Niocorp Developments Ltd (NB)

[OntInvestor]

TODD, I'm not sure this is correct.

Quoted from the FS:

"The Project will obviously benefit from becoming a stable, domestic US producer of Nb and Sc2O3 where currently all supplies must be imported from abroad. Nb sales (32% of gross revenue generated) as modelled would cover the cost of production for all three commodities but Sc2O3 sales will be required to generate positive cash flow to cover any Project loan principal repayments/interest expense and meet investment criteria for stakeholders."

I don't think financing is possible without a scandium offtake if I understand that statement in the FS correctly. We should clear this up with Jim.