Ann: Investor Presentation June 2018, page-16

This pricing deflation has nothing to do with Cobalt Pricing . . it's everything to do with timing and the lack of a JORC resource. If they find cobalt, they make money, at the moment it's all speculation. If people are getting wobbly about MEI now then they can sell and move to bitcoin or emu feathers.

The market will need more Cobalt than it makes for 10+ years to come. India is buying agreements, China is buying agreement, Apple is buying direct agreements, Musk is years off a no Cobalt battery and by then Cobalt supply may have normalised outside of the Congo

Dumb to sell out now. Ball is in play, wheel is spinning.