JRV Cobalt, page-531

It just again highlights to me how important it is to objectively study the history of a deposit, and put aside bullish bias about "New management! New demand paradigm!" which can easily take hold, especially in a hot market. It makes for pretty interesting reading looking back at old articles (i.e. 2018 and prior like this one: https://www.mining-technology.com/projects/idaho-cobalt-project/) about how Idaho was being constructed, was going to produce X cobalt, provide heaps of local jobs, etc. All sounds so familiar... In reality, lightening has struck again: first placed on care and maintenance in May 2013 due to unfavourable financial markets and falling commodity prices... When Jervois acquired it in 2019 a lot was made about the capital that had already been sunk into the project - a 2019 company presentation states "ICP de-risked through investment of over C$135 MM to date (over the last 20 years) in project workings". That was equivalent to around US$120M at the time. I remember taking quite a bit of comfort from that. Yet now they've sunk another US$155M of their own hard-earned back into it, and it's on C&M again. Hard gig, building mines!