10 Cobalt Stocks to Watch in September 2025
Cobalt is one of the most important battery metals of the decade. The transition to electric vehicles, renewable energy storage, and portable electronics has pushed cobalt into the spotlight. While lithium often gets the headlines, cobalt’s role in stabilizing battery performance makes it equally critical. Market dynamics in 2025 remain complex: EV adoption continues to climb, inventories are tight, and governments are prioritizing supply chain security. For investors, the opportunity is significant but so are the risks, with pricing heavily influenced by geopolitics and mining conditions.
Glencore PLC (GLNCY)
Glencore is the world’s largest cobalt producer, with major operations in the Democratic Republic of Congo. The company’s diversified portfolio also includes copper, nickel, and coal, giving it stability relative to smaller pure-play miners. Earnings in 2025 showed some weakness in coal, but cobalt and copper operations remain strong drivers of growth.
Key point: ESG scrutiny remains high, but Glencore’s sheer production scale makes it the backbone of global cobalt supply.
Jervois Global Limited (JRVMF)
Jervois operates the Idaho Cobalt Operations, the only primary cobalt mine in the United States. After navigating financial restructuring earlier this year, the company is positioning itself as a key domestic supplier to North American automakers. Execution remains critical, but the strategic value of U.S.-based production is undeniable.
Key point: A speculative but strategic play for investors focused on North American supply chains.
Wheaton Precious Metals Corp. (WPM)
Wheaton is best known as a gold and silver streaming company, but it also has exposure to cobalt through its agreements. This business model gives investors cobalt upside without the direct risks of mine development. 2025 has been a strong year for Wheaton, with streaming revenue growth supported by cobalt contributions.
Key point: A lower-risk, diversified way to add cobalt exposure.
CMOC Group Limited (CMCLF)
CMOC, formerly China Molybdenum, is one of the largest cobalt producers globally, responsible for nearly a third of supply. Its Tenke Fungurume mine in the DRC is one of the world’s top cobalt assets. Chinese export restrictions in 2025 have elevated CMOC’s importance in balancing supply and demand.
Key point: Immense scale, but geopolitical and DRC risks are ever-present.
Lundin Mining Corporation (LUNMF)
Lundin Mining is a diversified base metals producer with cobalt by-products from its copper and nickel operations. 2025 results highlighted stable production and expansion projects in South America that could increase future cobalt output.
Key point: A balanced way to gain cobalt exposure through a proven, diversified operator.
Norilsk Nickel PJSC (NILSY)
Norilsk Nickel is a Russian mining giant and significant cobalt producer alongside its nickel operations. While profitability remains intact, geopolitical tensions and sanctions continue to limit global investor access.
Key point: A speculative, high-risk option heavily influenced by politics and sanctions.
Sherritt International Corp. (SHERF)
Sherritt produces cobalt and nickel through operations in Cuba and Madagascar. 2025 production has improved, though profitability remains volatile due to swings in commodity pricing.
Key point: Smaller scale than industry giants, but steady production from diversified assets.
Ero Copper Corp. (ECXMF)
Ero Copper primarily produces copper, but cobalt is becoming a meaningful by-product revenue stream. The company has expansion plans in Brazil aimed at boosting cobalt output alongside its core copper operations.
Key point: Indirect cobalt exposure with copper as the main driver.
First Cobalt Corp. (FTSSF)
First Cobalt, now operating as Electra Battery Materials, is working to restart its Ontario cobalt refinery to supply North American EV manufacturers. Progress has been steady, but timelines remain tight and execution is key to future growth.
Key point: Junior miner risk, but positioned strategically for the EV battery supply chain.
Horizonte Minerals Plc (HZMGF)
Horizonte is developing nickel-cobalt projects in Brazil. Financing has been secured to continue construction, though risks remain as the company transitions from development to production.
Key point: A higher-risk development-stage play best suited for investors comfortable with volatility.