Document:

EXHIBIT 10.1

 

LICENSE AGREEMENT

 

This Patents’ License
Agreement (“Agreement”) dated as of 6th May 2021 (the “Effective Date”) is entered into
by and between the Licensor, Colossus (IOM) Ltd Clinch’s House, Lord Street, Douglas, Isle of Man, IM99 1RZ and a registered number
of 009662V and the Licensee, Esports Technologies, Inc. (Licensor and Licensee each a “Party,”
and collectively, the “Parties”).

 

RECITALS

 

WHEREAS, Licensor owns or
has rights to license the Cash Out Patents (as defined in Article 1);

 

WHEREAS, Licensee
desires to obtain a license to utilize the Cash Out Patents limited in scope to the field of use pertaining to esports betting
(“Purpose” as described more fully herein), and Licensor is willing to grant Licensee such a license to do so pursuant
to the provisions of this Agreement; and

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants set forth herein, and for other good and valuable consideration the receipt and sufficiency
of which is mutually acknowledged, each of Licensor and Licensee do hereby agree as follows:

 

TERMS AND CONDITIONS

 

		1.	DEFINITIONS.

 

		1.1.	“Change of Control” shall mean, with respect to a Party, (i) sale of all, or substantially
all, of the Party’s assets to another party, or (ii) the transfer of equity ownership of the Party or the merger of the Party with
another party (or similar transaction), such that a person or persons which could not elect a majority of the directors of that Party
before such transfer, could elect a majority afterwards, other than a transfer which occurs in connection with an initial public offering
of the shares of such Party.

 

		1.2.	“Confidential Information” shall have the meaning ascribed to it in Section 3 of this
Agreement.

 

		1.3.	“Effective Date” means the date set forth in the preamble of this Agreement.

 

		1.4.	“Cash Out Patents” means the patents listed in Schedule 1, and which may be modified
from time to time by Company in its sole discretion upon written notice and any continuations, enhancements or derivations of same.

 

		1.5.	“Intellectual Property Rights” means all inventions, discoveries, patents (including
all renewals, extensions or divisions thereof), patent applications, registered and unregistered trademarks and service marks and all
goodwill associated therewith and symbolized thereby, domain names, trademark applications and service mark applications, registered and
unregistered copyrights (including without limitation databases and other compilations of information), registered and unregistered design
rights, confidential information, trade secrets and know-how, including processes, schematics, business methods, formulae and computer
software programs, and all other intellectual property, property and proprietary rights.

 

		1.6.	“Purpose” means the use of the Patents and any technology derived from same in connection
with any e-sports specific application.

 

 

 

 

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		1.7.	“Affiliate” shall mean and include, with respect to a Party, any entity that directly
or indirectly controls, is controlled by, or is under common control with the Party, where “control” means the (i) ownership
of, or the power to vote, more than fifty percent (50%) of the voting stock, shares or interests of such entity or (ii) ability to direct
the management or affairs of an entity, whether by contract or otherwise.

 

		2.	LICENSE GRANT.

 

		2.1.	License. Subject to the terms and conditions set forth in this Agreement, Licensor hereby grants
to Licensee a personal, revocable, non-transferable, non-sublicensable (other than (i) to Licensee’s Affiliates existing as of the
Effective Date, and (ii) after the Effective Date to new Affiliates of Licensee that are not direct competitors of Licensor and are approved
in writing by Licensor to receive a sublicense upon Licensee’s written request, which shall not be unreasonably withheld or delayed),
and worldwide license for the Term and Fees set forth below in Sections 2.5 and 2.6 to utilize the Cash Out Patents solely for the Purpose
including to practice methods claimed in the Cash Out Patents.

 

		2.2.	No Sublicensing. Unless otherwise permitted under this Agreement, the Licensee shall not sublicense
any of the rights granted under this Agreement to any third Party for any purpose without the written consent of Licensor.

 

		2.3.	Exclusivity. The license granted under this Agreement shall be exclusive to Licensee in the field
of use encompassing the area of esports betting (“Field”) and limited for the Purpose, so long as Licensee complies with all
terms and conditions set for herein, save that it shall not restrict rights established under the separate and non-exclusive patents’
license granted by the Licensor to Hillside (Technology) Limited dated September 27, 2019, and shall not restrict Licensor or any of its
Affiliates as they exist as of the date of this Agreement in any manner with respect to its and their own use of the Cash Out Patents.
The parties agree that Licensor shall provide Licensee with written notice of any inquiry by any party seeking to: (a) become an Affiliate
of Licensor in the Field or (b) license Licensor’s Cash Out Patents and rights related thereto in the Field (“Third Party
Inquiry”). Within ten (10) days of receipt of said notice of Third Party Inquiry (“Notice Period”), Licensee may provide
written notice to Licensor of its rejection of said Third Party Inquiry and as such Licensor shall not further entertain or accept any
transaction with said party involved in such Third Party Inquiry. To the extent that Licensee either: (a) fails to respond within the
Notice Period or (b) approves any such Third Party Inquiry, then such third party may become an Affiliate of the Licensor after the Effective
Date and the licence granted under this Agreement shall not restrict such Affiliate in any manner, providing that any such Affiliate is
not a direct competitor of the Licensee.

 

		2.4.	Revenue Share. Subject to Section 2.3, the Parties shall share equally in any and all revenue payable
to Licensor or received by the Licensor during the term of this Agreement from the licensing by Licensor of the Cash Out Patents to any
third parties for the Purpose or in the Field.

 

		2.5.	Term.This Agreement shall commence on the Effective Date and continue until that date which
is thirty-six (36) months from the Effective Date.

