Top 5 Canadian Cobalt Stocks of 2025 | Commodities
Cobalt costs remained elevated by Q2 2025, holding sturdy after a sharp early-year rally triggered by the Democratic Republic of Congo’s (DRC) export ban on cobalt hydroxide. Announced in February, the restriction rapidly pushed standard-grade cobalt metallic up 45 % month-over-month to US$15.75 per pound, whereas cobalt sulfate costs spiked by 74 %.
Prices held regular between US$15 and US$16 per pound by Q2, whilst imports into China surged in April, fueled by materials from Indonesia.Yet, as Fastmarkets analyst Olivier Masson famous during the Lithium and Battery Raw Materials Conference in June, Indonesian output received’t be enough to offset the shortfall from the DRC, which prolonged its export ban into September.After years of provide growth, with international mine output more than doubling since 2020, the second half of 2025 is anticipated to deliver a slowdown, doubtlessly tightening the market and supporting costs.These powerful market circumstances in recent times have been mirrored within the efficiency of cobalt-focused exploration and mining firms. However, cobalt is essentially produced as a by-product of nickel and copper mining, and a quantity of polymetallic stocks that offer publicity to cobalt have been capable of make positive factors within the present market.Below, we have a look at the 5 prime cobalt stocks on the TSX and TSXV by share price efficiency this 12 months, together with their operations and actions this 12 months.
All year-to-date and share price data was obtained on August 12, 2025, utilizing TradingView’s stock screener. Companies with market caps above C$10 million at that time have been thought-about.
1. Talon Metals (TSX:TLO)
Year-to-date gain: 394.12 %
Market cap: C$380.31 million
Share price: C$0.42Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, by a three way partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon at present holds a 51 % stake within the project and may earn up to 60 %.In late March, Talon Metals introduced a large sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 % sulfide content material situated deeper than the present Tamarack useful resource.An extra large sulfide discovery in May drove the company’s share price up considerably. The intercept was the thickest found on the website but, measuring a whole of 34.9 meters within a 47.33 meter interval beginning at 762 meters depth. On June 5, Talon reported file assays from the intercept, with average grades of 57.76 % copper equal or 28.88 % nickel equal.
In mid-June, Talon closed a mixed C$41 million in financing to advance work at Tamarack.Shares of Talon rallied to a year-to-date high of C$0.41 on August 6 alongside outcomes from a third gap on the discovery, which the company has named the Vault zone. It is now focusing on the zone with two drill rigs.Outside of Tamarack, Talon secured a website in North Dakota, US, for its deliberate Beulah minerals processing facility on May 28. The location is owned by Westmoreland Mining and beforehand hosted coal-mining operations. The facility will function a key hub for home processing of nickel and different crucial minerals within the US. The company at present plans to start construction in 2027.
2. Leading Edge Materials (TSXV:LEM)
Year-to-date gain: 77.78 %
Market cap: C$37.15 million
Share price: C$0.16Leading Edge Materials is developing a portfolio of crucial supplies tasks within the European Union to provide supplies for superior applied sciences corresponding to lithium-ion batteries and everlasting magnets for EVs and wind energy technology.
The company’s tasks embrace its wholly owned Woxna graphite mine, the Norra Kärr heavy uncommon earth parts project in Sweden and the 51 % owned Bihor Sud nickel-cobalt exploration alliance in Romania.After beginning the 12 months at C$0.09, shares of Leading Edge Materials spiked dramatically in late February and stayed elevated by a lot of March, reaching a year-to-date high of C$0.30 on March 24. The day earlier than its peak, the company introduced it’s transferring ahead with its speedy development plan on the Norra Kärr project, aiming to fast-track manufacturing of heavy uncommon earth ingredient focus and nepheline syenite.The day after, nevertheless, shares fell when Leading Edge reported that Norra Kärr was not chosen for the primary listing of strategic tasks beneath the EU’s Critical Raw Materials Act. Leading Edge plans to reapply when a new call for functions is introduced, and acknowledged it has made important progress since its earlier utility in August 2024.As for Leading Edge’s cobalt asset, the Bihor Sud nickel-cobalt project is a brownfield early-stage exploration project at which subject work has recognized sturdy potential for the invention of a important polymetallic deposit. The company says its objective on the project is (*5*)
According to its June 2025 presentation, exploration work deliberate for 2025 at Bihor Sud’s G2 gallery contains mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling focusing on polymetallic mineralization on the gallery is underway.On the financial facet, Leading Edge introduced a C$400,000 non-brokered non-public placement in June.
3. Wheaton Precious Metals (TSX:WPM)
Year-to-date gain: 61.01 %
Market cap: C$60.97 billion
Share price: C$132.82Wheaton Precious Metals is one of the most important gold and silver royalty and streaming firms. It has investments in 18 working mines and 28 development tasks throughout 4 continents, together with a cobalt streaming settlement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.The company reported its Q1 2025 financial outcomes on May 8. The report highlighted a file US$470 million in income, US$254 million in internet earnings and US$361 million in working money circulation.
The cobalt section registered year-over-year attributable manufacturing positive factors, rising to 540,000 kilos in Q1 2025, in comparison with 240,000 kilos during Q1 2024. Despite the output increase, gross sales from the identical reporting fell to 265,000 kilos from 309,000 kilos in 2024. According to Wheaton’s Q1 report, Voisey’s Bay is at present in a transitional part, shifting from the depleted Ovoid open-pit to full underground manufacturing. Voisey’s Bay’s underground operations are ramping up, with full ramp-up anticipated for H2 2026. Shares in Wheaton hit a year-to-date high of C$138.56 on August 7 coinciding with the company’s Q2 outcomes.
