As mentioned above, drilling is continuing. I hold management...

As mentioned above, drilling is continuing. I hold management accountable for allowing the PFS to be too conservative, but a lot of the SP drop has been the market losing faith in the cobalt story.

The cobalt price today is irrelevant, UBS just published that there will be over 100% increase in demand by 2025 and there is wide agreement that by the early 2020s there will be a supply shortfall. I admit I was rattled by Dyson and Toyota talking up solid state vehicles by the early 2020s, but Dyson appear to have dumped the idea all together and Toyota has gone very quiet. Looking into it, there are very difficult cost constraints for solid state and they are at least 10 years away from appearing (if at all). With China's punitive regulations starting in 2020 (mandating a percentage of companies' sales being EVs) and ramping up again in 2022, legacy auto makers are rapidly turning to NMC batteries to reach these targets.

BPL owns 30%, but this means no 7.5m payment and the sharing of BFS costs. It looks like the latter is going to be difficult for BPL so they've come up with these reasons to avoid dilution:
* COB isn't manager - It is.
* Tried to organise a meeting for a new manager - BPL failed to form a quorum at the first scheduled meeting since the end of the earn-in
* The scope of the BFS needs unanimous approval - The drilling program BPL is refusing to pay for was unanimously approved in August.

If BPL refuse to contribute their 30% it looks to me like they won't need to be acquired as dilution is on the cards.