Niocorp Developments Ltd (NB)

[tedro84]

A better question is why did they send the EXIM application without the updated FS. It’s a requirement. Do they not anticipate the REE numbers to make a material change, or are they desperate to rush their scandium numbers through unchallenged?

From the EXIM project financing requirements overview page:

Information Required

Summary of all aspects of the project, as contained in an independently prepared feasibility study and/or a detailed information memorandum, prepared by a qualified party.

Product unit pricing and costs should reflect market based pricing.

Is EXIM going to believe the scandium numbers? Who will be the price expert on the next FS? They obviously shouldn’t be using Matheson any more given their new business agreement with Nanoscale.

Even USGS has been lowering scandium pricing. They now have “four nines”, which we know NB won’t be producing, at $2200/kg for just a 5kg purchase.

The EXIM application is dead on arrival.

https://www.exim.gov/solutions/project-and-structured-finance/our-approach-to-project-finance

https://pubs.usgs.gov/periodicals/mcs2022/mcs2022-scandium.pdf