Running Commentary on the SP Movements., page-292

Huayou Cobalt certainly have the financial capacity to enter a friendly T/O .
Save themselves $13 million if a reasonable offer between 20c to 25c before infill drilling.
Under 20c do not think it will be accepted by shareholders .
Infill drilling results will only increase competition by Chinese majors.
They would have all details regarding historical drilling data .
Either way their market cap would appreciate significantly on a T/O and align themselves with potential downstream processors.
Great Wall investment would also highlight that car producers want to lock in secure supply .
THEIR Cobalt indirectly goes to VW through CATL.
Why pay double on Jorc infill drilling.