 

		2.6.	Fees. In consideration of the rights and terms provided hereunder to Licensee, Licensee shall provide
the following consideration and payment to Licensor: payment of GBP £200,000 and 65,000 shares of restricted common stock of Licensee
(“Stock”). For purposes of this Agreement, the term Stock means the restricted common stock shares of Licensee. The Stock
may not be sold by Licensor until the date which is earlier of: fifteen (15) months from the Initial Public Offering of the common stock
of the Licensee (“IPO”), if any, or April 1, 2023. The Stock shall be subject to any restriction that may be required by an
underwriter of the Licensee’s IPO and Licensor further agrees to execute such agreements as may be reasonably requested by the Licensee
or any underwriters in the IPO.

 

CONFIDENTIALITY AND PUBLICITY.

 

		2.7.	The Parties agree that all materials and any other documents or information furnished by a Party (the
“Releasing Party”) to the other Party (the “Recipient”) hereunder (“Confidential Information”) shall
be held in confidence in accordance with the Recipient’s standard confidentiality procedures and shall not, without the prior written
consent of the Releasing Party, be made available or disclosed to any third party.

 

 

 

 

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		2.8.	Notwithstanding the above restriction, the Recipient shall not have any obligation to hold in confidence
Confidential Information which (i) is, or becomes, generally known to the public without breach of the terms of this Agreement; (ii) is
lawfully acquired by the Recipient from another source; (iii) was acquired by the Recipient prior to the time of disclosure not in violation
of any agreement or law which was known to the Recipient; or (iv) is required by court order or by order of any governmental or regulatory
authority which has jurisdiction over the Recipient; or (v) required in connection with any reporting or other filing pursuant to the
Securities Act of 1933 or the Securities Exchange Act of 1934.

 

		2.9.	Neither Party may make any public announcement or press release in relation to this Agreement without
the written consent of the other Party.

 

		2.10.	Whilst the terms of this Agreement shall be considered Confidential Information, the Parties will be entitled
to disclose the existence of the Agreement in the course of their normal commercial dealings.

 

		3.	INFRINGEMENT AND VALIDITY.

 

		3.1.	Notification. Licensee shall inform Licensor promptly in writing of any alleged infringement of
the Cash Out Patents by a third party of which it is aware and of any available evidence thereof, as well as any facts which may affect
the validity, scope or enforceability of the Cash Out Patents of which Licensee becomes aware.

 

		3.2.	Enforcement. Licensor shall have the exclusive right, but shall not be obligated, to commence legal
action at its own expense to defend against an action alleging invalidity of the Cash Out Patents or to prosecute all infringements of
the Cash Out Patents. Licensee shall, at the request and expense of Licensor, provide reasonable cooperation in any such litigation.

 

		4.	WARRANTIES.

 

		4.1.	By Both Parties. Each of the Parties hereto represents and warrants to the other Party that (a)
it has full power and authority to execute, deliver and perform under this Agreement and the obligations hereunder, (b) upon execution
and delivery hereof, this Agreement shall constitute the valid and binding obligations of such Party enforceable in accordance with its
terms, except to the extent that such enforcement is limited by any bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
or other laws affecting the rights of creditors generally and general equity principles and (c) the execution, delivery and performance
of this Agreement (i) have been duly approved and authorized by all necessary corporate actions of such Party, (ii) do not contravene
any law, regulation, rules or order binding on such Party, and (iii) does not contravene the provisions of or constitute a default under
any contract or other agreement or instrument to which such Party is a signatory.

 

		4.2.	By Licensor. Licensor represents and warrants to Licensee the following:

 

		4.2.1.	Licensor represents and warrants to Licensee that Licensor has the right to grant the license granted
in this Agreement.

 

		4.2.2.	To the best of Licensor’s knowledge, the Cash Out Patents are valid and enforceable.

 

		4.2.3.	To the best of Licensor’s knowledge, any activity performed by Licensee by virtue of this Agreement
is or will be free from infringement of any intellectual property rights of third parties.

 

		4.3.	By Licensee. Licensee represents and warrants to Licensor the following:

 

		4.3.1.	Licensee acknowledges and agrees that all rights, title and interest in and to the Cash Out Patents, including
all Intellectual Property Rights subsisting therein, are the exclusive property of Licensor and/or its affiliates, are valid and enforceable.

 

 

 

 

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		4.3.2.	Licensee agrees that it shall not, directly or indirectly, do or cause to be done any act which may in
any way jeopardize or adversely affect the validity or enforceability of, or otherwise infringe, dilute or misappropriate, any rights,
titles and interests of the Licensor or its affiliates in and to the Cash Out Patents, or any Intellectual Property Rights in respect
thereof.

 

		4.3.3.	Licensee further agrees that it will not, directly or indirectly, oppose or contest any patent or application
of Licensor and/or any of its affiliates in connection with the Cash Out Patents, or any application directed to any rights subsisting
in the Cash Out Patents, in the United States or elsewhere, or any application for extension of such rights.

 

		4.3.4.	The Parties will discuss in good faith a form of wording in relation to patent notices as licensed under
this Agreement which the Licensee will display on a web address which is available to the public.

 

		4.3.5.	Licensee shall provide a copy of this Agreement to any of Licensee’s Affiliates who are sublicensed
under Section 2.1. Licensee shall ensure that Licensee’s Affiliates comply with the terms of this Agreement.

 

		4.4.	Licensor reserves all rights with respect to the Cash Out Patents except those expressly licensed to Licensee
hereunder.

