Ann: June 2023 Quarterly Activities and Cash Flow Report, page-45

Wurlich - you might like to do some research on the likely average ore density - your choice of 2.5T/m3 in my opinion is too high. I'd say a range of 1.7 to 2.0 is probable, and the 1.9T/m3 that 2ic selected seems reasonable to me. Also the grade is for niobium pentoxide (Nb₂O₅) not niobium (Nb). Using molecular mass you can calculate that Nb₂O₅ contains 69.90% Nb by weight. Applying 1.9T/m3 and 69.90% would reduce your share price estimates by 46.9%. I don't mean to be picky about back of the envelope calculations, especially those trying to give a rational single number for share price, but it's probably worth keeping these two factors in mind.