The recent share price correction is perfectly consistent with the move in the cobalt sulphate price. In March the 20.5% sulphate price was effectively $51/lb, trading at a 15% premium to the LME spot price. Today the LME spot is $36.75/lb and the sulphate price is trading at parity. Therefore the sulphate price has fallen 28%. If you lower the long term price assumption in the NPV model by 28% that causes the NPV to fall by 44%. This is pretty much exactly what has happened to the COB share price over the same time period. The entire price move is related to the sulphate price and not a reflection of changing fundamentals.
Typically companies re-rate as they de-risk and trade at higher P/NPV multiples. COB should do the same after the PFS. To achieve a substantial re-rate we need to sulphate price to play ball.
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Last
8.2¢ |
Change
-0.004(4.65%) |
Mkt cap ! $34.58M |
Open | High | Low | Value | Volume |
8.5¢ | 8.5¢ | 8.1¢ | $46.73K | 560.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 5476 | 8.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
8.3¢ | 36144 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5476 | 0.082 |
1 | 10000 | 0.081 |
4 | 110000 | 0.080 |
1 | 75911 | 0.079 |
1 | 30000 | 0.076 |
Price($) | Vol. | No. |
---|---|---|
0.085 | 45 | 1 |
0.087 | 17463 | 1 |
0.088 | 35614 | 1 |
0.089 | 21411 | 2 |
0.090 | 189732 | 5 |
Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
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