<SEC-DOCUMENT>0001539497-23-001502.txt : 20230823
<SEC-HEADER>0001539497-23-001502.hdr.sgml : 20230823
<ACCEPTANCE-DATETIME>20230822200757
ACCESSION NUMBER:		0001539497-23-001502
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20230823
DATE AS OF CHANGE:		20230822

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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270542
		FILM NUMBER:		231194926

	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>
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<TYPE>POS AM
<SEQUENCE>1
<FILENAME>n2574_x153posam-sepa.htm
<DESCRIPTION>POS AM
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 22, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 4.5pt double"><B>Registration No.
333-270542</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMENDMENT NO. 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ON FORM S-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-top: 3pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>British Columbia, Canada</B></FONT></TD>
    <TD STYLE="width: 7%; padding-top: 3pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 38%; padding-top: 3pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1000</B></FONT></TD>
    <TD STYLE="width: 10%; padding-top: 3pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-top: 3pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>98-1262185</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Primary Standard Industrial</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Classification Code Number)</P></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
  </TABLE>
<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"><B>7000 South Yosemite Street, Suite 115</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Centennial, Colorado 80112</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tel: (855) 264-6267</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, Including Zip Code, and Telephone Number,
Including Area Code, of registrant&#8217;s principal executive offices)</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: center"><B>CT Corporation System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>111 Eighth Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>13th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tel: (800) 624-0909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><I>Copies of all communications, including communications
sent to agent for service, should be sent to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Christopher M. Kelly</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Andrew C. Thomas</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jones Day</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>North Point</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>901 Lakeside Avenue</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Cleveland, Ohio 44114</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(216) 586-3939</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bob Wooder</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Kyle Misewich</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Blake, Cassels &amp; Graydon LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1133 Melville Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 3500</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Vancouver, British Columbia</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>V6E 4E5</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.25in">Approximate date of commencement of proposed
sale to the public: <B>From time to time after the effectiveness of this registration statement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">If this Form is a post-effective amendment filed pursuant to Rule
462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">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
&#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth
company&#8221; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></P></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&yacute;</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&yacute;</FONT></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The registrant hereby amends this registration statement on such date
or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until
this registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section
8(a), may determine.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXPLANATORY NOTE</U></B></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-indent: 0.25in">This Post-Effective Amendment No. 1 to Form S-3 on
Form S-1 (this &#8220;Post-Effective Amendment No. 1&#8221;) constitutes a post-effective amendment to the registration statement on Form
S-3 (Registration No. 333-270542) filed by NioCorp Developments Ltd. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221;
or &#8220;Niocorp&#8221;) with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on March 15, 2023, as amended by pre-effective
Amendment No. 1 to Form S-3, filed with the SEC on April 12, 2023, and declared effective by the SEC on May 4, 2023, which initially registered
the offer and sale from time to time by the selling shareholder named in the prospectus forming a part thereof of up to 10,588,617 of
our common shares, without par value (&#8220;Common Shares&#8221;), consisting of (i) up to 81,213 Commitment Shares (as defined in the
prospectus) and (ii) up to 10,507,404 Advance Shares (as defined in the prospectus) (the &#8220;Initial Registration Statement&#8221;).
Upon filing our Annual Report on Form 10-K for the year ended June 30, 2023, we will cease to be eligible to use Form S-3 to register
the common shares, without par value, of the Company (&#8220;Common Shares&#8221;) covered by the Initial Registration Statement due to
the late filing of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023. Accordingly, we are filing this Post-Effective
Amendment No. 1 to convert the Initial Registration Statement into a registration statement on Form S-1 (the &#8220;Registration Statement&#8221;).
Relative to the number of Common Shares covered by the Initial Registration Statement, the number of Common Shares covered by this Post-Effective
Amendment No. 1 has been adjusted to reflect that all 81,213 Commitment Shares and 100,000 Advance Shares were previously sold by the
selling shareholder named in the prospectus. Such Post-Effective Amendment No. 1 shall hereafter become effective concurrently with the
effectiveness of the Registration Statement in accordance with Section 8(c) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;).
All filing fees payable in connection with the registration of the Common Shares covered by the Registration Statement were previously
paid in connection with the original filing of the Initial Registration Statement.<BR STYLE="clear: both">
</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">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The information in this prospectus is not complete and may be changed.
These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where
the offer or sale is not permitted.</B></P>

<P STYLE="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>SUBJECT TO COMPLETION, DATED AUGUST 22, 2023</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="niocorplogo.jpg" ALT="" STYLE="height: 95px; width: 235px"></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: center"><B>NioCorp Developments Ltd.</B></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: center"><B><A NAME="a_Hlk142486761"></A>10,407,404 Common Shares</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">This prospectus relates to the offer and sale
from time to time of up to 10,407,404 of our common shares, without par value (&#8220;Common Shares&#8221;), consisting of Advance Shares
(as defined below), by YA II PN, Ltd., a Cayman Islands exempt limited partnership (&#8220;YA&#8221; or the &#8220;Selling Shareholder&#8221;).
YA is a fund managed by Yorkville Advisors Global, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The Common Shares being offered by the Selling
Shareholder have been and may be issued pursuant to the Standby Equity Purchase Agreement, dated January 26, 2023, that we entered into
with YA (the &#8220;Purchase Agreement&#8221;). We are not selling any securities under this prospectus and will not receive any of the
proceeds from the sale of Common Shares by the Selling Shareholder. However, we may receive up to $65.0 million in aggregate gross proceeds
from sales of Common Shares to YA that we may make under the Purchase Agreement, from time to time during the Commitment Period (as defined
herein) (the &#8220;Advance Shares&#8221;), subject to certain limitations and the satisfaction of certain conditions. Pursuant to the
Purchase Agreement, we issued 81,213 of our Common Shares (the &#8220;Commitment Shares&#8221;) to YA in connection with the Closing (as
defined herein) as consideration for its irrevocable commitment to purchase Advance Shares under the Purchase Agreement. YA has since
resold all of the Commitment Shares. On June 9, 2023, we issued and sold 100,000 Advance Shares to YA, at a purchase price per share of
$4.8808, pursuant to an Advance (as defined below) under the Purchase Agreement. The Advance Shares that may be offered pursuant to this
prospectus would be purchased by YA pursuant to the Purchase Agreement at a purchase price equal to 97% of the daily volume-weighted average
price of our Common Shares on the Principal U.S. Market (as defined herein) as reported by Bloomberg Financial Markets (or, if not available,
a similar service provider of national recognized standing) (&#8220;VWAP&#8221;) during the applicable pricing period, which is a period
during a single trading day or a period of three consecutive trading days, at the Company&#8217;s option and subject to certain restrictions,
in each case, defined based on when an Advance Notice (as defined herein) is submitted, subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">See the section titled &#8220;The YA Transaction&#8221;
for a description of the transaction contemplated by the Purchase Agreement and the section titled &#8220;Selling Shareholder&#8221; for
additional information regarding YA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><B>The Selling Shareholder may sell the Common
Shares included in this prospectus in a number of different ways and at varying prices. We provide more information about how the Selling
Shareholder may sell the Common Shares in the section entitled &#8220;Plan of Distribution&#8221; beginning on page 37 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The Selling Shareholder is an &#8220;underwriter&#8221;
within the meaning of Section 2(a)(11) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The Selling Shareholder will pay all brokerage
fees, commissions and similar expenses in connection with the offer and sale of the Common Shares by the Selling Shareholder pursuant
to this prospectus. We will pay the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">expenses (except brokerage fees, commissions and similar expenses)
incurred in registering under the Securities Act the offer and sale of the Common Shares included in this prospectus by the Selling Shareholder.
See &#8220;Plan of Distribution.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If all of the Common Shares covered by this
prospectus were issued and outstanding, they would represent a substantial percentage of our public float and of our outstanding Common
Shares. As of <A NAME="a_Hlk142673503"></A>August 21, 2023, the Common Shares covered by this prospectus would represent approximately
24.59% of the total number of outstanding Common Shares (assuming all of the Common Shares covered by this prospectus were issued and
outstanding and not including Common Shares issuable upon exercise of outstanding stock options, or reserved for future issuance, under
the NioCorp Developments Ltd. Long-Term Incentive Plan (the &#8220;LTIP&#8221;) or Common Shares issuable upon conversion, exercise or
exchange of other outstanding securities, as described herein). The Selling Shareholder will be able to sell all of the Common Shares
covered by this prospectus for so long as the registration statement of which this prospectus is a part is available for use and, in the
case of the Advance Shares, such Common Shares have been issued and sold to the Selling Shareholder in accordance with the Purchase Agreement.
Accordingly, the sale of the Common Shares covered by this prospectus, or the perception that such sales may occur, could result in a
significant decline in the public trading price of our Common Shares. Moreover, the sale of additional Common Shares by us or by other
security holders, or the perception that such sales may occur, could result in a further decline in the public trading price of our Common
Shares. See &#8220;Risk Factors&#8212;Additional Risks Related to this Offering and Our Common Shares.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, as described above, the Advance
Shares that may be offered pursuant to this prospectus would be purchased by YA pursuant to the Purchase Agreement at a discount to the
market price of the Common Shares. Accordingly, subject to the limitations set forth in the Purchase Agreement, YA may have an incentive
to sell the Common Shares that it acquires under the Purchase Agreement even if the market price of our Common Shares declines that is
not shared by other shareholders because the price at which it will be deemed to have purchased such Common Shares may still be lower
than the then-prevailing market price of the Common Shares. As a result, the Selling Shareholder may experience a positive rate of return
on the Common Shares covered by this prospectus due to the potential differences between the deemed purchase price of such securities
and the market price of the Common Shares, and other shareholders may not experience a similar rate of return due to the differences in
the purchase prices and the then-prevailing market price of the Common Shares. See &#8220;Risk Factors&#8212;Additional Risks Related
to this Offering and Our Common Shares.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our Common Shares trade on The Nasdaq Global
Market under the symbol &#8220;NB&#8221; and on the Toronto Stock Exchange (the &#8220;TSX&#8221;) under the symbol &#8220;NB.&#8221;
On August 21, 2023, the last reported sale price of our Common Shares on The Nasdaq Global Market and the TSX was $3.80 per Common Share
and C$5.15 per Common Share, respectively. The public NioCorp Assumed Warrants (as defined herein) trade on The Nasdaq Capital Market under
the symbol &#8220;NIOBW.&#8221; On August 21, 2023, the last reported sale price of the public NioCorp Assumed Warrants on The Nasdaq
Capital Market was $0.5599 per public NioCorp Assumed Warrant. Our principal executive office is located at 7000 South Yosemite Street, Suite
115, Centennial, Colorado 80112, and our telephone number is (855) 264-6267.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><B>Investing in our Common Shares involves a
high degree of risk. You should review carefully the risks and uncertainties referenced under the heading &#8220;Risk Factors&#8221; beginning
on page 6 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
(the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2023.</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 6pt; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-left: 10pt; font-size: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-left: 10pt; font-size: 10pt; text-align: right; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">iii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">iv</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">DETERMINATION OF OFFERING PRICE</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">SELLING SHAREHOLDER</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">THE YA TRANSACTION</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Description of Capital Stock</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Certain Canadian federal Income Tax Considerations for U.S. Residents</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">33</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">35</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">37</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 2.25pt 2.25pt 10pt; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="padding: 2.25pt 2.25pt 2.25pt 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">38</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&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 0 10pt; text-align: center"><B><A NAME="a_001"></A> ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This prospectus is part of a registration statement
on Form S-1 that we filed with the SEC using a &#8220;shelf&#8221; registration process. The Selling Shareholder may, from time to time,
sell the Common Shares described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">You should rely only on the information provided
in this prospectus, as well as the information incorporated by reference into this prospectus and any applicable prospectus supplement.
Neither we nor the Selling Shareholder have authorized anyone to provide you with different information. Neither we nor the Selling Shareholder
have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus
or any applicable prospectus supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you.
Neither we nor the Selling Shareholder take responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. You should not assume that the information in this prospectus or any applicable prospectus supplement is accurate
as of any date other than the date of the applicable document. Since the date of this prospectus and the documents incorporated by reference
into this prospectus, our business, financial condition, results of operations and prospects may have changed. Neither we nor the Selling
Shareholder will make an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We may also provide a prospectus supplement
or post-effective amendment to the registration statement of which this prospectus is a part to add information to, or update or change
information contained in, this prospectus and the registration statement of which this prospectus is a part. You should read this prospectus
and any applicable prospectus supplement or post-effective amendment to the registration statement of which this prospectus is a part
together with the additional information to which we refer you in the sections of this prospectus entitled &#8220;Where You Can Find More
Information&#8221; and &#8220;Incorporation of Documents by Reference.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Unless we state otherwise or the context
otherwise requires, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;our business&#8221; &#8220;NioCorp,&#8221;
&#8220;the Company&#8221; and similar references refer to NioCorp Developments Ltd. and its consolidated subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Unless we state otherwise or the context
otherwise requires, the term &#8220;ECRC&#8221; refers to Elk Creek Resources Corp. (formerly known as GX Acquisition Corp. II), a Delaware
corporation and a majority-owned subsidiary of NioCorp, as the surviving entity of the mergers that occurred on the Closing Date (as defined
herein) as part of the Transactions, and the term &#8220;GXII&#8221; refers to GX Acquisition Corp. II, a Delaware corporation, as it
existed prior to the Closing.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This prospectus contains our registered and
unregistered trademarks and service marks, as well as trademarks and service marks of third parties. Solely for convenience, these trademarks
and service marks are referenced without the <SUP>&reg;</SUP>, &#8482; or similar symbols, but such references are not intended to indicate,
in anyway, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and service marks. All
brand names, trademarks and service marks appearing in this prospectus are the property of their respective holders.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>
WHERE YOU CAN FIND MORE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This prospectus is part of a registration statement
on Form S-1 that we filed with the SEC under the Securities Act and does not contain all the information set forth or incorporated by
reference in the registration statement. Whenever a reference is made in this prospectus to any of our contracts, agreements or other
documents, the reference may not be complete and you should refer to the exhibits that are a part of the registration statement of which
this prospectus is a part or the exhibits to the reports or other documents incorporated by reference into this prospectus for a copy
of such contract, agreement or other document. You may obtain copies of the registration statement and its exhibits via the SEC&#8217;s
EDGAR database.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). The SEC
maintains a website that contains reports, proxy and information statements and other information regarding issuers, including us, that
file electronically with the SEC. You may obtain documents that we file with the SEC at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We make available, free of charge, on our website
at www.niocorp.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and
amendments to those reports and statements as soon as reasonably practicable after they are filed with the SEC. We do not incorporate
the information on or accessible through any website into this prospectus or any prospectus supplement, and you should not consider any
information on, or that can be accessed through, any website as part of this prospectus or any prospectus supplement (other than those
filings with the SEC that we specifically incorporate by reference into this prospectus or any prospectus supplement). Our website address
and the SEC&#8217;s website address are included in this prospectus as inactive textual references only.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>
INCORPORATION OF DOCUMENTS BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">SEC rules permit us to incorporate information
by reference into this prospectus and any applicable prospectus supplement. This means that we can disclose important information to you
by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part
of this prospectus and any applicable prospectus supplement, except for information superseded by information contained in this prospectus
or the applicable prospectus supplement itself or in any subsequently filed incorporated document. This prospectus and any applicable
prospectus supplement incorporate by reference the documents set forth below that we have previously filed with the SEC, other than information
in such documents that is deemed to be furnished and not filed. These documents contain important information about us and our business
and financial condition. Any report or information within any of the documents referenced below that is furnished, but not filed, shall
not be incorporated by reference into this prospectus:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A NAME="a_Hlk140964449"></A><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, filed with the SEC on September 6, 2022, as amended by Amendment
No. 1 to our Annual Report on Form 10-K/A for the fiscal year ended June 30, 2022, filed with the SEC on October 31, 2022;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Quarterly Reports on Form 10-Q for (i) the quarterly period ended September 30, 2022, filed with the SEC on November 14, 2022,
as amended by Amendment No. 1 to our Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2022, filed with the
SEC on June 8, 2023, (ii) the quarterly period ended December 31, 2022, filed with the SEC on February 13, 2023, as amended by Amendment
No. 1 to our Quarterly Report on Form 10-Q/A for the quarterly period ended December 31, 2022, filed with the SEC on June 8, 2023, and
(iii) the quarterly period ended March 31, 2023, filed with the SEC on May 30, 2023;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Current Reports on Form 8-K, filed with the SEC on September 29, 2022, October 21, 2022, December 15, 2022 (as amended by our
Current Report on Form 8-K/A filed on April 3, 2023), January 27, 2023 (Items 1.01, 2.03, 3.02 and 9.01 (Exhibits 4.1, 4.2, 4.3, 4.4 and
10.1) only), February 13, 2023, February 24, 2023, February 28, 2023, March 1, 2023, March 6, 2023, March 10, 2023, March 14, 2023, March
17, 2023 (Items 1.01, 2.01, 3.01, 3.02, 3.03, 5.02, 8.01 and 9.01 (Exhibits 2.1, 3.1, 4.1, 4.2, 4.3, 10.1, 10.2, 10.3 and 10.4) only),
April 19, 2023, April 28, 2023, May 16, 2023, May 19, 2023, May 24, 2023 (Item 3.01 only), June 6, 2023, and June 9, 2023; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of our Common Shares, contained in our Registration Statement on Form 8-A, filed with the SEC on March 17, 2023, and
any subsequently filed amendments and reports filed for the purpose of updating that description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We also incorporate by reference any future
filings made by us with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished to, rather
than filed with, the SEC), including after the date of the initial registration statement of which this prospectus is a part and prior
to effectiveness of the registration statement, and after effectiveness of the registration statement and prior to the termination of
the offering of the securities made by this prospectus. Information in such future filings updates and supplements the information provided
in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information in
any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that
statements in the later filed document modify or replace such earlier statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">You may request a copy of these filings, at
no cost, by writing or calling us at the following address or telephone number below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">NioCorp Developments Ltd.<BR>
7000 South Yosemite Street, Suite 115<BR>
Centennial, Colorado 80112<BR>
Phone: (855) 264-6267</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Those copies will not include exhibits, unless
the exhibits have specifically been incorporated by reference in this document or you specifically request them.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>This summary highlights selected information
appearing in this prospectus. Because it is a summary, it may not contain all of the information that may be important to you. To understand
this offering fully, you should read this entire prospectus carefully, including the information set forth in the section entitled &#8220;Risk
Factors&#8221; contained in this prospectus and under similar headings in the other documents that are incorporated by reference into
this prospectus. You should also carefully read the information incorporated by reference into this prospectus, including our consolidated
financial statements and related notes and the exhibits to the registration statement of which this prospectus is a part, before making
an investment decision. This prospectus includes forward-looking statements that involve risks and uncertainties. See &#8220;Cautionary
Note Regarding Forward-Looking Statements.&#8221; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>NioCorp Developments Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">NioCorp is a mineral exploration company engaged
in the acquisition, exploration, and development of mineral properties. NioCorp, through its indirect, majority-owned subsidiary, ECRC,
is developing a superalloy materials project that, if and when developed, will produce niobium, scandium, and titanium products. Known
as the &#8220;Elk Creek Project,&#8221; it is located near Elk Creek, Nebraska, in the southeast portion of the state.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><A NAME="a_Hlk140965222"></A><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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-alloy steel, a stronger steel used in automobiles, bridges, structural systems, buildings, pipelines, and other
applications that generally enables those applications to be stronger and lighter in mass. This &#8220;lightweighting&#8221; benefit often
results in environmental benefits, including reduced fuel consumption and material usage, which can result in fewer air emissions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During fiscal year 2022, the Company also advanced
work on the determination of the economic potential of expanding its currently planned product suite from the Elk Creek Project to include
rare earth elements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Background</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Completion of the Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On March 17, 2023 (the &#8220;Closing Date&#8221;),
NioCorp consummated the transactions contemplated by the previously-announced Business Combination Agreement, dated as of September 25,
2022 (the &#8220;Business Combination Agreement&#8221;), among NioCorp, GXII and Big Red Merger Sub Ltd (the &#8220;Closing&#8221;). The
transactions contemplated by the Business Combination Agreement, including the reverse stock split at a ratio of 10-for-1 effectuated
by each of NioCorp and ECRC on the Closing Date (the &#8220;Reverse Stock Split&#8221;), are referred to, collectively, as the &#8220;Transactions.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In connection with the Closing, GXII, as the
surviving entity of the mergers that occurred on the Closing Date as part of the Transactions, changed its name to Elk Creek Resources
Corp. and became an indirect, majority-owned subsidiary of NioCorp, with the pre-combination public shareholders of GXII receiving Common
Shares based on a fixed exchange ratio of 11.1829212 (or 1.11829212 after giving effect to the Reverse Stock Split) (the &#8220;Exchange
Ratio&#8221;) Common Shares for each Class A common share of GXII held and not redeemed, and the GXII founders</P>

