Document:

Exhibit 4.1

 

THE
WARRANTS EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE 4:30 P.M. (VANCOUVER TIME) ON JULY 1, 2024, AFTER WHICH TIME THE WARRANTS
EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

 

[For
all Warrants, include the following legend until such time as it is no longer required in accordance with applicable Canadian
securities laws:]

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 1, 2022.”

 

[Include
the following legend on Warrants issued in the United States:]

 

"THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE “COMPANY”),
THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY ONLY (A) TO THE COMPANY,
(B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS GOVERNING
THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF
COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY NOT CONSTITUTE
“GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.

 

THIS
WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.”

 

     

     

    

 

WARRANT
CERTIFICATE

 

NIOCORP
DEVELOPMENTS LTD. 

7000 South Yosemite Street, Suite 115

Centennial, CO 80112

 

	Warrant
    Certificate No. [●]	Certificate
    for [●] Warrants, each entitling the holder to acquire one (1) Common Share

 

THIS
CERTIFIES that, for value received:

 

[●]

 

(hereinafter
referred to as the “Holder”)

 

is
the registered holder of that number of warrants (the “Warrants”) of NioCorp Developments Ltd. (the “Issuer”)
set forth above.

 

THESE
WARRANTS ARE TRANSFERABLE.

 

Transfer
of Warrants

 

The
Warrants and all rights hereunder are transferable by the Holder in accordance with applicable laws by surrender of this Warrant
Certificate together with a Warrant Transfer Form in the form attached hereto as Schedule “B” at the head office of
the Issuer stated above. No transfer of the Warrants shall be made if, in the opinion of counsel to the Issuer, such transfer
would result in the violation of any applicable securities laws.

 

Underlying
Securities and Exercise Terms

 

Subject
to adjustment as herein provided, each Warrant entitles the Holder to purchase one common share (a “Warrant Share”)
of the Issuer, as constituted on June 30, 2022 (the “Issuance Date”), at a price of $1.10 per Warrant
Share until 4:30 p.m. (Vancouver Time) on July 1, 2024 (the “Expiry Date”). The Warrants and Warrant
Shares are collectively referred to herein as the “Securities”.

 

The
Issuer covenants that the Warrant Shares, when issued upon the due exercise of the Warrants, will be fully paid and non-assessable
securities of the Issuer, and will be free and clear of all liens, charges and encumbrances. The Issuer covenants that, until
the expiry of the Warrants, it will have reserved a sufficient number of common shares to provide for the exercise of the rights
represented by the Warrants.

 

Warrants
Exercise Procedure 

 

The
Warrants may be exercised at any time prior to the Expiry Date of the Warrants by surrendering to the Issuer:

 

		(a)	this
                                         Warrant Certificate;

 

		(b)	the
                                         Subscription Form attached as Schedule “A” hereto, duly completed and executed;
                                         and

 

		(c)	a
                                         wire transfer, in accordance with the wire transfer instructions to be furnished on request,
                                         to the Issuer in the aggregate amount of the exercise price,

 

at
its head office stated above, or such other office or agency of the Issuer as it may designate by notice in writing delivered
to the Holder at the Holder’s address stated above. Upon the due exercise of the Warrants, the Issuer shall issue or cause
to be issued the requisite number of Warrant Shares to be issued to the Holder pursuant to said exercise, registered in the name
of the Holder or such other person as may be specified in the Subscription Form, and each such

 

     

     - 3 -

    

 

person shall be deemed the holder
of such Warrant Shares with effect from the date of such exercise. If Warrant Shares are to be issued to a person other than the
Holder, the Holder’s signature on the Subscription Form must be guaranteed by a Canadian chartered bank, a Canadian trust
company or a member firm of the Exchange. The Issuer will cause the certificates representing such Warrant Shares to be mailed
to the Holder at the Holder’s address stated above or such other address(es) as may be specified in the Subscription Form,
within five business days of the exercise of the Warrants.

 

Upon
the due exercise of a Warrant, the Warrant shall be deemed tendered for purposes thereof by the Holder without further notice
or action by the Holder, and all rights under such Warrant, other than the right to receive certificates representing the Warrant
Shares to which the Holder is entitled on such exercise, shall wholly cease and terminate and such Warrant shall be void and of
no further effect or value.

 

Partial
Exercise, Exchange and Replacement of Certificates

 

The
Warrants represented by this Warrant Certificate may be exercised in whole or in part from time to time. If the Warrants are exercised
in part, the Issuer shall deliver, with the Warrant Shares issued pursuant to such exercise, a new Warrant Certificate representing
the balance of the Warrants remaining unexercised.

 

This
Warrant Certificate may be exchanged, upon its surrender to the Issuer and payment of such administration fee, not exceeding $10.00,
as the Issuer may require, for new Warrant Certificates of like tenor in denominations which in the aggregate represent the number
of Warrants represented hereby. Such new Warrant Certificate will be mailed to the Holder at the Holder’s address stated
above within five business days of the surrender of the Warrant Certificate for exchange.

 

If
this Warrant Certificate is lost, stolen, mutilated or destroyed, the Issuer shall on such reasonable terms as it may in its discretion
impose, including but not limited to the provision of any indemnity by the Holder satisfactory to the Issuer in its sole discretion,
issue and countersign a new Warrant Certificate of like tenor, denomination and date as the Warrant Certificate so lost, stolen,
mutilated or destroyed.

 

All
Warrants shall rank pari passu, notwithstanding the actual date of issue thereof.

 

Holding
of Warrants

 

The
Issuer may treat the Holder as the absolute owner of the Warrants represented hereby for all purposes, and the Issuer shall not
be affected by any notice or knowledge to the contrary except where the Issuer is required to take notice by statute or by order
of a court of competent jurisdiction.

 

Nothing
in this Warrant Certificate or in the holding of a Warrant evidenced hereby shall be construed as conferring upon the Holder any
right or interest whatsoever as a shareholder of the Issuer or entitle the Holder to any right or interest in respect of any Securities
except as herein expressly provided.

 

Capital
Adjustments

 

If
at any time after the date hereof and prior to the expiry of the Warrants, and provided that any Warrants remain unexercised,
there shall be:

 

		(a)	a
                                         reclassification of the Issuer’s common shares, a change in the Issuer’s
                                         common shares into other shares or securities, a subdivision or consolidation of the
                                         Issuer’s common shares into a greater or lesser number of common shares, or any
                                         other capital reorganization, or

 

		(b)	a
                                         consolidation, amalgamation or merger of the Issuer with or into any other corporation
                                         other than a consolidation, amalgamation or merger which does not result in any reclassification
                                         of the Issuer’s outstanding common shares or a change of the Issuer’s common
                                         shares into other shares or securities,

 

     

     - 4 -

    

 

(any
of such events being called a “Capital Reorganization”) any Holders who shall thereafter acquire Warrant Shares
pursuant to the Warrants shall, subject to Exchange approval, be entitled to receive, at no additional cost, and shall accept
in lieu of the number of Warrant Shares to which such Holder was theretofore entitled to acquire upon such exercise, the aggregate
number of shares, other securities or other property which such Holder should have been entitled to receive as a result of such
Capital Reorganization if, on the effective date or record date thereof as the case may be, the Holder had been the registered
holder of the number of Warrant Shares to which such Holder was theretofore entitled to acquire upon exercise of the Warrants.
If determined appropriate by the Issuer acting reasonably, appropriate adjustments shall be made in the application of the provisions
set forth herein with respect to the rights and interests of the Holder relative to a Capital Reorganization, to the end that
the provisions set forth herein shall correspond as nearly as may be reasonably possible to the effect of the Capital Reorganization
in relation to any shares, other securities or other property thereafter deliverable upon the exercise of any Warrants.

 

In
case the Issuer, after the date hereof, shall take any action affecting any securities of the Issuer, other than as previously
set out herein, which in the opinion of the directors would materially affect the rights and interests of the Holder hereunder,
the number of Warrant Shares or other securities which are issuable on the exercise of the Warrants shall be adjusted in such
manner, if any, and at such time as the directors, in their sole discretion, may determine to be equitable in the circumstances,
provided that no such adjustment will be made unless all necessary regulatory and stock exchange approvals, if any, have been
obtained. In the event of any question arising with respect to any adjustment provided for herein, such question shall be conclusively
determined by a firm of chartered accountants appointed by the Issuer at its sole discretion (who may be the Issuer’s auditors)
and any such determination shall be binding upon the Issuer and the Holder.

 

No
adjustment shall be made in respect of any event described herein if the Holder is entitled to participate in such event on the
same terms, without amendment, as if the Holder had exercised the Warrants prior to or on the effective date or record date of
such event. The adjustments provided for herein are cumulative and such adjustments shall be made successively whenever an event
referred to herein shall occur, subject to the limitations provided for herein. No adjustment shall be made in the number or kind
of Securities or other securities which may be acquired on the exercise of a Warrant unless it would result in a change of at
least one-hundredth of a Warrant Share or other security. Any adjustment which may by reason of this paragraph not be required
to be made shall be carried forward and then taken into consideration in any subsequent adjustment.

 

Despite
any adjustments provided for herein or otherwise, the Issuer shall not be required, upon the exercise of any Warrants, to issue
fractional Warrant Shares or other securities in satisfaction of its obligations hereunder. Any fractional Warrants shall be rounded
down to the nearest whole number and the Holder of such Warrants shall not be entitled to any compensation in respect of any fractional
Warrant Share that is not issued.

 

Miscellaneous
Provisions

 

Except
as otherwise provided for herein, any delivery or surrender of documents shall be valid and effective if delivered personally
or if sent by registered letter postage prepaid, and any notice shall be valid and effective if made in writing and transmitted
as aforementioned or if transmitted by email with confirmed receipt, in each case addressed to:

 

		(a)	if
                                         to the Issuer,

 

NIOCORP
DEVELOPMENTS LTD. 

7000 South Yosemite Street, Suite115

Centennial, CO 80112

 

Email:
nshah@niocorp.com

 

		(b)	if
                                         to the Holder, at its address appearing in the register of holders of Warrants maintained
                                         by the Issuer,

 

and
such shall be deemed to have been effectively made and received on the date of personal delivery, if delivered; on the fourth
business day after the time of mailing or upon actual receipt, whichever is sooner, if sent by registered letter (except the delivery
of documents to exercise the Warrants, in which case actual receipt is required); or on the

 

     

     - 5 -

    

 

first business day after the time
of email transmission, if sent by email. In the case of a disruption in postal services, any delivery or surrender of documents
or notice sent by mail shall not be deemed to have been effectively made or received until it is actually delivered. The Issuer
and the Holder may from time to time change their address for service hereunder by notice in writing delivered in one of the foregoing
manners.

 

Except
as herein provided, any and all of the rights conferred upon the Holder herein may be enforced by the Holder through appropriate
legal proceedings. No recourse under or upon any covenant, obligation or agreement herein contained shall be had against any shareholder,
officer or director of the Issuer, either directly or through the Issuer, it being expressly agreed and declared that the obligations
under the Warrants are solely corporate obligations of the Issuer and no personal liability whatsoever shall attach to or be incurred
by the shareholders, officers or directors of the Issuer in respect thereof. This Warrant Certificate shall be binding upon the
Issuer and its successors.

 

This
Warrant Certificate shall be governed in accordance with the laws of British Columbia and the laws of Canada applicable therein.
The parties hereby attorn to the jurisdiction of the courts of British Columbia in the event of any dispute hereunder. Time shall
be of the essence hereof.

 

Any
alteration, amendment or revision to this Warrant Certificate may only be made by a written agreement between the Issuer and the
Holder.

 

For
the purposes hereof, “business day” means any day except Saturday, Sunday or a statutory holiday in Vancouver, British
Columbia and, if any period expires or any day on which any action is to be taken under this Warrant Certificate falls on a day
which is not a business day, it shall be deemed to refer to the next business day.

 

All
amounts of money referred to in this Warrant Certificate are expressed in lawful money of Canada.

 

If
any covenant or provision herein or any portion hereof is determined to be void, unenforceable or prohibited by the law of any
province or the local requirements of any provincial or federal government authority, such shall not be deemed to affect or impair
the validity of any other covenant or provision herein or a portion thereof, as the case may be, nor the validity of such covenant
or provision or a portion thereof, as the case may be, in any other jurisdiction.

 

This
Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors or personal representatives
and shall be binding upon the Issuer, its successors and permitted assigns.

 

[Remainder
of page intentionally left blank.]

 

     

     

    

 

IN
WITNESS WHEREOF the Issuer has caused this Warrant Certificate to be signed by its duly authorized officer on the Issuance Date.

 

NIOCORP
DEVELOPMENTS LTD.

 

	By:  	 	
	 	Authorized
               Signatory	 

 

NioCorp
– Warrant Certificate 

 

     

     

    

 

SCHEDULE
“A” TO WARRANT CERTIFICATE 

SUBSCRIPTION FORM

 

		TO:	NIOCORP
                                         DEVELOPMENTS LTD. (the “Issuer”)

                                         7000 South Yosemite Street, Suite115

                                         Centennial, CO 80112

 

 

 

The
Undersigned, being the registered holder of the attached Warrant Certificate of the Issuer, does hereby irrevocably exercise __________________
of the Warrants evidenced thereby in accordance with the terms thereof, and accordingly hereby irrevocably subscribes for the
Warrant Shares (as described therein) to be received thereon and irrevocably surrenders the Warrant Certificate to the Issuer
for such purpose. The Undersigned hereby irrevocably directs that the Warrant Shares to be received by the Undersigned be registered
as follows:

 

	Name
    in Full	Address	No.
    of

    Warrant Shares
	1. 	 	 
	 	 
