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Cobalt costs regained momentum within the third quarter of 2025 as tighter export controls from the Democratic Republic of Congo (DRC) fueled expectations of a market rebound.
After languishing close to multi-year lows early within the yr, the metallic surged to US$47,110 per metric ton in late October, its highest stage since January 2023.
The DRC’s extended export suspension, adopted by new quota limits, has begun to ease a years-long provide glut, with analysts now forecasting a shift from oversupply towards market stability.
Under the Investing Information Community appears on the 5 high cobalt shares on the TSX and TSXV by share value efficiency to date this yr, together with their operations and actions.
All year-to-date and share value info was obtained on October 28, 2025, utilizing TradingView’s inventory screener. Firms with market caps above C$10 million at the moment have been thought-about.
1. Talon Metals (TSX:TLO)
Yr-to-date acquire: 358.82 %
Market cap: C$440.55 million
Share value: C$0.39
Talon Metals is a base metals firm advancing the Tamarack nickel-copper-cobalt mission 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 mission and might earn as much as 60 %.
In late March, Talon Metals introduced a large sulfide discovery at its Tamarack mission, with an intercept measuring 8.25 meters containing 95 % sulfide content material situated deeper than the present Tamarack useful resource.
In Might, an additional large sulfide discovery in the identical zone, the thickest discovery but on the website, drove the corporate’s share value up considerably, and one other in early August did the identical. Within the August announcement, Talon shared that it named the invention zone the Vault zone.
Firstly of This fall, Talon introduced an expanded winter drilling and exploration program on the Vault zone.
Shares of Talon rallied to a year-to-date excessive of C$0.54 on October 14, following the winter drill information and alongside rising cobalt costs.
On October 20, Talon acquired a 12 month extension from Rio Tinto subsidiary Kennecott Exploration to submit a feasibility examine and US$10 million fee required to extend its possession stake within the Tamarack mission to 60 %.
The extension will permit Talon to align the examine’s launch with the publication of the mission’s scoping environmental evaluation worksheet, anticipated within the first half of 2026, marking its entry into Minnesota’s formal environmental evaluation course of.
2. Main Edge Supplies (TSXV:LEM)
Yr-to-date acquire: 222.22 %
Market cap: C$72.49 million
Share value: C$0.29
Main Edge Supplies is growing crucial supplies initiatives within the EU. The corporate’s initiatives embrace its wholly owned Woxna graphite mine and Norra Kärr heavy uncommon earth components mission, each in Sweden, in addition to its 51 % owned Bihor Sud nickel-cobalt exploration alliance in Romania.
In keeping with 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 concentrating on polymetallic mineralization on the gallery is underway.
On the monetary aspect, Main Edge introduced a C$400,000 non-brokered non-public placement in June.
In keeping with a June 22 actions replace, Main Edge’s Romanian subsidiary was granted possession and operational permits for the Avram Iancu mine at Bihor Sud, and the workforce had begun preliminary investigations of the positioning.
In its current quarterly report, launched September 19, Main Edge Supplies stated it’s reassessing its prospects after being granted these permits. at its mission situated inside the Bihor Sud exploration space following the acquisition of extra possession and working permits.
The Avram Iancu website hosts intensive historic underground workings and information indicating copper-rich large sulfide zones, the assertion famous.
A reliable particular person report is in progress to consolidate previous exploration and description subsequent steps, whereas the corporate evaluates financing choices to advance improvement.
Shares of Main Edge additionally benefited from the mid-October cobalt value rally, registering a year-to-date excessive of C$0.44 on October 14.
3. Battery Mineral Assets (TSXV:BMR)
Yr-to-date acquire: 180 %
Market cap: C$16.79 million
Share value: C$0.14
Battery Mineral Assets is targeted on growing right into a mid-tier copper producer and just lately restarted mine and mill operations on the Punitaqui Mining Complicated in Chile. In Canada, the corporate holds the most important land place in Ontario’s historic Cobalt district, the place it’s exploring high-grade main cobalt deposits at McAra, Gowganda and Elk Lake.
The corporate’s portfolio additionally contains power providers and mineral exploration property in North America, together with graphite initiatives in South Korea.
In late October, BMR stated it was evaluating strategic choices for its Gowganda silver tailings mission, situated northeast of Sudbury, Ontario.
The mission lies in one of many nation’s most efficient previous silver-cobalt districts, and the Gowganda mining camp produced 60 million ounces of silver and 1.3 million kilos of cobalt between 1910 and 1969. Gowganda hosts 4 former mines and related tailings traditionally estimated to include 2.96 million ounces of silver. BMR is assessing how finest to advance or monetize the asset to reinforce shareholder worth.
On October 16, Battery Mineral Assets reported robust operational efficiency at its Punitaqui copper mission in Chile, pushed by improved underground manufacturing and plant optimization. Since September 1, 2025, underground operations have averaged 1,800 tonnes per day, up 80 % from the primary half of the yr, and a couple of,000 tonnes per day over the current two weeks interval.
