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Top 5 ASX Cobalt Stocks of 2022
Dec. 15, 2022 01:55PM PST
Looking for the best-performing cobalt stocks on the ASX? Here's a look at the five top gainers of 2022.
remotevfx.com / Shutterstock
Cobalt prices have stabilized in 2022, and strong fundamentals are keeping investors interested in this battery metal.
Cobalt is used to manufacture lithium-ion batteries, which power electric vehicles (EVs). As demand for EVs continues to rise, it's likely cobalt demand will remain strong too. Currently the future for EVs looks bright — the market is growing quickly and is expected to boom over the next decade as governments around the world push for a green energy transition.
The three top cobalt-producing countries worldwide are the Democratic Republic of Congo, Russia and Australia — the last of which is looking to ramp up its production of the metal in order to meet projected demand.
Cobalt is often produced as a by-product of other metals, making cobalt-only 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 five top ASX cobalt stocks by share price performance year-to-date. Data was gathered on December 12, 2022, using TradingView's stock screener, and all companies listed had market caps of at least AU$10 million at that time.
1. Ardea Resources
Year-to-date gain 89.13 percent; market cap: AU$146.64 million: current share price: AU$0.87
Ardea Resources (ASX:CTM) has a large portfolio of West Australian projects containing nickel, cobalt and rare earth elements. It is developing the Kalgoorlie nickel project, which includes the Goongarrie hub, a series of nickel-cobalt and critical minerals deposits. Ardea says this project hosts the largest nickel-cobalt resource in the developed world, with 830 million tonnes at 0.71 percent nickel and 0.046 percent cobalt for 5.9 million tonnes of contained nickel and 380,000 tonnes of contained cobalt.
During Ardea's ongoing prefeasibility study (PFS) at Kalgoorlie, bench-scale metallurgical work led to a major flowsheet refinement, resulting in a significant upgrade to the PFS flowsheet. The company is targeting completion of all PFS work in Q1 2023.
2. GME Resources
Year-to-date gain 52.54 percent; market cap: AU$59.75 million; current share price: AU$0.09
GME Resources (ASX:GME) is an exploration and development company based out of resource-rich Western Australia. GME owns the NiWest nickel-cobalt project, and claims that the asset, which is located beside Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Murrin Murrin nickel-cobalt mine, is "one of the largest and highest quality undeveloped nickel/cobalt resources in Australia."
In April, the company began a program to update its PFS, as the current 2018 version doesn't take into account recent changes in nickel and cobalt prices. A bulk sample collection and sonic metallurgical drilling program were initiated at the project in November. Results are expected in the first quarter of 2023.
3. Altamin
Year-to-date gain 23.1 percent; market cap: AU$35.25 million; current share price: AU$0.085
Billed as a an emerging European metals producer, Altamin (ASX:AZI) is focused on base and battery metals exploration and brownfield mine development in Italy. The company's projects include the Punta Corna cobalt-nickel-silver project in Northern Italy, as well as a wholly owned zinc asset and two properties under licence application.
Altamin’s exploration license for Punta Corna was recently renewed, allowing the company to continue its battery metals exploration campaign at the property. Drilling is expected to begin in the 2023 summer season, contingent on financing.
4. Cobalt Blue Holdings
Year-to-date gain: 16.11 percent; market cap: AU$216.78 million; current share price: AU$0.50
Cobalt Blue Holdings (ASX:COB) is a rare cobalt-only company, and defines itself by its planned ethical and sustainable extraction and production processes. The firm's flagship New South Wales-based Broken Hill project has a target mine life of 20 years, and Cobalt Blue expects to become a top 10 cobalt producer once it is up and running.
In December, Cobalt Blue reported that the production of its first large-scale mixed hydroxide precipitate (MHP) was underway at its demonstration plant. Continuous operation of the leach and MHP circuits is planned from January 2023. The company expects to deliver the initial process plant design criteria for a definitive feasibility study by the end of Q1 2023.
5. Ark Mines
Year-to-date gain: 7.14 percent; market cap: AU$10.7 million; current share price: AU$0.23
Ark Mines (ASX:AHK) is exploring for the raw materials critical to the manufacturing of lithium-ion batteries for EVs, including cobalt, copper, nickel and iron. The company’s Australia-based projects are the Gunnawarra nickel-cobalt project, the Mount Jesse copper-iron project and the Pluton gold project.
Ark commenced a reverse-circulation drilling program at Gunnawarra, located in North Queensland, in April. Later in the year, the company initiated metallurgical testwork. “Ark will use material produced from recent drill programs to further understand the potential for increasing grade across the Gunnawarra deposit,” said Ark Mines Executive Director Ben Emery.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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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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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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