Inventory management is the key, mate. I have no idea why they...

Inventory management is the key, mate.

I have no idea why they didn't renegotiate the legacy contracts when they first picked up Kokkola in H2 2021.

As we know, they were contractually forced to accept high priced feedstock when they didn't need it. This blew out their inventory levels. And then the cobalt price collapsed - massively impacting the balance sheet. It was a near fatal mistake. I blasted Bryce last year about this & formed a very negative view of our CFO, Jimmy May as well. I note they have now appointed a dedicated CFO (and COO) at Kokkola to better manage that asset.

I'm sure they mentioned that they have renegotiated the contracts - with a greater emphasis on flexibility. It's a margin business, so they should be able to make money at various Co prices - as long as they improve their inventory management.

With the ICO offline, they'll be keen to maximise Kokkola's cash-generating capabilities. I expect others to help fund Kokkola's expansion. And this has to happen this year IMO.