaction
with the Corporation or any Subsidiary. Any conversion, substitution or assumption will be effective as of the close of the merger
or acquisition, and, to the extent applicable, will be conducted in a manner that complies with Code Section 409A. The Grants
so made may reflect the original terms of the awards being assumed or substituted or converted for and need not comply with other
specific terms of this Plan, and may account for Shares substituted for the securities covered by the original awards and the
number of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards,
adjusted to account for differences in stock prices in connection with the transaction.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EFFECTIVE
                                         DATE AND TERM</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Plan was approved by the Board on <U>September 29, 2017</U>, but will be effective as
                                         of _______________, 2017 (the &ldquo;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
                                         Date<FONT STYLE="font-weight: normal">&rdquo;), the date it was approved by the Corporation&rsquo;s
                                         shareholders. This Plan will remain in effect, unless sooner terminated as provided herein,
                                         until the tenth anniversary of the Effective Date, at which time it will terminate. After
                                         this Plan is terminated, no Grants may be granted hereunder but Grants previously granted
                                         will remain outstanding in accordance with their applicable terms and conditions and
                                         this Plan&rsquo;s terms and conditions.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
II &ndash; OPTIONS</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Options</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Corporation may, from time to time, make one or more Grants of Options to Eligible Persons
                                         on such terms and conditions, consistent with the Plan, as the Board shall determine.
                                         In granting such Options, subject to the provisions of the Plan, the Corporation shall
                                         specify,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         maximum number of Shares which the Participant may purchase under the Options;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Exercise Price at which the Participant may purchase his or her Shares under the Options;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         term of the Options, to a maximum of ten (10) years from the Grant Date of the Options,
                                         the Vesting period or periods within this period during which the Options or a portion
                                         thereof may be exercised by a Participant and any other Vesting conditions (including
                                         Performance Conditions).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Exercise Price for each Share subject to an Option shall be fixed by the Board but under
                                         no circumstances (except with respect to Grants under Section 7.12 of this Plan) shall
                                         any Exercise Price be less than one hundred percent (100%) of the Market Price on the
                                         Grant Date of such Option.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Subject
                                         to the provisions of the Plan and, upon prior approval of the Board, once an Option has
                                         Vested and become exercisable a Participant may elect, in lieu of exercising such Option,
                                         to surrender such Option in exchange for the issuance of Shares equal to the number determined
                                         by dividing (a) the difference between the Market Price (calculated as at the date of
                                         settlement) and the Exercise Price of such Option by (b) the Market Price (calculated
                                         as at the date of settlement). An Option may be surrendered and disposed of pursuant
                                         to this Section 9.3 from time to time by delivery to the Board at the head office of
                                         the Corporation or such other place as may be specified by the Board, of (a) a written
                                         notice specifying that net settlement will be effectuated for such Option and the number
                                         of Options to be exercised and (b) the payment of an amount for any tax withholding or
                                         remittance obligations of the Participant or the Corporation arising under applicable
                                         law (or by entering into some other arrangement acceptable to the Board). The Corporation
                                         will not be required, upon the net settlement of any Options pursuant to this Section
                                         9.3, to issue fractions of Shares or to distribute certificates which evidence fractional
                                         Shares. In the event the number of Shares to be issued upon the net settlement of an
                                         Option is a fraction, the Participant will receive the next lowest whole number of Shares
                                         and will not receive any other form of compensation (cash or otherwise) for the fractional
                                         interest.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Unless
                                         otherwise designated by the Board in the applicable Grant Agreement and subject to Section
                                         9.6, any Options included in a Grant shall expire on the tenth anniversary of the Grant
                                         Date (unless exercised or terminated earlier in accordance with the terms of the Plan
                                         or the Grant Agreement). </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Subject
                                         to the provisions of the Plan and the terms governing the granting of the Option, and
                                         subject to payment or other satisfaction of all related withholding obligations in accordance
                                         with Section 7.2, Vested Options or a portion thereof may be exercised from time to time
                                         by delivery to the Corporation at its registered office of a notice in writing signed
                                         by the Participant or the Participant&rsquo;s legal personal representative, as the case
