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Monday, October 08, 2018 5:00:27 PM
1. They used a conservative estimate for Vanadium prices, their primary mineral, and excluded all byproducts. They assumed $6.34/lb LOM except $9/lb in 2018 and 2019. Vanadium is currently at $22-$25/lb. You will find the LGO price has tracked very closely to Vanadium the last 12-18 months.
2. You are using a post tax NPV for Largo and pre-tax for Niocorp. That is not an appropriate comparison. You also excluded the NPV of the satellite deposits for Largo, which had post tax NPV of $140 million in the same study for a total closer to $700 million.
3. It is a nearly undisputed fact that Niocorp will have significant share dilution in a financing deal. This needs to be taken into account in any share price comparison.
4. I’d challenge investors to look at the price projections of Niocorp’s minerals if they believe it will hit a market cap over NPV. I believe the scandium to already be overvalued. Niocorp’s numbers should be a best case and not a base case. Niobium may have some upside, but CBMM will ultimately control the market. Niocorp will be in a position of a price taker and not a price maker for that mineral.
http://www.largoresources.com/investors/news/press-release-details/2017/Largo-announces-results-of-Life-of-Mine-Study-for-its-Maracs-Menchen-Mine-and-resulting-significant-increase-in-NPV/default.aspx
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