Ann: Update on Cobalt Offtake and Funding Negotiations, page-114

If the question is what CFE is worth, then the following may assist.

Apart from the cobalt plays.

CFE has holdings in CXU (15.9%); IGS (21.44%); FEL (59.6%), LRS (4.2%) and EUR (15.3%).

The market cap of these holdings yesterday was $50.85m and CFE''s holding is $9.98m.

There are a whole stack of iron tenements in Africa which are worth near to nothing at moment. There are some copper tenements in Qld.

There's about $12m lent to Frank Timis which has to be repaid to CFE. There are some iron ore royalty payments worth about $2.4m from Timis which are awaiting payment.

CFE market cap is $20m, so cobalt play is worth about $10m based on the other investments being valued at NIL.

CFE 834m shares on issue.

The fact that cobalt play is only $10m appears to show that there is quite a bit of scepticism that the cobalt project will actually get legs. There a number of burnt fingers.

Something will happen, but maybe not what you expect.