That valuation, along with valuation of all junior cobalt stocks...

That valuation, along with valuation of all junior cobalt stocks on the ASX simply tells me the market is betting on low cobalt prices to continue. That's just another instance of the market getting it wrong due to shortsightedness. Watch out for the trade war news, and the seemingly benign news of yet another Tesla catching fire in January (not enough cobalt in their batteries!). The authorities are still investigating it, but it won't be long before they realize how dangerous it is to take cobalt out of lithium batteries and legislate minimum cobalt content in batteries (directly or indirectly).