The drill for this summer?, page-41

as previously said, cobalt is a common payable metal byproduct of nickel-copper sulphides. You typically get 1-2 orders of magnitude less cobalt than you do nickel or copper, but cobalt goes into the nickel concentrate and you get paid for delivering it. If you had a deposit that gave you 20,000 tonnes of nickel metal a year in concentrate (a la Sirius Nova), you might get 8-900 tonnes of cobalt metal a year as well from it.

Given all exploration assay results have already been run by the labs and announced, and there's been no new announcement on new exploration activity getting under way to generate new assays (probably because it's most likely still a swamp), if previous assays looking for nickel had any appreciable cobalt (or gold) they would have announced it already.

So scratch that idea as the driver for the latest share activity. They haven't found a new gold or cobalt showing (yet) in the existing project area.

What is causing the SP movement? Well, your guess (not involving finding gold or cobalt) is as good as mine. But it looks like it's something outside Mt Ridley project area exploration activity.

Or, it may just be nothing and people are only getting on board ready for the next round of exploration in what is still a promising area with relatively little previous work testing targets in a huge amount of ground to cover.