just the facts, page-24

Inthealice

As much as the lower AUD helps it's all about the cobalt price, almost twice the revenue of Cu-Ni together. If all the big new cobalt producers like Katanga keep making metal IMO the cobalt price will tank and stay down as the supply doubles over next 3 years. If the cobalt mines, nickel laterite and Cu in DRC fall over then CMR may find themselves saved by cobalt.

Being almost universally a bi-product, cobalt production is not generally increased or deceased to suit demand. It is either over-supplied or under-supplied depending on the production dynamics of the primary metal (usually Cu or Ni) and price extremes are common in both directions. CMR is very much a gamble on the cobalt price, perhaps all the cards fall their way and they dodge the bullet?

goodluck