NB Form 4: Michael Maselli Receives 50,000 Options, Vesting to 2027

Rhea-AI Filing Summary

Insider option grant reported for NioCorp Developments Ltd. (NB). Director Michael G. Maselli was granted a non-qualified stock option to purchase 50,000 common shares at an exercise price of $4.35 with an exercise/expiration schedule through August 19, 2030. The filing states 34% of the options vested on the grant date and the remainder vests in equal annual installments until August 18, 2027. The transaction date is 08/18/2025 and the Form 4 was signed by an attorney-in-fact on 08/20/2025. The options are held directly by the reporting person and no cash proceeds were reported for underlying shares at the time of the filing.

Positive

• Director alignment with shareholders: Options vest over time, tying director incentives to long-term performance
• Immediate partial vesting: 34% vested at grant provides near-term retention and motivation

Negative

• Potential dilution: 50,000 options represent future share issuance if exercised
• Cashless proceeds noted: Underlying shares shown with $0 proceeds at reporting, indicating options granted rather than share purchase

Insights

Securities Analyst

TL;DR: Director received a standard stock option award: 50,000 options at $4.35 with partial immediate vesting and multi-year vesting to 2027.

This grant appears to be a routine director compensation event. The structure—partial vesting on grant and remaining vesting over two years—aligns the directors incentives with shareholder value over the medium term. The exercise price equals the stated option price at grant and the award is directly held, which implies straightforward potential dilution upon exercise but no immediate cash proceeds were recorded for underlying shares.

Corporate Governance Expert

TL;DR: Governance practice: time-based vesting with immediate partial vesting is used to retain and incentivize a director.

The filing discloses vesting details clearly: 34% vested at grant with remaining options vesting annually through August 18, 2027, and an expiration in 2030. This is consistent with common board compensation arrangements. The report is complete for Section 16 purposes and was executed by an attorney-in-fact, fulfilling signature requirements.

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^*

Maselli Michael G.

(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.

Remarks:

Exhibit 24.1 - Power of Attorney

	/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 insider transaction did NioCorp (NB) report on this Form 4?

Grant of a stock option to Director Michael G. Maselli for 50,000 options to buy common shares at $4.35, dated 08/18/2025.

How do the options vest for the NB director grant?

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

What is the exercise and expiration schedule for the options?

The options have an exercise price of $4.35 and an expiration listed with exercisability through 08/19/2030.

How many shares will the reporting person own after the transaction?

The filing reports 50,000 underlying common shares related to the option grant held directly following the transaction.

Who signed the Form 4 for this filing?

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