Niocorp Developments Ltd (NB)

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P.M.

I would not be surprised if staff is using Corporate Credit cards for some expenses like air and ground travel, food, office supplies and other items that will show up as balance sheet expense payable items. (Maybe also using airline travel miles?)

Perhaps M.S. is not drawing a salary at this time, maybe the same or a reduced salary for S.H. until financing happens. Deferred salary expense item? Not certain how it will show on balance the next balance sheet.

As much as possible use temporary staff. While waiting for final financing. Permanent staff could be "loaned" or Temped out to other companies to work on Niocorp related or other projects.

Any or all of these things would be ways to shoestring remaining available funds. These steps would distort the ability of outsiders to determine remaining funds, at least until the next quarterly filing.