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by Stella Ong

Cobalt stocks ASX: Top 10 Cobalt mining companies

Cobalt is a battery metal expected to benefit exponentially from the global transition to clean and renewable energy. With Australia being one of the largest producers of cobalt in the world, these companies may deserve a spot on your watchlist.

See these top 10 cobalt shares on ASX

Company Name


Stock Price

Year to Date

Market Capitalisation






Anson Resources





Jervois Global





Cobalt Blue Holdings





Sunrise Energy Metals





Ardea Resources





Alliance Nickel





Kuniko Ltd





Australian Mines





Aeon Metals





Data as of 7 July 2023. Source: ASX, S&P Global and Stake data.

*The list of stocks mentioned is ranked by market capitalisation. When deciding what stocks to feature, we analyse the company's financials, recent news, advancement in their timeline, and whether or not they are actively traded on Stake.

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Watch these 10 Australian cobalt miners in 2023

1. IGO ($IGO)

Market Capitalisation: $11.53b

Stock price (as of 07/07/2023): $15.06

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 59% / 41%

One of the bigger companies amongst the stocks mentioned in terms of market cap, IGO is a more established company that engages in the mining of battery metals required for the transition to clean energy. It holds stakes in several battery metals mining projects within Western Australia, such as the Nova nickel-copper-cobalt operation in the Great Western Woodlands and Cosmos nickel operation in Leinster. IGO also invests in a number of lithium projects, owning 100% interest in a lithium refinery in Western Australia that produces battery-grade lithium hydroxide.

The last few years have been a tremendous growth period for IGO, with revenues almost doubling from 2020 to 2022. Earlier investors would be pleased to know that net income over the same period had grown from A$155m to A$831m. Whether it will continue remains to be seen, however, analysts point towards sustained growth, especially due to the M&A activities surrounding the company. While its shares have rallied 16% year-to-date, investors may still find opportunity in the current P/E ratio of 14x.

⛏️ Interested in lithium stocks on the ASX?

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2. Anson Resources ($ASN)

Market Capitalisation: $195.73m

Stock price (as of 07/07/2023): $0.16

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 62% / 38%

The second largest company in this list in terms of market cap, Anson Resources engages in the exploration and development of mineral resources in both the U.S. and Western Australia. It offers a range of metals including critical metals, lithium, bromine, boron, iodine, and nickel-cobalt laterite.

Anson Resources is still pre-operational, suggesting that its higher market cap means investors are bullish on its potential, most likely due to its recent explorations done on its lithium project. Other than this, there isn't much news on the company. Like some others, Anson Resources relies on external funding to continue operations.

3. Jervois Global ($JRV)

Market Capitalisation: $161.68m

Stock price (as of 07/07/2023): $0.057

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 64% / 36%

Jervois Global is a cobalt company with significant nickel and copper exposure through its operations in Finland, the U.S., Brazil and Australia. The company aims to become a global supplier of the metals needed in crafting lithium-ion batteries for electric vehicles. Jervois made headlines in 2019 when it acquired the Idaho Cobalt Operations in Idaho, USA, which is currently the only cobalt mine in the country.

Despite being founded in 1962, the company only began generating revenues in 2021 through the sales of cobalt from its Finland operations alone. It recorded US$121m in revenues that year, growing to US$353m in 2022. This was because it fully acquired Jervois Finland (formerly Freeport Cobalt) in 2021; its other projects are still pre-operational and undergoing research. Despite this revenue, the company still records net losses and relies on capital raises and bond issuance to stay afloat. In June 2023, it announced its plans to raise an additional A$37m through the issuance of common shares.

Much like the rest of the industry, Jervois’ share price has plunged year-to-date, extending its losses after its two-year share price rally ended in May 2022, where it saw gains of over 560%. Despite this, the company continues to progress, recently signing a deal with the U.S. Department of Defense for the purpose of advancing the country’s cobalt supply chain.

4. Cobalt Blue Holdings ($COB)

Market Capitalisation: $129.32m

Stock price (as of 07/07/2023): $0.32

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 59% / 41%

Cobalt Blue Holdings is a pre-operational company founded in 2016 that engages in the exploration of cobalt resources in Australia. With its main project being the Broken Hill Cobalt Project in New South Wales, the company hopes to become a global manufacturer in the lithium-ion battery industry. 

While still in research, the company’s feasibility study for its Broken Hill project is expected to be completed by Q3 2023. Their study has so far found their ability to extract 95% cobalt recovery and find a concentrate grade of 4,400ppm for its ore. When finally becoming operational, the Broken Hill project is expected to have a life of 20 years, generating around 400 full-time jobs in regional New South Wales.

Cobalt Blue’s share price is currently close to its 52-week low, potentially offering a good entry point for investors bullish on its future.

5. Sunrise Energy Metals ($SRL)

Market Capitalisation: $110.77m

Stock price (as of 07/07/2023): $1.27

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 74% / 26%

Formerly known as Clean TeQ Holdings, Sunrise Energy Metals was established back in 1990 and engages in the purification and exploration of various minerals. It works with a range of metals including battery metals, precious metals (i.e. gold and silver), platinum group metals (i.e. platinum, rhodium, palladium), and base metals. 

