I'm estimating $2.50 valuation based on very conservative Cobalt...

I'm estimating $2.50 valuation based on very conservative Cobalt price of $USD25/lb and estimated initial capex of $200m and hoping they will deliver a below peer median AISC of $11/lb. My estimate also includes additional 20% dilution from here as well and 50% JV. But, these are just estimates and I'm trying to be as conservative as possible, however we won't know for sure the economics of the project until the PFS & DFS.

If there is a cobalt supply deficit in the coming years as expected, then cobalt prices will sky rocket from here so imagine what the price of COB will be if they get to production and cobalt is trading at $USD60+/lb!!! But lets not get carried away...supply shortages will always lead to new technologies and substitution of cobalt in battery production...