June 5, 2025 - NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) has released the following statement in response to news reports in the Wall Street Journal, New York Post, New York Times and other media outlets that U.S.-based automotive and other manufacturers may be forced to halt production because of shortages of high-performance rare earth magnets caused by China's decision to slow or stop exports of these magnets and the heavy rare earths they contain.

"U.S.-based automotive production may have to halt production now because of shortages caused by China of high-performance permanent rare earth magnets and heavy rare earths," said Mark A. Smith, Executive Chairman and CEO of NioCorp. "Other manufacturers, including in the U.S. defense industrial base, are also in trouble. This a true crisis for our economy and our national defense.

"Given that China is the sole source of 100% of processed heavy rare earths, President Xi holds all of the cards on this. The only real solution is to accelerate production in the U.S. of these strategic materials and reduce our current dependence on China.

"Fortunately, NioCorp's Elk Creek Critical Minerals Project is fully permitted to start construction, which can begin immediately once project financing is finalized. The sooner we can start our three-year construction period, the sooner we can be in production of Made-in-America niobium, scandium, and titanium and potentially heavy rare earth oxides. But we need to move quickly so that U.S. manufacturing and our defense industrial base can start to see light at the end of this tunnel."

For more information on NioCorp's Elk Creek Project, please see this: https://www.niocorp.com/wp-content/uploads/NioCorp_Presentation.pdf

About NioCorp

NioCorp is developing a critical minerals project in Southeast Nebraska (the "Elk Creek Project") that is expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Elk Creek Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy ("HSLA") steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of neodymium-iron-boron magnets, which are used across a wide variety of defense and civilian applications.