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Excerpt from Nov 8, 2019 BMO Global Commodities Research - 5G a Bolt-On for Cobalt Demand:

Cobalt is best known for its use in electric vehicle batteries. However, the largest use is still in portable electronics, which has been a problem given global smartphone sales have fallen for seven quarters in a row. The ongoing introduction of 5G offers hope for a more aggressive upgrade cycle once more - using 4G as a precedent we saw accelerated introduction roughly one year after roll-out. This should be supportive of cobalt demand over 2020, with Chinese imports already recovering.

Business Wire - November 7, 2019
world leader in the mining and refining of nickel and cobalt from lateritic ores, today published the Applicable Reference Cobalt Price and

Consistent with the terms of the Warrant Indenture dated as of January 25, 2018 and available on SEDAR, Sherritt will calculate and publish 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: October 31, 2019…Applicable Reference Cobalt Price: US$16.88

Morningstar - November 7, 2019
Katanga Mining Announces 2019 Third Quarter Financial Results Canada NewsWire ZUG, Switzerland, Nov. 7, 2019 ZUG, Switzerland, Nov. 7,...
gross revenue basis, increased base royalty rates and then cobalt being declared a strategic mineral metal and taxed at a higher 10% from Q4

Production guidance for copper and cobalt has been moderately revised, compared to the August 2019 release, as follows: Cobalt (2): FY 2019 16,000t …FY 2020 29,000t…FY 2021 32,000t…(2) Annual cobalt production guidance is subject to +/- 2,000t variation…Notwithstanding these targets, production in any given year will fluctuate as a function of numerous factors, including availability and utilization of the plant, geological and mining conditions, logistics, availability of reagents, availability of electricity, macro-economic factors such as commodity prices, input costs and geopolitical developments (including the 2018 Mining Code).

EVS & Energy Storage
BNN Bloomberg - November 8, 2019
Warren Buffett-backed BYD Co., the country’s biggest maker of new energy vehicles -- all-electric, fuel-cell and plugin hybrid cars -- last

The decline was the 16th in the past 17 months, with the only increase coming this June as dealers offered large discounts to clear inventory…China’s hundreds of aspiring electric-vehicle makers are also struggling to convince buyers that it’s worth paying higher prices than opting for cheaper gas guzzlers. Electric-car sales fell for three straight months through September, as the government -- after spending billions of yuan to nurture the industry -- scaled back subsidies.

BNN Bloomberg - November 8, 2019
announced four years ago it would gradually eliminate subsidies for new energy vehiclesEVs, plugin hybrids and fuel-celled vehicles —

China, which began subsidizing EV purchases in 2009 to promote the industry, has been gradually reducing handouts in the past few years to let automakers compete on their own. The last time the government cut subsidies, it triggered the country’s first drop in EV sales on record, exacerbating what had already been the most prolonged downturn in the world’s largest auto market…The slump in China dragged down the global EV sector as the country accounts for about half of the world’s sales of electrified cars. Regulators are under pressure to reduce handouts as state support helped bankroll the livelihood of hundreds of local carmakers and fueled concerns about a bubble in the industry…Though China announced four years ago it would gradually eliminate subsidies for new energy vehicles — EVs, plugin hybrids and fuel-celled vehicles — after 2020, details have been vague and it didn’t always stick to the plan. Policy makers have been surprised by the sudden, prolonged downturn that resulted from the latest subsidy cut in June, prompting them to debate whether another cut would be too much for automakers to handle, the people said…China considers EVs as a strategically important sector and is mulling a target for 60% of all automobiles sold in the country to run on electric motors by 2035, people familiar with the matter have said. - November 8, 2019
Sales of full-electric cars (battery-electric or BEV) is clearly picking up in Europe, doubling the figures (+102,5%) over the first three...
Sales of full-electric cars (battery-electric or BEV) is clearly picking up in Europe, doubling the figures (+102,5%) over the first three

Sales of full-electric cars (battery-electric or BEV) is clearly picking up in Europe, doubling the figures (+102,5%) over the first three quarters of 2019. Plug-in hybrids (PHEV), on the other hand, slide back with -7,1%. And diesel is going further in its free fall with -16,4%, according to ACEA’s latest quarterly figures for Europe…It became already clear earlier this year that although the combination of a gasoline combustion engine and an electric motor looks like a dream combination on paper, PHEVs do not excite. These models, often large SUVs, have a theoretical electrical autonomy of 50 km and drastically reduce CO2 emissions calculated following certification standards if charged regularly. This often is not the case because owners think it’s too cumbersome…All over the European Union, 198.464 new BEVs are registered in the first nine months of 2019, with the so-called EFTA countries (Iceland, Switzerland, and Norway) combined even 257.511 of which the latter provides the lion’s share with 49.483.

PV Magazine - November 8, 2019
Fossil fuel giant Shell is set to make its foray into Australia’s electricity market after shareholders in electricity retailer ERM Power voted in favour of a $617 million takeover bid.

A deal set to shift Australia’s power retailing landscape will see global energy giant Shell acquire one of the leading Australian power companies, ERM Power. The $617 million takeover offer was put forward in August and overwhelmingly approved by the retailer’s shareholders on Friday…ERM operates two gas-fired power plants in Queensland and Western Australia, which Shell will look to supply with gas from its Queensland Curtis project, its largest LNG project globally. The energy giant has plans for a 120 MW utility-scale PV array to power the onshore gas operations. Furthermore, the takeover forms part of Shell’s expansion push into new markets. It plans to boost annual spending on the strategy to between $2 billion and $3 billion by 2025…The ERM acquisition fits well with Shell’s move towards the electrification of energy systems. In February, almost nine months after investing in Sonnen, Shell moved to take over the business. The German competition authorities quickly approved the acquisition, with shares held by Sonnen investors transferred to Shell New Energy…Only days after acquiring Sonnen, Shell moved to acquire London-based virtual power plant (VPP) technology provider Limejump, as part of its shift from petrol stations to electricity. Shell solidified its presence in the electric-vehicle market in 2017 by acquiring NewMotion, Europe’s biggest EV-charging network, in addition to U.S. charging-software provider Greenlots in January of this year.

PV Magazine - November 8, 2019
Market intelligence company Navigant Research has developed a country forecast of the global market. Incentives and pricing will be the main driver of installations, though the market will continue to be concentrated in certain key regions for now.

The distributed storage market is poised for tremendous growth in the next nine years. Analysts from market intelligence company Navigant Research have made a bullish forecast in their Country Forecasts for Distributed Energy Storage report…Falling costs for solar and storage, diverse business models and breakthroughs in storage enabling technologies will drive a near-twentyfold expansion in the distributed storage market up to 2028, according to the study, from 1,073 MW of new capacity additions per year at present, to 19,878 MW…The ability, and will, of utilities to enable the owners of such small scale storage systems to realize value from their investment will be critical, say the analysts…In California, for example, the Investment Tax Credit, falling solar module and lithium-ion battery prices and an overhaul of the Self Generation Incentive Program (SGIP) have made it cheaper than ever to go off-grid. Customers of utilities Pacific Gas & Electric Co, Southern California Edison, SoCalGas and San Diego Gas & Electric are eligible for SGIP rebates of around $400/kWh off the purchase price of battery systems.

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


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