Niocorp Developments Ltd (NB)

[LCP77]

Hi Stark. That was a good summary of my concerns. I also said all along the way there may be significant improvements to be found on cap ex and metallurgy. I remain convinced the project should show robust economics at more conservative commodity prices. I have said, and still do, feel confidence that there is room for significant improvements in the metallurgy and cap ex. I was not provided concrete info in this area and nor should I have been. But a deeper understanding of the path to here and the path forward does give me confidence that those can be achieved. Small changes in both would be a game changer. Also, this is likely a 50 or 100 plus year mine. Not 30+. It's just not sensible to spend money to support that at this point.

Also discussed at length was CBMM's expansion. I am satisfied that capacity increases do not equal production increases. CBMM wants the industry to have what they need and accommodate the smaller players. Mark thinks they want need meet the goal of providing needed supply to continue the secure growth in it's useage. I buy it.

I also told him (since I'm a numbers nut) more data is needed before I get bullish. He said it's coming. I think it is.