PGM, page-30

this was my thinking. If cobalt is going to $100,000, and demand is high and expected to go higher, with prices increasing along the way, if I’m Friedland, I’m locking up as much resource as possible. If EV movement and storage growing exponentially as projected, eventually making ICE transportation obsolete, I could see a never ending demand scenario. Locking up a neighboring resource just makes sense. Same as if developing a subdivision. If you have a limited supply of land and a never ending demand for housing, you lock up everything in sight, or risk selling out and having nothing left to develop. CLQ and PGM just make sense together.