Niocorp Developments Ltd (NB)

[Boilermaker1]

A few thoughts on this Edison report
In these calculations they:
Include REE revenue
Show Ti being sold as tickle
Use increased Ti recovery
Use increased Nb recovery

I am not questioning or rejecting any of that. The purpose of the demo plant was to demonstrate that they really can accomplish these things. However, the processing plant described in this report is the same plant that has been in previous studies. It includes an acid regen plant and does not include rotary kilns or Ca/Mg removal. The CAPEX and OPEX in this report would be the numbers for the old design adjusted for inflation.

To issue a revised FS they need to utilize the data from the demo plant to design a new processing plant. Then they need to estimate OPEX and CAPEX for this new design. I imagine that is in progress right now and what is delaying the FS revision. However, Scott is very confident that this new design will improve both CAPEX and OPEX. This means that CAPEX and OPEX in the revised FS will PROBABLY be better than what this report shows. The big caveat is REE extraction and refining. The existing plant design does not include equipment to accomplish this. Addition of this equipment would tend to increase CAPEX and OPEX.