Niocorp Developments Ltd (NB)

[Boilermaker1]

I am guessing the Sc data
will be included with the REE news. I talked with Scott about this at that mine tour last fall. I asked him about these new processing techniques and the possibility of extracting more Sc. He said the steps for extracting and refining Sc would remain pretty similar to what we have done all along which means the results would be similar. He felt that Sc processing was already optimized and there was little room for improvement. He also said that the processing and separating REEs would be very similar to what is done for Sc. He anticipated that the % extractions would be similar. He concluded with that is opinion right now. The purpose of the demo plant is to prove we can do it and to provide the data we need to finalize the design.

This is my recollection of a conversation more than 6 months ago. I think I have come close to what he said but I may not be dead on.