Yes, I indicated the mineral prices were how I drew my conclusions. I do not see the same upside as Largo saw with Vanadium as I do with Niocorp’s two main products.
MS is on record saying any financing package would be composed of 40-60% equity, so dilution should be a foregone conclusion and is typical in mine financing. I’ve used conservative projections in my $3-$5 price estimates, but it could be as much as an additional billion shares or so. ($600,000,000 at today’s price).
How do you see the price of Nb and Sc as conservative? I think Nb pricing will likely increase right along projected CAGR rates, which should be a little more than inflation but nothing to get overly excited about. OnG is still the only source I have found that supports the Sc pricing in the FS. I am yet to see a reputable source suggest those are conservative numbers.
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