For one, you want about 0.06% to 0.1% cobalt to be considered economic. See below article citing 0.1% is needed. Prices have changed since 2018 but the CNJ rated 0.06% is on the very low side.
Halt the resource is at 'inferred' and well below the 0.6%.
Figure 5 shows how much time and effort is required to get this up and running. By the time any mine (if one ever gets built) is up and running the shareholding of CNJ will be diluted to near nothing.
Now compare CNJ with peers from Figure 1. AUZ has a market cap of $13m.
JRV has a market cap of $180m however a resource 150% of CNJ with a higher cut off grade, so their resources is multiples what CNJ is at.
https://jervoisglobal.com/projects/nico-young/
NC1 is at a $43m market cap, having recently raised capital. NC1 has 1950kt of Nickel, compared with CNJ/GSR of 265t.
https://www.nsenergybusiness.com/news/blackstone-minerals-central-musgrave-project/
IMO Figure1 is deceiving because they don't state the cut off grades used.
To sum everything up.
1) Figure 1 is deceiving
2) Figure 5 shows huge capital is required which will dilute the current market cap
3) if the above wasn't enough, the market spoke today very clearly. It's not interested
4) CNJ just raised capital, if they themselves believed these were great results they would have waited for the market release.
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For one, you want about 0.06% to 0.1% cobalt to be considered...
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