Ann: Jervois suspends final construction at ICO, page-152

I personally can't see any remaining net asset backing at all:
ICO mine on C&M is essentially worthless until cobalt prices double from here.
Brazil refinery is also worthless as they haven't paid the final lease instalment purchase price of $12mil - and previously the refinery wasn't operating for at least five years.
They purchased the Finland refinery for $85mil(net of working capital being debtors/inventory for which they paid $107mil). The current debtors/inventory is 90% financed with a loan from Mercuria of $70mil.
And then they owe $100mil on the secured US Bonds - both these bonds and the Mercuria loan are guaranteed by JRV(parent company). They had cash in bank at 26March of $52mil and I would expect at least $25mil of that will be needed to pay out creditors and employees at ICO.
The upshot of all that is there is no real asset backing in the business.