 

		5.	DISCLAIMERS.

 

		5.1.	Nothing in this Agreement shall be construed as:

 

		5.1.1.	an obligation of Licensor to maintain any of the Cash Out Patents; or

 

		5.1.2.	an obligation of Licensor to license or furnish any additional technical information or trade secrets;
or

 

		5.1.3.	conferring a right to use in advertising, publicity or otherwise any trademark, trade name or trade dress
of Licensor; or

 

		5.1.4.	CONFERRING ANY WARRANTY OR REPRESENTATION BY LICENSOR, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY PROVIDED
IN THIS AGREEMENT. THE CASH OUT PATENTS ARE BEING LICENSED ON AN “AS IS” BASIS.

 

		6.	LIMITATION ON LIABILITY.

 

THE PARTIES AND THEIR RESPECTIVE
AFFILIATES SHALL NOT BE LIABLE FOR ANY (A) SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED TO
THIS AGREEMENT OR THE OPERATION OR USE OF THE CASH OUT PATENTS, INCLUDING, WITHOUT LIMITATION, ARISING FROM LOSS OF DATA OR PROGRAMMING,
LOSS OF REVENUE OR PROFITS, FAILURE TO REALIZE SAVINGS OR OTHER BENEFITS, AND CLAIMS AGAINST THE OTHER PARTY BY ANY THIRD PERSON, EVEN
IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY;
(B) DAMAGES (REGARDLESS OF THEIR NATURE) FOR ANY DELAY OR FAILURE BY A PARTY TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT DUE TO ANY
CAUSE BEYOND SUCH PARTY’S REASONABLE CONTROL; OR (C) CLAIMS MADE A SUBJECT OF A LEGAL PROCEEDING AGAINST A PARTY MORE THAN TWO YEARS
AFTER ANY SUCH CAUSE OF ACTION FIRST AROSE.

 

		7.	TERMINATION.

 

		7.1.	Termination Events

 

		7.1.1.	This Agreement may be terminated by mutual written agreement of the Parties at any time.

 

 

 

 

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		7.1.2.	Either Party may terminate this Agreement in the event of: (i) any material breach of obligation by the
other Party, which breach is not cured within thirty (30) days after written notice of breach to the breaching Party; (ii) any situation
in which a Party commits a material breach of the Agreement that is not capable of being cured within thirty (30) days and the breaching
Party fails to both (aa) develop and deliver to the non-breaching Party within thirty (30) days following written notice of breach a complete
written plan for curing the breach, and (bb) cure such breach within ninety (90) days of written notice thereof; (iii) the other Party
filing a voluntary petition in bankruptcy or under any similar insolvency law; (iv) the other Party making an assignment for the benefit
of creditors; (v) the other Party having filed against it any involuntary petition in bankruptcy or under any similar insolvency law,
if any such petition is not dismissed within thirty (30) days after filing; or (vi) a receiver being appointed for, or a levy or attachment
being made against, substantially all of the other Party’s assets, if any such petition is not dismissed or such receiver or levy
or attachment is not discharged within thirty (30) days after the filing or appointment.

 

		7.1.3.	Licensor may terminate the Agreement 24 months after the Effective Date should it (or an Affiliate) not
have generated at least £500,000 in revenue during that 24 months period under any other commercial agreement(s) entered into between
the parties (including their respective Affiliates). To terminate in accordance with this provision Licensor is required to give notice
to Licensee within 7 days of the end of the relevant 24 months period. Should Licensor give such notice contemplated under this Section
8.1.3 Licensee will have the option to extend the Agreement for a further 12 months upon the payment of an additional fee to Licensor
of GBP £150,000, with the terms applicable to such extended period otherwise unchanged hereunder.

 

		7.1.4.	Notwithstanding the foregoing, Licensor may, in its sole discretion, terminate this Agreement and/or the
License granted herein immediately and without notice upon the occurrence of any of the following:

 

		7.1.4.1.	Licensee fails to comply with any of the terms and conditions set forth in this Agreement; or

 

		7.1.4.2.	Licensor determines (acting reasonably) that Licensee's use of the Cash Out Patents compromises the integrity
of the Cash Out Patents; or

 

		7.1.4.3.	the execution of any agreement confirming an intention to undertake a transaction that would result in
a Change of Control of Licensee.

 

		7.2.	Effect of Expiration or Termination.

 

		7.2.1.	In the event of termination of this Agreement or of the License granted hereunder for any reason, Licensee
shall thereafter have no rights whatsoever with respect to the Cash Out Patents, and Licensee shall:

 

		7.2.1.1.	immediately cease use of the Cash Out Patents;

 

		7.2.1.2.	certify to Licensor in writing on request that Licensee has fully complied with the above requirement.

 

		7.2.2.	In the event of the termination of this Agreement by the Licensee in reliance on an event as described
in Section 8.1.2, a pro-rata portion of the Fee attributable to the remaining period of the Term shall be repayable by the Licensor to
the Licensee.

 

		7.2.3.	Expiration or termination of this Agreement shall not relieve the Parties of any obligation that accrued
prior to such expiration or termination. The provisions of Sections 3, 5, 6, 7, 8 and 9 shall survive any termination or expiration of
this Agreement without limitation.

 

 

 

 

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		8.	GENERAL AND MISCELLANEOUS TERMS.

 

		8.1.	Notices. All notices, requests, demands, approvals, consents and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of service if served personally on the Party
to whom notice is to be given, (b) on the day of transmission (receipt confirmed) if sent via facsimile transmission to the applicable
facsimile number provided below, on a business day during or before the normal business hours of the intended recipient, and if not so
sent on such a business day and at such time, on the following business day, (c) on the first (1st) business day after delivery
to any reputable overnight courier for delivery to the Party to whom notice is to be given, or (d) on the fifth (5th) business
day after mailing, if mailed to the Party to whom notice is to be given, by first class mail, registered or certified, postage prepaid,
and in each case addressed as follows:

 

To Licensor:

 

Attn:

Email:

Tel:

 

 

To Licensee:

 

Attn:

Email:

Tel: 

 

		8.2.	Assignment. Unless otherwise permitted under this Agreement, this Agreement may not be assigned
or otherwise transferred by Licensee.

