To be clear I am not whitewashing the BFS delay, I was pretty upset. But I think the reason was that they
got sick looking at the capex (not IRR or anything else) and decided to re-visit the bids and options on the project. This was the surmise of some folks knowledgeable about with engineering and procurement,
and the surmise was confirmed by CLQ insofar as they announced they were looking at contractors again.
And again, this is not to make excuses; but there are some unintended benefits possible because of the delay, assuming the build does not get put off. For one thing, they had a tremendous CR. For another, if cobalt and nickel prices continue to go up, the report gets a lot better. And for a third thing, they might even get a scandium off-take or a deeper LOM deal with Easpring before the new report.
ARL Price at posting:
$1.23 Sentiment: Buy Disclosure: Held
