Cobalt Stocks in Canada in April 2025

Last updated: 2025/05/06 at 10:04 PM

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7 Min Read

Cobalt has many different uses. You may not know this, but a radioactive form of the element is used to treat cancer. It is also added to aircraft parts to help make them sturdier and less prone to failure.

Contents

What are the top Canadian cobalt stocks?Sherritt International (TSE:S)Canada Silver Cobalt Works (TSXV:CCW)Fortune Minerals (TSE:FT)Wheaton Precious Metals (TSE:WPM)Unfortunately, investing in Canadian cobalt stocks isn’t an easy endeavour The bottom line on Canada’s top cobalt stocks

It is also used in electroplating, which adds a layer of metal to specific parts to protect them, help them conduct electricity, or make them look better, depending on the circumstances.

Cobalt is also a primary input in lithium-ion batteries, an industry with long-term growth potential as we move into a greener world. Several high-profile companies are working on battery technology in North America, including Tesla and Apple.

And with the advancements in electronic devices, it will continue to be utilized in electronics for the foreseeable future.

Some day, bulls argue, we’ll all live off the grid using nothing but the sun’s rays and giant batteries to generate the electricity needed to sustain ourselves. And we’ll drive our electric cars around, too.

For this reason, there is large demand for identifying the top cobalt stocks in the country. However, you really need to be careful here. I will have a list of some options below, but it is very hard to identify stocks that are not highly volatile and speculative in nature.

I often call these early stage exploration companies scratch off tickets. You lose on most, break even on some, and win on very few. If I were to buy some of these stocks, I would make the smaller ones a very small portion of my portfolio, and it would be with a portion I was comfortable with if it went to $0.

What are the top Canadian cobalt stocks?

Leading nickel and cobalt producer in Cuba

Sherritt International (TSE:S)

Sherritt International is a key producer of nickel and cobalt, with its primary operations based in Cuba. The company is involved in mining, refining, and producing high-purity cobalt and nickel for global markets. Sherritt also operates in the energy sector, generating electricity in Cuba and producing oil. Its cobalt production is primarily a byproduct of its nickel mining operations, making it a significant player in the battery metals supply chain.

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Junior miner focused on high-grade cobalt and silver exploration

Canada Silver Cobalt Works (TSXV:CCW)

Canada Silver Cobalt Works is a junior mining company focused on exploring and developing high-grade cobalt and silver deposits in Northern Ontario. Its flagship Castle Silver Mine has a rich history of silver production and is also a promising source of cobalt. The company is working on advanced processing technologies, including its proprietary “Re-2OX” process, which extracts battery-grade cobalt and other critical metals with minimal environmental impact.

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Emerging cobalt producer with a flagship project

Fortune Minerals (TSE:FT)

Fortune Minerals is a Canadian mining company focused on developing its NICO project in the Northwest Territories. The project targets critical minerals like cobalt, gold, bismuth, and copper, positioning the company as a future supplier for EV battery production. Fortune’s long-term goal is to become a key player in supplying ethically sourced battery metals.

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Precious metals streaming company with cobalt exposure

Wheaton Precious Metals (TSE:WPM)

Wheaton Precious Metals is one of the largest precious metals streaming companies in the world, focusing primarily on gold and silver. However, it also has exposure to cobalt through its streaming agreement with Vale’s Voisey’s Bay mine in Newfoundland and Labrador. This unique arrangement allows Wheaton to benefit from cobalt’s rising demand without directly operating any mines, giving it an edge in the critical minerals market.

P/E: 69.4

5 Yr Revenue Growth: 8.3%

5 Yr Earnings Growth: 43.3%

5 Yr Dividend Growth: 11.5%

Yield: 0.8%

Unfortunately, investing in Canadian cobalt stocks isn’t an easy endeavour

Hundreds of gold and silver stocks and dozens of large-cap diversified miners exist. It can seem intimidating if you’re new to buying stocks here in Canada. But don’t fret.

Since so much cobalt production comes from unstable areas – including the world’s largest producer, the Democratic Republic of the Congo, Russia, and the Philippines – it’s difficult for Canadians looking to buy stocks to find pure plays on the metal. The Democratic Republic of Congo produces 70% of the world’s cobalt.

The British mining giant Glencore is the world’s largest cobalt producer. It produces about 30% of the world’s supply. But cobalt production is almost an afterthought; the company primarily focuses on coal, copper, and nickel.

The bottom line on Canada’s top cobalt stocks

There’s no doubt about it. Investing in Canada’s top cobalt stocks is a risky endeavour. We can think of many other Canadian stocks to buy, but if you have an appetite for high-risk, you’ve come to the right place.

The first three cobalt stocks offer fantastic upside potential if demand for the metal really takes off. Each of these stocks could roar 500% or even 1,000% higher if we start using cobalt in a big way.

Alternatively, a royalty company like Wheaton is a stock that is a little more reliable, with strong cash flow streams and a wide variety of metal exposures.

If you’re interested in the cobalt sector, perhaps the best way to play it is a small investment, something you can afford to lose.

You should still make a decent return if cobalt takes off, and you won’t lose much if the thesis doesn’t work out.