Ann: Company Update, page-208

I am surprised on the sell down with the cobalt still in play and cash still to play with.

If it was a resource that they had already decided on then yes the immense sell-down would be surprising. But the fact is they still haven't decided on the acquisition, and like the lithium project results, this decision has been delayed once and now twice (they've been given another extension on exclusivity) so the market is probably a little gun shy. Currently a marketcap of around $5mill is probably about right considering the uncertainty. If they go ahead yes the share price should move up fairly considerably (maybe to $10mil mark initially) but if they decide not to go ahead share price could easily drop further from here. On the balance, it looks like more upside than downside to me but there's definite risk.