Sunrise Energy changed its name due to its involvement with the world-class Sunrise project in New South Wales, Australia. The Sunrise project, which is the Sunrise Battery Materials Complex, is one of the world’s largest cobalt-rich nickel laterite deposits and is ready for development, with all permits and approvals ready to go. Despite this, it is not yet operational, and the revenues that the company reports on its income statement are all from government grants and rental income.

Like many on this list, the company has experienced a battered share price in recent years due to a strong boom in 2018. However, experts are bullish on the company’s future.

💡Related: Add these Australian gold miner stocks to your watchlist→

6. Ardea Resources ($ARL)

Market Capitalisation: $109.14m

Stock price (as of 07/07/2023): $0.62

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 58% / 42%

Another one in the battery metals mining industry, Ardea Resources is a fairly new company that was established in 2016. Given that, it’s not very surprising that Ardea is currently pre-operational and focused on exploration activities. The company explores for nickel, cobalt, gold and copper deposits, amongst a few others.

Despite being newly formed, Ardea Resources holds 100% interest in the Kalgoorlie Nickel Project (KNP) – the largest Nickel Cobalt resource in the developed world. The project holds several base metals for lithium-ion batteries, namely nickel, cobalt and scandium laterite. More specifically, the Kalgoorlie Nickel Project is estimated to hold a total of 830Mt comprised of 0.71% Ni and 0.046% Co (i.e. 5.9Mt contained Nickel and 380kt contained Cobalt). 

While still pre-operational with no current estimates on whether production will start, Ardea has already signed an MOU with a few Japanese companies (i.e. Mitsubishi, Sumimoto, Mitsui) and has completed a feasibility study on KNP showing that the project is estimated to have a life of 40 years once production commences. These pieces of good news have led to Ardea’s share price doubling in the last few weeks.

7. Alliance Nickel ($AXN)

Market Capitalisation: $66.36m

Stock price (as of 07/07/2023): $0.099

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 63% / 37%

Alliance Nickel is a company that engages in cobalt exploration. It owns 100% interest in the NiWest Nickel Cobalt project in Western Australia, which holds the potential to mine cobalt, nickel, and gold. The company was previously called GME Resources and has been around since 1987.

While it has a long history, Alliance Nickel is still pre-operational and relies on equity offerings to sustain operations. Its latest one was just last May 2023, when it raised A$15m from investors. It also received an additional A$15m from Stellantis, a publicly-listed automobile company based in the Netherlands.

Investors looking for companies engaged in sustainability may be interested in Alliance Nickel. Its latest update on the progress of its definitive feasibility study showed that the NiWest project is able to have a sulphuric acid plant installed, which is an infrastructure that will produce steam for energy generation when the project finally becomes operational. With a largely flat stock price performance year-to-date, investors look to be holding on to their investments in Alliance Nickel.

8. Kuniko Ltd ($KNI)

Market Capitalisation: $27.19m

Stock price (as of 07/07/2023): $0.54

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 72% / 28%

The newest company on this list, Kuniko was established in just 2017 and despite being based in Western Australia, all its projects are in Scandinavia. It holds interest in several projects that hold deposits of cobalt, nickel, lithium and copper. Investors and companies alike are bullish on Kuniko, proven by its successful capital raise earlier this month of A$7.8m from investors and A$8m from Stellantis.

While its share price has been downhill since its IPO, IPO investors would have gained at least 150%, with Kuniko’s current share price more than double the IPO price of $0.20. With its latest development showing an abundance of cobalt minerals found at its Skuterud project in Norway, its weakened share price might provide an opportunity.

9. Australian Mines Limited ($AUZ)

Market Capitalisation: $18.40m

Stock price (as of 07/07/2023): $0.035

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): 44% / 56%

Founded in 1996, Australian Mines is based in Queensland, Australia and focuses on cobalt, nickel and scandium deposits. The company’s flagship project is the Sconi Project in North Queensland, which like many others in this list, is still pre-operational and undergoing drilling and exploration. Australian Mines relies on capital raises to continue operating, completing a A$2.82m equity offering last December.

There are no estimates yet on when the company will start mining, however, their research and development continues, with the latest news highlighting its progress in developing solid-state hydrogen storage solutions for light-duty vehicles. Australia Mines’ share price has been in the red since the beginning of the year.

10. Aeon Metals ($AML)

Market Capitalisation: $15.38m

Stock price (as of 07/07/2023): $0.016

Stake Platform Bought / Sold (1 Jan 2023 - 30 Jun 2023): No data available

Formerly known as Aussie Q Resources, Aeon Metals was established back in 2006 and is based in Sydney, Australia. Despite its longer history compared to the other stocks mentioned in this list, the company is still in the exploration stage. Its flagship project, the Walford Creek Copper-Cobalt project, is still in the process of conducting feasibility studies. Aeon Metals has relied on equity raisings in order to increase its cash flow and sustain operations. 

