Document:

Exhibit
4.1

 

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$0.63 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 half of one common share purchase warrant (each whole 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$0.75 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$0.63

         

        Aggregate Subscription Price: C$___________________
 

         
	 	
        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

        ____________________________________________________________

		 
	
        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
	 
	 
	 
	 
	 
	 	 
	 	
        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
 ____________________________________________________________

         

 

     

     

    

 

	
        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

         
	 	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 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.

 

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”.

 

    ii

     

    

 

ACCEPTANCE

 

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

 

DATED as of ___________________,
2018.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 
	 	Per:	 	 
	 	 	Authorized Signatory

 

    iii

     

    

 

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 not an accredited investor,
but are an existing security holder of the Issuer as of the Record Date (as defined herein), and are resident in British Columbia,
Alberta, Saskatchewan, Ontario or New Brunswick and are not a U.S. Purchaser:

 

		(1)	Complete and execute the first two pages.

 

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

 

		(3)	Complete and execute Schedule D – Existing Security Holder 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 E – 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.

 

    iv

     

    

 

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
August 31, 2018 (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:                 jim.sims@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.”

 

    v

     

    

 

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;

 

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		(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;

 

		(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;

 

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		(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.

 

		(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

     

    

 

		3.	The Offering

 

		(a)	The Subscriber acknowledges that this subscription forms part of a larger offering (the “Offering”)
by the Issuer of up to 3,174,604 Units at a price of C$0.63 for aggregate gross proceeds of up to C$2,000,000, 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 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.

 

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		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 August 31, 2018, 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), the Existing Security Holder
Certificate attached as Schedule D hereto (if applicable) and the U.S. Purchaser Certificate attached as Schedule E 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 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

 

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		(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;

 

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		(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;

 

		(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);

 

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		(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) 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;

 

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		(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 either: (i) 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; or (ii) an Existing Security Holder Certificate in
the form attached hereto as Schedule D, indicating that the Subscriber (or if applicable, the Disclosed Principal) will be acquiring
the Units pursuant to the existing security holder exemption (the “Existing Security Holder Exemption”) available
under one of: (a) BC Instrument 45-534 Exemption from prospectus requirement for certain trades to existing security holders
in British Columbia, (b) Alberta Securities Commission Rule 45-513 Prospectus exemption for distribution to existing security
holders in Alberta, (c) Ontario Securities Commission Rule 45-501 Ontario Prospectus and Registration Exemptions in
Ontario, (d) General Order 45-926 Exemption from prospectus requirement for certain trades to existing security holders in
Saskatchewan, or (e) Blanket Order 45-505 - Prospectus Exemption for Distribution to Existing Security Holders in New Brunswick,
and, in either case, 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 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

 

    9

     

    

 

		(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;

 

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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;

 

		(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;

 

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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

 

		(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.”

 

    12

     

    

 

[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;

 

		(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 E 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;

 

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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

 

		(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;

 

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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.

 

     15

     

    

 

		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: John F. Ashburn, Jr.

Tel: (720) 639-4650

email: jashburn@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.

 

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		14.	United
                                         States Securities Law Indemnification

 

		(a)	The
                                         Issuer agrees to indemnify and hold harmless each Subscriber, their respective officers,
                                         directors, employees, partners, legal counsel and accountants, and each person controlling
                                         such Subscriber within the meaning of Section 15 of the 1933 Act, and each person who
                                         controls any underwriter within the meaning of Section 15 of the 1933 Act, from and against
                                         any losses, claims, damages, expenses or liabilities (or actions or proceedings in respect
                                         thereof) to which such Subscriber or such other indemnified person may become subject
                                         (including in settlement of litigation, whether commenced or threatened) insofar as such
                                         losses, claims, damages, expenses or liabilities (or actions or proceedings in respect
                                         thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement
                                         of a material fact or omission or alleged omission to state a material fact in the Registration
                                         Statement, including all documents filed as a part thereof and information deemed to
                                         be a part thereof, on the effective date thereof, or any amendment or supplements thereto,
                                         or arise out of any failure by the Issuer to fulfill any undertaking or covenant included
                                         in the Registration Statement or to perform its obligations hereunder or under applicable
                                         law and the Issuer will, as incurred, reimburse such Subscriber, each of its respective
                                         officers, directors, employees, partners, legal counsel and accountants, and each person
                                         controlling such Subscriber, and each person who controls any such underwriter, for any
                                         legal or other expenses reasonably incurred in investigating, defending or preparing
                                         to defend, settling, compromising or paying such action, proceeding or claim; provided,
                                         however, that the Issuer shall not be liable in any such case to the extent that such
                                         loss, claim, damage, expense or liability (or action or proceeding in respect thereof)
                                         arises out of, or is based upon, (i) the failure of any Subscriber, or any of their agents,
                                         affiliates or persons acting on their behalf, to comply with the covenants and agreements
                                         contained in this Agreement with respect to the sale of Registrable Securities, (ii)
                                         an untrue statement or omission in such Registration Statement in reliance upon and in
                                         conformity with written information furnished to the Issuer by an instrument duly executed
                                         by or on behalf of the Subscriber, or any of its agents, affiliates or persons acting
                                         on its behalf, and stated to be specifically for use in preparation of the Registration
                                         Statement and not corrected in a timely manner by the Subscriber in writing or (iii)
                                         an untrue statement or omission in any prospectus that is corrected in any subsequent
                                         prospectus, or supplement or amendment thereto, that was delivered to the Subscriber
                                         prior to the pertinent sale or sales by such Subscriber and not delivered by the Subscriber
                                         to the individual or entity to which it made such sale(s) prior to such sale(s).

 

		(b)	The
                                         Subscriber agrees to indemnify and hold harmless the Issuer from and against any losses,
                                         claims, damages, expenses or liabilities (or actions or proceedings in respect thereof)
                                         to which the Issuer may become subject (under the 1933 Act or otherwise) insofar as such
                                         losses, claims, damages, expenses or liabilities (or actions or proceedings in respect
                                         thereof) arise out of, or are based upon (i) the failure of the Subscriber or any of
                                         its agents, affiliates or persons acting on its behalf, to comply with the covenants
                                         and agreements contained in this Agreement with respect to the sale of Registrable Securities;
                                         or (ii) an untrue statement or alleged untrue statement of a material fact or omission
                                         to state a material fact in the Registration Statement in reliance upon and in conformity
                                         with written information furnished to the Issuer by an instrument duly executed by or
                                         on behalf of such Subscriber and stated to be specifically for use in preparation of
                                         the Registration Statement; provided, however, that the Subscriber shall not be liable
                                         in any such case for (i) any untrue statement or alleged untrue statement or omission
                                         in any prospectus or Registration Statement which statement has been corrected, in writing,
                                         by such Subscriber and delivered to the Issuer before the sale from which such loss occurred;
                                         or (ii) an untrue statement or omission in any prospectus that is corrected in any subsequent
                                         prospectus, or supplement or amendment thereto, that was delivered to the Subscriber
                                         prior to the pertinent sale or sales by the Subscriber and delivered by the Subscriber
                                         to the individual or entity to which it made such sale(s) prior to such sale(s), and
                                         the Subscriber, severally and not jointly, will, as incurred, reimburse the Issuer for
                                         any legal or other expenses reasonably incurred in investigating, defending or preparing
                                         to defend any such action, proceeding or claim. Notwithstanding the foregoing, the Subscriber
                                         shall not be liable or required to indemnify the Issuer in the aggregate for any amount
                                         in excess of the net amount received by the Subscriber from the sale of the Registrable
                                         Securities, to which such loss, claim, damage, expense or liability (or action proceeding
                                         in respect thereof) relates.

 

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		(c)	Promptly
                                         after receipt by any indemnified person of a notice of a claim or the beginning of any
                                         action in respect of which indemnity is to be sought against an indemnifying person pursuant
                                         to this Section 14, such indemnified person shall notify the indemnifying person in writing
                                         of such claim or of the commencement of such action and, subject to the provisions hereinafter
                                         stated, in case any such action shall be brought against an indemnified person, the indemnifying
                                         person shall be entitled to participate therein, and, to the extent that it shall wish,
                                         to assume the defense thereof. After notice from the indemnifying person to such indemnified
                                         person of the indemnifying person’s election to assume the defense thereof, the
                                         indemnifying person shall not be liable to such indemnified person for any legal expenses
                                         subsequently incurred by such indemnified person in connection with the defense thereof;
                                         provided, however, that if there exists or shall exist a conflict of interest that would,
                                         in the opinion of counsel to the indemnified party, make it inappropriate under applicable
                                         laws or codes of professional responsibility for the same counsel to represent both the
                                         indemnified person and such indemnifying person or any affiliate or associate thereof,
                                         the indemnified person shall be entitled to retain its own counsel at the expense of
                                         such indemnifying person; provided, further, that the indemnifying person shall not be
                                         obligated to assume the expenses of more than one counsel to represent all indemnified
                                         persons. In the event of such separate counsel, such counsel shall agree to reasonably
                                         cooperate.

 

		(d)	If
                                         the indemnification provided for in this Section 14 is unavailable or insufficient to
                                         hold harmless an indemnified party under subsection (a) or (b) above in respect of any
                                         losses, claims, damages, expenses or liabilities (or actions or proceedings in respect
                                         thereof) referred to therein, then each indemnifying party shall contribute to the amount
                                         paid or payable by such indemnified party as a result of such losses, claims, damages,
                                         expenses or liabilities (or actions or proceedings in respect thereof) in such proportion
                                         as is appropriate to reflect the relative fault of the Issuer on the one hand and the
                                         Subscriber, or its agents, affiliates or persons acting on its behalf, on the other in
                                         connection with the statements or omissions which resulted in such losses, claims, damages,
                                         expenses or liabilities (or actions or proceedings in respect thereof), as well as any
                                         other relevant equitable considerations. The relative fault shall be determined by reference
                                         to, among other things, whether the untrue or alleged untrue statement of a material
                                         fact or the omission or alleged omission to state a material fact relates to information
                                         supplied by the Issuer on the one hand or the Subscriber, or its agents, affiliates or
                                         persons acting on its behalf, on the other and the parties’ relative intent, knowledge,
                                         access to information and opportunity to correct or prevent such statement or omission.
                                         The Issuer and the Subscriber agree that it would not be just and equitable if contribution
                                         pursuant to this subsection (d) were determined by any other method of allocation which
                                         does not take into account the equitable considerations referred to above in this subsection
                                         (d). The amount paid or payable by an indemnified party as a result of the losses, claims,
                                         damages, expenses or liabilities (or actions or proceedings in respect thereof) referred
                                         to above in this subsection (d) shall be deemed to include any legal or other expenses
                                         reasonably incurred by such indemnified party in connection with investigating or defending
                                         any such action or claim. No person guilty of fraudulent misrepresentation (within the
                                         meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
                                         person who was not guilty of such fraudulent misrepresentation. In any event, the Subscriber
                                         shall not be liable or required to contribute to the Issuer in the aggregate for any
                                         amount in excess of the net amount received by the Subscriber from the sale of its Registrable
                                         Securities.

 

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		15.	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.

 

		(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: John F. Ashburn, Jr.

Tel: (720) 639-4650

email: jashburn@niocorp.com

 

     19

     

    

 

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 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.

 

     20

     

    

 

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 C$2,000,000 in units (the “Units”)
    of the Issuer. Each Unit will consist of one common share (“Common Share”) and one half of one common share
    purchase warrant (each whole warrant, a “Warrant”). 
	 	 
	Pricing:	C$0.63
                                         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$0.75, 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”)) or otherwise
    qualified under NI 45-106 or BC Instrument 45-534 – Exemption from prospectus requirement for certain trades to existing
    security holders or the provisions of various corresponding blanket orders and rules of other Canadian jurisdictions that
    have adopted the same or a similar exemption from the prospectus requirement. 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).

 

     A-1

     

    

 

	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 the week of September 3, 2018 (the “Closing”).

 

     A-2

     

    

 

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));

 

    B-1

     

    

 

	☐	(e)        an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);
	☐	(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;

 

    B-2

     

    

 

	☐	(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;
	☐	(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-3

     

    

 

		(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;

 

		(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.

 

    B-4

     

    

 

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-5

     

    

 

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 half of 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-6

    

    

 

	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: John F. Ashburn, Jr.

        Tel: (720) 639-4650

        email: jashburn@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-7

    

    

 

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 half of one common share purchase
warrant (each whole 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$0.75 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 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.”

 

    C-2

    

    

 

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;

 

    C-3

    

    

 

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

 

DATED this________ day of ________________,
2018.

 

	 	 
	
        (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

 

EXISTING SECURITY HOLDER CERTIFICATE

 

TO BE COMPLETED BY SUBSCRIBERS THAT ARE NOT ACCREDITED
INVESTORS, ARE RESIDENT IN BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, ONTARIO OR NEW BRUNSWICK, AND ARE SUBSCRIBING UNDER THE EXISTING
SECURITY HOLDER EXEMPTION

 

Capitalized terms used in this Schedule “D”
and defined in the Subscription Agreement to which this Schedule “D” 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)	on or before August 29, 2018 (the “Record Date”) the Subscriber acquired and
continues to hold a common share of the Issuer;

 

		(b)	the Subscriber is purchasing the Units as principal for its own account, not for the benefit of
any other person; and

 

		(c)	one of the following applies:

 

		(i)	the Subscriber is resident in Alberta, British Columbia, Saskatchewan, Ontario or New Brunswick
and has obtained advice regarding the suitability of the subscribed for Units from an Investment Dealer, as defined in National
Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations, registered in such province;
or

 

		(ii)	the Subscriber is resident in Alberta, British Columbia, Saskatchewan, Ontario or New Brunswick
and the aggregate acquisition cost of the above subscribed for Units, when combined with the acquisition cost to the Subscriber
of all common shares of the Issuer distributed pursuant to one of (i) BC Instrument 45-534 Exemption from prospectus requirement
for certain trades to existing security holders in British Columbia, (ii) Alberta Securities Commission Rule 45-513 Prospectus
exemption for distribution to existing security holders in Alberta, (iii) Ontario Securities Commission Rule 45-501 Ontario
Prospectus and Registration Exemptions in Ontario, (iv) General Order 45-926 Exemption from prospectus requirement for certain
trades to existing security holders in Saskatchewan, or (v) Blanket Order 45-505 - Prospectus Exemption for Distribution
to Existing Security Holders in New Brunswick in the last 12 months, does not exceed $15,000.

 

In the event that the Subscriber
fully complies with and solely relies upon the Existing Security Holding Exemption, then by accepting this Subscription Agreement,
the Issuer hereby represents and warrants to the Subscriber that:

 

		(a)	the Issuer’s “documents” and “core documents”, as those terms are
defined in Section 140.1 of the B.C. Act, Section 17.01 of the Securities Act (Alberta), Section 136.01 of The Securities
Act, 1988 (Saskatchewan), Section 138.1 of the Securities Act (Ontario) and Section 161.1 of the Securities Act
(New Brunswick), do not contain a misrepresentation; and

 

		(b)	there is no material fact or material change related to the Issuer which has not been generally
disclosed.

 

    D-1

    

    

 

In the event that the Subscriber
fully complies with and solely relies upon the Existing Security Holding Exemption, then by accepting this Subscription Agreement,
the Issuer shall provide the Subscriber with the following contractual right of action against the Issuer for rescission or damages
in respect of the Subscriber’s subscription for the Securities if the Subscriber is resident in British Columbia, Saskatchewan
or New Brunswick (the “Contractual Right”). The Contractual Right:

 

		(a)	is available to the Subscriber if the Issuer’s “documents” or “core documents”,
as those terms are defined in Section 140.1 of the B.C. Act, Section 136.01 of the Securities Act, 1988 (Saskatchewan) and
Section 161.1 of the Securities Act (New Brunswick), contain a misrepresentation which was not corrected before the Subscriber
acquired the Units, without regard to whether the Subscriber relied on such misrepresentation;

 

		(b)	is enforceable by the Subscriber delivering a notice to the Issuer:

 

		(i)	in the case of an action for rescission, within 180 days after execution of this Subscription Agreement
by the Subscriber, or

 

		(ii)	in the case of an action for damages, before the earlier of:

 

		A.	180 days after the Subscriber first has knowledge
of the facts giving rise to the cause of action, or

 

		B.	three years after execution of this Subscription
Agreement by the Subscriber; 

 

		(c)	is subject to the defense that the Subscriber had knowledge of the misrepresentation;

 

		(d)	in the case of an action for damages, limits the maximum amount recoverable by the Subscriber,
as follows:

 

		(i)	to not exceed the aggregate Subscription Price for each Unit subscribed for by the Subscriber hereunder;
and

 

		(ii)	to not include all or any part of the damages that the Issuer proves does not represent the depreciation
in value of the Units resulting from the misrepresentation; and

 

		(e)	is in addition to, and does not detract from, any other right of the Subscriber.

