The Energy Report

Expert Comments:

Demand for Cobalt Focuses Analyst's Attention on Streaming Company (10/3/17) A "large appetite" for cobalt, in demand for use in lithium ion batteries powering electric vehicles, contributed to a decision to initiate coverage on this firm. read more >
	David Talbot, Eight Capital (9/26/17) "We initiate coverage of Cobalt 27 Capital Corp. with a BUY and a C$10.90 share price target. . .Cobalt 27 offers investors the first pure play vehicle to gain direct exposure to cobalt. . .holding physical cobalt should serve as an excellent proxy for market sentiment due to its strong correlation to cobalt pricing. . .management has indicated that it plans to pursue a growth strategy through potential additions to its physical cobalt holdings. . .while its eight royalties are small and far from production, these royalties speak more to management's ability to transact. We expect KBLT to engage more advanced developers and producers with streams or royalties."
SmallCapPower.com (9/20/17) "Cobalt 27 Capital Corp. is one of the four Canadian cobalt stocks with the greatest monthly momentum. . .driven by increasing demand for batteries used in electronic vehicles and supply shortages, global cobalt prices continue to surge and currently trade at multi-year highs of $28/lb. . .annual demand for cobalt is projected to exceed 120,000 tonnes by 2020, up 30% from the 93,950 tonnes consumed in 2016. To take advantage of this secular bullish trend in cobalt, investors could invest in miners that are focused on cobalt. . .Cobalt 27 Capital Corp. offers pure-play exposure to cobalt."
Cobalt Pure Play Offers 'Unique Exposure and Leverage' (9/19/17) Numis initiated coverage with a Buy rating and target price of CA$11 on this "dedicated cobalt investment vehicle." read more >
	Eric Zaunscherb, Canaccord Genuity (8/21/17) "We are initiating coverage of Cobalt 27 Capital Corp. . .with the advancement of lithium-ion battery technology, cobalt has become a key component of battery chemistry. It is vital for stable battery chemistry in positively charged cathodes and makes up 9% to 14% by weight of the material used in battery construction. Cobalt prices have risen 193% since December 2015 on accelerating electric vehicle and grid energy storage applications, but we expect a cobalt demand CAGR of 14% and ongoing supply deficits to 2025. . .Cobalt 27 is a hybrid investment vehicle engineered to provide the only pure investment quality cobalt exposure."
	Colin Healey, Haywood Securities (8/9/17) "We are initiating coverage on Cobalt 27 Capital Corp., a unique vehicle that offers pure-play exposure to physical cobalt commodity price speculation and secular trends in the development of battery technologies to support the global effort to transition to a low-carbon economy. . . Cobalt 27 has acquired seven net smelter return royalties on exploration-stage properties focused on cobalt. This model allows for an asymmetric payoff profile, with limited downside from the typical risks associated with mining operations. . .we are initiating coverage with a BUY rating and $11.50 price target."
Carey MacRury, TD Securities (7/28/17) "Cobalt 27 Capital Corp. is a new company offering investors pure-play exposure to physical cobalt, a key element in most lithium-ion batteries. . .the company provides investors with one of the few ways globally to get pure-play exposure to cobalt without taking on the exploration, development or operating risk associated with cobalt mines. . .management aims to accretively grow its cobalt exposure through the acquisition of additional physical cobalt, streams, royalties, and potentially direct interests in mineral properties containing cobalt. . .the key to future cobalt demand is the adoption of electric vehicles (EV). . .we also expect countries to continue to subsidize EV purchases in order to meet Paris Accord commitments."
Anoop Prihar, GMP Securities (7/19/17) "Cobalt 27 Capital Corp. is a newly listed public company that offers direct leverage to cobalt price appreciation. The company currently owns 2,158.8 tonnes of physical cobalt and a portfolio of cobalt royalties. . .future demand will be driven by robust growth in EV sales which is a function of falling battery costs, supportive government policies, the transition to cobalt based EV batteries. . .the production of refined metal over our forecast period is expected to increase from 93.5K tonnes to 121.6K tonnes, which suggests the market will remain in deficit. . .we are initiating coverage with a BUY rating and $12 target price."

More Expert Comments

Michael Doumet, Scotia Capital Inc. (7/11/17) "We believe Cobalt 27 Capital Corp. is uniquely positioned to benefit from the favourable market dynamic and can offer investors pure-play exposure to cobalt without the risks associated with exploration, development, and geopolitics. . .we believe an emerging “battery boom”. . .will drive cobalt demand to new heights and outstrip supply. . .we expect the company to pursue and transact on a number of streaming opportunities, which should tilt the company's value toward cash-generating cobalt streams, effectively transforming KBLT into a hybrid physical holding and streaming company, which, in our view, has favourable valuation implications."

Jonathan Guy, Numis (6/27/17) "Cobalt 27 Capital is a dedicated cobalt investment vehicle that provides direct exposure to the metal through a combination of physical cobalt holdings and a series of royalty agreements with companies that hold an interest in cobalt projects. Cobalt, alongside lithium, is one of the key elements of modern batteries that are used in electric vehicles and static power storage systems. . .[this demand] has driven the cobalt price upward from a low of US$10/lb at the beginning of 2016 to US$27/lb for standard grade at present and should sustain higher prices over the medium and long term."

Experts Following This Company

Michael Doumet, Equity Analyst – Scotiabank, Scotia Capital Inc.
	Colin Healey, Analyst – Haywood Securities
Carey MacRury, Equity Analyst – TD Securities
Anoop Prihar, Director, Special Situations Analyst – GMP Securities
	David Talbot, Vice President, Senior Analyst – Eight Capital
	Eric Zaunscherb, Analyst – Canaccord Genuity

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