NB Form 3: Fulton Discloses Shares and Warrants; Exercise Terms Included

Rhea-AI Filing Summary

NioCorp Developments Ltd.: Form 3 — Initial Statement of Beneficial Ownership

Anthony W. Fulton, a director of NioCorp Developments Ltd. (ticker: NB), reported beneficial ownership following an 08/09/2025 event. He directly holds 178,457 common shares and indirectly holds shares through family: 747 (spouse), 114 (son), 28 4 42,531 underlying common shares (direct) and indirect warrants of 12,252 (spouse), 2 (son), 7 and 67 1.11829212 common shares at an exercise price of $11.50 per 1.11829212 shares $10.284 per common share). The form was signed by attorney-in-fact Neal S. Shah on 09/02/2025.

Insights

Financial Analyst

TL;DR: Routine initial insider disclosure showing director's direct and family-held equity and in-the-money-risk warrants; no operational metrics disclosed.

The filing is a standard Form 3 disclosing Anthony W. Fulton’s equity and derivative positions in NioCorp (NB). The direct holding of 178,457 common shares and direct warrants covering 42,531 underlying shares clarify immediate insider exposure. The footnote on warrant conversion and the stated exercise price provide explicit per-share economics for potential future purchases. This disclosure is informative for ownership concentration analysis but contains no financial performance, transfers, or liquidity events.

Corporate Governance Expert

TL;DR: Form 3 is a timely, compliant disclosure of a director’s beneficial ownership; it raises no governance flags by itself.

The report identifies Fulton as a director and specifies direct and indirect holdings, including family attribution. The inclusion of exercisable warrants with exact exercise terms and dates is helpful for assessing potential dilution and insider incentives. There are no indications of atypical transactions, pledging, or agreements disclosed here. As an initial filing, it meets Section 16(a) reporting expectations but does not address voting agreements or other governance arrangements.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Fulton Anthony W

(Last) (First) (Middle)

C/O NIOCORP DEVELOPMENTS LTD

7000 YOSEMITE STREET, SUITE 115

(Street)

CENTENNIAL CO 80112

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/09/2025

3. Issuer Name and Ticker or Trading Symbol
NIOCORP DEVELOPMENTS LTD [ NB ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	178,457	D
Common Shares	747	I	By spouse
Common Shares	114	I	By son
Common Shares	28	I	By minor child
Common Shares	4	I	By minor child

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Share Purchase Warrant (right to buy)	04/16/2023	03/17/2028	Common Shares	42,531(1)	$10.284(1)	D
Common Share Purchase Warrant (right to buy)	04/16/2023	03/17/2028	Common Shares	12,252(1)	$10.284(1)	I	By spouse
Common Share Purchase Warrant (right to buy)	04/16/2023	03/17/2028	Common Shares	2(1)	$10.284(1)	I	By son
Common Share Purchase Warrant (right to buy)	04/16/2023	03/17/2028	Common Shares	7(1)	$10.284(1)	I	By minor child
Common Share Purchase Warrant (right to buy)	04/16/2023	03/17/2028	Common Shares	67(1)	$10.284(1)	I	By minor child

Explanation of Responses:

1. Each warrant is exercisable for 1.11829212 common shares, without par value (the "Common Shares"), of the Issuer at an exercise price of $11.50 per 1.11829212 Common Shares (or approximately $10.284 per Common Share).

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Neal S. Shah, attorney-in-fact	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Anthony W. Fulton report on the Form 3 for NioCorp (NB)?

He reported direct ownership of 178,457 common shares and indirect family holdings of 747 (spouse), 114 (son), 28 and 4 (minor children).

Does the Form 3 disclose any derivative holdings for Anthony W. Fulton?

Yes. It discloses common share purchase warrants exercisable 04/16/2023–03/17/2028 covering 42,531 shares (direct) and indirect warrants of 12,252, 2, 7, and 67 for family members.

What is the exercise price and conversion detail for the warrants reported?

Each warrant is exercisable for 1.11829212 common shares at an exercise price of $11.50 per 1.11829212 shares, equivalent to about $10.284 per common share.

When was the Form 3 event dated and who signed the filing?

The event date on the form is 08/09/2025. The form was signed by attorney-in-fact Neal S. Shah on 09/02/2025.

Is Anthony W. Fulton identified as an insider on the Form 3?

Yes. The form checks the box indicating he is a Director of the issuer.