What changed in this filing

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Item 4. Controls and Procedures

2025-02-07 compared with 2024-11-13 · 25 added, 25 removed, 68 unchanged (42% of the section changed)

3 unchanged sentences

has evaluated, under the supervision of and with the participation of our management,

including the CEO and the Chief Financial Officer (“CFO”), the effectiveness

including the Chief Executive Office (“CEO”) and the Chief Financial Officer (“CFO”), the effectiveness

of the design and operations of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the

Exchange Act) as of September 30, 2024.

Based on that evaluation, the CEO and the CFO have concluded that, as of September 30,

2024, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial

reporting described below.

Notwithstanding

the material weaknesses in our internal control over financial reporting, our CEO and CFO have concluded that the interim condensed

consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our

financial position, results of operations and cash flows for the periods presented in conformity with U.S.

Weaknesses in Internal Control over Financial Reporting Existing as of September 30, 2024

management of NioCorp Developments Ltd.

is responsible for establishing and maintaining adequate internal control over financial

reporting as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act for the Company.

Management assessed the effectiveness

of our internal control over financial reporting as of September 30, 2024.

In making this assessment, our management used the

criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of

the Treadway Commission (the “COSO Framework”).

Based on that evaluation, the CEO and the CFO have concluded that,

as of September 30, 2024, our internal control over financial reporting was not effective due to the material weaknesses in internal

control over financial reporting described below.

Exchange Act) as of December 31, 2024.

Based on that evaluation, the CEO and the CFO have concluded that, as of December 31, 2024,

our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting

described below.

Notwithstanding the material weaknesses

in our internal control over financial reporting, our CEO and CFO have concluded that the interim condensed consolidated financial

statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results

of operations and cash flows for the periods presented in conformity with U.S.

Material Weaknesses in Internal Control

over Financial Reporting Existing as of December 31, 2024

The management of NioCorp Developments

is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)

and 15d-15(f) of the Exchange Act for the Company.

Management assessed the effectiveness of our internal control over financial

reporting as of December 31, 2024.

In making this assessment, our management used the criteria set forth in the Internal Control

- Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework”).

Based on that evaluation, the CEO and the CFO have concluded that, as of December 31, 2024, our internal control over financial

reporting was not effective due to the material weaknesses in internal control over financial reporting described below.

material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there

2 unchanged sentences

concluded that the material weaknesses disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended June

30, 2024, continued to exist as of September 30, 2024.

30, 2024, continued to exist as of December 31, 2024.

Specifically, management identified deficiencies in the principles associated

30 unchanged sentences

Plan for the Material Weaknesses

address our material weaknesses existing as of September 30, 2024, we have implemented a detailed plan to address each individual

address our material weaknesses existing as of December 31, 2024, we have implemented a detailed plan to address each individual

material weakness identified, including the following:

13 unchanged sentences

for controls are conducting their activities in accordance with their design, such that

there is contemporaneous evidence that the controls are present and functioning and will

there is contemporaneous evidence

that the controls are present and functioning and will

communicate internal control deficiencies in a timely manner to those parties responsible

8 unchanged sentences

in Internal Control over Financial Reporting

than as discussed above, there has been no change in our internal control over financial reporting during the quarter ended September

than as discussed above, there has been no change in our internal control over financial reporting during the quarter ended December

31, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures