Top 5 Canadian Cobalt Stocks of 2025
Cobalt prices regained momentum in the third quarter of 2025 as tighter export controls from the Democratic Republic of Congo (DRC) fueled expectations of a market rebound.
After languishing near multi-year lows early in the year, the metal surged to US$47,110 per metric ton in late October, its highest level since January 2023.
The DRC’s prolonged export suspension, followed by new quota limits, has begun to ease a years-long supply glut, with analysts now forecasting a shift from oversupply toward market balance.
Below the Investing News Network looks at the five top cobalt stocks on the TSX and TSXV by share price performance so far this year, including their operations and activities.
All year-to-date and share price information was obtained on October 28, 2025, using TradingView’s stock screener. Companies with market caps above C$10 million at that time were considered.
Year-to-date gain: 358.82 percent
Market cap: C$440.55 million
Share price: C$0.39
Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent.
In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.
In May, a further massive sulfide discovery in the same zone, the thickest discovery yet at the site, drove the company’s share price up significantly, and another in early August did the same. In the August announcement, Talon shared that it named the discovery zone the Vault zone.
At the start of Q4, Talon announced an expanded winter drilling and exploration program at the Vault zone.
Shares of Talon rallied to a year-to-date high of C$0.54 on October 14, following the winter drill news and alongside rising cobalt prices.
On October 20, Talon received a 12 month extension from Rio Tinto subsidiary Kennecott Exploration to submit a feasibility study and US$10 million payment required to increase its ownership stake in the Tamarack project to 60 percent.
The extension will allow Talon to align the study’s release with the publication of the project’s scoping environmental assessment worksheet, expected in the first half of 2026, marking its entry into Minnesota’s formal environmental review process.
2. Leading Edge Materials (TSXV:LEM)
Year-to-date gain: 222.22 percent
Market cap: C$72.49 million
Share price: C$0.29
Leading Edge Materials is developing critical materials projects in the EU. The company’s projects include its wholly owned Woxna graphite mine and Norra Kärr heavy rare earth elements project, both in Sweden, as well as its 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.
According to its…
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