When I started evaluating both companies I thought the risk/reward was similar. I finally chose NioCorp based on the management team from the board on down. Today my opinion is that the risk/reward of NioCorp is off the charts and CleanTeq is a bit above where it was two years ago. CleanTeq currently has a much better market cap but I think NioCorp will scream past them in the next few months.
Just my humble opinion based on my obsession with REs and a LOT of reading.