NioCorp Form 4: Ernest Cleave Receives 100,000 Options, 34% Vested

Rhea-AI Filing Summary

Ernest M. Cleave, Senior VP Business Development at NioCorp Developments Ltd. (NB), reported an award of employee stock options. The Form 4 shows a grant on 08/18/2025 of 100,000 employee stock options with an exercise price of $4.35. The filing notes 34% of the options vested on the grant date and the remainder vests in equal annual installments through August 18, 2027. The report lists 100,000 underlying common shares beneficially owned following the transaction and identifies the ownership as direct. The form was signed by an attorney-in-fact on behalf of the reporting person on 09/05/2025.

Positive

• Grant size and clarity: The Form 4 discloses a clear award of 100,000 options with full details on price and vesting.
• Immediate vesting: 34% of the options vested on the grant date, which can strengthen retention and alignment.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received 100,000 options with immediate partial vesting; this aligns management compensation with shareholder value.

The filing documents an option grant dated 08/18/2025 for 100,000 employee stock options at $4.35 per share, with 34% vesting immediately and the remainder vesting annually through August 18, 2027. The position is reported as direct ownership of 100,000 underlying common shares following the grant. For investors, this is a standard executive equity award intended to retain personnel and align incentives; the report contains no additional transfers, exercises, or dispositions.

Corporate Governance Expert

TL;DR: Grant terms disclosed; immediate vesting portion is notable for retention and incentive alignment.

The Form 4 provides clear disclosure of the grant mechanics: exercise price $4.35, grant date 08/18/2025, 34% vested at grant, remainder vesting annually to 08/18/2027, and direct beneficial ownership of 100,000 shares. The filing complies with Section 16 reporting by showing the reporting person, role

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

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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^*

Cleave Ernest M.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior VP Business Development

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
Employee Stock Option (Right to Buy)	$4.35	08/18/2025		A		100,000		(1)	08/19/2030	Common Shares	100,000	$0	100,000	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	09/05/2025
	** 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) report on the Form 4 filed for Ernest M. Cleave?

The Form 4 reports an 08/18/2025 grant of 100,000 employee stock options at an exercise price of $4.35, with 34% vesting immediately and the rest vesting annually through August 18, 2027.

How many shares does Ernest M. Cleave beneficially own after the reported transaction?

The filing reports beneficial ownership of 100,000 underlying common shares following the reported option grant, held directly.

When was the Form 4 signed and who signed it?

The form shows a signature by Neal S. Shah, attorney-in-fact dated 09/05/2025 on behalf of the reporting person.

What is the exercise price and exercisability period for the options?

The exercise price is $4.35. The filing lists an exercisability/expiration reference to 08/19/2030 for the related derivative entry as presented in the table.

What role does the reporting person hold at NioCorp?

The reporting person, Ernest M. Cleave, is identified as Senior VP Business Development and is indicated as an officer on the Form 4.