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That’s all pre tax assumptions. One needs to factor in BPL’s 2% NSR and the state’s mining royalty, sustainability capex and tax.

Looking at Blue Oceans research video and NPV model (on the company website) as guidance a $30/lb cobalt price would equate to $887m post tax using a 10% discount (20 years production). That’s $3.85 per share (230m shares). Given the PFS will only factor around 15 years that drops to $3.26.

This will of course improve at the BFS in June 2019 and when production commences in 2020/2021 if spot stays flat that number becomes $7.50/ share using $43/lb.

I’m not raising this to argue the toss. Rather, to prepare fellow shareholders for the upcoming PFS results so there’s no disappointment short term. Long term, if the cobalt price stays flat or rises, COB strikes a deal/s with Havilah, CCZ etc for additional ore to expand production then you can pick your price.