	2. 	 	 
	 	 
	3. 	 	 
	 	 

 

IF
WARRANT SHARES ARE TO BE ISSUED TO A PERSON OR PERSONS OTHER THAN THE UNDERSIGNED REGISTERED HOLDER, THE SIGNATURE OF THE UNDERSIGNED
MUST BE MEDALLION GUARANTEED AND IT MUST PAY TO THE ISSUER ALL APPLICABLE TAXES AND OTHER DUTIES.

 

The
Undersigned registered holder hereby represents, warrants and certifies that:

 

		1.	the
                                         Undersigned is resident in the jurisdiction indicated as its address set forth in this
                                         Subscription Form;

 

		2.	the
                                         Undersigned acknowledges that the Warrants and Warrant Shares (collectively, the “Securities”)
                                         have not been registered under the United States Securities Act of 1933, as amended
                                         (the “1933 Act”), or any applicable State securities laws and
                                         may not be offered or sold in the United States or to U.S. Persons without registration
                                         under the 1933 Act and any applicable State securities laws, unless an exemption
                                         from registration is available;

 

		3.	the
                                         Undersigned has made reasonable inquiry into the jurisdiction of residence of all persons
                                         to whom Warrant Shares are to be issued hereunder, and none of such persons is a person
                                         in the United States or a U.S. Person;

 

		4.	the
                                         Undersigned does not have any agreement or understanding (written or oral) with any person
                                         in the United States or a U.S. Person respecting:

 

		(a)	the
                                         transfer or assignment of any rights or interest in any of the Securities;

 

		(b)	the
                                         division of profits, losses, fees, commissions, or any financial stake in connection
                                         with any of the Securities; or

 

		(c)	the
                                         voting of the Warrant Shares to be issued hereunder; and

 

     

     - 8 -

    

 

		5.	the
                                         Undersigned has no intention to distribute, either directly or indirectly, any of the
                                         Securities in the United States or to U.S. Persons.

 

DATED
the ______ day of ______________, 20_____.

 

	 	}

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }

    }	 
	Signature
    of Witness

    [Please Note Instruction 2]	Signature
    of registered holder or Signatory thereof
	 	If
    applicable, print Name and Office of Signatory
	Print
    Name of Witness	Print
    Name of registered holder as on certificate
	Address
    of Witness	Street
    Address
	Occupation
    of Witness	City,
    Province and Postal Code

 

INSTRUCTIONS:

 

1.              The registered holder of a Warrant may exercise its right to purchase Warrant Shares by completing and surrendering this Subscription
Form and the ORIGINAL Warrant Certificate representing the Warrant being exercised to the Issuer, together with the aggregate
amount of the exercise price for the Warrant Shares as provided for in the Warrant Certificate. Certificates representing the
Warrant Shares to be acquired on exercise will be sent by prepaid ordinary mail to the address(es) above within five business
days after the receipt of all required documentation.

 

2.              If this Subscription Form indicates that Warrant Shares are to be issued to a person or persons other than the registered holder
of the Warrants being exercised: (i) the signature of the registered holder on this Subscription Form must be medallion guaranteed
by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange,
and (ii) the registered holder must pay to the Issuer all applicable taxes and other duties.

 

3.              If this Subscription Form is signed by a trustee, executor, administrator, custodian, guardian, attorney, officer of a corporation
or any other person acting in a fiduciary or representative capacity, this Subscription Form must be accompanied by evidence of
authority to sign satisfactory to the Issuer.

 

     

     - 9 -

    

 

SCHEDULE
“B” TO WARRANT CERTIFICATE 

WARRANT TRANSFER FORM

 

For
value received, the undersigned Transferor hereby sells, transfers and assigns unto:

 

 

(please print name of Transferee)

 

	of	 	
	 	 	 
	 	 	 
	 	(please
               print address of Transferee)	 

 

 

________________________________________________________
Warrants represented by the within certificate.

(please insert number of Warrants to be transferred).

 

DATED
this ______ day of ______________, 20____.

 

		
	Signature of Transferor

 

NOTICE:
THE SIGNATURE TO THIS TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WARRANT CERTIFICATE, IN EVERY
PARTICULAR, WITHOUT ALTERATION, ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature
guaranteed by: __________________________________________

 

NOTICE:
THE SIGNATURE OF THE TRANSFEROR SHOULD BE GUARANTEED BY A BANK, FINANCIAL INSTITUTION OR STOCK BROKER WHOSE SIGNATURE IS ACCEPTABLE
TO THE ISSUER.

 

WARRANTS
SHALL ONLY BE TRANSFERABLE IN ACCORDANCE WITH APPLICABLE LAWS, AND THE RESALE OF WARRANTS AND COMMON SHARES ISSUABLE UPON EXERCISE
OF WARRANTS MAY BE SUBJECT TO RESTRICTIONS UNDER SUCH LAWS.

 

REPRESENTATIONS
OF TRANSFEREE

 

The
undersigned Transferee hereby certifies it is a bona fide resident of the jurisdiction set forth above for its address,
and that either (A)(i) at the time of this transfer, it is not a U.S. Person and did not execute this Warrant Transfer
Form while within the United States, (ii) it is not taking transfer of any of the Warrants represented by the Transfer Form by
or on behalf of any U.S. Person or any person who is within the United States, and (iii) this transfer in all other respects complies
with the terms of Regulation S; or (B)(i) it was an original purchaser in the Issuer's private placement of the Units under
which the Warrants were issued, (ii) it is an “Accredited Investor” as defined in Rule 501(a) under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), and (iii) the representations and warranties
made to the Issuer in connection with the acquisition of the Units remain true and correct on the date of this Warrant Transfer
Form; or (C) the undersigned Transferee is delivering a written opinion of U.S. Counsel to the effect that the transfer
of the Warrants contemplated hereby has been registered under the U.S. Securities Act, or is exempt from registration thereunder.

 

		
	Signature of
Transferor

 

		
	Name
(Please Print)

 

		
	DateExhibit 4.2

 

THE SECURITIES TO WHICH THIS
SUBSCRIPTION AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS IN THE
UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER
THE 1933 ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, SUCH REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. THIS SUBSCRIPTION AGREEMENT DOES NOT CONSTITUTE
AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY WITHIN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN THE LIMITED CIRCUMSTANCES PROVIDED HEREIN PURSUANT TO TRANSACTIONS EXEMPT FROM
REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

NIOCORP DEVELOPMENTS LTD. 

UNIT SUBSCRIPTION AGREEMENT

 

TO:          NIOCORP DEVELOPMENTS
LTD. (the “Issuer”)

 

The undersigned (hereinafter
referred to as the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from the Issuer the
number of units of the Issuer (the “Units”) set forth below for the aggregate subscription price set forth below
(the “Subscription Price”), representing a subscription price of C$0.96 per Unit, upon and subject to the terms
and conditions, and the covenants, representations and warranties set forth in this Subscription Agreement (as defined below),
including the attached “Terms and Conditions of Subscription” (including, without limitation, the representations,
warranties and covenants set forth in the applicable schedules attached hereto). Each Unit is comprised of one common share in
the capital of the Issuer (a “Unit Share”) and one common share purchase warrant (a “Warrant”)
of the Issuer. Each Warrant will entitle the holder to acquire one additional common share in the capital of the Issuer (a “Warrant
Share”), exercisable for a period of 24 months following the Closing at an exercise price of C$1.10 per Warrant Share.

 

     

     

    

SUBSCRIPTION AND SUBSCRIBER
INFORMATION

 

Please print all information
(other than signatures), as applicable, in the space provided below.

 

	 	Amount of Subscription	 
	 	 	 
	 	Number of Units: ______________________ x C$0.96	 
	 	 	 
	 	Aggregate Subscription Price: C$_________________	 

 

	 	Subscriber’s Information and Signature	 
	 	 	 
	 	Name of Subscriber – please print	 
	 	 	 
	 	Signature (of individual or authorized signatory)	 
	 	 	 
	 	Official Capacity or Title (of authorized signatory, if applicable)	 
	 	 	 
	 	Please print name of individual whose signature appears above if different than the name of the Subscriber printed above.
	 	 	 
	 	Subscriber’s Residential Address	 
	 	 	 
	 	 	 
	 	Subscriber’s Telephone Number	 
	 	 	 

 

	 	

Registration Instructions (if different from the Subscriber’s name and address given under Subscriber’s Information):	 
	 	 	 
	 	Name	 
	 	 	 
	 	Account reference, if applicable	 
	 	 	 
	 	Address (including postal code)	 
	 	 	 
	 	Telephone Number and Contact Name	 
	 	 	 

	 	Beneficial Owner of Subscriber	 
	 	 	 
	 	If
    the Subscriber is not an individual, the Subscriber represents and warrants that it has ☐ / does not have ☐ (check
    one) a Beneficial Owner (as defined in the Terms and Conditions of Subscription) and, if it has a Beneficial Owner, the
    name and address of the Beneficial Owner is as follows:
	 	 	 
	 	Name of Beneficial Owner	 
	 	 	 
	 	Residential Address of Beneficial Owner	 
	 	 	 
	 	 	 

 

	 	Principal Information	 
	 	 	 
	 	If the Subscriber is signing as an agent for a principal and is not deemed to be purchasing as principal as set out below, the Subscriber hereby represents and warrants that the name and residential address of such principal is as follows:
	 	 	 
	 	Name of Principal	 
	 	 	 
	 	Principal’s Residential Address	 
	 	 	 
	 	 	 

 

	 	Delivery Instructions (if different from the Subscriber’s name and address given under Subscriber’s Information):	 
	 	 	 
	 	Name	 
	 	 	 
	 	Account reference, if applicable	 
	 	 	 
	 	Address (including postal code)	 
	 	 	 
	 	Telephone Number and Contact Name	 
	 	 	 

Present Ownership of Securities

 

The Subscriber either [check appropriate
box]:

 

	 	 	does not currently own directly or indirectly, or exercises control or direction over, any common shares in the capital of the Issuer or securities convertible into common shares in the capital of the Issuer; or
	 	 
	 	 	owns directly or indirectly, or exercises control or direction over, __________ common shares in the capital of the Issuer, and convertible securities (including unexpired warrants) entitling the Subscriber to acquire an additional __________ common shares in the capital of the Issuer.
	 	 

 

Insider Status

 

The Subscriber either [check appropriate
box]:

 

	 	 	is an “Insider” of the Issuer as defined in the Securities Act (British Columbia); or
	 	 	is not an Insider of the Issuer.

 

    ii 

     

    

 

Registrant Status

 

The Subscriber either [check appropriate
box]:

 

	 	 	is a “Registrant” as defined in the Securities Act (British Columbia); or
	 	 	is not a “Registrant”.

 

U.S. Purchaser Status

 

The Subscriber either [check appropriate box]:

 

	 	 	is a “U.S. Purchaser” as defined in the Terms and Conditions below; or
	 	 	is not a “U.S. Purchaser”.

 

    iii 

     

    

 

ACCEPTANCE

 

The Issuer hereby accepts the
subscription as set forth above on the terms and conditions contained in this Subscription Agreement.

 

DATED as of ___________________,
2022.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 	 
	 	Per:		 
	 	 	Authorized Signatory	 

 

    iv 

     

    

 

NIOCORP DEVELOPMENTS LTD.

 

SUBSCRIPTION FOR UNITS

 

INSTRUCTIONS

 

To properly complete this Subscription
Agreement, you must:

 

If you are an accredited investor, are
resident in Canada or otherwise subject to Canadian securities laws and are not a U.S. Purchaser (as defined below):

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule B – Accredited Investor Status Certificate.

 

		(3)	Complete and execute Schedule C – Regulation S Certificate.

 

If you are resident in the United States
and/or are a U.S. Purchaser (as defined below):

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule B – Accredited Investor Status Certificate.

 

		(3)	Complete and execute Schedule D – U.S. Purchaser Certificate.

 

If you are resident outside of the United
States and Canada, are not a U.S. Purchaser and are not otherwise subject to Canadian or United States securities laws:

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule C – Regulation S Certificate.

 

    v 

     

    

 

Procedure and Delivery:

 

The signed Subscription Agreement, including
all required schedules, should be filled out, signed and delivered with payment by no later than 5:00 p.m. (Vancouver time)
on Friday, June 17, 2022 (or such other time, date or place as the Subscriber may be advised) to:

 

NioCorp Developments Ltd. 

7000 South Yosemite Street, Suite
115 

Centennial, CO 80112 

Attention:        Jim Sims 

Email:             financing@niocorp.com

 

Payment for the Subscription Price should
be made by a certified cheque, bank draft, money order, or confirmation of wire transfer for the subscription funds in Canadian
dollars made payable to “NioCorp Developments Ltd.”

 

    vi 

     

    

 

TERMS AND CONDITIONS OF SUBSCRIPTION

UNITS OF NIOCORP DEVELOPMENTS LTD.

