Cobalt, page-7

It gets worse: "The Mineral Resource Estimate for the Sconi Cobalt-Nickel-Scandium Project is reported under JORC 2012 Guidelines and was reported by Australian Mines Limited on 31 March 2017. The global Mineral Resource for Sconi, as announced on 31 March 2017 is: Measured 17Mt @ 0.80% Ni, 0.07% Co, Indicated 48Mt @ 0.58% Ni, 0.07% Co, Inferred, 24Mt @ 0.41% Ni, 0.06% Co. There has been no Material Change or Re-estimation of the Mineral Resource since this 31 March 2017 announcement by Australian Mines" (from Maiden Mineral Resource confirms
Flemington Project’s cobalt credentials 31Oct2017)

Still, 17 Mt @ 0.07 % = 11,900 t Co = $US750,000,000 gross @ current $US64,000/t. The poorer the grade, the cost of extracting proportionately increases, but apparently still worth it.

The PDF also states: "ASX-listed (Australia-listed) and TSX-listed (Canadian-listed) cobalt-focussed companies typically refer to any cobalt grade above at or above 1,000ppm (0.1%) as being “high-grade”. Thus, based on the assays returned from this resource extension drill program, it would appear reasonable to view Flemington as a high-grade cobalt project."

Spoke briefly with AUZ managing director Benjamin Bell. He said the cost of extracting 1 t of Co and 6 t Ni (Co about 0.1 %, Ni about 0.6 %) was around $AUD10,000. Value of 1 t of Co and 6 t Ni is currently about $USD136,000 or about $AUD180,000. Looks good on paper...