RE:RE:RE:RE:RE:RE:Buy out. Take a break Jim I will answer this one.
No they did not need to step out drill to incease the reserves, they know whats there after 20 some odd years of drilling. What they are doing is lowering the cut-off grade of the cobalt already present in the ground. Because the price is so much higher now then when their last BFS was done in 2014, lower grades once not considered viable, and not calculated as reserves, are now economically useable. Thus you can lower the cut-off grade and include more tonnage of Cobalt in your Reserves. At $40/lb for Cobalt even low grade ore is valuable!!!!!
The new BFS will also give the Market a New NET PRESENT VALUE (NPV) for the project by using higher prices for cobalt, higher thru put, and higher reserves. I beleive our NPV will be at least 2 X the last one done in 2014........say $500,000,000 to $600,000,000 should be our new NPV.