 

		1.	Definitions and Interpretation

 

		(a)	In this Subscription Agreement, unless the context required otherwise:

 

		(i)	“1933 Act” means the United States Securities
Act of 1933, as amended;

 

		(ii)	“B.C. Act” means the Securities Act (British
Columbia), the regulations and rules made thereunder and all administrative policy statements, blanket orders, notices, directions
and rulings issued or adopted by the British Columbia Securities Commission, all as amended;

 

		(iii)	“Business Day” means a day other than a Saturday,
Sunday or a holiday on which principal chartered banks located in Vancouver, British Columbia are not open for business;

 

		(iv)	“Closing” has the meaning set forth in section
5;

 

		(v)	“Closing Date” means the date or dates of completion
of the sale of Units under the Offering as may be determined by the Issuer;

 

		(vi)	“Closing Time” means 10 a.m. (Vancouver time),
or such other time as may be determined by the Issuer;

 

		(vii)	“Disclosed Principal” means a purchaser that is
purchasing the Subscriber’s Units through an agent or trustee for beneficial principal(s);

 

		(viii)	“Exchange” means the Toronto Stock Exchange;

 

		(ix)	“FSE” means the Frankfurt Stock Exchange;

 

		(x)	“International Jurisdiction” has the meaning set
forth in section 9(l);

 

		(xi)	“Insider” has the meaning set forth in section
1(1) of the B.C. Act;

 

		(xii)	“Issuer” means NioCorp Developments Ltd.;

 

		(xiii)	“NI 45-106” means National Instrument 45-106 Prospectus
Exemptions published by the Canadian Securities Administrators;

 

		(xiv)	“Offering” has the meaning set forth in section
3(a);

 

		(xv)	“OTCQX” means the OTC Markets Group’s OTCQX
exchange;

 

		(xvi)	“Parties” means collectively, the Subscriber and
the Issuer and “Party” means any one of them, as the context requires;

 

		(xvii)	“person” means any individual (whether acting
as an executor, trustee, administrator, legal representative or otherwise), corporation, firm, partnership, sole proprietorship,
syndicate, joint venture, trustee, trust, fund, unincorporated organization or association and every other form of legal or business
entity of whatsoever nature or kind, and pronouns have a similar extended meaning;

 

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		(xviii)	“Personal Information” means any information about
a person (whether individual or otherwise) and includes information contained in this Subscription Agreement, including the Schedules
incorporated by reference herein; 

 

		(xix)	“Regulatory Authorities” has the meaning set forth
in section 6;

 

		(xx)	“Securities” means, collectively, the Unit Shares,
the Warrants and the Warrant Shares;

 

		(xxi)	“Securities Laws” means the applicable Canadian
provincial securities laws and United States federal and state securities laws and all applicable rules, regulations, notices and
policies promulgated or published thereunder together with all applicable and legally enforceable published policy statements,
policies, rules, blanket orders, rulings and notice of applicable securities regulatory authorities, as well as the published policies
and rules of the Exchange;

 

		(xxii)	“Subscriber” means the subscriber for Units as
set out on the face page of this Subscription Agreement and includes, as applicable, the Disclosed Principal unless the context
otherwise requires;

 

		(xxiii)	“Subscriber’s Units” means those Units that
the Subscriber has agreed to purchase under this Subscription Agreement;

 

		(xxiv)	“Subscription Agreement” or “Agreement”
means this subscription agreement (including the schedules hereto) and any instrument amending this Subscription Agreement; “hereof”,
“hereto”, “hereunder”, “herein” and similar expressions mean and refer to this Subscription
Agreement and not to a particular section or clause; and the expression “section” or “clause” followed
by a number or letter means and refers to the specified section or clause of this Subscription Agreement;

 

		(xxv)	“Subscription Price” has the meaning set forth
on the face page of this Subscription Agreement; 

 

		(xxvi)	“Unit” has the meaning set forth on the face page
of this Subscription Agreement;

 

		(xxvii)	“Unit Share” has the meaning set forth on the
face page of this Subscription Agreement;

 

		(xxviii)	“United States” means the United States of America,
its territories and possessions, any State of the United States and the District of Columbia; 

 

		(xxix)	“U.S. Person” has the meaning set forth in Rule
902(k) of Regulation S promulgated under the 1933 Act; 

 

		(xxx)	“U.S. Purchaser” is (a) any U.S Person, (b) any
person purchasing securities for the account or benefit of any U.S. Person or person in the United States, (c) any person who receives
or received an offer to acquire the Securities while in the United States, and (d) any person who is, or whose authorized signatory
is, in the United States at the time such person’s buy order was made or this Subscription Agreement was executed or delivered;

 

		(xxxi)	“Warrant” has the meaning set forth on the face
page of this Subscription Agreement; and

 

		(xxxii)	“Warrant Share” has the meaning set forth on the
face page of this Subscription Agreement.

 

		(b)	Time is of the essence of this Agreement.

 

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		(c)	This Agreement is to be read with all changes in gender or number as required by the context.

 

		(d)	The headings in this Agreement are for convenience of reference only and do not affect the interpretation
of this Agreement.

 

		(e)	In this Agreement, unless otherwise stated, all references to “$” and “C$”
are references to Canadian dollars.

 

		2.	Subscription for Units

 

		(a)	The Subscriber hereby confirms its irrevocable subscription for the Units from the Issuer, on and
subject to the terms and conditions set out in this Subscription Agreement, for the Subscription Price which is payable as described
herein. The Subscriber acknowledges (on its own behalf and including, if applicable, on behalf of each Disclosed Principal) that
upon acceptance by the Issuer of this Subscription Agreement, the Subscription Agreement will constitute a binding obligation of
the Subscriber (including if applicable, each Disclosed Principal), subject to the terms and subject to the conditions set out
in this Subscription Agreement.

 

		(b)	The Units will be issued and registered in the name of the Subscriber as per the instructions on
the face page of this Subscription Agreement.

 

		3.	The Offering

 

		(a)	The Subscriber acknowledges that this subscription forms part of a larger offering (the “Offering”)
by the Issuer of up to 4,519,481 Units at a price of C$0.96 for aggregate gross proceeds of up to approximately C$4,350,000 and
that the Issuer may increase the size of the Offering.

 

		(b)	The Subscriber further understands that there is no minimum number of Units that must be sold pursuant
to the Offering and accordingly, the Subscriber may be the sole purchaser of Units.

 

		(c)	The Subscriber acknowledges that no fractional Warrants will be issuable under the Offering and
any fractional entitlements will be rounded down to the nearest whole Warrant.

 

		4.	Partial Acceptance or Rejection of Subscription 

 

The Issuer may, in its absolute discretion,
accept or reject the Subscriber’s subscription for Units as set forth in this Subscription Agreement, in whole or in part,
and the Issuer reserves the right to allot to the Subscriber less than the amount of Units subscribed for under this Subscription
Agreement. The Subscriber acknowledges and agrees that the acceptance of this Subscription Agreement will be conditional upon,
among other things, the sale of the Units to the Subscriber being exempt from any prospectus and offering memorandum requirements
of applicable Securities Laws and the equivalent provisions of securities laws of any other applicable jurisdiction.

 

If this Subscription Agreement is rejected
in whole, any certified cheque, money order, bank draft or other forms of payment delivered to the Issuer by the Subscriber on
account of the Subscription Price for the Units subscribed for will be promptly returned by the Issuer to the Subscriber without
interest. If this Subscription Agreement is accepted only in part, payment representing the amount by which the payment delivered
by the Subscriber to the Issuer exceeds the Subscription Price of the number of Units sold to the Subscriber pursuant to a partial
acceptance of this Subscription Agreement will be promptly delivered by the Issuer to the Subscriber without interest.

 

		5.	Closing

 

Delivery and sale of the Units and payment
of the Subscription Price will be completed (the “Closing”) at the offices of Blake Cassels & Graydon LLP,
595 Burrard Street, Vancouver, British Columbia at the Closing Time or at such other place and time as the Issuer may elect on
such date or dates to be determined by the Issuer. Closing of the Offering will only occur if, prior to the Closing Time, the terms
and conditions contained in this Subscription Agreement have been

 

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complied with to the satisfaction of the Issuer, or waived by
the Issuer, including receipt by the Issuer of all completed Subscription Agreements and payment of the Subscription Price for
all of the Units sold pursuant to the Offering.

 

If, prior to the Closing Time, the terms
and conditions contained in this Subscription Agreement (other than delivery by the Issuer to the Subscriber of certificates representing
the Units) have not been complied with to the satisfaction of the Issuer, or waived by the Issuer, the Issuer and the Subscriber
will have no further obligations under this Subscription Agreement.

 

The Subscriber acknowledges that the Offering
may be completed at one or more partial closings in the discretion of the Issuer and that the Closing as contemplated in this Subscription
Agreement may be effected at one or more of such partial closings.

 

		6.	Conditions of Closing

 

This Subscription Agreement shall be subject
to acceptance by the Issuer and approval by the Exchange and any other stock exchange or regulatory authority having jurisdiction
with respect to the Issuer (collectively, the “Regulatory Authorities”).

 

The Subscriber acknowledges and agrees
that the obligations of the Issuer hereunder are conditional on the accuracy of the representations and warranties of the Subscriber
contained in this Subscription Agreement and in the term sheet appended as Schedule A as of the date of this Subscription Agreement,
and as of the Closing Time as if made at and as of the Closing Time, and the fulfillment of the following additional conditions
as soon as possible and in any event not later than the Closing Time:

 

		(a)	the Subscriber having properly completed, signed and delivered this Subscription Agreement (with
payment) by no later than 5:00 p.m. (Vancouver time) on Friday, June 24, 2022, to:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO 80112

 

Attention:           Jim Sims

Email:                jim.sims@niocorp.com

 

		(b)	all Subscribers having properly completed, signed and delivered the Regulation S Certificate attached
as Schedule C hereto;

 

		(c)	if required by this Subscription Agreement, the Subscriber having properly completed, signed and
delivered the Accredited Investor Status Certificate attached as Schedule B hereto (if applicable) and the U.S. Purchaser Certificate
attached as Schedule D hereto (if applicable);

 

		(d)	the Issuer having accepted this Subscription Agreement;

 

		(e)	all necessary regulatory and conditional Exchange approvals having been obtained by the Issuer;
and

 

		(f)	payment having been made by the Subscriber of the Subscription Price as set out above under the
heading “Procedure and Delivery” on page v of this Subscription Agreement.

 

		7.	Authorization of the Issuer

 

The Subscriber irrevocably authorizes the
Issuer, in its discretion, to act as the Subscriber’s representative at the Closing, and hereby appoints the Issuer, with
full power of substitution, as its true and lawful attorney with full power and authority in the Subscriber’s place and stead:

 

		(a)	to receive certificates representing the Units, to execute in the Subscriber’s name and on
its behalf all closing receipts and required documents, to complete and correct any errors or omissions in any form or 

 

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		 	document provided by the Subscriber in connection with
the subscription for the Units and to approve any opinion, certificate or other document addressed to the Subscriber; and

 

		(b)	to terminate this Subscription Agreement if any condition precedent is not satisfied, in such manner
and on such terms and conditions as Issuer in their sole discretion may determine.

 

This power of attorney is irrevocable,
is coupled with an interest and has been given for valuable consideration, the receipt and adequacy of which are acknowledged.
This power of attorney and other rights and privileges granted under this section will survive any legal or mental incapacity,
dissolution, bankruptcy or death of the Subscriber (including any Disclosed Principal). This power of attorney extends to the heirs,
executors, administrators, other legal representatives and successors, transferees and assigns of the Subscriber (including any
Disclosed Principal). Any person dealing with the Issuer may conclusively presume and rely upon the fact that any document, instrument
or agreement executed by the Issuer pursuant to this power of attorney is authorized and binding on the Subscriber (including any
Disclosed Principal), without further inquiry. The Subscriber (including any Disclosed Principal) agrees to be bound by any representations
or actions made or taken by the Issuer pursuant to this power of attorney, and waives any and all defences that may be available
to contest, negate or disaffirm any action of the Issuer taken in good faith under this power of attorney.

 

		8.	Representations, Warranties and Covenants of the Issuer

 

The Issuer hereby represents and warrants
to, and covenants with, the Subscriber as follows and acknowledges that the Subscriber is relying on such acknowledgements, representations,
warranties and covenants in connection with the transactions contemplated herein:

 

		(a)	the Issuer is a valid and subsisting corporation incorporated and in good standing under the laws
of British Columbia;

 

		(b)	the Issuer is duly registered and licensed to carry on business in the jurisdictions in which it
carries on business or owns property where required under the laws of that jurisdiction;

 

		(c)	this Subscription Agreement has been or will be by the Closing, duly authorized by all necessary
corporate action on the part of the Issuer, and the Issuer has or will have by the Closing full corporate power and authority to
undertake the Offering;

 

		(d)	the common shares of the Issuer are, and will continue to be as of the Closing Date, listed and
posted for trading on the Exchange;

 

		(e)	the Issuer will apply to, and use commercially reasonable efforts to obtain the listing of the
Unit Shares and Warrant Shares issuable under the Offering on, the Exchange;

 

		(f)	the Issuer has complied, or will comply, with all applicable corporate and securities laws and
regulations in connection with the offer, sale and issuance of the Securities;

 

		(g)	no order ceasing or suspending trading in the securities of the Issuer or prohibiting sale of its
securities has been issued to the Issuer or its directors, officers or promoters;

 

		(h)	the Issuer is a “reporting issuer” in the provinces of British Columbia, Alberta, Saskatchewan,
Ontario and New Brunswick and is not included on the list of defaulting reporting issuers issued by the securities regulators in
those jurisdictions;

 

		(i)	upon their issuance on the Closing Date, the Unit Shares will be validly issued and outstanding
as fully paid and non-assessable common shares in the capital of the Issuer and the Warrants will be validly issued and the certificates
representing such Unit Shares and Warrants will be validly delivered;

 

		(j)	upon exercise of the Warrants in accordance with the terms thereof, the Warrant Shares will be
validly issued and outstanding as fully paid and non-assessable common shares in the capital of the Issuer;

 

		(k)	it will reserve or set aside sufficient shares in its treasury to issue the Unit Shares and Warrant
Shares;

 

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		(l)	there is no “material fact” or “material change” (as those terms are defined
in applicable Securities Laws) in the affairs of the Issuer that has not been generally disclosed to the public; and

 

		(m)	this Subscription Agreement constitutes a binding and enforceable obligation of the Issuer, enforceable
in accordance with its terms.

