Any increase in cobalt holdings would be aimed at reducing reliance on China, which dominates the processing of the material.

The lithium supply chain is maturing but the metal's pricing seems trapped at the early development stage.

"The US government needs to stop giving lip service to permitting," Richard Adkerson told Reuters.

In October, Li-Cyle paused the construction of its flagship battery recycling facility and later said it was evaluating financing and strategic alternatives.

Northern Dynasty claims it has spent at least $1 billion over two decades in its efforts to develop the project, which was effectively killed.

While earnings fell from 2022’s blockbuster records, profits across the sector still easily eclipsed prior highlights such as in 2008-2009.