Ann: CNJ: Mt Thirsty Cobalt Project Scoping Study, page-40

This statement completely misunderstands the scoping study.

Look at the sensitivity analysis. Move the prices down to current prices and you lower the NPV from $290M to around $200M - still 10 times the current market cap! It does not make the project unviable - the scoping study does not itself provide an answer on threshold viability - it is more like a current estimate of the value of the project. If you get 10% less rent on a house now than the average rent you expect to get over the next 10 years, doesn't mean buying the house as an investment is unviable!