ARR 1.85% 26.5¢ american rare earths limited

Ann: COB: JV Withdrawal Notice Served, page-2

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    So at the very worst, BPL has no more exploration costs for cobalt. If COB does decide to mine and produce cobalt, it will be responsible for the $1 billion capex and ongoing oncosts. BPL has no cost at all, but still receives the 2% smelter royalty. Am I reading this correctly amigos?
 
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