As a quick and dirty way of seeing where your market value is...

As a quick and dirty way of seeing where your market value is headed this market comparison valuation approach eg.
if a cobalt project has estimated resource of X million tonnes, and if data indicates that comparable projects are valued in the market at a value based on an estimated resource of Y million tonnes, then a ROUGH, VERY PRELIMINARY project value could be inferred.

Why isn't it a reliable way to estimate the true Market Capitalisation? This is because the market usually pays a premium for lower cost production mines, or for a more stable political jurisdiction, or for a producing asset versus a development asset (ie. a site yet to be mined vs a mine that is already producing) , etc.etc.

However, it is my understanding that the true Market Capitalisation can only be calculated once a host of other things are factored in, including the working capital (which CLA will need a lot more of, further down the track), liabilities and, perhaps most importantly, the cost to get a cobalt mine up and running, along with estimates of running costs, cash flows and likely returns on the mine investment. Funnily enough, some valuers THEN take into consideration comparable prices for other mines, in order to 'fine tune' their valuation of Market Capitalisation.

The more detailed valuation exercise can only be undertaken somewhere around the time that the above factors are more clearly understood- probably at the PFS stage, with some of these factors touched on in the Project Scoping Study phase- milestones that will be happening later this year. The method of mining the resource will be one important cost item to more clearly understand. This will be assessed in more detail in the Project Scoping Study, predicted to be coming out by June of this year.

So, for the time being, by all means use the comparable market approach based on resource size. It probably serves as a useful guide to how CLA shapes up compared to other cobalt mining companies chasing the same mineral (so at least we're comparing a cobalt miner with a cobalt miner). It's a start....so long as you don't go making any investment decisions or future SP predictions based on it .