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ASX Cobalt Stocks: 4 Biggest Companies
Investors are keen to learn more about cobalt due to its role in the electric vehicle sector. Here's an overview of the five largest cobalt stocks on the ASX by market cap.
Strong electric vehicle (EV) sales have been driving up demand for key battery raw materials in recent years. EVs require lithium-ion batteries to run, and each battery could contain up to 15 kilograms of cobalt.
This means that as demand for EVs increases, so too will demand for cobalt — and, as one of the top four cobalt-producing countries in the world, Australia finds itself in a position to capitalise on this demand.
About 74 percent of global cobalt output comes from the Democratic Republic of Congo (DRC). However, Australia is proving to be a solid contender; though it is only responsible for 2 percent of the world’s cobalt production, it holds about 15.5 percent of global cobalt reserves. Moreover, while the DRC’s labour and mining practices have often been labeled unethical and unsustainable, Australian miners are focused on developing safer, more environmentally friendly alternatives.
While cobalt prices haven't recovered from their fall in early 2023, EV demand is expected to be strong in the long term.
These market dynamics have buoyed investor interest in cobalt, and when it comes to getting exposure to the Australian market, large players may be a good place to start. Read on for a look at the biggest ASX-listed cobalt stocks by market cap. All market cap and share price data was obtained on April 15, 2024, using TradingView's stock screener.
1. Ardea Resources (ASX:ARL)
Market cap: AU$144.807 million; current share price: AU$0.73
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.” The project includes the Goongarrie Hub deposit.
A 2023 prefeasibility study shows that 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. The study indicates that this resource would support an open-pit mining operation with a 40 year mine life and annual output of 2,000 tonnes of cobalt and 30,000 tonnes of nickel. Ardea is now working towards its definitive feasibility study.
In its September quarterly report, Ardea provided an update on its plans. It also confirmed an increase in throughput over the prefeasibility study's 3.5 million tonnes per year due to a reduction in autoclave residence time. In late March 2024, the company shared that a detailed hydrogeology drilling program had commenced to quantify long-term water supply.
2. Jervois Global (ASX:JRV)
Market cap: AU$64.86 million; current share price: AU$0.24
Jervois Global is focused on producing battery minerals, with a specific emphasis on cobalt. It expects that mass EV adoption over the next few decades will transform the cobalt industry into a robust, thriving market.
Jervois boasts operations worldwide and hopes to become the only cobalt miner in the US at its Idaho Cobalt Operation (ICO). In mid-2023, the company won US$15 million from the US Department of Defense (DoD) to fund drilling at ICO as well as a bankable feasibility study for construction of a US cobalt refinery. Resource drilling began at the Sunshine deposit at the ICO project shortly after, while work on a bankable feasibility study for the cobalt refinery was launched in October. DoD funded resource extension drilling at the RAM deposit kicked off in March 2024.
Most recently, Jervois completed its maiden JORC-compliant resource estimate for the Sunshine deposit as part of its deliverables under the DoD funding agreement. The deposit hosts inferred resources of 0.52 million metric tonnes at 0.50 percent cobalt, 0.68 percent copper and 0.49 g/t gold; at a 0.25 percent cobalt cut-off-grade.
3. Cobalt Blue Holdings (ASX:COB)
Market cap: AU$56.74 million; current share price: AU$0.14
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, and is planning the Kwinana cobalt-nickel refinery.
In November 2023, Cobalt Blue released the results of its cobalt-nickel refinery study. During Stage 1, the proposed refinery would process third-party feedstock and have a capacity of 3,000 tonnes per year of cobalt sulphate and 1,000 tonnes per year of nickel sulphate. Stage 2 would include the option to include potential feedstock from Broken Hill. The study projects stable margins throughout cobalt price fluctuations. A few days later, the company announced that its potential partner for the refinery is Iwatani (TSE:8088), a battery minerals trader. According to Cobalt Blue, if everything goes through as planned, the refinery will be constructed on Iwatani's property in Western Australia's Kwinana industrial area.
The company provided an update on its refinery this month, and anticipates a construction decision in 2024.“Refinery Project development is progressing well, and we remain on pace to see construction commence by the end of this year," stated CEO Cobalt Blue Joe Kaderavek. "There is significant interest from WA State and Australian Commonwealth governments, along with international commercial parties in the emergence of a new midstream critical mineral capacity in Australia for the global battery supply chain.”
4. Kuniko (ASX:KNI)
Market cap: AU$22.96 million; current share price: AU$0.26
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. The company has also expanded to Quebéc, Canada, where it has multiple lithium prospects.
In its quarterly report for September, Kuniko highlighted significant developments, including an investment of AU$7.8 million by Stellantis (NYSE:STLA), which acquired a 19.99 percent interest in Kuniko and secured a 35 percent offtake for future production of nickel and cobalt sulfate from Kuniko's Norwegian projects for nine years.
This month, the company released a maiden mineral resource estimate for Ertelien showing 23.3 million tonnes of inferred resources of 49.7 thousand tonnes of nickel, 37.3 thousand tonnes of copper and 3.3 thousand tonnes of cobalt, including high-grade sulphide resources of 4.59 million tonnes at 0.64 percent nickel equivalent and disseminated sulphide resources of 18.68 million tonnes of 0.22 percent nickel equivalent.
A second-phase expansion drill program is now underway at Ertelien with an updated resource estimate to be published later in 2024. “Our aim is to demonstrate progress towards developing a Voisey Bay style resource as a potential new source of critical battery metals for European industries,” stated Kuniko CEO Antony Beckmand.
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Securities Disclosure: I, Matthew Flood, currently hold no direct investment interest in any company mentioned in this article.
Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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