NB Form 4: Director Dean Kehler receives 50,000 options ($4.35)

Rhea-AI Filing Summary

Insider option grant disclosed for NioCorp Developments Ltd. (NB). Director Dean C. Kehler was granted 50,000 director stock options on 08/18/2025 with an exercise price of $4.35 per share. The filing reports 34% of the options vested on the grant date and the remainder vests in equal installments on each anniversary of the grant date through August 18, 2027. Following the grant, Mr. Kehler beneficially owns 50,000 options directly. The form is signed by an attorney-in-fact on behalf of the reporting person on 08/20/2025.

Positive

• Director equity alignment: 50,000 options grant ties leadership incentives to shareholder value.
• Immediate vesting element: 34% vested at grant increases near-term alignment between director and company performance.

Negative

• Potential dilution: Grant of 50,000 options increases outstanding potential share count if exercised.

Insights

Corporate Governance Expert

TL;DR: Routine director equity grant with partial immediate vesting to align incentives.

The Form 4 documents a standard director stock option award of 50,000 options at a $4.35 exercise price granted 08/18/2025. The package includes accelerated alignment through 34% vesting at grant, with the remainder vesting annually through 08/18/2027. This structure is commonly used to retain directors and align their interests with shareholders while phasing long-term ownership accrual.

Securities Analyst

TL;DR: Transaction is a non-derivative director option grant; disclosure appears complete for the event.

The filing shows a non-derivative grant recorded on Form 4: 50,000 director stock options, exercise price $4.35, grant date 08/18/2025, and beneficial ownership updated to 50,000 options. The explanatory note clarifies vesting cadence. There are no other transactions, disposals, or derivative holdings reported in this filing to indicate additional insider activity.

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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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^*

Kehler Dean C

(Last) (First) (Middle)

C/O NIOCORP DEVELOPMENTS LTD.

7000 YOSEMITE STREETE, 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, as attorney-in-fact	08/20/2025
	** 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 Developments Ltd. (NB) disclose in this Form 4?

The Form 4 discloses a grant of 50,000 director stock options to Director Dean C. Kehler on 08/18/2025 at an exercise price of $4.35.

How much of the option grant vested immediately for the reporting person?

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

What is the reporting person’s beneficial ownership after the transaction?

Following the reported transaction, the filing shows the reporting person beneficially owns 50,000 options directly.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by /s/ Neal S. Shah, as attorney-in-fact on 08/20/2025.

What is the exercise price and grant date of the options?

The exercise price is $4.35 per share and the grant date is 08/18/2025.