Kreno..You could well be right what you say..guess it depends on...

Kreno..You could well be right what you say..guess it depends on what investment timeframe each Inv,/spec. has

For a longer term value investor or Buy in partner or Takeover they would more likely be thinking about cobalt price

4-5years out and supply/demand as EV/batt.peaks  when the company will be in production rather than current cobalt price  (And if such a buy in or buy out offer occurs so will the CLA shareholders and management)

If you are a shorter term trader which most people are your assessment may well be correct

From value investment view CLA's progress and the 4-5 year out  EV/batt Future

The current $46M aud MC seems to have a good margin of safety with very big upside potential

 All IMO