We have seen the BoD pick up on the Sulphate premium and you...

We have seen the BoD pick up on the Sulphate premium and you will have seen them playing this up in recent announcements. Previous studies didn’t really factor this in a big way and so I think this is a big positive as well as the recovery from waste project . What will be in any offtake is just a guess at this stage, but they have stated that they are looking for minimal dilution by getting their CAPEX funding from Partner/Offtake, Government backed funder (long term lower interest) and bank loans so expect the offtake will factor in some discount for funding albeit hopefully not much.

IMO cobalt prices have risen with scarcity of supply and I expect this to continue for many years. The forecasts you have included show no closure of the shortfalls in the later part of this decade which would indicate that COB coming into production will not even dent the market. Whilst one can only guess what the price might be in 5 years time, it is hard to see it slipping back from current levels.

I like these guys and my only issue is they won’t be up and producing until 2026 at their current speed. I would prefer to get moving sooner to make the most of this super cycle in EV/ Net Zero related transition.