Broken Hill global cobalt province., page-264

Nothing wrong with the project in my mind, just that there might have been a little too much expectation/hype to date.
The PFS gives Post-Tax Project Value of A$490m.
That's $1.39 per share, and assumes we are already lined up ready to press the GO button on A$560m of CAPEX. We are however still some way from that both in terms of time, offtake agreements, funding, approvals, etc.
If you factor in risks, including the difficulty of attracting funding at reasonable terms in an increasingly difficult market, potential approval delays, holding costs, competing battery technologies, etc, then a discount of 50% to the notional project value would seem fair. That equates to $0.70 per share, assuming that the Cobalt price gets to the US$27.50 used in the financial modelling..
The current Cobalt spot price is 15% below the value assumed in the PFS. Back of envelope calculations indicate the NPV reduces to A$330m if it stays at that level. Apply the same 50% discount and that's $0.30/share.
Sure there's upside with potential resource expansion, the cobalt price, waste streams etc, but I'm thinking whoever it was that said here we go down to $0.40 in the short term might not be far off the mark if current global pessimism continues. I'd like to think the pessimism might soon pass however and that 50c is the floor before the share price picks up sometime over the next year or two...