Niocorp Developments Ltd (NB): I have two concerns with this PEA: -...

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Niocorp Developments Ltd (NB)

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Wednesday, 04/15/2015 7:53:11 AM

Wednesday, April 15, 2015 7:53:11 AM

I have two concerns with this PEA:

- Dilution. The CAPEX is 919 million USD. Taking into account a contingency of 25%, this is still 735 million USD. Converted to CAD makes 920 million. Now 1/3 is equity financing, which is 307 million CAD. At a price of say 1,50 CAD this means 200 million additional shares.

- Enough demand for scandium. NB has a 3,500 USD/kg scandium price tag for 36 years. SCY uses a price of 2,000 USD/kg in their PEA. SCY has roughly the same timeline as Niocorp and intends to sell 35 tons of SC per annum. Together they will produce 48 tons p/a, an increase by 400% at current levels. It takes several years to develop new products incorporating SC. Will there be enough demand for Scandium by 2017? What will this do to the price of scandium?

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