Niocorp Developments Ltd (NB)

[chico237]

BramF/Ge- Jim responded to questions on 1/3/2022 to the following questions reposted below:

a) Will a revised or new F.S. be required following the release of the NI-43-101 REE mineral resource report? You had mentioned earlier in 2021 that "other methods" could incorporate the rare earth economics into the project?

Providing the market with an update to our Mineral Resource which includes data on rare earth element (“REE”) ore grades and tonnages contained in our previously defined Mineral Resource requires issuing a new Feasibility Study with those new Mineral Resource numbers. Such a Feasibility Study update would at a minimum include a new Mineral Resource that includes the REE data. Separately, in order to provide new estimates of the economic impacts of adding rare earth products to the Project, a more robust update to our 2019 Feasibility Study is required including updating the Mineral Reserve and the project’s economic model. (Note that there is a difference between a Mineral Resource and a Mineral Reserve). This includes metallurgical testing of Elk Creek ore to determine the rates of recovery for the rare earth elements, as we did previously for Nb, Sc, and Ti, as well as sufficient engineering to establish capital and operating costs. Fortunately, Scott and his team are well ahead of the curve in conducting these analyses, and are working diligently on that now.

b) Niocorp has been testing separation methods for REE extraction? (SX, SFE with L3) ; & Running Pilot Plant scale testing (HPGR ore) in addition to Hydro-Met improvements. Earlier in 2021 you mentioned a final separation process was yet to be determined.

A final REE separations process will be determined after we complete the metallurgical testing that is underway, up to and including a demonstration plant. We are pursuing a rare earth recovery operation based on solvent extraction (“SX”) technology, which the NioCorp technical team has previously operated on a commercial scale and which is used today to produce all REEs at commercial scale around the world. There are a number of other approaches to REE separation and purification that have been explored and discussed by various companies and researchers for years, and our team follows those developments carefully, as they are highly experienced in commercial scale REE extraction, separation, and purification. However, to my knowledge, no separations technology beyond SX has been proven economic and/or reliable at commercial scale. There is a wide gulf between (1) new technologies that may look promising at bench scale (or in a white paper or news release) and (2) those that have been proven at commercial scale. Project finance sources tend to focus on the latter, as you would expect, given the lower technology risks involved.

c) Will an Investor update be offered/anticipated early in the New Year 2022? ... "I very much missed an update presentation following the 2021 AGM -(as was done in 2019/2020.)

We very much look forward to providing investors and the public with updates as they occur. News flow is determined by actual events and material developments in the Project. We will also provide ongoing update presentations as events dictate.

d) Will Niocorp once again be pursuing a robust PR campaign rolling into 2022?

Very much so!

Please form your own conclusions. Perhaps Bram or others will share responses like others have done here on the board once received.

"Front row seats with many here...
STAYING TUNED - in 2022!"
Go Team Niocorp!