Hi. What you find is companies that have very large resources...

Hi. What you find is companies that have very large resources (nickel / copper and cobalt) but they’re low grade, they tend to highlight how cheap their company is when viewing certain financial metrics. Market cap + debt - cash = enterprise value or “EV”. So a favorite ratio is to show how low their EV is per ton of Nickel / Copper in the ground. Comparing this value between companies is meaningless if you can’t extract those tons at a profit.

What matters is the internal rate of return (“IRR”), net present value (“NPV”) and the location (infrastructure and ease of permitting etc) of a project. To be world class a project needs all of those things. Based on a front end processing technology of a simple crush, gravity separation and floatation, COB achieves a substantial ore grade improvement and therefore a high IRR etc. It is critical that the PFS validates the scalability of that technology to processing 5Mt of ore and reducing the back end throughput to 1Mtpa.