TSX: NB; OTCQX: NIOBF & FSE: BR3

2nd Quarter Update 2015April 22, 2015

Strengthening our World

Disclaimer

This presentation contains forward looking statements. These statements include, but are not limited to, statements with respect to the completion of an updated resource estimate, the commencement of a preliminary economic assessment study and management’s expectation that the results of these studies will confirm the potential of the Elk Creek Project. Specifically, any statements regarding the potential increase of the Company’s inferred resource at the Elk Creek Project and the goals and objectives of the Company are by their nature forward looking information. Resource estimates, unless specifically noted, are considered speculative. The Company has filed a National Instrument 43‐101 report on the Elk Creek Project. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve known and unknown risks and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, including but not limited to, general economic factors. Other factors may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements

Specific risk factors include risks associated with the ability to obtain any necessary approvals, waivers, consents and other requirements necessary or desirable to permit or facilitate the development of the Company’s properties, risks associated with project development; the need for additional financing; operational risks associated with exploration activities and results, mining and mineral processing; environmental liability claims and insurance; reliance on key personnel; tax consequences; and other risks and uncertainties.

The business of exploring for minerals involves a high degree of risk.

Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Agenda

2

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

Agenda

3

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

NioCorp at a Glance

5

TSX mineral exploration and development company

Focused on the Elk Creek Nb/Sc/Ti project (“Elk Creek”) in southeastern Nebraska

In August 2015 NioCorp announced the completion of a Second Preliminary Economic Assessment (“PEA2”):

- 2,700 tonne per day mine production rate

- 32-year operating life

- Grades of 0.80% Nb2O5 , 73ppm Sc and 2.84% TiO2

- Pre-tax NPV of US$3.07 billion

Share Performance in 2014:

- #1 for overall market cap growth among all TSX.V mining firms (>$5M market cap) – 547% increase

- #1 in share price performance among TSX.V mining firms (>$30M market cap at year end) – 420% increase

- #1 in stock performance post transaction for all brokered TSX.V mining transactions – 42% increase

(< $100M market cap, excludes transactions under $2.5M)

Company Description Enterprise Value Calculation

One Year Share Price Performance

Elk Creek is the highest grade Niobium resource in North Americaand would prospectively be the largest Scandium producer in the world

(CAD$, figures in 000’s, except per share data)

Share Price as of 14‐Aug‐2015 $0.82

Basic Shares Outstanding 157,920

Equity Value $129,494

Cash and Equivalents(1) $939

Total Debt(1) $1,846

Enterprise Value(2) $130, 401

(1) Pro forma for loan from Mark Smith on 17-Jun-2015(2) Enterprise Value refers to equity value less cash plus total debt

We’ve Assembled a Strong Management Team

6

Mark A. Smith – Executive Chairman, President and Chief Executive Officer Former President and CEO of Molycorp and Chevron Mining Inc. Served on the board of Companhia Brasileira de Metalurgia e Mineracao Ltda. (“CBMM”), the largest niobium producer in

the world Currently serves as President and Chief Executive Officer of Largo Resources Ltd., along with his role at NioCorp 34 years of experience as a mining executive

Neal Shah – Interim Chief Financial Officer 20 years of experience with Molycorp, Intel, Boeing and IBM Previously served as Senior Manager of Corporate Development and M&A and Director of Strategy and Business Planning

at Molycorp

John F. Ashburn, Jr. – Vice President, General Counsel and Corporate Secretary Former Executive Vice President and General Counsel of Molycorp with prior senior legal positions at Chevron and

Unocal 35 years of legal experience (25 years for companies in extractive industries)

Scott Honan – Vice President of Business Development 22 years of experience in base metals, gold, niobium, and rare earth mining projects 13 years with Molycorp as General Manager and Environmental Manager at the Mountain Pass, CA facility, as well as Vice

President of Health, Environment, Safety and Sustainability

We Have a Compelling Investment Thesis

7

Elk Creek is the

Premier

Niobium Project

Elk Creek is the highest grade primary niobium resource in North America, one of the largest in the world, and the only niobium deposit under development in the U.S.

