Niocorp Developments Ltd (NB)

[arroneous]

1. We don't and won't have the share price to qualify
2. We don't meet any of the rest of the listing requirements
3. We don't have sufficient funds to continue operating indefinitely without additional raises
4. Any subsequent interim raises to continue funding operations will continue to dilute the share holder base and share price
5. The macro back drop isn't great. I'd assume Mark took this into consideration when looking out over the next 12-18 months w/o this deal.

and to your previous point about your shares and the RS.

You are currently in the exact same situation with the same market value of shares that you will be after the RS. You are also currently in the exact same situation of trusting that management is doing the right thing and that the value of your investment will not go down. Neither of these change. It is your perception that is changing.

When I evaluate deals - one of the subjective things I like to do is to walk through the alternative if things do not go as planned - What happens if the company doesn't do this deal? Do we continue to drip fund a mining company without unlocking any path to value. As we do that we waste more time, incur more dilution and hope that the next financing opportunity (given a crap macro back drop) is more favorable than our current. How long can the low institutional interest and retail money that have supported operations continue if general market risk increases? In my opinion, it is better to move the ball forward (and this isn't a small step forward) than to hope and pray that we can fund a $1B capex without significant dilution. How expensive does the money become if the retail investors/low institutional are unable to fund operations? What happens to the permitting, tax incentives etc if this project does not break ground in the next 5 years? How much is capex at that point given current/then inflation rates? Is the critical minerals environment better or worse in 5 years? Everything in this game takes longer and costs more. It is not just the cost of funds or the cost of dilution that you need to consider - it is the cost of doing nothing/waiting as well.