If you believe in batteries and an electric future, it makes sense to invest in the largest/highest grade deposits, in 'ethical' locations with good exploration potential and a pathway to production in the next few years. These companies have the best shot at reaping the rewards of high prices or getting bought out at a premium.
Following that logic, I'm splitting my cobalt allocation over AML, CLA & CLQ.
I know all the talk is EV's, but i think batteries in the home linked to solar energy have a huge future. Australia is particularly suited to this technology. The only thing holding it back is the price of batteries. As the prices fall, and or governments subsidise the price, uptake will grow exponentially IMO.
I'm also a big believer in the 'Asian century' thesis and believe the future of Cobalt demand lies in China, not the USA... GLTAH