Niocorp Developments Ltd (NB)

[OntInvestor]

This is from the FS and may give some insight.

Pg. 449

"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. However, this valuation is most
dependent upon the sale of all annual Sc2O3 production from startup as it accounts for 66% of LoM
gross revenue generated. At the extreme, at a cash cost of US$37.59/kg Nb and current US$40/kg
benchmark price and assuming no Sc2O3 revenue it is apparent that 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."