The market probably has this right not rerating the sp higher...

The market probably has this right not rerating the sp higher given difficult metallurgy and questions on size. Exports of high arsenic concentrates can be difficult or impossible as countries (not company related) are not keen on accepting downstream liabilities. Refineries can also have a limit on how much arsenic and other heavy metals they can dispose of per year. Also, may come as a surprise that companies which own prospective refineries may not at all be interested in increasing cobalt production. Its possible imo that ARV will need to find enough resource to justify full downstream processing as export of both DSO and concentrates may not be practical or possible. Not impossible, but will need to see a lot more good extensional drilling results.

On a more general note there is some real tier 1 shyte being marketed in the cobalt space. Usual zombie projects that get rebadged with access to new hot money chasing the next best thing.