COB PFS, page-2

I’m close to that. Almost identical except would put cobalt at $28-$30/lb as cobalt sulphate trades at a premium to LME spot. So slightly higher NPV8% and slightly higher share price, perhaps $2.00.

The expectation will be >$1bn for the final DFS in 2019. Not sure what price catalysts there are other than an expanded resource to 80,000t + contained from the drilling program.

Little disappointed with the share price action into the PFS but understand that this is tax season and liquidity is low. If the PFS can substantiate the process COB has developed for 4ktpa is commercial and achievable (crush, gravity separation and float etc) and the share price is sub $1.50 with an NPV of $700m + then it’s a likely take over target imo.