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Citi – Electric Vehicle Metals & Equities Outlook

Excerpt: “Cobalt is our most bullish call of the EV metals although it is practically the most difficult for investors to currently get (pure play) exposure. In 2H’20 our base case is prices reach $45k/t and our long term price $70k/t forecast is +115% from spot. For perspective, the long term real average price for cobalt is around $55k/t which doesn’t make this forecast excessive in our view considering the blue metal’s new role to support fast growing EV battery demand. This is a complete change of identity and will take cobalt from a ‘minor’ metal to a larger ‘critical’ one….”             Sept 8, 2019

 
Cobalt
 
Business Wire - September 9, 2019
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
world leader in the mining and refining of nickel and cobalt from lateritic ores, today published the Applicable Reference Cobalt Price and

…the Applicable Reference Cobalt Price based on the simple average of the midpoint of the Fastmarkets MB (formerly known as Metal Bulletin) High Price and the Fastmarkets MB Low Price1, expressed in US dollars per pound, for the three consecutive full calendar months immediately preceding each monthly Conversion Ratio Reset Date…. Reference Date: August 31, 2019 … Applicable Reference Cobalt Price: US$14.20

 
 
EVs & Energy Storage
 
Reuters UK - September 10, 2019
FILE PHOTO: A Blue City electric car is charged at a Source power point in London, Britain, October 19, 2018. REUTERS/Simon Dawson -...
FILE PHOTO: A Blue City electric car is charged at a Source power point in London, Britain, October 19, 2018. REUTERS/Simon Dawson -

The British government said on Tuesday it will invest more than 500 million pounds in green technologies…Included in this will be a 400 million pound fund to develop rapid charging infrastructure points for electric vehicles…The government plans to end the sale of petrol and diesel vehicles by 2040.

 
PressClub Global. - September 10, 2019
Oliver Zipse: Already at the forefront of electromobility +++ Market for electric vehicles developing at different rates +++ Customers are...
is manufactured without rare earths, and the cobalt for its battery cells is sourced directly from mines in Australia and Morocco. In

The BMW Group is focusing on the next electromobility milestone: “By the end of 2021, we aim to have a total of one million electrified vehicles on the roads,” stated Oliver Zipse, Chairman of the Board of Management of BMW AG, at the International Motor Show (IAA) in Frankfurt on Tuesday… According to BMW Group forecasts, customer demand should ensure that over 50 percent of new vehicle registrations in China’s premium segment will be pure battery-electric vehicles (BEV) in 2030. The figure for Europe will be only about half that number. The US, the world's second largest vehicle market, will be at about the same level as Europe…Zipse confirmed the plan announced in June to significantly increase the tempo of its electromobility expansion: The 25 electrified models previously announced for 2025 will now be available two years earlier, in 2023. More than half of these 25 models will be fully electric. 

 
Miami Herald - September 10, 2019
The new Volkswagen ID.3 is displayed at the IAA Auto Show in Frankfurt, Germany, Monday, Sept. 9, 2019....
times at this year's show include a slew of new, market-ready electric cars led by Volkswagen's ID.3 compact that aim to reduce greenhouse

The Latest on the Frankfurt auto show (all times local): Ford Motor Co. says that more than half of its European sales will be electric-powered by 2022 as it unveils a premium model of its Puma crossover that uses recovered braking energy to boost acceleration…Ford showed off the Puma Titanium X on Tuesday at the Frankfurt Motor Show. The vehicle is a so-called mild hybrid, meaning it can store energy from braking and coasting in a 48-volt lithium-ion battery and send that power to the wheels to assist the gasoline engine when needed…It says it will have a battery-only SUV based on the Mustang in 2020. In the meantime it is offering plug-in hybrids that combine battery power with internal combustion engines to lower emissions and increase mileage. Like all automakers, Ford is facing stricter European Union limits on average emissions of carbon dioxide starting in 2021 and must find a lower emission vehicle mix to avoid fines…Volkswagen CEO Herbert Diess says his company's massive scale will enable it to make profits on large numbers of affordable electric cars it aims to sell in the next several years…Diess told The Associated Press on Tuesday: "Our approach is different. We come with high volumes, we come with a dedicated platform that is only for electric cars, and we generate a lot of scale because we are investing at the same time in China, in Europe, and in the US."…Volkswagen is showing off the ID.3 at the Frankfurt Motor Show, a battery-powered compact with a base price under 30,000 euros ($33,000). Volkswagen aims to have 40% of its sales as electrics by 2030 even though such cars are currently less than 2% of the market in Europe.

 
Yahoo Finance - September 10, 2019
ID.3, the first model in an unprecedented $33 billion push to make electric vehicles for the masses. The twin steps -- both heavy with

And in Frankfurt, the manufacturer showed the VW brand’s battery-powered ID.3, the first model in an unprecedented $33 billion push to make electric vehicles for the masses…The twin steps -- both heavy with symbolism -- reflect the high stakes involved in Volkswagen’s ambitions to become the world’s electric-car leader just four years after the diesel-cheating scandal plunged it into the worst crisis in its history. The carmaker aims for the ID.3 hatchback, priced under 30,000 euros ($33,200) to become a trendsetter and take on similar status as its iconic Beetle…If things work out as planned, the ID.3’s technical underpinnings, dubbed MEB, will emerge as a new industrial standard for battery-powered cars, giving Volkswagen economies of scale that rivals would struggle to match. U.S. peer Ford Motor Co. has already agreed to use the technology for a high-volume car in Europe and is considering adding a second model. Diess sees nearly 50% of the group’s sales in Europe and China being electric in 10 years…Despite these efforts, investors are doubting VW and other carmakers’ ability to master the technological shift toward electric and self-driving cars. 

 
 
fortuneminerals
For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.