The Canadian cobalt market—and the broader mining landscape—has been anything but dull in 2025. From a dramatic surge in cobalt prices to shifting global supply chains and standout performances by top mining firms, investors and industry watchers have had plenty to keep their eyes on. At the same time, mining giant BHP Group is grappling with its smallest annual profit in five years, underscoring how commodity cycles and global trade uncertainties are shaping the fortunes of even the biggest players.
Let’s start with cobalt, that silvery-gray metal essential to the batteries powering everything from electric vehicles (EVs) to smartphones. The year began with a jolt: in February, the Democratic Republic of Congo (DRC)—which accounts for the lion’s share of global cobalt production—announced an export ban on cobalt hydroxide. According to Investing News Network, this move sent standard-grade cobalt metal prices soaring by 45 percent month-over-month to US$15.75 per pound, while cobalt sulfate prices spiked by an even more dramatic 74 percent. Prices held steady between US$15 and US$16 per pound through the second quarter, despite a surge in imports into China, fueled by Indonesian supply.
But as Fastmarkets analyst Olivier Masson pointed out at the Lithium and Battery Raw Materials Conference in June, Indonesia’s output simply can’t fill the gap left by the DRC, which has since extended its export ban into September. After years of robust supply growth—global mine output more than doubled since 2020—the second half of 2025 is expected to see a slowdown. That’s likely to tighten the market and keep prices buoyant, a welcome development for miners after some tough years.
Against this backdrop, several Canadian-listed companies have seized the spotlight with remarkable performances. Talon Metals, for instance, is advancing the Tamarack nickel-copper-cobalt project in Minnesota through a joint venture with Rio Tinto. Talon’s year-to-date share price gain is a staggering 394.12 percent, and its market cap now stands at C$380.31 million. The company announced a massive sulfide discovery at Tamarack in late March, with an 8.25-meter intercept boasting 95 percent sulfide content. In May, yet another discovery—this time a 34.9-meter intercept within a 47.33-meter interval at depth—sent shares even higher. By June 5, Talon was reporting record assays: average grades of 57.76 percent copper equivalent or 28.88 percent nickel equivalent. The company closed a combined C$41 million in financing in mid-June to accelerate work at Tamarack and, by early August, shares hit a year-to-date high of C$0.41 as drilling expanded in what’s now dubbed the Vault zone.
Talon isn’t stopping there. On May 28, it secured a site in North Dakota for its planned Beulah minerals processing facility, targeting construction in 2027. The facility, located at a former coal-mining site, is set to become a key hub for domestic processing of nickel and other critical minerals in the U.S.
Meanwhile, Leading Edge Materials has been busy on the other side of the Atlantic. The company is developing critical materials projects for advanced technologies in the European Union, including its Bihor Sud nickel-cobalt project in Romania. In June, Leading Edge announced a rapid development plan for its Norra Kärr project in Sweden, aiming to fast-track heavy rare earth element concentrate production. But there was a setback: Norra Kärr wasn’t selected for the first round of strategic projects under the EU’s Critical Raw Materials Act. Still, the company plans to reapply and has pressed on with exploration at Bihor Sud, where drilling and mapping are underway in hopes of defining a large-scale, mineable resource. A C$400,000 non-brokered private placement in June will help fund these activities.
Wheaton Precious Metals, one of the world’s largest gold and silver royalty and streaming firms, has also made waves. The company’s cobalt streaming agreement with Vale’s Voisey’s Bay nickel mine in Newfoundland and Labrador has paid off handsomely. Wheaton reported Q1 2025 financial results on May 8, with record revenue of US$470 million and net earnings of US$254 million. Cobalt production at Voisey’s Bay jumped to 540,000 pounds in Q1 2025, more than doubling from the previous year. The mine is transitioning from open-pit to underground production, with full ramp-up expected in the second half of 2026. Wheaton’s shares hit a year-to-date high of C$138.56 on August 7, buoyed by these strong results.
FPX Nickel, another Canadian player, is advancing its Decar nickel district in British Columbia. In February, FPX released a positive scoping study for a refinery that would process awaruite concentrate into battery-grade nickel sulfate and by-products, including cobalt carbonate and copper. The study outlined expected annual production of 32,000 metric tons of nickel and 570 metric tons of cobalt, with low operating costs and a significantly reduced carbon footprint. By July, FPX had received a multi-year permit to renew drilling at its flagship Baptiste project, a key step toward feasibility and environmental assessment.
Nickel 28 Capital rounds out the top five with its 8.56 percent interest in the Ramu nickel-cobalt mine in Papua New Guinea and a portfolio of royalties. The company faced challenges in 2024, with lower production due to a planned plant shutdown. But by Q2 2025, Nickel 28 was reporting record weekly cobalt production rates, with 787 metric tons of contained cobalt produced—up from 675 metric tons a year earlier. Cobalt sales also rose, and average cobalt prices climbed 18 percent year-on-year to US$15.23 per pound, offsetting weaker nickel prices.
It’s worth remembering why cobalt matters. Long prized for imparting a blue hue to glass and ceramics, cobalt is now critical to the rechargeable lithium-ion batteries that underpin the clean energy transition. The DRC remains the world’s top producer, churning out 220,000 metric tons in 2024—dwarfing Indonesia’s 28,000 and Russia’s 8,700. But human rights concerns and the push for cleaner supply chains are prompting companies to source cobalt from more transparent jurisdictions like Canada and the U.S., spurring investment in domestic processing and mining corridors.
Yet, not all mining news in 2025 has been upbeat. BHP Group, the world’s largest listed miner, reported its smallest annual underlying profit in five years for the year ended June 30, 2025. As Reuters reported, BHP’s underlying attributable profit dropped 26 percent to US$10.16 billion, missing analyst expectations and marking its weakest performance since 2020. The culprit? A 19 percent drop in the average realized price for iron ore, BHP’s most lucrative commodity, as additional supply from Australia, Brazil, and South Africa collided with lower steel production in China. BHP’s final dividend fell to US$0.60 per share—its lowest in eight years.
Despite these headwinds, BHP’s CEO Mike Henry struck a note of cautious optimism. “Demand for commodities remains strong, particularly in China and India,” he said, even as he acknowledged the mixed global economic outlook and the influence of shifting trade policies. The company emphasized that uncertainty around tariffs, fiscal policy, and industrial strategy continues to shape investment and trade flows.
All told, 2025 has been a year of contrasts for the mining sector. While cobalt’s resurgence and technological innovation have powered some Canadian miners to new heights, giants like BHP are feeling the squeeze of volatile commodity cycles and geopolitical uncertainty. For investors and industry insiders alike, the message is clear: adaptability and strategic foresight are more important than ever in navigating the shifting terrain of global resources.