The project includes valuable co‐product scandium trioxide and by‐product titanium dioxide

Stable Niobium

Pricing

Approximately 85% of global supply is produced by one company leading to stable pricing at an attractive level

Prices are negotiated between buyers and sellers (no spot pricing or speculation)

Strong Global

Demand

for Niobium

Niobium has a US$2‐US$3 billion per year market, growing at a 4%‐6% compound annual growth rate

Demand from a diverse array of end‐users reduces exposure to downturns in any specific sector Chinese demand continues to grow

Favorable Competitive

Dynamics

Currently only three producers of niobium worldwide

No new producers since 1976

Strong Infrastructure

and Local Support

Elk Creek is located on privately owned lands with extensive nearby infrastructure (roads, rail, water supply, electricity and natural gas)

The project has strong community support as well as state and local government support

Proven

Management Team

and Board

CEO Mark Smith led the development of a US$1.6 billion rare earths company in a difficult jurisdiction and volatile market.

NioCorp is led by an experienced group of individuals from the mining and resources sectors as well as those with local Nebraska connections

Agenda

8

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

Niobium Makes Steel Stronger & Lighter

9

HSLA steel is stronger than traditionally manufactured steel, resulting in the same strength for a lower weight

Ferro‐vanadium is the closest potential substitute, but requires double the amount for the same strength performance and does not provide the other positive properties that ferro‐niobium does.

Stronger and lighter – improved fuel efficiency due to weight reductions and improved safety for passengers

High Strength Low Alloy Steel (“HSLA”)

Construction and Steel Mega Projects: 45%

Automotive Industry: 23%

HSLA for lightweight structures that require additional strength and corrosion resistance

High strength reinforcing bars require high yield strength and weldability

Significant weight savings in volume of steel needed for megaprojects. Reduced weight means reduced shipping and related costs

The Millau Viaduct in France was built usingsteel with .025% niobium. This reduced theweight of the steel and concrete by 60%

Source: CBMM.

Niobium Makes Steel Stronger & Lighter

10

Superior ability to withstand increased pressure and volumes over greater distances

Oil and Gas Pipelines: 16%

Shipbuilding: 6%

HSLA allows for lighter ships with lower fuel consumption

Adds strength and weldability

Superalloys and High Strength Q&T plate: 3%

Niobium containing alloys make up 35% of the weight of typical jet engine

MRI machines contain superconducting niobium‐titanium magnets

Stainless Steel: 3%

Niobium reduces corrosion and improves high temperature behavior

NioCorp Will Increase the Diversity ofGlobal Niobium Supply

11

85%

8%

6%

CBMM

Niobec

Anglo Brazil

70% privately held company / 30% owned by various investors via purchases in 2012

US$13.3 billion implied enterprise value in 2012

CBMM

Niobec Inc. (“Niobec”)

Reported mine production of 5,200 tonnes in 2013

Acquired by private equity‐backed Magris in early‐2015 for US$530 million

Anglo American Brasil Ltda (“Anglo Brazil”)

Six years of production remaining at current deposit

Capital committed to expand production to new deposit

Niobium Market Share by Producer

Ferroniobium Product Pricing is Stable

12

In early 2012, 30% Interest in CBMM sold in 2 transactions to Japanese/South Korean and Chinese consortiums for a combined sale price of USD $3.95 billion. Market prices for FeNb have been stable since that time.

Scandium: Enables High Reliability Solid Oxide Fuel Cells

13

The electrolyte is the key to fuel cell performance

Scandium‐doped zirconia electrolyte operates at c. 700C versus yttrium doped zirconia at 1000C• Simplifies materials of construction• Better matching of thermal stresses• Means much longer life (decade+ for scandium versus

1‐2 years for yttrium fuel cells)

Scandium‐doped zirconia has greater oxygen transport• Higher cell efficiencies• High levels of power output

Upshot: scandium based solid oxide fuel cells offer highest efficiency, and near‐perfect (4N+) uptime

Source: Bloom Energy

Scandium based fuel cells offer unmatched reliability in mission-critical power supply markets

Scandium Alloys Can Reduce Passenger Jet Weights 20%

14

Scandium Allows Welding And Eliminates Need For Rivets

Scandium acts as a powerful grain refiner in aluminum (pure metal on left with scandium alloy on right)• Fine grain size increases strength of aluminum

alloys• Fine grain size increases flexibility of aluminum

alloys

Scandium stabilizes grain size and permits aluminum to be welded• Fine grain size means welds are strong• Eliminate rivets in aerospace markets

Source: Metallica Minerals

Aluminum alloys with < 1% scandium can eliminate the need for rivets, for a welded air frame and simpler, lower cost manufacturing.