</div>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">receiving shares of Class B common stock of ECRC based on the Exchange
Ratio. Pursuant to the Business Combination Agreement, the Sponsor Support Agreement, dated as of September 25, 2022 (as amended, supplemented
or otherwise modified), by and among GXII, NioCorp, GX Sponsor II LLC, in its capacity as a stockholder of GXII (the &#8220;Sponsor&#8221;),
and certain other stockholders of GXII, and the Exchange Agreement, dated as of March 17, 2023 (as amended, supplemented or otherwise
modified), by and among NioCorp, ECRC and the Sponsor, after the Closing, the GXII founders have the right to exchange such shares of
Class B common stock of ECRC for Common Shares on a one-for-one basis, subject to certain equitable adjustments, under certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In connection with the Closing, pursuant to
the Business Combination Agreement, the Company assumed the Warrant Agreement, dated as of March 17, 2021 (the &#8220;GXII Warrant Agreement&#8221;),
by and between GXII and Continental Stock Transfer &amp; Trust Company (&#8220;CST&#8221;), as warrant agent, and each share purchase
warrant of GXII thereunder (the &#8220;GXII Warrants&#8221;) that was issued and outstanding immediately prior to the Closing Date was
converted into one purchase warrant of the Company, exercisable for 1.11829212 Common Shares at a price per 1.11829212 Common Shares of
$11.50 (each, a &#8220;NioCorp Assumed Warrant&#8221;), pursuant to the GXII Warrant Agreement, as amended by an assignment, assumption
and amendment agreement, dated the Closing Date (the GXII Warrant Agreement, as so amended, the &#8220;NioCorp Assumed Warrant Agreement&#8221;),
among NioCorp, GXII, CST, as existing warrant agent, and Computershare Inc. and its affiliate Computershare Trust Company, N.A., together
as successor warrant agent (the &#8220;NioCorp Assumed Warrant Agent&#8221;). See &#8220;Description of Capital Stock&#8212;NioCorp Assumed
Warrants&#8221; for a description of certain terms of the NioCorp Assumed Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><I>Yorkville Financings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In connection with the entry into the Business
Combination Agreement, the Company announced the signing of non-binding letters of intent for two separate financing packages with Yorkville
Advisors Global, LP. On January 26, 2023, the Company entered into definitive agreements with respect to these financings, including the
Purchase Agreement, as described under &#8220;The YA Transactions,&#8221; and a Securities Purchase Agreement, dated January 26, 2023
(as amended, the &#8220;Yorkville Convertible Debt Financing Agreement&#8221;), between the Company and YA. Pursuant to the Yorkville
Convertible Debt Financing Agreement, at the Closing, YA advanced an aggregate amount of $15.36 million to NioCorp in consideration of
the issuance by NioCorp to YA of (i) $16.0 million aggregate principal amount of unsecured convertible debentures (the &#8220;Convertible
Debentures&#8221;) (of which there was $10.0 million aggregate principal amount outstanding as of August 21, 2023) and (ii) Common Share
purchase warrants, exercisable for up to 1,789,267 Common Shares for cash or, if at any time there is no effective registration statement
registering, or no current prospectus available for, the resale of the underlying Common Shares, on a cashless basis, at the option of
the holder, at a price per Common Share of approximately $8.9422, subject to adjustment to give effect to any stock dividend, stock split,
reverse stock split or similar transaction (the &#8220;Financing Warrants&#8221;). See &#8220;Description of Capital Stock&#8212;Yorkville
Convertible Debentures&#8221; and &#8220;Description of Capital Stock&#8212;Financing Warrants,&#8221; respectively, for descriptions
of certain terms of the Convertible Debentures and the Financing Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our Common Shares trade on The Nasdaq Global
Market under the symbol &#8220;NB&#8221; and on the TSX under the symbol &#8220;NB.&#8221; The public NioCorp Assumed Warrants trade on
The Nasdaq Capital Market under the symbol &#8220;NIOBW.&#8221; Our principal executive office is located at 7000 South Yosemite Street,
Suite 115, Centennial, CO 80112, and our telephone number is (855) 264-6267. Our website address is www.niocorp.com. This website address
is not intended to be an active link, and information on, or accessible through, our website is not incorporated by reference into this
prospectus and you should not consider any information on, or that can be accessed from, our website as part of this prospectus or any
accompanying prospectus supplement.</P>


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<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: 10pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>
THE OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 26, 2023, we entered into the Purchase
Agreement with YA, pursuant to which YA committed to purchase up to $65.0 million of Advance Shares (the &#8220;Commitment Amount&#8221;),
at our direction from time to time and for a period that commenced on the date of Closing (the &#8220;Closing Date&#8221;) and ending
on the earliest of (i) the first day of the month next following the 36-month anniversary of the Closing, (ii) the date on which YA shall
have made payment of the full Commitment Amount and (iii) the date that the Purchase Agreement otherwise terminates in accordance with
its terms (the &#8220;Commitment Period&#8221;), subject to certain limitations and the satisfaction of the conditions in the Purchase
Agreement. Pursuant to the terms of the Purchase Agreement, we issued 81,213 Commitment Shares to YA as consideration for its irrevocable
commitment to purchase Advance Shares under the Purchase Agreement. YA has since resold all of the Commitment Shares. On June 9, 2023,
we issued and sold 100,000 Advance Shares to YA, at a purchase price per share of $4.8808, pursuant to an Advance under the Purchase Agreement.
This prospectus covers the resale by YA of up to 10,407,404 Common Shares, consisting of Advance Shares. Additionally, we are required
to pay YA an aggregate fee of $1,500,000 in cash (the &#8220;Cash Fee&#8221;), including $500,000 that we paid on the <A NAME="a_Hlk141961014"></A>Closing
Date and an additional $250,000 we have paid as of August 21, 2023. We will pay the remaining $750,000 balance in installments over
a 12-month period following the Closing Date, provided that, we will have the right to prepay without penalty all or part of the remaining
installments of the Cash Fee at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">YA has no right to require us to sell any Advance
Shares to YA, but YA is obligated to make purchases as directed by us, subject to the satisfaction of conditions set forth in the Purchase
Agreement at each time that we may direct YA to purchase Advance Shares under the Purchase Agreement (each, an &#8220;Advance&#8221; and,
collectively, the &#8220;Advances&#8221;). Actual sales of Advance Shares to YA from time to time will depend on a variety of factors,
including, among others, market conditions, the trading price of our Common Shares and determinations by us as to the appropriate sources
of funding for us and our operations. The Advance Shares that may be offered pursuant to this prospectus would be purchased by YA pursuant
to the Purchase Agreement at a purchase price equal to 97% of the VWAP of our Common Shares on the Principal U.S. Market during the applicable
pricing period, which is a period during a single trading day or a period of three consecutive trading days, at the Company&#8217;s option
and subject to certain restrictions, in each case, defined based on when an Advance Notice is submitted, subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The net proceeds under the Purchase Agreement
to us will depend on the frequency and prices at which we sell Advance Shares, our ability to meet the conditions set forth in the Purchase
Agreement and any impacts of the Exchange Cap, the Ownership Limitation (each, as defined herein), the limitations on the maximum amount
of Advance Shares we may sell pursuant to any one Advance and the limitations on the number of Advances we may make in any given calendar
month when certain conditions exist, each as discussed below in the section titled &#8220;The YA Transaction.&#8221; We expect that any
proceeds received by us from such sales of Advance Shares will be used for working capital and general corporate purposes, including to
advance our efforts to launch construction of the Elk Creek Project and move it to commercial operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">YA has agreed that, during the term of the
Purchase Agreement, neither YA nor its affiliates will engage in any short sales or hedging transactions which establish a net short position
with respect to any securities of NioCorp (including our Common Shares), provided that upon receipt of an Advance Notice, YA may sell
Advance Shares that it is obligated to purchase under such Advance Notice prior to taking possession of such Advance Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Purchase Agreement contains customary representations,
warranties, conditions and indemnification obligations of the parties. The representations, warranties and covenants were made only for
purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to
limitations agreed upon by the contracting parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Unless terminated earlier as provided in the
Purchase Agreement, the Purchase Agreement will automatically terminate following the expiration of the Commitment Period. We have the
right to terminate the Purchase Agreement at any time, at no cost or penalty, upon five trading days&#8217; prior written notice to YA,
provided that there are (i) no Advance Notices under which Advance Shares have not yet been issued and paid for and (ii) no amounts owed
to YA pursuant to the Purchase Agreement, including any remaining installments of the Cash Fee that have not otherwise been paid as of
such date.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are substantial risks to our shareholders
as a result of the sale and issuance of Common Shares to YA under the Purchase Agreement. These risks include substantial dilution, significant
declines in our share price and our inability to draw sufficient funds when needed. See the section entitled &#8220;Risk Factors&#8221;
included elsewhere in this prospectus. Issuances of our Common Shares under the Purchase Agreement will not affect the rights or privileges
of our existing shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted as a
result of any such issuance. Although the number of Common Shares that our existing shareholders own will not decrease, the Common Shares
owned by our existing shareholders will represent a smaller percentage of our total outstanding Common Shares after any such issuances
pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If all of the Common Shares covered by this
prospectus were issued and outstanding, they would represent a substantial percentage of our public float and of our outstanding Common
Shares. As of August 21, 2023, the Common Shares covered by this prospectus would represent approximately 24.59% of the total number
of outstanding Common Shares (assuming all of the Common Shares covered by this prospectus were issued and outstanding and not including
Common Shares issuable upon exercise of outstanding stock options, or reserved for future issuance, under the LTIP or Common Shares issuable
upon conversion, exercise or exchange of other outstanding securities, as described herein). The Selling Shareholder will be able to sell
all of the Common Shares covered by this prospectus for so long as the registration statement of which this prospectus is a part is available
for use and, in the case of the Advance Shares, such Common Shares have been issued and sold to the Selling Shareholder in accordance
with the Purchase Agreement. Accordingly, the sale of the Common Shares covered by this prospectus, or the perception that such sales
may occur, could result in a significant decline in the public trading price of our Common Shares. Moreover, the sale of additional Common
Shares by us or by other shareholders, or the perception that such sales may occur, could result in a further decline in the public trading
price of our Common Shares. See &#8220;Risk Factors&#8212;Additional Risks Related to this Offering and Our Common Shares.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, as described above, the Advance
Shares that may be offered pursuant to this prospectus would be purchased by YA pursuant to the Purchase Agreement at a discount to the
market price of the Common Shares. Accordingly, subject to the limitations set forth in the Purchase Agreement, YA may have an incentive
to sell the Common Shares that it acquires under the Purchase Agreement even if the market price of our Common Shares declines that is
not shared by other shareholders because the price at which it will be deemed to have purchased such Common Shares may still be lower
than the then-prevailing market price of the Common Shares. As a result, the Selling Shareholder may experience a positive rate of return
on the Common Shares covered by this prospectus due to the potential differences between the deemed purchase price of such securities
and the market price of the Common Shares, and other shareholders may not experience a similar rate of return due to the differences in
the purchase prices and the then-prevailing market price of the Common Shares. See &#8220;Risk Factors&#8212;Additional Risks Related
to this Offering and Our Common Shares.&#8221;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>
SECURITIES OFFERED</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Common Shares Offered by the Selling Shareholder</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">Up to 10,407,404 Advance Shares we may sell to YA under the Purchase Agreement from time to time.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Common Shares Outstanding Prior to this Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">31,918,218 Common Shares (as of August 21, 2023).</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Common Shares Outstanding After this Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">42,325,622 Common Shares, assuming the issuance of 10,407,404 Advance Shares. The actual number of Common Shares outstanding after this offering will vary depending upon the number of Advance Shares we sell under the Purchase Agreement.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">We will not receive any proceeds from the sale of Common Shares included in this prospectus by the Selling Shareholder. We may receive up to $65.0 million aggregate gross proceeds under the Purchase Agreement from sales of Advance Shares that we elect to make to YA pursuant to the Purchase Agreement, if any, from time to time during the Commitment Period in our sole discretion; although, the actual amount of proceeds that we may receive cannot be determined at this time and will depend on the number of Advance Shares we sell under the Purchase Agreement and market prices at the times of such sales. We expect that any proceeds that we receive from sales of Advance Shares to YA under the Purchase Agreement will be used for working capital and general corporate purposes, including to advance our efforts to launch construction of the Elk Creek Project and move it to commercial operation. See &#8220;Use of Proceeds.&#8221;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Market for Common Shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our Common Shares trade on The Nasdaq Global Market under the symbol &#8220;NB&#8221; and on the TSX under the symbol &#8220;NB.&#8221;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 7.75pt; padding-bottom: 10pt; padding-left: 12.25pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">See &#8220;Risk Factors&#8221; and other information included in this prospectus for a discussion of factors you should consider before investing in our securities.</FONT></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"><A NAME="a_Hlk140965371"></A>(1) Does not include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Common Shares issuable upon exercise of outstanding stock options under the LTIP;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Common Shares reserved for future issuance under the LTIP;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Common Shares issuable upon conversion of the Convertible Debentures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate of 1,789,267 Common Shares issuable upon exercise of the Financing Warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate of 7,957,404 Common Shares issuable under certain conditions upon exchange of shares of Class B common stock of ECRC;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate of 17,519,864 Common Shares issuable upon exercise of NioCorp Assumed Warrants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an aggregate of 1,360,411 Common Shares issuable upon exercise of other outstanding Common Share purchase warrants with a weighted-average
exercise price of approximately C$10.18.</TD></TR></TABLE>