 

		9.	Representations, Warranties, Covenants and Acknowledgements of the Subscriber

 

By executing this Subscription Agreement,
the Subscriber (on its own behalf and, including if applicable, on behalf of each Disclosed Principal) represents, warrants, covenants
and acknowledges to and with the Issuer (and acknowledges that the Issuer is relying thereon) that:

 

Authorization and
Effectiveness

 

		(a)	if the Subscriber is an individual, the Subscriber is of the full age of majority in the jurisdiction
in which this Subscription Agreement is executed and is legally competent to execute, deliver and be bound by this Subscription
Agreement, to perform all of its obligations hereunder and to undertake all actions required of the Subscriber hereunder;

 

		(b)	if the Subscriber is a corporation, the Subscriber is a valid and subsisting corporation, has the
necessary corporate capacity and authority to enter into and to observe and perform its covenants and obligations under this Agreement
and has taken all necessary corporate action in respect thereof;

 

		(c)	if the Subscriber is a partnership, syndicate or other unincorporated form of organization, the
Subscriber has the necessary legal capacity and authority to execute and deliver this Agreement and perform its covenants and obligations
hereunder and has obtained all necessary approvals thereof;

 

		(d)	if the Subscriber is acting as principal, this Subscription Agreement has been duly and validly
authorized, executed and delivered by the Subscriber, and, when accepted by the Issuer, will constitute a legal, valid and binding
obligation enforceable against the Subscriber in accordance with the terms hereof (subject to bankruptcy, insolvency and other
laws limiting the enforceability of creditors’ rights and subject to the qualification that equitable remedies may only be
granted in the discretion of a court of competent jurisdiction);

 

		(e)	if the Subscriber is acting as agent or trustee (including, for greater certainty, a portfolio
manager or comparable adviser) for a principal, the Subscriber is duly authorized to execute and deliver this Subscription Agreement
and all other necessary documents in connection with such subscription on behalf of such principal, and this Subscription Agreement
has been duly and validly authorized, executed and delivered by or on behalf of, and, when accepted by the Issuer, will constitute
a legal, valid, binding obligation enforceable in accordance with the terms hereof (subject to bankruptcy, insolvency and other
laws limiting the enforceability of creditors rights and subject to the qualification that equitable remedies may only be granted
in the discretion of a court of competent jurisdiction) against, such principal;

 

		(f)	the execution and delivery of this Subscription Agreement, the performance and compliance with
the terms hereof, the subscription for the Units and the completion of the transactions contemplated hereby will not result in
any material breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after
notice or lapse of time, or both, would constitute a material default under any term or provision of the constating documents,
by-laws or resolutions of the Subscriber (if not an individual), the Securities Laws or any other applicable law, any agreement
to which the Subscriber is a party or any applicable regulation, judgment, decree, order or ruling;

 

		(g)	the Subscriber is not one of a combination of shareholders of the Issuer or investors in the Offering
(including by acting jointly or in concert with any such shareholder or investor) as a consequence of which the issuance of Units
to the Subscriber hereunder (assuming the exercise of any convertible securities of the Issuer currently held by the Subscriber
and any such other shareholders or investors) 

 

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		 	will result in, or be part of a transaction that will
result in, the creation of a new “Insider” or “Control Person” of the Issuer under the policies of the
Exchange and Securities Laws;

 

Residence

 

		(h)	the Subscriber is a resident of, or is otherwise subject to the laws of, the jurisdiction disclosed
under “Subscriber’s Residential Address” on the face page of this Subscription Agreement, and that such address
is the residence of the Subscriber or the place of business of the Subscriber at which the Subscriber received and accepted the
offer to acquire the Units and was not created or used solely for the purpose of acquiring the Units;

 

Disclosure if Purchasing
as Agent or Trustee

 

		(i)	if the Subscriber is not subscribing as principal, the Subscriber acknowledges that the Issuer
may be required by law to disclose to applicable securities regulatory authorities or stock exchanges information concerning the
identities of each beneficial purchaser for whom the Subscriber is acting hereunder;

 

Eligibility to Purchase
under Prospectus Exemption

 

		(j)	if the Subscriber (or any Disclosed Principal) is resident in Canada or otherwise subject to Securities
Laws, the Subscriber (or if applicable, the Disclosed Principal) is eligible to purchase the Units pursuant to an exemption from
the prospectus requirements of the Securities Laws;

 

		(k)	if the Subscriber (or any Disclosed Principal) is resident in Canada or otherwise subject to Securities
Laws, the Subscriber has completed, executed and delivered to the Issuer an Accredited Investor Status Certificate in the form
attached hereto as Schedule B, as well as (if applicable) an Accredited Investor Risk Acknowledgment Form in the form attached
as Exhibit A to Schedule B, indicating that the Subscriber (or if applicable, the Disclosed Principal) fits within one of the prospectus
exemption categories under NI 45-106 as set forth therein and confirms the truth and accuracy of all representations, warranties
and covenants made in such certificate as of the date of this Subscription Agreement and as of the Closing Time;

 

International Purchasers

 

		(l)	if the Subscriber (or any Disclosed Principal), is resident in or otherwise subject to the securities
laws of any jurisdiction outside of Canada and the United States (the “International Jurisdiction”), then:

 

		(i)	the Subscriber is knowledgeable of, or has been independently advised
as to, the applicable securities laws of the International Jurisdiction which would apply to this subscription, if there are any;

 

		(ii)	the Subscriber is purchasing the Units pursuant to exemptions from
the prospectus and registration requirements under the applicable securities laws of the International Jurisdiction or, if such
is not applicable, the Subscriber is permitted to purchase the Securities under the applicable securities laws of such International
Jurisdiction without the need to rely on exemptions;

 

		(iii)	the applicable securities laws of the International Jurisdiction
do not require the Issuer to prepare and/or file any documents or be subject to ongoing reporting requirements or seek any approvals
of any kind whatsoever in respect of the sale of the Securities to the Subscriber from any regulatory authority of any kind whatsoever
in the International Jurisdiction; 

 

		(iv)	the purchase of Securities by the Subscriber, and (if applicable)
each Disclosed Principal, does not trigger: (i) any obligation to prepare and file a prospectus, an 

 

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		 	offering memorandum or similar document, or any other
ongoing reporting requirements with respect to such purchase or otherwise; (ii) any registration or other obligation on the part
of the Issuer; or (iii) the Issuer becoming subject to regulation in such jurisdiction or require the Issuer to attorn to the
jurisdiction of any governmental authority or regulator in such jurisdiction or require any translation of documents by the Issuer;
and

 

		(v)	the Subscriber, and (if applicable) any Disclosed Principal, will
not sell or otherwise dispose of any Securities, except in accordance with applicable Securities Laws;

 

No Prospectus or
Undisclosed Information

 

		(m)	the Subscriber understands that the sale of the Units is conditional upon such sale being exempt
from the requirements to file and obtain a receipt for a prospectus or to deliver an offering memorandum, and no prospectus has
been filed by the Issuer with any Regulatory Authority in any jurisdiction in connection with the issuance of the Units. As a result
of acquiring the Units pursuant to such exemptions:

 

		(i)	certain protections, rights and remedies provided by the Securities
Laws, including under the B.C. Act, including certain statutory rights of rescission or damages and certain statutory remedies
against an issuer, underwriters, auditors, directors and officers that are available to investors who acquire securities offered
by a prospectus or registration statement, may not be available to the Subscriber;

 

		(ii)	the common law may not provide investors with an adequate remedy
in the event that they suffer investment losses in connection with securities acquired in a private placement;

 

		(iii)	the Subscriber may not receive certain information that would otherwise
be required to be given under the Securities Laws, including under the B.C. Act; and

 

		(iv)	the Issuer is relieved from certain obligations that would otherwise
apply under the Securities Laws, including under the B.C. Act; 

 

		(n)	the Subscriber has not received or been provided with a prospectus or offering memorandum, within
the meaning of the Securities Laws, or any sales or advertising literature in connection with the Offering. The Subscriber’s
decision to subscribe for the Units was not based upon, and the Subscriber has not relied upon, any verbal or written representations
as to fact made by or on behalf of the Issuer and their respective directors, officers, employees, agents and representatives.
The Subscriber’s decision to subscribe for the Units was based solely upon this Subscription Agreement, and information about
the Issuer which is publicly available;

 

		(o)	except for the Subscriber’s knowledge regarding its subscription for Units hereunder, the
Subscriber has no knowledge of a “material fact” or a “material change” (as those terms are defined in
the applicable Securities Laws) in the affairs of the Issuer that has not been generally disclosed;

 

Investment Suitability

 

		(p)	the Subscriber confirms that the Subscriber:

 

		(i)	has such knowledge in financial and business affairs as to be capable
of evaluating the merits and risks of its investment in the Securities;

 

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		(ii)	is capable of assessing the proposed investment in the Securities
as a result of the Subscriber’s own experience or as a result of advice received from a person registered under applicable
Securities Laws;

 

		(iii)	is aware of the characteristics of the Securities and the risks relating
to an investment therein; and

 

		(iv)	is able to bear the economic risk of loss of its investment in the
Securities;

 

		(q)	the Subscriber understands and acknowledges that:

 

		(i)	no securities commission or similar regulatory authority has reviewed
or passed on the merits of the Securities;

 

		(ii)	there is no government or other insurance covering the Securities;

 

		(iii)	there are risks associated with the purchase of the Securities; 

 

		(iv)	there are restrictions on the Subscriber’s ability to resell
the Securities and it is the responsibility of the Subscriber to find out what those restrictions are and to comply with them before
selling the Securities; 

 

		(v)	the Issuer has advised the Subscriber that the Issuer is relying
on an exemption from the requirements to provide the Subscriber with a prospectus and to sell securities through a person registered
to sell securities under Securities Laws and, as a consequence of acquiring securities pursuant to this exemption, certain protections,
rights and remedies provided by Securities Laws, including statutory rights of rescission or damages, will not be available to
the Subscriber; and

 

		(vi)	that it may lose its entire investment in the Securities;

 

No Representations

 

		(r)	the Subscriber confirms that none of the Issuer, or any of its directors, employees, officers or
affiliates have made any representations (written or oral) to the Subscriber:

 

		(i)	regarding the future value of the Securities;

 

		(ii)	that any person will resell or repurchase the Securities; 

 

		(iii)	that any person will refund the purchase price of the Securities
other than as provided in this Subscription Agreement; or

 

		(iv)	that any of the Issuer’s securities will be listed and posted
for trading on a stock exchange or that an application has been made to list and post any of the Issuer’s securities for
trading on a stock exchange, other than the Issuer’s common shares on the Exchange, OTCQX or FSE;

 

Limitations on Resale

 

		(s)	the Subscriber understands and acknowledges that:

 

		(i)	the Securities will be subject to certain resale and transfer restrictions
under applicable Securities Laws; and

 

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		(ii)	the
                                         Securities may be subject to certain resale and transfer restrictions under the rules
                                         and policies of the Exchange;

 

		(t)	the
                                         Subscriber acknowledges that it has been advised to consult its own legal advisors with
                                         respect to applicable resale and transfer restrictions, that it is solely responsible
                                         for complying with such restrictions and it agrees to comply with the restrictions referred
                                         to in paragraph (s) above and all other applicable resale and transfer restrictions.
                                         The Subscriber will comply with all applicable Securities Laws concerning the subscription,
                                         purchase, holding and resale of the Units and will not resell any of the Securities except
                                         in accordance with the provisions of applicable Securities Laws. In this regard, the
                                         Subscriber acknowledges that the Issuer may be required to put the following legends
                                         on any certificates representing the Unit Shares, Warrants and Warrant Shares if issued
                                         prior to the expiry of the applicable hold period:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [four months plus one day
after the Closing Date].”

 

“THE
SECURITIES REPRESENTED HEREBY [FOR WARRANTS INCLUDE: AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER
ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD.
(THE “COMPANY”), THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY
ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE
LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED
TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY
TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE
SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

[FOR
WARRANTS ONLY: THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION
OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.]

