Ann: More Thick Niobium Intercepts from Gifford Creek Carbonatite, page-7

Just asked a friend and he has a different opinion.

The minimum grade required for commercialising niobium (Nb₂O₅) deposits depends on several factors, including the size of the deposit, location, mining and processing costs, and market conditions.

However, based on industry standards, here are some general guidelines: 1. Niobium (Nb₂O₅): • Economic grades for niobium ore typically range from 0.3% to 0.5% Nb₂O₅. • Commercial niobium projects, like the Niobec mine in Canada and Araxa in Brazil, have average grades in the range of 0.4% to 0.6% Nb₂O₅. Higher grades (1.0% or more) are particularly attractive, as they improve the economics of the project. 2. Phosphate (P₂O₅): • For phosphate deposits, the minimum grade for commercial viability is often 10-15% P₂O₅, although higher grades are preferred for better economic returns.

Given that several of your intercepts have niobium grades ranging from 0.5% to 1.3% Nb₂O₅, the Stinger zone shows promising potential for commercial development. The phosphate intercept of 15 meters at 15.0% P₂O₅ also meets typical economic thresholds for phosphate commercialisation.

Ultimately, feasibility studies considering metallurgical recoveries, operating costs, and market conditions will determine whether the grades are high enough for a profitable operation. But based on the numbers provided, there are strong indications of commercial potential.