 

[Remainder of Page Intentionally Left Blank]

 

    D-2

    

    

 

The representations, warranties, statements and
covenants made in this Existing Security Holder Certificate are true and accurate as of the date of this Existing Security Holder
Certificate and will be true and accurate as of the Closing Time and the undersigned acknowledges that this Existing Security Holder
Certificate is incorporated into and forms part of the Subscription Agreement to which it is attached. If any such representation,
warranty, statement or covenant of the Subscriber becomes untrue or inaccurate prior to the Closing Time, the Subscriber shall
give the Issuer immediate written notice thereof.

 

DATED ______________________, 2018.

 

	 	 	 
	 	 	Name of Subscriber [Please Print]
	 	 	 
	 	 	 
	Witness (If Subscriber is an individual)	 	Signature of Subscriber or Authorized Signatory of Subscriber
	 	 	 
	 	 	 
	Name of Witness [Please Print]	 	Name and Office of Authorized Signatory of Subscriber [Please Print]
	 	 	 
	 	 	 
	 	 	Address of Subscriber

 

     

    

    

 

SCHEDULE E

 

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 half of one common share purchase
warrant (each whole 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$0.75 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)
	2.	Any private business development company as defined in Section 202(a)(22) of the Investments Advisers Act of 1940;
	________________(BP)	 	 
	 	 	 
	
        ________________(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

         

 

    E-2

    

    

 

	
        ________________(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 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;

 

    E-4

    

    

 

		(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;

 

		(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 ________________,
2018.

 

	 	 
	
        (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-5Exhibit 4.2

 

NIOCORP DEVELOPMENTS LTD.

 

as the Corporation

 

and

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

as the Warrant Agent

 

 

 

WARRANT INDENTURE

Providing for the Issue of Warrants

 

Dated as of September 14, 2018

 

     

    

    

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 
	ARTICLE 1 INTERPRETATION
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Gender and Number	6
	Section 1.3	Headings, Etc	6
	Section 1.4	Day not a Business Day	6
	Section 1.5	Time of the Essence	6
	Section 1.6	Monetary References	6
	Section 1.7	Applicable Law	6
	 	 	 
	ARTICLE 2 ISSUE OF WARRANTS
	 	 	 
	Section 2.1	Creation and Issue of Warrants	6
	Section 2.2	Terms of Warrants	7
	Section 2.3	Warrantholder not a Shareholder	7
	Section 2.4	Warrants to Rank Pari Passu	7
	Section 2.5	Form of Warrants, Warrant Certificates	8
	Section 2.6	Book Entry Warrants	8
	Section 2.7	Warrant Certificate	10
	Section 2.8	Legends	12
	Section 2.9	Register of Warrants	15
	Section 2.10	Issue in Substitution for Warrant Certificates Lost, etc	15
	Section 2.11	Exchange of Warrant Certificates	16
	Section 2.12	Transfer and Ownership of Warrants	17
	Section 2.13	Cancellation of Surrendered Warrants	17
	 	 	 
	ARTICLE 3 EXERCISE OF WARRANTS
	 	 	 
	Section 3.1	Right of Exercise	18
	Section 3.2	Warrant Exercise	18
	Section 3.3	Prohibition on Exercise by U.S. Persons; Legended Certificates	21
	Section 3.4	Transfer Fees and Taxes	23
	Section 3.5	Warrant Agency	23
	Section 3.6	Effect of Exercise of Warrant Certificates	23
	Section 3.7	Partial Exercise of Warrants; Fractions	24
	Section 3.8	Expiration of Warrants	24
	Section 3.9	Accounting and Recording	24
	Section 3.10	Securities Restrictions	25
	 
	ARTICLE 4 ADJUSTMENT OF NUMBER OF WARRANT SHARES AND EXERCISE PRICE
	 	 	 
	Section 4.1	Adjustment of Number of Common Shares and Exercise Price	25
	Section 4.2	Entitlement to Common Shares on Exercise of Warrant	30
	Section 4.3	No Adjustment for Certain Transactions	30
	Section 4.4	Determination by Independent Firm	30
	Section 4.5	Proceedings Prior to any Action Requiring Adjustment	30

 

     

    

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page No.
	 	 	 
	Section 4.6	Certificate of Adjustment	30
	Section 4.7	Notice of Special Matters	31
	Section 4.8	No Action after Notice	31
	Section 4.9	Other Action	31
	Section 4.10	Protection of Warrant Agent	31
	Section 4.11	Participation by Warrantholder	32
	 
	ARTICLE 5 RIGHTS OF THE CORPORATION AND COVENANTS
	 	 	 
	Section 5.1	Optional Purchases by the Corporation	32
	Section 5.2	General Covenants	33
	Section 5.3	Warrant Agent’s Remuneration and Expenses	33
	Section 5.4	Performance of Covenants by Warrant Agent	34
	Section 5.5	Enforceability of Warrants	34
	 	 	 
	ARTICLE 6 ENFORCEMENT
	 	 	 
	Section 6.1	Suits by Registered Warrantholders	34
	Section 6.2	Suits by the Corporation	34
	Section 6.3	Immunity of Shareholders, etc	35
	Section 6.4	Waiver of Default	35
	 
	ARTICLE 7 MEETINGS OF REGISTERED WARRANTHOLDERS
	 	 	 
	Section 7.1	Right to Convene Meetings	35
	Section 7.2	Notice	36
	Section 7.3	Chairman	36
	Section 7.4	Quorum	36
	Section 7.5	Power to Adjourn	36
	Section 7.6	Show of Hands	37
	Section 7.7	Poll and Voting	37
	Section 7.8	Regulations	37
	Section 7.9	Corporation and Warrant Agent May be Represented	37
	Section 7.10	Powers Exercisable by Extraordinary Resolution	38
	Section 7.11	Meaning of Extraordinary Resolution	39
	Section 7.12	Powers Cumulative	39
	Section 7.13	Minutes	40
	Section 7.14	Instruments in Writing	40
	Section 7.15	Binding Effect of Resolutions	40
	Section 7.16	Holdings by Corporation Disregarded	40
	 	 	 
	ARTICLE 8 SUPPLEMENTAL INDENTURES
	 	 	 
	Section 8.1	Provision for Supplemental Indentures for Certain Purposes	41
	Section 8.2	Successor Entities	42

 

     

    

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page No.
	 	 	 
	ARTICLE 9 CONCERNING THE WARRANT AGENT
	 	 	 
	Section 9.1	Trust Indenture Legislation	42
	Section 9.2	Rights and Duties of Warrant Agent	42
	Section 9.3	Evidence, Experts and Advisers	43
	Section 9.4	Documents, Monies, etc. Held by Warrant Agent	44
	Section 9.5	Actions by Warrant Agent to Protect Interest	44
	Section 9.6	Warrant Agent Not Required to Give Security	44
	Section 9.7	Protection of Warrant Agent	45
	Section 9.8	Replacement of Warrant Agent; Successor by Merger	46
	Section 9.9	Acceptance of Agency	47
	Section 9.10	Warrant Agent Not to be Appointed Receiver	47
	Section 9.11	Warrant Agent Not Required to Give Notice of Default	47
	Section 9.12	Anti-Money Laundering	47
	Section 9.13	Compliance with Privacy Code	48
	Section 9.14	Securities Exchange Commission Certification	48
	 	 	 
	ARTICLE 10 GENERAL
	 	 	 
	Section 10.1	Notice to the Corporation and the Warrant Agent	49
	Section 10.2	Notice to Registered Warrantholders	50
	Section 10.3	Ownership of Warrants	50
	Section 10.4	Counterparts	50
	Section 10.5	Satisfaction and Discharge of Indenture	51
	Section 10.6	Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders	51
	Section 10.7	Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided	51
	Section 10.8	Severability	52
	Section 10.9	Force Majeure	52
	Section 10.10	Assignment, Successors and Assigns	52
	Section 10.11	Rights of Rescission and Withdrawal for Holders	52

 

SCHEDULES

 

SCHEDULE “A” FORM of WARRANT

SCHEDULE “B” EXERCISE FORM

SCHEDULE “C” FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

SCHEDULE “D” FORM OF REGULATION S CERTIFICATION
UPON EXERCISE OF WARRANTS

 

     

    

    

 

WARRANT INDENTURE

 

THIS WARRANT INDENTURE
is dated as of September 14, 2018.

 

BETWEEN:

 

NIOCORP DEVELOPMENTS LTD.,
a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”),

 

- AND -

 

COMPUTERSHARE TRUST COMPANY
OF CANADA, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada
(the “Warrant Agent”)

 

WHEREAS the Corporation
is proposing to issue up to a maximum of 3,200,000 Warrants pursuant to this Indenture;

 

AND WHEREAS pursuant
to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof to acquire one (1) Common Share upon payment
of the Exercise Price prior to the Expiry Time upon the terms and conditions herein set forth;

 

AND WHEREAS all acts
and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal,
valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

 

AND WHEREAS the foregoing
recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;

 

NOW THEREFORE, in
consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the
rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of
Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

 

     

     - 2 -

    

 

Article
1

INTERPRETATION

 

Section
1.1          Definitions.

 

In this Indenture, including
the recitals and schedules hereto, and in all indentures supplemental hereto:

 

“Adjustment Period” means
the period from the Effective Date up to and including the Expiry Time;

 

“Applicable Legislation” means
any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant indentures
or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at
the time in force and applicable to this Indenture;

 

“Auditors” means
BDO USA, LLP or such other firm of chartered accountants duly appointed as auditors of the Corporation, from time to time;

 

“Authenticated” means
(a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures
of the Corporation have been printed, lithographed or otherwise mechanically reproduced and authenticated by manual signature of
an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of
which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required
by Section 2.7 are entered in the register of holders of Warrants, “Authenticate”, “Authenticating”
and “Authentication” have the appropriate correlative meanings;

 

“Book Entry Participants” or
“Participants” means institutions that participate directly or indirectly in the Depository’s book entry
registration system for the Warrants;

 

“Book Entry Warrants” means
Warrants that are to be held only by or on behalf of the Depository;

 

“Business Day” means any day
other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City
of Vancouver, Province of British Columbia, and shall be a day on which the TSX is open for trading;

 

“CDS Global Warrants” means
Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository and represented
by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;

 

“CDSX” means the settlement
and clearing system of CDS Clearing and Depository Services Inc. for equity and debt securities in Canada;

 

“Common Shares” means, subject
to Article 4, fully paid and non-assessable common shares in the capital of the Corporation as presently constituted;

 

     

     - 3 -

    

 

“Common Share Reorganization”
has the meaning set forth in Section 4.1;

 

“Counsel” means a barrister
and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which
may or may not be counsel for the Corporation;

 

“Current Market Price” of the
Common Shares at any date means the weighted average of the trading price per Common Share for such Common Shares for each day
there was a closing price for the five (5) consecutive Trading Days ending three (3) Trading Days prior to such date on the TSX
or if on such date the Common Shares are not listed on the TSX, on such stock exchange upon which such Common Shares are listed
and as selected by the directors of the Corporation, or, if such Common Shares are not listed on any stock exchange then on such
over-the-counter market as may be selected for such purpose by the directors of the Corporation;

 

“Depository” means CDS Clearing
and Depository Services Inc. and Depository Trust Clearing Corporation or such other person as is designated in writing by the
Corporation to act as depository in respect of the Warrants;

 

“Dividends” means any dividends
paid by the Corporation;

 

“Effective Date” means the date
of this Indenture;

 

“Exchange Rate” means the number
of Common Shares subject to the right of purchase under each Warrant;

 

“Exercise Date” means, in relation
to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with
Article 3 hereof;

 

“Exercise Notice” has the meaning
set forth in Section 3.2(1);

 

“Exercise Price” at any time
means the price at which a whole Common Share may be purchased by the exercise of a whole Warrant, which is initially $0.75 per
Common Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section
4.1;

 

“Expiry Date” means two years
from the Issue Date;

 

“Expiry Time” means 4:30 p.m.
(Vancouver time) on the Expiry Date;

 

“Extraordinary Resolution” has
the meaning set forth in Section 7.11(1);

 

“Internal Procedures” means
in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any
time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant
Agent’s internal procedures customary at such time for the entry, change or deletion made to be complete under the operating
procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute
part of such procedures for any purpose of this definition;

 

     

     - 4 -

    

 

“Issue Date” for a particular
Warrant means the date on which the Warrant is actually issued by or on behalf of the Corporation;

 

“person” means an individual,
body corporate, partnership, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

 

“register” means the one set
of records and accounts maintained by the Warrant Agent pursuant to Section 2.9;

 

“Registered Warrantholders”
means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall
include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

 

“Regulation D” means Regulation
D as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

 

“Regulation S” means Regulation
S as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

 

“Regulation S Certificate” means
the Regulation S Certificate in substantially the form attached hereto as Schedule “D”;

 

“Rights Offering” has the meaning
set forth in Section 4.1(b);

 

“Shareholders” means holders
of Common Shares;

 

“Tax Act” means the Income
Tax Act (Canada) and the regulations thereunder;

 

“this Warrant Indenture”, “this
Indenture”, “this Agreement”, “hereto” “herein”, “hereby”,
“hereof” and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental
hereto; and the expressions “Article”, “Section”, “subsection” and “paragraph”
followed by a number, letter or both mean and refer to the specified article, section, subsection or paragraph of this Indenture;

 

“Trading Day” means, with respect
to the TSX, a day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter
market means a day on which such exchange or market is open for the transaction of business;

 

“TSX” means the Toronto Stock
Exchange;

 

“Uncertificated Warrant” means
any Warrant which is not evidenced by a Warrant Certificate;

 

     

     - 5 -

    

 

“United States” means the United
States of America, its territories and possessions, any state of the United States, and the District of Columbia;

 

“U.S. Exchange Act” means the
United States Securities Exchange Act of 1934, as amended;

 

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

 

“U.S. Purchaser Letter” means
the U.S. Purchaser letter in substantially the form attached hereto as Schedule “C”;

 

“U.S. Securities Act” means
the United States Securities Act of 1933, as amended;

 

“U.S. Warrantholder” means any
Warrantholder that is a U.S. Person, acquired Warrants in the United States or for the account or benefit of any U.S. Person or
Person in the United States;

 

“Warrant Agency” means the principal
office of the Warrant Agent in the City of Vancouver, British Columbia or such other place as may be designated in accordance with
Section 3.5;

 

“Warrant Agent” means Computershare
Trust Company of Canada, in its capacity as warrant agent of the Warrants, or its successors from time to time;

 

“Warrant Certificate” means
a certificate, substantially in the form set forth in Schedule “A” hereto, to evidence those Warrants that will be
evidenced by a certificate;

 

“Warrantholders”, or “holders”
without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository
and includes owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book Entry Participant
or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at
such time;

 

“Warrantholders’ Request”
means an instrument signed in one or more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less
than 50% of the aggregate number of Common Shares which could be acquired pursuant to all Warrants then unexercised and outstanding,
requesting the Warrant Agent to take some action or proceeding specified therein; and “written order of the Corporation”,
“written request of the Corporation”, “written consent of the Corporation” and “certificate
of the Corporation” mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation
by any two duly authorized signatories of the Corporation and may consist of one or more instruments so executed; and

 

“Warrants” means the Common
Share purchase warrants created by and authorized by and issuable under this Indenture, to be issued and countersigned hereunder
as a Warrant Certificate and /or Uncertificated Warrant held through the book entry registration system on a no certificate issued
basis, entitling the holder or holders thereof to purchase up to 3,200,000 Common Shares (subject to adjustment as herein provided)
at the Exercise Price prior to the Expiry Time and, where the context so requires, also means the warrants issued and Authenticated
hereunder, whether by way of Warrant Certificate or Uncertificated Warrant.

