cob vs bpl, page-8

The PFS will have a shorter mine life, but I'm not concerned about this. Management has always been (and still are) confident in a 20 year mine life (the resource is a hill that comes out of the ground), and this can only be included in the valuation once the final holes have been banged in for the bankable study.
Even with a shorter mine life and higher case cost per pound, the valuation should see the share price over $2 in June. That's the meat and potatoes stuff.

As we move towards the BFS - improved efficiencies drop the cost per pound and the measured resource grows (ie life of mine) - the meat and potatoes get some gravy.
But Broken hill's untapped Cobalt deposits are under a shallow surface soil layer and companies with tenemants around COB without visible mineralised hills are just starting to drill and discover what they are sitting on. Once they find it, they will need COB's IP to unlock its value.
The cream.