NioCorp SPAC Presentation Deck

Project Expected to Deliver Significant Cash Flow Over 38-Year Life 2022 Elk Creek Feasibility Study Economic Results (not including REE production) Pre-Tax Net Present Value (NPV) (8% discount) Pre-Tax Internal Rate of Return (IRR) After-Tax NPV After-Tax IRR After-Tax Payback Period from Production Onset (years) Total Upfront CAPEX Mine Life (Years) Life of Mine ("LoM") Gross Revenue ($M) Niobium Scandium Titanium Averaged Annual EBITDA over LoM² Averaged EBITDA Margin over LoM (EBITDA as % of total revenue)² Averaged Annual Operating Cash Flow over LoM² Average Annual Operating Cost, LOM (OPEX) (US$/t) Averaged Annual EBITDA over Run of Mine ("RoM") ² Averaged EBITDA Margin over RoM (EBITDA as % of total revenue) 2 Averaged Annual Operating Cash Flow over RoM² Effective Tax Rate NioCorp Critical Mineral Security Elk Creek Project Metrics Summary¹ (US$ Millions) $2,819 29.2% $2,350 27.6% 2.69 $1,141 38 $21,900 $7,968 $13,504 $427 $397.5 69% $337 ($195.9) $403 68% $340 16.4% $M US $500 $400 $300 $200 $100 $0 ($100) ($200) ($300) ($400) ($500) Elk Creek Project After-Tax Metrics Year of Operation Capex Free Cash Flow-Payable Nb 6,000 4,000 2,000 O -2,000 -4,000 -6,000 1 Based on the 2022 NI 43-101 Elk Creek Technical Report. See "Mineral Reserves and Resources" in the Disclaimers & Technical Disclosures at the beginning of this presentation. 2 See "Financial Information; Non-GAAP Measures" in the Disclaimers & Technical Disclosures at the beginning of this presentation. Payable Nb in tonnes 35

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