Fully diluted MC + debt - cash/cobalt inventory gives me an EV =...

Fully diluted MC + debt - cash/cobalt inventory gives me an EV = A$482m (USD$324m) for Jervois Global.

There are lithium plays at the feasibility stage worth far more than that. How many of those are at the FID stage?

For USD$300m odd, we have the only U.S. cobalt mine in production, 40% of the refining capacity at Kokkola, Latin America's only electrolytic class 1 nickel/cobalt refinery (modest restart capex) & an Aussie nickel laterite in Nico-Young. These are REAL assets.

I keep banging this drum, but greenfield projects that may look attractive based on NPV numbers - but requiring billions in capex - are not going to make it without selling the farm to majors.

Jervois Global is IMO an attractive investment proposition at the current price for anyone wanting exposure to the battery metals thematic over the next few years and beyond.