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Re: None

Monday, 07/10/2017 7:49:55 PM

Monday, July 10, 2017 7:49:55 PM

Post# of 113934
MS's statement that this is a primary Niobium mine is flat out wrong and misleading. Hard to guess why he's using that approach. Based on the FS top line numbers the combined revenue for Niobium and Titanium is $193mm/yr. The revenue (based on, as Kaiser said, fantasy numbers) for Scandium is $378mm/yr. It's IRR, in the mining sector in general is weakish even when using "aggressive" sc prices. Also, the FS bases returns on 100% equity. There is no allowance for interest on debt. Ah heck, I'm a math guy.

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