BMR can also be advancing improvement of extra underground operations at Cinabrio Norte and Dalmacia to assist additional progress from Punitaqui.
The information pushed shares of BMR to a year-to-date excessive of C$0.17 on October 21.
4. FPX Nickel (TSXV:FPX)
Yr-to-date acquire: 95.74 %
Market cap: C$144.81 million
Share value: C$0.46
FPX Nickel is at present advancing its Decar nickel district in BC, Canada.
The property contains 4 key targets, with the Baptiste deposit being the first focus, alongside the Van goal. The corporate additionally has three different nickel initiatives in BC and one within the Yukon, Canada.
In February, FPX launched a scoping examine for the event of a refinery that might refine awaruite focus from Baptiste into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual output is anticipated at 32,000 metric tons of contained nickel and 570 metric tons of contained cobalt.
The outcomes present that the method would lead to working and all-in manufacturing prices close to the underside of nickel sulfate value curve, partly as a consequence of by-product credit. Moreover, the carbon depth of the awaruite refinery could be considerably decrease than that of at present used manufacturing strategies.
On September 4, FPX accomplished a large-scale mineral processing pilot marketing campaign for its Baptiste nickel mission, following three prior profitable campaigns. The newest manufacturing run generated bulk samples of awaruite focus, which will probably be supplied to potential companions, together with pre-cursor cathode lively supplies, battery producers and automakers, to evaluate its suitability as feedstock.
Later within the month, FPX signed an possibility settlement to amass as much as 100% of the Advocate nickel property in Newfoundland, Canada, following its evaluation of over 50 targets. The property has additionally been accepted by the Japan Group for Metals and Power Safety (JOGMEC) as the primary designated property beneath the generative alliance between FPX and JOGMEC, with a big work program deliberate to construct on encouraging floor nickel recoveries.
FPX shares registered a year-to-date excessive of C$0.55 on October 17.
5. Wheaton Valuable Metals (TSX:WPM)
Yr-to-date acquire: 61.23 %
Market cap: C$60.38 billion
Share value: C$133.00
Wheaton Valuable Metals is among the largest gold and silver royalty and streaming firms.
It has investments in 18 working mines and 28 improvement initiatives throughout 4 continents, together with a cobalt streaming settlement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.
In keeping with Wheaton, Voisey’s Bay is at present in a transitional section, shifting from the depleted Ovoid open pit to full underground manufacturing.
The corporate reported its Q1 monetary outcomes on Might 8. The report highlighted a file US$470 million in income, US$254 million in web earnings and US$361 million in working money circulation.
The cobalt phase registered year-on-year attributable manufacturing good points, rising to 540,000 kilos within the yr’s first quarter, in comparison with 240,000 kilos throughout Q1 2024. Regardless of the output enhance, gross sales fell to 265,000 kilos in Q1 versus 309,000 kilos in Q1 2024.
In keeping with Wheaton’s Q2 2025 outcomes, the Voisey’s Bay mine produced 647,000 kilos of attributable cobalt, a roughly 150 % enhance from the identical interval in 2024. Vale reported that the underground operations are steadily ramping up, with full manufacturing anticipated by the second half of 2026 because the transition from the depleted Ovoid open-pit continues.
Shares of Wheaton rose to a year-to-date excessive of C$159.41 on October 16 alongside rising costs for gold, silver and cobalt.
FAQs for cobalt
What’s 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 anyplace on this planet, and have to be produced by reductive smelting, or from the metallic ore cobaltite, which is manufactured from cobalt, sulfur and arsenic.
What’s cobalt used for?
Traditionally, 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 also be used to supply superalloys, as cobalt imparts qualities similar to corrosion and put on resistance, that are helpful in functions similar to airplanes, orthopedics and prosthetics.
In the present day cobalt is most famously used within the rechargeable lithium-ion batteries that run every thing from smartphones to EVs.
The place is cobalt mined?
Nearly all of cobalt manufacturing comes out of the DRC, which was chargeable 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 yr; third place Russia produced 8,700 MT of the fabric.
Because the lithium-ion battery and EV provide chains garner world consideration, firms try to restrict their publicity to cobalt produced from the DRC, which is thought for human rights abuses and generally youngster labor in its mining trade.
In response to this pattern, many international locations with cobalt try to create home cobalt and EV provide chains within the hope of attracting firms seeking to keep away from DRC-sourced cobalt. This may be seen within the up-and-coming battery hall in Ontario, Canada, in addition to within the US-based Idaho cobalt belt.
Don’t neglect to observe us @INN_Resource for real-time information updates!
Securities Disclosure: I, Georgia Williams, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: FPX Nickel is a shopper of the Investing Information Community. This text will not be paid-for content material.
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