CLA-mining considerations, page-154

Agree..there are lot of variables in play I guess and it could go either way (i.e Cobalt prices rising faster than inflation over the given period of time or vice/versa).
I guess with mining companies, P/E ratio should decrease each year as the production years start unless JORC reserves increase to match what was produced, and as such LOM would vary each year...as such a ball park figure at the initial start of production could be based on LOM..either way, it is very difficult to nail down the P/E ratio and its justification..lot of times, it reflects the expectation of growth and its popularity amongst investors