We initiated a position in NioCorp this morning. For more information, please refer to our Economic Analysis, dated 22 July 2019.
| Long-Term Price Case | $3,676/kg Sc2O3 | $0.99/kg TiO2 | $46.55/kg Nb |
| Project | Elk Creek |
| Payable Primary Product (Nb) | 168,861 tonnes (168,861,000 kg) |
| Payable Byproduct Metal (TiO2) | 418,841 tonnes (418,841,000 kg) |
| Payable Co-Product Metal (Sc2O3) | 3,410 tonnes (3,410,000 kg) |
| Shares Outstanding | 226,666,534 |
| Market Cap | $95,993,277 |
| Average Annual Production | 7,220 tonnes FeNb (7,220,000 kg) |
| Recovery | 93.14% Sc2O3 | 40.31% TiO2 | Nb 82.36% |
| LoM | 36 Years |
| Payable Product (NbEq) | 447,052,463 kg NbEq |
| True All-in Cost (TAIC) | $24.15/kg |
| Gross Revenue | $20,810,292,140 |
| Total Operating Cost | ($6,717,578,000) |
| Operating Margin (EBITDA) | $14,092,714,140 |
| Income Taxes | ($2,467,634,246) |
| Total Capital Cost | ($1,609,397,000) |
| Cumulative Net Income | $10,015,682,894 |
| Net Profit Margin | 48% |
| Absolute Cost Structure (ACS) | 52% |
| MTQ Score | 0.9 |
| True Value | $44.19/sh. |
| True Value Discount (TVD) | 99% |
| Cash Flow Multiple | 10x |
| Net Annual Cash Flow | $161,728,000 |
| Future Market Cap | $1,617,280,000 |
| Future Market Cap Growth | 1,585% |
| Target | $7.14/sh. |
