Niocorp Developments Ltd (NB)

[WalterSobchak]

Two theories

1. If the FS is going to be delayed again in any significant way, I believe the company would have already put out an announcement to that effect and tried to spin the announcement as best they can. If the FS is fairly imminent and basically in line with the latest schedule - say mid-April - the company can tolerate the drip drip drip of the stock price because it knows good news is about to come to the rescue. Therefore, I believe the FS is coming out in mid-April (at the latest) and that the numbers will be an improvement on PEA2, meaning lower CAPEX, OPEX and higher NPV, IRR, etc.

2. There is a big institutional player out there who knows it is going to be participate in the equity financing, the first tranche of which is say, $100 million. Is it not in that player's - and that player's clients - best interest to keep the stock price suppressed, especially when it costs peanuts to do so? Therefore, I believe the stock is being manipulated and has been for quite some time. Admittedly, this second theory may be born out of naivety and a modicum of ignorance. It may also be right.