This is a disappointment but not totally unexpected. The PFS was rushed and started the price slide. From that point on it’s been clear that we have a difference of opinion with BPL. They’ve been clever, in one sense, forcing our hand to produce the BFS by mid 2019. It’s got them 30% back. However, the entire project’s credibility has been hit and they have many irons on the fire. So the operational management will remain with COB. How is BPL going to fund its share of costs with a market cap of nothing? Huge dilution. We’re better off remerging back into one company.
This is not a great outcome. I’ve no idea where LG is on this. We do know cobalt is needed and 2022 is an ideal start date for a project. I’m not particularly pleased with JK and co swanning around at conferences instead on sorting out issues. Not to mention that none of the directors have bought shares during the collapse. There’s no fleeing this ship now, it’s priced cheaply and is worth the risk at these levels imo.
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