Glencore percentage of economicsWhile this isn't news, I had not fully understood the Glencore partnership. Entirely my failure to read.
Non-dilutive with them providing the capital sounds great, but you can't have your cake and eat it too obviously.
https://www.firstcobalt.com/news/news/first-cobalt-announces-positive-feasibility-study-results-for-canadian-cobalt-refinery-expansion To what project economics numbers would you apply what range of percentages (these are purely speculative estimates I imagine) to establish a target share price based on the operating refinery? As an example, I gather the NPV is not something you'd factor at 100% into a target price as FCC won't realize 100%. Correct? Consideration of all of the terms of the tolling agreemtn is not built into the model based on Trent's comments this AM about sharing EBITA (or somethinkg like that). I don't see any EBITA numbers in the release to which you miight try to apply a multiple either.
I calculate ~0.45 CAD per share based on 100% of the reports 191M CAD post tax NPV, but I suspect this should be reduced by a Glencore percentage.
Right, wrong, other factors?
Thanks.