There is much excitement about the potential for cobalt-free and...

There is much excitement about the potential for cobalt-free and nickel-free cathodes, with development of the former quite well advanced from my understanding. The key is the lag between development and commercialisation. There will be significant industry inertia to overcome, and it is likely to take years to push through the structures that support the use of cobalt and nickel in battery cathodes. Bryce Crocker is of the opinion that there is unlikely to be any form of quantum shift this decade.

It also seems plausible that the shift away from cobalt in particular would be slowed if there were an increase in ethically produced supply - which JRV is well positioned to take advantage of.

There may well be long-term risk (let's not kid ourselves - most investors are here to ride the EV wave), but there is strong upside in the medium-term of 5-10 years.