JRV Cobalt, page-94

Cobalt’s scarcity makes supply 'price inelastic'. Demand will continue to increase, but future supply won’t be able to respond as quickly, thus exerting enormous pressure on the cobalt price. Could easily double from here.

Follow the money trail & LT deals being done between miners & battery manufacturers. Cobalt & nickel demand will explode throughout the rest of this decade. Benchmark Mineral Intelligence is tracking 225 battery megafactories/gigafactories in the pipeline to 2030 at a total capacity of 4,100GWh. They are hungry for refined cobalt & nickel. He who controls refining capacity will be king. In terms of cobalt, JRV has 11,000 mtpa total finished product capacity as we speak. Scale matters. And full control over supply - with no offtakes locked in.

EVs hit 8.7% market share recently (and 19% in Europe). Think about where this market share is tracking in the next 5-10 years. The market is large enough to accommodate various types of EVs and battery chemistries. NMC will be the preferred battery chem this decade. It is one thing to discover promising new materials/tech, but an entirely different thing to commercialise them to scale. This point is often lost on those pumping non-cobalt alternatives. Lithium ion batteries are now, tomorrow, and future year opportunities. I doubt many people are sweating & thinking beyond 2030 at this point. Strike while the iron is hot. Cross other bridges when you get to them.