Hi @mondyinvest - It will be hard to put a number down. I would...

Hi @mondyinvest - It will be hard to put a number down. I would usually just take the last quarter's headline realized price (if May provided that in his preso) and multiply that by a average Q0Q increase in cobalt price as a rough benchmark - That way the price lag methodology remains a non-variable.

Estimating EBITDA will be even more complex due to timing and sources of feedstock (e.g. last Q they had to buy one from spot market) - plus the playabilities that JRV Finland was able to secure in March quarter (that number moved about a lot depending on how desperate the buyers are)

Plenty people in here smarter than me (including you ) so will defer further comments to the group.

BTW I did the unthinkable and bought more at 80c (For records I don't have a gambling addiction) - My decision was purely based on 2 factors which I think have exceeded my previous investment case a) Increased support/push from US govt b) We are now starting to talk a lot more about my favt leg Nico Young - That asset will truly make us a fully vertically integrated operation. Not to mention in a week's time we should hear about the BFS. May said early April in his last interview.

Cheers and Good luck all.