 

     

     - 6 -

    

 

Section
1.2          Gender and Number.

 

Words importing the singular
number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.

 

Section
1.3          Headings, Etc.

 

The division of this Indenture
into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

 

Section
1.4          Day not a Business Day.

 

If any day on or before which
any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required
to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

 

Section
1.5          Time of the Essence.

 

Time shall be of the essence
in this Indenture and each Warrant.

 

Section
1.6          Monetary References.

 

Whenever any amounts of money
are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

Section
1.7          Applicable Law.

 

This Indenture, the Warrants,
the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English)
shall be construed in accordance with the laws of the Province of British Columbia, and the federal laws of Canada applicable
therein and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the
Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect
to all matters arising out of this Indenture and the transactions contemplated herein.

 

Article
2

ISSUE OF WARRANTS

 

Section
2.1          Creation and Issue of Warrants.

 

A maximum of 3,200,000 Warrants
(subject to adjustment as herein provided) are hereby created and authorized to be issued in accordance with the terms and conditions
hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrants in certificated or uncertificated form pursuant
to Section 2.5 hereof to Registered Warrantholders and record the name of the Registered Warrantholders on the Warrant register.
Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants
of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

 

     

     - 7 -

    

 

Section
2.2          Terms of Warrants.

 

		(1)	Subject to the applicable conditions for exercise set out in Article 3 having been satisfied and
subject to adjustment in accordance with Section 4.1, each whole Warrant shall entitle each Warrantholder thereof, upon exercise
at any time after the Issue Date and prior to the Expiry Time, to acquire one (1) Common Share upon payment of the Exercise Price.

 

		(2)	No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only
be exercised in a sufficient number to acquire whole numbers of Common Shares. Any fractional Warrants shall be rounded down to
the nearest whole number and no consideration shall be paid for any such fractional Warrant.

 

		(3)	Each whole Warrant shall entitle the holder thereof to such other rights and privileges as are
set forth in this Indenture.

 

		(4)	The number of Common Shares which may be purchased pursuant to the Warrants and the Exercise Price
therefor shall be adjusted upon the events and in the manner specified in Section 4.1.

 

		(5)	Neither the Corporation nor the Warrant Agent shall have any obligation to deliver Warrant Shares
upon the exercise of any Warrant if the person to whom such shares are to be delivered is a resident of a country or political
subdivision thereof in which the Warrant Shares may not lawfully be issued pursuant to applicable securities legislation. The Corporation
or the Warrant Agent may require any person to provide proof of an applicable exemption from such securities legislation to the
Corporation and Warrant Agent before Warrant Shares are delivered pursuant to the exercise of any Warrant.

 

Section
2.3          Warrantholder not a Shareholder.

 

Except as may be specifically
provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall,
in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including,
but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings
of the Corporation, or the right to Dividends and other allocations.

 

Section
2.4          Warrants to Rank Pari Passu.

 

All Warrants shall rank equally
and without preference over each other, whatever may be the actual date of issue thereof.

 

     

     - 8 -

    

 

Section
2.5          Form of Warrants, Warrant Certificates.

 

		(1)	The Warrants may be issued in both certificated and uncertificated form. Each Warrant originally
issued to a U.S. Warrantholder will be evidenced in certificated form only and bear the applicable legends as set forth in Schedule
“A” hereto. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements
issued in accordance with this Indenture), substantially in the form and bearing the applicable legends as set out in Schedule
“A” hereto,
which shall be dated as of the Issue Date, shall bear such distinguishing letters and numbers as the Corporation may, with the
approval of the Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. All Warrants issued to
the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position
on the register of Warrantholders to be maintained by the Warrant Agent in accordance with Section 2.6.

 

		(2)	Each Warrantholder by purchasing such Warrant acknowledges and agrees that the terms and conditions
set forth in the form of the Warrant Certificate set out in Schedule “A:
hereto shall apply to all Warrants and Warrantholders regardless of whether such Warrants are issued in certificated or uncertificated
form or whether such Warrantholders are Registered Warrantholders or owners of Warrant who beneficially hold security entitlements
in respect of the Warrants through a Depository.

 

Section
2.6          Book Entry Warrants.

 

		(1)	Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall
be made only through the book entry registration system and no Warrant Certificates shall be issued in respect of such Warrants
except where physical certificates evidencing ownership in such securities are required or as set out herein or as may be requested
by the Depository, as determined by the Corporation, from time to time. Except as provided in this Section 2.6,
owners of beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants registered in their names and
shall not receive or be entitled to receive Warrants in definitive form or to have their names appear in the register referred
to in Section 2.9 herein. Notwithstanding any terms set out herein, Warrants held in the name of the Depository having any legend
set forth in Section 2.8 herein and may only be held in the form of Uncertificated Warrants with the prior consent of the Warrant
Agent and in accordance Internal Procedures of the Warrant Agent.

 

		(2)	Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged
in whole or in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in part may be registered,
in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:

 

		(a)	the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository
in connection with the Book Entry Warrants and the Corporation is unable to locate a qualified successor;

 

     

     - 9 -

    

 

		(b)	the Corporation determines that the Depository is no longer willing, able or qualified to properly
discharge its responsibilities as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;

 

		(c)	the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository
and the Corporation is unable to locate a qualified successor;

 

		(d)	the Corporation determines that the Warrants shall no longer be held as Book Entry Warrants through
the Depository;

 

		(e)	such right is required by Applicable Legislation, as determined by the Corporation and the Corporation’s
Counsel;

 

		(f)	the Warrant is to be Authenticated to or for the account or benefit of a person in the United States
or a U.S. Person; or

 

		(g)	such registration is effected in accordance with the internal procedures of the Depository and
the Warrant Agent,

 

following which, Warrants for those
holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed
by the holder. The Corporation shall provide a certificate executed by an officer of the Corporation giving notice to the Warrant
Agent of the occurrence of any event outlined in this Section 2.6(2)(a) – (f).

 

		(3)	Subject to the provisions of this Section 2.6,
any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants may be made in whole or in part in accordance
with the provisions of Section 2.11, mutatis mutandis. All such Warrants issued
in exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global
Warrants shall direct and shall be entitled to the same benefits and be subject to the same terms and conditions (except insofar
as they relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

 

		(4)	Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in
exchange for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section 2.6,
or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the
name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.

 

		(5)	Notwithstanding anything to the contrary in this Indenture, subject to Applicable Legislation,
the CDS Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or
the Corporation.

 

		(6)	The rights of beneficial owners of Warrants who hold securities entitlements in respect of the
Warrants through the book entry registration system shall be limited to those established by applicable law and agreements between
the Depository and the Book Entry Participants and between such Book Entry Participants and the beneficial owners of Warrants who
hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised
through a Book Entry Participant in accordance with the rules and procedures of the Depository.

 

     

     - 10 -

    

 

		(7)	Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent
nor any agent thereof shall have any responsibility or liability for:

 

		(a)	the electronic records maintained by the Depository relating to any ownership interests or any
other interests in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership
interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration
system (other than the Depository or its nominee);

 

		(b)	maintaining, supervising or reviewing any records of the Depository or any Book Entry Participant
relating to any such interest; or

 

		(c)	any advice or representation made or given by the Depository or those contained herein that relate
to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction
of any Book Entry Participant.

 

		(8)	The Corporation may terminate the application of this Section 2.6 in its sole discretion in which
case all Warrants shall be evidenced by Warrant Certificates registered in the name of a Person other than the Depository.

 

Section
2.7          Warrant Certificate.

 

		(1)	For Warrants issued in certificated form, the form of certificate representing the Warrants shall
be substantially as set out in Schedule “A”
hereto or such other form as is authorized from time to time by the Warrant Agent. Each Warrant Certificate shall be Authenticated
manually on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly authorized signatory of the Corporation;
whose signature shall appear on the Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon
and, in such event, certificates so signed are as valid and binding upon the Corporation as if it had been signed manually. Any
Warrant Certificate which has one signature duly executed by the Corporation as hereinbefore provided shall be valid notwithstanding
that the person whose signature is printed, lithographed or mechanically reproduced no longer holds office at the date of issuance
of such Warrant Certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly
in another, as the Warrant Agent may determine.

 

     

     - 11 -

    

 

		(2)	The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange,
registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby
acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture.
Such Authentication shall be conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder
or holders are entitled to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters
relating to Uncertificated Warrants with respect to which this Indenture requires the Warrant Agent to maintain records or accounts.
In case of differences between the register at any time and any other time the register at the later time shall be controlling,
absent manifest error and such Uncertificated Warrants are binding on the Corporation.

 

		(3)	Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect
at the time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and Applicable Legislation, validly
entitle the holder to acquire Common Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently
required by this Indenture.

 

		(4)	No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder
thereof to the benefits of this Indenture, until it has been Authenticated by the Warrant Agent. Authentication by the Warrant
Agent, including by way of entry on the register, shall not be construed as a representation or warranty by the Warrant Agent as
to the validity of this Indenture or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof)
or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be
liable or answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant
Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued hereunder
and that the holder thereof is entitled to the benefits of this Indenture.

 

		(5)	No Warrant Certificate shall be considered issued and Authenticated or, if Authenticated, shall
be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by manual
signature by or on behalf of the Warrant Agent substantially in the form of the Warrant set out in Schedule “A”
hereto. Such Authentication on any such Warrant Certificate shall be conclusive evidence that such Warrant Certificate is duly
Authenticated and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this
Indenture.

 

		(6)	No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the
holder thereof to the benefits of this Indenture, until it has been Authenticated by entry on the register of the particulars of
the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence
that such Uncertificated Warrant is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits
of this Indenture.

 

     

     - 12 -

    

 

		(7)	The Authentication by the Warrant Agent of any Warrants whether by way of entry on the register
or otherwise shall not be construed as a representation or warranty by the Warrant Agent as to the validity of the Indenture or
such Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this
Indenture and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them or
the proceeds thereof.

 

Section
2.8          Legends.

 

		(1)	Neither the Warrants nor the Warrant Shares have been registered under the U.S. Securities Act
or under any United States state securities laws. Each Warrant Certificate originally issued and each Warrant Certificate issued
in exchange therefor or in substitution thereof shall bear or be deemed to bear the following legends or such variations thereof
as the Corporation may prescribe from time to time:

 

“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 AND THE COMPANY’S
TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY
AND THE COMPANY’S TRANSFER AGENT 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.

 

     

     - 13 -

    

 

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.”;

 

The Warrant Agent
shall be entitled to request any other documents that it may require in accordance with its internal policies for the removal of
the legend set forth above.

 

		(2)	Each CDS Global Warrant if issued on a certificated basis originally issued in Canada and held
by the Depository, and each CDS Global Warrant issued in exchange therefor or in substitution thereof shall bear or be deemed to
bear the following legend or such variations thereof as the Corporation may prescribe from time to time:

 

“UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO NIOCORP DEVELOPMENTS LTD. (THE
“ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF
IS REGISTERED IN THE NAME OF CDS & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY
PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &
CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER
PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.”

 

		(3)	Each Warrant Certificate originally issued and each CDS Global Warrant originally issued in Canada
and held by the Depository on the date hereof (and each such Warrant Certificate or CDS Global Warrant, as the case may be, issued
in exchange therefore or in substitution thereof prior to the date that is four months and a day after the date hereof) shall bear
or be deemed to bear the following legend or such variations thereof as the Corporation my prescribe from time to time:

 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY FROM
THE DATE OF ISSUANCE], 2019.

 

     

     - 14 -

    

 

And, if applicable, the additional
legend:

 

WITHOUT PRIOR APPROVAL
OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES
OF THE TSX OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [INSERT THE DATE THAT IS FOUR MONTHS AND
ONE DAY FROM THE DATE OF ISSUANCE], 2019.

 

		(4)	Notwithstanding any other provisions of this Indenture, in processing and registering transfers
of Warrants, no duty or responsibility whatsoever shall rest upon the Warrant Agent to determine the compliance by any transferor
or transferee with the terms of the legend contained in Section 2.8(1), 2.8(2), or 2.8(3) or with the relevant securities laws
or regulations, including, without limitation, Regulation S, and the Warrant Agent shall be entitled to assume that all transfers
are legal and proper. The Corporation shall direct the Warrant Agent in writing as to matters related to any applicable hold periods
and applicable securities legislation and legending restrictions and requirements. Notwithstanding any other provisions of this
Indenture, on the issuance or transfer of any Warrants and Common Shares, no duty or responsibility whatsoever shall rest upon
the Warrant Agent, or transfer agent to determine or verify the compliance with any applicable laws or regulatory requirements
including, without limitation, Regulation S of the U.S. Securities Act, and the Warrant Agent shall be entitled to assume that
all transfers of Warrants and Common Shares issuable upon conversion thereof are permissible pursuant to all applicable laws and
regulatory requirements and the terms of this Indenture.

 

		(5)	The Warrant Agent may assume that the address on the register of the Warrantholder is the actual
address of the Warrantholder and is also determinative of the residence of such Warrantholder and the address of any transferee
to whom securities are transferred as shown on the transfer form is also determinative of the residence of such transferee

 

     

     - 15 -

    

 

Section
2.9          Register of Warrants

 

		(1)	The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated
or uncertificated, which shall contain the information called for below with respect to each Warrant, together with such other
information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set
of accounts and records which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such
by an unaffiliated party) as the register of the holders of Warrants. The information to be entered for each account in the register
of Warrants at any time shall include (without limitation):

  

		(a)	the name and address of the Registered Warrantholder,
the date of Authentication thereof and the number of Warrants;

 

		(b)	whether such Warrant is a Warrant Certificate or an Uncertificated Warrant and, if a Warrant Certificate,
the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned
thereto if any;

 

		(c)	whether such Warrant has been cancelled; and

 

		(d)	a register of transfers in which all transfers of Warrants and the date and other particulars of
each transfer shall be entered.

 

The register shall
be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent’s regular business hours
on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection
shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of
the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders
or to influence the voting of Warrantholders at any meeting of Warrantholders.

 

		(2)	Once an Uncertificated Warrant has been Authenticated, the information set forth in the register
with respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed only to
reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent
may act unilaterally to make purely administrative changes internal to the Warrant Agent and changes to correct errors. Each person
who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i)
consented to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant
Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation reasonable legal fees
of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant Agent),
sustained by the Corporation or the Warrant Agent as a proximate result of such error if but only if and only to the extent that
such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or
minimized such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof whether or not such
error is or should have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser
shall have any such obligation to the Corporation or to the Warrant Agent.

 

Section
2.10          Issue in Substitution for Warrant Certificates Lost, etc.

 

		(1)	If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation,
subject to applicable law, shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of
like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in
place of and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed
or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the
Warrants evidenced thereby shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all
other Warrants issued or to be issued hereunder.

 

     

     - 16 -

    

 

		(2)	The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.10 shall bear
the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issuance thereof,
furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant
Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion,
and such applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation
and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent
in connection therewith.

 

Section
2.11          Exchange of Warrant Certificates.

 

		(1)	Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with
the reasonable requirements of the Warrant Agent (including compliance with applicable securities legislation), be exchanged for
one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable,
as represented by the Warrant Certificate or Warrant Certificates so exchanged.

 

		(2)	Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is
designated by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions,
in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the
Warrant Agent.

  

     

     - 17 -

    

 

Section
2.12          Transfer and Ownership of Warrants.

