Ann: Commencement of Bulk Sampling at Equador Niobium Project, page-6

This is a great step forward - the start of systematic exploration, rather than early geological review.

The whole project as outlined today will take time - but initial results may be compelling for the economics of the project and support an application to mine (on the existing mining lease, when granted) or for the grant of further MLs.
Governments and financiers have to see substance in any application - SUM's program, if it eventuates, will be substantially different to past surface mining using traditional tools.

So this is a classic early exploration project - with the qualification that SUM's team is moving at breakneck speed when compared to other 'so called lifestyle' companies. For holders the issue is to imagine the value growth as exploration continues, and for the true LT holder what the Company will be worth when it is producing Nb and Ta concentrates.

The M.Cap at present is 18m - there is cash and other projects, mainly in Australia which, it has been stated, could be monetised.

Do your DD.