This looks a good exercise. The merger overtakes the 2 June...

This looks a good exercise.

The merger overtakes the 2 June announcement of a 50/50 joint venture of the refinery with First Cobalt. There is a useful map attached to that release.

It puts the Cobalt Camp refinery with better exploration acreage: "(First Cobalt's) flagship cobalt project is its interest in the former producing KeeleyFrontier mine, a high-grade silver-cobalt mine, located in the Cobalt Mining Camp Ontario Canada which borders Cobalt One’s landholdings."

Adroit footwork by Jason Bontempo et al who only just bought the refinery, largely for CO1 scrip.

We have no word yet on whether the refinery is production-ready or has feedstock.

The transaction substantially reduces the risk for both exploration companies. Is the resulting MergeCo worth $140m? We shall see.

Ash