                                         may be, and addressed to the Corporation. This notice shall state the intention of the
                                         Participant or the Participant&rsquo;s legal personal representative to exercise the
                                         said Options and the number of Shares in respect of which the Options are then being
                                         exercised and must be accompanied by payment in full of the Exercise Price under the
                                         Options which are the subject of the exercise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">If
                                         the normal expiry date of any Option, other than an Incentive Stock Option, falls within
                                         any Blackout Period or within ten (10) business days (being a day other than a Saturday,
                                         Sunday or other than a day when banks in Vancouver, British Columbia are not generally
                                         open for business) following the end of any Blackout Period, then the expiry date of
                                         such Option shall, without any further action, be extended to the date that is ten (10)
                                         business days following the end of such Blackout Period. The foregoing extension applies
                                         to all Options whatever the Grant Date (other than Incentive Stock Options and other
                                         than an extension beyond the original term of the Options in the case of Options held
                                         by a US Taxpayer) and shall not be considered an extension of the term of the Options
                                         as referred to in Section 7.5.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
                                         anything in this Plan to the contrary, for Options that are intended to qualify as Incentive
                                         Stock Options and granted to a US Taxpayer, the following additional provisions will
                                         apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
                                         as permitted by Code Section 424(a), or any successor provision, the Exercise Price per
                                         Share shall not be less than one hundred percent (100%) of the per Share Market Price
                                         on the Grant Date of the Incentive Stock Option; provided, however, that if a Participant
                                         owns shares possessing more than ten percent (10%) of the total combined voting power
                                         of all classes of shares of the Corporation or of its Parent or any Subsidiary, the Exercise
                                         Price per Share of an Incentive Stock Option granted to such Participant shall not be
                                         less than one hundred ten percent (110%) of the Market Price on the Grant Date of the
                                         Incentive Stock Option.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
                                         as permitted by Code Section 424(a), in no event shall any Incentive Stock Option be
                                         exercisable during a term of more than ten (10) years after the Grant Date of the Incentive
                                         Stock Option; provided, however, that if a Participant owns shares possessing more than
                                         ten percent (10%) of the total combined voting power of all classes of shares of the
                                         Corporation or of its Parent or any Subsidiary, the Incentive Stock Option granted to
                                         such Participant shall be exercisable during a term of not more than five (5) years after
                                         the Grant Date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Corporation or its Affiliate shall withhold and deduct from any future payments to the
                                         Participant all legally required amounts necessary to satisfy any and all withholding
                                         and employment-related taxes attributable to the Participant&rsquo;s exercise of an Incentive
                                         Stock Option or a &ldquo;disqualifying disposition&rdquo; of Shares acquired through
                                         the exercise of an Incentive Stock Option as defined in Code Section 421(b).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
                                         any other provision of the Plan, the aggregate fair market value (determined as of the
                                         Grant Date of the Incentive Stock Option) of the Shares with respect to which Incentive
                                         Stock Options are exercisable for the first time by a Participant during any calendar
                                         year under the Plan and any other &ldquo;incentive stock option&rdquo; plans of the Corporation
                                         or any Affiliate, shall not exceed US$100,000 (or such other amount as may be prescribed
                                         by the Code from time to time); provided, however, that if the exercisability or Vesting
                                         of an Incentive Stock Option is accelerated as permitted under the provisions of the
                                         Plan and such acceleration would result in a violation of the limit imposed by this Section
                                         9.7(d), such acceleration shall be of full force and effect but the number of Shares
                                         that exceed such limit shall be treated as having been granted pursuant to an Option
                                         that is not an Incentive Stock Option; and provided, further, that the limits imposed
                                         by this Section&nbsp;9.7(d) shall be applied to all outstanding Incentive Stock Options
                                         under the Plan and any other &ldquo;incentive stock option&rdquo; plans of the Corporation
                                         or any Affiliate in chronological order according to the dates of grant.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         Grant Agreement in respect of any Incentive Stock Option shall contain such other limitations
                                         and restrictions upon the exercise of the Incentive Stock Option as the Board shall deem
                                         necessary to ensure that such Incentive Stock Option will be considered an &ldquo;incentive
                                         stock option&rdquo; as defined in Code Section 422 or to conform to any change therein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
