Blister Just going from cobalt grades is tricky because many...

Blister

Just going from cobalt grades is tricky because many companies rely heavily on producing multi products (many companies produce copper / cobalt or nickel cobalt). Cobalt in most of these cases is a by-product and therefore is dependent on copper and nickel prices as well.

There is also a huge difference in capex between sulphide and laterite producers with the latter often requiring investment of around $1b.

The best projects with the highest grades tend to be in the Congo which has the biggest country risk.

Personally as per your chart I was worried about the grade of COB, but this has dissipated with their announcement that they can upgrade the grade 5x through a simple gravity separation process.

I think the best method is to spread risk among the better projects so therefore have shares in COB (sulphide), AUZ and CLQ (laterite), HIG (current producer) and NZC (Congo).