Demand destruction, inflation and FtGood morning longs. We are on one hell of a ride. Cobalt prices, gold prices, and virtually all metals held at Nico are at high spot prices- the last time we saw cobalt at these levels, we were trading much higher. Why? IMO- we are a high risk asset, and when the market takes a dive, the risk off sentiment tends to hurt jrs more so than producers- in fact if you look at the market cap of the producers they have seen a pull back but not as much as jrs. What does this mean for ft IMO- we took a hard task- raising capital- and made it even more difficult. Further- there is a real risk of demand destruction. Inflation has yet to fully run through the system, and it will be around for some time imo. That could lead to less consumer spending which in turn will lead to less production, which will inevitably lead to less demand for the metals needed. Thats not to say that our deposit isnt different- but if anyone read the management circular, it states that our SP is closely correlated to the metals prices- so if they start to go south, it will further hurt our chances of securing financing. I do believe in the domestic supply chain story- so that keeps me long. Valuation- thanks sirfartalot that video is a great way to help with price discovery- or opinions of it at least. I do believe we are undervalued, by every stretch of the imagination- the problem is, goads ability to negotiate is diminished by a lower sp. I think there is potential here- but with capital costs rising (and metals prices too)- its hard to say how this will shake out. Staying long because Im stubborn and hate being wrong.