</div>


<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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>
RISK FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Investing in our Common Shares involves a high
degree of risk. Before making a decision to invest in our Common Shares, you should carefully consider the risks described below and under
the heading &#8220;Risk Factors&#8221; in the applicable prospectus supplement, and discussed under Part I, Item 1A. &#8220;Risk Factors&#8221;
contained in our most recent Annual Report on Form 10-K, and Part II, Item 1A. &#8220;Risk Factors&#8221; contained in our subsequent
Quarterly Reports on Form 10-Q, as well as any amendments thereto, which are incorporated by reference into this prospectus and the applicable
prospectus supplement in their entirety, together with other information in this prospectus and the applicable prospectus supplement and
the documents incorporated by reference herein and therein. See the sections of this prospectus entitled &#8220;Where You Can Find More
Information&#8221; and &#8220;Incorporation of Documents by Reference.&#8221; Additional risks and uncertainties not presently known to
us or that we currently deem immaterial may also affect our business, financial condition or results of operations. The occurrence of
any of these known or unknown risks might cause you to lose all or part of your investment in our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Additional Risks Related to this Offering
and Our Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Substantial blocks of our Common Shares
may be sold into the market as a result of the Common Shares issued to YA under the Purchase Agreement, which may cause the price of our
Common Shares to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The price of our Common Shares could decline
if there are substantial sales of our Common Shares, if there is a large number of our Common Shares available for sale, or if there is
the perception that these sales could occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 26, 2023, we entered into the Purchase
Agreement with YA. Pursuant to the Purchase Agreement, we will have the right, but not the obligation, to sell to YA up to $65.0 million
of Advance Shares, at our request any time during the Commitment Period, subject to certain limitations and the satisfaction of certain
conditions. Pursuant to the terms of the Purchase Agreement, we issued 81,213 Commitment Shares to YA as consideration for its irrevocable
commitment to purchase Advance Shares under the Purchase Agreement. YA has since resold all of the Commitment Shares. On June 9, 2023,
we issued and sold 100,000 Advance Shares to YA, at a purchase price per share of $4.8808, pursuant to an Advance under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Any issuance of our Common Shares pursuant
to the Purchase Agreement will dilute the percentage ownership of shareholders and may dilute the per share earnings (if any) or book
value of our Common Shares. Sales of a substantial number of our Common Shares in the public market or other issuances of our Common Shares,
or the perception that these sales or issuances could occur, could cause the market price of our Common Shares to decline and may make
it more difficult for you to sell your Common Shares at a time and price that you deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>It is not possible to predict the actual
number of Advance Shares we will sell under the Purchase Agreement to the Selling Shareholder at any one time or in total, or the actual
gross proceeds resulting from those sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We generally have the right to control the
timing and amount of any sales of Advance Shares to YA under the Purchase Agreement. Sales of Advance Shares, if any, to YA under the
Purchase Agreement will depend upon market conditions and other factors. We may ultimately decide to sell to YA all, some or none of the
Advance Shares that may be available for us to sell to YA pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Because the purchase price per share to be
paid by YA for Advance Shares that we may elect to sell to YA under the Purchase Agreement, if any, will fluctuate based on the market
prices of our Common Shares during the applicable pricing period for each Advance made pursuant to the Purchase Agreement, if any, it
is not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of Advance Shares that we
will sell to YA under the Purchase Agreement, the purchase price per share that YA will pay for Advance Shares purchased from us under
the Purchase Agreement, or the aggregate gross proceeds that we will receive from those purchases by YA under the Purchase Agreement,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, unless we obtain shareholder approval,
we will not be able to issue Common Shares in excess of the Exchange Cap under the Purchase Agreement in accordance with applicable rules
of the TSX and The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;). Depending on the market prices of our Common Shares in the future,
this could be a significant limitation on the amount of funds we are able to raise pursuant to the Purchase Agreement. Other limitations
in the Purchase Agreement, including the Ownership Limitation, the limitations on the maximum amount</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">of Advance Shares we may sell pursuant to any one Advance and the
limitations on the number of Advances we may make in any given calendar month when certain conditions exist, and our ability to meet the
conditions necessary to deliver an Advance Notice, could also prevent us from being able to raise funds up to the Commitment Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Moreover, although the Purchase Agreement provides
that we may sell up to an aggregate of $65.0 million of Advance Shares to YA, only 10,407,404 of our Common Shares are being registered
for resale by YA under the registration statement of which this prospectus is a part, consisting of Advance Shares that we may elect to
sell to YA, in our sole discretion, from time to time after the date of this prospectus and during the Commitment Period, subject to certain
limitations and the satisfaction of the conditions in the Purchase Agreement. Even if we elect to sell to YA all of the Advance Shares
being registered for resale under this prospectus, depending on the market prices of our Common Shares at the time of such sales, the
actual gross proceeds from the sale of all such Advance Shares may be substantially less than the $65.0 million Commitment Amount under
the Purchase Agreement, which could materially adversely affect our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If we desire to issue and sell to YA under
the Purchase Agreement more than the 10,407,404 Advance Shares being registered for resale under this prospectus, and the Exchange Cap
provisions and other limitations in the Purchase Agreement would allow us to do so, we would need to file with the SEC one or more additional
registration statements to register under the Securities Act the resale by YA of any such additional amount of our Common Shares and the
SEC would have to declare such registration statement or statements effective before we could sell additional Advance Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Further, the resale by YA of a significant
amount of Common Shares registered for resale in this offering at any given time, or the perception that these sales may occur, could
cause the market price of our Common Shares to decline and to be highly volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Investors who buy Common Shares at different
times will likely pay different prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to the Purchase Agreement, we will
have discretion, subject to market demand, and subject to certain limitations and the satisfaction of certain conditions, to vary the
timing, prices, and numbers of Advance Shares sold to YA. If and when we do elect to sell Advance Shares to YA pursuant to the Purchase
Agreement, YA may resell all, some or none of such Advance Shares at any time or from time to time in its discretion and at different
prices. As a result, investors who purchase Common Shares from YA in this offering at different times will likely pay different prices
for those Common Shares, and so may experience different levels of dilution and in some cases substantial dilution and different outcomes
in their investment results. Investors may experience a decline in the value of the Common Shares they purchase from YA in this offering
as a result of future sales made by us to YA at prices lower than the prices such investors paid for their Common Shares in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Future sales, or the perception of future
sales, of Common Shares by existing shareholders or by us, or future dilutive issuances of Common Shares by us, could adversely affect
prevailing market prices for the Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to the Common Shares that may be
sold by the Selling Shareholder under this prospectus, subject to compliance with applicable securities laws, sales of a substantial number
of Common Shares in the public market could occur at any time, including issuances and sales of additional Common Shares by us and sales
by other security holders. These sales, or the market perception that the holders of a large number of Common Shares or securities convertible,
exercisable or exchangeable into Common Shares intend to sell Common Shares, could reduce the prevailing market price of the Common Shares.
The effect, if any, that future public sales of these securities or the availability of these securities for sale will have on the market
price of the Common Shares is uncertain. If the market price of the Common Shares were to drop as a result, this might impede our ability
to raise additional capital and might cause remaining shareholders to lose all or part of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Following the Closing, the Sponsor, the members
of the Sponsor, the advisors of GXII that received Common Shares as part of their fee in connection with the Closing, as well as the pre-Closing
directors and officers of NioCorp, are subject to &#8220;lock-up&#8221; restrictions. The provisions of these &#8220;lock-up&#8221; restrictions
may be waived under limited circumstances and allow us to, among other things, issue additional Common Shares, or allow the directors
and officers of NioCorp or its shareholders to sell their Common Shares at any time. There are no pre-established</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">conditions for the grant of such a waiver by the relevant parties,
and any decision by the applicable parties to waive those conditions may depend on a number of factors, which might include market conditions,
the performance of the Common Shares in the market and our financial condition at that time. If the &#8220;lock-up&#8221; restrictions
of the applicable shareholders or the directors and officers of NioCorp are waived, additional Common Shares will be available for sale
into the public market, subject to applicable securities laws, which, in both cases, could reduce the prevailing market price for the
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, pursuant to the Yorkville Convertible
Debt Financing Agreement, YA may convert the Convertible Debentures and exercise the Financing Warrants from time to time, subject to
certain limitations, and we will issue Common Shares to YA upon such conversions and exercises. We have agreed to file a registration
statement under the Securities Act covering resales by YA of the Common Shares issuable upon conversion of the Convertible Debentures
and exercise of the Financing Warrants. Accordingly, any Common Shares that we issue upon conversion of the Convertible Debentures or
exercise of the Financing Warrants will be available for sale into the public market, subject to applicable securities laws, which could
reduce the prevailing market price for the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Also, in connection with the Closing, pursuant
to the Business Combination Agreement, the Company issued an aggregate of 15,666,626 NioCorp Assumed Warrants, which are exercisable for
an aggregate of up to 17,519,864 Common Shares. 5,666,667 NioCorp Assumed Warrants are held by members of the Sponsor and are subject
to the &#8220;lock-up&#8221; restrictions described above, but 9,999,959 NioCorp Assumed Warrants are currently publicly traded. Pursuant
to the NioCorp Assumed Warrant Agreement, we have agreed to file a registration statement under the Securities Act covering the offering,
issuance and sale of the Common Shares issuable upon exercise of the NioCorp Assumed Warrants. Accordingly, any Common Shares that we
issue upon exercise of NioCorp Assumed Warrants will be available for sale into the public market, subject to applicable securities laws,
which could reduce the prevailing market price for the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>There can be no assurance that we will
be able to comply with the continued listing standards of Nasdaq.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140965408"></A>Our Common Shares
are currently listed on The Nasdaq Global Market under the symbol &#8220;NB.&#8221; If Nasdaq delists the Common Shares from trading on
its exchange for failure to meet Nasdaq continued listing standards, the Company and its shareholders could face significant material
adverse consequences, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a limited availability of market quotations for our securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a determination that our Common Shares are a &#8220;penny stock,&#8221; which will require brokers trading in Common Shares to adhere
to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a limited amount of analyst coverage; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>The Articles of NioCorp, as amended in
connection with the Transactions (the &#8220;Amended Articles&#8221;), permit us to issue an unlimited number of Common Shares without
seeking shareholder approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Amended Articles permit us to issue an
unlimited number of Common Shares. It is anticipated that we will, from time to time, issue additional Common Shares in the future. Subject
to the requirements of the British Columbia Business Corporations Act, Nasdaq and the TSX, we will not be required to obtain the approval
of the NioCorp shareholders for the issuance of additional Common Shares. Any further issuances of Common Shares will result in immediate
dilution to existing shareholders and may have an adverse effect on the value of their shareholdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>NioCorp may be a &#8220;passive foreign
investment company&#8221; for the current taxable year and for one or more future taxable years, which may result in materially adverse
U.S. federal income tax consequences for U.S. investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If NioCorp is a passive foreign investment
company (&#8220;PFIC&#8221;) for any taxable year, or portion thereof, that is included in the holding period of a U.S. Holder (as defined
in &#8220;Certain United States Federal Income Tax Considerations,&#8221; below) of Common Shares, such U.S. Holder may be subject to
certain adverse U.S. federal income tax consequences and additional reporting requirements. NioCorp believes it was classified as a PFIC
during its taxable years ended June 30, 2022 and June 30, 2021 and, based on the current composition of its income and</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">assets, as well as current business plans and financial expectations,
may be treated as a PFIC for the taxable year in which the Transactions occurred or in future taxable years. Any conclusion regarding
PFIC status is a factual determination that must be made annually at the close of each taxable year and, thus, is subject to change. In
addition, even if NioCorp concluded it did not qualify as a PFIC, it is possible that the U.S. Internal Revenue Service (the &#8220;IRS&#8221;)
could assert, and that a court could sustain, a determination that NioCorp is a PFIC. Accordingly, there can be no assurance that NioCorp
will not be treated as a PFIC for any taxable year. Each holder of Common Shares should consult its own tax advisors regarding the PFIC
rules and the U.S. federal income tax consequences of the acquisition, ownership, and disposition of such securities. See &#8220;Certain
United States Federal Income Tax Considerations&#8221; below, for further details regarding this issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>The Transactions could result in NioCorp
becoming subject to materially adverse U.S. federal income tax consequences.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Section 7874 and related sections of the U.S.
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), provide for certain adverse tax consequences when the stock of a U.S.
corporation is acquired by a non-U.S. corporation in certain transactions in which former shareholders of the U.S. corporation come to
own 60% or more of the stock of the non-U.S. corporation (by vote or value, and applying certain specific counting and ownership rules).
These adverse tax consequences include (i) potential additional required gain recognition by the U.S. corporation, (ii) treatment of certain
payments to the non-U.S. corporation that reduce gross income as &#8220;base erosion payments,&#8221; (iii) an excise tax on certain options
and stock-based compensation of the U.S. corporation, (iv) disallowance of &#8220;qualified dividend&#8221; treatment for distributions
by the non-U.S. corporation, and (v) if former shareholders of the U.S. corporation come to own 80% or more of the stock of the non-U.S.
corporation, treatment of the non-U.S. corporation as a U.S. corporation subject to U.S. federal income tax on its worldwide income (in
addition to any tax imposed by non-U.S. jurisdictions). If the Transactions result in the application of any of these, or any other, adverse
tax consequences, NioCorp could incur significant additional tax costs. While NioCorp currently does not believe the Transactions will
cause such adverse tax consequences as a result of Section 7874 and related sections of the Code, this determination is subject to significant
legal and factual uncertainty. NioCorp has not sought and will not seek any rulings from the IRS as to the tax treatment of any of the
Transactions. Further, there can be no assurance that your tax advisor, the IRS, or a court, will agree with the position that NioCorp
is not subject to these adverse tax consequences.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_008"></A>
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This prospectus and the other documents incorporated
by reference into this prospectus contain or may contain &#8220;forward-looking statements&#8221; within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act, and &#8220;forward-looking information&#8221; within the meaning of applicable
Canadian securities laws (collectively, &#8220;forward-looking statements&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Forward-looking statements have been based
upon our current business and operating plans, as approved by the Company&#8217;s Board of Directors, and may include statements regarding
the anticipated benefits of the Transactions, including NioCorp&#8217;s ability to access the full amount of the expected net proceeds
of the Purchase Agreement over the next three years; NioCorp&#8217;s ability to receive a final commitment of financing from the Export-Import
Bank of the United States (&#8220;EXIM&#8221;); anticipated benefits of the listing of the Common Shares on Nasdaq; the financial and
business performance of NioCorp; NioCorp&#8217;s anticipated results and developments in the operations of NioCorp in future periods;
NioCorp&#8217;s planned exploration activities; the adequacy of NioCorp&#8217;s financial resources; NioCorp&#8217;s ability to secure
sufficient project financing to complete construction and commence operation of the Elk Creek Project; NioCorp&#8217;s expectation and
ability to produce niobium, scandium, and titanium at the Elk Creek Project; NioCorp&#8217;s plans to produce and supply specific products
and market demand for those products; the outcome of current recovery process improvement testing, and NioCorp&#8217;s expectation that
such process improvements could lead to greater efficiencies and cost savings in the Elk Creek Project; the Elk Creek Project&#8217;s
ability to produce multiple critical metals; the Elk Creek Project&#8217;s projected ore production and mining operations over its expected
mine life; the completion of the demonstration plant and technical and economic analyses on the potential addition of magnetic rare earth
oxides to NioCorp's planned product suite; the exercise of options to purchase additional land parcels; the execution of contracts with
engineering, procurement and construction companies; NioCorp&#8217;s ongoing evaluation of the impact of inflation, supply chain issues
and geopolitical unrest on the Elk Creek Project&#8217;s economic model; and the creation of full time and contract construction jobs
over the construction period of the Elk Creek Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Forward-looking statements are frequently,
but not always, identified by words such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;intends,&#8221;
&#8220;estimates,&#8221; &#8220;potential,&#8221; &#8220;possible,&#8221; and similar expressions, or statements that events, conditions,
or results &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; or &#8220;should&#8221; (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 &#8220;expects&#8221; or &#8220;does not expect,&#8221; &#8220;is expected,&#8221; &#8220;anticipates&#8221; or &#8220;does not anticipate,&#8221;
&#8220;plans,&#8221; &#8220;estimates,&#8221; or &#8220;intends,&#8221; or stating that certain actions, events, or results &#8220;may,&#8221;
&#8220;could,&#8221; &#8220;would,&#8221; &#8220;might,&#8221; or &#8220;will&#8221; 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&#8217;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: NioCorp&#8217;s ability
to recognize the anticipated benefits of the Transactions, including NioCorp&#8217;s ability to access the full amount of the expected
net proceeds under the Purchase Agreement over the next three years; unexpected costs related to the Transactions; the outcome of any
legal proceedings that may be instituted against NioCorp following closing of the Transactions; NioCorp&#8217;s ability to receive a final
commitment of financing from EXIM on the anticipated timeline, on acceptable terms, or at all; NioCorp&#8217;s ability to continue to
meet Nasdaq listing standards; NioCorp&#8217;s ability to operate as a going concern; risks relating to the Common Shares, including price
volatility, lack of dividend payments and dilution or the perception of the likelihood any of the foregoing; NioCorp&#8217;s requirement
of significant additional capital; the extent to which NioCorp&#8217;s level of indebtedness and/or the terms contained in agreements
governing NioCorp&#8217;s indebtedness or the Purchase Agreement may impair NioCorp&#8217;s ability to obtain additional financing; covenants
contained in agreements with NioCorp&#8217;s secured creditors that may affect its assets; NioCorp&#8217;s limited operating history;
NioCorp&#8217;s history of losses; the restatement of NioCorp&#8217;s consolidated financial statements as of and for the fiscal years
ended June 30, 2022 and 2021 and the interim periods ended September 30, 2021, December 31, 2021, March 31, 2022, September 30, 2022 and
December 31, 2022 and the impact of such restatement on NioCorp&#8217;s future financial statements and other financial measures; the
material weaknesses in NioCorp&#8217;s internal control over financial reporting, NioCorp&#8217;s efforts to remediate such material weaknesses
and the timing of remediation; the possibility that NioCorp may qualify as a PFIC under the Code; the potential that the Transactions
could result in NioCorp becoming subject to</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">materially adverse U.S. federal income tax consequences as a result
of the application of Section 7874 and related sections of the Code; cost increases for NioCorp&#8217;s exploration and, if warranted,
development projects; a disruption in, or failure of, NioCorp&#8217;s information technology systems, including those related to cybersecurity;
equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products;
current and future offtake agreements, joint ventures, and partnerships; NioCorp&#8217;s ability to attract qualified management; the
effects of the COVID-19 pandemic or other global health crises on NioCorp&#8217;s business plans, financial condition and liquidity; estimates
of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical
testing; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry;
changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or
state laws that may significantly affect the mining industry; the impacts of climate change, as well as actions taken or required by governments
related to strengthening resilience in the face of potential impacts from climate change; the need to obtain permits and comply with laws
and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; the possibility that actual
results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp&#8217;s projects; risks
of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns
or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining, or development
activities; the management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek
Project; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves
and resources; claims on the title to NioCorp&#8217;s properties; potential future litigation; and NioCorp&#8217;s lack of insurance covering
all of NioCorp&#8217;s operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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&#8217;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 Part I, Item 1A. &#8220;Risk Factors&#8221; contained in our most recent Annual Report
on Form 10-K, and Part II, Item 1A. &#8220;Risk Factors&#8221; contained in our subsequent Quarterly Reports on Form 10-Q, as well as
any amendments thereto, which are incorporated by reference into this prospectus and the applicable prospectus supplement in their entirety,
together with other information in this prospectus and the applicable prospectus supplement and the documents incorporated by reference
herein and therein. See the sections of this prospectus entitled &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation
of Documents by Reference.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&#8217;s forward-looking statements
contained in this prospectus are based on the beliefs, expectations, and opinions of management as of the date of this prospectus. The
Company does not assume any obligation to update forward-looking statements if circumstances or management&#8217;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: 0">&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 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>
USE OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This prospectus relates to Common Shares that
may be offered and sold from time to time by YA. All of the Common Shares offered by the Selling Shareholder pursuant to this prospectus
will be sold by the Selling Shareholder for its own account. We will not receive any of the proceeds from these sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We may receive up to $65.0 million aggregate
gross proceeds under the Purchase Agreement from any sales we make to YA pursuant to the Purchase Agreement. However, we are unable to
estimate the actual amount of proceeds that we may receive, as it will depend on the number of Advance Shares that we choose to sell,
limitations in the Purchase Agreement, including the Exchange Cap, the Ownership Limitation, the limitations on the maximum amount of
Advance Shares we may sell pursuant to any one Advance and the limitations on the number of Advances we may make in any given calendar
month when certain conditions exist, our ability to meet the conditions to deliver an Advance Notice as set forth in the Purchase Agreement,
market conditions and the price of our Common Shares, among other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We expect to use any proceeds that we receive
under the Purchase Agreement for working capital and general corporate purposes, including to advance our efforts to launch construction
of the Elk Creek Project and move it to commercial operation.</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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>
DETERMINATION OF OFFERING PRICE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We cannot currently determine the price or
prices at which Common Shares may be sold by the Selling Shareholder under this prospectus as the price will be determined by the prevailing
public market price for our Common Shares, by negotiations between the Selling Shareholder and the buyers of Common Shares in private
transactions or as otherwise described in &#8220;Plan of Distribution.&#8221;</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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>
SELLING SHAREHOLDER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This prospectus relates to the offer and sale
from time to time by YA of up to 10,407,404 Common Shares, consisting of Advance Shares, that have been or may be issued by us to YA under
the Purchase Agreement. For additional information regarding the issuances of Common Shares covered by this prospectus, see the section
titled &#8220;The YA Transaction&#8221; below. Except for the transactions contemplated by the Purchase Agreement and the Yorkville Convertible
Debt Financing Agreement, YA does not, and has not had, any material relationship with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The table below presents information regarding
the Selling Shareholder and the Common Shares that it may offer from time to time under this prospectus. This table is prepared based
on information supplied to us by the Selling Shareholder. The number of Common Shares in the column &#8220;Maximum Number of Common Shares
to be Offered Pursuant to this Prospectus&#8221; represents all of the Common Shares that the Selling Shareholder may offer under this
prospectus. The Selling Shareholder may sell some, all or none of its Common Shares covered by this prospectus in this offering. We do
not know how long the Selling Shareholder will hold the Common Shares before selling them, and we currently have no agreements, arrangements
or understandings with the Selling Shareholder regarding the sale of any of the Common Shares the Selling Shareholder may offer under
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Beneficial ownership is determined in accordance
with Rule 13d-3(d) promulgated by the SEC under the Exchange Act, and includes Common Shares with respect to which the Selling Shareholder
has voting or investment power. The percentage of Common Shares beneficially owned by the Selling Shareholder prior to and after the offering
shown in the table below is based on an aggregate of 31,918,218 Common Shares outstanding on August 21, 2023. The number of Common
Shares that may actually be issued by us under the Purchase Agreement may be fewer than the number of Common Shares being offered by this
prospectus. The fourth column assumes the issuance of all of the Common Shares offered by the Selling Shareholder pursuant to this prospectus.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
    <BR>
    <B>Number of Common Shares Beneficially Owned</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prior to Offering</B></P></TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Shares to be Offered</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to this</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prospectus</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of Common Shares Beneficially Owned</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>After Offering</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid"><B>Name of Selling Shareholder</B></P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Number<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Percent</B></P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Number<SUP>(2)</SUP></B></P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Percent</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.65pt"><FONT STYLE="font-size: 10pt">YA II PN, Ltd.<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">6,824,560</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">17<FONT STYLE="font-size: 10pt">.62%</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">10,407,404</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">6,824,560</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">13.89%</FONT></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">&nbsp;<A NAME="a_Hlk140965489"></A>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents
ownership of less than 1%.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Beneficial ownership includes (a) an estimated 5,<A NAME="a_Hlk142570795"></A>035,293 Common Shares issuable upon conversion of the
Convertible Debentures, assuming (i) the conversion of all $10,000,000 aggregate principal amount outstanding of the Convertible Debentures,
plus $793,151 of accrued interest, (ii) a conversion price equal to the Floor Price (as defined herein) of $2.1435 and (iii) none of the
limitations on conversion of the Convertible Debentures set forth in the Yorkville Convertible Debt Financing Agreement apply; and (b)
1,789,267 Common Shares issuable upon exercise of the Financing Warrants, assuming (i) none of the holders of the Financing Warrants elects
cashless exercise and (ii) none of the limitations on exercise of the Financing Warrants set forth the Yorkville Convertible Debt Financing
Agreement apply. Pursuant to the terms of the Convertible Debentures and the Financing Warrants, YA may not convert Convertible Debentures
or exercise Financing Warrants into Common Shares in an amount that would result in YA (or its affiliates) beneficially owning (as determined
in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) more than 4.99% of the Common Shares outstanding
immediately after giving effect to such conversion or exercise or receipt of shares (the &#8220;Beneficial Ownership Limitation&#8221;);
provided that YA may waive the Beneficial Ownership Limitation upon not less than 65 days&#8217; prior notice to NioCorp. In accordance
with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of Common Shares beneficially owned prior to the offering
all of the Common Shares that YA may be required to purchase under the Purchase Agreement, because the issuance of such Common Shares
is solely at our discretion and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside
of YA&#8217;s control, including the registration statement that includes this prospectus becoming and remaining effective.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Assumes the sale of all Common Shares being offered pursuant to this prospectus. Depending on the price per share at which we sell
Advance Shares to YA pursuant to the Purchase Agreement, we may need to sell to YA</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">under the Purchase Agreement more Advance Shares than are
offered under this prospectus in order to receive aggregate gross proceeds equal to the $65.0 million Commitment Amount under the Purchase
Agreement. If we choose to do so and otherwise satisfy the conditions in the Purchase Agreement, we must first register for resale under
the Securities Act such additional Advance Shares. The number of Common Shares ultimately offered for resale by YA is dependent upon the
number of Advance Shares we sell to YA under the Purchase Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>YA is a fund managed by Yorkville Advisors Global, LP. Yorkville Advisors Global II, LLC (&#8220;Yorkville LLC&#8221;) is the General
Partner of Yorkville Advisors Global, LP. All investment decisions for YA are made by Yorkville LLC&#8217;s President and Managing Member,
Mr. Mark Angelo. The business address of YA is 1012 Springfield Avenue, Mountainside, NJ 07092.</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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_012"></A>
THE YA TRANSACTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 26, 2023, we entered into the Purchase
Agreement, pursuant to which YA has committed to purchase up to $65.0 million of Advance Shares, at our direction from time to time and
during the Commitment Period, subject to certain limitations and the satisfaction of the conditions in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the terms and subject to the conditions
of the Purchase Agreement, we have the right, but not the obligation, to sell to YA, and YA is obligated to purchase up to $65.0 million
of Advance Shares. On June 9, 2023, we issued and sold 100,000 Advance Shares to YA, at a purchase price per share of $4.8808, pursuant
to an Advance (as defined below) under the Purchase Agreement. Further sales of Common Shares, if any, will be subject to certain limitations,
and may occur from time to time at our sole discretion, after the date of this prospectus and during the Commitment Period, provided,
that the registration statement of which this prospectus is a part covering the resale by YA of Common Shares that have been and may be
issued under the Purchase Agreement is declared effective by the SEC and the other conditions set forth in the Purchase Agreement are
satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">YA has no right to require us to sell any Advance
Shares to YA, but YA is obligated to make purchases at our direction, subject to certain limitations and the satisfaction of certain conditions.
There is no upper limit on the price per share that YA could be obligated to pay for the Advance Shares under the Purchase Agreement.
Actual sales of Advance Shares to YA from time to time will depend on a variety of factors, including, among others, market conditions,
the trading price of our Common Shares and determinations by us as to the appropriate sources of funding for us and our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We do not know what the purchase price for
our Common Shares will be and therefore cannot be certain as to the number of Common Shares we might issue to YA under the Purchase Agreement.
As of August 21, 2023, there were 31,918,218 of our Common Shares outstanding. Although the Purchase Agreement provides that we may
sell up to $65.0 million of Advance Shares to YA, only 10,407,404 of our Common Shares are being registered for resale by the Selling
Shareholder under this prospectus, which represent Advance Shares that may be issued to YA, if and when we elect to sell Advance Shares
under the Purchase Agreement, subject to certain limitations and the satisfaction of certain conditions. Depending on the market prices
of our Common Shares at the time we elect to issue and sell Advance Shares to YA under the Purchase Agreement, to the extent the Exchange
Cap provisions and other limitations in the Purchase Agreement allow, we may need to file with the SEC one or more additional registrations
statements to register for resale additional Common Shares in order to receive aggregate gross proceeds equal to the $65.0 million Commitment
Amount under the Purchase Agreement. Pursuant to the Purchase Agreement, in no event shall the number of Common Shares issued to YA thereunder
exceed the amount covered by an effective registration statement under the Securities Act covering the resale of all such Common Shares.
If all of the 10,407,404 Common Shares offered by YA under this prospectus were issued and outstanding as of the date hereof, such Common
Shares would represent approximately 24.59% of the total number of Common Shares outstanding as of August 21, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the Purchase Agreement, in no event may
we issue or sell to YA Common Shares in excess of 19.99% of the Common Shares outstanding immediately prior to the Closing, after giving
effect to the Reverse Stock Split (the &#8220;Exchange Cap&#8221;), unless we obtain shareholder approval to issue Common Shares in excess
of the Exchange Cap in accordance with the rules of Nasdaq and the TSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Purchase Agreement also prohibits us from directing
YA to purchase any Common Shares (A) which, when aggregated with all other Common Shares then beneficially owned by YA and its affiliates
(as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in YA and its affiliates
(on an aggregated basis) having beneficial ownership of more than the 4.99% of the then outstanding voting power or number of Common Shares
or (B) which, when aggregated with all other Common Shares beneficially owned by YA or any joint actors, or over which such persons exercise
control or direction (determined in accordance with applicable securities laws in the Province of Ontario), would result in such persons
beneficially owning or having control or direction over in excess of 19.99% of the then outstanding voting power or number of Common Shares
(the &#8220;Ownership Limitation&#8221;).</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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The net proceeds under the Purchase Agreement
to us will depend on the frequency and prices at which we sell our Common Shares to YA. We expect to use any proceeds that we receive
under the Purchase Agreement for working capital and general corporate purposes, including to advance our efforts to launch construction
of the Elk Creek Project and move it to commercial operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As consideration for YA&#8217;s irrevocable
commitment to purchase Advance Shares upon the terms of and subject to satisfaction of the conditions set forth in the Purchase Agreement,
we issued 81,213 Commitment Shares to YA in connection with the Closing. YA has since resold all of the Commitment Shares. The Common
Shares issuable pursuant to the Purchase Agreement are being offered and sold to YA on a private offering basis pursuant to the exemption
from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Purchase of Common Shares Under the Purchase
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Subject to the limitations and the satisfaction of
the conditions under the Purchase Agreement, we have the right, but not the obligation, from time to time at our sole discretion after
the date of this prospectus and during the Commitment Period, to direct YA to purchase amounts of Advance Shares under the Purchase Agreement
that we specify in a written notice (an &#8220;Advance Notice&#8221;) delivered to YA on a trading day. The maximum amount of Advance
Shares that we may specify in an Advance Notice is the greater of: (i) a number of Common Shares equal to 100% of the average of the daily
trading volume of the Common Shares on Nasdaq or such other principal U.S. market for the Common Shares if the Common Shares are ever
listed or traded on the New York Stock Exchange or the NYSE American (the &#8220;Principal U.S. Market&#8221;) during regular trading
hours as reported by Bloomberg Financial Markets (or, if not available, a similar service provider of national recognized standing), during
the five trading days immediately preceding an Advance Notice, or (ii) 500,000 Common Shares; <I>provided however</I>, if any Convertible
Debentures issued to YA by the Company pursuant to the Yorkville Convertible Debt Financing Agreement are outstanding when an Advance
Notice is delivered to YA, then the maximum Advance amount shall be limited to the number of Common Shares described in clause (i) above.
Further, for so long as any Convertible Debentures issued to YA are outstanding, unless YA gives its prior written consent, we will not
be permitted to (i) effect any Advances if (A) the number of Common Shares that we at the time may still issue without shareholder approval
in compliance with the rules of Nasdaq and the TSX in connection with the transactions contemplated by the Yorkville Convertible Debt
Financing Agreement and all other related transactions that would be considered part of the same series of transactions is less than (B)
200% of the maximum number of Common Shares issuable upon conversion of all Convertible Debentures (assuming for purposes hereof that
(x) such Convertible Debentures are convertible, as of the date of determination, at 30% of the average of the daily U.S. dollar volume-weighted
average price of the Common Shares on the principal U.S. market for the Common Shares during the five consecutive trading days immediately
preceding the date of the First Debenture Closing and (y) any such conversion shall not take into account any limitations on the conversion
of the Convertible Debentures set forth therein) at such time, or (ii) effect more than two Advances in any month. Subject to the limitations
and the satisfaction of the conditions under the Purchase Agreement, we may deliver Advance Notices from time to time during the Commitment
Period, provided that we have delivered all Advance Shares relating to all prior Advance Notices.</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 10pt; text-indent: 0.25in">Each Advance Notice will specify (1) the amount
of the Advance in Advance Shares and (2) the elected purchase price option among Purchase Price Option #1 and Purchase Price Option #2,
as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Purchase Price Option #1:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If we submit a valid Advance Notice that specifies
this purchase price option, we will sell Advance Shares to YA at a purchase price equal to 97% of the VWAP of the Common Shares on the
Principal U.S. Market during the applicable pricing period, which is a period during a single trading day defined based on when the Advance
Notice is submitted (&#8220;Purchase Price Option #1&#8221;). If the Advance Notice is submitted by 9:30 a.m., New York City time, on
a trading day, then the pricing period under Purchase Price Option #1 will commence as of the open of trading on such day and will end
at 4:00 p.m., New York City time, on such day. If the Advance Notice is submitted after 9:30 a.m., New York City time, on a trading day,
then the pricing period under Purchase Price Option #1 will commence upon receipt by us of written confirmation of receipt of such Advance
Notice by YA and will end at 4:00 p.m., New York City time, on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under Purchase Price Option #1, if the volume
of Common Shares traded on the Principal U.S. Market during the applicable pricing period is less than the number of Advance Shares set
out in the Advance Notice divided by</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">0.30, the number of Advance Shares that must be purchased by YA
pursuant to such Advance Notice will be reduced to the greater of (a) 30% of the trading volume of the Common Shares on the Principal
U.S. Market during the applicable pricing period as reported by Bloomberg Financial Markets (or, if not available, a similar service provider
of national recognized standing), and (b) the number of Common Shares sold by YA during the applicable pricing period, but not to exceed
the number of Advance Shares specified by us in the Advance Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Purchase Price Option #2:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If we submit a valid Advance Notice that specifies
this purchase price option, we will sell Advance Shares to YA at a purchase price equal to 97% of the average of the daily VWAPs of the
Common Shares on the Principal U.S. Market during a pricing period of three consecutive trading days commencing on the trading day the
Advance Notice is received by YA, if it is received by 9:30 a.m., New York City time, or the immediately following trading day if it is
received after 9:30 a.m., New York City time (&#8220;Purchase Price Option #2&#8221; and, together with Purchase Price Option #1, the
&#8220;Purchase Price&#8221;). Purchase Price Option #2 will be used whenever any Convertible Debentures issued to YA are outstanding,
unless waived by YA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the VWAP on any trading day during a pricing
period under Purchase Price Option #2 is below a minimum price set by us, if any, in connection with a particular Advance Notice or there
is no VWAP on any trading day during a pricing period under Purchase Price Option #2 (an &#8220;Excluded Day&#8221;), then for each such
trading day (i) the number of Advance Shares specified by us in the Advance Notice shall be deemed to be automatically reduced by an amount
equal to 33% of the original number of Advance Shares specified by us in the Advance Notice and (ii) such day shall not be factored into
the determination of the average of the daily VWAPs during such pricing period. If YA sells any Common Shares on an Excluded Day, then
the number of Advance Shares specified by us in the Advance Notice shall be deemed to be automatically increased by an amount equal to
the number of Common Shares sold by YA on such Excluded Day (but not above the original number of Advance Shares specified by us in the
Advance Notice), and the Purchase Price to be paid by YA for each such Advance Share upon settlement of the applicable Advance shall be
deemed to be equal to the minimum price set by us in connection with such Advance Notice (without any further discount).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subject to the limitations and adjustments
described above, YA will become irrevocably bound to purchase a number of Advance Shares at the applicable Purchase Price pursuant to
each valid Advance Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The payment for, against simultaneous delivery
of, shares in respect of each Advance under the Purchase Agreement will be settled as soon as practicable on or after the first trading
day after expiration of the applicable pricing period for each Advance (each, an &#8220;Advance Date&#8221;), as set forth in the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Conditions to Delivery of Advance Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140965604"></A>Our ability to
deliver Advance Notices to YA under the Purchase Agreement is subject to the satisfaction of certain conditions, all of which are entirely
outside of YA&#8217;s control, including, among other things, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the accuracy in all material respects of our representations and warranties included in the Purchase Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effectiveness of a registration statement under the Securities Act registering the resale in the United States of the Common Shares
issuable pursuant to such Advance Notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our having obtained shareholder approval for the transactions contemplated by the Purchase Agreement in accordance with the rules
of the TSX;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our receipt of all permits and qualifications required by any applicable state for the offer and sale of Common Shares issuable pursuant
