Ann: December 2017 Quarterly Activities and Cashflow Report, page-59

But x10 is a bit extreme. CLQ went up about five-six times from when they were in our position. I'll be plenty happy if we get x5. Even if the international stock market crumbles and the cobalt price stagnates I don't think we'd go below 0.5 dollars, and that times x5 is 2.5, which would be a significant improvement on now.
Even if the cobalt price somehow even falls I think nickel will continue to rise, so we wouldn't lose any money at least.
Most likely we will make a lot, but I think it's good to keep extremely unlikely nightmare scenarios in mind.

ARL is maybe 37% of my position now after other stocks have taken slightly more of a pounding, so I'm very optimistic where my dollars are at least.