NioCorp Developments Ltd. (TSX: NB) (Nasdaq: NB) announced that it has closed its previously announced registered direct offering of an aggregate of 314,465 common shares for aggregate gross proceeds to the Company of approximately US$2.0 million, before deducting Offering expenses payable by the Company. The common shares were sold pursuant to a securities purchase agreement, dated April 26, 2023, between the Company and a fund managed by Kingdon Capital Management, LLC at a price of $6.36 per share.

NioCorp intends to use the net proceeds from the Offering for working capital and general corporate purposes, including to advance its efforts to launch construction of the Elk Creek Project and move it to commercial operation.

“We welcome this equity investment in NioCorp by Kingdon,” said Mark A. Smith, Executive Chairman and CEO of NioCorp.  “Kingdon has an outstanding reputation as a thoughtful and forward-looking investment firm, and we are proud to have them as an owner in NioCorp.”

The securities described above were offered pursuant to a shelf registration statement (including a prospectus) previously filed with the Securities and Exchange Commission on November 2, 2021 and declared effective by the SEC on November 16, 2021. NioCorp offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

A final prospectus supplement and accompanying prospectus relating to the Offering have been filed with the SEC and are available for free on the SEC’s website at www.sec.gov and are also available on the Company’s profile on the SEDAR website at www.sedar.com.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About NioCorp

NioCorp is developing a critical minerals project in Southeast Nebraska that will produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy (“HSLA”) steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of Neodymium-Iron-Boron (“NdFeB”) magnets, which are used across a wide variety of defense and civilian applications