$NIOBF : NioCorp Returns to Buy Zone

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
ProjectElk 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 Outstanding226,666,534
Market Cap$95,993,277
Average Annual Production7,220 tonnes FeNb (7,220,000 kg)
Recovery93.14% Sc2O3 | 40.31% TiO2 | Nb 82.36%
LoM36 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 Margin48%
Absolute Cost Structure (ACS)52%
MTQ Score0.9
True Value$44.19/sh.
True Value Discount (TVD)99%
Cash Flow Multiple10x
Net Annual Cash Flow$161,728,000
Future Market Cap$1,617,280,000
Future Market Cap Growth1,585%

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