 

		8.3.	Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware (without regard to principles of conflicts of laws which might apply the laws of any other jurisdiction).

 

		8.4.	Consent to Jurisdiction. Each of the Parties
hereto consents to the jurisdiction of any federal or state court located within the State of Delaware and irrevocably agrees that all
actions or proceedings referred to in this Agreement and this Agreement may be litigated in such courts. Each of the Parties hereto accepts
for itself and in connection with its properties, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts
and waives with respect to such courts any defense of forum non conveniens, and irrevocably agrees to be bound by any judgment rendered
thereby in connection with this Agreement. Each of the Parties hereto further irrevocably consents to the service of process with respect
to such courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to
the Party at the address specified in this Agreement, such service to become effective 15 days after such mailing. Nothing herein shall
in any way be deemed to limit the ability of any Party hereto to serve any such legal process, summons, notices, and documents in any
other manner permitted by applicable law or to obtain jurisdiction over or to bring actions, suits or proceedings against any of the other
Parties hereto in such other jurisdictions, and in such manner, as may be permitted by applicable law.

 

		8.5.	Waiver of Jury Trial. Each of the Parties
hereto hereby irrevocably waives its right to a jury trial of any claim or cause of action based upon or arising out of this Agreement.
Each of the Parties hereto also irrevocably waives any requirement for a bond or surety or security upon such bond which might, but for
this waiver, be required of or by such Party. The scope of this waiver is intended to be all-encompassing of any and all disputes that
may be filed in any court and that relate to the subject matter of this Agreement, including, without limitation, contract claims, tort
claims, breach of duty claims, and all other common law and statutory claims. Each of the Parties hereto further warrants and represents
that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and the
waiver shall apply to any subsequent amendment, renewal, supplement or modification of or to this agreement. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

 

 

 

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		8.6.	Bankruptcy. The Parties agree that Licensee, as a licensee of such rights under this Agreement,
shall retain and may fully exercise all of its rights and elections under Section 365(n) of Title 11, U.S. Code.

 

		8.7.	Entire Agreement; Amendments. This Agreement represents the entire understanding and agreement
between the Parties hereto with respect to the subject matter hereof and supersede all prior oral and written and all contemporaneous
oral negotiations, commitments and understandings between such Parties. This Agreement may not be modified or amended except by a written
agreement duly executed by both Parties hereto.

 

		8.8.	Waivers; Cumulative Remedies. No delay on the part of either Party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of either Party of any such right, power or
privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise
of any other such right, power or privilege. The rights and remedies of either Party based upon, arising out of or otherwise in respect
of any inaccuracy in or breach of any representation, warranty, covenant or agreement contained in this Agreement shall in no way be limited
by the fact that the act, omission, occurrence or other state of facts upon which any claim of any such inaccuracy or breach is based
may also be the subject matter of any other representation, warranty, covenant or agreement contained in this Agreement (or in any other
agreement between the Parties) as to which there is not inaccuracy or breach. Except as may be otherwise expressly provided to the contrary
herein, all remedies provided for herein shall be cumulative and in addition to and not in lieu of any other remedies available to either
Party hereto at law, in equity or otherwise.

 

		8.9.	Section Headings. The section headings are for the convenience of the Parties and in no way alter,
modify, amend, limit, or restrict the contractual obligations of the Parties.

 

		8.10.	Severability. Any provision hereof which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the
Parties hereby waive any provision of law which may render any provision hereof void or unenforceable in any respect.

 

		8.11.	Counterparts. This Agreement may be executed in two counterparts, which may be facsimile counterparts,
each of which shall be deemed to be an original, and all collectively a single instrument.

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the
undersigned Parties have caused this Intellectual Property License Agreement to be executed by their respective duly authorized representatives
as an instrument as of the date first above written.

 

Licensor 

 

	By:	/s/ Hollie McGowan	 
	 	Name: Hollie McGowan	 
	 	Title: Director	 

 

 

Licensee

 

	By:	/s/ Aaron Speech	 
	 	Name: Aaron Speech	 
	 	Title: CEO	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

Schedule 1 – Cash Out Patent List

 

		1.	U.S. Patent No. 8,602,884

 

		2.	U.S. Patent No. 8,734,241

 

		3.	U.S. Patent No. 8,721,438

 

		4.	U.S. Patent No. 8,721,439

 

		5.	U.S. Patent No. 8,708,811

 

		6.	U.S. Patent No. 9,117,341

 

		7.	U.S. Patent No. 9,196,126

 

		8.	U.S. Patent No. 9,275,516

 

		9.	U.S. Patent No. 9,424,716

 

		10.	U.S. Patent No. 9,704,338

 

		11.	U.S. Patent No. 10,102,716

 

		12.	U.S. Patent No. 10,431,044

 

		13.	Australian Patent No 2013311319

 

		14.	Japanese Patent No. 5977454

 

		15.	Japanese Patent No. 5977453

 

		16.	Japanese Patent No. 6258941

 

		17.	Japanese Patent No. 6526165

 

		18.	South Korea Patent No. 10-1736754

 

		19.	South Korea Patent No. 10-1726203

 

		20.	Singapore Patent No. 11201501682Q

 

		21.	Singapore Patent No. 10201510450T

 

		22.	Philippines Patent No. 1-2015-500504

 

		23.	South African Patent No. 2015/01552

 

		24.	Nigerian Patent No. NG/PT/C/2015/952

 

 

 

    	 	9Exhibit 4.1

 

NIOCORP DEVELOPMENTS LTD.

