Cobalt is used in a wide variety of industrial applications, with lithium-ion batteries for electric vehicles (EVs) and energy storage systems as the largest demand segment.
As an important battery metal, cobalt’s fate is tied to demand for EVs. The EV market may be facing headwinds now, but the long-term future for the electrification of transportation looks bright as governments around the world push for a green energy transition.
The five top cobalt-producing countries worldwide are the Democratic Republic of Congo (DRC), Indonesia, Russia, Canada and the Philippines. In October 2025, the Democratic Republic of Congo implemented a new quota system for cobalt exports, which has reduced global supply of the battery metal, leading to higher prices for cobalt in the last quarter of 2025.
While Australia ranks sixth, it is also home to the world’s second largest cobalt reserves. The island nation is getting attention in this space as an alternative to production coming out of the conflict-ridden DRC.
Cobalt is often produced as a by-product of other metals, making primary cobalt stocks tough to find. However, with attention on battery metals ramping up, many companies are highlighting their cobalt exposure, especially in Australia.
Read on for a look at the three top ASX cobalt stocks by share price performance year-to-date. Data was gathered on October 21, 2025, using TradingView’s stock screener, and all companies listed had market caps of at least AU$10 million at that time.
1. Cobalt Blue Holdings (ASX:COB)
Year-to-date gain: 252.94 percent
Market cap: AU$104.5 million
Share price: AU$0.24
Cobalt Blue is a rare cobalt primary mining company focused on developing the Kwinana cobalt refinery in Western Australia, as well as its flagship Broken Hill cobalt project in the Australian state of New South Wales.
Battery minerals trader Iwatani (TSE:8088) is Cobalt Blue’s partner for the refinery in Kwinana. The refinery will produce battery-grade cobalt sulphate from third-party material with a capacity of 3,000 tonnes per year in Stage 1. A final investment decision is expected by the end of 2025.
A potential Stage 2 expansion at the refinery could treat cobalt-nickel hydroxide from its Broken Hill project.
The Broken Hill project holds a mineral resource of 126.5 million tonnes of ore grading 690 parts per million cobalt for 87,000 tonnes of cobalt alongside sulphur and nickel. In July 2025, the Australian government granted a three year extension to Broken Hill’s federal Major Project status.
Shares of Cobalt Blue have spent most of 2025 trading in the AU$0.05 to AU$0.06 range. However, the stock’s value hit a year-to-date high of AU$0.31 on October 15 on rising cobalt prices.
Year-to-date gain: 85.29 percent
Market cap: AU$132.56 million
Share price: AU$0.63
Ardea Resources is developing its wholly owned Kalgoorlie nickel-cobalt project located in Western Australia. The large-scale project includes the Goongarrie Hub deposit.
A 2023 prefeasibility study for Goongarrie Hub demonstrated 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.
Ardea is currently working towards a definitive feasibility study (DFS) with funding from its strategic partners, Sumitomo Metal Mining (TSE:5713) and Mitsubishi (TSE:8058). The DFS is on track for completion in the first half of 2026.
The Australian government renewed Kalgoorlie’s Major Project status in October 2025.
After starting the trading at AU$0.33 per share, Ardea’s stock value rose alongside the March 2025 cobalt price spike to a then high of AU$0.48 on March 24. The share price managed to stay above the AU$0.40 level over the next two quarters.
Ardea shares continued to track cobalt prices higher in October to a new year-to-date high of AU$0.65 on October 15.
Year-to-date gain: 54.66 percent
Market cap: AU$44.99 million
Share price: AU$0.135
Coda Minerals’ main asset is the Elizabeth Creek copper-cobalt-silver project located in South Australia’s Olympic copper province.
An updated scoping study for the project released at the end of 2024 shows a 16 year mine life with the potential for steady state annual production of around 26,700 tonnes of copper, 1,300 tonnes of cobalt and 1.13 million ounces of silver.
Coda’s plan for Elizabeth Creek includes three open-pit mines, one underground mine and a hydrometallurgical processing plant. In addition to the production of copper-cobalt concentrate in Stage 1, the company also intends to produce copper cathode and battery-grade cobalt sulphate once the processing plant is completed in Stage 2.
Shares of Coda Minerals have traded sideways in a range of AU$0.07 to AU$0.09 for much of the year. Riding the upward trajectory of cobalt prices in Q4 2025, Coda’s stock hit a year-to-date high of AU$0.17 on October 16.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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