 

		(u)	the
                                         Subscriber acknowledges that it is responsible for obtaining its own legal, investment
                                         and other professional advice with respect to the resale restrictions, “hold periods”
                                         and legending requirements to which the Securities are or may be subject under the 1933
                                         Act. The Subscriber has not relied upon any statements made by or purporting to have
                                         been made on behalf of the Issuer or its counsel with respect to such matters;

 

    10 

     

    

 

		(v)	the
                                         Subscriber acknowledges and agrees that the Issuer shall make a notation on its records
                                         or give instructions to the transfer agent of the Subscriber’s Units in order to
                                         implement the restrictions on transfer set out in the Subscription Agreement and applicable
                                         Securities Laws;

 

		(w)	the
                                         Subscriber acknowledges that there is no market for the Warrants and none is expected
                                         to develop;

 

United
States Securities Laws

 

		(x)	the
                                         Subscriber acknowledges and agrees that either (A) the Subscriber has indicated above
                                         that the Subscriber is not a U.S. Purchaser, has executed and delivered Schedule C
                                         hereto (Regulation S Certificate) and hereby is deemed to have made the representations,
                                         warranties and acknowledgments contained therein as if set forth herein in full OR (B)
                                         the Subscriber has indicated above that the Subscriber is a U.S. Purchaser, has executed
                                         and delivered Schedule D hereto (U.S. Purchaser Certificate) and hereby is deemed
                                         to have made the representations, warranties and acknowledgments contained therein as
                                         if set forth herein in full;

 

Not
Proceeds of Crime

 

		(y)	the
                                         funds representing the Subscription Price which will be advanced by the Subscriber hereunder
                                         will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money
                                         Laundering) and Terrorist Financing Act (Canada) (the “PCMLTFA”),
                                         the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
                                         and Obstruct Terrorism Act (United States) (commonly referred to as the “USA
                                         PATRIOT Act”) or other similar legislation, and the Subscriber acknowledges
                                         that the Issuer may in the future be required by law to disclose the Subscriber’s
                                         name and other information relating to this Subscription Agreement and the Subscriber’s
                                         subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best
                                         of its knowledge (i) none of the subscription funds to be provided by the Subscriber
                                         (A) have been or will be derived from or related to any activity that is deemed criminal
                                         under the law of Canada, the United States or any other jurisdiction, or (B) are being
                                         tendered on behalf of a person or entity who has not been identified to the Subscriber,
                                         and (ii) it shall promptly notify the Issuer if the Subscriber discovers that any of
                                         such representations ceases to be true, and to provide the Issuer with appropriate information
                                         in connection therewith;

 

No
Financial Assistance

 

		(z)	the
                                         Subscriber has not received or expects to receive any financial assistance from the Issuer
                                         directly or indirectly, in respect of the Subscriber’s purchase of the Units;

 

Future
Financings

 

		(aa)	the
                                         Subscriber acknowledges that the Issuer may complete additional financings in the future
                                         to develop the business of the Issuer and to fund its ongoing development. There is no
                                         assurance that such financing will be available and if available, on reasonable terms.
                                         Any such future financings may have a dilutive effect on current shareholders, including
                                         the Subscriber;

 

No
Advertising

 

		(bb)	the
                                         Subscriber has not become aware of any advertisement in printed media of general and
                                         regular paid circulation or on radio, television or other form of telecommunication or
                                         any other form of advertisement (including electronic display on the internet including
                                         but not limited to the Issuer’s website) or sales literature with respect to the
                                         distribution of the Units or any seminar or meeting whose attendees have been invited
                                         by general solicitation or general advertising;

 

No
Other Fees

 

    11 

     

    

 

		(cc)	in
                                         connection with the issue and sale of the Units pursuant to the Offering to Subscribers
                                         outside of the United States, the Issuer may pay or issue either or both of a cash commission
                                         and/or securities pursuant to and in accordance with the policies of the Exchange and
                                         applicable corporate and securities laws;

 

		(dd)	there
                                         is no person acting or purporting to act on behalf of the Subscriber (including any Disclosed
                                         Principal), if applicable, in connection with the transactions contemplated herein who
                                         is entitled to any brokerage or finder’s fee. If any person establishes a claim
                                         that any fee or other compensation is payable in connection with this subscription for
                                         the Units on account of the Subscriber’s subscription, the Subscriber covenants
                                         to indemnify and hold harmless the Issuer with respect thereto and with respect to all
                                         costs reasonably incurred in the defence thereof;

 

Other
Documents

 

		(ee)	if
                                         required by Securities Laws or by any securities commission, stock exchange or other
                                         regulatory authority, the Subscriber will execute, deliver, file and otherwise assist
                                         the Issuer in filing, such reports, undertakings and other documents with respect to
                                         the subscription for and issuance of the Securities;

 

Subscriber’s
Responsibility for Legal and Financial Advice

 

		(ff)	the
                                         Subscriber confirms that it is responsible for obtaining its own legal, tax, investment
                                         and other professional advice with respect to the execution, delivery and performance
                                         by it of this Subscription Agreement and the transactions contemplated hereunder including
                                         the suitability of the Securities as an investment for the Subscriber, the tax consequences
                                         of purchasing and dealing with the Securities, and the resale restrictions and “hold
                                         periods” to which the Securities are or may be subject under Securities Laws. The
                                         Subscriber has not relied upon any statements made by or purporting to have been made
                                         on behalf of the Issuer or its counsel with respect to such matters; and

 

		(gg)	the
                                         Subscriber acknowledges that the Issuer’s counsel is acting solely as counsel to
                                         the Issuer and not as counsel to the Subscriber.

 

		10.	Reliance
                                         on Representations, Warranties, Covenants and Acknowledgements

 

The
Subscriber acknowledges and agrees that the representations, warranties, covenants and acknowledgements made by the Subscriber
in this Subscription Agreement, including the Schedules hereto, are made with the intention that they may be relied upon by the
Issuer in determining the Subscriber’s eligibility (and, if applicable, the eligibility of others for whom the Subscriber
is contracting hereunder) to purchase the Units under Securities Laws. The Subscriber further agrees that by accepting the Units,
the Subscriber will be representing and warranting that such representations, warranties, covenants and acknowledgements are true
as at the Closing Time with the same force and effect for the benefit of the Issuer as if they had been made by the Subscriber
at the Closing Time and that they will survive the purchase by the Subscriber of the Units and will continue in full force and
effect for the benefit of the Issuer notwithstanding any subsequent disposition by the Subscriber of any of the Units.

 

		11.	Indemnity

 

The
Subscriber acknowledges that the Issuer and its counsel are relying upon the representations, warranties, covenants and acknowledgements
of the Subscriber set forth herein (including the Schedules attached hereto) in determining the eligibility of the Subscriber
(or, if applicable, the eligibility of another on whose behalf the Subscriber is contracting hereunder to subscribe for Units)
to purchase Units under the Offering, and hereby agrees to indemnify the Issuer and its directors, officers, employees, advisers,
affiliates, shareholders and agents (including their legal counsel) against all losses, claims, costs, expenses, damages or liabilities
that they may suffer or incur as a result of or in connection with their reliance on such representations, warranties, acknowledgements
and covenants. The Subscriber undertakes to immediately notify the Issuer of any change in any statement or other information
relating to the Subscriber set forth herein that occurs prior to the Closing Time.

 

    12 

     

    

 

		12.	Subscriber’s
                                         Costs

 

The
Subscriber acknowledges and agrees that all costs incurred by the Subscriber (including any fees and disbursements of any counsel
retained by the Subscriber) relating to the sale of the Units to the Subscriber will be borne by the Subscriber.

 

		13.	Consent
                                         to the Disclosure of Information

 

This
Agreement and the attachments hereto require the Subscriber to provide certain Personal Information to the Issuer. Such information
is being collected by the Issuer for the purposes of completing the Offering of the Units, which includes, without limitation,
determining the Subscriber’s eligibility to purchase the Subscriber’s Units under applicable Securities Laws, preparing
and registering any certificates representing the Subscriber’s Securities to be issued to the Subscriber, completing filings
required by any stock exchange or securities regulatory authority, indirect collection of information by the applicable stock
exchange or Regulatory Authority under authority granted in applicable securities legislation and the administration and enforcement
of the securities legislation of an applicable jurisdiction by the applicable Regulatory Authority. The Subscriber acknowledges
that the Subscriber’s Personal Information, including details of its subscription hereunder, will be disclosed by the Issuer
to: (a) stock exchanges or securities regulatory authorities; (b) the Issuer’s registrar and transfer agent; and (c) any
of the other agents or representatives of the Issuer, including legal counsel to the Issuer; and may be disclosed by the Issuer
to (d) the Canada Revenue Agency; and (e) any other person to whom it is required to disclose such information under applicable
legislation or authority. By executing this Subscription Agreement, the Subscriber consents to and authorizes the foregoing collection,
use and disclosure of the Subscriber’s Personal Information. The Subscriber also consents to and authorizes the filing of
copies or originals of any of this Subscription Agreement (including attachments) below as may be required to be filed with any
stock exchange or securities regulatory authority in connection with the transactions contemplated hereby. In addition, the Subscriber
consents to and authorizes the collection, use and disclosure of all such Personal Information by the Exchange and other regulatory
authorities in accordance with their requirements, including the provision to third party service providers, from time to time.
The contact information for the officer of the Issuer who can answer questions about this collection of information is as follows:

 

NioCorp
Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO

80112

Attn: Jim Sims

Tel: 303 503-6203

email: jim.sims@niocorp.com

 

For
Subscribers with questions about the collection of Personal Information by the Ontario Securities Commission, please contact the
Administrative Support Clerk at the Ontario Securities Commission, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario,
M5H 3S8, Tel: (416) 593-3684.

 

		14.	Miscellaneous

 

		(a)	This
                                         Subscription Agreement and all related agreements between the Parties hereto shall be
                                         governed by and construed in accordance with the laws of the Province of British Columbia,
                                         without reference to its rules governing the choice or conflict of laws. The Parties
                                         hereto irrevocably attorn and submit to the exclusive jurisdiction of the courts of the
                                         Province of British Columbia, sitting in the city of Vancouver, with respect to any dispute
                                         to or arising out of this Subscription Agreement.

 

		(b)	The
                                         Subscriber and the Issuer agree that they each will execute or cause to be executed and
                                         delivered all such further and other documents and assurances, and do and cause to be
                                         done all such further acts and things as may be necessary or desirable to give effect
                                         to this Subscription Agreement and without limiting the generality of the foregoing to
                                         do all acts and things, execute and deliver all documents, agreements and writings and
                                         provide such assurances, undertakings, information and investment letters as may be required
                                         from time to time by all applicable Regulatory Authorities or as may be required from
                                         time to time under applicable Securities Laws.

 

    13 

     

    

 

		(c)	This
                                         Subscription Agreement, which includes any interest granted or right arising under this
                                         Subscription Agreement, may not be assigned or transferred, without the written consent
                                         of the other Parties.

 

		(d)	Except
                                         as expressly provided in this Subscription Agreement and in the agreements, instruments
                                         and other documents contemplated or provided for herein, this Subscription Agreement
                                         contains the entire agreement between the Parties with respect to the Units and there
                                         are no other terms, conditions, representations or warranties whether expressed, implied,
                                         oral or written, by statute, by common law, by the Issuer, or by anyone else.

 

		(e)	Any
                                         notice or other communication to be given hereunder shall, in the case of notice to be
                                         given to:

 

the
Issuer, be addressed to:

 

NioCorp
Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO

80112

Attn: Jim Sims

Tel: 303 503-6203

email: jim.sims@niocorp.com

 

with
a copy to the Issuer’s counsel:

 

Blake,
Cassels & Graydon LLP

2600-595 Burrard Street

Vancouver, BC V7X 1L3

 

Attention:
           Bob Wooder

Email:                  bob.wooder@blakes.com

 

or
to such other address, email address or person that the Party designates by notice given in accordance with the foregoing provisions.
Any such notice: (i) if delivered personally or by courier, will be deemed to have been given and received on the date of such
delivery provided that if such day is not a Business Day then it will be deemed to have been given and received on the first Business
Day following such day; and (ii) if transmitted by email or other form of electronic communication, will be deemed to have been
given on the date of transmission if sent before 5:00 p.m. (Vancouver time) on a Business Day or, if not before 5:00 p.m. (Vancouver
time), on the first Business Day following the date of transmission provided that the sender has evidence of a successful transmission
such as a confirmation or electronic delivery receipt.

 

		(f)	All
                                         representations, warranties, agreements and covenants made or deemed to be made by the
                                         Issuer and the Subscriber herein will survive the execution and delivery, and acceptance,
                                         of this offer and the closing of the issue of the Units contemplated hereby.

 

		(g)	Subject
                                         to the terms hereof, neither this Subscription Agreement nor any provision hereof shall
                                         be modified, changed, discharged or terminated except by an instrument in writing signed
                                         by the Party against whom any waiver, change, discharge or termination is sought.

 

		(h)	This
                                         Subscription Agreement shall enure to the benefit of and be binding upon the Parties
                                         and their respective heirs, executors, administrators and successors but otherwise cannot
                                         be assigned.

