Introduction to Cobalt and Australia’s Role
Though it is only responsible for less than 2 percent of the world’s cobalt production, Australia holds about 15.5 percent of global reserves. Moreover, while the DRC’s labour and mining practices have often been labeled unethical and unsustainable, Australian miners are focused on safer, more environmentally friendly practices.
Why Invest in Australian Cobalt Stocks?
For investors looking to get exposure to the Australian cobalt market, several ASX cobalt stocks may be a good place to start. These companies are involved in various stages of cobalt production, from exploration to development, and offer a range of investment opportunities.
Top ASX Cobalt Stocks by Market Cap
The following are some of the biggest cobalt stocks on the ASX by market cap. All market cap and share price data was obtained on April 9, 2025.
1. Ardea Resources (ASX:ARL)
Market cap: AU$75.88 million
Share price: AU$0.365
Ardea Resources’ primary focus is developing its wholly owned Kalgoorlie nickel project, which the company says “hosts the largest nickel-cobalt resource in the developed world.” Located in Western Australia, the project includes the Goongarrie Hub deposit. A 2023 prefeasibility study shows that the Goongarrie Hub has an ore reserve of 194.1 million tonnes at 0.05 percent cobalt and 0.7 percent nickel, resulting in 99,000 tonnes of contained cobalt and 1.36 million tonnes of contained nickel.
2. Cobalt Blue Holdings (ASX:COB)
Market cap: AU$21.97 million
Share price: AU$0.052
Cobalt Blue Holdings focuses solely on cobalt and is enthusiastic about the metal’s ethical and environmental potential within the renewable energy market. The company owns the New South Wales-based Broken Hill project, a cobalt asset that it says adheres to Australian labour and sustainability standards. It is also planning the Kwinana cobalt-nickel refinery. In November 2023, Cobalt Blue released the results of its cobalt-nickel refinery study, which projects stable margins throughout potential cobalt price fluctuations.
3. Coda Minerals (ASX:COD)
Market cap: AU$18.92 million
Share price: AU$0.071
Coda Minerals is advancing its Elizabeth Creek copper-cobalt-silver project located in the Olympic Copper Province of South Australia. Coda completed an updated scoping study on the project in December 2024, which demonstrated robust economics with a 16 year mine life and the potential for annual production of about 26,700 tonnes of copper and 1,300 tonnes of cobalt at steady state production levels.
4. Kuniko (ASX:KNI)
Market cap: AU$10.43 million
Share price: AU$0.145
Norway-focused Kuniko is targeting three metals key for the EV industry: cobalt, nickel and copper. The majority of its assets are in Norway, including its Skuterud cobalt project, Undal-Nyberget copper project and Ringerike battery metals project. Ringerike hosts the past-producing Ertelien nickel-copper-cobalt target. In 2023, Kuniko received an investment of AU$7.8 million by Stellantis, which acquired a 19.99 percent interest in Kuniko and secured a 35 percent offtake for future production of nickel and cobalt sulphate from Kuniko’s Norwegian projects for nine years.
Conclusion
In conclusion, the Australian cobalt market offers a range of investment opportunities for those looking to get exposure to this critical metal. With several ASX-listed companies involved in cobalt production, from exploration to development, investors can choose from a variety of stocks to suit their investment goals. As the demand for cobalt continues to grow, driven by the increasing demand for electric vehicles and renewable energy technologies, the Australian cobalt market is likely to play an important role in meeting this demand.