to such Advance Notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>no Material Outside Event (as defined in the Purchase Agreement) shall have occurred or be continuing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>us having performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the
Purchase Agreement to be performed, satisfied or complied with by us;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the absence of any statute, regulation, order, decree, writ, ruling or injunction by any court or governmental authority of competent
jurisdiction which prohibits or directly, materially and adversely affects any of the transactions contemplated by the Purchase Agreement;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Common Shares are quoted for trading on the Principal U.S. Market and all of the Advance Shares issuable pursuant to such Advance
Notice will be listed or quoted for trading on the Principal U.S. Market, the issuance of Advance Shares with respect to the applicable
Advance Notice will not violate the shareholder approval requirements of the Principal U.S. Market and the Company shall not have received
any written notice that is then still pending threatening the continued quotation of the Common Shares on the Principal U.S. Market;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there shall be a sufficient number of authorized but unissued and otherwise unreserved Common Shares for the issuance of all the Common
Shares issuable pursuant to such Advance Notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the representations contained in the applicable Advance Notice shall be true and correct in all material respects; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our having delivered all Advance Shares relating to all prior Advances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Short-Selling or Hedging by YA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">YA has agreed that, during the term of the
Purchase Agreement, neither YA nor its affiliates will engage in any short sales or hedging transactions that establish a net short position
with respect to our Common Shares, provided that upon receipt of an Advance Notice, YA may sell Advance Shares that it is obligated to
purchase under such Advance Notice prior to taking possession of such Advance Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Termination of the Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140965630"></A>Unless earlier
terminated as provided in the Purchase Agreement, the Purchase Agreement will automatically terminate upon the earliest of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the first day of the month next following the 36-month anniversary of the Closing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which YA shall have made payment of the full Commitment Amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have the right to terminate the Purchase Agreement at any time, at no cost or penalty, upon five trading days&#8217; prior written
notice to YA, providing that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there are no Advance Notices under which Advance Shares have not yet been issued and paid for; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have paid all amounts owed to YA pursuant to the Purchase Agreement, including all remaining installments of the Cash Fee that
have not otherwise been paid by us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We and YA may also terminate the Purchase Agreement
at any time by mutual written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Effect of Performance of the Purchase Agreement
on our Shareholders </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All Common Shares that may be issued or sold
by us to YA under the Purchase Agreement that are being registered under the Securities Act for resale by YA under this prospectus are
expected to be freely tradable. The Advance Shares being registered for resale in this offering may be issued and sold by us to YA from
time to time at our discretion after the date of this prospectus and during the Commitment Period, subject to certain limitations and
the satisfaction of certain conditions. The resale by YA of a significant amount of Common Shares registered for resale in this offering
at any given time, or the perception that these sales may occur, could cause the market price of our Common Shares to decline and to be
highly volatile. Sales of Advance Shares, if any, to YA under the Purchase Agreement will depend upon market conditions and other factors.
We may ultimately decide to sell to YA all, some or none of the Advance Shares that may be available for us to sell to YA pursuant to
the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Depending on market price of our Common Shares
and subject to the Exchange Cap and other limitations in the Purchase Agreement, we may seek to issue and sell to YA under the Purchase
Agreement more Advance Shares than are offered under this prospectus in order to receive aggregate gross proceeds equal to the $65.0 million
Commitment Amount under the Purchase Agreement. If we choose to do so, we must first register for resale under the Securities Act any
such additional Advance Shares, which could cause additional substantial dilution to our shareholders. The number of Common Shares ultimately
offered for resale under this prospectus is dependent upon the number of Advance Shares we direct YA to purchase under the Purchase Agreement.</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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_013"></A>
Description of Capital Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Common Shares</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 0 10pt; text-indent: 0.25in">The authorized capital of the Company consists
of an unlimited number of Common Shares, without par value. The holders of Common Shares are entitled to receive notice of and attend
all meetings of shareholders, with each Common Share held entitling the holder to one vote on any resolution to be passed at such shareholder
meetings. The holders of Common Shares are entitled to dividends if, as and when declared by the Company&#8217;s Board of Directors. The
Common Shares are entitled, upon liquidation, dissolution, or winding up of the Company, to receive the remaining assets of the Company
available for distribution to shareholders. There are no pre-emptive, conversion, or redemption rights attached to the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are no governmental laws, decrees, or
regulations in Canada that restrict the export or import of capital, including foreign exchange controls, or that affect the remittance
of dividends, interest or other payments to non-resident holders of the securities of the Company, other than as discussed below and Canadian
withholding tax. See &#8220;<I>Certain Canadian Federal Income Tax Considerations for U.S. Residents</I>&#8221; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Limitations on the ability to acquire and hold
Common Shares may be imposed by the Competition Act (Canada). This legislation permits the Commissioner of Competition of Canada (the
&#8220;Commissioner&#8221;) to review any acquisition of a significant interest in the Company. This legislation grants the Commissioner
jurisdiction to challenge such an acquisition before the Canadian Competition Tribunal if the Commissioner believes that it would, or
would be likely to, result in a substantial lessening or prevention of competition in any market in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Investment Canada Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Investment Canada Act subjects an acquisition
of control of a company by a non-Canadian to government review if the enterprise value of such company, as calculated pursuant to the
legislation, exceeds a threshold amount. A reviewable acquisition may not proceed unless the relevant minister is satisfied that the investment
is likely to result in a net benefit to Canada. Under the national-security-review regime in the Investment Canada Act, review on a discretionary
basis may also be undertaken by the federal government in respect of a broad range of investments by a non-Canadian. No financial threshold
applies to a national security review. The relevant test is whether such investment by a non-Canadian could be &#8220;injurious to national
security.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140965660"></A>From time to time,
the Company has outstanding Common Share purchase warrants, with each Common Share purchase warrant exercisable for one Common Share.
The exercise price per Common Share and the number of Common Shares issuable upon exercise of Common Share purchase warrants is subject
to adjustment upon the occurrence of certain events, including, but not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the subdivision or re-division of the outstanding Common Shares into a greater number of Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the reduction, combination or consolidation of the outstanding Common Shares into a lesser number of Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issuance of Common Shares or securities exchangeable for, or convertible into, Common Shares to all or substantially all of the
holders of Common Shares by way of stock dividend or other distribution (other than a distribution of Common Shares upon the exercise
of Common Share purchase warrants or any outstanding options);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the reorganization of the Company or the consolidation or merger or amalgamation of the Company with or into another corporate body;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a reclassification or other similar change to the outstanding Common Shares.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company will issue the Common Shares issuable
upon exercise of Common Share purchase warrants within five business days following its receipt of notice of exercise and payment of the
exercise price, subject to surrender of the Common Share purchase warrants. Prior to the exercise of any Common Share purchase warrants,
holders of the Common Share purchase warrants will not have any of the rights of holders of the Common Shares issuable upon exercise,
including the right to vote or to receive any payments of dividends on the Common Shares issuable upon exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In connection with the Closing, pursuant to
the Business Combination Agreement, the Company assumed the GXII Warrant Agreement and each GXII Warrant thereunder that was issued and
outstanding immediately prior to the Closing Date was converted into one NioCorp Assumed Warrant pursuant to the NioCorp Assumed Warrant
Agreement. In connection with the Closing, NioCorp issued (a) 9,999,959 public NioCorp Assumed Warrants in respect of the GXII Warrants
that were publicly traded prior to the Closing and (b) 5,666,667 NioCorp Assumed Warrants to the Sponsor in respect of the GXII Warrants
that it held prior to the Closing, which NioCorp Assumed Warrants were subsequently distributed by the Sponsor to its members in connection
with the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Both the public NioCorp Assumed Warrants and
the NioCorp Assumed Warrants issued to the Sponsor are subject to the terms of the NioCorp Assumed Warrant Agreement and are identical,
with certain exceptions applicable to the NioCorp Assumed Warrants issued to the Sponsor for so long as such NioCorp Assumed Warrants
are held by the Sponsor, its members, or their respective affiliates and other permitted transferees. In accordance with the NioCorp Assumed
Warrant Agreement, any NioCorp Assumed Warrants issued to the Sponsor that are held by someone other than the Sponsor, its members, or
their respective affiliates and other permitted transferees, are treated as public NioCorp Assumed Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Each NioCorp Assumed Warrant is exercisable
on and after April 16, 2023 until its expiration for 1.11829212 Common Shares at a price of $11.50 per 1.11829212 Common Shares (subject
to adjustments for stock splits, stock dividends, reorganizations, recapitalizations and the like). Under the terms of NioCorp Assumed
Warrant Agreement, for so long as the NioCorp Assumed Warrants issued to the Sponsor are held by the Sponsor, its members, or their respective
affiliates and other permitted transferees, such holders have the right to elect to exercise those NioCorp Assumed Warrants on a cashless
basis. For such NioCorp Assumed Warrants exercised on a cashless basis after the Closing, the holder will be entitled to pay the exercise
price for those NioCorp Assumed Warrants by surrendering all or portion of the cash and/or Common Shares (valued at their fair market
value) into which those NioCorp Assumed Warrants are exercisable as shall be elected by the holder. For this purpose, Common Shares so
surrendered will be deemed to have a &#8220;fair market value&#8221; equal to the average reported last sale price of the Common Shares
for the 10 trading days ending on the third trading day prior to the date of exercise of the applicable NioCorp Assumed Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants will expire at
5:00 p.m., New York City time, on March 17, 2028 or earlier upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company will not be obligated to deliver
any Common Shares pursuant to the exercise of a NioCorp Assumed Warrant and will have no obligation to settle such exercise unless a registration
statement under the Securities Act with respect to the Common Shares underlying the NioCorp Assumed Warrants is then effective and a prospectus
relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration. No NioCorp
Assumed Warrant will be exercisable and the Company will not be obligated to issue Common Shares upon exercise of a NioCorp Assumed Warrant
unless Common Shares issuable upon such exercise have been registered, qualified or deemed to be exempt under the securities laws of the
state of residence of the registered holder of the NioCorp Assumed Warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a NioCorp Assumed Warrant, the holder of such NioCorp Assumed Warrant will not be entitled
to exercise such NioCorp Assumed Warrant and such NioCorp Assumed Warrant may have no value and expire worthless. In no event will the
Company be required to net cash settle any NioCorp Assumed Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants, and the underlying
Common Shares issuable upon the exercise thereof, were registered under the Securities Act pursuant to the Company&#8217;s registration
statement on Form S-4, originally filed on November 7, 2022, as subsequently amended, which was declared effective by the SEC on February
8, 2023. The</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">ongoing registered offering of the Common Shares underlying the
NioCorp Assumed Warrants is being conducted pursuant to the Company&#8217;s registration statement on Form S-3, which was filed on April
14, 2023 and was declared effective by the SEC on May 9, 2023 and which the Company expects to post-effectively amend to convert such
registration statement to Form S-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company will have the right to call the
public NioCorp Assumed Warrants for redemption at any time following the Closing <A NAME="a_Hlk140967274"></A>Date:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in whole and not in part;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at a price of $0.01 per NioCorp Assumed Warrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>upon not less than 30 days&#8217; prior written notice of redemption (the &#8220;30-day redemption period&#8221;) to each public NioCorp
Assumed Warrant holder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if, and only if, the reported last sale price of the Common Shares equals or exceeds approximately $16.10 per share (subject to certain
adjustments) for any 20 trading days within a 30-trading day period commencing once the NioCorp Assumed Warrants become exercisable and
ending three business days before the Company sends the notice of redemption to the public NioCorp Assumed Warrant holders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if there is an effective registration statement covering the Common Shares issuable upon exercise of the NioCorp Assumed Warrants,
and a current prospectus relating thereto, available throughout the 30-day redemption period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants issued to the
Sponsor are not redeemable by the Company for so long as such NioCorp Assumed Warrants are held by the Sponsor, its members, or their
respective affiliates or other permitted transferees. In addition, the Company may not exercise its redemption right if the issuance of
Common Shares upon exercise of the NioCorp Assumed Warrants is not exempt from registration or qualification under applicable state blue
sky laws or the Company is unable to effect such registration or qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company calls the public NioCorp Assumed
Warrants for redemption as described above, the Company will have the option to require any holder that wishes to exercise its public
NioCorp Assumed Warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their public
NioCorp Assumed Warrants on a &#8220;cashless basis,&#8221; the Company will consider, among other factors, its cash position, the number
of NioCorp Assumed Warrants that are outstanding and the dilutive effect on the Company&#8217;s shareholders of issuing the maximum number
of Common Shares issuable upon the exercise of the NioCorp Assumed Warrants. If the Company takes advantage of this option, all holders
of public NioCorp Assumed Warrants would pay the exercise price by surrendering their NioCorp Assumed Warrants for that number of Common
Shares equal to the quotient obtained by dividing (x) the product of the number of Common Shares underlying the public NioCorp Assumed
Warrants, multiplied by the difference between the exercise price of the NioCorp Assumed Warrants and the &#8220;fair market value&#8221;
(defined below) by (y) the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of the
Common Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of public NioCorp Assumed Warrants. If the Company takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of Common Shares to be received upon exercise of the NioCorp Assumed Warrants, including the &#8220;fair
market value&#8221; in such case. Requiring a cashless exercise in this manner will reduce the number of Common Shares to be issued and
thereby lessen the dilutive effect of a redemption of the public NioCorp Assumed Warrants. If the Company calls the public NioCorp Assumed
Warrants for redemption and does not take advantage of this option, the Sponsor, its members, and their respective affiliates and other
permitted transferees would still be entitled to exercise their NioCorp Assumed Warrants for cash or on a cashless basis using the same
formula described above that other NioCorp Assumed Warrant holders would have been required to use had all NioCorp Assumed Warrant holders
been required to exercise their NioCorp Assumed Warrants on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A holder of a NioCorp Assumed Warrant may notify
the Company in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such
NioCorp Assumed Warrant, to the extent that after giving effect to such exercise, such holder (together with such holder&#8217;s affiliates),
to the NioCorp Assumed Warrant Agent&#8217;s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount
as a holder may specify) of the Common Shares outstanding immediately after giving effect to such exercise.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants have certain anti-dilution
and adjustments rights upon certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants may be exercised
upon surrender of the certificate representing such NioCorp Assumed Warrants on or prior to the expiration date at the offices of the
NioCorp Assumed Warrant Agent, with the exercise form on the reverse side of such certificate completed and executed as indicated, accompanied
by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to the order
of the NioCorp Assumed Warrant Agent or by wire transfer, for the number of NioCorp Assumed Warrants being exercised. The NioCorp Assumed
Warrant holders will not have the rights or privileges of holders of Common Shares or any attendant voting rights until they exercise
their NioCorp Assumed Warrants and receive Common Shares. After the issuance of Common Shares upon exercise of the NioCorp Assumed Warrants,
each holder will be entitled to one vote for each Common Share held of record on all matters to be voted on by NioCorp shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk139810131"></A>If, upon exercise
of the NioCorp Assumed Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise,
round down to the nearest whole number of Common Shares to be issued to the NioCorp Assumed Warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NioCorp Assumed Warrants were issued in
registered form under the NioCorp Assumed Warrant Agreement. The NioCorp Assumed Warrant Agreement may be amended by the parties thereto
without the consent of any registered holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any mistake,
or adding or changing any other provisions with respect to matters or questions arising under NioCorp Assumed Warrant Agreement as the
parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders of
the NioCorp Assumed Warrants, and (ii) to provide for the delivery of such kind and amount of Common Shares or other securities or property
(including cash) receivable upon a reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of NioCorp Assumed Warrants would have received if such holder had exercised his, her or its NioCorp
Assumed Warrants immediately prior to such event. All other modifications or amendments, including any amendment to increase the warrant
price or shorten the exercise period, shall require the vote or written consent of the registered holders of a majority of the then outstanding
public NioCorp Assumed Warrants. Any amendment solely to the NioCorp Assumed Warrants issued to the Sponsor and that are held by the Sponsor,
its members, or their respective affiliates or other permitted transferees, shall require the vote or written consent of a majority of
the holders of the then outstanding NioCorp Assumed Warrants issued to the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 26, 2023, NioCorp entered into the
Yorkville Convertible Debt Financing Agreement with YA. Pursuant to the Yorkville Convertible Debt Financing Agreement, YA advanced a
total amount of $15,360,000 to NioCorp in consideration of the issuance by NioCorp to YA of $16,000,000 aggregate principal amount of
Convertible Debentures at the time of Closing (the &#8220;Debenture Closing&#8221;). As of August 21, 2023, there was $10,000,000 aggregate
principal amount of Convertible Debentures outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Each Convertible Debenture issued under the
Yorkville Convertible Debt Financing Agreement is an unsecured obligation of NioCorp, matures on September 17, 2024, which maturity may
be extended for one six-month period in certain circumstances at the option of NioCorp, and incurs a simple interest rate obligation of
5.0% per annum (which will increase to 15.0% per annum upon the occurrence of an event of default). The outstanding principal amount of,
accrued and unpaid interest, if any, on, and premium, if any, on the Convertible Debentures must be paid by NioCorp in cash when the same
becomes due and payable under the terms of the Convertible Debentures at their stated maturity, upon their redemption or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subject to certain limitations contained within
the Yorkville Convertible Debt Financing Agreement and the Convertible Debentures, including those as described below, holders of the
Convertible Debentures will be entitled to convert the principal amount of, and accrued and unpaid interest, if any, on each Convertible
Debenture, in whole or in part, from time to time over their term, into a number of Common Shares equal to the quotient of the principal
amount and accrued and unpaid interest, if any, being converted divided by the Conversion Price. The &#8220;Conversion Price&#8221; means,
as of any Conversion Date (as defined below) or other date of determination, the greater of (i) 90% of the average of the daily U.S. dollar
volume-weighted average price of the Common Shares on the principal U.S. market for the Common Shares as reported by Bloomberg Financial
Markets during the five consecutive trading</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">days immediately preceding the date on which the holder exercises
its conversion right in accordance with the requirements of the Yorkville Convertible Debt Financing Agreement (the &#8220;Conversion
Date&#8221;) or other date of determination, but not lower than the Floor Price (as defined below), and (ii) the five-day volume-weighted
average price of the Common Shares on the TSX (or on the principal U.S. market if the majority of the trading volume and value of the
Common Shares occurred on Nasdaq during the relevant period) for the five consecutive trading days immediately prior to the Conversion
Date or other date of determination less the maximum applicable discount allowed by the TSX. The &#8220;Floor Price&#8221; means a price
of $2.1435 per share, which is equal to the lesser of (a) 30% of the average of the daily volume-weighted average price of the Common
Shares on the principal U.S. market for the Common Shares as reported by Bloomberg Financial Markets during the five consecutive trading
days immediately preceding the Debenture Closing and (b) 30% of the average of the volume-weighted average price of the Common Shares
on the principal U.S. market for the Common Shares as reported by Bloomberg Financial Markets during the five consecutive trading days
immediately following the Debenture Closing, subject to certain adjustments to give effect to any stock dividend, stock split, reverse
stock split, recapitalization or similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The terms of the Convertible Debentures restrict
the number of Convertible Debentures that may be converted during each calendar month by YA at a Conversion Price below a fixed price
equal to approximately $8.9422 (i.e., the quotient of $10.00 divided by 1.11829212 (being the number of Common Shares that were exchanged
for each share of GXII at the Closing, after giving effect to the Reverse Stock Split)), subject to adjustment to give effect to any stock
dividend, stock split, reverse stock split, recapitalization or similar event. The Convertible Debentures are subject to customary anti-dilution
adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The terms of the Convertible Debentures restrict
the conversion of Convertible Debentures by YA if such a conversion would cause YA to exceed certain beneficial ownership thresholds in
NioCorp or such a conversion would cause the aggregate number of Common Shares issued pursuant to the Yorkville Convertible Debt Financing
Agreement to exceed the thresholds for issuance of Common Shares under the rules of the TSX and Nasdaq, unless prior shareholder approval
is obtained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In conjunction with the Debenture Closing,
NioCorp issued to YA Financing Warrants to purchase 1,789,267 Common Shares, which is equal to the quotient of the principal amount of
Convertible Debentures issued in such Debenture Closing divided by the &#8220;Exercise Price,&#8221; which is equal to approximately $8.9422
(i.e., the quotient of $10.00 divided by 1.11829212 (being the number of Common Shares that were exchanged for each share of GXII at the
Closing, after giving effect to the Reverse Stock Split)), in each case, subject to adjustment to give effect to any stock dividend, stock
split, reverse stock split, recapitalization or similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Financing Warrants are exercisable, in
whole or in part, but not in increments of less than $50,000 aggregate Exercise Price (unless the remaining aggregate Exercise Price is
less than $50,000), beginning on May 4, 2023, and may be exercised at any time prior to their expiration. Holders of the Financing Warrants
may exercise their Financing Warrants, at their election, by paying the Exercise Price in cash or, if at any time there is no effective
registration statement registering, or no current prospectus available for, the resale of the underlying Common Shares, on a cashless
exercise basis. On each of the first 12 monthly anniversaries of September 17, 2023, 1/12th of the Financing Warrants will expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Financing Warrants have customary anti-dilution
adjustments to be determined in accordance with the requirements of the applicable stock exchanges, including the TSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The terms of the Financing Warrants restrict
the exercise of Financing Warrants by YA if such an exercise would cause YA to exceed certain beneficial ownership thresholds in NioCorp
or such an exercise would cause the aggregate number of Common Shares issued pursuant to the Yorkville Convertible Debt Financing Agreement
to exceed the thresholds for issuance of Common Shares under the rules of the TSX and Nasdaq, unless prior shareholder approval is obtained.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_014"></A>
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a general summary of certain
U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership,
and disposition of the Common Shares. This summary is for general information purposes only and does not purport to be a complete analysis
or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition,
ownership, and disposition of Common Shares. In addition, this summary does not take into account the individual facts and circumstances
of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including, without limitation,
specific tax consequences to a U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and
should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. This summary does not address any
tax consequences to U.S. Holders of the acquisition, ownership, and disposition of Common Shares arising from the U.S. federal alternative
minimum tax or the Medicare tax on investment income, U.S. federal estate, gift and other non-income taxes, U.S. state and local taxes,
or any non-U.S. tax. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements.
Each prospective U.S. Holder should consult its own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal
estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of the Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">No legal opinion from U.S. legal counsel or
ruling from the IRS has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership,
and disposition of the Common Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that
is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is
based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described
in this summary.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This summary is based on the Code, Treasury
Regulations (whether final, temporary, or proposed), published rulings and administrative positions of the IRS, the Convention Between
Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the &#8220;Canada-U.S.
Tax Convention&#8221;), and U.S. court decisions that are applicable, and, in each case, as in effect and available, as of the date of
this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and
any such change could be applied retroactively. This summary does not discuss the potential effects, whether adverse or beneficial, of
any proposed legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>U.S. Holders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For purposes of this summary, the term &#8220;U.S.
Holder&#8221; means a beneficial owner of Common Shares that is for U.S. federal income tax <A NAME="a_Hlk140967355"></A>purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United
States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an estate whose income is subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of
one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to
be treated as a U.S. person.</FONT>&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 0 10pt; text-align: justify"><B><I>U.S. Holders Subject to Special U.S.
Federal Income Tax Rules Not Addressed</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This summary does not address the U.S. federal
income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited
to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred
accounts; (b) are</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">financial institutions, underwriters, insurance companies, real
estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that
elect to apply a mark-to-market accounting method; (d) have a &#8220;functional currency&#8221; other than the U.S. dollar; (e) own Common
Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than
one position; (f) acquire Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services;
(g) hold Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment
purposes); or (h) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power
of the outstanding shares of the Company. This summary also does not address the U.S. federal income tax considerations applicable to
U.S. Holders who are: (a) U.S. expatriates or former long-term residents of the U.S.; (b) persons that have been, are, or will be a resident
or deemed to be a resident in Canada for purposes of the Income Tax Act (Canada) (the &#8220;Tax Act&#8221;); (c) persons that use or
hold, will use or hold, or that are or will be deemed to use or hold Common Shares in connection with carrying on a business in Canada;
(d) persons whose Common Shares constitute &#8220;taxable Canadian property&#8221; under the Tax Act; or (e) persons that have a permanent
establishment in Canada for the purposes of the Canada-U.S. Tax Convention. U.S. Holders that are subject to special provisions under
the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisors regarding tax
consequences relating to the acquisition, ownership and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If an entity or arrangement that is classified
as a partnership (or other &#8220;pass-through&#8221; entity) for U.S. federal income tax purposes holds Common Shares, the U.S. federal
income tax consequences to such entity or arrangement and the partners (or other owners or participants) of such entity or arrangement
generally will depend on the activities of the entity or arrangement and the status of such partners (or owners or participants). This
summary does not address the tax consequences to any such partner (or owner or participants). Partners (or other owners or participants)
of entities or arrangements that are classified as partnerships or as &#8220;pass-through&#8221; entities for U.S. federal income tax
purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition,
ownership, and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>General Rules Applicable to the Ownership
and Disposition of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Distributions on Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A U.S. Holder
that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount
of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to
the extent of the current and accumulated &#8220;earnings and profits&#8221; of the Company, as computed for U.S. federal income tax purposes.
To the extent that a distribution exceeds the current and accumulated &#8220;earnings and profits&#8221; of the Company, such distribution
will be treated, first, as a tax-free return of capital to the extent of a U.S. Holder&#8217;s tax basis in the Common Shares and thereafter
as gain from the sale or exchange of such Common Shares. However, the Company may not maintain the calculations of its earnings and profits
in accordance with U.S. federal income tax principles, and U.S. Holders may have to assume that any distribution by the Company with respect
to the Common Shares will constitute ordinary dividend income. Dividends received on Common Shares by a corporate U.S. Holder (other than
certain 10% corporate shareholders) generally will not be eligible for a &#8220;dividends received deduction.&#8221; Provided that (1)
the Company is eligible for the benefits of the Canada-U.S. Tax Convention or (2) the Common Shares are readily tradable on a United States
securities market (and certain holding period and other conditions are satisfied), dividends paid by the Company to non-corporate U.S.
Holders , including individuals, will be eligible for the preferential tax rates applicable to long-term capital gains for dividends unless
the Company is classified as a PFIC in the tax year of distribution or in the preceding tax year. See &#8220;&#8212;Passive Foreign Investment
Company Rules&#8212;Risk of PFIC Status for the Company&#8221; below. The dividend rules are complex, and each U.S. Holder should consult
its own tax advisors regarding the application of such rules.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Sales or Other Taxable Dispositions of
Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Upon the sale or other taxable disposition
of Common Shares, subject to the potential application of the PFIC rules as described below, a U.S. Holder generally will recognize capital
gain or loss in an amount equal to the difference between (i) the U.S. dollar value of cash received plus the fair market value of any
property received and (ii) such U.S. Holder&#8217;s adjusted tax basis in such Common Shares sold or otherwise disposed of. A U.S. Holder&#8217;s</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">tax basis in Common Shares generally will be determined initially
by the holder&#8217;s U.S. dollar cost for the Common Shares (subject to any adjustments provided under the PFIC rules, described below).
Subject again to the PFIC rules, gain or loss recognized on such sale or other disposition generally will be long-term capital gain or
loss if, at the time of the sale or other disposition, the Common Shares have been held for more than one year. Any gain or loss will
generally be U.S. source for U.S. foreign tax credit purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Preferential tax rates currently apply to long-term
capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital
gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code. If the
Company is determined to be a PFIC, any gain realized on the Common Shares could be ordinary income under the rules discussed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Risk of PFIC Status for the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company were to constitute a PFIC under
the meaning of Section 1297 of the Code for any taxable year during a U.S. Holder&#8217;s holding period, then certain potentially adverse
U.S. federal income tax rules may apply to a U.S. Holder of Common Shares. While this summary cannot describe all of the potentially adverse
consequences that would result if the Company were treated as a PFIC for a relevant taxable year, certain material consequences and related
considerations are described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company believes that it was classified
as a PFIC during the tax years ended June 30, 2022 and 2021, and, based on the current composition of its income and assets, as well as
current business plans and financial expectations, may meet the PFIC qualification tests for its current tax year or in future tax years.
No opinion of legal counsel or ruling from the IRS concerning the PFIC status of the Company or any Subsidiary has been obtained or is
currently planned to be requested. The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part,
on the application of complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether any
corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year
and, as a result, cannot be predicted with certainty as of the date of this document. In addition, even if the Company concluded that
it or any Subsidiary did not qualify as a PFIC, the IRS could challenge any determination made by the Company (or any subsidiary of the
Company) concerning its PFIC status in any taxable year, and a court could sustain such challenge. Accordingly, there can be no assurance
that the Company or any Subsidiary will not be treated as a PFIC for any taxable year. Each U.S. Holder should consult its own tax advisors
regarding the PFIC status of the Company and each subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In any taxable year in which the Company is
classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations
and/or other IRS guidance may require. IRS Form 8621 is currently used for such filings. In addition to penalties, a failure to satisfy
such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult
their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file
an IRS Form 8621 annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The Company generally
would be a PFIC for a taxable year if, for such year, (a) 75% or more of the gross income of the Company is passive income (the &#8220;PFIC
income test&#8221;) or (b) 50% or more of the value of the Company&#8217;s assets either produce passive income or are held for the production
of passive income, based on the quarterly average of the fair market value of such assets (the &#8220;PFIC asset test&#8221;). &#8220;Gross
income&#8221; generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside
operations or sources, and &#8220;passive income&#8221; generally includes, for example, dividends, interest, certain rents and royalties,
certain gains from the sale of stock and securities, and certain gains from commodities transactions.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Active business gains arising from the sale
of commodities generally are excluded from passive income if substantially all of a foreign corporation&#8217;s business is as an active
producer, processor, merchant or handler of commodities, and certain other requirements are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For purposes of the PFIC income test and PFIC
asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding shares of another
corporation, the Company will be</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">treated as if it (a) held a proportionate share of the assets of
such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes
of the PFIC income test and PFIC asset test described above, and assuming certain other requirements are met, &#8220;passive income&#8221;
does not include certain interest, dividends, rents, or royalties that are received or accrued by the Company from certain &#8220;related
persons&#8221; (as defined in Section 954(d)(3) of the Code) also organized in Canada, to the extent such items are properly allocable
to the income of such related person that is neither passive income nor income connected with a U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under certain attribution rules, if the Company
is a PFIC, U.S. Holders will generally be deemed to own their proportionate share of the Company&#8217;s direct or indirect equity interest
in any company that is also a PFIC (a &#8220;Subsidiary PFIC&#8221;), and will generally be subject to U.S. federal income tax on their
proportionate share of (a) any &#8220;excess distributions,&#8221; as described below, on the stock of a Subsidiary PFIC and (b) a disposition
or deemed disposition of the stock of a Subsidiary PFIC by the Company or another Subsidiary PFIC, both as if such U.S. Holders directly
held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized
on the stock of a Subsidiary PFIC on the sale or disposition of Common Shares. Accordingly, U.S. Holders should be aware that they could
be subject to tax under the PFIC rules even if no distributions are received on the Common Shares and no redemptions or other dispositions
of Common Shares are made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company is a PFIC for any tax year during
which a U.S. Holder owns Common Shares, the U.S. federal income tax consequences to such U.S. Holder of the acquisition, ownership, and
disposition of Common Shares will depend on whether and when such U.S. Holder makes an election to treat the Company and each Subsidiary
PFIC, if any, as a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;) under Section 1295 of the Code (a &#8220;QEF Election&#8221;)
or makes a mark-to-market election under Section 1296 of the Code (a &#8220;Mark-to-Market Election&#8221;). A U.S. Holder that does not
make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a &#8220;Non-Electing U.S. Holder.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A Non-Electing U.S. Holder will be subject
to the rules of Section 1291 of the Code (described below) with respect to (a) any gain recognized on the sale or other taxable disposition
of Common Shares and (b) any &#8220;excess distribution&#8221; received on the Common Shares. A distribution generally will be an &#8220;excess
distribution&#8221; to the extent that such distribution (together with all other distributions received in the current tax year) exceeds
125% of the average distributions received during the three preceding tax years (or during a U.S. Holder&#8217;s holding period for the
Common Shares, if shorter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company is a PFIC, under Section 1291
of the Code, any gain recognized on the sale or other taxable disposition of Common Shares (including an indirect disposition of the stock
of any Subsidiary PFIC), and any &#8220;excess distribution&#8221; received on Common Shares or deemed received with respect to the stock
of a Subsidiary PFIC, must be ratably allocated to each day in a Non-Electing U.S. Holder&#8217;s holding period for the respective Common
Shares. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution,
or allocated to years before the entity became a PFIC, if any, would be taxed as ordinary income at the rates applicable for such year
(and not eligible for certain preferred rates). The amounts allocated to any other tax year would be subject to U.S. federal income tax
at the highest tax rate applicable to ordinary income in each such year. In addition, an interest charge would be imposed on the tax liability
for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation
must treat any such interest paid as &#8220;personal interest,&#8221; which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company is a PFIC for any tax year during
which a Non-Electing U.S. Holder holds Common Shares, the Company will continue to be treated as a PFIC with respect to such Non-Electing
U.S. Holder, regardless of whether the Company ceases to be a PFIC in one or more subsequent tax years. A Non-Electing U.S. Holder may
terminate this deemed PFIC status by making a &#8220;purging&#8221; election to recognize gain (which will be taxed under the rules of
Section 1291 of the Code discussed above), but not loss, as if such Common Shares were sold on the last day of the last tax year for which
the Company was a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to the rules described above applying
to &#8220;excess distributions&#8221; and certain other dispositions of Common Shares, certain other adverse U.S. federal income tax rules
may apply with respect to a U.S. Holder if the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Company is a PFIC, including in some cases even if the U.S. Holder
makes a QEF Election (as described below). Each U.S. Holder should consult its own tax advisors regarding the full tax consequences of
potential PFIC status for the Company and each subsidiary of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the Company is a PFIC, a U.S. Holder that
makes a timely and effective QEF Election for the tax year in which the holding period of its Common Shares begins generally will not
be subject to the rules of Section 1291 of the Code discussed above with respect to such Common Shares. A U.S. Holder that makes such
a QEF Election will be subject to U.S. federal income tax on such U.S. Holder&#8217;s pro rata share (based on its ownership of Common
Shares) of (a) the net capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary
earnings of the Company, which will be taxed as ordinary income to such U.S. Holder. Generally, &#8220;net capital gain&#8221; is the
excess of (a) net long-term capital gain over (b) net short-term capital loss, and &#8220;ordinary earnings&#8221; are the excess of (a)
&#8220;earnings and profits&#8221; over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal
income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed
to such U.S. Holder by the Company. However, for any tax year in which the Company is a PFIC and has no net income or gain, U.S. Holders
that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election
has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income
tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as
&#8220;personal interest,&#8221; which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder that makes a timely and effective
QEF Election with respect to the Company generally (a) may receive a tax-free distribution from the Company to the extent that such distribution
represents &#8220;earnings and profits&#8221; of the Company that were previously included in income by the U.S. Holder because of such
QEF Election and (b) will adjust such U.S. Holder&#8217;s tax basis in the Common Shares to reflect the amount included in income or allowed
as a tax-free distribution because of such QEF Election. A U.S. Holder that makes a QEF Election generally will recognize capital gain
or loss on the sale or other taxable disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder may make a timely QEF Election
by filing the appropriate QEF Election documents (currently IRS Form 8621) at the time such U.S. Holder files a U.S. federal income tax
return for such year. If a U.S. Holder does not make a timely QEF Election for the first year in the U.S. Holder&#8217;s holding period
in which the Company is a PFIC, the U.S. Holder may still be able to make an effective QEF Election in a subsequent year if such U.S.
Holder meets certain requirements and makes a &#8220;purging&#8221; election to recognize gain (which will be taxed under the rules of
Section 1291 of the Code discussed above) as if such Common Shares were sold for their fair market value on the day the QEF Election is
effective. If a U.S. Holder makes a QEF Election but does not make a &#8220;purging&#8221; election to recognize gain as discussed in
the preceding sentence, then such U.S. Holder shall be subject to the QEF Election rules and shall continue to be subject to tax under
the rules of Section 1291 discussed above with respect to its Common Shares. If a U.S. Holder owns PFIC stock indirectly through another
PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the
QEF rules to apply to both PFICs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A QEF Election will apply to the tax year for
which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS
consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company ceases to
be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company is
not a PFIC. Accordingly, if the Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective, and the U.S.
