Australian cobalt laterite resources comparison

BAR/CNJ still most undervalued, on a simplistic cobalt per market cap calc. Does not consider recoveries or credits.



notes:
Orange is my own estimate. Blue indicates potential exploration upside, or a high-cobalt subsection of a larger resource. I have doubled the CNJ market cap calc to account for its 50% ownership, and entered both 32 and 48Mt scenarios. Most of these companies will depend on commodities other than cobalt, so it is not a complete comparison. MLX is the odd one out here, because it has two already operating mines alongside the ni-co laterite, undervalued vis CLQ imo.