21.5% IRR does not cut the mustard on a high risk project, you...

21.5% IRR does not cut the mustard on a high risk project, you need 30% on a low risk mining project to be just 60% bankable on the CAPEX

The IRR is what the market lasers in on then it looks at the commodity price assumptions, which usually are spot and a forward transparent forward curve, but not here, they are bullish and opaque.

Auto producers might be interested, on their onerous terms! And their terms would leave very little for the shareholder. The risk is born by the financiers and for that risk they would expect the gains, that is life in the real world of financing risky mining projects.

Then the market starts having unpleasant thoughts about that word "leach" when remembering all the money lost on projects that used leaching in some form or another to extract metals

And that my friends is why the price tanked today.

Its a cobalt play so it will have it trading opportunities for the nimble, but the fundamentals are very average and its very risky.