Asset Transaction (Form 8-K)

Item 2.01 Completion of Acquisition or Disposition of Assets.

On September 30, 2025, Elk Creek Resources Corp. ("ECRC"), a wholly-owned subsidiary of NioCorp Developments Ltd. (the "Company"), closed on its options to purchase two parcels of land in Johnson County, Nebraska, which include: (i) a portion of the property known as Woltemath002, consisting of approximately 105.77 acres of land (the "Woltemath002 Property"), pursuant to the terms of the Option to Purchase, dated as of December 4, 2009, as amended, between Roger and Nancy Woltemath and ECRC (the "Woltemath002 Option Agreement"), and (ii) the property known as Woltemath003J, consisting of approximately 220 acres of land (the "Woltemath003J Property" and, together with the Woltemath002 Property, the "Properties"), pursuant to the terms of the Amended and Restated Option to Purchase, dated January 4, 2017, as amended, between Victor and Juanita Woltemath (together with Roger and Nancy Woltemath, the "Owners") and ECRC (the "Woltemath003J Option Agreement" and, together with the Woltemath002 Option Agreement, the "Option Agreements"). Pursuant to the terms of the Option Agreements, the Owners sold, transferred, conveyed and assigned to ECRC all of their respective rights, privileges, title and interest in and to the surface rights and associated mineral rights with respect to the Properties.

The Woltemath002 Option Agreement provided for a purchase price calculated based on the appraised value per acre of the Woltemath002 Property. The aggregate purchase price was approximately $3.9 million. On the closing date of the purchase of the Woltemath002 Property, the Company recorded a decrease in cash under current assets on its consolidated balance sheet of approximately $3.9 million, reflecting the payment of the purchase price and other direct costs, and recorded a corresponding increase in land under non-current assets on its consolidated balance sheet of approximately $0.8 million, reflecting the appraised value of the acquired assets, and an increase in mineral interests under non-current assets on its consolidated balance sheet of approximately $3.1 million, reflecting the remainder of the purchase price of the acquired assets.

The Woltemath003J Option Agreement provided for a purchase price calculated based on the appraised value per acre of the Woltemath003J Property. The aggregate purchase price was approximately $7.4 million. On the closing date of the purchase of the Woltemath003J Property, the Company recorded a decrease in cash under current assets on its consolidated balance sheet of approximately $7.4 million, reflecting the payment of the purchase price and other direct costs, and recorded a corresponding increase in land under non-current assets on its consolidated balance sheet of approximately $1.5 million, reflecting the appraised value of the acquired assets, and an increase in mineral interests under non-current assets on its consolidated balance sheet of approximately $5.9 million, reflecting the remainder of the purchase price of the acquired assets. The Company's current estimated mineral resource and reserve is wholly contained within land previously acquired by the Company and the Woltemath003J Property. The above summary of the material terms of the Woltemath003J Option Agreement is qualified in its entirety by the actual terms and conditions of the Woltemath003J Option Agreement, which is filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 to this Current Report on Form 8-K and is hereby incorporated by reference.