Top ASX Cobalt Stocks 2026: COB, GLC and ARL

Top ASX cobalt stocks include Cobalt Blue Holdings (ASX: COB), Glencore (ASX: GLC) and Ardea Resources (ASX: ARL), which offer exposure to cobalt refining, global mining operations and mineral resource development. Recent company announcements highlight a proposed Australian cobalt refinery, higher reported cobalt production at Glencore and a substantial cobalt resource at Ardea’s Kalgoorlie Nickel Project.

1. Cobalt Blue Holdings Limited (ASX: COB)

Cobalt Blue Holdings Limited (ASX: COB) is a cobalt-focused ASX company with a market capitalisation of approximately $34.66 million.

On 19 October 2026, COB announced that it had signed a term sheet with STG Metals GmbH for the sale of standard-grade cobalt metal rounds produced at its proposed Kwinana Cobalt Refinery (KCR).

Under the proposed agreement:

• Year 1: 500–750 metric tonnes (mt).

• Years 2 and 3: 800–1,000 mt per annum.

• Agreement term: Three years of commercial operations, with a mutual option to extend for a further three years.

The proposed KCR Stage 1 has a production capacity of approximately 3,000 tonnes per annum of contained cobalt. This comprises around 1,000 tonnes of cobalt metal and 2,000 tonnes of cobalt contained in cobalt sulphate.

The project aims to supply refined cobalt metal for advanced manufacturing and defence applications, alongside cobalt sulphate for the battery supply chain. It is planned to be Australia's first dedicated midstream cobalt refinery.

2. Glencore Plc (ASX: GLC)

Glencore Plc (ASX: GLC) is a diversified global mining and commodities company with a market capitalisation of approximately $145.47 billion.

On 5 August 2026, Glencore released its half-year report for the period ended June 2026, reporting copper production of 397 kilotonnes (kt) and cobalt production of 10.2 kt.

Key financial results included:

• Revenue: US$174.4 billion, up 49% year on year.

• Adjusted EBITDA: US$10.1 billion, up 86% year on year.

• Adjusted EBIT: Approximately US$6.7 billion, up 269% year on year.

• Income attributable to equity holders: US$4.4 billion, compared with a loss of US$655 million in 1H25.

• Funds from operations: US$8.1 billion, up 158% year on year.

Glencore reported total assets of US$155.4 billion, while net debt declined to approximately US$10.2 billion. Net debt to adjusted EBITDA decreased to 0.56x from 0.83x in FY25. Net funding increased to US$42.4 billion.

3. Ardea Resources Limited (ASX: ARL)

Ardea Resources Limited (ASX: ARL) is a mineral exploration and development company with a market capitalisation of approximately $73.60 million.

On 28 September 2026, ARL released its annual report for the period ended June 2026. Its Kalgoorlie Nickel Project has a total mineral resource of 854 million tonnes at 0.045% cobalt, containing approximately 386 kilotonnes of cobalt metal.

The resource comprises:

• Measured: 22 million tonnes at 0.079% cobalt, containing 17 kt.

• Indicated: 361 million tonnes at 0.047% cobalt, containing 169 kt.

• Inferred: 471 million tonnes at 0.043% cobalt, containing 200 kt.

Ardea reported exploration and evaluation expenses of $39.2 million and received an R&D refund of $3.8 million. Net financing cash inflow was approximately $43.9 million, with a closing cash balance of $18.4 million.

The company had no non-current borrowings, while current borrowings decreased from $49.5 million in FY25 to $1.6 million in FY26.

Ardea is focused on completing the definitive feasibility study (DFS) for the Goongarrie Hub. Its plans include advancing engineering and project optimisation, maintaining disciplined capital management, and continuing engagement with government authorities on environmental approvals and permits.

(Source: Company announcements.)

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