[Form 4] NioCorp Developments Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Anthony W. Fulton, a director of NioCorp Developments Ltd. (NB), was granted 50,000 director stock options on 08/18/2025 with an exercise price of $4.35. The options cover 50,000 underlying common shares and are recorded as direct ownership for the reporting person. Per the filing, 34% of the options vested on the grant date and the remainder vests in equal installments on each anniversary of the grant date until August 18, 2027. The instrument lists a date exercisable/expiration reference of 08/19/2030 as shown in the table.

Positive

• Partial immediate vesting (34%) aligns the director's interests with shareholders immediately
• Clear multi-year vesting schedule promotes retention through August 18, 2027
• Direct ownership simplifies beneficial ownership transparency

Negative

• Filing lacks context on total option pool, so potential dilution impact is unclear
• No aggregate outstanding option or share count provided limiting materiality assessment

Insights

Securities Analyst

TL;DR: Director received a standard-sized option grant with immediate partial vesting and multi-year vesting schedule, limited near-term dilution.

The grant of 50,000 options at a $4.35 exercise price appears structured to align the director with long-term shareholder value through staged vesting. Immediate vesting of 34% provides near-term alignment while the remainder vests annually through 2027, which spreads potential dilution over time. The options are recorded as direct holdings, simplifying ownership clarity. The filing does not disclose aggregate outstanding options or potential dilution percentage, limiting assessment of overall shareholder impact.

Corporate Governance Expert

TL;DR: Vesting terms combine immediate incentive and multi-year retention; governance implications are routine and disclosure is clear.

The award's split vesting is a common retention and incentive technique for directors. The disclosure specifies the vesting schedule and direct ownership, which meets basic transparency expectations for insider compensation events. Absent additional context such as prior grants, total option pool usage, or related-party considerations, this transaction appears governance-compliant and non-extraordinary.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Director Stock Option (Right to Buy)	$4.35	08/18/2025		A		50,000		(1)	08/19/2030	Common Shares	50,000	$0	50,000	D

Explanation of Responses:

1. 34% of the options vested on the grant date and the remainder will vest in equal installments on each anniversary of the grant date until August 18, 2027.

	/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 4 (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 NioCorp (NB) director Anthony W. Fulton receive?

He was granted 50,000 director stock options with an exercise price of $4.35 covering 50,000 common shares.

When do the options for NB become exercisable or expire?

The filing shows a date exercisable/expiration reference of 08/19/2030 for the reported options as presented in the table.

How much of the grant vested immediately for NB's director?

34% of the options vested on the grant date; the remainder vests in equal annual installments through August 18, 2027.

Is the reported ownership direct or indirect for NB's director?

The options are reported as Direct (D) ownership by the reporting person.

Does the Form 4 disclose potential dilution from this grant for NB?

No. The filing does not provide aggregate outstanding options or total shares outstanding, so dilution cannot be determined from this document.