Holder will be subject to the QEF rules described above during any subsequent tax year in which the Company qualifies as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company will endeavor to provide U.S. Holders
with the required information to allow U.S. Holders to make a QEF Election with respect to the Common Shares in the event that the Company
determines it is treated as a PFIC for any taxable year. There can be no assurance, however, that the Company will timely provide such
information for any particular year, or that the Company&#8217;s determination regarding its PFIC status will be upheld. U.S. Holders
should consult their tax advisors to determine whether any of these QEF Elections will be available and if so, what the consequences of
these elections would be in their particular circumstances.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder makes a QEF Election by attaching
a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return. However,
if the Company does not timely provide the required information with regard to the Company or any of its Subsidiary PFICs, U.S. Holders
may not be able to make a QEF Election for such entity and, unless they make the Mark-to-Market Election discussed in the next section,
will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to Non-Electing U.S. Holders with respect
to the taxation of gains and excess distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Mark-to-Market Election</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder may make a Mark-to-Market Election
only if the Common Shares are marketable stock. The Common Shares generally will be &#8220;marketable stock&#8221; if the Common Shares
are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established
pursuant to Section 11A of the Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority
of the country in which the market is located, provided that the foreign exchange meets certain trading volume and other requirements.
If such stock is traded on such a qualified exchange or other market, such stock generally will be &#8220;regularly traded&#8221; for
any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter.
The Company expects that the Common Shares will meet the definition of &#8220;marketable stock,&#8221; although there can be no assurance
of this, especially as regards the required trading frequency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If a U.S. Holder that makes a Mark-to-Market
Election for any taxable year with respect to its Common Shares, it generally will not be subject to the rules of Section 1291 of the
Code discussed above with respect to such Common Shares for such taxable year. However, if a U.S. Holder does not make a Mark-to-Market
Election beginning in the first tax year of such U.S. Holder&#8217;s holding period for which the Company is a PFIC and such U.S. Holder
has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to dispositions of, and certain distributions
on, the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder that makes a Mark-to-Market Election
will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess, if any, of (a) the fair
market value of the Common Shares, as of the close of such tax year over (b) such U.S. Holder&#8217;s adjusted tax basis in such Common
Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (a)
such U.S. Holder&#8217;s adjusted tax basis in the Common Shares, over (b) the fair market value of such Common Shares (but only to the
extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder that makes a Mark-to-Market Election
will also generally adjust its tax basis in the Common Shares to reflect the amount included in gross income or allowed as a deduction
because of such Mark-to-Market Election. Upon a sale or other taxable disposition of Common Shares, a U.S. Holder that makes a Mark-to-Market
Election will recognize ordinary income or ordinary loss (and such ordinary loss may be treated as capital or subject to limitations in
certain cases).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Holder makes a Mark-to-Market Election
by attaching a completed IRS Form 8621 to a timely filed United States federal income tax return. A Mark-to-Market Election applies to
the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Common Shares cease to be &#8220;marketable
stock&#8221; or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisors regarding the requirements
for, and procedure for making, a Mark-to-Market Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Although a U.S. Holder may be eligible to make
a Mark-to-Market Election with respect to the Common Shares, no such election may be made with respect to the stock of any Subsidiary
PFIC that a U.S. Holder is treated as owning, because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective
to avoid the application of the default rules of Section 1291 of the Code described above with respect to deemed dispositions of Subsidiary
PFIC stock or excess distributions from a Subsidiary PFIC to its shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>AS THE PFIC RULES ARE COMPLEX AND UNCERTAIN, U.S. HOLDERS SHOULD
CONSULT WITH THEIR TAX ADVISORS TO DETERMINE THE POTENTIAL APPLICATION OF THE PFIC RULES TO THEM AND THEIR COMMON SHARES AND ANY RESULTANT
TAX CONSEQUENCES.</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Receipt of Foreign Currency</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amount of any distribution paid to a U.S.
Holder in foreign currency, or on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the U.S.
dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign
currency is converted into U.S. dollars at that time). A U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar
value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may
have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income
or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting. Each U.S.
Holder should consult its own U.S. tax advisors regarding the U.S. federal income tax consequences of receiving, owning, and disposing
of foreign currency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subject to the potential application of the
PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends
paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for
such Canadian income tax. Generally, a credit will reduce a U.S. Holder&#8217;s U.S. federal income tax liability on a dollar-for-dollar
basis, whereas a deduction will reduce a U.S. Holder&#8217;s income that is subject to U.S. federal income tax. This election is made
on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Complex limitations apply to the foreign tax
credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder&#8217;s U.S. federal income
tax liability that such U.S. Holder&#8217;s &#8220;foreign source&#8221; taxable income bears to such U.S. Holder&#8217;s worldwide taxable
income. In applying this limitation, a U.S. Holder&#8217;s various items of income and deduction must be classified, under complex rules,
as either &#8220;foreign source&#8221; or &#8220;U.S. source.&#8221; Generally, dividends paid on the Common Shares should be treated
as foreign source for this purpose, and gains recognized on the sale of Common Shares by a U.S. Holder should be treated as U.S. source
for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code.
However, the amount of a distribution with respect to the Common Shares that is treated as a &#8220;dividend&#8221; may be lower for U.S.
federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to
a U.S. Holder. In addition, this limitation is calculated separately with respect to specific categories of income. The foreign tax credit
rules are complex, and each U.S. Holder should consult its own U.S. tax advisors regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain U.S. Holders may be subject to certain
reporting obligations with respect to Common Shares if the aggregate value of these and certain other &#8220;specified foreign financial
assets&#8221; exceeds an applicable dollar threshold. If required, this disclosure is made by filing Form 8938 with the IRS. Significant
penalties can apply if a U.S. Holder is required to make this disclosure and fails to do so. In addition, a U.S. Holder should consider
the possible obligation to file online a FinCEN Form 114&#8212;Foreign Bank and Financial Accounts Report, as a result of holding Common
Shares in certain accounts. Holders are urged to consult their U.S. tax advisors with respect to these and other reporting requirements
that may apply to their acquisition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Dividend payments (including constructive dividends)
with respect to Common Shares and proceeds from the sale, exchange or redemption of Common Shares may be subject to information reporting
to the IRS and possible United States backup withholding. Backup withholding (currently at a rate of 24%) will not apply, however, to
a U.S. Holder who furnishes a correct taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the
U.S. Holder&#8217;s broker) and makes other required certifications, or who is otherwise exempt from backup withholding and establishes
such exempt status. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules may
be allowed as a credit against a U.S. Holder&#8217;s U.S. federal income tax liability, if any, provided the required information is timely
furnished to the IRS.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS
OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF COMMON SHARES. U.S.
HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.</B></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 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>
Certain Canadian federal Income Tax Considerations for U.S. Residents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following generally summarizes certain
Canadian federal income tax consequences generally applicable under the Income Tax Act (Canada) and the regulations enacted thereunder
(collectively, the &#8220;Canadian Tax Act&#8221;) and the Canada-United States Tax Convention (1980) (the &#8220;Convention&#8221;) to
the holding and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Comment is restricted to holders of Common
Shares each of whom, at all material times for the purposes of the Canadian Tax Act and the Convention, (i) is resident solely in the
United States for tax purposes, (ii) is a &#8220;qualifying person&#8221; under and entitled to the benefits of the Convention, (iii)
holds all Common Shares as capital property, (iv) holds no Common Shares that are &#8220;taxable Canadian property&#8221; (as defined
in the Canadian Tax Act) of the holder, (v) deals at arm&#8217;s length with and is not affiliated with NioCorp, (vi) does not and is
not deemed to use or hold any Common Shares in a business carried on in Canada, (vii) is not an insurer that carries on business in Canada
and elsewhere, and (viii) is not an &#8220;authorized foreign bank&#8221; (as defined in the Canadian Tax Act) (each such holder, a &#8220;U.S.
Resident Holder&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain U.S.-resident entities that are fiscally
transparent for United States federal income tax purposes (including limited liability companies) may not in all circumstances be entitled
to the benefits of the Convention. Members of or holders of an interest in such an entity that holds Common Shares should consult their
own tax advisers regarding the extent, if any, to which the benefits of the Convention will apply to the entity in respect of its Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Generally, a U.S. Resident Holder&#8217;s Common
Shares will be considered to be capital property of such holder provided that the U.S. Resident Holder is not a trader or dealer in securities,
did not acquire, hold, or dispose of the Common Shares in one or more transactions considered to be an adventure or concern in the nature
of trade (i.e., speculation) and does not hold the Common Shares in the course of carrying on a business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This summary is based on the current provisions
of the Canadian Tax Act and the Convention in effect on the date hereof, all specific proposals to amend the Canadian Tax Act and Convention
publicly announced by or on behalf of the Minister of Finance (Canada) on or before the date hereof, and the current published administrative
and assessing policies of the Canada Revenue Agency (the &#8220;CRA&#8221;). It is assumed that all such amendments will be enacted as
currently proposed, and that there will be no other material change to any applicable law or administrative or assessing practice, whether
by way of judicial, legislative or governmental decision or action, although no assurance can be given in these respects. This summary
is not exhaustive of all possible Canadian federal income tax considerations. Except as otherwise expressly provided, this summary does
not take into account any provincial, territorial, or foreign tax considerations, which may differ materially from those set out herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>This summary is of a general nature only,
is not exhaustive of all possible Canadian federal income tax considerations, and is not intended to be and should not be construed as
legal or tax advice to any particular U.S. Resident Holder. U.S. Resident Holders are urged to consult their own tax advisers for advice
with respect to their particular circumstances. The discussion below is qualified accordingly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140967410"></A>Generally, a U.S.
Resident Holder&#8217;s Common Shares will not constitute &#8220;taxable Canadian property&#8221; of such holder at a particular time
at which the Common Shares are listed on a &#8220;designated stock exchange&#8221; (which currently includes the TSX and Nasdaq) unless
both of the following conditions are concurrently met:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>at any time during the 60-month period that ends at the particular time, 25% or more of the issued shares of any class of the capital
stock of NioCorp were owned by or belonged to one or any combination of</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD>the U.S. Resident Holder,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD>persons with whom the U.S. Resident Holder did not deal at arm&#8217;s length, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(C)</TD><TD>partnerships in which the U.S. Resident Holder or a person referred to in clause (B) holds a membership interest directly or indirectly
through one or more partnerships, and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the Common Shares
was derived directly or indirectly from, one or any combination of, real or immovable property situated in Canada, &#8220;Canadian resource
properties&#8221; (as defined in the Canadian Tax Act), &#8220;timber resource properties&#8221; (as defined in the Canadian Tax Act),
or options in respect of, or interests in any of the foregoing, whether or not the property exists.</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 0 10pt; text-indent: 0.25in">Common Shares may also be deemed to be &#8220;taxable
Canadian property&#8221; in certain circumstances set out in the Canadian Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Resident Holder who disposes or is deemed
to dispose of one or more Common Shares generally should not thereby incur any liability for Canadian federal income tax in respect of
any capital gain arising as a consequence of the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A U.S. Resident Holder to whom NioCorp pays
or credits or is deemed to pay or credit a dividend on such holder&#8217;s Common Shares will be subject to Canadian withholding tax,
and NioCorp will be required to withhold the tax from the dividend and remit it to the CRA for the holder&#8217;s account. The rate of
withholding tax under the Canadian Tax Act is 25% of the gross amount of the dividend, but should generally be reduced under the Convention
to 15% (or, if the U.S. Resident Holder is a company which is the beneficial owner of at least 10% of the voting stock of NioCorp, 5%)
of the gross amount of the dividend. For this purpose, a company that is a resident of the United States for purposes of the Canadian
Tax Act and the Convention and is entitled to the benefits of the Convention shall be considered to own the voting stock of NioCorp owned
by an entity that is considered fiscally transparent under the laws of the United States and that is not a resident of Canada, in proportion
to such company&#8217;s ownership interest in that entity.</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 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_016"></A>
PLAN OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Common Shares offered by this prospectus
may be sold or distributed from time to time by the Selling Shareholder directly to one or more purchasers or through brokers, dealers,
or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market
prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the Common Shares offered by this prospectus may be
effected in one or more of the following <A NAME="a_Hlk140967448"></A>methods:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ordinary brokerage transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>transactions involving cross or block trades;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through brokers, dealers, or underwriters who may act solely as agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;at the market&#8221; into an existing market for the Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected
through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in privately negotiated transactions; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any combination of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In order to comply with the securities laws
of certain states, if applicable, the Common Shares must be sold in such jurisdictions only through registered or licensed brokers or
dealers. In addition, in certain states the Common Shares may not be sold unless they have been registered or qualified for sale in the
applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Selling Shareholder may transfer the Common
Shares offered by this prospectus by other means not described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Brokers, dealers, underwriters, or agents participating
in the distribution of the shares as agents may receive compensation in the form of commissions, discounts, or concessions from the selling
stockholder and/or purchasers of the Common Shares offered by this prospectus for whom the broker-dealers may act as agent. YA has informed
us that each such broker-dealer will receive commissions from YA which will not exceed customary brokerage commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Selling Shareholder and its affiliates
have agreed not to engage in any direct or indirect short selling or hedging of our Common Shares during the term of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Selling Shareholder is an &#8220;underwriter&#8221;
within the meaning of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We have advised the Selling Shareholder that
while it is engaged in a distribution of the shares included in this prospectus, it is required to comply with Regulation M promulgated
under the Exchange Act. With certain exceptions, Regulation M precludes the selling stockholder, any affiliated purchasers, and any broker-dealer
or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or
purchase, any security which is the subject of the distribution until the entire distribution is complete. Regulation M also prohibits
any bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of
the foregoing may affect the marketability of the Common Shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We will pay the expenses incident to the registration
under the Securities Act of the offer and sale of the Common Shares covered by this prospectus by the Selling Shareholder. We estimate
that our total expenses for the offering will be approximately $252,649 (excluding the Commitment Shares and the Cash Fee). As consideration
for its irrevocable commitment to purchase Advance Shares under the Purchase Agreement, we issued 81,213 Commitment Shares, representing
$650,000 at the time of Closing, to the Selling Shareholder. Additionally, we are required to pay to the Selling Shareholder an aggregate
Cash Fee of $1,500,000, including $500,000 that we paid on the Closing Date and an additional $250,000 we have paid as of August 21,
2023. We will pay the remaining $750,000 balance in installments over a 12-month period following the Closing Date, provided that, we
will have the right to prepay without penalty all or part of the remaining installments of the Cash Fee at any time. We also paid a $15,000
structuring fee to an affiliate of the Selling Shareholder in connection with the entry into the Purchase Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We may suspend the sale of Common Shares by
the Selling Shareholder pursuant to this prospectus for certain periods of time for certain reasons, including if the prospectus is required
to be supplemented or amended to include additional material information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This offering as it relates to YA will terminate
on the date that all Common Shares offered by this prospectus have been sold by YA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Common Shares covered by this prospectus will
not be qualified for distribution by prospectus in any jurisdiction of Canada, and may not be offered for sale, sold, assigned or transferred
in any jurisdiction of Canada except pursuant to a prospectus or exemption from the prospectus requirement under applicable securities
laws in Canada. The Selling Shareholder shall not offer or sell any Common Shares directly or indirectly to any person whom, to the Selling
Shareholder&#8217;s knowledge, is resident or located in a jurisdiction of Canada or acquiring such Common Shares for the benefit of another
person resident or located in a jurisdiction of Canada, or on any &#8220;marketplace&#8221; (as such term is defined in National Instrument
21-101 <I>Marketplace Operation</I>) in Canada.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_017"></A>
LEGAL MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The validity of the Common Shares offered by
this prospectus will be passed upon for us by Blake, Cassels &amp; Graydon LLP, Vancouver, British Columbia, Canada.</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 0 10pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_018"></A>
EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The consolidated financial statements of NioCorp
Developments Ltd. as of June 30, 2022 and 2021 and for each of the three years in the period ended June 30, 2022, incorporated by
reference in this prospectus and in the registration statement have been so incorporated in reliance on the report of BDO USA, LLP (n/k/a BDO USA, P.A.),
an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts
in auditing and accounting. The report on the consolidated financial statements contains an explanatory paragraph regarding NioCorp
Developments Ltd.&#8217;s ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The financial statements of GX Acquisition Corp. II
as of December 31, 2022 and 2021 and for the years ended December 31, 2022 and 2021, have been audited by Marcum LLP, an independent registered
public accounting firm, as set forth in their report (which contains an explanatory paragraph relating to substantial doubt about the
ability of GX Acquisition Corp. II to continue as a going concern as described in Note 1 to GXII&#8217;s financial statements), and are
incorporated by reference in this prospectus and in the registration statement of which this prospectus is a part have been so incorporated
in reliance on such report given upon such firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The technical report summary for the Elk Creek Project
prepared in accordance with subpart 1300 of Regulation S-K (the &#8220;S-K 1300 Elk Creek Technical Report Summary&#8221;), which is incorporated
by reference in this prospectus, and the information summarized or quoted from the S-K 1300 Elk Creek Technical Report Summary included
or incorporated by reference in this prospectus have been so included or incorporated by reference with the consent of the following qualified
persons, as such term is defined in Item 1300 of Regulation S-K, who prepared the S-K 1300 Elk Creek Technical Report Summary and reviewed
and approved such information summarized or quoted therefrom included or incorporated by reference in this prospectus: Dahrouge Geological
Consulting USA Ltd.; Understood Mineral Resources Ltd.; Optimize Group; Tetra Tech; Adrian Brown Consultants Inc.; Metallurgy Concept
Solutions; Magemi Mining Inc.; L3 Process Development; Olsson; A2GC; Scott Honan, M.Sc, SME-RM, NioCorp; Everett Bird, P.E., Cementation;
Matt Hales, P.E., Cementation; Mahmood Khwaja, P.E., CDM Smith; Martin Lepage, P.Eng, Cementation; and Wynand Marx, M.Eng, BBE Consulting.
A matrix of the sections of the S-K 1300 Elk Creek Technical Report Summary for which each qualified person is responsible is included
in the S-K 1300 Elk Creek Technical Report Summary. Except for Scott Honan, none of the qualified persons is affiliated with NioCorp.
Mr. Honan is the Chief Operating Officer of NioCorp.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Item 13. Other Expenses of Issuance and
Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table sets forth the fees and
expenses payable by us in connection with the sale and distribution of the securities being registered hereby. None of the expenses listed
below are to be borne by the selling shareholder named in the prospectus that forms a part of this registration statement. All amounts
are estimates, except for the SEC registration fee:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 5.65pt"><FONT STYLE="font-size: 10pt"><B>Amount to be paid</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">SEC registration fee</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 5.65pt; text-align: right"><FONT STYLE="font-size: 10pt">10,149.20</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt">*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">Legal fees and expenses**</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 5.65pt; text-align: right"><FONT STYLE="font-size: 10pt">200,000.00</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">Accounting fees and expenses**</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 5.65pt; text-align: right"><FONT STYLE="font-size: 10pt">40,000.00</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">Printing expenses**</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-left: 5.65pt; text-align: right"><FONT STYLE="font-size: 10pt">2,500.00</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">252,649.20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; padding-right: 5.65pt">&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">* Previously paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">** Except for the SEC registration fee, estimated solely for the purposes
of this Item 13. Actual expenses may vary.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Item 14. Indemnification of Directors and
Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The corporate laws of British Columbia allow
NioCorp, and its corporate articles require it (subject to the provisions of the British Columbia Business Corporations Act (&#8220;BCBCA&#8221;)
noted below and the undertakings provided in Item 17 below), to indemnify its directors, former directors, alternate directors and their
heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and NioCorp must, after
the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding.
Each director and alternate director is deemed to have contracted with NioCorp on the terms of the indemnity contained in NioCorp&#8217;s
articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><A NAME="a_Hlk140967531"></A>For the purposes
of such an indemnification:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;associated corporation&#8221; means a corporation or entity referred to in paragraph (2) or (3) of the definition of &#8220;eligible
party&#8221;:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;eligible party,&#8221; in relation to NioCorp, means an individual who:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>is or was a director or officer of NioCorp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>is or was a director or officer of another corporation:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>at a time when the corporation is or was an affiliate of NioCorp; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>at the request of NioCorp; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>at the request of NioCorp, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust,
joint venture or other unincorporated entity; and includes, except in the definition of &#8220;eligible proceeding&#8221; and certain
other cases, the heirs and personal or other legal representatives of that individual;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;eligible penalty,&#8221; means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible
proceeding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;eligible proceeding&#8221; means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives
of the eligible party, by reason of the eligible party being or having been a</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">director or officer of, or holding or having held a position
equivalent to that of a director or officer of, NioCorp or an associated corporation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>is or may be joined as a party; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;expenses&#8221; includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties,
fines or amounts paid in settlement of a proceeding; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&#8220;proceeding&#8221; includes any legal proceeding including a civil, criminal, quasi-criminal, administrative or regulatory action
or proceeding; or investigative action, whether current, threatened, pending or completed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, under the BCBCA, NioCorp may pay,
as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an
eligible party in respect of that proceeding, provided that NioCorp first receives from the eligible party a written undertaking that,
if it is ultimately determined that the payment of expenses is prohibited by the restrictions noted below, the eligible party will repay
the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Notwithstanding the provisions of NioCorp&#8217;s
articles noted above, NioCorp must not indemnify an eligible party or pay the expenses of an eligible party, if any of the following circumstances
apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to
indemnify or pay expenses was made, NioCorp was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the
indemnity or payment is made, NioCorp is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a
view to the best interests of NioCorp or the associated corporation, as the case may be; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing
that the eligible party&#8217;s conduct in respect of which the proceeding was brought was lawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, if an eligible proceeding is brought
against an eligible party by or on behalf of NioCorp or by or on behalf of an associated corporation, NioCorp must not do either of the
following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>indemnify the eligible party under Section 160(a) of the BCBCA in respect of the proceeding; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pay the expenses of the eligible party in respect of the proceeding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Notwithstanding any of the foregoing, and whether
or not payment of expenses or indemnification has been sought, authorized or declined under the BCBCA or the articles of NioCorp, on the
application of NioCorp or an eligible party, the Supreme Court of British Columbia may do one or more of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>order NioCorp to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>order NioCorp to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>order the enforcement of, or any payment under, an agreement of indemnification entered into by NioCorp;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>order NioCorp to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under Section
164 of the BCBCA; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any other order the court considers appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Item 15. Recent Sales of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">All
shares and per share amounts below have been updated, where applicable, to give retroactive effect to the reverse stock split at a rate
of 10-for-1 effectuated by Niocorp on March 17, 2023.</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"><A NAME="a_Hlk142574559"></A>The
following Common Shares were issued in reliance on Section 3(a)(9) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;), in
connection with the voluntary conversion of a portion of the amount outstanding under a convertible security dated as of February 16,
2021, issued to Lind Global Asset Management III, LLC, an entity managed by The Lind Partners, a New York based asset management firm
(&#8220;Lind III&#8221;), pursuant to NioCorp&#8217;s definitive convertible security funding agreement with Lind III dated February 16,
2021 (the &#8220;Lind III Convertible Security&#8221;) and based upon representations and warranties of Lind III in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Amount </B></FONT></TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares Issued</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Price/Share</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A NAME="a_Hlk140970378"></A><FONT STYLE="font-size: 10pt">July 27, 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$600,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">102,579</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">C$7.504</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">August 8, 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$250,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">43,128</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">C$7.496</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">September 7, 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$600,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">95,819</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">C$8.236</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">September 26, 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$200,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">30,734</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">C$8.845</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">November 22, 2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$300,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">42,160</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">C$9.569</FONT></TD></TR>
  </TABLE>
<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
following Common Shares were issued in reliance on Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion
of a portion of the amount outstanding under a convertible note in the principal amount of approximately $1,872,000 (the &#8220;Nordmin
Note&#8221;) issued by the Company to the Nordmin Group of Companies (&#8220;Nordmin&#8221;) pursuant to a convertible note and warrant
subscription agreement, dated as of December 18, 2020, between NioCorp and Nordmin and based upon representations and warranties of Nordmin
in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Amount</B></FONT></TD>
    <TD STYLE="width: 23%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares Issued</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Price/Share</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">October 21, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCEEFF; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$127,043</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">17,125</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; background-color: #CCEEFF; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">C$9.146</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">December 21, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$171,621</FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">17,184</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">C$12.925</FONT></TD>
    <TD STYLE="background-color: #CCEEFF">&nbsp;</TD></TR>
  </TABLE>
<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 following Common Shares were
issued in reliance on Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount outstanding
under the Lind III Convertible Security and based upon representations and warranties of Lind III in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Amount</B></FONT></TD>
    <TD STYLE="width: 24%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares Issued</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Price/Share</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">$600,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">71,102</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$10.397</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$500,000</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">59,117</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$10.396</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">June 29, 2021</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">$500,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">54,631</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$11.291</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">August 17, 2021</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$600,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">69,737</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$10.818</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; background-color: #CCEEFF; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">June 22, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">$600,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">108,880</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$7.132</FONT></TD></TR>
  </TABLE>
<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 following Common Shares were
issued in reliance on Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of a portion of the amount outstanding
under the Nordmin Note and based upon representations and warranties of Nordmin in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Amount</B></FONT></TD>
    <TD STYLE="width: 23%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares Issued</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Price/Share</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">June 18, 2021</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">$250,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">26,753</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$11.532</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">July 19, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$250,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">26,733</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$11.776</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">August 20, 2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">$250,000</FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">26,691</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$11.981</FONT></TD>
    <TD STYLE="background-color: #CCEEFF">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On March 16, 2021, the Company
issued 97,692 Common Shares upon conversion of the remaining $750,000 of the Company&#8217;s convertible promissory notes. The Common
Shares were issued pursuant to Section 3(a)(9) of the Securities Act.</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 following Common Shares were
issued in reliance on Section 3(a)(9) of the Securities Act, in connection with the voluntary conversion of the remaining amount outstanding
under a convertible security issued by the Company to Lind Asset Management IV, an entity managed by The Lind Partners, a New York based
asset management firm (&#8220;Lind IV&#8221;), pursuant to NioCorp&#8217;s definitive convertible security funding agreement with Lind
IV dated June 27, 2018, under which Lind IV funded a total of $5.4 million, including upfront prepaid interest and based upon representations
and warranties of Lind IV in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Amount</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares Issued</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Conversion Price/Share</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">July 9, 2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$33,333</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6,429</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$7.0049</FONT></TD></TR>
  </TABLE>
<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">On December 18, 2020, the Company
issued 83,655 Common Shares to Nordmin upon conversion of $450,000 in principal amount of the Nordmin Note at a conversion price of C$6.84
per share. The Nordmin Note, the Nordmin Warrants and such Common Shares were issued, among other exemptions, 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 Nordmin in connection therewith.</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">On October 14, 2020, the Company
issued 6,769 Common Shares upon conversion of $50,000 of the Company&#8217;s convertible promissory notes. The Common Shares were issued
pursuant to Section 3(a)(9) of the Securities Act.</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">During the quarter ended September
30, 2020, the Company issued Common Shares upon exercise of outstanding Warrants, as detailed in the table below. The Common Shares were
issued pursuant to Section 4(a)(2) of the Securities Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; border: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Transaction Date</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Warrant Issuance Date</B></FONT></TD>
    <TD STYLE="width: 17%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Warrant Exercise Price</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Warrants Exercised</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Shares Issued</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">August 12, 2020</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">September 14, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$7.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">15,873</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">1,587</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">September 1, 2020</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 14, 2018</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$7.50</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">500</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">September 3, 2020</FONT></TD>
    <TD STYLE="background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2018</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">C$7.50</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">September 9, 2020</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2018</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">C$7.50</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,500</FONT></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 0 10pt; text-align: justify"><B>Item 16. Exhibits and Financial Statement
Schedules</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.3in">(a) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.3in">See Exhibit Index below, which is incorporated by reference
as if fully set forth herein.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.3in">(b) Financial Statement Schedules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.3in">All financial statement schedules have been omitted because
the information required to be presented in them is not applicable or is shown in the consolidated financial statements or related notes
thereto, which are incorporated by reference into the prospectus that forms a part of this registration statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.65pt; padding-left: 5.65pt; width: 15%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid"><B>Exhibit No. </B></P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; width: 85%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh10-1.htm"><FONT STYLE="font-size: 10pt">1.1(1)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh10-1.htm"><FONT STYLE="font-size: 10pt">Standby Equity Purchase Agreement, dated as of January 26, 2023, by and between NioCorp Developments Ltd. and YA II PN, Ltd.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh2-1.htm"><FONT STYLE="font-size: 10pt">2.1(2)**</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh2-1.htm"><FONT STYLE="font-size: 10pt">Business Combination Agreement, dated as of September 25, 2022, by and among NioCorp Developments Ltd., Big Red Merger Sub Ltd, and GX Acquisition Corp. II</FONT></A></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; width: 15%"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename2.htm"><FONT STYLE="font-size: 10pt">3.1(3)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; width: 85%"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename2.htm"><FONT STYLE="font-size: 10pt">Notice of Articles of NioCorp Developments Ltd., dated April 5, 2016</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename3.htm"><FONT STYLE="font-size: 10pt">3.2(3)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename3.htm"><FONT STYLE="font-size: 10pt">Articles of NioCorp Developments Ltd., as amended, effective as of January 27, 2015</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh3-1.htm"><FONT STYLE="font-size: 10pt">3.3(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh3-1.htm"><FONT STYLE="font-size: 10pt">Amendment to Articles, effective March 17, 2023</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-1.htm"><FONT STYLE="font-size: 10pt">4.1(2)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-1.htm"><FONT STYLE="font-size: 10pt">Sponsor Support Agreement, dated as of September 25, 2022, by and among GX Acquisition Corp. II, NioCorp Developments Ltd., GX Sponsor II LLC, in its capacity as a shareholder of GX Acquisition Corp. II, and certain other shareholders of GX Acquisition Corp. II</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000670/exh4-5.htm"><FONT STYLE="font-size: 10pt">4.2(5)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000670/exh4-5.htm"><FONT STYLE="font-size: 10pt">Joinder to Sponsor Support Agreement, dated as of March 17, 2023, by and among NioCorp Developments Ltd. and each of the Holders party thereto</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-1.htm"><FONT STYLE="font-size: 10pt">4.3(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-1.htm"><FONT STYLE="font-size: 10pt">Amended and Restated Registration Rights Agreement, dated as of March 17, 2023, by and among NioCorp Developments Ltd., GX Acquisition Corp. II</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-2.htm"><FONT STYLE="font-size: 10pt">4.4(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-2.htm"><FONT STYLE="font-size: 10pt">Registration Rights Agreement Joinder, dated as of March 17, 2023, by and among NioCorp Developments Ltd. and each of the parties listed on Schedule A thereto</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-3.htm"><FONT STYLE="font-size: 10pt">4.5(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh10-3.htm"><FONT STYLE="font-size: 10pt">Exchange Agreement, dated as of March 17, 2023, by and among NioCorp Developments Ltd., GX Acquisition Corp. II and GX Sponsor II LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000670/exh4-9.htm"><FONT STYLE="font-size: 10pt">4.6(5)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000670/exh4-9.htm"><FONT STYLE="font-size: 10pt">Joinder to Exchange Agreement, dated as of March 17, 2023, by and among NioCorp Developments Ltd., Elk Creek Resources Corp (f/k/a GX Acquisition Corp. II) and each of the Holders party thereto</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1826669/000121390021017023/ea138188ex4-1gxacquisit2.htm"><FONT STYLE="font-size: 10pt">4.7(6)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1826669/000121390021017023/ea138188ex4-1gxacquisit2.htm"><FONT STYLE="font-size: 10pt">Warrant Agreement, dated March 17, 2021, by and between GX Acquisition Corp. II and Continental Stock Transfer &amp; Trust Company</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh4-2.htm"><FONT STYLE="font-size: 10pt">4.8(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh4-2.htm"><FONT STYLE="font-size: 10pt">Assignment, Assumption and Amendment Agreement, dated as of March 17, 2023, by and among GX Acquisition Corp. II, NioCorp Developments Ltd., Continental Stock Transfer &amp; Trust Company, as the existing Warrant Agent, and Computershare Inc. and its affiliate Computershare Trust Company, N.A., as the successor Warrant Agent</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh4-2.htm"><FONT STYLE="font-size: 10pt">4.9(4)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000458/exh4-2.htm"><FONT STYLE="font-size: 10pt">Form of Warrant (included in Exhibit 4.8)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598221000044/sf0095h_ex4-1.htm"><FONT STYLE="font-size: 10pt">4.10(7)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598221000044/sf0095h_ex4-1.htm"><FONT STYLE="font-size: 10pt">Convertible Security Funding Agreement, dated February 16, 2021, between the Company and Lind Global Asset Management III, LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598221000044/sf0095h_ex4-2.htm"><FONT STYLE="font-size: 10pt">4.11(7)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598221000044/sf0095h_ex4-2.htm"><FONT STYLE="font-size: 10pt">Form of Lind Warrant Certificate, in respect of Lind III Warrants</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722000259/n2574_x23exh10-2.htm"><FONT STYLE="font-size: 10pt">4.12(8)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722000259/n2574_x23exh10-2.htm"><FONT STYLE="font-size: 10pt">Amendment #1 to Convertible Security Funding Agreement, dated December 2, 2021, between the Company and Lind Global Asset Management III, LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001757/n2574s4_ex4-17waiveconsent.htm"><FONT STYLE="font-size: 10pt">4.13(9)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001757/n2574s4_ex4-17waiveconsent.htm"><FONT STYLE="font-size: 10pt">Waiver and Consent Agreement, dated September 25, 2022, between NioCorp Developments Ltd. and Lind Global Asset Management III, LLC</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001237/exh4-2.htm"><FONT STYLE="font-size: 10pt">4.14(10)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001237/exh4-2.htm"><FONT STYLE="font-size: 10pt">Form of Subscription Agreement in respect of units of the Company issued in June 2022</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001237/exh4-1.htm"><FONT STYLE="font-size: 10pt">4.15(10)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001237/exh4-1.htm"><FONT STYLE="font-size: 10pt">Form of Warrants in respect of warrants issued in June 2022</FONT></A></TD></TR>

