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This was a while ago, since then:
Cobalt price ~80% up
Nickel price ~50% up
Lithium price ~30% up
Current U/D market cap is ~$5M
Company had $4.12M before this quarter's expenses
The extra 4M of dilution was land purchased at 20c ($8M Value) and has only increased in value.
At this price, the company costs millions less than the cash+land alone which anyone familiar with shells will know is completely unheard of, particularly given the positive geological results.
The well known geologist's price prediction in the research note was based on a resource prediction for Cancet of 15Mt at 1.6%.
Since then Cancet has had a more accurate 15-25Mt at 1.0-2.0% independent resource target based on results including the following:
(adjusted to a more typical but still healthy grade for easier peer comparison)
55.5m at 1.2% (18.00m @ 3.7%) from only 8m deep
51m at 1.2% (18m at 3.14%)
40m at 1.2% (21.46m at 2.24%)
29m at 1.2% (17m at 2.06%)
26.9m at 1.2% (11.02m at 2.93%)
24.1m at 1.2% (15.88m at 1.82%)
20.2m at 1.2% (6.25m at 3.88%)
22.25m at 1.2% (10m at 2.67%)
Given the price target was based solely on peer comparison of market cap vs. lithium resources, it's safe to say since the peer prices have gone up in line with the rising lithium price and future market confidence, a revision of this metric at this point in time would likely produce a price target near $1.50. This is not including a cent of valuation for the Cobalt projects, which is a massive oversight in my opinion. Cobalt 27 Corp paid cash for a small NSR over the Rusty Lake project which is the best undoubtable confidence shown by experts who are certain of its fantastic resources. Additionally, the peer's resources are much deeper than Cancet's which is a few metres below surface and are MUCH higher grade to provide a massive competitive advantage. Cancet has also been expanded since the resource estimate so there is much more potential.
The current prices are also around 1/3rd of that when this research note was released, despite being cashed up with ~$4.12M before this quarter's expenses, and non stop field work/geophysics is happening right now with drilling following immediately after.
I've talked about the other massive potential of the projects which are undertaking airborne magnetics/field work now as per company announcements on other threads, but as a tl;dr:
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Add the fantastic tax conditions, extremely cheap renewable hydroelectric power and obviously low sovereign risk (Canadians are always such nice people) and there's a lot of justifiable, deserved bags which are my favourite type.
(20min delay)