RE:Contration's blast from the pastWow, you go to great lengths to be vindictive don't you YourFriendo.
Sad that you haven't actually looked at the numbers here. Look at the NDCC. It is $2.00 in this rough model. This was obviously quite a while ago when the cobalt price had spiked up. It specifically says "all other assumptions being the same" which they are not. NDCC is not $2.00 right now. You are trying to invalidate a conclusion without making an apples to apples comparison.
Furthermore, Contrarian offered to DM anyone (I guess anyone who he doesn't think is a knob) an updated and more refined model several months ago. I took him up on that. It is good work.
As another poster said, just because the share price doesn't reflect fair value doesn't mean the approach or analysis is incorrect. The question is at what point the market gains enough confidence that the cash flows are valued at a fair multiple. Thats an unanswered question.