Liquidity, page-23

And as for your doom and gloom Benzo, I dont think Borgy has ever said well be mining it. were proving up a monster load to sell to the big boys. pretty simple.

Each hole costs around 70,000 AUD to drill. And this quarter they burned around 1.5 mill only while drilling. After the Jorc Upgrade we will probably be the 5th biggest cobalt resource in the world and the biggest in the sensible world. And still open on all sides. I don't think we need to keep drilling anymore -how big is big enough already. If they stop drilling then they will burn under 1 mill a quarter. they have 10 mill in the bank. That's another 2-3 years plus till next CR needed - if we havn't sold out by then were all stuffed anyway.

I'm pretty confident it will belong before that!- or cobalt price should rally again before that.

I think the main issue now is to show that they can separate the surface oxidized ore more efficiently and then The ss can show an open pit mine which will greatly reduce Capex and increase early cashflow. Jorc upgrade will be soon, SS should be by end March early April from what has been announced.

I'm not even sure they need the SS for that. One big group I'm talking to with some interest have said to me essentially - "Look we don't need an SS from CLA- we have 60 Geos in Africa today, and 140 geos in house - we already mine Cobalt now for many years , I suggest we know what we want to do and how to mine it - probably better than your few guys in CLA . we Just want to see the new resource upgrade".

I hear theres Another interested group on site with Brogy this week - Brits (as in real businessmen).

I Also am aware of French, Russians, Yank and Chinese companies all sniffing too.

So Roll on the Jorc upgrade - IMO I reckon they will do it in two parts- one in the next week or so for the drilling incrteases from last year- and one soon after incorporating the new deeper flat "bowl" formation bit to the Northwest. (if its accepted by the ASX JOrc accredited Geo)- if so I'm betting on over 200,000 OZ contained.

Unfortunately there's a good chance it won't make much short term difference in his crapped out sentiment -bearish cobalt price market.....at least not until the first bids then come in. - or until cobalt price turns a bit north.

And on that front Look we saw how fast it rallied in 2017/2018, we saw how fast it fell 2018/2019, We know demand is still growing at over 12% PA (from what I read) So when/if she's gonna rally I reckon it won't hang around too much. When she goes we know she can go. FOMO well set in and well be off to the races again.

Have you got set with your cheapo's yet Jim rodgers?