 

		(1)	The Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency
by the holder or its legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory
to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency
the Warrant Certificates representing the Warrants to be transferred together with a duly executed transfer form as set forth in
Schedule “A”
attached hereto and (b) in the case of Book Entry Warrants, in accordance with procedures prescribed by the Depository under the
book entry registration system, and (c) upon compliance with:

 

		(i)	the conditions herein;

 

		(ii)	such reasonable requirements as the Warrant Agent may prescribe; and

 

		(iii)	all applicable securities legislation and requirements of regulatory authorities;

 

and such transfer shall be duly noted
in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee
of a Warrant Certificate, a Warrant Certificate and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant (and
Uncertificated Warrants that are held as Book Entry Warrants shall be transferred and recorded through the relevant Book Entry
Participant in accordance with the book entry registration system as the entitlement holder in respect of such Warrants), or the
Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated.
Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register
maintained by the Warrant Agent.

 

		(2)	If a Warrant Certificate tendered for transfer bears any of the legends set forth in Section 2.8(1),
the Warrant Agent shall not register such transfer unless the transferor has provided the Warrant Agent with the Warrant Certificate
and (A) the transfer is made to the Corporation or (B) the transferor provides an opinion of counsel of recognized standing, reasonably
satisfactory to the Corporation and the Warrant Agent that the proposed transfer is exempt from registration with applicable state
laws and the U.S. Securities Act.

 

		(3)	Subject to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder
shall be entitled to the rights and privileges attaching to the Warrants, and the issue of Common Shares by the Corporation upon
the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the
Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound
to inquire into the title of any such holder.

 

Section
2.13          Cancellation of Surrendered Warrants.

 

All Warrant Certificates
surrendered pursuant to Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants
shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent
shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants
evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates
issued in substitution or exchange for such Warrant Certificates cancelled.

 

     

     - 18 -

    

 

Article
3

EXERCISE OF WARRANTS

 

Section
3.1          Right of Exercise.

 

Subject to the provisions
hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one (1) Common
Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

 

Section
3.2          Warrant Exercise.

 

		(1)	Other than Warrants held by the Depository, Registered Warrantholders of Warrant Certificates who
wish to exercise the Warrants held by them in order to acquire Common Shares must complete the exercise form (the “Exercise
Notice”) attached to the Warrant Certificate(s) which form is attached
hereto as Schedule “B”,
which may be amended by the Corporation with the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion
of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially and adversely affect the rights,
entitlements and interests of the Warrantholders, and deliver such certificate(s), the executed Exercise Notice and a certified
cheque, bank draft or money order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant
Agent at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed to be surrendered upon personal
delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or other means
of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

 

		(2)	In addition to completing the Exercise Form attached to the Warrant Certificate(s), a Warrantholder
who is a person outside of the United States, not a U.S. Person, a person not exercising for the account or benefit of a U.S. Person
or person in the United States, and person not requesting delivery of the Common Shares issuable upon exercise of the Warrants
in the United States must (a) provide a completed and executed Regulation S Certificate or (b) an opinion of counsel of recognised
standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that the exercise is exempt from
the registration requirements of the U.S. Securities Act.

 

		(3)	In addition to completing the Exercise Form attached to the Warrant Certificate(s), a Warrantholder
who is a person in the United States, a U.S. Person, a person exercising for the account or benefit of a U.S. Person, or person
requesting delivery of the Warrant Shares issuable upon the exercise of the Warrants in the United States must (a) provide a completed
and executed U.S. Purchaser Letter or (b) an opinion of counsel of recognised standing in form and substance reasonably satisfactory
to the Corporation and the Warrant Agent that the exercise is exempt from the registration requirements of applicable securities
laws of any state of the United States and the U.S. Securities Act; provided however that in the case of a Warrantholder that is
the original purchaser of Warrants and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement
of the Corporation in connection with its purchase of Units pursuant to the private placement under which the Warrants were issued,
such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due
exercise of the Warrant at a time when the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited
Investor Certificate remain true and correct and the Warrantholder represents to the Corporation as such.

 

     

     - 19 -

    

 

		(4)	A Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect
of Warrants must complete the Exercise Notice and deliver the executed Exercise Notice and a certified cheque, bank draft or money
order payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency.
The Uncertificated Warrants shall be deemed to be surrendered upon receipt of the Exercise Notice and aggregate Exercise Price
or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the
office referred to above.

 

		(5)	A beneficial owner of Uncertificated Warrants by a security entitlement in respect of Warrants
in the book entry registration system, or Warrant Certificates held by the Depository, who desires to exercise his or her Warrants
must do so by causing a Book Entry Participant to deliver to the Depository on behalf of the entitlement holder, notice of the
owner’s intention to exercise Warrants in a manner acceptable to the
Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository
shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a “Confirmation”)
in a manner acceptable to the Warrant Agent, including by electronic means through a book based registration system, including
CDSX. An electronic exercise of the Warrants initiated by the Book Entry Participant through a book based registration system,
including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that the Warrant Shares when issued
will not be subject to United States or Canadian resale restrictions. If the CDS Participant is not able to make or deliver the
foregoing representations by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the
book based registration system, including CDSX by the Book Entry Participant and an individually registered Warrant Certificate
shall be issued by the Warrant Agent to such beneficial owner or Book Entry Participant and the exercise procedures set forth in
Section 3.2(1) shall be followed.

 

		(6)	Payment representing the aggregate Exercise Price must be provided to the appropriate office of
the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment
from such beneficial holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the
Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment
to the Warrant Agent prior to the Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward
the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent, in accordance with Section 3.6, will execute
the exercise by issuing to the Depository through the book entry registration system the Common Shares to which the exercising
Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of
the entitlement holder exercising the Warrants and/or the Book Entry Participant exercising the Warrants on its behalf.

 

     

     - 20 -

    

 

		(7)	By causing a Book Entry Participant to deliver notice to the Depository, a Warrantholder shall
be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed such Book Entry Participant to act as
his or her exclusive settlement agent with respect to the exercise and the receipt of Common Shares in connection with the obligations
arising from such exercise.

 

		(8)	Any notice which the Depository determines to be incomplete, not in proper form or not duly executed
shall for all purposes be void and of no force and effect and the exercise to which it relates shall be considered for all purposes
not to have been exercised thereby. A failure by a Book Entry Participant to exercise or to give effect to the settlement thereof
in accordance with the Warrantholder’s instructions will not give rise
to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Participant or the Warrantholder.

 

		(9)	The Exercise Notice referred to in this Section 3.2 shall be signed by the Registered Warrantholder,
or its executors or administrators or other legal representatives or an attorney of the Registered Warrantholder, duly appointed
by an instrument in writing satisfactory to the Warrant Agent but such Exercise Notice need not be executed by the Depository.

 

		(10)	Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Common
Shares subscribed must be paid at the time of subscription and such Exercise Price and original Exercise Notice executed by the
Registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Expiry Time.

 

		(11)	Warrants may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder,
as applicable, who makes the certifications set forth on the Exercise Notice set out in Schedule “B”
or as provided herein.

 

		(12)	If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the
Corporation shall cause the amended Exercise Notice to be forwarded to all Registered Warrantholders.

 

		(13)	Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the
Warrant Agent’s actual business hours on any Business Day prior to the
Expiry Time. Any Exercise Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other
than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day.

 

     

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		(14)	Any Warrant with respect to which a Confirmation or Exercise Notice is not received by the Warrant
Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall
terminate and be cancelled.

 

Section
3.3          Prohibition on Exercise by U.S. Persons; Legended Certificates

 

		(1)	Subject to Section 3.3(2) below, (i) Warrants may not be exercised within the United States or
by or on behalf of any U.S. Person; and (ii) no Warrant Shares issued upon exercise of Warrants may be delivered to any address
in the United States. Subject to Section 3.3(3) below, Warrants may not be exercised outside of the United States by or behalf
of a non-U.S. Person.

 

		(2)	Notwithstanding Section 3.3(1), Warrants which bear the legend set forth in Section 2.8(1) may
be exercised in the United States or by or on behalf of a U.S. Person, and Warrant shares issued upon exercise of any such Warrants
may be delivered to an address in the United States, provided that (a) the Person exercising the Warrants (i) is an original U.S.
Purchaser who purchased the Warrants directly from the Corporation (ii) is an accredited investor that satisfies one or more of
the criteria set forth in Rule 501(a) of Regulation D or is a “qualified purchaser” as defined in Section 2(a)(51) of
the U.S. Investment Company Act and (b) delivers a completed and executed U.S. Purchaser Letter or provides in form and substance
satisfactory to the Corporation and Warrant Agent a legal opinion which confirms that issuance of shares is in compliance with
the applicable state laws and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original
purchaser of the Warrants and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement of
the Corporation in connection with its purchase of Units pursuant to the private placement under which the Warrants were issued,
such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due
exercise of the Warrant at a time when the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited
Investor Certificate remain true and correct and the Warrantholder represents to the Corporation as such.

 

		(3)	Notwithstanding Section 3.3(1), Warrants may be exercised outside the United States by or on behalf
of a non-U.S. Person, provided that the person exercising the Warrants delivers a completed and executed Regulation S Certificate
or provides in form and substance satisfactory to the Corporation and Warrant Agent a legal opinion from counsel of recognized
standing which confirms that issuance of shares is in compliance with the U.S. Securities Act.

 

     

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		(4)	All certificates representing Common Shares issued upon the exercise of Warrants shall bear the
following legend:

  

“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 AND THE COMPANY’S TRANSFER AGENT AN OPINION
OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY AND THE COMPANY’S
TRANSFER AGENT 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.”

 

		(5)	Certificates representing Common Shares issued upon the exercise of Warrant Certificates (and issued
in substitution or exchange therefor) prior to the date that is four months and one day after the date hereof shall bear the following
legend:

 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY FROM THE DATE OF
ISSUANCE], 2019.”

 

And, if applicable, the additional
legend as follows:

 

“WITHOUT PRIOR APPROVAL OF THE EXCHANGE
AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE
UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE
EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [INSERT THE DATE THAT IS FOUR MONTHS AND
ONE DAY FROM THE DATE OF ISSUANCE], 2019.”

 

     

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Section
3.4          Transfer Fees and Taxes.

 

If any of the Common Shares
subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall
execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay
to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation
will not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid
to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction
of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

 

Section
3.5          Warrant Agency.

 

To facilitate the exchange,
transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation
has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants
may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate
or additional places as the Warrant Agency (subject to the Warrant Agent’s prior approval) and will give notice to the Warrant
Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any,
as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested
to do so by the Corporation or any Registered Warrantholder, upon payment of the Warrant Agent’s reasonable charges, furnish
a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

 

Section
3.6          Effect of Exercise of Warrant Certificates.

 

		(1)	Upon the exercise of Warrants Certificates pursuant to and in compliance with Section 3.2 and subject
to Section 3.3, the Common Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person
or persons to whom such Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares
within five Business Days of the Exercise Date unless the register shall be closed on such date, in which case the Common Shares
subscribed for shall be deemed to have been issued and such person or persons deemed to have become the holder or holders of record
of such Common Shares, on the date on which such register is reopened. It is hereby understood that in order for persons to whom
Common Shares are to be issued, to become holders of Common Shares on record on the Exercise Date, beneficial holders must commence
the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business
Day prior to such Exercise Date.

 

     

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		(2)	Subject to the Warrant Agent receiving all necessary documentation and approvals, within five Business
Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall use commercially reasonable efforts to cause to
be delivered or mailed to the person or persons in whose name or names the Warrant is registered or, if so specified in writing
by the holder, cause to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered,
a certificate or certificates for the appropriate number of Common Shares subscribed for, or any other appropriate evidence of
the issuance of Common Shares to such person or persons in respect of Common Shares issued under the book entry registration system.

 

Section
3.7          Partial Exercise of Warrants; Fractions.

 

		(1)	The holder of any Warrants may exercise his right to acquire a number of whole Common Shares less
than the aggregate number which the holder is entitled to acquire. In the event of any exercise of a number of Warrants less than
the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled
to receive, without charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate
evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.

 

		(2)	Notwithstanding anything herein contained including any adjustment provided for in Section 4.1,
the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Common Shares. Warrants may only
be exercised in a sufficient number to acquire whole numbers of Common Shares. Any fractional Common Shares 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
Common Shares which is not issued.

 

Section
3.8          Expiration of Warrants.

 

Immediately after the Expiry
Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised
shall cease and terminate and each Warrant shall be void and of no further force or effect.

 

Section
3.9          Accounting and Recording.

 

		(1)	The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised,
and shall promptly forward to the Corporation (or into an account or accounts of the Corporation with the bank or trust company
designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Common Shares
through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant
Agent, shall be received in trust for, and shall be segregated and kept apart by the Warrant Agent, the Warrantholders and the
Corporation as their interests may appear.

 

     

     - 25 -

    

 

		(2)	The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include
the names and addresses of the persons who become holders of Common Shares on exercise and the Exercise Date, in respect thereof.
The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of any request by the
Corporation therefor.

 

Section
3.10          Securities Restrictions.

 

Notwithstanding any provision
to the contrary contained in this Indenture, in relation to the issuance of Common Shares outside of Canada or the United States,
no Common Shares will be issued pursuant to the exercise of any Warrant if the issuance of such securities would constitute a violation
of the securities laws of any such jurisdiction, and, without limiting the generality of the foregoing, the Corporation will legend
the certificates representing the Common Shares if, in the opinion of counsel to the Corporation such legend is necessary in order
to avoid a violation of any securities laws of any such jurisdiction or to comply with the requirements of any stock exchange on
which the Common Shares are listed, provided that if, at any time, in the opinion of outside counsel to the Corporation, acting
reasonably, such legends are no longer necessary in order to avoid a violation of any such laws, or the holder of any such legended
certificate, at his expense, provides the Corporation and Warrant Agent with evidence satisfactory in form and substance to the
Corporation and Warrant Agent (which may include an opinion of counsel of recognized standing satisfactory to the Corporation and
Warrant Agent) to the effect that such holder is entitled to sell or otherwise transfer such securities in a transaction in which
such legends are not required, such legended certificates may thereafter be surrendered to the Corporation in exchange for a certificate
which does not bear such legends.

 

Article
4

ADJUSTMENT OF NUMBER OF WARRANT SHARES

AND EXERCISE PRICE

 

Section
4.1          Adjustment of Number of Common Shares and Exercise Price.

