independent valuation of luapula plant, page-180

Perhaps a reason why WFE is different from the other cobalt plays you've mentioned is that WFE is planning to purchase ore from 3rd parties, process it and sell the concentrate output. Bearing in mind that the ore will be at least 2.5% Cu and 1% Co.

Now, WFE does not bear any of the costs of building a mine or mining the ore, save that the cost of mining the ore would be incorporated in their buy price. In this respect WFE is not different from a steel mill that buys iron ore, processes it and then sells the steel that they manufacture. If you look at it that way, you might get the right kind of business comparison as the steel mills don't all start losing money due to the price of iron ore falling or rising, rather, they adjust their sale prices accordingly.

Now, when WFE is producing Cu & Co concentrates and generating revenue, their plan is to explore their newly acquired Cu/Co exploration licenses without diluting shareholders further. Upon discovering and developing a Cu/Co resource, WFE will then need to consider the prevailing prices for each metal to determine whether it is then economical to mine the new resource, which is a different question as to whether they can make money by processing someone else's ore.