Ann: Celsius Dual-Lists on the Namibian Stock Exchange, page-20

CLA's JORC mineral resource is 112.4Mt @0.11%Co, 0.41%Cu, 0.43%Zn, with 126.1Kt cobalt metal, refer to below comparison table, you can easily see:

1) CLQ owns 132kt cobalt metal with 614mil market cap; ( per Kt cobalt metal with 4.65 mil market cap);

2) COB owns 61.5kt cobalt metal with 108mil market cap;( per Kt cobalt metal with 1.75 mil market cap);

We can use COB and CLQ's updated data to provide reference for CLA's reasonal market cap;  Likewise, CLA owns 126kt cobalt metal, if per Kt cobalt metal's market cap to follow average of COB&CLQ's data, means CLA's market cap shall be (1.75 + 4.65)x 126 / 2 = 403 million, and its correspondent share price shall be 403 / 588 = 0.685 AUD$ per share;

Below comparison table is easy for you to compare ASX cobalt players, it is not difficult to find out that CLA is most most undervalued after JORC mineral resource released, I can forecast that in the following months, CLA will become shining black horse. DYOR.