Ann: Battery Conference Presentation - March 2019, page-168

"With current Cobalt nprice no project is good imo"

That's not true. I know of a good little Cu (less than 1%) /Co (less than .5%) project that is likely to be privately developed whereby the Cu alone will make the project profitable and the Co is all cream on the top.

If WFE was looking to produce Co only, then the project may be more marginal, but the Cu price has remained quite stable and should produce sufficient income to cover the capex repayments and the opex and the Co produced should be all cream, given that the ore supply agreements have minimum grades of Cu @2.5% and Co @1%.

In my view, if WFE was assuming highs or near highs in their cashflow projections, then the NPV based on WFE's cashflows would likely have been much higher than the figure that's come out in the report given that the highs are about 3x the current price.