Parts per million or percentage, page-21

You have 3 options for cobalt exposure.

1. Laterite deposits like CLQ / AUZ - very expensive CAPEX but still viable options with the increasing cobalt price

2. DRC deposits like NZC. Fair better grades and economics, but obviously some very serious country risk.

3. Sulphide deposits like COB (more a pure play option). Far less CAPEX, but there was some query on grade previously. This has in my eyes been eliminated by their plan to gravity separate the ore which means that can feed a much higher grade ore into the actual processing plant.

I have exposure to all 3, but there are advantages / disadvantages with all the different options.