Big difference between WFE and CLA.  The former has a processing...

Big difference between WFE and CLA.  The former has a processing plant so needs third party ore to turn a profit and then developing its own tenements for supply.  The latter needs to install the capex - i.e. processing plant - so in a NPV sense the falling cobalt price has a major impact on IRR and NPV (given the needed capex upfront and then the way discounting works on future cash flows) for CLA compared to WFE.   WFE, because it has the sunk cost already of a processing plant, its viability is more likely than not at lower cobalt prices than when compared to CLA. For WFE it is a question of ore supply at this stage and where that is coming from, but capex wise its capex spend would be far less than CLA, hence the impact of current cobalt prices on CLA’s feasibility.  Where WFE gets its ore from is the question, as are the costs of conversion (but capex is less of an issue for WFE than CLA) so will be interesting what the upcoming advice from WFE will be in that regard.  All IMO