Top 3 ASX Cobalt Stocks (Updated January 2026)

2026-01-20 16:50:00 ET

Cobalt is used in a wide variety of industrial applications, with lithium-ion batteries for electric vehicles (EVs) and energy storage systems as the largest demand segment.

As an important battery metal, cobalt's fate is tied to demand for EVs. The EV market may be facing headwinds now, but the long-term future for the electrification of transportation looks bright as governments around the world push for a green energy transition.

The five top cobalt-producing countries worldwide are the Democratic Republic of Congo (DRC), Indonesia, Russia, Canada and the Philippines.

In October 2025, the Democratic Republic of Congo implemented a new quota system for cobalt exports, which has reduced global supply of the battery metal. This has resulted in significant price gains for cobalt in the last quarter of 2025 and into 2026, with the metal's price gaining over 130 percent year-over-year as of January 20, 2026.

While Australia ranks sixth, it is also home to the world's second largest cobalt reserves . The island nation is getting attention in this space as an alternative to production coming out of the conflict-ridden DRC.

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