Niocorp Developments Ltd (NB)

[Elkconquistador]

Yes, this actually came up as a question posed to Mark of will the government try to delay or stop the project in order to "save or store" the critical elements at Elk Creek and "use up" the elements from around the globe. The response was that the government currently has to import all its niobium from other countries and a stable source would be good. Scott then said that the application process began 15 months ago with the Corps and is ongoing, but didn't say it is totally finalized yet. There are a number of permits they are pursuing and will complete. He referred us to the PEA2 for more detail. He didn't seem overly concerned with it other than to say that they are determining what to do with the water. They have a few options and are going to do what is best for the environment and the bottom line.