ASX Cobalt Stocks: 4 Biggest Companies in 2026

1. Ardea Resources (ASX:ARL)

Market cap: AU$126.34 million
Share price: AU$0.59

Ardea Resources' primary focus is developing its 65 percent owned Kalgoorlie nickel project, which the company says “hosts the largest nickel-cobalt resource in the developed world.”

Ardea is advancing the project through a joint venture with strategic partners Sumitomo Metal Mining Co. (TSE:5713) and Mitsubishi (TSE:8058).

Located in Western Australia, the Kalgoorlie project includes the Goongarrie Hub deposit.

A 2023 prefeasibility study shows that the 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 on a definitive feasibility study (DFS) with funding from its partners. In June 2026, the company shared an update on study progress and said it expects the next update to come in October.

The Kalgoorlie project has received support from the government, and was awarded Lead Agency Status in June.

2. Coda Minerals (ASX:COD)

Market cap: AU$56.13 million
Share price: AU$0.15

Coda Minerals is advancing its Elizabeth Creek copper-cobalt-silver project located in the Olympic copper province of South Australia.

The company completed an updated scoping study on the project in December 2024, demonstrating robust economics with a 16 year mine life and the potential for annual production of about 26,700 tonnes of copper and 1,300 tonnes of cobalt at steady state production levels.

In July 2025, Coda submitted a draft scoping report on the Elizabeth Creek project to the South Australian Department of Energy and Mining, which the company said represents a significant step in the path to obtaining a mining lease.

The following month, the company announced it had revised its strategy to focus on copper and silver production in the near-term, with potential for cobalt to be mined in the future. The new flowsheet offered a simplified process with lower costs, particularly with gains in prices for the two metals through 2026.

In the time since, Coda has progressed a metallurgical program testing extraction of cobalt through whole ore leach, which it said would improve Elizabeth Creek's economics if its successful, but stated that for now "it recommends that investors treat future cobalt integration as speculative in nature."

As of May 2026, the company is currently working toward the completion of a pre-feasibility study at Elizabeth Creek. A revised mineral resource estimate is underway for release mid-year while metallurgical test work results are expected out in the coming months.

3. Cobalt Blue Holdings (ASX:COB)

Market cap: AU$51.7 million
Share price: AU$0.085

Cobalt Blue is focused on developing a cobalt mining project and midstream cobalt processing capabilities in New South Wales, Australia. Its assets include the Kwinana cobalt refinery (KCR), the Broken Hill cobalt project and the Broken Hill Technology Centre.

Cobalt Blue is progressing toward a final investment decision at KCR to produce cobalt sulphate for batteries and alloy grade cobalt metal for the defence industry. The company's potential partner for the refinery is Iwatani (TSE:8088), a battery minerals trader. If everything goes as planned, the refinery will be constructed on Iwatani's property in Western Australia's Kwinana industrial area.

In May 2025, Cobalt Blue inked a deal with Glencore (LSE:GLEN,OTCPL:GLCNF) in which Glencore will supply cobalt hydroxide feedstock to the Kwinana cobalt refinery from its operations in the DRC. The three year contract is for a minimum of 3,750 tonnes of cobalt hydroxide, which is half of the refinery's initial requirements, and comes into affect when Kwinana begins commercial production.

Its Broken Hill cobalt project is considered one of the world’s largest undeveloped cobalt resources, with a mineral resource estimate of 126.5 million tonnes at 867 ppm cobalt equivalent. The Australian Government granted a three year extension to the project's Major Project status in July 2025.

Cobalt Blue is progressing the project to environmental permit applications this year, with a new prefeasibility study evaluating optimisations for the project expected by the end of the year.

4. Kuniko (ASX:KNI)

Market cap: AU$7.16 million
Share price: AU$0.035

Kuniko is targeting three metals critical metals necessary for lithium-ion batteries and electrification: 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. Ringerike hosts the past-producing Ertelien nickel-copper-cobalt target

It has also added the Commonwealth gold-silver project in New South Wales to its portfolio, which is currently its primary focus.

In 2023, Kuniko received an investment of AU$7.8 million from carmaker Stellantis (NYSE:STLA), making it the company's largest shareholder, and securing a 35 percent offtake for future production of nickel and cobalt sulphate from Kuniko's Norwegian projects for nine years.

Kuniko released an updated resource estimate for Ertelien in December 2024 that delineates 40 million tonnes of ore at an average grade of 0.25 percent nickel equivalent, made up of 22 million tonnes of indicated resources at 0.26 percent nickel equivalent and 18 million tonnes of inferred resources at 0.25 percent. Overall the deposit contains 5,600 tonnes of cobalt, 71,000 tonnes of nickel and 49,000 tonnes of copper.