Yes, mate, I laughed out loud sipping my coffee in bed at the...

Yes, mate, I laughed out loud sipping my coffee in bed at the sound of crickets at the end of the quarterly webinar.

I note that Bryce said he believes they are funded up to October 2024 now. Equity is closed off to them now (he seems to finally understand this point after blowing up the cap structure). They basically have a 12-month runway from today to unlock value on their assets.

1/ SMP partnering (next quarter).
2/ Kokkola expansion partnering (next year).
3/ ICO & USG funding/cobalt refinery funding (???).

I think an expanded Kokkola & SMP up & running (2025) can generate enough cash to sustain the business, but not enough to address the US$100m bond. They desperately need a solution on that in the next 12 months.

The USG has supported Syrah in the graphite space. Jervois is positioned well in the cobalt space (as a critically-listed mineral), so I am still reasonably confident they will secure USG support at some point. Similar to Lynas, the ICO is too strategically important as a domestic resource to let it go under and allow China to maintain its dominance in the cobalt space.

The upside is fairly massive - if one believes the USG will get involved with Jervois. That's prolly the punt here - given their current gearing levels and challenges.