 

The subscription rights in
effect under the Warrants for Common Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time
to time as follows:

 

		(a)	if, at any time during the Adjustment Period, the Corporation shall:

 

		(i)	subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;

 

		(ii)	reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares;
or

 

		(iii)	issue Common Shares or securities exchangeable for, or convertible into, Common Shares to all or
substantially all of the holders of Common Shares by way of stock dividend or other distribution (other than a distribution of
Common Shares upon the exercise of Warrants or any outstanding options);

 

     

     - 26 -

    

 

(any of such events in Section 4.1(a)(i),
(ii) or (iii) being called a “Common Share Reorganization”) then the Exercise Price shall be adjusted as of
the effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation
or distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion
to the number of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or shall, in the
case of the events referred to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting from
such reduction, combination or consolidation by multiplying the Exercise Price in effect immediately prior to such effective date
or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or
record date before giving effect to such Common Share Reorganization and the denominator of which shall be the number of Common
Shares outstanding as of the effective date or record date after giving effect to such Common Shares Reorganization (including,
in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Share that
would have been outstanding had such securities been exchanged for or converted into Common Shares on such record date or effective
date). Such adjustment shall be made successively whenever any event referred to in this Section 4.1(a) shall occur. Upon any adjustment
of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number
of Common Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the Exercise Price
in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

 

		(b)	if and whenever at any time during the Adjustment Period, the Corporation shall fix a record date
for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Common Shares entitling
them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities
convertible or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common
Share) less than 95% of the Current Market Price on such record date (a “Rights
Offering”), the Exercise Price shall be adjusted immediately after
such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record date by
a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a number of
Common Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Common Shares offered
for subscription or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered)
by the Current Market Price, and of which the denominator shall be the total number of Common Shares outstanding on such record
date plus the total number of additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable
securities so offered are convertible or exchangeable; any Common Shares owned by or held for the account of the Corporation shall
be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such
a record date is fixed; to the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise
Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed or, if any
such rights or warrants are exercised, to the Exercise Price which would then be in effect based upon the number of Common Shares
(or securities convertible or exchangeable into Common Shares) actually issued upon the exercise of such rights or warrants, as
the case may be. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be adjusted
immediately after such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such
record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and
the denominator shall be the Exercise Price resulting from such adjustment. Such adjustment will be made successively whenever
such a record date is fixed, provided that if two or more such record dates or record dates referred to in this Section 4.1(b)
are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred
on the earliest of such record dates;

 

     

     - 27 -

    

 

		(c)	if and whenever at any time during the Adjustment Period the Corporation shall fix a record date
for the making of a distribution to all or substantially all the holders of its outstanding Common Shares of (i) securities
of any class, whether of the Corporation or any other trust (other than Common Shares), (ii) rights, options or warrants to subscribe
for or purchase Common Shares (or other securities convertible into or exchangeable for Common Shares), other than pursuant to
a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other assets then, in each such case, and if such
distribution does not fall under Section 4.1(a) or Section 4.1(b), the Exercise Price shall be adjusted immediately after such
record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by a fraction,
of which the numerator shall be the total number of Common Shares outstanding on such record date multiplied by the Current Market
Price on such record date, less the excess, if any, of the fair market value (as determined by the directors, acting reasonably,
at the time such distribution is authorized and subject to TSX acceptance) on such record date of such securities or other assets
so issued or distributed over the fair market value of any consideration received therefor by the Corporation from the holders
of the Common Shares, and of which the denominator shall be the total number of Common Shares outstanding on such record date multiplied
by the Current Market Price; and Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding
for the purpose of any such computation; such adjustment shall be made successively whenever such a record date is fixed; to the
extent that such distribution is not so made, the Exercise Price shall be readjusted to the Exercise Price which would then be
in effect if such record date had not been fixed. Upon any adjustment of the Exercise Price pursuant to this Section 4.1(c), the
Exchange Rate will be adjusted immediately after such record date so that it will equal the rate determined by multiplying the
Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately
prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

 

     

     - 28 -

    

 

		(d)	if and whenever at any time during the Adjustment Period, there is a reclassification of the Common
Shares or a capital reorganization of the Corporation other than as described in Section 4.1(a) or a consolidation, amalgamation,
arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or other entity, or a sale or
conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to any other body corporate,
trust, partnership or other entity, any Registered Warrantholder who has not exercised its right of acquisition prior to the effective
date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance,
upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and shall accept, in
lieu of the number of Common Shares that prior to such effective date the Registered Warrantholder would have been entitled to
receive, the number of shares or other securities or property of the Corporation or of the body corporate, trust, partnership or
other entity resulting from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the
case may be, that such Registered Warrantholder would have been entitled to receive on such reclassification, capital reorganization,
consolidation, amalgamation, arrangement or merger, sale or conveyance, if, on the effective date thereof, as the case may be,
the Registered Warrantholder had been the registered holder of the number of Common Shares to which prior to such effective date
it was entitled to acquire upon the exercise of the Warrants. If determined appropriate by the Warrant Agent, relying on advice
of Counsel, to give effect to or to evidence the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing
body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification,
capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which shall
provide, to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and
interests thereafter of the Registered Warrantholders to the end that the provisions set forth in this Indenture shall thereafter
correspondingly be made applicable, as nearly as may reasonably be, with respect to any shares, other securities or property to
which a Registered Warrantholder is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between
the Corporation and the Warrant Agent pursuant to the provisions of this Section 4.1(d) shall be a supplemental indenture entered
into pursuant to the provisions of Article 8 hereof. Any indenture entered into between the Corporation, any successor to the Corporation
or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 4.1 and which shall apply to successive
reclassifications, capital reorganizations, amalgamations, consolidations, mergers, sales or conveyances;

 

     

     - 29 -

    

 

		(e)	in any case in which this Section 4.1 shall require that an adjustment shall become effective immediately
after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such event, issuing to
the Registered Warrantholder of any Warrant exercised after the record date and prior to completion of such event the additional
Common Shares issuable by reason of the adjustment required by such event before giving effect to such adjustment; provided, however,
that the Corporation shall deliver to such Registered Warrantholder an appropriate instrument evidencing such Registered Warrantholder’s
right to receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive
any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and after the
relevant date of exercise or such later date as such Registered Warrantholder would, but for the provisions of this Section 4.1(e),
have become the holder of record of such additional Common Shares pursuant to Section 4.1;

 

		(f)	in any case in which Section 4.1(a)(iii), Section 4.1(b) or Section 4.1(c) require that an adjustment
be made to the Exercise Price, no such adjustment shall be made if the Registered Warrantholders of the outstanding Warrants receive,
subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section 4.1(a)(iii), Section
4.1(b) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section 4.1(c), as the case
may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record
date or effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares
at the Exercise Price in effect on the applicable record date or effective date, as the case may be;

 

		(g)	the adjustments provided for in this Section 4.1 are cumulative, and shall, in the case of adjustments
to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions, re-divisions, reductions,
combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section
4.1, provided that, notwithstanding any other provision of this Section, no adjustment of the Exercise Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect; provided, however,
that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment; and

 

		(h)	after any adjustment pursuant to this Section 4.1, the term “Common
Shares” where used in this Indenture shall be interpreted to mean
securities of any class or classes which, as a result of such adjustment and all prior adjustments pursuant to this Section 4.1,
the Registered Warrantholder is entitled to receive upon the exercise of his Warrant, and the number of Common Shares indicated
by any exercise made pursuant to a Warrant shall be interpreted to mean the number of Common Shares or other property or securities
a Registered Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section
4.1, upon the full exercise of a Warrant.

 

     

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Section
4.2          Entitlement to Common Shares on Exercise of Warrant.

 

All Common Shares or shares
of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise
of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation
of this Indenture, be deemed to be Common Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

 

Section
4.3          No Adjustment for Certain Transactions.

 

Notwithstanding anything
in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares
is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase
plan in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation;
or (b) the satisfaction of existing instruments issued at the date hereof.

 

Section
4.4          Determination by Independent Firm.

 

In the event of any question
arising with respect to the adjustments provided for in this Article 4 such question shall be conclusively determined by an independent
firm of chartered public accountants other than the Auditors, who shall have access to all necessary records of the Corporation,
and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.

 

Section
4.5          Proceedings Prior to any Action Requiring Adjustment.

 

As a condition precedent
to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants,
including the number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action
which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital
and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are
entitled to receive on the full exercise thereof in accordance with the provisions hereof.

 

Section
4.6          Certificate of Adjustment.

 

The Corporation shall from
time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section
4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the
amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s
Auditors verifying such calculation. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of
the Corporation or of the Corporation’s Auditor and any other document filed by the Corporation pursuant to this Article
4 for all purposes.

 

     

     - 31 -

    

 

Section
4.7          Notice of Special Matters.

 

The Corporation covenants
with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered
Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may
be required pursuant to Section 4.1 Such notice shall specify the particulars of such event and the record date for such event,
provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been
fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior
to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly,
after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Registered
Warrantholders of such adjustment computation.

 

Section
4.8          No Action after Notice.

 

The Corporation covenants
with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered
Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving
of the certificate or notices set forth in Section 4.6 and Section 4.7.

 

Section
4.9          Other Action.

 

If the Corporation, after
the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1, which in the reasonable
opinion of the directors of the Corporation would materially affect the rights of Registered Warrantholders, the Exercise Price
and/or Exchange Rate, the number of Common Shares which may be acquired upon exercise of the Warrants shall be adjusted in such
manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may
determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made
unless any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

 

Section
4.10          Protection of Warrant Agent.

 

The Warrant Agent shall not:

 

		(a)	at any time be under any duty or responsibility to any Registered Warrantholder to determine whether
any facts exist which may require any adjustment contemplated by Section 4.1, or with respect to the nature or extent of any such
adjustment when made, or with respect to the method employed in making the same;

 

     

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		(b)	be accountable with respect to the validity or value (or the kind or amount) of any Common Shares
or of any other securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to
any Warrant;

 

		(c)	be responsible for any failure of the Corporation to issue, transfer or deliver Common Shares or
certificates for the same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any
of the covenants contained in this Article; and

 

		(d)	incur any liability or be in any way responsible for the consequences of any breach on the part
of the Corporation of any of the representations, warranties or covenants herein contained or of any acts of the directors, officers,
employees, agents or servants of the Corporation.

 

Section
4.11          Participation by Warrantholder.

 

No adjustments shall be made
pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event described in this Article
4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the effective
date or record date of, such event.

 

Article
5

RIGHTS OF THE CORPORATION AND COVENANTS

 

Section
5.1          Optional Purchases by the Corporation.

 

Subject to compliance with
applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time
purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at
which, in the opinion of the directors of the Corporation, such Warrants are then obtainable, plus reasonable costs of purchase,
and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine.
In the case of Warrant Certificates, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shall
forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register of Warrants. In the case
of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the register
of Warrants and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants
shall be issued in replacement thereof.

 

     

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Section
5.2          General Covenants.

 

The Corporation covenants
with the Warrant Agent that so long as any Warrants remain outstanding:

 

		(a)	it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling
it to satisfy its obligations to issue Common Shares upon the exercise of the Warrants;

 

		(b)	it will cause the Common Shares from time to time acquired pursuant to the exercise of the Warrants
to be duly issued and delivered in accordance with the Warrants and the terms hereof;

 

		(c)	all Common Shares which shall be issued upon exercise of the right to acquire provided for herein
shall be fully paid and non-assessable, free and clear of all encumbrances;

 

		(d)	it will use its best efforts to maintain its existence and carry on its business in the ordinary
course;

 

		(e)	it will use its best efforts to ensure that all Common Shares outstanding or issuable from time
to time (including without limitation the Common Shares issuable on the exercise of the Warrants) continue to be or are listed
and posted for trading on the TSX (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause
shall not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover
bid or merger that would result in the Common Shares ceasing to be listed and posted for trading on the TSX, so long as the holders
of Common Shares receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the
Common shares have approved the transaction in accordance with the requirements of applicable corporate and securities laws and
the policies of the TSX;

 

		(f)	it will make all requisite filings under applicable Canadian securities legislation including those
necessary to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or
becomes a reporting issuer;

 

		(g)	generally, it will well and truly perform and carry out all of the acts or things to be done by
it as provided in this Indenture; and

 

		(h)	The Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any
default under the terms of this Warrant Indenture which remains unrectified for more than five days following its occurrence.

 

Section
5.3          Warrant Agent’s Remuneration and Expenses.

 

The Corporation covenants
that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse
the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent
in the administration or execution of its duties hereby created (including the reasonable compensation and the disbursements of
its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter
until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining
unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid
invoices and shall be payable upon demand. This Section shall survive the resignation or removal of the Warrant Agent and/or the
termination of this Indenture.

 

     

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Section
5.4          Performance of Covenants by Warrant Agent.

 

If the Corporation shall
fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered Warrantholders of
such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject
to Section 9.2, shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such performance
by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance,
expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations
under the covenants herein contained.

 

Section
5.5          Enforceability of Warrants.

 

The Corporation covenants
and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued
and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof
and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Common Shares from time
to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms
of this Indenture.

 

Article
6

ENFORCEMENT

 

Section
6.1          Suits by Registered Warrantholders.

 

All or any of the rights
conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder
by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its
own name to enforce each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

 

Section
6.2          Suits by the Corporation.

 

The Corporation shall have
the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to a Registered Warrantholder
hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant
Agent to cancel the share certificates representing such Common Shares and amend the securities register of the Corporation accordingly.

 

     

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Section
6.3          Immunity of Shareholders, etc.

 

The Warrant Agent and the
Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against
any incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any successor entity
on any covenant, agreement, representation or warranty by the Corporation herein.

 

Section
6.4          Waiver of Default.

 

Upon the happening of any default
hereunder:

 

		(a)	the Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have
power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent
to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall
be prescribed in such requisition; or

 

		(b)	the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions
as the Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent’s
opinion, based on the advice of Counsel, the same shall have been cured or adequate provision made therefor;

 

provided that no delay or omission of the Warrant
Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such right
or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission
either of the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any manner whatsoever
to affect any subsequent default hereunder of the rights resulting therefrom.

 

Article
7

MEETINGS OF REGISTERED WARRANTHOLDERS

 

Section
7.1          Right to Convene Meetings.

 

The Warrant Agent may at
any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders’ Request
and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing
such Warrantholders’ Request against the costs which may be incurred in connection with the calling and holding of such meeting,
convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt
of such written request of the Corporation or such Warrantholders’ Request and the indemnity and funding given as aforesaid,
the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held
in the City of Vancouver or at such other place as may be approved or determined by the Warrant Agent.

 

     

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Section
7.2          Notice.

 

At least 21 days’ prior
written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner provided
for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by
the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the
time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted
thereat and shall contain such information as is reasonably necessary to enable the Registered Warrantholders to make a reasoned
decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed
or any of the provisions of this Section 7.2.

 

Section
7.3          Chairman.

 

An individual (who need not
be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting and if no individual
is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding
of the meeting, the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

 

Section
7.4          Quorum.

 

Subject to the provisions
of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present
in person or by proxy and entitled to purchase at least 50% of the aggregate number of Common Shares which may be acquired pursuant
to all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall not be present within thirty minutes from
the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders’ Request,
shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not
a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice
of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been
dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting
unless a quorum be present at the commencement of business. At the adjourned meeting the Registered Warrantholders present in person
or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that
they may not be entitled to acquire at least 50% of the aggregate number of Common Shares which may be acquired pursuant to all
then outstanding Warrants.

 

Section
7.5          Power to Adjourn.

 

The chairman of any meeting
at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and
no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

     

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Section
7.6          Show of Hands.

 

Every question submitted
to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary
Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided,
a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or
not carried by a particular majority shall be conclusive evidence of the fact.

 

Section
7.7          Poll and Voting.

 

		(1)	On every Extraordinary Resolution, and on any other question submitted to a meeting and after a
vote by show of hands when demanded by the chairman or by one or more of the Registered Warrantholders acting in person or by proxy
and entitled to acquire in the aggregate at least 5% of the aggregate number of Common Shares which may be acquired pursuant to
all the Warrants then outstanding, a poll shall be taken in such manner as the chairman shall direct. Questions other than those
required to be determined by Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.

 

		(2)	On a show of hands, every person who is present and entitled to vote, whether as a Registered Warrantholder
or as proxy for one or more absent Registered Warrantholders, or both, shall have one vote. On a poll, each Registered Warrantholder
present in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of
each Warrant then held or represented by it. A proxy need not be a Registered Warrantholder. The chairman of any meeting shall
be entitled, both on a show of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.

 

Section
7.8          Regulations.

 

		(1)	The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to
time make and from time to time vary such regulations as it shall think fit for the setting of the record date for a meeting for
the purpose of determining Registered Warrantholders entitled to receive notice of and to vote at the meeting.

 

		(2)	Any regulations so made shall be binding and effective and the votes given in accordance therewith
shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting
as a Registered Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section 7.9),
shall be Registered Warrantholders or proxies of Registered Warrantholders.

 

Section
7.9          Corporation and Warrant Agent May be Represented.

 

The Corporation and the Warrant
Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the Warrant Agent
may attend any meeting of the Registered Warrantholders.

 

     

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Section
7.10          Powers Exercisable by Extraordinary Resolution.

