General discussion, page-910

I think I’m correct in saying that a suitable ferroniobium price to assume is US$45,000/t Nb.

To add to what I’ve posted, here’s data from 2 Canadian FeNb projects (my underlining);

Jun 2022, NioCorp, Elk Creek Project, Feasibility Study: “The economic analysis in this report used US$47/kg Nb as the forward-looking price for steel grade (65%) ferroniobium.”

Nov 2020, NioBay Metals, James Bay Niobium Project, Preliminary Economic Assessment: “a ferroniobium price of USD 45/kg Nb forecasted once the Project will begin production.”

This is important to me because a favourite metric is ore value per tonne of processed ore (taking into account overall metallurgical recovery and payability (If relevant)). I compare that with the AISC per tonne of processed ore to access potential profitability. Using per tonne of processed ore allows comparison with different metal projects.

The difference between ferroniobium (with 65% niobium) priced at US$45,000/t and US$45,000 t Nb makes a significant difference to my potential profitability assessment and hence my conviction for WA1's potential.