Up to 20% weight reduction with comparable benefit in reduced fuel burnHuge value for air frame manufacturers

Scandium Alloys Eliminate CorrosionIn Harsh Environments

15

Conventional aluminum alloys suffer surface pitting, inter‐granular corrosion, and failure in salt‐rich conditions• Limits application of aluminum• Key safety issue in range of markets• Factor in Aloha Airlines accident 1988

Scandium aluminum alloy is inert under saline corrosion conditions that would attack conventional alloys• Opens door to deployment in naval markets• Opens door to deployment in corrosive aerospace

markets• Opens door to replace titanium in corrosive

environments such as desalination plants

Images: Airbus 2008

15

Scandium substantially broadens range of markets for aluminum

Scandium Trioxide Pricing Models

16

Chart Courtesy of OnG Commodities LLC Estimates and Analysis

Scandium Trioxide Pricing Outlook (US$/kg) 2015 - 2023

Our Products are Strategic & Critically Important

17

Niobium is an essential element for the steel industry and used in super alloys for military and aerospace applications

- U.S. import dependency for niobium is 100%

USGS reports niobium as one of four metals in the top supply risk tier (manganese, tantalum and tin)

- National Defense Stockpile Report to Congress (2009)

- Of 53 materials studied, niobium is included in 13 materials recommended by the Department of Defense for Reserves

Numerous sources of niobium demand growth

- Growth in overall steel market

- Shift toward higher grade alloys

- Development of specialty steels containing niobium

- Increased intensity of niobium in existing steel production

Global demand for our products implies an Nb market of US$2B–US$3B

Ferroniobium

Scandium could be an essential element for the aluminum industry and used in aluminum alloys and aerospace applications

- Potential aerospace demand for Sc2O3is 300 tonnes per year

- Potential transportation demand for Sc2O3could be as high as 2,400 tonnes per year

Current sources for scandium are few, unreliable, and insufficient to meet current and future demand

- Once new supply sources are established outside Russia and China, aerospace demand will begin to grow

Scandium Trioxide

Agenda

18

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

Resource Development Successes

19

Integrated drilling program completed between May 2014 and July 2015:

- Resource: 12,710 meters

- Metallurgy: 2,673 meters

- Hydrogeology: 2,532 meters

- Geotechnical: 821 meters

Resource Impacts (using 0.35% Nb2O5 cutoff):

275% increase in Indicated Resource Tonnes (73,700 kt vs. 19,632 kt)

14% increase in Indicated Resource grade (0.75% vs 0.66% Nb2O5)

325% increase in Indicated Resource contained Nb2O5 (554 ktvs. 130 kt)

Addition of Sc and Ti values to the resource

Development Overview

Rail

2014/2015 Drilling: 18,736 meters

Approximate outline of deposit known to date, open to NW, SE and at depth

We’re Increasing the Value of our Resource

20

Classification

Tonnage(‘000

Tonnes)Grade

(Nb2O5%)

Contained Nb2O5

(‘000 kg)Grade

(TiO2%)

Contained TiO2

(‘000 kg)Grade

(Sc g/t)

Contained Sc2O3

(‘000 kg)

NI 43‐101Indicated

80,500 0.71 572,000 2.68 2,160,000 72 8,900

NI 43‐101Inferred

99,600 0.56 558,000 2.13 2,300,000 63 9,600

PEA 1 Mine Plan

48,400 0.82 378,000 2.90 1,339,000 68 4,900

PEA 2 Mine Plan

31,100 0.80 248,800 2.84 883,240 73 3,500

SRK Consulting (U.S.), Inc. NI 43-101 Technical Report on Resources – Elk Creek Niobium Project Source: SRK, February, 2015

• Technical report dated September 9, 2014, titled “NI 43-101 Technical Report on Resources – Elk Creek Niobium Project - Nebraska”, prepared by SRK, as required under National Instrument 43-101 Standards of Disclosure for Mineral Projects, filed on SEDAR on November 6, 2014.

• Technical report dated March 10, 2015, titled “NI 43-101 Technical Report Updated Mineral Resource Estimate – Elk Creek Niobium Project -Nebraska”, prepared by SRK, as required under National Instrument 43-101 Standards of Disclosure for Mineral Projects, filed on SEDAR on March 11, 2015.

