Cobalt Stocks Shine as Prices Rebound, Spotlight on Canadian Miners

After hitting multi-year lows earlier in the year, cobalt prices staged a significant recovery in the third quarter of 2025. The rally was primarily fueled by mounting export restrictions from the Democratic Republic of Congo (DRC), the world’s largest supplier, sparking market expectations of a shift in supply-demand dynamics.

Market data shows cobalt prices surged to $47,110 per tonne in late October, reaching their highest level since January 2023. Analysts note that a series of measures from the DRC are beginning to alleviate the years-long supply glut, with the market expected to transition towards a tighter balance. The cobalt supply structure is highly concentrated, with the DRC holding reserves larger than the next ten countries combined, while Canada possesses the world’s seventh-largest cobalt reserves.

As one of the most expensive components in lithium-ion batteries, accounting for roughly a quarter of a battery’s total cost, cobalt’s price fluctuations significantly impact the new energy sector, particularly the electric vehicle (EV) industry. With the rapid global expansion of EVs, cobalt’s strategic value and investment appeal are increasingly pronounced.

For investors seeking exposure to this trend without direct investment in the physical metal, cobalt-related equities present a viable pathway.

Canadian Cobalt Players in Focus

It is noteworthy that Canada has few pure-play cobalt producers; most companies yield cobalt as a by-product of nickel or copper mining. Here are several Canadian-listed companies with exposure to the cobalt market:

• Wheaton Precious Metals Corp. (TSX: WPM): As a leading precious metals streaming company, Wheaton provides upfront financing to miners in exchange for the right to purchase a portion of their future metal production at discounted prices. Its agreement with Vale provides access to cobalt. Although cobalt is projected to contribute only about 4% of its revenue over the next five years, the volumes are substantial. The stock is often viewed as an option offering both growth and dividend income.
• Sherritt International Corporation (TSX: S): A major Canadian nickel and cobalt producer, Sherritt’s primary production facility is located in Moa, Cuba, with refining operations in Canada. Benefiting from vast resource reserves in Cuba and relatively limited competition, Sherritt holds a distinct competitive advantage. Rising cobalt prices could directly boost its financial performance and share price.
• Electra Battery Materials Corporation (TSXV: ELBM): Electra is focused on developing North America’s first integrated battery materials park, with cobalt central to its plans. The company has commissioned a battery-grade cobalt sulfate refinery and aims to become the sole North American producer of this refined product.
• Talon Metals Corp. (TSX: TLO): Through a joint venture with Rio Tinto, Talon is advancing the Tamarack nickel-copper-cobalt project in Minnesota, USA. Talon currently holds a 51% interest in the project and has an option to increase it to 60%.
• Battery Mineral Resources Ltd. (TSXV: BMR): While primarily focused on restarting copper mining operations in Chile, the company holds significant land packages in the historic, high-grade cobalt district of Ontario, Canada, where exploration activities are underway.

Market Outlook

Analysis suggests that supply constraints from key producing regions have become a critical variable for cobalt prices. With long-term support from robust EV demand, the fundamental outlook for the cobalt market is gradually improving, and prices may have entered a more supportive phase. Canadian companies offer investors diversified avenues to capitalize on this evolving trend.

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