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Posted on August 30, 2011

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New York, New York – August 30, 2011. Nio-Metals Holdings LLC (“Nio-Metals”) announced that it
has entered into definitive subscription agreements with Niocan Inc. (“Niocan”) for the purchase, on a
private placement basis, of 1,750 units (the “Units”) at a purchase price of $1,000 per Unit, for an
aggregate gross price of $1,750,000 (all figures in Canadian Dollars). Each Unit is comprised of one
$1,000 principal amount of secured debenture (“Debenture”) and 520 transferable common share
purchase warrants of Niocan (each, a “Warrant”). Each Warrant expires on the day that is 3 years from
the date of the issuance of the Warrant. Each Debenture bears an interest rate of 12% per annum. The
principal amount and interest may be payable in cash or common shares of Niocan (“Common Shares”)
at Niocan’s sole option, with the number of shares to be determined based on a price that is the greater of
$1.45 per Common Share and a calculation based on the then current market price of Niocan’s Common
Shares. Niocan will also have the right to redeem the Debentures prior to maturity at a cash redemption
price of 105% of the principal amount. Each Warrant will entitle the holder thereof to purchase one
additional Common Share at a price of $1.45 until 5:00 p.m. on the day that is three years from the date of the issuance of the Warrant.

The Units are being acquired for investment purposes and Nio-Metals and/or one or more of its affiliates
may, depending on market and other conditions, increase or decrease its beneficial ownership of Common
Shares or other securities of Niocan whether in the open market, by privately negotiated agreement or

Nio-Metals Holdings LLC is located at 535 Madison Avenue, 11th Floor, New York, NY 10022. A copy
of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on
Niocan’s profile at

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Published in 2011