Saturday, June 10, 2023 12:47:40 PM
Just two months after the NioCorp C-Suite's historic trip to D.C., EXIM bank announced this new domestic funding project.
EXIM Board of Directors Unanimously Approves Make More in America Initiative
I have spent all morning researching which, if any, other companies may be on the receiving end of this government financing initiative. From what I found, the U.S. EXIM Bank has issued only two Letters Of Interest from this new program - one to NioCorp and one to a small cobalt mine in Idaho.
U.S. Export-Import Bank Confirms ICO's Eligibility for Domestic Financing Initiatives
We're not in the Cobalt business, so good luck to the Idaho mine. A rising tide lifts all boats and all that. Unfortunately they've got their own problems to deal with, that may take them out of the running for the EXIM loan.
Jervois halts construction at ICO as cobalt prices fall, inflation rises
Things look grim for the Idaho cobalt mine, but here's an interesting tidbit - the above article about the poor economics of ICO came out two weeks before EXIM issued them their LOI!
So to all the naysayers claiming the economics of the Elk Creek Project make it unattractive to EXIM, just remember the initial LOI to NioCorp was based on an old Feasibility Study, and (as the kids say) they still saw fit to slide into our DMs.
The latest numbers coming out of the demo plant make us much more attractive, and just may get us invited to the dance after all. Bottom line: EXIM funding is not a last chance Hail Mary to save this company. It is a very real financing option that I feel now, more than ever, is imminent.
I encourage everyone to do a Google news search for keywords like "Make More in America Initiative" or "EXIM Letter Of Interest" and you will see the same results I'm seeing.
Everything's coming up NioCorp!
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