Niocorp Developments Ltd (NB)

[douginil]

Hi Freedom5 I did not respond the first time but will now.

I am a metalurgist with 5 decades experience in aerospace alloys as well as iron & steel melting and casting.

I invested for the following reasons.

1. I recognized the value of Niobium (it was columbium Cb when I started) to improving the strength of steel for lighter weight steel structures.
2. When I saw that the US was dependent on imports for niobium and that this mine would be a domestic source.
3. When I saw the quality of the management team.
4. When I saw Mark Smith's intimate knowledge of the current Nb supply, past experience with the Rare Earths, involved with a Vanadium supplier, and another alloying supplier, and a user of Sc. (Only need to add Ta and Mo maybe W and Co would be nice to round out the alloying elements)
5. When I saw that a domestic supplier of Sc could be the world leader of Sc for decades.
6. When I saw the advantages in weldable Al-Sc alloys. for transportation and solid fuel cells
7. When I saw that they STOPPED drilling when they had enough data to justify a mine (probably could have used a bit more in retrospect).
8. When I saw that the grade of the ore increased as they went deeper.
9. When I saw that the ore source was open at depth and possibly in 2 or 3 (maybe 4) directions.
10. When I saw that MS wants to sell the Sc based on the value it brings to the buyer and not as a commodity.
11. When I saw that Ti, also heavily imported, was a 3rd product of the mine.
12. When I realized that the financial analysis was "really great" but not "Oh My God These are Fantastic" BUT Points #7, #8, #9 were true.
13. I hope when they drill to extend the resource that they find pockets that are richer in Sc than the average that they are working with.
14. I suspect that they could "goose" the financial analysis by some more drilling and redesigning the processing plant, but I suspect that would add another year or two which would not be well recieved.

I have a sizable position but not in the 100'sK and expect to see this mine will be built. I sure would like to get dividends form this company.

I know financial analysis for new metallurgical plants and would be very unhappy if the "bean counters" can't finance this operation.