                                         anything to the contrary contained in this Plan, and subject to adjustment as provided
                                         in Section 5 of this Plan, the aggregate number of Shares actually issued or transferred
                                         by the Corporation upon the exercise of Incentive Stock Options will not exceed 20,451,895
                                         Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">9.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Options
                                         granted under this Plan may not provide for any dividends or dividend equivalents thereon.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Termination
                                         of Employment and Death of a Participant &ndash; Options</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Outstanding
                                         Options held by a Participant (or the executors or administrators of such Participant&rsquo;s
                                         estate, any person or persons who acquire the right to exercise Options directly from
                                         the Participant by bequest or inheritance or any other permitted transferee of the Participant
                                         under Section 11) as of the Participant&rsquo;s date of Termination shall be subject
                                         to the provisions of this Section&nbsp;10, as applicable; except that, in all events,
                                         the period for exercise of Options shall end no later than the last day of the maximum
                                         term thereof established under Sections 9.1(c), 9.6, 9.7(b) or 10.5, as the case may
                                         be.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Except
                                         as otherwise provided in the applicable Grant Agreement, and subject to Section 10.1
                                         and Section 10.6, in the case of a Participant&rsquo;s Termination due to death, or in
                                         the case of the Participant&rsquo;s Disability (i) those of the Participant&rsquo;s outstanding
                                         Options that have not become Vested prior to such date of death or Disability Date shall
                                         be forfeited and cancelled as of such date and (ii) those of the Participant&rsquo;s
                                         outstanding Options that have become Vested prior to the Participant&rsquo;s date of
                                         death or Disability Date shall continue to be exercisable during the twelve (12) month
                                         period following the such date of death or Disability Date, as the case may be.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Except
                                         as otherwise provided in the applicable Grant Agreement, and subject to Section 10.1
                                         and Section 10.6, in the case of a Participant&rsquo;s Termination due to the termination of
                                         the Participant&rsquo;s employment or termination of the Participant&rsquo;s contract
                                         for services by the Corporation or an Affiliate without Cause, (i) those of the Participant&rsquo;s
                                         outstanding Options that have not become Vested prior to the Participant&rsquo;s Termination
                                         shall be forfeited and cancelled as of such date and (ii) those of the Participant&rsquo;s
                                         outstanding Options that have become Vested prior to the Participant&rsquo;s Termination
                                         shall continue to be exercisable during the one hundred and twenty (120) day period following
                                         the Participant&rsquo;s Date of Termination.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Except
                                         as otherwise provided in the applicable Grant Agreement, and subject to Section 10.6,
                                         in the case of a Participant&rsquo;s Termination due to the Participant&rsquo;s resignation
                                         (including the voluntary withdrawal of services by a Participant who is not an employee
                                         under Applicable Law), (i) those of the Participant&rsquo;s outstanding Options that
                                         have not become Vested prior to the date on which the Participant provides notice to
                                         the Corporation of his or her resignation shall be forfeited and cancelled as of such
                                         date, and (ii) those of the Participant&rsquo;s outstanding Options that have become
                                         Vested prior to the date on which the Participant provides notice to the Corporation
                                         of his or her resignation shall continue to be exercisable during the ninety (90) day
                                         period following the Participant&rsquo;s date of Termination.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
                                         the foregoing, with respect to any Option that is intended to be an Incentive Stock Option,
                                         such Option shall not be exercisable for a period that is longer than (i) three (3) months
                                         from the date of the Participant&rsquo;s Termination for any reason other than death
                                         or disability (as defined in Code Section 22(e)), or (ii) twelve (12) months from the
                                         Participant&rsquo;s Termination due to disability (as defined in Code Section 22(e))
                                         or death.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">In
                                         addition to the Board&rsquo;s rights under Section 3.1, the Board may, subject to Section
                                         10.5, at the time of a Participant&rsquo;s Termination or Disability Date, extend the
                                         period for exercise of some or all of the Participant&rsquo;s Options, but not beyond
                                         the original expiry date, and/or allow for the continued Vesting of some or all of the
                                         Participant&rsquo;s Options during the period for exercise or a portion of it. Options
                                         that are not exercised prior to the expiration of the exercise period, including any