 

In addition to all other
powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall,
subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

 

		(a)	to agree to any modification, abrogation, alteration, compromise or arrangement of the rights of
Registered Warrantholders or the Warrant Agent in its capacity as warrant agent hereunder (subject to the Warrant Agent’s
prior consent, acting reasonably) or on behalf of the Registered Warrantholders against the Corporation whether such rights arise
under this Indenture or otherwise;

 

		(b)	to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Registered
Warrantholders;

 

		(c)	to direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of
the covenants on the part of the Corporation contained in this Indenture or to enforce any of the rights of the Registered Warrantholders
in any manner specified in such Extraordinary Resolution or to refrain from enforcing any such covenant or right;

 

		(d)	to waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation
in complying with any provisions of this Indenture either unconditionally or upon any conditions specified in such Extraordinary
Resolution;

 

		(e)	to restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding
against the Corporation for the enforcement of any of the covenants on the part of the Corporation in this Indenture or to enforce
any of the rights of the Registered Warrantholders;

 

		(f)	to direct any Registered Warrantholder who, as such, has brought any suit, action or proceeding
to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges and expenses reasonably and properly
incurred by such Registered Warrantholder in connection therewith;

 

		(g)	to assent to any change in or omission from the provisions contained in this Indenture or any ancillary
or supplemental instrument which may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute
any ancillary or supplemental indenture embodying the change or omission;

 

		(h)	with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the
Warrant Agent or its successor in office and to appoint a new warrant agent or warrant agents to take the place of the Warrant
Agent so removed; and

 

     

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		(i)	to assent to any compromise or arrangement with any creditor or creditors or any class or classes
of creditors, whether secured or otherwise, and with holders of any shares or other securities of the Corporation.

 

Section
7.11          Meaning of Extraordinary Resolution.

 

		(1)	The expression “Extraordinary Resolution”
when used in this Indenture means, subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed
at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance with the provisions of this Article
7 at which there are present in person or by proxy Registered Warrantholders holding at least 25% of the aggregate number of Common
Shares that may be acquired on exercise of the Warrants and passed by the affirmative votes of Registered Warrantholders holding
not less than 66 2/3% of the aggregate number of Common Shares that may be acquired on exercise of the Warrants at the meeting
and voted on the poll upon such resolution.

 

		(2)	If, at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders
holding at least 25% of the aggregate number of Common Shares that may be acquired are not present in person or by proxy within
30 minutes after the time appointed for the meeting, then the meeting, if convened by Registered Warrantholders or on a Warrantholders’
Request, shall be dissolved; but in any other case it shall stand adjourned to such day, being not less than 15 or more than 60
days later, and to such place and time as may be appointed by the chairman. Not less than 14 days’
prior notice shall be given of the time and place of such adjourned meeting in the manner provided for in Section 10.2. Such notice
shall state that at the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum but it
shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars. At the adjourned
meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which
the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote as provided
in Section 7.11(1) shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding that Registered Warrantholders
entitled to acquire at least 25% of the aggregate number of Common Shares which may be acquired pursuant to all the then outstanding
Warrants are not present in person or by proxy at such adjourned meeting.

 

		(3)	Subject to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and
no demand for a poll on an Extraordinary Resolution shall be necessary.

 

Section
7.12          Powers Cumulative.

 

Any one or more of the powers
or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary Resolution
or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers
from time to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or powers or
combination of powers then or thereafter from time to time.

 

     

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Section
7.13          Minutes.

 

Minutes of all resolutions
and proceedings at every meeting of Registered Warrantholders shall be made and duly recorded in the books to be provided from
time to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed
by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence
of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes
shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken
shall be deemed to have been duly passed and taken.

 

Section
7.14          Instruments in Writing.

 

All actions which may be
taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7 may
also be taken and exercised by Registered Warrantholders holding at least 66 2/3% of the aggregate number of the then outstanding
Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney
duly appointed in writing, and the expression “Extraordinary Resolution” when used in this Indenture shall include
an instrument so signed.

 

Section
7.15          Binding Effect of Resolutions.

 

Every resolution and every
Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders shall
be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed
by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories
thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained)
shall be bound to give effect accordingly to every such resolution and instrument in writing.

 

Section
7.16          Holdings by Corporation Disregarded.

 

In determining whether Registered
Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Common Shares are present at a meeting
of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution,
Warrantholders’ Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall
be disregarded in accordance with the provisions of Section 10.7.

 

     

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Article
8

SUPPLEMENTAL INDENTURES

 

Section
8.1          Provision for Supplemental Indentures for Certain Purposes.

 

From time to time, the Corporation
(when authorized by action of the directors of the Corporation) and the Warrant Agent may, subject to the provisions hereof and
subject to the prior approval of the TSX, as need be, and they shall, when so directed in accordance with the provisions hereof,
execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof,
for any one or more or all of the following purposes:

 

		(a)	setting forth any adjustments resulting from the application of the provisions of Article 4;

 

		(b)	adding to the provisions hereof such additional covenants and enforcement provisions as, in the
opinion of Counsel, are necessary or advisable in the premises, provided that the same are not in the opinion of the Warrant Agent,
relying on the advice of Counsel, prejudicial to the interests of the Registered Warrantholders;

 

		(c)	giving effect to any Extraordinary Resolution passed as provided in Section 7.11;

 

		(d)	making such provisions not inconsistent with this Indenture as may be necessary or desirable with
respect to matters or questions arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any
stock exchange or quotation system, provided that such provisions are not, in the opinion of the Warrant Agent, relying on the
advice of Counsel, prejudicial to the interests of the Registered Warrantholders;

 

		(e)	adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision
for the exchange of Warrants, and making any modification in the form of the Warrant Certificates which does not affect the substance
thereof;

 

		(f)	modifying any of the provisions of this Indenture, including relieving the Corporation from any
of the obligations, conditions or restrictions herein contained, provided that such modification or relief shall be or become operative
or effective only if, in the opinion of the Warrant Agent, relying on the advice of Counsel, such modification or relief in no
way prejudices any of the rights of the Registered Warrantholders or of the Warrant Agent, and provided further that the Warrant
Agent may in its sole discretion decline to enter into any such supplemental indenture which in its opinion may not afford adequate
protection to the Warrant Agent when the same shall become operative;

 

     

     - 42 -

    

 

		(g)	providing for the issuance of additional Warrants hereunder, including Warrants in excess of the
number set out in Section 2.1 and any consequential amendments hereto as may be required by the Warrant Agent relying on the advice
of Counsel; and

 

		(h)	for any other purpose not inconsistent with the terms of this Indenture, including the correction
or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes or omissions herein, provided that
in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders
are in no way prejudiced thereby.

 

Section
8.2          Successor Entities.

 

In the case of the consolidation,
amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as
an entirety to or with another entity (“successor entity”), the successor entity resulting from such consolidation,
amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory
in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of
each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

 

Article
9

CONCERNING THE WARRANT AGENT

 

Section
9.1          Trust Indenture Legislation.

 

		(1)	If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a
mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail.

 

		(2)	The Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture
and any action to be taken hereunder, observe and comply with and be entitled to the benefits of Applicable Legislation.

 

Section
9.2          Rights and Duties of Warrant Agent.

 

		(1)	In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture,
the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise
in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from liability for
its own gross negligent action, wilful misconduct, bad faith or fraud under this Indenture.

 

		(2)	The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the
purpose of enforcing any rights of the Warrant Agent or the Registered Warrantholders hereunder shall be conditional upon the Registered
Warrantholders furnishing, when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act,
action or proceeding and an indemnity reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant
Agent and its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred
thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Indenture shall require
the Warrant Agent to expend or to risk its own funds or otherwise to incur financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid.

 

     

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		(3)	The Warrant Agent may, before commencing or at any time during the continuance of any such act,
action or proceeding, require the Registered Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the
Warrants Certificates held by them, for which Warrants the Warrant Agent shall issue receipts.

 

		(4)	Every provision of this Indenture that by its terms relieves the Warrant Agent of liability or
entitles it to rely upon any evidence submitted to it is subject to the provisions of Applicable Legislation.

 

Section
9.3          Evidence, Experts and Advisers.

 

		(1)	In addition to the reports, certificates, opinions and other evidence required by this Indenture,
the Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any provision hereof, and in such
form, as may be prescribed by Applicable Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.

 

		(2)	In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good
faith, rely as to the truth of the statements and the accuracy of the opinions expressed in statutory declarations, opinions, reports,
written requests, consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant
Agent pursuant to a request of the Warrant Agent, provided that such evidence complies with Applicable Legislation and that the
Warrant Agent complies with Applicable Legislation and that the Warrant Agent examines the same and determines that such evidence
complies with the applicable requirements of this Indenture.

 

		(3)	Whenever it is provided in this Indenture or under Applicable Legislation that the Corporation
shall deposit with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or other documents, it is intended
that the truth, accuracy and good faith on the effective date thereof and the facts and opinions stated in all such documents so
deposited shall, in each and every such case, be conditions precedent to the right of the Corporation to have the Warrant Agent
take the action to be based thereon.

 

		(4)	The Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or
advisers as it may reasonably require for the purpose of discharging its duties hereunder and may pay reasonable remuneration for
all services so performed by any of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct
or negligence on the part of any such experts or advisers who have been appointed with due care by the Warrant Agent.

 

     

     - 44 -

    

 

		(5)	The Warrant Agent may act and rely and shall be protected in acting and relying in good faith on
the opinion or advice of or information obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser,
whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter arising in the administration
of the agency hereof.

 

Section
9.4          Documents, Monies, etc. Held by Warrant Agent.

 

		(1)	Until released in accordance with this Indenture, any funds received hereunder shall be kept in
segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated trust accounts of the Warrant
Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the Bank Act (Canada) (“Approved
Bank”). All amounts held by the Warrant Agent pursuant to this Agreement
shall be held by the Warrant Agent for Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a
debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Agreement are at the sole
risk of Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability
for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including
any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default).
The parties hereto acknowledge and agree that the Warrant will have acted prudently in depositing the funds at any Approved Bank,
and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold
cash balances constituting part or all of such monies and need not, invest same;the Warrant Agent shall not be liable to account
for any profit to any parties to this Indenture or to any other person or entity.

 

Section
9.5          Actions by Warrant Agent to Protect Interest.

 

The Warrant Agent shall have
power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect
or enforce its interests and the interests of the Registered Warrantholders.

 

Section
9.6          Warrant Agent Not Required to Give Security.

 

The Warrant Agent shall not
be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in
respect of the premises.

 

     

     - 45 -

    

 

	Section
    9.7	Protection
    of Warrant Agent.

 

By
way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed
as follows:

 

		(a)	the
                                         Warrant Agent shall not be liable for or by reason of any statements of fact or recitals
                                         in this Indenture or in the Warrant Certificates (except the representation contained
                                         in Section 9.9 or in the authentication of the Warrant Agent on the Warrant Certificates)
                                         or be required to verify the same, but all such statements or recitals are and shall
                                         be deemed to be made by the Corporation;

 

		(b)	nothing
                                         herein contained shall impose any obligation on the Warrant Agent to see to or to require
                                         evidence of the registration or filing (or renewal thereof) of this Indenture or any
                                         instrument ancillary or supplemental hereto;

 

		(c)	the
                                         Warrant Agent shall not be bound to give notice to any person or persons of the execution
                                         hereof;

 

		(d)	the
                                         Warrant Agent shall not incur any liability or responsibility whatever or be in any way
                                         responsible for the consequence of any breach on the part of the Corporation of any of
                                         its covenants herein contained or of any acts of any directors, officers, employees,
                                         agents or servants of the Corporation;

 

		(e)	the
                                         Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates,
                                         their officers, directors, employees, agents, successors and assigns (the “Indemnified
                                         Parties”) from and against any and all liabilities whatsoever, losses, damages,
                                         penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments,
                                         judgments, expenses and disbursements, including reasonable legal fees and disbursements
                                         of whatever kind and nature which may at any time be imposed on or incurred by or asserted
                                         against the Indemnified Parties, or any of them, whether at law or in equity, in any
                                         way caused by or arising, directly or indirectly, in respect of any act, deed, matter
                                         or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to
                                         the execution of the Indemnified Parties’ duties, or any other services that Warrant
                                         Agent may provide in connection with or in any way relating to this Indenture. The Corporation
                                         agrees that its liability hereunder shall be absolute and unconditional regardless of
                                         the correctness of any representations of any third parties and regardless of any liability
                                         of third parties to the Indemnified Parties, and shall accrue and become enforceable
                                         without prior demand or any other precedent action or proceeding; provided that the Corporation
                                         shall not be required to indemnify the Indemnified Parties in the event of the gross
                                         negligence or wilful misconduct of the Warrant Agent, and this provision shall survive
                                         the resignation or removal of the Warrant Agent or the termination or discharge of this
                                         Indenture; and

 

     

    - 46 -

    

 

		(f)	notwithstanding
                                         the foregoing or any other provision of this Indenture, any liability of the Warrant
                                         Agent shall be limited, in the aggregate, to the amount of annual retainer fees paid
                                         by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months
                                         immediately prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding
                                         any other provision of this Indenture, and whether such losses or damages are foreseeable
                                         or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever
                                         for any (a) breach by any other party of securities law or other rule of any securities
                                         regulatory authority, (b) lost profits or (c) special, indirect, incidental, consequential,
                                         exemplary, aggravated or punitive losses or damages.

 

	Section
    9.8	Replacement
    of Warrant Agent; Successor by Merger.

 

		(1)	The
                                         Warrant Agent may resign its agency and be discharged from all further duties and liabilities
                                         hereunder, subject to this Section 9.8, by giving to the Corporation not less than 60
                                         days’ prior notice in writing or such shorter prior notice as the Corporation may
                                         accept as sufficient. The Registered Warrantholders by Extraordinary Resolution shall
                                         have power at any time to remove the existing Warrant Agent and to appoint a new warrant
                                         agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being
                                         dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable
                                         of acting hereunder, the Corporation shall forthwith appoint a new warrant agent unless
                                         a new warrant agent has already been appointed by the Registered Warrantholders; failing
                                         such appointment by the Corporation, the retiring Warrant Agent or any Registered Warrantholder
                                         may apply to a judge of the Province of British Columbia on such notice as such judge
                                         may direct, for the appointment of a new warrant agent; but any new warrant agent so
                                         appointed by the Corporation or by the Court shall be subject to removal as aforesaid
                                         by the Registered Warrantholders. Any new warrant agent appointed under any provision
                                         of this Section 9.8 shall be an entity authorized to carry on the business of a trust
                                         company in the Province of British Columbia and, if required by the Applicable Legislation
                                         for any other provinces, in such other provinces. On any such appointment the new warrant
                                         agent shall be vested with the same powers, rights, duties and responsibilities as if
                                         it had been originally named herein as Warrant Agent hereunder.

 

		(2)	Upon
                                         the appointment of a successor warrant agent, the Corporation shall promptly notify the
                                         Registered Warrantholders thereof in the manner provided for in Section 10.2.

 

		(3)	Any
                                         Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may
                                         be Authenticated by the successor Warrant Agent in the name of the predecessor or successor
                                         Warrant Agent.

 

		(4)	Any
                                         corporation into which the Warrant Agent may be merged or consolidated or amalgamated,
                                         or any corporation resulting therefrom to which the Warrant Agent shall be a party, or
                                         any corporation succeeding to substantially the corporate trust business of the Warrant
                                         Agent shall be the successor to the Warrant Agent hereunder without any further
                                         act on its part or any of the parties hereto, provided that such corporation would be
                                         eligible for appointment as successor Warrant Agent under (1).

 

     

    - 47 -

    

 

	Section
    9.9	Acceptance
    of Agency

 

The
Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms
and conditions herein set forth.

 

	Section
    9.10	Warrant
    Agent Not to be Appointed Receiver.

 

The
Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator
of all or any part of the assets or undertaking of the Corporation.

 

	Section
    9.11	Warrant
    Agent Not Required to Give Notice of Default.

 

The
Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred
on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required
to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify
the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent
may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any
of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit
any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect
to any default.