4. FPX Nickel (TSXV:FPX)
Year-to-date gain: 10.64 %
Market cap: C$80.28 million
Share price: C$0.26FPX Nickel is at present advancing its Decar nickel district in British Columbia, Canada. The property contains 4 key targets, with the Baptiste deposit being the first focus, alongside the Van goal. The company additionally has three different nickel tasks in BC and one within the Yukon, Canada.
On February 24, FPX launched outcomes from a constructive scoping examine for the development of a refinery that will refine awaruite focus from the Baptiste deposit into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual manufacturing was anticipated at 32,000 metric tons (MT) of contained nickel and 570 MT of contained cobalt. The outcomes confirmed that the method resulted in working prices and all-in manufacturing prices close to the underside of nickel sulfate price curves, partially due to the by-product credit. Additionally, the carbon depth of the awaruite refinery is considerably decrease than that of at present used manufacturing strategies. FPX formally printed the examine on the finish of March.Shares of FPX reached a year-to-date high of C$0.28 on March 7. In June, the company efficiently produced a bigger run of battery-grade nickel sulfate crystals from Baptiste awaruite focus utilizing the identical course of because the scoping examine. FPX plans to share the samples with potential downstream companions, together with battery and EV producers.On July 7, FPX introduced it obtained a multi-year area-based allow from the BC authorities, a essential step within the renewal of drilling and exploration actions on the Baptiste project. The company acknowledged it has commenced drilling, with targets supporting its feasibility examine and the beginning of its environmental evaluation course of.
5. Nickel 28 Capital (TSXV:NKL)
Year-to-date gain: 2.82 %
Market cap: C$59.84 million
Share price: C$0.73Nickel 28 Capital is a battery metals company with an 8.56 % curiosity within the producing Ramu nickel-cobalt mine in Papua New Guinea. It additionally holds a portfolio of 10 nickel and cobalt royalties on development and exploration tasks throughout Canada, Australia and Papua New Guinea.Shares of Nickel 28 registered a year-to-date high of C$0.86 on January 20 and again on February 6.On February 3, the company launched its This fall and full 12 months 2024 outcomes, reporting decrease manufacturing year-over-year as a result of a deliberate plant shutdown in September and October. According to the info, whole cobalt manufacturing on the Ramu operation fell year-over-year in 2024, with output reaching 549 MT in This fall and a pair of,625 MT for the complete 12 months, down from 706 MT and three,072 MT respectively in 2023.
Sales additionally declined, totaling 488 MT in This fall and a pair of,793 MT for the 12 months, in comparison with 755 MT and three,086 MT within the prior 12 months. Average cobalt costs have been additionally down during the period, dropping 34 % year-over-year in This fall to US$9.95 per pound and ending 2024 at an annual average of US$11.26 per pound, a 29 % lower from 2023.The Ramu operation additionally skilled a short-term manufacturing setback following a mechanical failure in a single of the acid plant’s blowers in December. On February 20, Nickel 28 introduced that repairs have been full and the plant was back at full capability.On August 11, Nickel 28 launched its Q2 2025 outcomes, noting Ramu delivered stronger cobalt output with file weekly manufacturing charges at the start of the quarter. The operation produced 787 MT of contained cobalt in Q2, up from 675 MT a 12 months earlier. Cobalt gross sales additionally rose, totaling 719 MT in comparison with 684 MT in the identical period of 2024. While average cobalt costs climbed 18 % year-on-year to US$15.23 per pound, nickel costs slipped 18 % to US$6.88 per pound, although decrease manufacturing prices helped offset the weaker nickel market.
FAQs for cobalt
What is cobalt?
Cobalt is a silver-gray metallic that’s typically produced as a by-product of nickel and copper mining. It doesn’t happen as a separate metallic wherever within the world, and should be produced by reductive smelting, or from the metallic ore cobaltite, which is made of cobalt, sulfur and arsenic.
What is cobalt used for?
Historically, cobalt oxides have been used to impart a blue pigment to glass, porcelain and paints, therefore the still-used cobalt blue paint. The metallic can be used to provide superalloys, as cobalt imparts qualities corresponding to corrosion and put on resistance, that are helpful in functions corresponding to airplanes, orthopedics and prosthetics.Today cobalt is most famously used within the rechargeable lithium-ion batteries that run every part from smartphones to EVs.
Where is cobalt mined?
The majority of cobalt manufacturing comes out of the DRC, which was liable for producing 220,000 metric tons of the fabric in 2024. For perspective, the second largest cobalt-producing nation, Indonesia, reported output of 28,000 MT the identical 12 months; third place Russia produced 8,700 MT of the fabric. As the lithium-ion battery and EV provide chains garner international consideration, firms try to restrict their publicity to cobalt produced from the DRC, which is thought for human rights abuses and generally baby labor in its mining industry. In response to this pattern, many nations with cobalt are trying to create home cobalt and EV provide chains within the hope of attracting firms trying to keep away from DRC-sourced cobalt. This might be seen within the up-and-coming battery hall in Ontario, Canada, in addition to within the US-based Idaho cobalt belt.
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Securities Disclosure: I, Georgia Williams, maintain no direct investment curiosity in any company talked about on this article.Editorial Disclosure: FPX Nickel is a shopper of the Investing News Network. This article will not be paid-for content material.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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