                                         extended exercise period authorized pursuant to this Section 10.6, following a Participant&rsquo;s
                                         date of Termination or Disability Date, as the case may be, shall automatically expire
                                         on the last day of such period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
                                         any other provision hereof or in any Grant Agreement, in the case of a Participant&rsquo;s
                                         termination of employment or termination of the Participant&rsquo;s contract for services
                                         for Cause, any and all then outstanding Options granted to the Participant, whether or
                                         not then exercisable, shall be immediately forfeited and cancelled, without any consideration
                                         therefore, as of the commencement of the day that notice of such termination is given.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">10.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">For
                                         greater certainty, a Participant shall have no right to receive Shares or a cash payment,
                                         as compensation, damages or otherwise, with respect to any Options that do not become
                                         Vested or that are not exercised before the date on which the Options expire</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transferability
                                         of OPtions &ndash; us taxpayer</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Notwithstanding
                                         Section 7.11, with respect to Participants who are US Taxpayers, no Incentive Stock Option
                                         shall be transferable by the Participant, in whole or in part, other than by will or
                                         by the laws of descent and distribution. If the Participant shall attempt any transfer
                                         of any Incentive Stock Option, such transfer shall be void and the Incentive Stock Option
                                         shall terminate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Further,
                                         with respect to Participants who are US Taxpayers, Options that are not Incentive Stock
                                         Options shall be transferable, in whole or in part, by the Participant by will or by
                                         the laws of descent and distribution. In addition, the Board may, in its sole discretion,
                                         permit the Participant to transfer any or all such Options to any &ldquo;family member&rdquo;
                                         in accordance with Form S-8; provided, however, that the Participant cannot receive any
                                         consideration for the transfer and such transferred Stock Option shall continue to be
                                         subject to the same terms and conditions as were applicable to such Option immediately
                                         prior to its transfer. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART
III &ndash; SHARE UNITS</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEFINITIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Grant
                                         Value&rdquo; <FONT STYLE="font-weight: normal">means the dollar amount allocated to an
                                         Eligible Person in respect of a Grant of Share Units as contemplated by Section 3.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&ldquo;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share
                                         Unit Account<FONT STYLE="font-weight: normal">&rdquo; has the meaning set out in Section
                                         14.1.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">12.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&ldquo;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Valuation
                                         Date<FONT STYLE="font-weight: normal">&rdquo; means the date as of which the Market Price
                                         is determined for purposes of calculating the number of Share Units included in a Grant,
                                         which unless otherwise determined by the Board shall be the Grant Date.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">12.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&ldquo;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vesting
                                         Period<FONT STYLE="font-weight: normal">&rdquo; means, with respect to a Grant of Share
                                         Units, the period specified by the Board, commencing on the Grant Date and ending on
                                         the last Vesting Date for such Share Units.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Eligibility
                                         and Grant Determination.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">13.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Board may from time to time make one or more Grants of Share Units to Eligible Persons
                                         on such terms and conditions, consistent with the Plan, as the Board shall determine,
                                         provided that, in determining the Eligible Persons to whom Grants are to be made and
                                         the Grant Value for each Grant, the Board shall take into account the terms of any written
                                         employment agreement or contract for services between an Eligible Person and the Corporation
                                         or any Affiliate and may take into account such other factors as it shall determine in
                                         its sole and absolute discretion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">13.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">The
                                         Board shall determine the Grant Value and the Valuation Date (if not the Grant Date)
                                         for each Grant under this Part III. Unless otherwise determined by the Board, the number
                                         of Share Units to be covered by each such Grant shall be determined by dividing the Grant
                                         Value for such Grant by the Market Price of a Share as at the Valuation Date for such
                                         Grant, rounded up to the next whole number.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">13.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Each
                                         Grant Agreement issued in respect of Share Units shall set forth, at a minimum, the type
