@Scarpa ...
They can't provide a NPV in the prospectus because they do not have any Independent Expert reports on the costs of cobalt processing.
They can't just use the old numbers from AHIC because they were not a cobalt processing plant.
Just knowing the ore costs $X/ tonne, the plant's valuation is $Y and even if they have an offtake agreement, it tells nothing about potential viability, even using some experts like Roskill's or whoever's price forecasts.
Without knowing the cost of processing the ore they have contracts for, and recovery rates, all from independent third parties, they can't include in the prospectus the potential cashflow/profitability and therefore NPV.
WFE need to raise cash just to get the IEs to do the necessary work (metallurgical testing, then plant adjustment costs and processing costs) to produce a NPV of the project.