While there is a lack of information on how long Aeon Metals will take until it begins production, investors are interested in the potential the company offers, which is exposure to copper, cobalt, lithium, zinc, nickel, and a few other metals. Aeon Metals’ share price has experienced a tumultuous few years, going from a high of A$0.40 to its current A$0.016.

💡Related: Add these Australian copper miners to your watchlist

Who is the biggest cobalt producer in Australia?

Australia is home to several cobalt mines that are being explored and mined by both local and international players, including mining-giant Glencore. Several of Australia’s local cobalt miners have listed on the ASX and some of the most notable ones are Jervois Global, Cobalt Blue Holdings and Sunrise Energy. Jervois Global especially, has made headlines by not only owning stakes in local cobalt projects but also having 100% interest in the Idaho Cobalt Operations in the U.S., the only cobalt mine in the country.

Aside from these miners who focus predominantly on cobalt, several other ASX-listed companies such as IGO and Anson Resources hold a diversified portfolio of mining projects, some of which include cobalt metal.

What is cobalt used for?

Cobalt is a versatile metal with numerous applications across various industries. The most targeted area of cobalt’s application is its use in lithium-ion batteries, which is expected to surge in global demand due to the transition towards clean energy. Cobalt is deemed a critical mineral for net zero, alongside nickel and lithium.

Cobalt is also used in the production of corrosion-resistant superalloys that are needed in the aerospace industry for jet engines and gas turbines. It is a key component in the manufacturing of magnets, particularly samarium-cobalt (SmCo) and alnico magnets. These magnets are used in applications including motors, generators, magnetic resonance imaging (MRI) machines, and speakers.

Interestingly, cobalt compounds produce quite vibrant pigments, and cobalt blue and cobalt green especially are used as pigments in ceramics, glass, and paints. These vibrant blue and green colours are highly valued in art and decorative applications. Aside from art, cobalt is used in making tools –  by combining it with other metals, such as tungsten and chromium, the materials become exceptionally hard and resistant to wear, making them ideal for cutting tools, drills, saws, and industrial machinery.

Cobalt demand and supply

Demand for cobalt has been driven by electric vehicles due to its use in lithium-ion batteries. Cobalt is one of the raw materials used to enhance the battery's energy density and stability, making it crucial for the performance and longevity of EVs.

However, cobalt supply is relatively limited, with the majority of global production concentrated in a few countries. The Democratic Republic of Congo is the world’s largest producer of cobalt, accounting for more than half of the global supply. Other significant producers include Russia, Australia, and Indonesia.

Cobalt price reached a high of US$77,500/tonne last year due to supply chain issues but has now normalised to around US$33,400/tonne. Consensus analyst forecasts look towards even lower prices in the near future, to approximately US$30,000 by the end of 2023. However, cobalt prices are expected to rise again in the next few years as EV manufacturing ramps up, with analysts predicting a cobalt supply deficit beginning in 2024.

💡Related: See which EV shares are popular on Stake

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ASX Cobalt stocks FAQs

Several investors and analysts are bullish on the cobalt space, mainly due to the transition to clean energy. Australian miners are especially focused on developing their cobalt projects, expecting cobalt demand to outperform.

Despite this, investors should still remain cautious about metal – like several other minerals, the performance of the commodity highly relates to various factors, including market conditions, supply and demand, technological advancements, geopolitical factors, and environmental considerations. There have been efforts to reduce cobalt usage or find alternative materials due to concerns over its supply chain challenges, ethical sourcing, and environmental impact. These factors could potentially affect the long-term demand and cobalt prices.

There are admittedly no ETFs that offer exposure solely to ASX Cobalt stocks, however, there are a few options available for investors open to a more diversified ETF:

  1. Global X Battery Tech & Lithium ETF ($ACDC): ACDC focuses on investing in companies involved in the development and adoption of electric vehicles and related technologies.
  2. Betashares Energy Transition Metals ETF ($XMET): XMET is an ETF that provides exposure to cobalt, lithium, copper, nickel, graphite, manganese, silver and rare earth minerals.
  3. Global X Green Metal Miners ETF ($GMTL): GMTL invests in companies that produce the critical metals for clean energy infrastructure including cobalt, lithium, nickel and copper.

There are not many, if any at all, companies that focus exclusively on the cobalt space. Most often, companies involved in cobalt production are also engaged in the production of other battery metals and raw materials. Counting the number of companies in Australia engaged in cobalt production and exploration would be difficult – this list is by no means exhaustive.

Australia is one of the world’s largest producers of cobalt, producing 5,900Mt last year. While amazing, it undeniably pales in comparison to the 130,000Mt produced by the Democratic Republic of Congo.

This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice before investing.

Portrait photo of Stella Ong, Markets Analyst at Stake.

Stella Ong

Markets Analyst

Stella is a markets analyst and writer with almost a decade of investing experience. With a Masters in Accounting from the University of Sydney, she specialises in financial statement analysis and financial modelling. Previously, she worked as an equity analyst at Australian finance start-up, Simply Wall St, where she took charge of the market insights newsletter sent out to over a million subscribers. At Stake, Stella has been key to producing the weekly Wrap articles and social media content.


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