As expected Japan and Korea, lacking deep ties in the DRC, are turning to AUS and Canada. COB is front and center in those discussions. COB’s EV is still low relative to what the PFS NPV is likely to be. In my opinion a P/NPV ratio of 0.3x is reasonable. $2 a share minimum based off a $25-$30/lb long term cobalt price. Remember COB goes to 70% ownership at PFS. When the full resource is drilled and defined by the bankable feasibility study there’ll be further upside.