 

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If you are resident in the
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	 	 	Centennial, CO 80112
	 	Attention:	Jim Sims
	 	Email:	financing@niocorp.com

 

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and conditions, and the covenants, representations and warranties set forth in this Subscription Agreement (as defined below),
including the attached “Terms and Conditions of Subscription” (including, without limitation, the representations,
warranties and covenants set forth in the applicable schedules attached hereto). Each Unit is comprised of one common share in
the capital of the Issuer (a “Unit Share”) and one common share purchase warrant (a “Warrant”)
of the Issuer. Each Warrant will entitle the holder to acquire one additional common share in the capital of the Issuer (a “Warrant
Share”), exercisable for a period of 24 months following the Closing at an exercise price of C$1.63 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$1.43

         

        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 (including unexpired warrants) entitling the Subscriber to acquire an additional __________ common shares in the capital of the Issuer.
	 	 

 

Insider Status

 

The Subscriber either [check appropriate
box]:

 

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

 

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”.

     

     

    

ACCEPTANCE

 

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

 

DATED as of ___________________,
2021.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 
	 	Per:  	 
	 	 	Authorized Signatory

 

     

     

    

 

TERMS AND CONDITIONS OF SUBSCRIPTION

UNITS OF NIOCORP DEVELOPMENTS LTD.

 

		1.	Definitions and Interpretation

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(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;

 

    1

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(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

     

    

		2.	Subscription for Units

 

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

 

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

 

		3.	The Offering

 

		(a)	The Subscriber acknowledges that this subscription forms part of a larger offering (the “Offering”)
by the Issuer of up to 4,195,804 Units at a price of C$1.43 for aggregate gross proceeds of up to approximately C$6,000,000 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.

 

    3

     

    

 

		6.	Conditions of Closing

 

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

 

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

 

		(a)	the Subscriber having properly completed, signed and delivered this Subscription Agreement (with
payment) by no later than 5:00 p.m. (Vancouver time) on Friday, April 23, 2021, to:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO 80112

 

Attention:       
Jim Sims

Email:              jim.sims@niocorp.com

 

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

 

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

 

		(d)	the Issuer having accepted this Subscription Agreement;

 

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

 

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

 

		7.	Authorization of the Issuer

 

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

 

		(a)	to receive certificates representing the Units, to execute in the Subscriber’s name and on
its behalf all closing receipts and required documents, to complete and correct any errors or omissions in any form or document
provided by the Subscriber in connection with the subscription for the Units and to approve any opinion, certificate or other document
addressed to the Subscriber; and

 

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

 

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

 

    4

     

    

 

		8.	Representations, Warranties and Covenants of the Issuer

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(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.

 

    5

     

    

 

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

 

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

 

Authorization and
Effectiveness

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

Eligibility to Purchase
under Prospectus Exemption

 

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

 

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

 

International Purchasers

 

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

 

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

 

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

 

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

 

		(iv)	the purchase of Securities by the Subscriber, and (if applicable) each Disclosed Principal, does
not trigger: (i) any obligation to prepare and file a prospectus, an offering memorandum or similar document, or any other ongoing
reporting requirements with respect to such purchase or otherwise; (ii) any registration or other obligation on the part of the
Issuer; or (iii) the Issuer becoming subject to regulation in such jurisdiction or require the Issuer to attorn to the jurisdiction
of any governmental authority or regulator in such jurisdiction or require any translation of documents by the Issuer; and

 

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

 

    7

     

    

 

No Prospectus or
Undisclosed Information

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Investment Suitability

 

		(p)	the Subscriber confirms that the Subscriber:

 

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

 

		(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;

 

    8

     

    

 

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

 

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

 

No Representations

 

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

 

		(i)	regarding the future value of the Securities;

 

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

 

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

 

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

 

Limitations on Resale

 

		(s)	the Subscriber understands and acknowledges that:

 

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

 

		(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].”

 

    9

     

    

 

“THE
SECURITIES REPRESENTED HEREBY [FOR WARRANTS INCLUDE: 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 “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
U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. 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 U.S. SECURITIES ACT OR ANY APPLICABLE
STATE SECURITIES LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR
TRANSFER PURSUANT TO CLAUSE (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH OFFER, SALE, PLEDGE OR TRANSFER, FURNISHED TO THE COMPANY
AN OPINION OF COUNSEL OF RECOGNIZED STANDING, CERTIFICATION AND/OR OTHER EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY
TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S.
SECURITIES ACT. THESE SECURITIES MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK
EXCHANGES.”

 

[FOR WARRANTS
ONLY: “THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT. THE SECURITIES REPRESENTED HEREBY MAY NOT BE EXERCISED UNLESS THE SECURITIES ISSUABLE UPON EXERCISE THEREOF
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS 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 D hereto
(U.S. Purchaser Certificate) and hereby is deemed to have made the representations, warranties and acknowledgments contained therein
as if set forth herein in full;

 

Not Proceeds of
Crime

 

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

 

    10

     

    

 

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 defense thereof;

 

Other Documents

 

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

 

Subscriber’s
Responsibility for Legal and Financial Advice

 

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

 

    11

     

    

 

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

 

		10.	Reliance on Representations, Warranties, Covenants and Acknowledgements

 

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

 

		11.	Indemnity

 

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

 

		12.	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

 

    12

     

    

 

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

 

		14.	Miscellaneous

 

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

 

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

 

		(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

 

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

 

    13

     

    

 

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.

 

    14

     

    

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$4,195,804 in units (the “Units”) of the Issuer. Each Unit will consist of one common share (“Common Share”) and one common share purchase warrant (a “Warrant”). 
	Pricing:	
        C$1.43 per Unit.

