RE:Contrarian is a bad investor Your point is spot on. In theory, it may be an option on nickel BUT that only works when you have a management team and board not screwing things up, like spending 10s of millions of dollars on what looks like a dud exploration drill. If they are trying to sell the company as a play on nickel, why destroy the company on such a dumb bet. A classic example of piss-poor capital allocation. There are many ways you get an option on nickel (and indeed cobalt) than investing in equity of these jokers.