NioCorp SPAC Presentation Deck

Scandium Forecast demand (117 tpy by 2026) greatly exceeds current supply (25 tonnes/year)¹ and exceeds NioCorp's potential annual scandium production. ■ Solid oxide fuel cell use of Scandium (~22 tpy) forecast to grow at 23% CAGR¹ Aerospace + industrial use in 2022 (-5 tpy) forecast to reach 50tpy over next 5 years¹ Momentum building in the market, with new pilot production from Rio Tinto² and planned production from others. 140 O Potential in EV/Automotive: Net pounds of aluminum per light duty vehicle is forecast to increase from 459 lbs. in 2020 to 570 lbs. in 2030,³ representing a large potential for scandium use in aluminum-scandium alloys, even at low overall penetration; just 10% of this volume using 0.1% scandium would mean 700 tons/year scandium demand.¹ 120 100 80 60 40 I 20 0 SCANDIUM: Limited Supply But Very Large Latent Demand 2021 Base Case: Global Scandium Demand, Unconstrained by Supply Availability 117 tpa NioCorp Critical Mineral Security 2022 2023 Bloom Energy (SOFCs) Aerospace Industrial Other 2024 2025 2026 Source: ONG Commodities Ltd., 2021 1 ONG Commodities Ltd. 2 Rio Tinto. 3 Advanced Casting Research Center. 4 Company estimate. SEA Global EV Outlook 2022. Global Scandium Demand Drivers Increasing focus on lighter-weight and more fuel efficient commercial jets Approximately $2M of scandium in a single airliner offers an estimated $27M million of net present value in fuel savings.4 Weight reduction in EV components is high priority for automakers. IEA forecast 25% CAGR growth in demand for EVs to 20305 H Development of lighter-weight and more fuel efficient railway cars and large transport One of the world's largest aluminum companies has already produced aluminum-scandium rail hopper cars.6 NioCorp's projected Sc annual production 104 tonnes / year → $390M / year in revenue 6 Aluminum International Today, Jan. 25, 2022. 7 Subject to receipt of necessary project financing and commencement of operations at the Elk Creek Project. Annual revenue is derived from averaged annual Run-of-Mine Sc production multiplied by assumed realized Sc pricing ($3,674/kg), both of which are 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. 13

View entire presentation