 

	Section
    9.12	Anti-Money
    Laundering.

 

		(1)	Each
                                         party to this Agreement other than the Warrant Agent hereby represents to the Warrant
                                         Agent that any account to be opened by, or interest to be held by the Warrant Agent in
                                         connection with this Indenture, for or to the credit of such party, either (i) is not
                                         intended to be used by or on behalf of any third party; or (ii) is intended to be used
                                         by or on behalf of a third party, in which case such party hereto agrees to complete
                                         and execute forthwith a declaration in the Warrant Agent’s prescribed form as to
                                         the particulars of such third party.

 

		(2)	The
                                         Warrant Agent shall retain the right not to act and shall not be liable for refusing
                                         to act if, due to a lack of information or for any other reason whatsoever, the Warrant
                                         Agent, in its sole judgment, determines that such act might cause it to be in non-compliance
                                         with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation,
                                         regulation or guideline. Further, should the Warrant Agent, in its sole judgment, determine
                                         at any time that its acting under this Indenture has resulted in its being in non-compliance
                                         with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation,
                                         regulation or guideline, then it shall have the right to resign on ten (10) days written
                                         notice to the other parties to this Indenture, provided (i) that the Warrant Agent's
                                         written notice shall describe the circumstances of such non-compliance; and (ii) that
                                         if such circumstances are rectified to the Warrant Agent's satisfaction within such ten
                                         (10) day period, then such resignation shall not be effective.

 

     

    - 48 -

    

 

	Section
    9.13	Compliance
    with Privacy Code.

 

		(1)	The
                                         parties acknowledge that the Warrant Agent may, in the course of providing services hereunder,
                                         collect or receive financial and other personal information about such parties and/or
                                         their representatives, as individuals, or about other individuals related to the subject
                                         matter hereof, and use such information for the following purposes:

 

		(a)	to
                                         provide the services required under this Indenture and other services that may be requested
                                         from time to time;

 

		(b)	to
                                         help the Warrant Agent manage its servicing relationships with such individuals;

 

		(c)	to
                                         meet the Warrant Agent’s legal and regulatory requirements; and

 

		(d)	if
                                         Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting
                                         and to assist in verification of an individual’s identity for security purposes.

 

		(2)	Each
                                         party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose
                                         personal information provided to it or acquired by it in the course of its acting as
                                         agent hereunder for the purposes described above and, generally, in the manner and on
                                         the terms described in its Privacy Code, which the Warrant Agent shall make available
                                         on its website, www.computershare.com, or upon request, including revisions thereto.
                                         The Warrant Agent may transfer personal information to other companies in or outside
                                         of Canada that provide data processing and storage or other support in order to facilitate
                                         the services it provides.

 

		(3)	Further,
                                         each party agrees that it shall not provide or cause to be provided to the Warrant Agent
                                         any personal information relating to an individual who is not a party to this Indenture
                                         unless that party has assured itself that such individual understands and has consented
                                         to the aforementioned uses and disclosures.

 

	Section
    9.14	Securities
    Exchange Commission Certification.

 

The
Corporation confirms that it has either (i) a class of securities registered pursuant to Section 12 of the US Securities Exchange
Act of 1934, as amended (the "Act”); or (ii) a reporting obligation pursuant to Section 15(d) of the Act, and has provided
the Warrant Agent with an Officers’ Certificate (in a form provided by the Warrant Agent certifying such reporting obligation
and other information as requested by the Warrant Agent. The Corporation covenants that in the event that any such registration
or reporting obligation shall be terminated by the Corporation in accordance with the Act, the Corporation shall promptly notify
the Warrant Agent of such termination and such other information as the Warrant Agent may require at the time. The Corporation
acknowledges that the Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United
States Securities and Exchange Commission (“SEC”) obligations with respect to those clients who are filing with the
SEC.

 

     

    - 49 -

    

 

Article
10

GENERAL

 

	Section
    10.1	Notice
    to the Corporation and the Warrant Agent.

 

		(1)	Unless
                                         herein otherwise expressly provided, any notice to be given hereunder to the Corporation
                                         or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered
                                         letter, postage prepaid or if faxed or emailed:

 

		(a)	If
                                         to the Corporation:

 

NioCorp
Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO

80112

 

Attn:
John F. Ashburn, Jr.

Tel: (720) 639-4650

email: jashburn@niocorp.com

 

		(b)	If
                                         to the Warrant Agent:

 

Computershare
Trust Company of Canada

3rd Floor– 510 Burrard Street

Vancouver, BC V6C 3B9

 

		Attention:	General
                                         Manager, Corporate Trust

                                         Email:      Corporatetrust.vancouver@computershare.com

 

and
any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery
or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed, on the next Business Day following
the date of transmission.

 

		(2)	The
                                         Corporation or the Warrant Agent, as the case may be, may from time to time notify the
                                         other in the manner provided in Section 10.1(1) of a change of address which, from the
                                         effective date of such notice and until changed by like notice, shall be the address
                                         of the Corporation or the Warrant Agent, as the case may be, for all purposes of this
                                         Indenture.

 

		(3)	If,
                                         by reason of a strike, lockout or other work stoppage, actual or threatened, involving
                                         postal employees, any notice to be given to the Warrant Agent or to the Corporation hereunder
                                         could reasonably be considered unlikely to reach its destination, such notice shall be
                                         valid and effective only if it is delivered to the named officer of the party to which
                                         it is addressed, as provided in Section 10.1(1), or given by facsimile or other means
                                         of prepaid, transmitted and recorded communication.

 

     

    - 50 -

    

 

	Section
    10.2	Notice
    to Registered Warrantholders.

 

		(1)	Unless
                                         otherwise provided herein, notice to the Registered Warrantholders under the provisions
                                         of this Indenture shall be valid and effective if delivered or sent by ordinary prepaid
                                         post addressed to such holders at their post office addresses appearing on the register
                                         hereinbefore mentioned and shall be deemed to have been effectively received and given
                                         on the date of delivery or, if mailed, on the third Business Day following the date of
                                         mailing such notice. In the event that Warrants are held in the name of the Depository,
                                         a copy of such notice shall also be sent by electronic communication to the Depository
                                         and shall be deemed received and given on the day it is so sent.

 

		(2)	If,
                                         by reason of a strike, lockout or other work stoppage, actual or threatened, involving
                                         postal employees, any notice to be given to the Registered Warrantholders hereunder could
                                         reasonably be considered unlikely to reach its destination, such notice shall be valid
                                         and effective only if it is delivered to such Registered Warrantholders to the address
                                         for such Registered Warrantholders contained in the register maintained by the Warrant
                                         Agent or such notice may be given, at the Corporation’s expense, by means of publication
                                         in the Globe and Mail, National Edition, or any other English language daily newspaper
                                         or newspapers of general circulation in Canada, in each two successive weeks, the first
                                         such notice to be published within 5 business days of such event, and any so notice published
                                         shall be deemed to have been received and given on the latest date the publication takes
                                         place.

 

	Section
    10.3	Ownership
    of Warrants.

 

The
Corporation and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes,
and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation
or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any
such Registered Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation
and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title
of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court
of competent jurisdiction.

 

	Section
    10.4	Counterparts.

 

This
Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts
together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated
as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic
communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date
hereof.

 

     

    - 51 -

    

 

	Section
    10.5	Satisfaction
    and Discharge of Indenture.

 

Upon
the earlier of:

 

		(a)	the
                                         date by which there shall have been delivered to the Warrant Agent for exercise or cancellation
                                         all Warrants theretofore Authenticated hereunder, in the case of Warrant Certificates
                                         (or such other instructions, in a form satisfactory to the Warrant Agent), in the case
                                         of Uncertificated Warrants, or by way of standard processing through the book entry system
                                         in the case of a CDS Global Warrant; and

 

		(b)	the
                                         Expiry Time;

 

and
if all certificates or other entry on the register representing Common Shares required to be issued in compliance with the provisions
hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall
cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery
to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge
of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain
in full force and effect and survive the termination of this Indenture.

 

	Section
    10.6	Provisions
    of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

 

Nothing
in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties
hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture,
or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of
the parties hereto and the Registered Warrantholders.

 

	Section
    10.7	Common
    Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

 

For
the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall
provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

 

		(a)	the
                                         names (other than the name of the Corporation) of the Registered Warrantholders which,
                                         to the knowledge of the Corporation, are owned by or held for the account of the Corporation;
                                         and

 

     

    - 52 -

    

 

		(b)	the
                                         number of Warrants owned legally or beneficially by the Corporation;

 

and
the Warrant Agent, in making the computations shall be entitled to rely on such certificate without any additional evidence.

 

	Section
    10.8	Severability

 

If,
in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited
or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition
or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability
of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

 

	Section
    10.9	Force
    Majeure

 

No
party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance
or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental
action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication
interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent
to the time lost because of any delay that is excusable under this Section.

 

	Section
    10.10	Assignment,
    Successors and Assigns

 

Neither
of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of
the Warrant Agent, or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to
the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

	Section
    10.11	Rights
    of Rescission and Withdrawal for Holders

 

Should
a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available
to it, and the holder’s funds which were paid on exercise have already been released to the Corporation by the Warrant Agent,
the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In
such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to
the Corporation or the Warrant Agent of any underlying Common Shares or other securities that may have been issued, or such other
procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction
and any such underlying Common Shares or other securities on the register, which may have already been issued upon the Warrant
exercise. In the event that any payment is received from the Corporation by virtue of the holder being a shareholder for such
Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder. The Warrant Agent
shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant to this section,
nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant
to this section. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for
distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in
so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

 

     

     

    

 

IN
WITNESS WHEREOF the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as
of the date first written above.

 

	 	NIOCORP
    DEVELOPMENTS LTD.
	 	 	 	 
	 	By:	/s/
    Neal     Shah
	 	 	Name:	Neal
    Shah
	 	 	Title:	Chief
    Financial Officer
	 	 	 	 
	 	By:	/s/
    John     F. Ashburn, Jr.
	 	 	Name:	John
    F. Ashburn, Jr.
	 	 	Title:	Vice
    President, General Counsel and Corporate Secretary
	 	 	 	 
	 	COMPUTERSHARE
    TRUST COMPANY OF CANADA
	 	 	 	 
	 	By:	/s/
    Brian Howarth
	 	 	Name:	Brian
    Howarth
	 	 	Title:	Corporate
    Trust Officer
	 	 	 	 
	 	By:	/s/
    Jennifer Lesley Wong
	 	 	Name:	Jennifer
    Lesley Wong
	 	 	Title:	Associate
    Trust Officer

 

Warrant
Indenture

 

     

    A-1 

    

 

Schedule
“A”

 

Form
of Warrant

 

THE
WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 4:59 P.M. (VANCOUVER TIME) ON [●], 2020, 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 and Toronto Stock Exchange policies: 

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS
FOUR MONTHS AND ONE DAY FROM THE DATE OF ISSUANCE], 2019.

 

(INSERT
IF APPLICABLE) WITHOUT PRIOR APPROVAL OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TORONTO STOCK EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF
A CANADIAN RESIDENT UNTIL [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY FROM THE DATE OF ISSUANCE], 2019.

 

For
all Warrants sold outside the United States and registered in the name of the Depository, also include the following legend:

 

(INSERT
IF BEING ISSUED TO CDS)UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES
INC. ("CDS") TO NIOCORP DEVELOPMENTS LTD. (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

 

For
all Warrants, also include the following legends:

 

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 AND THE WARRANT
AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY AND
THE WARRANT AGENT 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.

 

     

    A-2 

    

 

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.

 

     

    A-3 

    

 

WARRANT

 

To
acquire Common Shares of

 

NIOCORP
DEVELOPMENTS LTD.

 

(incorporated
pursuant to the laws of the Province of British Columbia)

 

	Warrant
    

    Certificate No. [*]	Certificate
    for   ________________________  Warrants, each entitling the holder to acquire one (1) Common Share (subject
    to adjustment as provided for in the Warrant Indenture (as defined below)

 

THIS
IS TO CERTIFY THAT, for value received, 

 

 

 

(the
“Warrantholder”) is the registered holder of the number of common share purchase warrants (the “Warrants”)
of NioCorp Developments Ltd. (the “Corporation”) specified above, and is entitled, on exercise of these Warrants
upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 4:30
p.m. (Vancouver time) (the “Expiry Time”) on [●], 2020 (the “Expiry Date”), one fully
paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date hereof (a
“Common Share”) for each Warrant subject to adjustment in accordance with the terms of the Warrant Indenture.

 

The
right to purchase Common Shares may only be exercised by the Warrantholder within the time set forth above by:

 

		(a)	duly
                                         completing and executing the exercise form (the “Exercise Form”) attached
                                         hereto; and

 

		(b)	surrendering
                                         this warrant certificate (the “Warrant Certificate”), with the Exercise
                                         Form to the Warrant Agent at the principal office of the Warrant Agent, in the city of
                                         Vancouver, together with a certified cheque, bank draft or money order in the lawful
                                         money of Canada payable to or to the order of the Corporation in an amount equal to the
                                         purchase price of the Common Shares so subscribed for.

 

The
surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been
effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by,
the Warrant Agent at its principal office as set out above.

 

     

    A-4 

    

 

Subject
to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise
price payable for each Common Share upon the exercise of Warrants shall be $0.75 per Common Share (the “Exercise Price”).

 

Certificates
for the Common Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses
specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate
is surrendered. If fewer Common Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate,
the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Common
Shares not so purchased. No fractional Common Shares will be issued upon exercise of any Warrant.

 

This
Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which
indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “Warrant
Indenture”) dated as of September 14, 2018 between the Corporation and Computershare Trust Company of Canada, as Warrant
Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation
and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same
effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof,
assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

 

On
presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture
and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for
one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Common Shares as
are purchasable under the Warrant Certificate(s) so exchanged.

 

Neither
the Warrants nor the Common Shares issuable upon exercise hereof have not been or will be registered under the United States Securities
Act of 1933, as amended (the “U.S. Securities Act”), or U.S. state securities laws. Other than by an original
U.S. purchaser that purchased the Warrants directly from the Corporation, these Warrants may not be exercised in the United States
or by or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States unless this security and
the Common Shares issuable upon exercise of this security have been registered under the U.S. Securities Act and the applicable
state securities legislation or an exemption from such registration requirements is available.

 

The
Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Common Share upon the exercise
of Warrants and the number of Common Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.

 

The
Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed
at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing
signed by Warrantholders of Warrants entitled to purchase a specific majority of the Common Shares that can be purchased pursuant
to such Warrants.

 

     

    A-5 

    

 

The
Warrants evidenced hereby shall not be exercised by, or for the account or benefit of, any person in the United States or any
“U.S. person” (a “U.S. Person”) as defined in Rule 902(k) of Regulation S under the U.S. Securities
Act during any time that no registration statement under the U.S. Securities Act registering the Common Shares issuable upon the
exercise of the Warrants evidenced hereby is effective, unless an exemption from the registration requirements of the U.S. Securities
Act is available and such holder provides evidence of the availability of such exemption satisfactory to the Corporation and the
Warrant Agent.

 

Nothing
contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof
any right or interest whatsoever as a holder of Common Shares or any other right or interest except as herein and in the Warrant
Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms
and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.

 

Warrants
may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent
in Vancouver, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place
or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied
by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance
with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar
may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

 

This
Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from
time to time under the Warrant Indenture.

 

The
parties hereto have declared that they have required that these presents and all other documents related hereto be in the English
language. Les parties aux présentes déclarent qu’elles ont exigé que la présente convention,
de même que tous les documents s’y rapportant, soient rédigés en anglais.