 

		(i)	This
                                         Subscription Agreement may be executed in any number of counterparts, each of which when
                                         delivered, either in original or PDF or other electronic form, shall be deemed to be
                                         an original and all of which together shall constitute one and the same document. If
                                         less than a complete copy of this Subscription Agreement is delivered to the Issuer by
                                         the Subscriber (other than the execution pages of 

 

    14 

     

    

 

	 	 	this Subscription Agreement required
                                         to be executed by the Subscriber), the Issuer and its advisors are entitled to assume,
                                         and the Subscriber shall be deemed to have represented and warranted to the Issuer, that
                                         the Subscriber accepts and agrees to all of the terms and conditions of the pages of
                                         this Subscription Agreement that are not delivered, without any alteration.

 

		(j)	The
                                         Parties hereto confirm their express wish that this Subscription Agreement and all documents
                                         and agreements directly or indirectly relating hereto be drawn up in the English language.
                                         Les Parties reconnaissent leur volonté expresse que la présente convention
                                         de souscription ainsi que tous les documents et contrats s’y rattachant directement
                                         ou indirectement soient rédigés en anglais.

 

    15 

     

    

 

SCHEDULE A

 

THE
SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE
SECURITIES LAWS IN THE UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED
IN REGULATION S UNDER THE 1933 ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE
1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. THIS SUBSCRIPTION
AGREEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY WITHIN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN THE LIMITED CIRCUMSTANCES PROVIDED HEREIN PURSUANT
TO TRANSACTIONS EXEMPT FROM REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

 

Term
Sheet

Private
Placement of Units 

 

	Issuer:	NioCorp
    Developments Ltd. (“NioCorp” or the “Issuer”).
	Offering:	Private
    placement offering (the “Offering”) of up to approximately 4,519,481 units (the “Units”)
    of the Issuer. Each Unit will consist of one common share (“Common Share”) and one common share purchase
    warrant (a “Warrant”). 
	Pricing:	C$0.96
                                         per Unit.

         

        Each
        Warrant shall entitle the holder thereof to purchase one additional Common Share of the Issuer (a “Warrant Share”)
        at an exercise price equal to C$1.10 exercisable at any time up to 24 months from Closing (as defined herein).

         

	Use
    of Proceeds:	Proceeds
    of the Offering will be used for working capital and general corporate purposes.
	Offering
    Jurisdictions:	The
    Offering will take place by way of a private placement to qualified investors in the provinces of British Columbia, Alberta,
    Saskatchewan, Manitoba, Ontario, New Brunswick, and otherwise in those jurisdictions where the Offering can lawfully be made.
    Subscribers will have a $5,000 minimum subscription and Canadian subscribers must be “accredited investors” (as
    defined in National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”)). United States
    investors must be “accredited investors” as defined in Rule 501(a) under the United States Securities Act of 1933,
    as amended.
	Hold
    Period:	Common
    Shares and Warrants issued in connection with the Offering will be subject to an indefinite hold period as required by U.S.
    securities laws, and will also be subject to a four-month and one day hold period (which will run concurrently with the indefinite
    hold period in the United States) as required by Canadian securities laws commencing on the date of closing of the Offering
    and the Warrant Shares issued on exercise of the Warrants will be subject to additional hold periods under U.S. securities
    laws that shall commence on the date the Warrants are exercised, and (if applicable) will also be subject to a four-month
    and one day hold period from Closing (which will run concurrently with the indefinite hold period in the United States).
	Listing:	The
    Company shall obtain the necessary approvals to list the Common Shares, and Common Shares issuable upon exercise of the Warrants,
    where any such exercise occurs, on the TSX.
	Eligibility
    for Investment:	Eligible
    under the usual Canadian statutes as well as for RRSPs, RESPs, RRIFs, TFSAs and DPSPs.
	Closing:	On
    or about June 27, 2022 (the “Closing”).

 

    A-1 

     

    

 

SCHEDULE
B

 

Accredited
Investor Status CERTIFICATE

 

TO
BE COMPLETED BY SUBSCRIBERS THAT ARE ACCREDITED INVESTORS AND ARE RESIDENT IN CANADA OR THE UNITED STATES OR SUBJECT TO CANADIAN
OR UNITED STATES SECURITIES LAWS

 

The
categories listed herein contain certain specifically defined terms. If you are unsure as to the meanings of those terms or are
unsure as to the applicability of any category below, please contact your broker and/or legal advisor before completing this certificate.

 

TO:                         NIOCORP
DEVELOPMENTS LTD. (the “Issuer”)

 

Capitalized
terms used in this Schedule “B” and defined in the Subscription Agreement to which this Schedule “B” is
attached have the meanings defined in the Subscription Agreement unless otherwise defined herein.

 

In
connection with the purchase by the undersigned Subscriber of the Units, the Subscriber, on its own behalf or on behalf of each
Disclosed Principal for whom the Subscriber is acting (collectively, the “Subscriber”), hereby represents,
warrants, covenants and certifies to the Issuer (and acknowledges that the Issuer and its counsel are relying thereon) that:

 

		(a)	the
                                         Subscriber is purchasing the Units as principal for its own account and not for the benefit
                                         of any other person or is deemed to be purchasing as principal pursuant to NI 45-106;

 

		(b)	the
                                         Subscriber is an “accredited investor” within the meaning of NI 45-106 on
                                         the basis that the Subscriber fits within one of the categories of an “accredited
                                         investor” reproduced below beside which the Subscriber has indicated the undersigned
                                         belongs to such category;

 

		(c)	the
                                         Subscriber was not created or used solely to purchase or hold securities as an accredited
                                         investor as described in paragraph (m) below;

 

		(d)	if
                                         the Subscriber is an individual purchasing under category (j), (k) or (l) below, it has
                                         completed and signed Exhibit “A” attached hereto; and

 

		(e)	upon
                                         execution of this Schedule “B” by the Subscriber, this Schedule “B”
                                         shall be incorporated into and form a part of the Subscription Agreement to which this
                                         Schedule “B” is attached.

 

(PLEASE CHECK THE BOX OF THE APPLICABLE CATEGORY OF ACCREDITED INVESTOR)

 

	☐ 	(a)	(i) except in Ontario, a Canadian financial institution,
or a Schedule III bank; or
	 	(ii)
    in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank Act (Canada); (B)
    an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative credit society
    for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust corporation,
    insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league
    or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case
    may be;
	☐ 	(b)	the Business Development Bank of Canada incorporated
under the Business Development Bank of Canada Act (Canada);
	☐ 	(c)	a subsidiary of any person or company referred to in
paragraphs (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities
required by law to be owned by directors of that subsidiary;
	☐ 	(d)	a person or company registered under the securities
legislation of a jurisdiction (province or territory) of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed
by the regulations under the Securities Act (Ontario));
	☐	(e)	an individual registered under the securities legislation
of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);

 

    B-1 

     

    

 

	☐ 	(e.1) 	an individual formerly registered under the securities
legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited
market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
	☐ 	(f)	the Government of Canada or a jurisdiction (province
or territory) of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction
of Canada;
	☐	(g)	a municipality, public board or commission in Canada
and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal
or an intermunicipal management board in Québec;
	☐	(h)	any national, federal, state, provincial, territorial
or municipal government of or in any foreign jurisdiction, or any agency of that government;
	☐	(i)	a pension fund that is regulated by either the Office
of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction
(province or territory) of Canada;
	☐	(j)	an individual who, either alone or with a spouse, beneficially
owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000;
	☐	(j.1)	an individual who beneficially owns financial assets
having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000;
	☐	(k)	an individual whose net income before taxes exceeded
$200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded
$300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level
in the current calendar year;
	☐	(l)	an individual who, either alone or with a spouse, has
net assets of at least $5,000,000;
	☐	(m)	a person, other than an individual or investment fund,
that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;
	☐	(n)	an investment fund that distributes or has distributed
its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that
acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional
investment in investment funds] of NI 45-106, or (iii) a person described in sub-paragraph (i) or (ii) that acquires or acquired
securities under section 2.18 [Investment fund reinvestment] of NI 45-106;
	☐	(o)	an investment fund that distributes or has distributed
securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory
authority, has issued a receipt;
	☐	(p)	a trust company or trust corporation registered or authorized
to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction
of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation,
as the case may be;
	☐	(q)	a person acting on behalf of a fully managed account
managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under
the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;
	☐	(r)	a registered charity under the Income Tax Act (Canada)
that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation
of the jurisdiction of the registered charity to give advice on the securities being traded;
	☐	(s)	an entity organized in a foreign jurisdiction that is
analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function;

 

    B-2 

     

    

 

	☐	(t)	a person in respect of which all of the owners of interests,
direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited
investors;
	☐	(u)	an investment fund that is advised by a person registered
as an adviser or a person that is exempt from registration as an adviser;
	☐	(v)	a person that is recognized or designated by the securities
regulatory authority or, except in Québec, the regulator as an accredited investor;
	☐	(w)	a trust established by an accredited investor for the
benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all
of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent,
brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited
investor’s former spouse; or
	☐	(x)       
	in
                                         Ontario, such other persons or companies as may be prescribed by the regulations under
                                         the Securities Act (Ontario).

         

        ***If
        checking this category (x), please provide a description of how this requirement is met.

         

For
the purposes hereof, the following definitions are included for convenience:

 

		(a)	“bank”
                                         means a bank named in Schedule I or II of the Bank Act (Canada);

 

		(b)	“Canadian
                                         financial institution” means (i) an association governed by the Cooperative
                                         Credit Associations Act (Canada) or a central cooperative credit society for which
                                         an order has been made under section 473(1) of that Act, or (ii) a bank, loan corporation,
                                         trust company, trust corporation, insurance company, treasury branch, credit union, caisse
                                         populaire, financial services cooperative, or league that, in each case, is authorized
                                         by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada
                                         or a jurisdiction of Canada;

 

		(c)	“company”
                                         means any corporation, incorporated association, incorporated syndicate or other incorporated
                                         organization;

 

		(d)	“eligibility
                                         adviser” means:

 

		(i)	a
                                         person that is registered as an investment dealer and authorized to give advice with
                                         respect to the type of security being distributed, and

 

		(ii)	in
                                         Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing
                                         with a law society of a jurisdiction of Canada or a public accountant who is a member
                                         in good standing of an institute or association of chartered accountants, certified general
                                         accountants or certified management accountants in a jurisdiction of Canada provided
                                         that the lawyer or public accountant must not

 

		(iii)	(A)	have a professional, business or personal relationship
with the issuer, or any of its directors, executive officer, founders, or control persons, and

 

		(B)	have
                                         acted for or been retained personally or otherwise as an employee, executive officer,
                                         director, associate or partner of a person that has acted for or been retained by the
                                         issuer or any of its directors, executive officers, founders or control persons within
                                         the previous 12 months;

 

		(e)	“executive
                                         officer” means, for an issuer, an individual who is: (i) a chair, vice-chair
                                         or president, (ii) a vice-president in charge of a principal business unit, division
                                         or function including sales, finance or production, or (iii) performing a policy-making
                                         function in respect of the issuer;

 

		(f)	“financial
                                         assets” means (i) cash, (ii) securities, or (iii) a contract of insurance,
                                         a deposit or an evidence of a deposit that is not a security for the purposes of securities
                                         legislation;

 

		(g)	“fully
                                         managed account” means an account of a client for which a person makes the
                                         investment decisions if that person has full discretion to trade in securities for the
                                         account without requiring the client’s express consent to a transaction;

 

    B-3 

     

    

 

		(h)	“investment
                                         fund” has the same meaning as in National Instrument 81-106 Investment Fund
                                         Continuous Disclosure;

 

		(i)	“person”
                                         includes: (i) an individual, (ii) a corporation, (iii) a partnership, trust, fund and
                                         an association, syndicate, organization or other organized group of persons whether incorporated
                                         or not, and (iv) an individual or other person in that person’s capacity as a trustee,
                                         executor, administrator or personal or other legal representative.

 

		(j)	“related
                                         liabilities” means (i) liabilities incurred or assumed for the purpose of financing
                                         the acquisition or ownership of financial assets, or (ii) liabilities that are secured
                                         by financial assets;

 

		(k)	“Schedule
                                         III bank” means an authorized foreign bank named in Schedule III of the Bank
                                         Act (Canada);

 

		(l)	“spouse”
                                         means, an individual who, (i) is married to another individual and is not living separate
                                         and apart within the meaning of the Divorce Act (Canada), from the other individual,
                                         (ii) is living with another individual in a marriage-like relationship, including a marriage-like
                                         relationship between individuals of the same gender, or (iii) in Alberta, is an individual
                                         referred to in paragraph (i) or (ii), or is an adult interdependent partner within the
                                         meaning of the Adult Interdependent Relationships Act (Alberta); and

 

		(m)	“subsidiary”
                                         means an issuer that is controlled directly or indirectly by another issuer and includes
                                         a subsidiary of that subsidiary.

 

In
NI 45-106 a person or company is an affiliate of another person or company if one of them is a subsidiary of the other, or if
each of them is controlled by the same person.

 

In
NI 45-106 and except in Part 2 Division 4 (Employee, Executive Officer, Director and Consultant Exemption) of NI 45-106, a person
(first person) is considered to control another person (second person) if (a) the first person, beneficially owns or directly
or indirectly exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle
the first person to elect a majority of the directors of the second person, unless that first person holds the voting securities
only to secure an obligation, (b) the second person is a partnership, other than a limited partnership, and the first person holds
more than 50% of the interests of the partnership, or (c) the second person is a limited partnership and the general partner of
the limited partnership is the first person.

