cobalt, page-24

buddy, no, without the details of the offtake agreement we can't determine what the profits will be. And although the agreement is CIC I think that there are certain aspects that we can take for granted, such as it will be structured so that OW wouldn't be paying a price that would guarantee them a loss. So there will be an LME price level below which it won't be viable for OW to buy - or perhaps below which it won't be viable for CDU to sell depending on the wording of the agreement.

A DFS would be good - but it would have to be updated regularly too, to take into account the volatility in product pricing and processing input costs.