NioCorp Developments Ltd

ITEM 1A. RISK FACTORS

You should carefully consider the risk factors discussed in Item 1A, Risk Factors, in the Companys Annual Report on Form 10-K for the fiscal year ended June 30, 2025, which could materially affect tand in the Companys business, financial condition or future results. 

The information set forth in this Quarterly Report on Form 10-Q, including without limitation, the risk factors presented below, updates and should be read in conjunction with, the risk factors and information disclosed in the Companys Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

Updates to the feasibility study for the Elk Creek Project may result in material changes in mineral resource/reserve estimates and grades of mineralization, and may affect the economic viability of the Elk Creek Project and its anticipated return on capital, which could have a material adverse effect on our ability to obtain sufficient financing for the Elk Creek Project, our ability to execute our business plan and our Common Share price.

As previously disclosed, the Company continues to execute a work plan to update the feasibility study for the Elk Creek Project, which is expected to incorporate, among other matters, (i) a new and more efficient production process; (ii) the potential addition of magnetic rare earth products and the planned production of titanium in the form of titanium tetrachloride; (iii) an 

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updated mine design; (iv) updated capital expenditure and operating cost estimates for the quarterly period ended December 31, which could be materially higher than those included in the S-K 1300 Elk Creek Technical Report Summary; and (v) and updated product pricing. These updates to the feasibility study may result in material changes in mineral resource/reserve estimates and grades of mineralization and may affect the economic viability of the Elk Creek Project and its anticipated return on capital2025, which could have a material adverse effect on our ability to obtain sufficient financing for ly affect the Elk Creek Project, our ability to execute our business plan and our Common Share price. 

Mineral resource/reserve estimates may require adjustments or downward revisions. In addition, the grade of ore ultimately mined, if any, may differ from that indicated by our feasibility studies and drill results. The mineral resource and mineral reserve estimates included in the S-K 1300 Elk Creek Technical Report Summary and contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 have been, and mineral resource and mineral reserve estimates to be included in the updated feasibility study will be, determined based on assumed future prices, cut-off grades, and operating costs that may prove to be inaccurate. Extended declines in market prices for our products may render portions of our resource/reserve estimates uneconomic and may result in reduced reported resources/reserves or may adversely affect any economic viability determinations we may reach. Any material reductions in estimates of resources/reserves could have a material adverse effect on our Common Share price and on the value of our properties.Companys business, financial condition or future results.