Niocorp Developments (NB) CFO buys 9,361 shares via warrant exercise on 12/15/2025

Rhea-AI Filing Summary

Niocorp Developments Ltd. reported an insider share transaction by its Chief Financial Officer, Neal S. Shah. On 12/15/2025, he exercised common share purchase warrants with an exercise price of $3.54 to acquire 9,361 common shares. After this transaction, he directly owned 75,032 common shares. The warrants, which were exercisable since 12/22/2023 and scheduled to expire on 12/22/2025, were fully exercised, leaving no derivative securities beneficially owned.

Insider Trade Summary

9,361 shares exercised/converted

Mixed 2 txns

Insider Shah Neal S.

Role Chief Financial Officer

Type	Security	Shares	Price	Value
X	Common Share Purchase Warrant (right to buy)	9,361	$0.00	--
X	Common Shares	9,361	$3.54	$33K

Holdings After Transaction: Common Share Purchase Warrant (right to buy) — 0 shares (Direct); Common Shares — 75,032 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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)
12/15/2025

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
Common Shares	12/15/2025		X		9,361	A	$3.54	75,032	D

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
Common Share Purchase Warrant (right to buy)	$3.54	12/15/2025		X			9,361	12/22/2023	12/22/2025	Common Shares	9,361	$0	0	D

Explanation of Responses:

	/s/ Neal S. Shah	12/15/2025
	** 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 Developments (NB) disclose?

Niocorp Developments disclosed that its Chief Financial Officer, Neal S. Shah, exercised common share purchase warrants on 12/15/2025 to acquire 9,361 common shares at an exercise price of $3.54 per share.

How many Niocorp Developments shares does the CFO own after the transaction?

Following the warrant exercise, Chief Financial Officer Neal S. Shah directly owned 75,032 common shares of Niocorp Developments Ltd.

What type of derivative security did the Niocorp CFO exercise?

The transaction involved a Common Share Purchase Warrant (right to buy) with an exercise price of $3.54, covering 9,361 underlying common shares.

What were the key dates for the Niocorp CFO’s warrants?

The warrants were exercisable starting 12/22/2023 and were scheduled to expire on 12/22/2025. They were exercised on 12/15/2025, before the expiration date.

Does the Niocorp CFO still hold any derivative securities after this transaction?

No. After exercising the warrants for 9,361 common shares, the number of derivative securities beneficially owned by the CFO was reported as 0.

What is the reporting person’s role and relationship to Niocorp Developments (NB)?

The reporting person is an officer of Niocorp Developments Ltd., serving as Chief Financial Officer, and the form indicates it was filed by one reporting person.