Niocorp Developments Ltd (NB)

[TO Double D]

It stands to reason that a customer who has a product that doesn’t require as high of a purity or specific impurity requirement of Scandium that the price will be lower. It also stands to reason that Niocorp’s processing of a lesser quality product will result in a lower operating cost. Niocorp has made it clear that their Scandium product will vary depending on customer requirements. It’s not unlike buying 85 octane gasoline at $2.35 a gallon and 100 octane for $10 a gallon. Either way, the actual profit margins won’t change.