 

     

     

    

 

IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be duly executed as of September___, 2018.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

	Countersigned
    and Registered by:
	 
	COMPUTERSHARE
    TRUST COMPANY OF CANADA
	 	 	 
	By:	 	 
		Authorized
    Signatory 	 

 

Warrant Certificate

 

     

    A-7 

    

  

FORM
OF TRANSFER

 

To:
Computershare Trust Company of Canada

 

FOR
VALUE RECEIVED the undersigned hereby sells, assigns and transfers to ___________________________________________________________________________________________(print
name and address) the Warrants represented by this Warrants Certificate and hereby irrevocable constitutes and appoints ____________________
as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

 

In
the case of a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies
that (one (only) of the following must be checked):

 

	 	☐	(A)  the transfer is being made only to the Corporation; or 

 

	 	☐	(B)  the transfer is being made within the United
States or to, or for the account or benefit of, U.S. Persons, in accordance with a transaction that does not require registration
under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and
the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation
and the Warrant Agent to such effect.

 

In
the case of a warrant certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the
account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies
that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities
Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent
an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant
Agent to such effect.

 

☐       If
transfer is to a U.S. Person, check this box.

 

     

    A-8 

    

 

DATED
this ____ day of_________________, 20____.

 

	SPACE FOR GUARANTEES OF SIGNATURES (BELOW)	 	)	 
		 	 	 
	 	 	)	 
	 	 	 	 
	 	 	)	Signature of Transferor
	 	 	 	 
	 	 	)	 
	 	 	 	 
	 	 	)	 
	 	 	 	 
	Guarantor’s Signature/Stamp	 	)	Name of Transferor
	 	 	 	 	 	 
	 	 	 	 	)	 

 

REASON
FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident).
Please select only one (see instructions below). 

 

	☐  Gift	☐ Estate	☐ Private Sale	☐ Other (or no change in ownership)

 

	Date of Event (Date of
    gift, death or sale):	                   Value
per Warrant on the date of event:

 

		 
    ☐ CAD OR  ☐
    USD	
	 	 	 	 

 

     

    A-9 

    

 

CERTAIN
REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY

 

The
signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular,
without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign
this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then current guidelines
and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at
the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice
and standards):

 

		●	Canada
                                         and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable
                                         Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks,
                                         savings banks, credit unions, and all broker dealers participate in a Medallion Signature
                                         Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion
                                         Guaranteed”, with the correct prefix covering the face value of the certificate.

 

		●	Canada:
                                         A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada,
                                         Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words
                                         “Signature Guaranteed”, sign and print their full name and alpha numeric
                                         signing number. Signature Guarantees are not accepted from Treasury Branches, Credit
                                         Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee
                                         Program. For corporate holders, corporate signing resolutions, including certificate
                                         of incumbency, are also required to accompany the transfer, unless there is a “Signature
                                         & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to
                                         a “Signature Guaranteed” Stamp) obtained from an authorized officer of the
                                         Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee
                                         with the correct prefix covering the face value of the certificate.

 

		●	Outside
                                         North America: For holders located outside North America, present the certificates(s)
                                         and/or document(s) that require a guarantee to a local financial institution that has
                                         a corresponding Canadian or American affiliate which is a member of an acceptable Medallion
                                         Signature Guarantee Program. The corresponding affiliate will arrange for the signature
                                         to be over-guaranteed.

 

OR

 

The
signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular,
without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized
officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent,
or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures
are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”,
“MEDALLION GUARANTEED” OR “SIGNATURE & AUTHORITY TO SIGN GUARANTEE”, all in accordance with the transfer
agent’s then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions,
including certificate of incumbency, will also be required to accompany the transfer unless there is a “SIGNATURE &
AUTHORITY TO SIGN GUARANTEE” Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank
of Canada, Scotia Bank or TD Canada Trust or a “MEDALLION GUARANTEED” Stamp affixed to the Form of Transfer, with
the correct prefix covering the face value of the certificate.

 

     

    A-10 

    

 

REASON
FOR TRANSFER – FOR US RESIDENTS ONLY

 

Consistent
with US IRS regulations, Computershare is required to request cost basis information from US securityholders. Please indicate
the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which
the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death
of the securityholder, or the date the private sale took place).

     

    B-1 

    

 

 

SCHEDULE
“B”

 

EXERCISE
FORM

 

	TO:	NioCorp Developments Ltd.

 

	AND TO: 	Computershare Trust Company of Canada

 

3rd
Floor, 510 Burrard Street

Vancouver,
BC V6C 3B9

 

The
undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A)
Common Shares of NioCorp Developments Ltd.

 

	 	Exercise
Price Payable: 	 
	 	 	 ((A) multiplied by $0.75, subject to adjustment)

 

The
undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable
pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

 

The
undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions
on resale under applicable securities legislation.

 

Any
capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in
the Warrant Indenture.

 

The
undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

 

		☐	(A)        the undersigned holder at the time of exercise
of the Warrants (i) is not in the United States, (ii) is not a U.S. Person , (iii) is not exercising the Warrants on behalf of
or for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise
form in the United States and (v) delivery of the underlying Common Shares will not be to an address in the United States, (vi)
exercise of the Warrants is not being made pursuant to an offer made while the undersigned holder was in the United States (vii)
has completed a Regulation S Certificate in substantially the form attached to the Warrant Indenture as Schedule “D”,
or an opinion of counsel of recognised standing in form and substance reasonably satisfactory to the Corporation and the Warrant
Agent that the exercise is exempt from the registration requirements of the U.S. Securities Act and that the issuance of shares
is in compliance with the U.S. Securities Act; OR

 

		☐	(B)         the
undersigned holder (a) is the original U.S. purchaser who purchased the Warrants pursuant to the Company’s Unit offering
who delivered the Certificate of U.S. Purchaser attached to the subscription agreement in connection with its purchase of Units,
(b) is exercising the Warrants for its own account or for the account of a disclosed principal that was named in the subscription
agreement pursuant to which it purchased such Units, and (c) is, and such disclosed principal, if any, is an institutional "accredited
investor" as defined in Rule 501(a)(1),(2),(3)or (7) of Regulation D under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”) at the time of exercise of these Warrants and the representations and warranties of
the holder made in the original subscription agreement including the Certificate of U.S. Purchaser remain true and correct as
of the date of exercise of these Warrants; OR

 

     

    B-2 

    

 

		☐	(C) if
the undersigned holder is (i) a holder in the United States, (ii) a U.S. Person, (iii) a person exercising for the account or
benefit of a U.S. Person, (iv) executing or delivering this exercise form in the United States or (v) requesting delivery of the
underlying Common Shares in the United States, the undersigned holder has delivered to the Corporation and the Corporation’s
transfer agent (a) a completed and executed U.S. Purchaser Letter in substantially the form attached to the Warrant Indenture
as Schedule “C” or (b) an opinion of counsel (which will not be sufficient unless it is in form and substance reasonably
satisfactory to the Corporation and Warrant Agent) or such other evidence reasonably satisfactory to the Corporation and Warrant
Agent to the effect that with respect to the Common Shares to be delivered upon exercise of the Warrants, the issuance of such
securities has been registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration
requirements is available.

 

It
is understood that the Corporation and Computershare Trust Company of Canada may require evidence to verify the foregoing representations.

 

		Notes:	(1)            Certificates
                                         will not be registered or delivered to an address in the United  States unless Box
                                         B or C above is checked.

 

		(2)	If
Box C above is checked, holders are encouraged to consult with the  Corporation and the Warrant Agent in advance to determine
that the legal  opinion tendered in connection with the exercise will be satisfactory in  form and substance to the Corporation
and the Warrant Agent.

 

ALL
CERTIFICATES EVIDENCING COMMON SHARES ISSUABLE UPON THE EXERCISE OF THE WARRANTS WILL BEAR THE LEGENDS SET FORTH IN SECTION 3.3(4)
OF THE WARRANT INDENTURE.

 

“United
States” and “U.S. Person” are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

 

     

    B-3 

    

 

The
undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

 

	Name(s)
    in Full and 

Social Insurance 

Number(s) 

(if applicable)	 	Address(es)	 	Number
    of 

Common Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Please
print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to
a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer
taxes or other government charges, if any, and the Form of Transfer must be duly executed.

 

Once
completed and executed, this Exercise Form must be mailed or delivered to Computershare Trust Company of Canada, c/o General
Manager, Corporate Trust.

 

DATED
this ____day of _____, 20__.

 

	 	)	 
	 	)	 
	 	)	 
	Witness	)	(Signature of Warrantholder, to be the same as appears on the face of this Warrant Certificate)
	 	)	
	 	)	 
	 	)	 
	 	 	Name of Registered Warrantholder

 

☐       Please
check if the certificates representing the Common Shares are to be delivered at the office where this Warrant Certificate is surrendered,
failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon
as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

 

     

    C-1 

    

 

SCHEDULE
“C”

 

FORM
OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

 

NioCorp
Developments Ltd.

 

Attention:
President and Chief Executive Officer

 

-
and to -

 

Computershare
Trust Company of Canada.

 

as
Warrant Agent

 

Dear
Sirs:

 

We
are delivering this letter in connection with the purchase of common shares (the “Common Shares”) of NioCorp
Developments Ltd., a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”)
upon the exercise of warrants of the Corporation (“Warrants”), issued under the warrant indenture dated as
of September 14, 2018 between the Corporation and Computershare Trust Company of Canada.

 

We
hereby confirm that:

 

		(a)	we
                                         are an institutional “accredited investor” (satisfying one or more of the
                                         criteria set forth in Rule 501 (a)(1),(2),(3) or (7) of Regulation D under the United
                                         States Securities Act of 1933 (the “U.S. Securities Act”)) who is also a
                                         “Qualified Purchaser” (as defined in Section 2(a) (51) of, and related rules
                                         under, the United States Investment Company Act of 1940, as amended (the “1940
                                         Act”)) ;

 

		(b)	we
                                         are purchasing the Common Shares for our own account;

 

		(c)	we
                                         have such knowledge and experience in financial and business matters that we are capable
                                         of evaluating the merits and risks of purchasing the Common Shares;

 

		(d)	we
                                         are not acquiring the Common Shares with a view to distribution thereof or with any present
                                         intention of offering or selling any of the Common Shares, except (A) to the Corporation,
                                         or (B) inside the United States in accordance with Rule 144 under the U.S. Securities
                                         Act, if applicable, and in compliance with applicable state securities laws;

 

		(e)	we
                                         acknowledge that we have had access to such financial and other information as we deem
                                         necessary in connection with our decision to exercise the Warrants and purchase the Common
                                         Shares; and

 

		(f)	we
                                         acknowledge that we are not purchasing the Common Shares as a result of any general solicitation
                                         or general advertising, including advertisements, articles, notices or other communications
                                         published in any newspaper, magazine or similar media or broadcast over radio, television,
                                         or any seminar or meeting whose attendees have been invited by general solicitation or
                                         general advertising.

 

     

    C-2 

    

 

We
understand that the Common Shares are being offered in a transaction not involving any public offering within the United States
within the meaning of the U.S. Securities Act and that the Common Shares have not been and will not be registered under the U.S.
Securities Act. We further understand that any Common Shares acquired by us will be in the form of definitive physical certificates
and that such certificates will bear a legend reflecting the fact that we will not offer, sell or otherwise transfer any of the
Common Shares, directly or indirectly, unless (i) the sale is to the Corporation; or (ii) the sale is made in the United States
(A) pursuant to an exemption from registration under the U.S. Securities Act provided by Rule 144 thereunder, if available, and
in compliance with any applicable state securities laws or (B) pursuant to a transaction that does not require registration under
the U.S. Securities Act or applicable state securities laws, and in the case of each of (A) and (B), the purchaser meets the definition
of Qualified Purchaser and the seller has furnished to the Corporation an opinion to such effect from counsel of recognized standing
reasonably satisfactory to the Corporation prior to such offer, sale or transfer.

 

We
acknowledge that you will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify
you promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

 

DATED
this ____day of _____, 20__.

 

	 	(Name of U.S. Purchaser)
	 	 
	 	By:	 
	 	 	Name:         [*]
	 	 	Title:            [*]

 

     

    D-1 

    

 

SCHEDULE
D

 

FORM
OF REGULATION S CERTIFICATION UPON EXERCISE OF WARRANTS

 

NIOCORP
DEVELOPMENTS LTD.

 

Attention:
President and Chief Executive Officer

 

-
and to –

 

Computershare
Trust Company of Canada.

 

as
Warrant Agent

 

Dear
Sirs:

 

We
are delivering this letter in connection with the purchase of common shares (the “Common Shares”) of NIOCORP DEVELOPMENTS
LTD., a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”) upon the exercise
of warrants of the Corporation (“Warrants”), issued under the warrant indenture dated as of September 14, 2018 between
the Corporation and Computershare Trust Company of Canada.

 

We
hereby confirm that:

 

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

 

		(b)	we
                                         are purchasing the Common Shares for our own account or for the account of one or more
                                         persons for whom we are 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 we
                                         nor any Disclosed Subscriber for whose account we are purchasing the Common Shares 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 Common Shares 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 us from
                                         selling or otherwise disposing of any of the Common Shares pursuant to registration thereof
                                         pursuant to the U.S. Securities Act and any applicable state securities laws or under
                                         an exemption from such registration requirements;

 

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

 

     

    D-2 

    

 

		(d)	neither
                                         we 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 Common Shares for the account or benefit of a U.S. Person
                                         or person in the United States, (B) the Common Shares were not offered to us or the Disclosed
                                         Subscriber, if any, in the United States and (C) at the time we submitted the Exercise
                                         Notice, we (or its authorized signatory) were outside the United States;

 

		(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 U.S. Securities
                                         Act;

 

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

 

		(h)	we
                                         agree not to engage in hedging transactions in the Common Shares except in compliance
                                         with the U.S. Securities Act;

 

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

 

		(j)	we
                                         understand and acknowledge that the Common Shares are “restricted securities”
                                         within the meaning of Rule 144 under the U.S. Securities Act, and that if in the future
                                         we decide 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
                                         U.S. Securities Act; (c) in accordance with Rule 144 under the U.S. Securities 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 U.S. Securities 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 U.S. Securities Act;

 

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

 

     

    D-3 

    

 

		(l)	the
                                         Subscriber acknowledges that upon the issuance of the Common Shares, and until such time
                                         as the same is no longer required under the applicable requirements of the U.S. Securities
                                         Act or applicable state securities laws and regulations, the certificates representing
                                         the Common Shares, 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 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.”

 

     

    D-4 

    

 

if
any of the Common Shares 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 Corporation,
to the effect that the legend is no longer required under applicable requirements of the U.S. Securities 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)	we
                                         acknowledge that the Corporation 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 Common
                                         Shares upon any resale made pursuant to Rule 903 or 904 of Regulation S; therefore the
                                         certificates representing the Common Shares which bear such legend may not constitute
                                         “good delivery” in settlement of transactions on stock exchanges;

 

     

    D-5 

    

 

		(n)	we
                                         understand that (i) the Corporation 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 Corporation is deemed to be, or to have been at any time previously, a Shell Company,
                                         Rule 144 under the U.S. Securities Act may not be available for resales of the Common
                                         Shares, and (iii) except as set forth in the Subscription Agreement, the Corporation
                                         is not obligated to make Rule 144 under the U.S. Securities Act available for resales
                                         of the Common Shares;

 

		(o)	we
                                         have been independently advised as to the applicable hold period and restrictions with
                                         respect to trading imposed in respect of the Common Shares by securities legislation
                                         in the jurisdiction in which we reside, and confirm that no representation has been made
                                         respecting the applicable hold periods for such Common Shares and is aware of the risks
                                         and other characteristics of the Common Shares and of the fact that we may not be able
                                         to resell any of the Common Shares except in accordance with applicable securities legislation
                                         and regulatory policy; and

 

		(p)	we
                                         understand and acknowledge that we are making the representations and warranties and
                                         agreements contained herein with the intent that the they may be relied upon by the Corporation,
                                         in determining its eligibility or (if applicable) the eligibility of others on whose
                                         behalf we are contracting hereunder to purchase the Common Shares.

 

We
acknowledge that you will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify
you promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

 

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

 

DATED
this________ day of ________________, 20__.

 

	 	 
	(Name of Purchaser - 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 Purchaser printed above.)

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