Australia's Top ASX Cobalt Players: Investment Opportunities in 2025

Cobalt markets are experiencing a remarkable turnaround this year after prolonged weakness. The Democratic Republic of the Congo supplies roughly three-quarters of global cobalt, but a recent export ban has triggered a significant price recovery—reaching US$36,170 per tonne by mid-March, representing a 65 percent jump from January lows of US$21,550. As we progress through 2025, prices have stabilized above the US$33,000 mark, bolstered by surging electric vehicle and battery demand globally.

Australia’s Strategic Advantage in the Cobalt Supply Chain

Though Australia contributes less than 2 percent of current global cobalt production, it controls approximately 15.5 percent of planetary reserves. More critically, Australian mining operations emphasize ethical labour practices and environmental sustainability—a stark contrast to DRC operations, which face persistent criticism over workplace conditions and ecological concerns. This positioning presents an attractive entry point for investors seeking exposure to responsible, battery-grade cobalt production.

The anticipated surge in EV adoption will inevitably drive cobalt demand upward. For a country holding substantial reserves and maintaining premium operational standards, Australia stands positioned to capitalize on this secular trend. Here’s a breakdown of the four most significant cobalt plays listed on the ASX.

Top Four ASX Cobalt Stocks by Market Capitalization

1. Ardea Resources (ASX: ARL)

Market cap: AU$88.37 million | Share price: AU$0.425

This developer is concentrating efforts on its wholly-owned Kalgoorlie nickel-cobalt initiative in Western Australia, described as hosting Earth’s largest nickel-cobalt deposit in an industrialized nation. The Goongarrie Hub forms the cornerstone, with a 2023 study confirming 194.1 million tonnes of ore grading 0.05 percent cobalt and 0.7 percent nickel—translating to 99,000 tonnes of recoverable cobalt and 1.36 million tonnes of nickel.

Operations would span 40 years under an open-pit configuration, producing 2,000 tonnes of cobalt annually alongside 30,000 tonnes of nickel. Ardea is progressing a definitive feasibility study with backing from strategic investors Sumitomo Metal Mining and Mitsubishi, with completion targeted for the second half of 2025.

2. Cobalt Blue Holdings (ASX: COB)

Market cap: AU$24.91 million | Share price: AU$0.054

Exclusively focused on cobalt extraction, this operator champions ethical sourcing and environmental stewardship. Its Broken Hill asset in New South Wales adheres rigorously to Australian labour and environmental benchmarks. The company’s flagship initiative is the proposed Kwinana cobalt refinery.

A November 2023 refinery feasibility assessment outlined a two-phase expansion plan. Stage 1 will process third-party material at 3,000 tonnes annual cobalt sulphate capacity, plus 1,000 tonnes of nickel sulphate yearly. The structure maintains consistent profitability across various cobalt price scenarios. The Australian Government awarded a three-year Major Project extension in July 2025, validating its strategic importance.

Partnership discussions have advanced significantly with Iwatani, a battery minerals distributor, as the proposed development partner. By late March 2025, the detailed engineering phase reached 80 percent completion. An April agreement established a pre-investment consortium framework, with a final investment determination expected by year-end. In May, a three-year supply arrangement with Glencore commenced, securing a minimum 3,750 tonnes of cobalt hydroxide feedstock from DRC operations—equating to 50 percent of initial refinery throughput requirements upon commercial operation.

3. Coda Minerals (ASX: COD)

Market cap: AU$20.46 million | Share price: AU$0.086

Coda is progressing the Elizabeth Creek multi-metal project in South Australia’s Olympic Copper Province. A December 2024 study demonstrated compelling project economics featuring a 16-year operational horizon and steady-state annual yields of 26,700 tonnes copper and 1,300 tonnes cobalt. The extraction plan encompasses three open-pit operations, one subterranean mine, and hydrometallurgical infrastructure.

The initial production phase prioritizes copper-cobalt concentrate generation to establish cash positioning. Subsequent phases will utilize the refinery to manufacture premium products including copper cathode and battery-specification cobalt sulphate. July 2025 marked the submission of a draft environmental scoping document to South Australia’s Department of Energy and Mining, signifying progress toward Mining Lease acquisition.

4. Kuniko (ASX: KNI)

Market cap: AU$8 million | Share price: AU$0.094

This Scandinavia-oriented developer controls three battery metals across Norwegian territory: the Skuterud cobalt project, Undal-Nyberget copper project, and Ringerike battery metals initiative. The Ertelien deposit, a historical nickel-copper-cobalt producer, represents a key asset within Ringerike.

Stellantis acquired a 19.99 percent shareholding in 2023 for AU$7.8 million, simultaneously securing a nine-year offtake arrangement for 35 percent of future cobalt and nickel sulphate production. Following summer 2024 drilling expansion, December results revealed an updated Ertelien resource estimate totaling 40 million tonnes at 0.25 percent nickel equivalent average grade—comprising 22 million tonnes indicated at 0.26 percent and 18 million tonnes inferred at 0.25 percent. The deposit contains 5,600 tonnes cobalt, 71,000 tonnes nickel, and 49,000 tonnes copper in aggregate.

The Path Forward

Australia’s cobalt sector presents compelling opportunities as supply chain diversification accelerates away from DRC-reliance and EV electrification sustains demand momentum. These four ASX-listed entities represent varied development stages, from early-stage exploration to advanced project engineering, offering investors multiple entry points across the sector’s value chain.