All I'll say is - no buyer is likely to appear because JRV have...

All I'll say is - no buyer is likely to appear because JRV have just US$26M cash and have US$169M in drawn debt and a con note. Consider:

• they owe around US$11M for the final payment on the Brazilian refinery,
• the Nordic bond costs US$12.5M per year to service (and the US$100M figure is due in June/July 2026),
• the Idaho Cobalt mine care and maintenance costs are approx. US$1M per year,
• the Kokkola refinery is not making any money at these prices, all their EBITDA figures are adjusted,
• the debt is senior secured.

In other words, JRV can't sell the assets because the assets are the security for the debt. I'd be extremely careful here, if I was you.