  </TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; width: 15%"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh4-13.htm"><FONT STYLE="font-size: 10pt">4.16(11)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; width: 85%"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh4-13.htm"><FONT STYLE="font-size: 10pt">Non-Transferable Broker Warrant Certificate, dated June 30, 2022, in respect of non-transferable broker warrants issued to Research Capital Corporation</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh4-14.htm"><FONT STYLE="font-size: 10pt">4.17(11)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh4-14.htm"><FONT STYLE="font-size: 10pt">Non-Transferable Broker Warrant Certificate, dated June 30, 2022, in respect of non-transferable broker warrants issued to Red Cloud Securities, Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm"><FONT STYLE="font-size: 10pt">4.18(1)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement, dated as of January 26, 2023, by and between NioCorp Developments Ltd. and each of the investors listed on the Schedule of Buyers attached thereto</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000339/exh4-1.htm"><FONT STYLE="font-size: 10pt">4.19(12)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000339/exh4-1.htm"><FONT STYLE="font-size: 10pt">Amendment No. 1 to Securities Purchase Agreement, dated February 24, 2023, by and between NioCorp Developments Ltd. and YA II PN, Ltd.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm#a_001"><FONT STYLE="font-size: 10pt">4.20(12)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm#a_001"><FONT STYLE="font-size: 10pt">Form of Convertible Debenture (included in Exhibit 4.19)</FONT></A> <FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm#a_002"><FONT STYLE="font-size: 10pt">4.21(1)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-1.htm#a_002"><FONT STYLE="font-size: 10pt">Form of Financing Warrants (included in Exhibit 4.18)</FONT></A> <FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-4.htm"><FONT STYLE="font-size: 10pt">4.22(1)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1512228/000153949723000085/n2574_x77exh4-4.htm">Registration Rights Agreement, dated as of January 26, 2023, by and between NioCorp Developments Ltd. and YA II PN, Ltd.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh5_1-opinion.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh5_1-opinion.htm"><FONT STYLE="font-size: 10pt">Opinion of Blake, Cassels &amp; Graydon LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417006460/s108109_ex10-1.htm"><FONT STYLE="font-size: 10pt">10.1(13)#</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417006460/s108109_ex10-1.htm"><FONT STYLE="font-size: 10pt">NioCorp Developments Ltd. Long Term Incentive Plan, effective as of November 9, 2017</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename9.htm"><FONT STYLE="font-size: 10pt">10.2(3)#</FONT></A><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416114498/filename9.htm"><FONT STYLE="font-size: 10pt">Consulting Agreement, dated May 13, 2014, between the Company and KMSmith, LLC</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-3.htm"><FONT STYLE="font-size: 10pt">10.3(14)#</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-3.htm"><FONT STYLE="font-size: 10pt">Amendment to Contract, dated September 1, 2019, between the Company and KMSmith, LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-4.htm"><FONT STYLE="font-size: 10pt">10.4(14)#</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-4.htm"><FONT STYLE="font-size: 10pt">Contract Assignment and Novation Agreement, dated as of August 31, 2020, among the Company, KMSmith, LLC and 76 Resources, Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949721001306/exh10-5agreement.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5(15)#</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949721001306/exh10-5agreement.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Contract Assignment and Novation Agreement, dated as of August 1, 2021, among the Company, 76 Resources, Inc. and 76 Resources, LLC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh10_6-amndmnt.htm">10.6#</A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh10_6-amndmnt.htm">Amendment to Contract, dated April 1, 2023, between the Company and
76 Resources, LLC</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416122587/v448164_ex10-3.htm"><FONT STYLE="font-size: 10pt">10.7(16)*</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000114420416122587/v448164_ex10-3.htm"><FONT STYLE="font-size: 10pt">Offtake agreement, dated June 13, 2006, between the Company and CMC Cometals, a division of Commercial Metals Company</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001717/n2574_x60ex10-7.htm"><FONT STYLE="font-size: 10pt">10.8(17)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001717/n2574_x60ex10-7.htm"><FONT STYLE="font-size: 10pt">Amendment No. 1 to Offtake Agreement, dated April 13, 2020, between the Company and Traxys North America LLC, as assignee</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417004839/s107345_ex10-4.htm"><FONT STYLE="font-size: 10pt">10.9(18)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417004839/s107345_ex10-4.htm"><FONT STYLE="font-size: 10pt">Offtake agreement with ThyssenKrupp Metallurgical Products GmbH</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-8.htm"><FONT STYLE="font-size: 10pt">10.10(14)*, **</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-8.htm"><FONT STYLE="font-size: 10pt">Woltemath 003J Amended and Restated Option to Purchase, dated January 4, 2017, among ECRC and Victor L. and Juanita E. Woltemath</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-9.htm"><FONT STYLE="font-size: 10pt">10.11(14)*, **</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000846/sf0013h_ex10-9.htm"><FONT STYLE="font-size: 10pt">Woltemath 003J Extension to Option to Purchase, dated December 23, 2019, among ECRC and Victor L. and Juanita E. Woltemath</FONT></A></TD></TR>


