Niocorp Developments Ltd (NB)

[Truth and Transparency]

I appreciate the clarification you provided — it’s unfortunate that some still struggle to grasp the fundamentals of math, though the vast majority of us understand it clearly.

While I’ve taken the opportunity to average down, my confidence in this management team has significantly eroded. The issues go far beyond the disastrous SPAC. We’ve seen a consistent pattern of missed deadlines, poor execution, and a major missed opportunity by failing to include REEs in one of the initial two feasibility studies.

This management team positions itself as experienced and knowledgeable within the mining sector, yet their repeated missteps suggest otherwise. Continual delays and unfulfilled commitments are not the hallmarks of industry expertise. If deadlines cannot be met at this stage, it raises serious concerns about what level of delays we should expect once the project moves into construction — a phase where timing and precision are critical to value creation and investor confidence.

At this point, accountability is not just desirable — it’s necessary. Shareholders deserve transparency, discipline, and a credible plan for execution going forward.