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

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.