I think it's worth noting that even a positive Scoping Study...

I think it's worth noting that even a positive Scoping Study will be sold into if the market doesn't like where the cobalt price is going.

The flip-side to this is an identical (or perhaps even more comprehensive) albeit delayed scoping study released during a cobalt price rally will result in a significant re-rate.

The scoping study as last mentioned in the company's announcement is scheduled for early Q4, and the general consensus is that the cobalt price will experience a much more stable rise from here.

I think also a lot of people here forget that while the short term pricing of cobalt can be driven by sentiment and speculation, it is ultimately a product used in industrial application. Industrial applications by nature move slowly even in the face of demand.