Top 3 ASX Cobalt Stocks of 2026

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

As an important battery metal, cobalt’s fate is tied to demand for lithium-ion batteries. 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 four top cobalt-producing countries worldwide are the Democratic Republic of Congo (DRC), Indonesia, Russia and Madagascar, with the DRC leading by a large margin.

Australia is getting attention in this space as an alternative to production coming out of the DRC. The country is home to the world’s second largest cobalt reserves, and ranks fifth in terms of production, tied with the Philippines.

After a period of depressed prices, the cobalt market has picked back up in the last year. In October 2025, the DRC implemented a new quota system for cobalt exports, which has reduced global supply of the battery metal. This caused significant price gains for cobalt in the last quarter of 2025 and into 2026, with the metal’s price on the London Metal Exchange gaining over 70 percent year-on-year as of August 5, 2026.

Additionally, cobalt exports from the DRC may come under further pressure after a study asserted, in late July, that shipments of cobalt concentrate from the country would have contained significant amounts of unreported uranium. The country has since promised to investigate the claims.

Cobalt is often produced as a by-product of other metals such as nickel, making primary cobalt stocks tough to find. However, with attention on battery metals remaining firm, many companies are highlighting their cobalt exposure, especially in Australia.

Read on for a look at the three top ASX cobalt stocks by share price performance over the last year.

Data was gathered on July 27, 2026, using TradingView’s stock screener, and all companies listed had market caps of at least AU$10 million at that time.