  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417001651/s105842_ex10-8.htm"><FONT STYLE="font-size: 10pt">10.12(19)</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000161577417001651/s105842_ex10-8.htm"><FONT STYLE="font-size: 10pt">Security Agreement, dated June 17, 2015, from the Company to Mark Smith</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000953/sf0045h_ex10-1.htm"><FONT STYLE="font-size: 10pt">10.13(20)#</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000178598220000953/sf0045h_ex10-1.htm"><FONT STYLE="font-size: 10pt">NioCorp Developments Ltd. Long Term Incentive Plan, as amended</FONT></A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001512228/000153949723000458/exh10-4.htm">10.14(4)#</A></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/0001512228/000153949723000458/exh10-4.htm"><FONT STYLE="background-color: white">Form of Director and Officer Indemnification Agreement</FONT></A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-3.htm"><FONT STYLE="font-size: 10pt">10.15(2)#</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-3.htm"><FONT STYLE="font-size: 10pt">Employment Agreement, dated as of September 25, 2022, by and between Elk Creek Resources Corporation and Neal Shah</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-4.htm"><FONT STYLE="font-size: 10pt">10.16(2)#</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-4.htm"><FONT STYLE="font-size: 10pt">Employment Agreement, dated as of September 25, 2022, by and between Elk Creek Resources Corporation and Scott Honan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-5.htm"><FONT STYLE="font-size: 10pt">10.17(2)#</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-5.htm"><FONT STYLE="font-size: 10pt">Employment Agreement, dated as of September 25, 2022, by and between Elk Creek Resources Corporation and Jim Sims</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-6.htm"><FONT STYLE="font-size: 10pt">10.18(2)#</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001611/n2574_x43exh10-6.htm"><FONT STYLE="font-size: 10pt">Form of Restrictive Covenant Agreement</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh21_1-subsidiaries.htm">21.1<FONT STYLE="font-size: 10pt">&nbsp;</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh21_1-subsidiaries.htm">Subsidiaries of NioCorp Developments Ltd.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh5_1-opinion.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh5_1-opinion.htm"><FONT STYLE="font-size: 10pt">Consent of Blake, Cassels &amp; Graydon LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh23_2-consent.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh23_2-consent.htm"><FONT STYLE="font-size: 10pt">Consent of BDO USA, P.A.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="exh23_3-consent.htm"><FONT STYLE="font-size: 10pt">23.3</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="exh23_3-consent.htm"><FONT STYLE="font-size: 10pt">Consent of Marcum LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-4.htm"><FONT STYLE="font-size: 10pt">23.4(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-4.htm"><FONT STYLE="font-size: 10pt">Consent of Dahrouge Geological Consulting USA Ltd.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-5.htm"><FONT STYLE="font-size: 10pt">23.5(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-5.htm"><FONT STYLE="font-size: 10pt">Consent of Understood Mineral Resources Ltd.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-6.htm"><FONT STYLE="font-size: 10pt">23.6(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-6.htm"><FONT STYLE="font-size: 10pt">Consent of Optimize Group Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-7.htm"><FONT STYLE="font-size: 10pt">23.7(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-7.htm"><FONT STYLE="font-size: 10pt">Consent of Tetra Tech</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-8.htm"><FONT STYLE="font-size: 10pt">23.8(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-8.htm"><FONT STYLE="font-size: 10pt">Consent of Adrian Brown Consultants Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-9.htm"><FONT STYLE="font-size: 10pt">23.9(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-9.htm"><FONT STYLE="font-size: 10pt">Consent of Magemi Mining Inc.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-10.htm"><FONT STYLE="font-size: 10pt">23.10(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-10.htm"><FONT STYLE="font-size: 10pt">Consent of L3 Process Development</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-11.htm"><FONT STYLE="font-size: 10pt">23.11(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-11.htm"><FONT STYLE="font-size: 10pt">Consent of Olsson</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-12.htm"><FONT STYLE="font-size: 10pt">23.12(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-12.htm"><FONT STYLE="font-size: 10pt">Consent of A2GC</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-13.htm"><FONT STYLE="font-size: 10pt">23.13(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-13.htm"><FONT STYLE="font-size: 10pt">Consent of Metallurgy Concept Solutions</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-14.htm"><FONT STYLE="font-size: 10pt">23.14(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-14.htm"><FONT STYLE="font-size: 10pt">Consent of Scott Honan, M.Sc., SME-RM, NioCorp</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-15.htm"><FONT STYLE="font-size: 10pt">23.15(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-15.htm"><FONT STYLE="font-size: 10pt">Consent of Everett Bird, P.E., Cementation</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-16.htm"><FONT STYLE="font-size: 10pt">23.16(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-16.htm"><FONT STYLE="font-size: 10pt">Consent of Matt Hales, P.E., Cementation</FONT></A></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-17.htm"><FONT STYLE="font-size: 10pt">23.17(21)</FONT></A></TD>
    <TD STYLE="width: 85%; padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-17.htm"><FONT STYLE="font-size: 10pt">Consent of Mahmood Khwaja, P.E., CDM Smith</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-18.htm"><FONT STYLE="font-size: 10pt">23.18(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-18.htm"><FONT STYLE="font-size: 10pt">Consent of Martin Lepage, P.Eng., Cementation</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-19.htm"><FONT STYLE="font-size: 10pt">23.19(21)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000434/exh23-19.htm"><FONT STYLE="font-size: 10pt">Consent of Wynand Marx, M.Eng., BBE Consulting</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><A HREF="#a_sig"><FONT STYLE="font-size: 10pt"><U>24.1</U></FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="#a_sig"><FONT STYLE="font-size: 10pt"><U>Power of Attorney, contained on signature page hereto</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh96-1.htm"><FONT STYLE="font-size: 10pt">96.1(11)</FONT></A></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949722001510/n2574_x36exh96-1.htm"><FONT STYLE="font-size: 10pt">S-K 1300 Elk Creek Technical Report Summary</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000643/exh107.htm">107(22)</A></FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-bottom: 10pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1512228/000153949723000643/exh107.htm">Filing Fee Table</A></FONT></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">&nbsp;# Management compensation plan, arrangement or agreement.</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">* Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv)
of Regulation S-K, which portions will be furnished to the Securities and Exchange Commission upon request.</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">** Certain exhibits to this agreement have been omitted pursuant to Item
601(a)(5) of Regulation S-K. A copy of any omitted exhibit will be furnished to the Securities and Exchange Commission upon request.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"><A NAME="a_Hlk140967658"></A>(1)</TD><TD STYLE="padding-bottom: 10pt; width: 96%">Previously filed as an exhibit to the registrant&#8217;s Current Report on Form 8-K (File No. 000-55710) filed with the SEC on January
27, 2023 and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt">(2)</TD><TD STYLE="padding-bottom: 10pt">Previously filed as an exhibit to the registrant&#8217;s Current Report on Form 8-K (File No. 000-55710) filed with the SEC on September
29, 2022 and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt">(3)</TD><TD STYLE="padding-bottom: 10pt">Previously filed as an exhibit to the registrant&#8217;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.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt">(4)</TD><TD STYLE="padding-bottom: 10pt">Previously filed as an exhibit to the registrant&#8217;s Current Report on Form 8-K (File No. 000-55710) filed with the SEC on March
17, 2023 and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt">(5)</TD><TD STYLE="padding-bottom: 10pt">Previously filed as an exhibit to the Company&#8217;s Registration Statement on Form S-3 (File No. 333-271268) filed with the SEC
on April 14, 2023 and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to Elk Creek Resources Corp.&rsquo;s (f/k/a GX Acquisition Corp. II) Current Report on Form 8-K (File No. 001-40226) filed with the SEC on March 22, 2021 and incorporated herein by reference.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">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 February 17, 2021 and incorporated herein by reference.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Current Report on Form 10-Q (File No. 000-55710) filed with the SEC on February 4, 2022 and incorporated herein by reference.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Registration Statement on Form S-4 (Registration No. 333-268227) filed with the SEC on November 7, 2022, and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">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 June 30, 2022 and incorporated herein by reference.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the registrant&rsquo;s Annual Report on Form 10-K (File No. 000-55710) filed with the SEC on September 6, 2022 and incorporated herein by reference.</FONT></TD></TR>
  </TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; width: 96%"><FONT STYLE="font-size: 10pt">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 February 24, 2023, and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">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 November 13, 2017 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Annual Report on Form 10-K (File No. 000-55710) filed with the SEC on September 16, 2020 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Annual Report on Form 10-K (File No. 000-55710) filed with the SEC on September 8, 2021 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(16)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Registration Statement on Form S-1 (Registration No. 333-213451) filed with the SEC on September 2, 2016 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to Amendment No. 1 to the Company&rsquo;s Annual Report on Form 10-K/A for the fiscal year ended June 30, 2022, filed with the SEC on October 31, 2022.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Annual Report on Form 10-K (File No. 000-55710) filed with the SEC on August 29, 2017 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Registration Statement on Form S-1 (Registration No. 333-217272) filed with the SEC on April 12, 2017 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">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 November 6, 2020 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to the Company&rsquo;s Registration Statement on Form S-3 (File No. 333-270542) filed with the SEC on March 14, 2023 and incorporated herein by reference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">(22)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Previously filed as an exhibit to Amendment No. 1 to the Company&rsquo;s Registration Statement on Form S-3/A (File No. 333-270542) filed with the SEC on April 12, 2023 and incorporated herein by reference.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Item 17. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The undersigned registrant hereby undertakes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of
Filing Fee Tables&#8221; or &#8220;Calculation of Registration Fee&#8221; table, as applicable, in the effective registration statement;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;<FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in"><I>Provided, however</I>, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>That, for the purpose of determining liability under the Securities Act to any purchaser:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant
to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</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">&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"><B>&nbsp;&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Centennial, State of Colorado, on August 22, 2023.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; border-collapse: collapse; font-size: 10pt; margin-left: 50%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>NIOCORP DEVELOPMENTS LTD</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 77%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mark A. Smith</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Mark A. Smith</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer (Principal <BR>
Executive Officer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-right: 0; margin-left: 0">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENTS, that each
of the directors and officers of the registrant whose signature appears below constitutes and appoints Mark A. Smith and Neal Shah, or
either of them, as true and lawful attorneys-in-fact and agents with full power of substitution and re-substitution, for him and in his
name, place and stead, in any and all capacities to sign this registration statement and any or all amendments to said registration statement
(including post-effective amendments and registration statements filed pursuant to Rule 462 and otherwise), and to file the same, with
all exhibits thereto, and other documents in connection therewith, the Securities and Exchange Commission granting unto said attorney-in-fact
and agents the full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the foregoing, as to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
and agents or any of them, or his substitute, may lawfully do or cause to be done by virtue hereof.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer (Principal</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Mark A. Smith</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Executive Officer and Authorized U.S. Representative)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Mark A. Smith</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">and Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
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  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Neal Shah</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer (Principal Financial and</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Neal Shah</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Accounting Officer)</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Michael
    J. Morris</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Michael J. Morris</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ David C. Beling</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">David C. Beling</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Anna Castner Wightman</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Anna Castner Wightman</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Nilsa Guerrero-Mahon</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Nilsa Guerrero-Mahon</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Peter Oliver</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Peter Oliver</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">&#8201;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Dean C. Kehler<A NAME="a_Hlk140932551"></A></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Dean C. Kehler</FONT></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">/s/ Michael G. Maselli</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.65pt; padding-left: 5.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.65pt; padding-left: 5.65pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.65pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Michael G. Maselli</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.65pt; padding-left: 5.65pt">&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>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exh5_1-opinion.htm
<DESCRIPTION>OPINION OF BLAKE, CASSELS & GRAYDON LLP
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-left: 0">&nbsp;</P>
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    <TD STYLE="width: 47%; padding-right: 7.9pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">August 22, 2023</FONT></TD>
    <TD STYLE="width: 53%; padding-right: 7.9pt; padding-left: 5.75pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 5.1</B></FONT></TD></TR>
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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">NioCorp Developments Ltd.<BR>
    7000 South Yosemite Street, Suite 115</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Centennial, CO</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">80112</P></TD>
    <TD STYLE="padding-right: 7.9pt; padding-left: 5.75pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>RE: &#9;Post-Effective Amendment No.1 on Form S-1 to Registration
Statement on Form S-3</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have acted as Canadian counsel to NioCorp
Developments Ltd., a corporation incorporated under the laws of the Province of British Columbia (the &ldquo;<B>Company</B>&rdquo;), in
connection with the Company&rsquo;s filing with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on the date
hereof of the above captioned Post-Effective Amendment No.1 on Form S-1 to registration statement on Form S-3 (the &ldquo;<B>Post-Effective
Amendment No.1</B>&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;), relating to the resale or
other distribution from time to time by YA II PN, Ltd. (&ldquo;<B>YA PN</B>&rdquo;) of up to 10,407,404 common shares in the capital of
the Company (the &ldquo;<B>Advance Shares</B>&rdquo;) which may be issued to YA PN pursuant to a standby equity purchase agreement dated
January 26, 2023 between the Company and YA PN (the &ldquo;<B>Standby Equity Purchase Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In connection with the preparation of the Post-Effective
Amendment No.1 and this opinion, we have examined, considered and relied upon originals or copies certified to our satisfaction of each
of the following documents (collectively, the &ldquo;<B>Documents</B>&rdquo;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Company&rsquo;s Articles and Notice of Articles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">a certificate of good standing dated
                                            August 22, 2023 issued by the British Columbia Registrar of Companies pursuant to the <I>Business
                                            Corporations Act</I> (British Columbia) relating to the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">records of corporate proceedings of the Company approving the issuance of the Advance Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Standby Equity Purchase Agreement; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">such other documents, statutes, regulations, public and corporate records as we have deemed appropriate
to give this opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have relied upon the factual matters contained
in the representations and other factual statements of the Company made in the Documents and upon certificates of public officials and
the officers of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In such examination, we have assumed without
any independent investigation: (a) the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed
copies, and the authenticity of the originals of all such latter documents; and (b) that each of the parties (other than the Company)
executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and
the obligations of each party (other than the Company) set forth therein are legal, valid and binding and are enforceable in accordance
with all stated terms. We have not, however, undertaken any independent investigation as to any factual matter set forth in any of the
foregoing and as to questions of fact in respect of the opinions hereinafter expressed, we have relied solely upon the Documents.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">On the basis of and subject to the foregoing
and the other assumptions and qualifications set forth herein, we are of the opinion that the Advance Shares will be, when issued in accordance
with the terms of the Standby Equity Purchase Agreement, validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This opinion is limited to the matters stated
herein, and no opinions may be implied or inferred beyond the matters expressly stated herein. The opinions expressed herein are as of
the date hereof, and we assume no obligation to update or supplement such opinions to reflect any facts or circumstances that may hereafter
come to our attention or any changes in law that may hereafter occur.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We do not express any opinion with respect to
the laws of any jurisdiction other than the Province of British Columbia and the laws of Canada specifically applicable therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We hereby consent to the filing of this opinion
letter as an exhibit to the Post-Effective Amendment No.1 and to the reference to Blake, Cassels &amp; Graydon LLP under the caption &ldquo;<I>Legal
Matters</I>&rdquo; in the prospectus filed as part of the Post-Effective Amendment No.1. In giving this consent, we do not thereby admit
that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of the Commission
promulgated thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">/s/ Blake, Cassels &amp; Graydon LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>3
<FILENAME>exh10_6-amndmnt.htm
<DESCRIPTION>AMENDMENT TO CONTRACT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT><B>Exhibit
10.6</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; text-align: center"><B><U>AMENDMENT TO CONTRACT</U></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"><B>AGREEMENT</B>, made and entered into this 1<SUP>st</SUP> day of April
2023, by and between <B>NIOCORP DEVELOPMENTS LTD.</B>, of 7000 South Yosemite Street, Suite115, Centennial, CO 80112 (hereinafter referred
to as &ldquo;NioCorp&rdquo;) and <B>76 RESOURCES, LLC., having </B>an office in Highlands Ranch, Co, USA (hereinafter referred to as &ldquo;Consultant&rdquo;).</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: center"><B><U>W I T N E S S E T H</U></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"><B>WHEREAS</B>, NioCorp and Consultant have previously entered into that
certain &ldquo;Consulting Agreement&rdquo; dated May 13, 2014 (hereinafter referred to as the &ldquo;Contract&rdquo;); 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"><B>WHEREAS</B>, NioCorp and Consultant wish to amend the terms and conditions
of the Contract as hereinafter provided;</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"><B>NOW THEREFORE</B>, in consideration of the mutual covenants and promises
herein contained and other good and valuable consideration, each to the other in hand paid, NioCorp and Consultant agree as follows:</P>

