Hi Wurlitch, the in situ calculation I included is just raw...

Hi Wurlitch, the in situ calculation I included is just raw niobium content, and the main peer comparison calculation is just assuming a fixed future WA1 niobium production (20kt/y) and inferring a valuation from CBMM multiples (and so implicitly their margins, recovery rates, etc. which, as I mentioned, is a bold assumption).

I don't have much to offer in regards to a direct estimate of the recovery rate. I appreciated the production paper you linked the other day, and I've found a smattering of other information available online (e.g. the NioCorp presser recently boasting a 90% recovery rate, likely a Hail Mary for their flagging stock, and this old CBMM publication which appears to claim a 96-97% recovery rate?). I've seen far lower number mentions mooted, possibly including your estimates. As I said, it appears to be a big uncertainty factor, which hopefully will be resolved positively. Cheers!