Cannacord Cobalt Note, page-4

Yes, the market appears to be somewhat blind to the technical realities of the additional cost and complexity associated with the processing of both laterite Ni/Co ore (Australia) and arsenic-rich ore (Canada).

While I suspect the market will, in the medium to long term, correct wrt to companies dealing with complex ores, there has been (and will continue to be in the short term) opportunities to make good coin out of these players based solely on their headline metal grades and desirable geopolitical locations ...