Alloy Resources Limited (ASX: AYR)
Many ASX investors over recent years would have no doubt witnessed numerous graphite and lithium stocks propel themselves to greater valuations on the back of anticipated surge in lithium ion battery production.
But there is another metal used in lithium ion batteries set to spark the imagination of investors over the coming months – and that is cobalt.
The battery industry currently uses 42% of global cobalt production, and is a critical metal for lithium-ion cells. Consequently, cobalt has rapidly moved into calculation amongst savvy resource investors.
One tiny ASX-listed company has quietly acquired a license for a significant cobalt prospect near Broken Hill in NSW, in an attempt to address this growing supply demand problem.
Broken Hill is believed to contain one of the largest undeveloped cobalt reserves in the world.
In late January, really just a few days from now, this little stock, currently capped at just $7.7M, will be drilling for extensions to known cobalt-gold mineralisation…