Neal S. Shah

CHIEF FINANCIAL OFFICER · NIOCORP DEVELOPMENTS LTD · CIK 0001688494

FILING MIX · LIFETIME75%/25%

BUYS

SELLS

TOTAL VALUE

$308.5K

COMPANIES

ACTIVE SINCE

Mar 2023

HOLDINGS NOW

114,007

AVG SELL PX

$4.09

Trades · vs SPY

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Performance · forward returns vs SPY

2 backtested trades · 8 horizonsHow are these numbers computed? →

Forward-return performance of every backtestable P/S trade by Neal S. Shah, measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.

HORIZON	TRADES	WIN RATE	INSIDER RETURN	SPY RETURN	MEAN EXCESS	MEDIAN EXCESS	T-STAT
7d	2	+0.00%	-0.31%	+0.35%	-0.66%	-0.66%	—
14d	2	+0.00%	-8.13%	-1.21%	-6.92%	-6.92%	—
30d	2	+0.00%	-5.31%	+2.07%	-7.38%	-7.38%	—
60d	2	+0.00%	-22.81%	+4.88%	-27.69%	-27.69%	—
90d	2	+0.00%	-24.38%	+10.59%	-34.97%	-34.97%	—
180d	2	+0.00%	-40.31%	+16.16%	-56.47%	-56.47%	—
1y	2	+0.00%	-56.25%	+26.41%	-82.66%	-82.66%	—
2y	2	+100.00%	+77.81%	+46.88%	+30.93%	+30.93%	—

How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.

Holdings over time

NB · 114,007 shares · as of Jul 6, 2026

Trading cadence · quarterly flow

BUY ● SELL ●

2023

2024

2025

2026

FLOW · 9 buys / 3 sellsCOVERAGE · 15 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED	DETAILS
NB NIOCORP DEVELOPMENTS LTD	PURCHASEGRANT Stock grant	114,007	—	—	114,007	Jul 6, 2026	Jul 8, 2026 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASE Chief Financial Officer	9,361	$3.54	$33.1K	75,032	Dec 15, 2025	Dec 15, 2025 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	SALE Chief Financial Officer	9,361	—	—	0	Dec 15, 2025	Dec 15, 2025 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASEGRANT Stock grant	250,000	—	—	250,000	Aug 18, 2025	Aug 20, 2025 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASEGRANT Stock grant	100,000	—	—	100,000	Dec 23, 2024	Dec 23, 2024 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASEGRANT Stock grant	250,000	—	—	250,000	Feb 15, 2024	Feb 15, 2024 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASE Chief Financial Officer	9,360	—	—	9,360	Dec 22, 2023	Dec 22, 2023 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASE Chief Financial Officer	9,360	—	—	65,670	Dec 22, 2023	Dec 22, 2023 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASE Chief Financial Officer	35,000	$3.93	$137.7K	90,000	Nov 15, 2023	Nov 17, 2023 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	SALE Chief Financial Officer	35,000	—	—	0	Nov 15, 2023	Nov 17, 2023 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	SALE Chief Financial Officer	33,690	$4.09	$137.7K	56,310	Nov 15, 2023	Nov 17, 2023 ↗	View →
NB NIOCORP DEVELOPMENTS LTD	PURCHASEGRANT Stock grant	40,000	—	—	40,000	Mar 25, 2023	Mar 28, 2023 ↗	View →

Other insiders · NB

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About this filer

CIK 0001688494

ROLE

Chief Financial Officer

PRIMARY

COMPANIES

ACTIVE SINCE

Mar 2023

MARKETPEEL · /INSIDER/0001688494DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Neal S. Shah

The morning brief, before the bell.