         

        Each Warrant shall entitle the holder thereof
        to purchase one additional Common Share of the Issuer (a “Warrant Share”) at an exercise price equal to C$1.63
        exercisable at any time up to 24 months from Closing (as defined herein).

        

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

 

	Closing:	On or about April 30, 2021 (the “Closing”).

 

    A-1

     

    

 

SCHEDULE B

 

Accredited
Investor Status CERTIFICATE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    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;
	☐	(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;

 

    B-2

     

    

 

	☐	(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)	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;

 

    B-3

     

    

 

		(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.

 

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

 

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

        print name and title of Authorized Signing Officer

 

    B-4

     

    

 

EXHIBIT A TO SCHEDULE B

 

ACCREDITED INVESTOR RISK ACKNOWLEDGMENT
FORM

 

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

 

	
         

        
        WARNING!

         

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

         

 

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

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

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

 

    B-5

     

    

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

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

	6.  For more information about this investment
	
         

        NioCorp Developments Ltd. 

        

        7000 South Yosemite Street, Suite 115

        

        Centennial, CO

        

        80112 

        

        Attn: Jim Sims

        

        Tel: (303) 503-6203

        

        email: financing@niocorp.com

        

        

        

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

         

	 	 	 	 

Form instructions:

 

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

 

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

 

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

 

    B-6

     

    

 

SCHEDULE C

 

REGULATION S CERTIFICATE

 

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

 

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

 

In connection with the undersigned’s
(the “Subscriber”) subscription for Units of the Issuer (a “Unit”), each Unit being comprised
of one common share in the capital of the Issuer (a “Unit Share”) and one common share purchase warrant (a “Warrant”)
of the Issuer and each Warrant entitling the holder to acquire one additional common share in the capital of the Issuer (a “Warrant
Share”), exercisable for a period of 24 months following the Closing at an exercise price of C$1.63 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, a
certificate, in form and substance reasonably satisfactory to the Issuer, to such effect and/or other evidence of exemption reasonably
satisfactory to the Issuer to such effect;

 

		(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 Thereof] 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
U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. 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 U.S. SECURITIES ACT OR ANY APPLICABLE
STATE SECURITIES LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR
TRANSFER PURSUANT TO CLAUSE (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH OFFER, SALE, PLEDGE OR TRANSFER, FURNISHED TO THE COMPANY
AN OPINION OF COUNSEL OF RECOGNIZED STANDING, CERTIFICATION AND/OR OTHER EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY
TO THE COMPANY TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S.
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 reasonably satisfactory to the Issuer, a certificate in form
and substance reasonably satisfactory to the Issuer and/or other evidence of exemption reasonably satisfactory to the Issuer, in
each case, 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, a certificate in form and substance reasonably satisfactory to the Issuer to such effect and/or other evidence of
exemption 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 remain true and correct with 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:

 

“THE SECURITIES REPRESENTED
HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT. THE SECURITIES
REPRESENTED HEREBY MAY NOT BE EXERCISED UNLESS THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.”

 

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

 

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

 

    C-3

     

    

 

		(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 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 ________________,
2021.

	 	 
	
        (Name of Subscriber - please
        print)

         
	 
	by:	 	 
	
         
	(Official Capacity or Title - please print) 
	 
	 	 	 
	
        Authorized Signature

        
	 
	 	 
	
        

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

 

    C-4

     

    

 

SCHEDULE D

 

U.S. PURCHASER CERTIFICATE

 

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

 

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

 

In connection with the undersigned’s
(the “Subscriber”) subscription for units of the Issuer (the “Units”), each Unit being comprised
of one common share in the capital of the Issuer (a “Unit Share”) and one common share purchase warrant (a “Warrant”)
of the Issuer and each Warrant entitling the holder to acquire one additional common share in the capital of the Issuer (a “Warrant
Share”), exercisable for a period of 24 months following the Closing at an exercise price of C$1.63 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 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;

 

		(d)	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:

 

    D-1

     

    

 

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

 

	
        ________________(S)

         

        ________________(BP)

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

         

        ________________(BP)

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

         

        ________________(BP)

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

         

        ________________(BP)

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

         

        ________________(BP)

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

         

        ________________(BP)

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

         

	
        ________________(S)

         

        ________________(BP)

         
	7.	Any trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the 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).

 

    D-2

     

    

 

		(e)	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;

 

		(f)	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, a
certificate, in form and substance reasonably satisfactory to the Issuer, to such effect and/or other evidence of exemption reasonably
satisfactory to the Issuer to such effect;

 

		(g)	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 Thereof] 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
U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS UNDER THE U.S. 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 U.S. SECURITIES ACT OR ANY APPLICABLE
STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF ANY OFFER, SALE, PLEDGE OR TRANSFER
PURSUANT TO CLAUSE (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED
STANDING, CERTIFICATION AND/OR OTHER EVIDENCE OF EXEMPTION, IN EACH CASE, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.
HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT. THESE SECURITIES
MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

    D-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 reasonably satisfactory to the Issuer, a certificate in form
and substance reasonably satisfactory to the Issuer and/or other evidence of exemption reasonably satisfactory to the Issuer, in
each case, to the effect that the legend is no longer required under applicable requirements of the 1933 Act;

 

		(h)	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, a certificate in
form and substance reasonably satisfactory to the Issuer to such effect and/or other evidence of exemption 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 with respect to the exercise of the Warrants and the holder represents to the
Issuer as such;

 

		(i)	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:

 

“THE SECURITIES REPRESENTED
HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT. THE SECURITIES
REPRESENTED HEREBY MAY NOT BE EXERCISED UNLESS THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT AND APPLICABLE STATE SECURITIES OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.”

