Top 3 ASX Cobalt Stocks (Updated October 2025)

1. Cobalt Blue Holdings (ASX:COB)

Year-to-date gain: 252.94 percent
Market cap: AU$104.5 million
Share price: AU$0.24

Cobalt Blue is a rare cobalt primary mining company focused on developing the Kwinana cobalt refinery in Western Australia, as well as its flagship Broken Hill cobalt project in the Australian state of New South Wales.

Battery minerals trader Iwatani (TSE:8088) is Cobalt Blue's partner for the refinery in Kwinana. The refinery will produce battery-grade cobalt sulphate from third-party material with a capacity of 3,000 tonnes per year in Stage 1. A final investment decision is expected by the end of 2025.

A potential Stage 2 expansion at the refinery could treat cobalt-nickel hydroxide from its Broken Hill project.

The Broken Hill project holds a mineral resource of 126.5 million tonnes of ore grading 690 parts per million cobalt for 87,000 tonnes of cobalt alongside sulphur and nickel. In July 2025, the Australian government granted a three year extension to Broken Hill's federal Major Project status.

Shares of Cobalt Blue have spent most of 2025 trading in the AU$0.05 to AU$0.06 range. However, the stock's value hit a year-to-date high of AU$0.31 on October 15 on rising cobalt prices.

2. Ardea Resources (ASX:ARL)

Year-to-date gain: 85.29 percent
Market cap: AU$132.56 million
Share price: AU$0.63

Ardea Resources is developing its wholly owned Kalgoorlie nickel-cobalt project located in Western Australia. The large-scale project includes the Goongarrie Hub deposit.

A 2023 prefeasibility study for Goongarrie Hub demonstrated 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.

Ardea is currently working towards a definitive feasibility study (DFS) with funding from its strategic partners, Sumitomo Metal Mining (TSE:5713) and Mitsubishi (TSE:8058). The DFS is on track for completion in the first half of 2026.

The Australian government renewed Kalgoorlie’s major project status in October 2025.

After starting the year at AU$0.33, Ardea rose alongside cobalt prices to spike to a then-high of AU$0.48 on March 24. The company managed to stay above the AU$0.40 level over the next two quarters.

Ardea continued to track cobalt prices higher in October to a new year-to-date high of AU$0.65 on October 15.

3. Coda Minerals (ASX:COD)

Year-to-date gain: 54.66 percent
Market cap: AU$44.99 million
Share price: AU$0.135

Coda Minerals’ main asset is the Elizabeth Creek copper-cobalt-silver project in South Australia’s Olympic copper province. An updated scoping study released at the end of 2024 shows a 16 year mine life with the potential for steady state annual production of around 26,700 tonnes of copper, 1,300 tonnes of cobalt and 1.13 million ounces of silver.

Coda’s plan for Elizabeth Creek includes three open-pit mines, one underground mine and a hydrometallurgical processing plant. In addition to the production of copper-cobalt concentrate in Stage 1, the company also intends to produce copper cathode and battery-grade cobalt sulphate once the processing plant is completed in Stage 2.

Shares of Coda Minerals have traded sideways in a range of AU$0.07 to AU$0.09 for much of the year. Riding the upward trajectory of cobalt prices in Q4 2025, Coda’s stock hit a year-to-date high of AU$0.17 on October 16.