CoB should be worth $4.5 Billion, page-5

	Column 1	Column 2
0	Co Price (AUD/ton) as of 02/02/2017	$49,130
1	Co (ppm)	841
2	Inferred Ore (Mt)	35.7
3	Co (t)	30,024
4	Total Co Asset Value	$ 1,475,064,381

There's a big difference between 1000ppm and 841ppm (stated in prospectus). A difference of 19%. At these concentrations, every digit counts. Also, you didn't take into consideration the OPEX and CAPEX, which is probably greater than 60% of total costs, not to mention the depreciation of cash flows over time due to TVM.

If management can get into production mode in a few years, based on the assumptions below, COB should have a value of around $368M.

	Column 1	Column 2
0	Yrs till production	5
1	Growth rate of Co price	20%
2	Projected price of Co	$122,251
3	Mine life (yrs)	20
4	Yearly Co output (t)	1,501
5	Revenue/yr	183,521,610
6	% All-in sustaining costs (AISC)	70%
7	Free CF per year	55,056,483
8	Discount rate	8%
9	NPV	$367,891,062

All assumptions contingent on drill results and metallurgical assays. But it's way off from $4.5B.