Niocorp Developments Ltd (NB)

[LCP77]

Regarding Excelsior. That was a gigantic dissappointment for me. I was in large and cheap. Like the Walter mo. They progressed, got the FS done. They got the permitting done. They got the financing done using sophisticated mining finance entities. They built the mine. Then it failed. Facts changed. I’m very, very, mad that the FS was too weak to identify the problem. But as is usual in jr pubco’s the mgmt made huge salaries all the way. That makes me mad too. But Walter, I used your power. I suggested Excelsior hire an IR guy BECAUSE were friendly with him. The old QRE IR guy. Mind you I 100% believed in the project at that point. It took time but in the end it was your bids that allowed me to exit with a dissappointing but still several hundred thousand dollar profit. The IR guy I got the job for made fat money. He did great at getting you in. I know MIN still has a faint hope, but it was too risky for me at the much higher prices I was able, thanks to you, exit at.