Niocorp Developments Ltd (NB)

[SagittariusA]

Got the answers 9 hours ago. According to Jim, he's getting a lot of e-mails from investors all around the world, what he considers to be a good thing.

1) Depending on the outcome of the company's review of the previously collected data on rare earth, will an updated feasibility study be necessary?

An update to our 2019 Feasibility Study would not be required unless the Company elects to declare a rare earth resource or reserve or wants to quantify and speak publicly to the prospective economics of adding rare earth products to our planned product suite. At present, we have no plans to take these steps, as our current Feasibility Study shows very robust returns on our planned product suite of niobium, scandium, and titanium.

2) Will financing of the project be affected by the outcome of the review?

No, given that the economics outlined in our 2019 Feasibility Study of producing niobium, scandium, and titanium are very compelling. Production of rare earth products, should we eventually find that to be an economically feasible and attractive addition to our current product suite, would only be additive to the Project’s economics.

3) Will the review focus exclusively on extracting the rare earths as part of the the Elk Creek processing facility (in-house) or do you also consider to sell the acid leach containing the REO to a different company for further processing?

There are a wide variety of options for monetizing any rare earth products that we may choose to produce. Fortunately, our team is highly experienced in how to produce and market a wide variety of rare earth products, if we elect to add these products to our current plans. Each member of NioCorp’s technical team has run a commercial rare earth production operation. Also note that the liquid containing the rare earths (referred to in our industry as “liquor,” but not the Elk Creek Water type) is not something we could sell easily, as it is utilized in our reagent recycling operations and is fairly dilute. It is more likely that we would engineer a recovery system that would put the rare earths in a solid, non-corrosive form that is easy to transport to potential customers.

4) If it is planned to extract the rare earths in-house, is this a step that could be added at a later stage of the project?: First you focus on ramping up the production of niobium, scandium and titanium while you store the acid leach (for a couple of month/years) until you extrend the processing facility to subsequently extract the rare earth.

Again, there are a number of potential pathways to producing various rare earth products, should we elect to do so. Rare earth recovery could be added at any time to our planned production operations with minimal operational disruption. We could consider starting with a bulk mixed rare earth product that can be sold to existing rare earth separators, and could later add separation capabilities to produce fully separated, high-purity individual rare earth products. However, rest assured that our focus will remain on producing our current suite of planned products: niobium, scandium, and titanium.