 

		(j)	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;

 

		(k)	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;

 

		(i)	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;

 

		(l)	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;

 

    D-4

     

    

 

		(m)	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;

 

		(n)	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

 

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

 

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

 

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

 

DATED this________ day of ________________,
2021.

	 	 
	
        (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.) 
	 

 

    D-5

     

    

 

SCHEDULE E

 

SELLING SHAREHOLDER QUESTIONNAIRE

 

TO BE COMPLETED BY ANY SHAREHOLDER THAT
DESIRES TO BE NAMED IN THE COMPANY’S PLANNED RESALE REGISTRATION STATEMENT (FORM S-3)

 

This Questionnaire is being sent to each
holder of NioCorp Developments Ltd. (the “Company”) common shares, without par value (“Common Shares”),
and warrants to purchase Common Shares (“Warrants”), in each case acquired in past private offerings of units
of the Company that were exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”). We refer to the (i) outstanding Common Shares acquired directly as part of the units purchased in such private
offerings, (ii) outstanding Common Shares acquired upon the previous exercise of the Warrants and (iii) Common Shares to be acquired
upon exercise of the Warrants, collectively, as the “Registrable Securities”.

 

The Company intends to file a registration
statement on Form S-3 (the “Resale Registration Statement”) to register for resale under the Securities Act
Common Shares beneficially owned by certain shareholders of the Company. The undersigned acknowledges that by completing, dating,
executing and returning this Questionnaire to the Company, the undersigned is giving written notice to the Company of its desire
to have the number of Registrable Securities indicated in response to Question 5(b) of this Questionnaire included in the Resale
Registration Statement. The Company will use the information that the undersigned provides in this Questionnaire to ensure the
accuracy of the Resale Registration Statement.

 

The undersigned understands that it will
be named as a selling shareholder in the Resale Registration Statement. Certain legal consequences arise from being named as a
selling shareholder in the Resale Registration Statement. Accordingly, holders and beneficial owners of Registrable Securities
to be registered under the Resale Registration Statement are advised to consult their own securities counsel regarding the consequences
of being named or not being named as a selling shareholder in the Resale Registration Statement.

 

Please answer every
question.

 

If the answer to
any question is “none” or “not applicable,” please so state.

 

	1.       	Name. Type or print the full legal name of the selling shareholder.

 

__________________________________________________________________

 

		2.	Contact Information. Provide the address, telephone
number, fax number and email address of the selling shareholder.

 

	 	Address:	
        _______________________________________

        

	 	 	_______________________________________
	 	 	 
	 	Country:	
        _______________________________________

        

	 	Phone:	
        _______________________________________

        

	 	Email:	
        _______________________________________

        

 

    E-1

     

    

 

3.           Relationship
with the Company. Describe the nature of any position, office or other material relationship the selling shareholder has had
with the Company during the past three years. If not applicable please state so.

 

__________________________________________________________________

 

__________________________________________________________________

 

4.            Organizational
Structure. Please indicate or (if applicable) describe how the selling shareholder is organized.

 

	
        Is the selling shareholder
        a natural person?

         

        (If yes, please mark the
        box and skip to Question 5.)

         
	___ Yes	___ No
	
        Is the selling shareholder
        a reporting company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)?

         

        (If yes, please mark the
        box and skip to Question 5.)

         
	
         

        ___ Yes

         
	
         

        ___ No

         

	
        Is the selling shareholder
        a majority-owned subsidiary of a reporting company under the Exchange Act?

         

        (If yes, please mark the
        box and skip to Question 5.)

         
	
         

        ___ Yes

         
	
         

        ___ No

         

	
        Is the selling shareholder
        a registered investment company under the Investment Company Act of 1940?

         

        (If yes, please mark the
        box and skip to Question 5.)

        
	
         

        ___ Yes

         
	
         

        ___ No

         

 

If the answer to all
of the foregoing questions is “no,” please describe: (i) the exact legal description of the selling shareholder (e.g.,
corporation, partnership, limited liability company, etc.); (ii) whether the legal entity so described is managed by another entity
and the exact legal description of such entity (repeat this step until the last entity described is managed by a person or persons,
each of whom is described in any one of (a) through (d) above); (iii) the names of each person or persons having voting and investment
control over the Company’s securities that the entity owns (e.g., director(s), general partner(s), managing member(s), etc.).

 

		(a)	Legal Description of Entity:

____________________________________________________________

 

		(b)	Name of Entit(ies)/(y) Managing Such Entity (if any):

____________________________________________________________

 

____________________________________________________________

 

		(c)	Name of Entit(ies)/(y) Managing such Entit(ies)/(y)
(if any):

____________________________________________________________

 

____________________________________________________________

 

		(d)	Name(s) of Natural Person(s) Having Voting or Investment Control Over the Shares Held by such
Entit(ies)/(y):

____________________________________________________________

 

    E-2

     

    

 

5.       Ownership
of the Company’s Securities. This question covers beneficial ownership of the Company’s securities. Please consult
Appendix A to this Questionnaire for information as to the meaning of “beneficial ownership.” Please
state below (a) the number of Common Shares (including any Common Shares issuable upon exercise of Warrants) that the selling shareholder
beneficially owned as of the date this Questionnaire is signed; and (b) the number of Registrable Securities that the selling shareholder
wishes to have registered for resale in the Resale Registration Statement:

 

		(a)	Number of Common Shares beneficially owned:

	Number of 

Common Shares	Terms
	 	A) Outstanding Common Shares currently held
		B) Common Shares underlying outstanding July 2017 Warrants – C$0.79 expiring July 2021
	 	C) Total number of Units Subscribed to as part of this offering
		Total Number of Common Shares Beneficially Owned 

(A + B + C + C).  
	Note that each unit subscribed to in this offering will count as two Common Shares for the purposes of Beneficial Ownership determinations.

