Ann: $40 Million Placement, page-75

It seems the anticipated "niobium battery boom" is unlikely to eventuate given the billions spent on researching and developing the holy grail of future EV batteries is likely to be solid state batteries. Toyota plans to produce an EV with a range of 1200km and a charging time of 10 mins that is safer, cheaper and lighter than current Li-ion batteries without an oz of Nb. Most major manufacturers are following suit in developing solid state batteries.
The advances in technology change very quickly, the EV market needs a safe high performance battery to ensure a greater uptake, Nb may or may not play a part in this evolution.
What is certain is that HSLA steel and the production of FeNb will drive the future of WA1.
The great uncertainty is price, what will WA1's profit margin be in 2030, it could vary between $5,000 - $20,000 per ton Nb, this would equate to an approximate SP of between $12 and $48 six years down the track with a lot of uncertainty in between.