The global cobalt market is experiencing a dramatic turnaround in 2026, driven largely by instability and strict regulations in the Democratic Republic of the Congo. As the world’s primary source of the metal, the DRC’s decision to implement aggressive export quotas and reclaim unused allocations has created a supply squeeze that hit Chinese refiners hard. This tightening of available feedstock triggered a massive price rally, with standard grade cobalt hydroxide surging roughly 167 percent since early 2025. According to industry analysts, this spike isn’t happening in isolation but is part of a broader recovery for battery metals like lithium and nickel, signaling that the long winter for raw material markets may finally be ending.
Against this backdrop of soaring prices, several Canadian listed firms are seeing significant gains. Leading the pack is Nickel 28 Capital, which has seen its shares climb nearly 38 percent so far this year. Much of this success stems from its joint venture interest in the Ramu operation in Papua New Guinea. With cobalt production increasing significantly and average selling prices jumping over 130 percent recently, the company has benefited from both operational growth and favorable market conditions. Further optimism surrounds a proposed 1.6 billion dollar expansion at Ramu that could potentially double production capacity if approved.
Beyond pure producers, investors are also eyeing diversified plays such as Leading Edge Materials. While primarily known for its Swedish graphite and rare earth projects, the company has aggressively expanded its footprint in Romania through the Bihor Sud nickel-cobalt exploration alliance. By increasing its stake to 90 percent, Leading Edge is positioning itself to capitalize on European demand for critical minerals away from traditional supply chains. The firm continues to assess financing options to define what it believes could be a large scale polymetallic resource, blending strategic regional placement with the current upward momentum of cobalt pricing.