                                         of Share Units and Grant Date of the Grant evidenced thereby, the number of RSUs or PSUs
                                         subject to such Grant (which number, in the case of PSUs, may be subject to adjustment
                                         to reflect changes in compensation, job duties or other factors), the applicable Vesting
                                         conditions, the applicable Vesting Period(s) and the treatment of the Grant upon Termination
                                         and may specify such other terms and conditions consistent with the terms of the Plan
                                         as the Board shall determine or as shall be required under any other provision of the
                                         Plan. The Board may include in a Grant Agreement under this Part III terms or conditions
                                         pertaining to confidentiality of information relating to the Corporation&rsquo;s operations
                                         or businesses which must be complied with by a Participant including as a condition of
                                         the grant or Vesting of Share Units. Nothing in this Plan prevents a Participant from
                                         providing, without prior notice to the Corporation, information to governmental authorities
                                         regarding possible legal violations or otherwise testifying or participating in any investigation
                                         or proceeding by any governmental authorities regarding possible legal violations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ACCOUNTS
                                         AND DIVIDEND EQUIVALENTS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Share
                                         Unit Account.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
account, called a &ldquo;<B>Share Unit Account</B>&rdquo;, shall be maintained by the Corporation, or an Affiliate, as specified
by the Board, for each Participant who has received a Grant of Share Units and will be credited with such Grants of Share Units
as are received by a Participant from time to time pursuant to Section 13 and any dividend equivalent Share Units pursuant to
Section 14.2. Share Units that fail to Vest to a Participant and are forfeited pursuant to Section&nbsp;15, or that are paid out
to the Participant or his or her Beneficiary, shall be cancelled and shall cease to be recorded in the Participant&rsquo;s Share
Unit Account as of the date on which such Share Units are forfeited or cancelled under the Plan or are paid out, as the case may
be. For greater certainty, where a Participant is granted both RSUs and PSUs, such RSUs and PSUs shall be recorded separately
in the Participant&rsquo;s Share Unit Account.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Dividend
                                         Equivalent Share Units.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise provided in the Grant Agreement relating to a Grant of RSUs or PSUs, if and when cash dividends (other than extraordinary
or special dividends) are paid with respect to Shares to shareholders of record as of a record date occurring during the period
from the Grant Date under the Grant Agreement to the date of settlement of the RSUs or PSUs granted thereunder, a number of dividend
equivalent RSUs or PSUs, as the case may be, shall be credited to the Share Unit Account of the Participant who is a party to
such Grant Agreement. The number of such additional RSUs or PSUs will be calculated by dividing the aggregate dividends or distributions
that would have been paid to such Participant if the RSUs or PSUs in the Participant&rsquo;s Share Unit Account had been Shares
by the Market Price on the date on which the dividends or distributions were paid on the Shares. The additional RSUs or PSUs granted
to a Participant will be subject to the same terms and conditions, including Vesting and settlement terms, as the corresponding
RSUs or PSUs, as the case may be.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VESTING
                                         AND SETTLEMENT OF SHARE UNITS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Continued
                                         Employment.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to this Section 15 and the applicable Grant Agreement, Share Units subject to a Grant and dividend equivalent Share Units credited
to the Participant&rsquo;s Share Unit Account in respect of such Share Units shall Vest in such proportion(s) and on such Vesting
Date(s) as may be specified in the Grant Agreement governing such Grant provided that the Participant is Employed or acting as
a Director on the relevant Vesting Date.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Settlement.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
Participant&rsquo;s RSUs and PSUs, adjusted in accordance with the applicable multiplier, if any, as set out in the Grant Agreement,
and rounded down to the nearest whole number of RSUs or PSUs, as the case may be, shall be settled, by a distribution as provided
below to the Participant or his or her Beneficiary, upon, or as soon as reasonably practicable following the Vesting thereof in
accordance with Section 15.1 or 15.6, as the case may be, subject to the terms of the applicable Grant Agreement. In all events
RSUs and PSUs will be settled on or before the earlier of the ninetieth (90<SUP>th</SUP>) day following the Vesting Date and the
date that is two and one half (2&frac12;) months after the end of the year in which Vesting occurred, except as otherwise provided
in an applicable Grant Agreement in compliance with Code Section 409A. Settlement shall be made by the issuance of one Share for
each RSU or PSU then being settled, as specified in the applicable Grant Agreement, and subject to payment or other satisfaction
of all related withholding obligations in accordance with Section 7.2.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Postponed
                                         Settlement.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise determined by the Board in compliance with Code Section 409A, if a Participant&rsquo;s Share Units would, in the
absence of this Section 15.3 be settled within a Blackout Period applicable to such Participant, such settlement shall be postponed
until the Trading Day following the date on which such Blackout Period ends (or as soon as practicable thereafter).</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Failure
                                         to Vest. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
greater certainty, except as otherwise provided in the applicable Grant Agreement, a Participant shall have no right to receive
Shares or a cash payment, as compensation, damages or otherwise, with respect to any RSUs or PSUs that do not become Vested.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Resignation.
