FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Shah Neal S. 2. Issuer Name and Ticker or Trading Symbol NIOCORP DEVELOPMENTS LTD [ NIOBF ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Financial Officer
(Last)         (First)         (Middle)
C/O NIOCORP DEVELOPMENTS LTD.,, 7000 YOSEMITE STREET, SUITE 115
3. Date of Earliest Transaction (MM/DD/YYYY)
9/21/2020
(Street)
CENTENNIAL, CO 80112
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares  9/21/2020    M    45000  A $0.3536 (1) 175000  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)  $0.3536 (1) 9/21/2020    M        45000    (2) 11/10/2022  Common shares  45000  $0  255000  D   

Explanation of Responses:
(1)  Option exercise price reflected was converted from Canadian exercise price of C$0.47 using an exchange rate of C$1.3293 = US$1.00 as reported by the Bank of Canada on September 21, 2020.
(2)  The option, representing a right to purchase a total of 300,000 Common Shares, became exercisable on issuance date of November 9, 2017

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Shah Neal S.
C/O NIOCORP DEVELOPMENTS LTD.,
7000 YOSEMITE STREET, SUITE 115
CENTENNIAL, CO 80112


Chief Financial Officer

Signatures
/s/ Neal S. Shah 9/22/2020
**Signature of Reporting Person Date
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