 

The
foregoing representations contained in this Accredited Investor Status Certificate are true and accurate as of the date of this
Accredited Investor Status Certificate and will be true and accurate as of the Closing Time and the Subscriber acknowledges that
this Accredited Investor Status Certificate is incorporated into and forms a part of the Subscription Agreement to which it is
attached. If any such representations shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate
written notice of such fact to the Issuer prior to the Closing Time.

 

	 	 Dated:	 	 	 	Signed:		 

 

	 	 	 	 	 
	 	Witness
    (If Subscriber is an Individual)	 	Print
    the name of Subscriber	 
	 	 	 	 	 
	 	 	 	 	 
	 	Print
    Name of Witness	 	If
Subscriber is a corporation,

print name and title of Authorized Signing Officer
	 

 

 

    B-4 

     

    

 

EXHIBIT
A TO SCHEDULE B

 

ACCREDITED
INVESTOR RISK ACKNOWLEDGMENT FORM

 

THIS
“EXHIBIT A” TO SCHEDULE “B” IS TO BE COMPLETED BY ACCREDITED INVESTORS WHO COMPLETED SCHEDULE “B”
AND ARE INDIVIDUALS SUBSCRIBING UNDER CATEGORIES (J), (K) OR (L) IN SCHEDULE “B” TO WHICH THIS EXHIBIT “A”
IS ATTACHED.

 

	

        WARNING!

         

        This
investment is risky. Don’t invest unless you can afford to lose all the money you pay for this investment. 

 

 

	SECTION
    1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1.  About
    your investment
	Type
    of securities: Units (each comprised of one common share and one common share purchase warrant) 	Issuer:
    NioCorp Developments Ltd.
	Purchased
    from: NioCorp Developments Ltd.
	SECTIONS
    2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2.  Risk
    acknowledgement
	This
    investment is risky. Initial that you understand that:	Your
    

    Initials
	Risk
    of loss - You could lose your entire investment of $ ____________. [Instruction: Insert the total dollar amount of
    the investment.] 	 
	Liquidity
    risk - You may not be able to sell your investment quickly - or at all. 	 
	Lack
    of information - You may receive little or no information about your investment.	 
	Lack
    of advice - You will not receive advice from the salesperson about whether this investment is suitable for you unless
    the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making
    this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3.  Accredited
    investor status
	You
    must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies
    to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you
    meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have
    questions about whether you meet these criteria. 	Your
    

    initials
	●     Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more
    than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) 	 
	●     Your net income before taxes combined with your spouse’s was more than $300,000 in each of the 2 most recent calendar
    years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. 	 
	●     Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related
    to the cash and securities. 	 
	●     Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including
    real estate) minus your total debt.) 	 
	 	 	 	 

 

     B-5

     

    

 

	4.  Your
    name and signature
	By
    signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified
    in this form.
	First
    and last name (please print):
	Signature:	Date:
	

    SECTION 5 TO BE COMPLETED BY THE SALESPERSON 
	5.  Salesperson
    information
	[Instruction:
    The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment.
    That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from
    the registration requirement.]
	First
    and last name of salesperson (please print): 
	Telephone:	Email:
	Name
    of firm (if registered):
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6.  For
    more information about this investment
	 

                                                                                                                                                                   NioCorp
Developments Ltd. 

        7000
South Yosemite Street, Suite 115

        Centennial,
CO

        80112
 

        Attn:
Jim Sims

        Tel:
(303) 503-6203 

        email:
financing@niocorp.com

         

         

        For
        more information about prospectus exemptions, contact your local securities regulator. You can find contact information
        at www.securities-administrators.ca.

         

	 	 	 	 

Form
instructions:

 

		1.	This
                                         form does not mandate the use of a specific font size or style but the font must be legible.

 

		2.	The
                                         information in sections 1, 5 and 6 must be completed before the purchaser completes and
                                         signs the form.

 

		3.	The
                                         purchaser must sign this form. Each of the purchaser and the issuer or selling security
                                         holder must receive a copy of this form signed by the purchaser. The issuer or selling
                                         security holder is required to keep a copy of this form for 8 years after the distribution.

 

     B-6

     

    

 

SCHEDULE
C

 

REGULATION
S CERTIFICATE

 

TO
BE COMPLETED BY PURCHASERS THAT ARE NOT RESIDENT IN THE UNITED STATES AND ARE NOT A U.S. PURCHASER

 

THE
SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE
SECURITIES LAWS IN THE UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED
IN REGULATION S UNDER THE 1933 ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE
1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE
SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. 

 

In
connection with the undersigned’s (the “Subscriber”) subscription for Units of the Issuer (a “Unit”),
each Unit being comprised of one common share in the capital of the Issuer (a “Unit Share”) and one common
share purchase warrant (a “Warrant”) of the Issuer and each Warrant entitling the holder to acquire one additional
common share in the capital of the Issuer (a “Warrant Share”), exercisable for a period of 24 months following
the Closing at an exercise price of C$1.10 per Warrant Share, by executing this Regulation S Certificate, the Subscriber represents,
warrants and covenants to and with the Issuer as follows (capitalized terms used herein and not otherwise defined shall have the
meaning given in the Subscription Agreement to which this Regulation S Certificate is attached):

 

		(a)	the
                                         Subscriber understands that the Securities have not been and will not be, prior to distribution,
                                         registered under the United States Securities Act of 1933, as amended (the “1933
                                         Act”), or the securities laws of any state of the United States and that the
                                         offer and sale of the Units to it will be made in reliance upon an exclusion from the
                                         registration requirements of the 1933 Act under Regulation S thereunder (“Regulation
                                         S”);

 

		(b)	the
                                         Subscriber purchasing the Securities for its own account or for the account of one or
                                         more persons for whom it is exercising sole investment discretion, (a “Disclosed
                                         Subscriber”), for investment purposes only and not with a view to resale or
                                         distribution in violation of applicable securities laws and, in particular, neither it
                                         nor any Disclosed Subscriber for whose account it is purchasing the Securities is an
                                         underwriter, agent, dealer or “Distributor” as defined in Rule 902(d) of
                                         Regulation S or has any intention to distribute either directly or indirectly any of
                                         the Securities in the United States or to, or for the account or benefit of, a U.S. person
                                         (as defined in Regulation S, a “U.S. Person”) or person in the United
                                         States; provided, however, that this paragraph shall not restrict the Subscriber from
                                         selling or otherwise disposing of any of the Securities pursuant to registration thereof
                                         pursuant to the 1933 Act and any applicable state securities laws or under an exemption
                                         from such registration requirements;

 

		(c)	the
                                         Subscriber has such knowledge and experience in financial and business matters as to
                                         be capable of evaluating the merits and risks of its investment in the Securities and
                                         is able, without impairing its financial condition, to hold such Securities for an indefinite
                                         period of time and to bear the economic risks of, and withstand a complete loss of, such
                                         investment;

 

		(d)	neither
                                         the Subscriber nor the Disclosed Subscriber, if any, is a U.S. Person;

 

		(e)	(A)
                                         The Subscriber and the Disclosed Subscriber, if any, are not resident in the United States
                                         and are not purchasing the Securities for the account or benefit of a U.S. Person or
                                         person in the United States, (B) the Units were not offered to it or the Disclosed Subscriber,
                                         if any, in the United States and (C) at the time its buy order was made and the Subscription
                                         Agreement was executed, it (or its authorized signatory) were outside the United States;

 

     C-1

     

    

 

		(f)	the
                                         current structure of this transaction and all transactions and activities contemplated
                                         hereunder is not a scheme to avoid the registration requirements of the 1933 Act;

 

		(g)	the
                                         Subscriber did not receive the offer to purchase the Securities as a result of, nor will
                                         it engage in, any directed selling efforts (as defined in Regulation S);

 

		(h)	the
                                         Subscriber agrees not to engage in hedging transactions in the Securities except in compliance
                                         with the 1933 Act;

 

		(i)	the
                                         Subscriber agrees that prior to the expiration of the one-year distribution compliance
                                         period set forth in Rule 903(b)(3) of Regulation S under the 1933 Act with regard to
                                         the Securities, it will not offer, sell or transfer, directly or indirectly, any of the
                                         Securities except in accordance with the provisions of Regulation S, pursuant to registration
                                         under the 1933 Act or pursuant to an available exemption from registration under the
                                         1933 Act;

 

		(j)	the
                                         Subscriber understands and acknowledges that the Securities are “restricted securities”
                                         within the meaning of Rule 144 under the 1933 Act, and that if in the future it decides
                                         to offer, resell, pledge or otherwise transfer any of such securities, such securities
                                         may be offered, resold, pledged or otherwise transferred, directly or indirectly, only
                                         (a) to the Issuer; (b) pursuant to an effective registration statement under the 1933
                                         Act; (c) in accordance with Rule 144 under the 1933 Act, if available, and, in each case,
                                         in compliance with any applicable securities laws of any state of the United States;
                                         or (d) pursuant to another exemption from the registration requirements under the 1933
                                         Act and any applicable securities laws of any state of the United States, after providing
                                         an opinion of counsel, of recognized standing, in form and substance reasonably satisfactory
                                         to the Issuer, to the effect that the proposed transfer may be effected without registration
                                         under the 1933 Act

 

		(k)	the
                                         Subscriber acknowledges and agrees that the Issuer is hereby bound by this Agreement
                                         and its agreements with its transfer agent to refuse to register any transfer of the
                                         Securities not made in accordance with Regulation S, pursuant to registration under the
                                         1933 Act or pursuant to an available exemption from registration under the 1933 Act and
                                         in compliance with any applicable local laws and regulations; the Subscriber consents
                                         to the Issuer making a notation on its records or giving instructions to any transfer
                                         agent of the Securities in order to implement the restrictions on transfer set forth
                                         and described herein;

 

		(l)	the
                                         Subscriber acknowledges that upon the issuance of the Securities, and until such time
                                         as the same is no longer required under the applicable requirements of the 1933 Act or
                                         applicable state securities laws and regulations, the certificates representing the Securities,
                                         and all securities issued in exchange therefor or in substitution thereof, will bear
                                         a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY [For warrants Include: and the securities issuable upon exercise hereof] HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. Securities Act”), OR UNDER
ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE securities, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD.
(THE “COmpany”), THAT THESE securities MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, directly or indirectly
ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE
LAWS AND

 

     C-2

     

    

 

REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED
TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY
TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE
SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

if
any of the Securities are being sold pursuant to clause (C) in the legend above, the legend may be removed by delivery to Computershare
Investor Services Inc. of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer, to the
effect that the legend is no longer required under applicable requirements of the 1933 Act;

 

		(g)	the
                                         Subscriber acknowledges that the Warrants may not be exercised unless exemptions are
                                         available from the registration requirements of the 1933 Act and the securities laws
                                         of all applicable states of the United States, and the holder has furnished an opinion
                                         of counsel of recognized standing in form and substance reasonably satisfactory to the
                                         Issuer to such effect; provided that a holder of warrants (a “Warrantholder”)
                                         will not be required to deliver an opinion of counsel in connection with its due exercise
                                         of the Warrants that comprise part of the Units purchased pursuant to the offering, for
                                         its own account or for the account of the original beneficial purchaser, if any, at a
                                         time when the Warrantholder and such original beneficial purchaser, if any, are outside
                                         the United States, are not U.S. Persons and are not exercising on behalf of U.S. Persons
                                         or persons in the United States and its representations and warranties contained in this
                                         Regulation S Certificate attached hereto remain true and correct in respect to the exercise
                                         of the Warrants and the holder represents to the Issuer as such.

 

		(h)	Upon
                                         the original issuance of the Warrants and until such time as is no longer required under
                                         applicable requirements of the 1933 Act or applicable state securities laws, all certificates
                                         representing the Warrants and all certificates issued in exchange therefor or in substitution
                                         thereof, shall bear a legend substantially in the following form:

 

“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.”

 

		(m)	the
                                         Subscriber acknowledges that the Issuer is not a “foreign issuer” as defined
                                         in Regulation S and therefore, pursuant to Rule 905 of Regulation S, the United States
                                         securities law legend set forth above may not be removed from certificates representing
                                         the Securities upon any resale made pursuant to Rule 903 or 904 of Regulation S; therefore
                                         the certificates representing the Securities which bear such legend may not constitute
                                         “good delivery” in settlement of transactions on stock exchanges;

 

		(n)	the
                                         Subscriber understands that (i) the Issuer may be deemed to be an issuer that is, or
                                         that has been at any time previously, an issuer with no or nominal operations and no
                                         or nominal assets other than cash and cash equivalents (a “Shell Company”),
                                         (ii) if the Issuer is deemed to be, or to have been at any time previously, a Shell Company,
                                         Rule 144 under the 1933 Act may not be available for resales of the Securities, and (iii)
                                         except as set forth in the Subscription Agreement, the Issuer is not obligated to make
                                         Rule 144 under the 1933 Act available for resales of the Securities;

 

		(o)	the
Subscriber has been independently advised as to the applicable hold period and restrictions with respect to trading imposed in
respect of the Securities by securities legislation in the jurisdiction in which it resides, and confirms that no representation
has been made respecting the applicable hold periods for such Securities and is aware of the risks and other characteristics of
the Securities and of the

 

     C-3

     

    

 

fact
that the Subscriber may not be able to resell any of the Securities except in accordance with applicable securities legislation
and regulatory policy; and

 

		(p)	the
                                         Subscriber understands and acknowledges that it is making the representations and warranties
                                         and agreements contained herein with the intent that they may be relied upon by the Issuer,
                                         in determining its eligibility or (if applicable) the eligibility of others on whose
                                         behalf it is contracting hereunder to purchase the Units.