 

Do you wish to disclaim beneficial
ownership of any of the Common Shares reported in the table above?

 

___ Yes           ___ No

 

If so, please indicate the number
of shares in question, the name of the actual beneficial owner(s) and the relationship of such person(s) to you:

___________________________________________________________

 

		(b)	Number of Registrable Securities to be registered for resale in the Resale Registration Statement:

____________________________________________________________

 

		6.	Broker-Dealer Status.

 

	 	(a) 	Is the selling shareholder a broker-dealer?	___ Yes	 ___
    No
	 	 	 	 	 
	 	(b)	If the answer to Section 6(a) is “yes,” did the selling shareholder receive the
    Registrable Securities as compensation for investment banking services to the Company?
         

        Note: If the answer
        to 6(b) is “no,” guidance from the Securities and Exchange Commission (“SEC”) has indicated that
        the selling shareholder should be identified as an underwriter in the Resale Registration Statement.

         
	 

                                                                                ___ Yes

         
	 

                                                                                ___ No

         

	 	(c)	Is the selling shareholder an affiliate of a broker-dealer?	___ Yes

         
	___ No

         

	 	
        (d)     
	 If
        the selling shareholder is an affiliate of a broker-dealer, does the selling shareholder certify that it purchased the Registrable
        Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, the
        selling shareholder had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
        Securities?

         

        Note: If the answer to 6(d)
        is “no,” SEC guidance has indicated that the selling shareholder should be identified as an underwriter in the Resale
        Registration Statement.

         
	
         

         

        ___ Yes

         
	
         

         

        ___ No

         

    E-3

     

    

		7.	Plan of Distribution.

 

		(a)	Do you have any agreement, “arrangement” or understanding with any securities underwriter,
broker or dealer relating to the sale or proposed sale of any of the Common Shares of the Company held by you, or as to which you
have the right to acquire, as listed above in response to Question 5(b)?

 

	 	___ Yes	 ___ No

 

If the answer
is “yes”, please describe:

__________________________________________________________________

 

__________________________________________________________________

 

		(b)	If the selling shareholder is a broker-dealer, does the selling shareholder plan to make a market
in the Registrable Securities?

 

	 	___ Yes	 ___ No

 

If the answer is “yes”,
dies the selling shareholder plan to use the prospectus related to the Resale Registration Statement as a market-making prospectus?

 

	 	___ Yes	 ___ No

 

    E-4

     

    

 

Legal Proceedings
with the Company. Is the Company a party to any pending legal proceeding in which the selling shareholder is named as an adverse
party?

 

	 	___ Yes	 ___ No

State any exceptions
here:

__________________________________________________________________

__________________________________________________________________

 

9.           Reliance
on Responses. The undersigned acknowledges and agrees that the Company and its legal counsel shall be entitled to rely on its
responses in this Questionnaire in all matters pertaining to the Resale Registration Statement and the sale of any Registrable
Securities pursuant to the Resale Registration Statement.

 

If the Company is required
to file a new or additional resale registration statement to register Registrable Securities beneficially owned by the selling
shareholder, the undersigned hereby agrees to complete and return to the Company, upon the request of the Company, a new Questionnaire
(in a form substantially similar to this Questionnaire).

 

If the selling shareholder
transfers all or any portion of its Registrable Securities after the date on which the information in this Questionnaire is provided
to the Company, the undersigned hereby agrees to notify the transferee(s) at the time of transfer of its rights and obligations
hereunder.

 

By signing below, the
undersigned represents that the information provided herein is accurate and complete. The undersigned agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any
time while the Resale Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein and the inclusion of such information in the Resale
Registration Statement and any amendments or supplements thereto. The undersigned understands that such information will be relied
upon by the Company in connection with the preparation or amendment of the Resale Registration Statement.

 

    E-5

     

    

 

IN WITNESS WHEREOF the undersigned,
by authority duly given, has caused this Questionnaire to be executed and delivered either in person or by its duly authorized
agent.

 

	
         

         

         

        Dated: ___________________

         
	
        Beneficial Owner:

         

        ____________________________________

         

        By:_________________________________ 

        Name:

        

        Title: 

	 	 

    E-6

     

    

 

APPENDIX
A To ScheDULE E

 

Definition
of “Beneficial Ownership”

 

1. A “Beneficial Owner”
of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise has or shares:

 

(a) Voting power which includes
the power to vote, or to direct the voting of, such security; and/or

 

(b) Investment power which includes
the power to dispose, or direct the disposition of, such security.

 

Please note that either voting
power or investment power, or both, is sufficient for you to be considered the beneficial owner of shares.

 

2. Any person who, directly or
indirectly, creates or uses a trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or device
with the purpose or effect of divesting such person of beneficial ownership of a security or preventing the vesting of such beneficial
ownership as part of a plan or scheme to evade the reporting requirements of the federal securities acts shall be deemed to be
the beneficial owner of such security.

 

3. Notwithstanding the provisions
of paragraph (1), a person is deemed to be the “beneficial owner” of a security if that person has the right to acquire
beneficial ownership of such security within 60 days, including but not limited to any right to acquire: (a) through the exercise
of any option, warrant or right; (b) through the conversion of a security; (c) pursuant to the power to revoke a trust, discretionary
account or similar arrangement; or (d) pursuant to the automatic termination of a trust, discretionary account or similar arrangement;
provided, however, any person who acquires a security or power specified in (a), (b) or (c) above, with the purpose or effect of
changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having such purpose
or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which may be acquired
through the exercise or conversion of such security or power.

 

    E-7

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