Impact: Mildly Positive
First Cobalt announced an updated resource estimate for its Iron Creek project in Idaho, USA. The company was able to convert 49% of its 2018 inferred resources to the indicated category with 2018-19 drilling and it still has the opportunity to expand the resource along strike and down dip. We believe First Cobalt’s shares are undervalued as its ownership of the only fully permitted cobalt refinery in North America is a competitive advantage. In addition, we believe its Iron Creek project should continue to grow.
