Thats correct. But if you calculate all these studies with...

Thats correct. But if you calculate all these studies with current metal prices you achieve more or less these 1:1 ratios (and please don't be petty, of course it could also be 1,2 or 0,8).

You're for example also a ARL holder

They announcend in PFS 599 Am$ Capex and a 1.040 Am$ after tax NPV for the 1 Mtpa scenario.
That's a ratio of 1,7 but they incorporated 42 US$/lb Co and 8,84 US$/lb Ni.

Switch these price assumptions and include current prices or more conservative premisses (COB e.g. used 34 US$/lb) and i'm sure the result will head towards the mentioned ratio.

If anybody is aware of cobalt hopeful with let's say modest capex around 500 US$ and a capex/nPV ratio of 1:2 at more or less current prices please feel free to share it with us (Disclaimer: But please not these hype stories buying old process plants and having no own ore...).
I only know Nzuri with far better figures. And as i mentioned i still have hope that CLA could ascend to this league.