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

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.1 &ldquo;Base Fee&rdquo; is hereby deleted and replaced in its entirety with the following:</FONT></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: 0 203.8pt 0 5pt"><U>Base Fee</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.85pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the terms and conditions set out in this Agreement, the Company shall pay to the Consultant, throughout the Term, a base fee (the &ldquo;<B>Base Fee</B>&rdquo;) of $325,000.00 per annum ($27,083.33 per month), to be paid monthly or in such other instalments and at such other times as the Consultant and the Company may agree. Anything herein contained to the contrary notwithstanding, the Board of Directors of the Company shall have the authority, in its sole reasonable discretion, to revise the amount of the Base Fee paid to Consultant pursuant to this Section 4.1 from time to time, by majority vote.</FONT></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">Except as specifically set forth hereinabove, the Contract remains in full
force and effect.</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">In witness whereof the parties have set their mutual hands and seals the
day and date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NioCorp Developments Ltd.:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76 Resources, LLC.:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Neal S. Shah</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Mark A. Smith</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer &amp; Corporate Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></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 0 6pt">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></P>

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

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>4
<FILENAME>exh21_1-subsidiaries.htm
<DESCRIPTION>SUBSIDIARIES OF NIOCORP DEVELOPMENTS LTD.
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Arial, Helvetica, Sans-Serif">


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 21.1</B></P>

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

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">List of Subsidiaries of NioCorp Developments
Ltd. (the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBDBDB">
    <TD STYLE="width: 30%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>State/Province of Formation</U></B></FONT></TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Ownership</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0896800 B.C. Ltd. (&ldquo;0896800&rdquo;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">British Columbia&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% by the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Elk Creek Resources Corp. </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the Class A common stock by 0896800</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"></P>

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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>exh23_2-consent.htm
<DESCRIPTION>CONSENT OF BDO USA, P.A.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Consent of Independent Registered
Public Accounting Firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">NioCorp Developments Ltd.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We hereby consent to the incorporation by reference
in the Prospectus constituting a part of this Registration Statement of our report dated September 6, 2022, except as to the effects of
the restatement discussed in Note 2, which is dated October 31, 2022, relating to the consolidated financial statements of NioCorp Developments
Ltd., appearing in the Company&#8217;s Annual Report on Form 10-K, as amended by Amendment No. 1, for the year ended June 30, 2022. Our
report contains an explanatory paragraph regarding the Company&#8217;s ability to continue as a going concern.</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">We also consent to the reference to
us under the caption &#8220;Experts&#8221; in the Prospectus.</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: 12pt 0 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">August 22, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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


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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>exh23_3-consent.htm
<DESCRIPTION>CONSENT OF MARCUM LLP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 23.3</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; text-align: center"><FONT STYLE="text-transform: uppercase"><U>Independent
Registered Public Accounting Firm&#8217;s Consent</U></FONT></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: justify">We consent to the incorporation by reference in this
Registration Statement of NioCorp Developments Ltd. on Post-Effective Amendment No. 1 to Form S-3 [File No. 333-270542] on Form S-1 of
our report dated February 23, 2023 which includes an explanatory paragraph as to GX Acquisition Corp. II&#8217;s ability to continue as
a going concern with respect to our audits of the financial statements of GX Acquisition Corp. II as of December 31, 2022 and 2021 and
for the years ended December 31, 2022 and 2021 appearing in the Current Report on Form 8-K of NioCorp Developments Ltd. Filed with the
Securities and Exchange Commission on March 1, 2023. We were dismissed as auditors on March 17, 2023 and, accordingly, we have not performed
any audit or review procedures with respect to any financial statements appearing in such Prospectus for the periods after the date of
our dismissal.</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">We also consent to the reference to our firm under
the heading &#8220;Experts&#8221; in the Prospectus, which is part of this Registration Statement.</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">/s/ Marcum LLP</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">Marcum  LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 22, 2023</P>

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

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

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    <!-- Field: /Page -->

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


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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>niocorplogo.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