                                         </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise provided in the applicable Grant Agreement and Section 15.7, in the event a Participant&rsquo;s employment is Terminated
as a result of the Participant`s resignation, no Share Units that have not Vested prior to the date on which the Participant submits
his or her resignation, including dividend equivalent Share Units in respect of such Share Units, shall Vest and all such Share
Units shall be forfeited immediately.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Termination
                                         of Employment without Cause; Death or Disability.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Except
as otherwise provided in the applicable Grant Agreement, in the case of a Participant`s Termination without Cause or due to death
or Disability of a Participant, all Share Units granted to the Participant that have Vested as at the date of Termination shall
be paid to the Participant or Participant&rsquo;s estate, as applicable, in accordance with the settlement provisions herein.
Any Share Units that have not Vested as at the date of Termination will be immediately cancelled and forfeited to the Company,
provided that if any unvested Share Units are subject to Performance Conditions, then if a Performance Condition is, in the Board&rsquo;s
discretion, capable of being partially performed, such unvested Share Units shall become Vested Share Units as at the date of
Termination on a pro rata basis to reflect the degree to which the vesting condition has been satisfied, as determined by the
Board (and in all cases except as otherwise provided in the applicable Grant Agreement).</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Extension
                                         of Vesting.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board may, at the time of Termination or a Disability Date, extend the period for Vesting of Share Units, but not beyond the original
end of the applicable Vesting Period, or accelerate the Vesting of Share Units. With respect to U.S. Taxpayers, any such modification
shall be made in compliance with Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">15.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Termination
                                         of Employment for Cause. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the event a Participant&rsquo;s employment is Terminated for Cause by the Corporation, no Share Units that have not Vested prior
to the date of the Participant&rsquo;s Termination for Cause, including dividend equivalent Share Units in respect of such Share
Units, shall Vest and all such Share Units shall be forfeited immediately.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SHAREHOLDER
                                         RIGHTS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">16.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>No
                                         Rights to Shares. </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share
Units are not Shares and a Grant of Share Units will not entitle a Participant to any shareholder rights, including, without limitation,
voting rights, dividend entitlement (except as provided in Section 14.2) or rights on liquidation until the allotment and issuance
to the Participant of a certificate or certificates in the name of the Participant or a statement of account representing the
Shares to which such Share Units relate.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
&ldquo;A&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NioCorp
Developments Ltd. Long Term Incentive Plan</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Special
Provisions Applicable to US Taxpayers</U></B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Exhibit sets forth special provisions of the NioCorp Developments Ltd. Long Term Incentive Plan (the &ldquo;Plan&rdquo;) that
apply to Participants who are US Taxpayers. This Exhibit shall apply to such Participants notwithstanding any other provisions
of the Plan. Terms defined elsewhere in the Plan and used herein shall have the meanings set forth in the Plan, as may be amended
from time to time.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Definitions</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Eligible
Person</B>&rdquo; means, solely with respect to Options, a Director or an individual with respect to which the Corporation would
be an eligible issuer of &ldquo;service recipient stock&rdquo; for purposes of Section 409A of the Code who (i) meets the Form
S-8 definition of &ldquo;employee&rdquo; and (ii) by the nature of his or her position or job is, in the opinion of the Board,
in a position to contribute to the success of the Corporation; provided, however, that only persons who meet the definition of
&ldquo;employees&rdquo; under Code Section 3401(c) shall be eligible to receive Incentive Stock Options.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Good
Reason</B>&rdquo; means, except as otherwise provided in applicable Grant Agreement, the occurrence of any one or more of the
following without a Participant&rsquo;s written consent:</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material diminution in the Participant&rsquo;s duties, responsibilities, or authority in effect immediately prior to a Change