• Technical report dated May 15, 2015, titled “NI 43-101 Technical Report Preliminary Economic Assessment – Elk Creek Niobium Project -Nebraska”, prepared by SRK, as required under National Instrument 43-101 Standards of Disclosure for Mineral Projects, filed on SEDAR on May 15, 2015.

Resource Wireframe Model

21

3D Views Looking Northeast of Selected Grade Shells

Metallurgical Development

22

Niobium Precipitation Test at SGS Lakefield, 2014

Solvent Extraction Pilot Plant at SGS Lakefield, 2015

FeNbXPS Labs

2015

6 Labs>1,000 bench tests

8 Pilot Plants

Creating Value: PEA2 Flowsheet

21

Crushing and Grinding

HClLeach

ScandiumSX (HCl)

AcidRegeneration

Acid Bake and Water Leach

IronReduction

ScandiumSX (H2SO4)

Sc2O3

Production

NiobiumPrecipitation

PhosphorousRemoval

PyrometTitaniumPrecipitation

Neutralization

Ore

Slag

Ferroniobium

Residue

TiO2

Sc2O3

HCl

Gypsum and Fe oxides

Salt andH2SO4

H2SO4

Iron

TailsLime

KEY:ProductsProcess InputsWaste Streams

NaOH

Agenda

24

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

PEA2 Economic Model Results

25

391

177

188

57

166

979

PEA2 results were announced on August 4, 2015 and the PEA2 report was issued September 4, 2015:

- Pre‐tax NPV of US$3.07 billion

- After‐tax NPV of US$2.30 billion

- Average pre‐tax cash flow of US$438 million per year

- Total upfront capital costs of US$979 million(Economics calculated using an 8% discount rate)

PEA2 production metrics:

- 7,490 tonnes of Ferroniobium per year

- 97 tonnes of Scandium Trioxide per year

- 23,960 tonnes of Titanium Dioxide per year

Economic Results Scandium Pricing - Sensitivity Analysis

Capital Cost Estimate

(US$ in millions)

Processing

Tailings andInfrastructure

Owner’s Costs

Contingency

Sc Base Case

(US$ M)

Sc Slow Aerospace

Uptake (US$ M)

Initial Capital $979 $979

Before Tax NPV $3,073 $2,633

Before Tax IRR 31.7% 29.0%

After Tax NPV $2,302 $1,959

After Tax IRR 27.6% 25.3%

Mining

Economic Improvements: PEA2 vs. PEA1

24

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nb Ti Sc

PEA1

PEA2

1

10

100

1,000

10,000

100,000

FeNb TiO2 Sc2O3

PEA1

PEA2

Metallurgical Recovery Annual Production

Metric PEA1 PEA2

Initial Capital $919 $979

Total Capital $1,168 $1,387

Annual Cash Flow $178 $438

Mine Production 3,700 tpd 2,700 tpd

We’re Making Good Progress Against Goals

27

Complete hydrometallurgical mini‐pilot

Complete preliminary pyrometallurgical test and produce ferroniobium

Initiate full flotation pilot

Initiate full hydrometallurgical pilot

Issue formal PEA report

Q1 – Q2 2015

Q2 – Q4 2015

Q4 2015 – Q1 2016

Complete pilot plants

Complete PEA2 Economic Model

Issue formal PEA2 Report

Complete feasibility level plant design

Complete feasibility study

Complete financing for project

Start construction of mine / processing facility

Status

In Process

Agenda

28

Executive Summary

Resource Overview

Resource Development

Path for Growth

Investment Thesis

Our Project Has Robust Economic Merit

29

Growing end use demand across diversified markets: HSLA, Aerospace, and SOFCs

Favorable competitive landscape, with only three Niobium producers and no stable Scandium production

Excellent location in Elk Creek, Nebraska, with strong local support, existing infrastructure, and close proximity to NioCorpheadquarters

Skilled, capable, and proven Management Team and Board of Directors

Excellent growth opportunity, undervalued by the financial markets

High return on investment potential of 27.6%, after tax

Annual cash flow of $438 million will allow us to pay down debt and continue to invest in growth opportunities or return cash to shareholders

Strong support from customers through FeNb off‐take agreement already in‐place

Growing Demand, Favorable Competitive Landscape, and Strong Local Support Make NioCorp Standout

Healthy Growth, High IRR Potential, and Strong Cash Flow Make NioCorp a Great Investment