What are the top cobalt stocks of 2020? These TSX- and TSXV-listed cobalt companies have all seen year-to-date share price increases.
While the decline in cobalt prices has been one of the main topics of discussion in the space for the past few years, demand for the battery metal is still expected to surge in the future, driven by increased uptake of electric vehicles (EVs).
Below we run through the three top cobalt stocks of 2020 on the TSX and TSXV by share price performance. All year-to-date and share price information was obtained on May 26, 2020, using TradingView’s stock screener, and all companies listed had market caps above C$10 million at that time.
1. Katanga Mining (TSXV:KAT)
Current price: C$0.16; year-to-date gain: 23.08 percent
Katanga Mining operates a large-scale copper-cobalt mine complex in the Democratic Republic of Congo through two joint ventures — Kamoto Copper Company and DRC Copper and Cobalt Project.
During the first three months of the year, Katanga’s cobalt contained in hydroxide production decreased to 5,296 tonnes from 6,173 tonnes the previous quarter. In April, Glencore (LSE:GLEN), which owns the majority of Katanga’s shares, outlined plans to take the company private.
2. First Cobalt (TSXV:FCC)
Current price: C$0.15; year-to-date gain: 7.14 percent
First Cobalt is a vertically integrated cobalt exploration and development company with three assets located in Idaho, US, and Ontario, Canada. The company is focused on developing a supply of battery-grade cobalt in North America for the rapidly growing EV market.
The company owns the only permitted primary cobalt refinery in North America, located in Ontario, Canada, which could produce 25,000 metric tons of cobalt sulfate per year from third-party feed.
First Cobalt’s Iron Creek project, which covers 727 hectares in the Idaho cobalt belt, has inferred mineral resources of 26.9 million metric tons grading 0.11 percent cobalt equivalent. The company also holds an interest in the Greater cobalt project in the Canadian cobalt camp.
3. Namibia Critical Metals (TSX:NMI)
Current price: C$0.18; year-to-date gain: 2.94 percent
Namibia Critical Metals holds a diversified portfolio of critical metals projects all within the country of Namibia. The company is focused on the development of several assets in the country, including the Lofdal heavy rare earths property and the Kunene cobalt-copper project.
The Kunene cobalt-copper project is close to Celsius Resources’ (ASX:CLA) Opuwo discovery, and drilling results from the asset have been so far encouraging. But low cobalt prices have led the company to focus on exploration for other commodities at the moment.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: First Cobalt is a client of the Investing News Network. This article is not paid-for content.