 

The
Subscriber undertakes to notify the Issuer immediately at the principal offices of the Issuer of any change in any representation,
warranty or other information relating to the Subscriber set forth herein which takes place prior to the Closing.

 

The
Issuer shall be entitled to rely on delivery of a facsimile or PDF copy of this Regulation S Certificate.

 

DATED
this________ day of ________________, 2022.

 

	 	 
	(Name
of Subscriber - please print)
	 

 

	by:
	

         
	 
	 	(Official Capacity or Title - please print)	 

	 	 
	Authorized
Signature 
	 
	 	 

 

	

        (Please
        print name of individual whose signature appears above if different than the name of the Subscriber printed above.)

         
	 

 

     C-4

     

    

 

SCHEDULE
D

U.S. PURCHASER CERTIFICATE

 

TO BE COMPLETED BY
PURCHASERS THAT ARE RESIDENT IN THE UNITED STATES OR ARE A U.S. PURCHASER

 

THE
SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE 1933 ACT) OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION REQUIREMENTS
OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE
PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. 

 

In
connection with the undersigned’s (the “Subscriber”) subscription for units of the Issuer (the “Units”),
each Unit being comprised of one common share in the capital of the Issuer (a “Unit Share”) and one common
share purchase warrant (a “Warrant”) of the Issuer and each Warrant entitling the holder to acquire one additional
common share in the capital of the Issuer (a “Warrant Share”), exercisable for a period of 24 months following
the Closing at an exercise price of C$1.10 per Warrant Share, by executing this U.S. Purchaser Certificate, the Subscriber represents,
warrants and covenants to and with the Issuer as follows (capitalized terms used herein and not otherwise defined shall have the
meaning given in the Subscription Agreement to which this U.S. Purchaser Certificate is attached):

 

		(a)	the
                                         Subscriber understands that the Securities have not been and will not be, prior to distribution,
                                         registered under the United States Securities Act of 1933, as amended (the “1933
                                         Act”), or the securities laws of any state of the United States and that the
                                         offer and sale of the Offered Units to it will be made in reliance upon an exemption
                                         from registration under Rule 506(b) under Regulation D under the 1933 Act available to
                                         the Issuer for offers and sales to “accredited investors” as defined in Rule
                                         501(a) of Regulation D under the 1933 Act (“Accredited Investors”);

 

		(b)	the
                                         Subscriber acknowledges that prior to the time of purchase of any Units it has been afforded
                                         the opportunity to ask such questions as it has deemed necessary of, and to receive answers
                                         from, representatives of the Issuer concerning the terms and conditions of the offering
                                         of the Units and to obtain such additional information which the Issuer possesses or
                                         can acquire without unreasonable effort or expense;

 

		(c)	the
                                         Subscriber has such knowledge and experience in financial and business matters as to
                                         be capable of evaluating the merits and risks of its investment in the Securities and
                                         is able, without impairing its financial condition, to hold such Securities for an indefinite
                                         period of time and to bear the economic risks of, and withstand a complete loss of, such
                                         investment;

 

		(f)	the
                                         Subscriber (and, if the Subscriber is acting on behalf of a beneficial purchaser, such
                                         beneficial purchaser) (i) is an Accredited Investor, (ii) is acquiring the Units for
                                         its own account or for the account of one or more Accredited Investors with respect to
                                         which it exercises sole investment discretion, and in each case not with a view to any
                                         resale, distribution or other disposition of the Securities in violation of United States
                                         federal or state securities laws, and (iii) satisfies (and the beneficial purchaser,
                                         if any, satisfies) the requirements of the paragraphs below to which the Subscriber has
                                         affixed his or her initials

 

     E-1

     

    

 

The
line identified as “S” next to the corresponding paragraph applicable to the Subscriber must be initialed and, if
there is a beneficial purchaser, the line identified as “BP” next to the corresponding paragraph describing the requirement
satisfied by the beneficial purchaser must be initialed:

 

	________________(S)

         

        ________________(BP)

         
	1.	Any
    bank as defined in Section 3(a)(2) of the 1933 Act or any savings and loan association or other institution as defined in
    Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity; any broker dealer registered pursuant
    to Section 15 of the Securities Exchange Act of 1934, as amended; any insurance company as defined in Section 2(a)(13)
    of the 1933 Act; any investment company registered under the Investment Company Act of 1940 or a business development
    company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business
    Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained
    by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the
    benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee benefit plan within the meaning
    of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as
    defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered
    investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if a self-directed plan,
    with investment decisions made solely by persons that are “accredited investors” as defined in Rule 501(a) under
    the 1933 Act;
	________________(S)

         

        ________________(BP)

         
	2.	Any
    private business development company as defined in Section 202(a)(22) of the Investments Advisers Act of 1940;
	________________(S)

         

        ________________(BP)

         
	3.	Any
    organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, or Massachusetts or similar business
    trust or partnership, not formed for the specific purpose of acquiring the Offered Units offered, with total assets in excess
    of US$5,000,000;
	________________(S)

         

        ________________(BP)

         
	4.	A
    director, executive officer or general partner of the Issuer; or
	________________(S)

         

        ________________(BP)

         
	5.	A
    natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of this purchase
    exceeds US$1,000,000; provided, however, that (i) a person’s primary residence shall not be included as an asset; (ii)
    indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary
    residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness
    outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a
    result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii)
    indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
    residence at the time of the sale of securities shall be included as a liability; or
	________________(S)

         

        ________________(BP)

         
	6.	A
        natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income
        with that person's spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching
        the same income level in the current year; or

         

	________________(S)

         

        ________________(BP) 
	7.	Any
trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Offered Units, whose purchase
is directed by a sophisticated person, being defined as a person who has such knowledge and experience in financial and business
matters that he or she is capable of evaluating the merits and risks of the

 

     E-2

     

    

 

		 	prospective
investment.

 

	________________(S)

         

        ________________(BP) 
	8.	An
    entity in which all of the equity owners are accredited investors (if this category is selected, the Subscriber must provide
    certification as to the category under which each equity owner qualifies as an Accredited Investor).

 

		(i)	the
                                         Subscriber acknowledges that it has not purchased the Units as a result of any “general
                                         solicitation” or “general advertising” (as those terms are used in
                                         Regulation D under the 1933 Act), including any advertisements, articles, notices or
                                         other communications published on the internet or in any newspaper, magazine or similar
                                         media or broadcast over radio, television or the internet, or any seminar or meeting
                                         whose attendees have been invited by general solicitation or general advertising;

 

		(j)	the
                                         Subscriber understands and acknowledges that the Securities are “restricted securities”
                                         within the meaning of Rule 144 under the 1933 Act, and that if in the future it decides
                                         to offer, resell, pledge or otherwise transfer any of such securities, such securities
                                         may be offered, resold, pledged or otherwise transferred, directly or indirectly, only
                                         (a) to the Issuer; (b) pursuant to an effective registration statement under the 1933
                                         Act; (c) in accordance with Rule 144 under the 1933 Act, if available, and, in each case,
                                         in compliance with any applicable securities laws of any state of the United States;
                                         or (d) pursuant to another exemption from the registration requirements under the 1933
                                         Act and any applicable securities laws of any state of the United States, after providing
                                         an opinion of counsel, of recognized standing, in form and substance reasonably satisfactory
                                         to the Issuer, to the effect that the proposed transfer may be effected without registration
                                         under the 1933 Act;

 

		(k)	the
                                         Subscriber understands and acknowledges that upon the original issuance of the Securities
                                         and until such time as the same is no longer required under applicable requirements of
                                         the 1933 Act or applicable securities laws of any state of the United States, certificates
                                         representing the Securities and all certificates issued in exchange therefor or in substitution
                                         thereof, shall bear a legend to the following effect:

 

“THE
SECURITIES REPRESENTED HEREBY [For warrants Include: and the securities issuable upon exercise hereof] HAVE NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. Securities Act”), OR UNDER
ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE securities, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD.
(THE “COmpany”), THAT THESE securities MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, directly or indirectly
ONLY (A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE
LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED
TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY
TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE
SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

     E-3

     

    

 

if
any of the Securities are being sold pursuant to clause (C) in the legend above, the legend may be removed by delivery to Computershare
Investor Services Inc. of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer, to the
effect that the legend is no longer required under applicable requirements of the 1933 Act;

 

		(l)	The
                                         Warrants may not be exercised unless exemptions are available from the registration requirements
                                         of the 1933 Act and the securities laws of all applicable states of the United States,
                                         and the holder has furnished an opinion of counsel of recognized standing in form and
                                         substance reasonably satisfactory to the Issuer to such effect; provided that a holder
                                         of warrants (a “Warrantholder”) will not be required to deliver an
                                         opinion of counsel in connection with its due exercise of the Warrants that comprise
                                         part of the Units purchased pursuant to the Offering, for its own account or for the
                                         account of the original beneficial purchaser, if any, at a time when the Warrantholder
                                         and such original beneficial purchaser, if any, are Accredited Investors and its representations
                                         and warranties contained in this U.S. Purchaser Certificate remain true and correct in
                                         respect to the exercise of the Warrants and the holder represents to the Issuer as such.

 

		(m)	Upon
                                         the original issuance of the Warrants and until such time as is no longer required under
                                         applicable requirements of the 1933 Act or applicable state securities laws, all certificates
                                         representing the Warrants sold in the United States and to, or for the account or benefit
                                         of, U.S. Persons, and all certificates issued in exchange therefor or in substitution
                                         thereof, shall bear a legend substantially in the following form:

 

“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.”

 

		(n)	the
                                         Subscriber consents to the Issuer making a notation on its records or giving instructions
                                         to any transfer agent of the Securities in order to implement the restrictions on transfer
                                         set forth and described herein;

 

		(o)	the
                                         Subscriber understands and acknowledges that, except as set forth in the Subscription
                                         Agreement, the Issuer is not obligated to file and has no present intention of filing
                                         with the United States Securities and Exchange Commission or with any state securities
                                         commission any registration statement in respect of resales of the Securities in the
                                         United States;

 

		(p)	if
                                         required by applicable securities legislation, regulatory policy or order or by any securities
                                         commission, stock exchange or other regulatory authority, the Subscriber will execute,
                                         deliver and file and otherwise assist the Issuer in filing reports, questionnaires, undertakings
                                         and other documents with respect to the issue of the Securities;

 

		(q)	the
                                         Subscriber acknowledges and understands that there may be material tax consequences to
                                         it of the acquisition, ownership, holding, exercise or disposition of the Securities
                                         including those relating to the Issuer’s status as a “passive foreign investment
                                         corporation” under the Internal Revenue Code of 1986, as amended. The Issuer does
                                         not give any opinion or make any representation with respect to tax consequences to such
                                         persons under the United States, state, local or foreign law of the acquisition, ownership,
                                         holding, exercise or disposition of the Securities. Such persons should consult their
                                         own tax advisors about the United States, state, local and foreign tax consequences of
                                         acquiring, owning, holding, exercising and disposing of the Securities;

 

		(r)	it
                                         acknowledges that it is encouraged to obtain independent legal, income tax and investment
                                         advice with respect to its subscription for the Units and accordingly, has had an opportunity
                                         to acquire an understanding of the meanings of all terms contained herein relevant to
                                         the Subscriber for the purpose of giving the representations, warranties and covenants
                                         contained herein;

 

     E-4

     

    

 

		(s)	the
                                         Subscriber has been independently advised as to the applicable hold period and restrictions
                                         with respect to trading imposed in respect of the Securities by securities legislation
                                         in the jurisdiction in which it resides, and confirms that no representation has been
                                         made respecting the applicable hold periods for such Securities and is aware of the risks
                                         and other characteristics of the Securities and of the fact that the Subscriber may not
                                         be able to resell any of the Securities except in accordance with applicable securities
                                         legislation and regulatory policy; and

 

		(t)	the
                                         Subscriber understands and acknowledges that it is making the representations and warranties
                                         and agreements contained herein with the intent that the they may be relied upon by the
                                         Issuer, in determining its eligibility or (if applicable) the eligibility of others on
                                         whose behalf it is contracting hereunder to purchase the Units.

 

The
Subscriber undertakes to notify the Issuer immediately at the principal offices of the Issuer of any change in any representation,
warranty or other information relating to the Subscriber set forth herein which takes place prior to the Closing.

 

The
Company shall be entitled to rely on delivery of a facsimile or PDF copy of this U.S. Purchaser Certificate.

 

DATED
this________ day of ________________, 2022.

 

	 	 
	(Name
        of Subscriber - please print)
	 

 

	by:
	

         
	 
	 	(Official Capacity or Title - please print)	 

	 	 
	Authorized
                           Signature 
	 
	 	 

 

	

        (Please
        print name of individual whose signature appears above if different than the name of the Subscriber printed above.) 
	 

 

     E-5

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