JRV bought the Finland asset mid 2021 for US$160m when cobalt...

JRV bought the Finland asset mid 2021 for US$160m when cobalt prices were nearly half what they are now.
They expect the Finland assets to earn them US$50-55m in 2022.
We’re talking ~ three year payback - that’s good buying for a very valuable strategic asset.

JRV is not the pure soaring commodity-leveraged flyer (like PLS for example), so it will underperform leveraged New Energy Materials exposures in a rising price environment.
JRV intends to slowly but surely put together more strategic pieces to become a serious upstream miner / midstream refiner (Brazil) and specialty refiner (Finland) of predominantly New Energy Materials products like Cobalt and Nickel.
It will certainly make leveraged hay though its cobalt mine (and hopefully Nico Young in time) but aims to also generate lower risk sustainable through-the-cycle refinery margins, and over time grow into a genuine commodity exposure.
As such, it’s not for everyone, but it is for patient investors in the commodity space that want a relatively stable quality investment.