in Control;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material diminution in the aggregate value of base salary and bonus opportunity provided to the Participant for services provided
to the Corporation or an Affiliate;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Corporation or an Affiliate relocating the Participant&rsquo;s primary office to any place other than the location at which the
Participant reported for work on a regular basis immediately prior to a Change in Control or a place within 50 miles of that location;
or</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other action or inaction by the Corporation constituting a material breach of an effective employment arrangement or agreement
with the Participant.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
Participant must notify the Corporation of the Participant&rsquo;s intention to invoke Termination for Good Reason within 90 days
after the occurrence of such event and provide the Corporation 30 days&rsquo; opportunity for cure, and the Participant must actually
terminate the Participant&rsquo;s employment with the Corporation prior to the 365th day following such occurrence or such event
shall not constitute Good Reason.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Market
Price</B>&rdquo; means, solely with respect to the term &ldquo;Exercise Price&rdquo;, (a) if the Shares are listed on only one
Stock Exchange, the closing price per Share on such Stock Exchange on the Trading Day immediately preceding the Grant Date, or,
if there are no sales on such date, on the next preceding Trading Day on which a sale occurred; (b) if the Shares are listed on
more than one Stock Exchange, the fair market value as determined in accordance with paragraph (a) above for the primary Stock
Exchange on which the Shares are listed, as determined by the Board; and (c) if the Shares are not listed for trading on a Stock
Exchange, a price which is determined by the Board in good faith to be the fair market value of the Shares in compliance with
the Code Section 409A. The Board is authorized to adopt another fair market value pricing method provided such method is stated
in the applicable Grant Agreement and is in compliance with the fair market value pricing rules set forth in Code Section 409A.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
409A</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
anything in the Plan to the contrary, unless the applicable Grant Agreement provides otherwise, settlement of Share Units will
in all events occur within the &ldquo;short-term deferral&rdquo; period determined under Treasury Regulation Section 1.409A-1(b)(4).</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the extent applicable, it is intended that this Plan and any Grants made hereunder comply with or be exempt from the provisions
of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants.
This Plan and any grants made hereunder will be administered in a manner consistent with this intent. Any reference in this Plan
to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section
by the U.S. Department of the Treasury or the Internal Revenue Service.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neither
a Participant nor any of a Participant&rsquo;s creditors or beneficiaries will have the right to subject any deferred compensation
(within the meaning of Section 409A of the Code) payable under this Plan and Grants hereunder to any anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the Code,
any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant&rsquo;s
benefit under this Plan and Grants hereunder may not be reduced by, or offset against, any amount owed by a Participant to the
Corporation or any of its Affiliates.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If,
at the time of a Participant&rsquo;s separation from service (within the meaning of Section 409A of the Code), (a) the Participant
will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected
by the Corporation from time to time) and (b) the Corporation makes a good faith determination that an amount payable hereunder
constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed
pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section
409A of the Code, then the Corporation will not pay such amount on the otherwise scheduled payment date but will instead pay it,
without interest, on the fifth business day of the seventh month after such separation from service (or, if earlier, upon the
Participant&rsquo;s death).</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
any provision of this Plan and Grants hereunder to the contrary, in light of the uncertainty with respect to the proper application
of Section 409A of the Code, the Corporation reserves the right to make amendments to this Plan and Grants hereunder as the Corporation
deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code. In any case, a Participant
will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or
for a Participant&rsquo;s account in connection with this Plan and Grants hereunder (including any taxes and penalties under Section
409A of the Code), and neither the Corporation nor any of its affiliates will have any obligation to indemnify or otherwise hold
a Participant harmless from any or all of such taxes or penalties.</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 71; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
