According to those I speak to in the industry, replacement is a...

According to those I speak to in the industry, replacement is a very, very long time away and iron isn't suitable for electric vehicles.

Some replacement though, yeah. I have issue with ARL assuming basically spot pricing in their PFS for the next 25 years, I believe there will be a replacement by then for sure.

EDIT: Maybe not a complete replacement but an alternative to reduce cobalt demand so the price comes back down to earth years down the line.