NB Form 4: Neal S. Shah Acquires 250k Shares via Option Exercise

Rhea-AI Filing Summary

Neal S. Shah, Chief Financial Officer of NioCorp Developments Ltd. (NB), exercised employee stock options to acquire 250,000 common shares on 08/18/2025 at an exercise price of $4.35 per share. The filing shows the options are direct holdings and 250,000 shares are beneficially owned following the transaction. The grant’s vesting schedule states 34% vested on the grant date and the remainder vests in equal installments on each anniversary through August 18, 2027. The Form 4 was signed by Mr. Shah on 08/20/2025.

Positive

• CFO exercised options to acquire 250,000 shares, demonstrating execution of granted equity incentives
• Clear vesting schedule disclosed: 34% vested on grant date with remaining vesting in equal annual installments through 08/18/2027, improving transparency about future insider holdings

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider exercised 250,000 options, converting them into direct common shares, a routine insider equity transaction.

The Form 4 documents an option exercise by the CFO for 250,000 shares at $4.35 each, resulting in direct beneficial ownership of 250,000 common shares. The vesting schedule—34% on grant date with remaining vesting annually through August 18, 2027—is disclosed, clarifying when further option interests become vested. This transaction is informational for investors tracking insider activity and potential share count changes but contains no operational or financial performance metrics.

Corporate Governance Expert

TL;DR: Exercise by a named officer is a standard disclosure that clarifies insider holdings and vesting terms.

The filing clearly identifies the reporting person as the CFO and provides full detail on the exercise (date, amount, exercise price) and vesting schedule. This improves transparency about executive incentive realization timing. The form is a routine Section 16 disclosure and does not by itself indicate changes to governance or control.

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^*

Shah Neal S.

(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)
	Chief Financial Officer

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		250,000		(1)	08/19/2030	Common Shares	250,000	$0	250,000	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	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 transaction did Neal S. Shah report on Form 4 for NioCorp (NB)?

He reported exercising 250,000 employee stock options on 08/18/2025 at an exercise price of $4.35 per share.

How many NioCorp shares does the CFO beneficially own after the reported transaction?

The filing reports 250,000 common shares beneficially owned following the transaction.

What is the vesting schedule for the exercised options reported by Neal S. Shah?

The disclosure states 34% vested on the grant date and the remainder vests in equal installments each anniversary until August 18, 2027.

When was the Form 4 signed by Neal S. Shah?

The Form 4 bears the reporting person's signature dated 08/20/2025.

What was the exercise price for the options exercised by the CFO?

The exercise (conversion) price reported for the employee stock option was $4.35 per share.