1. Talon Metals (TSX:TLO)

Year-to-date gain: 394.12 percent
Market cap: C$380.31 million
Share price: C$0.42

Talon Metals is a base metals company advancing the Tamarack nickel-copper-cobalt project in Central Minnesota, US, through a joint venture with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). Talon currently holds a 51 percent stake in the project and can earn up to 60 percent.

In late March, Talon Metals announced a massive sulfide discovery at its Tamarack project, with an intercept measuring 8.25 meters containing 95 percent sulfide content located deeper than the current Tamarack resource.

A further massive sulfide discovery in May drove the company’s share price up significantly. The intercept was the thickest discovered at the site yet, measuring a total of 34.9 meters within a 47.33 meter interval starting at 762 meters depth. On June 5, Talon reported record assays from the intercept, with average grades of 57.76 percent copper equivalent or 28.88 percent nickel equivalent.

In mid-June, Talon closed a combined C$41 million in financing to advance work at Tamarack.

Shares of Talon rallied to a year-to-date high of C$0.41 on August 6 alongside results from a third hole at the discovery, which the company has named the Vault zone. It is now targeting the zone with two drill rigs.

Outside of Tamarack, Talon secured a site in North Dakota, US, for its planned Beulah minerals processing facility on May 28. The location is owned by Westmoreland Mining and previously hosted coal-mining operations. The facility will serve as a key hub for domestic processing of nickel and other critical minerals in the US. The company currently plans to begin construction in 2027.

2. Leading Edge Materials (TSXV:LEM)

Year-to-date gain: 77.78 percent
Market cap: C$37.15 million
Share price: C$0.16

Leading Edge Materials is developing a portfolio of critical materials projects in the European Union to supply materials for advanced technologies such as lithium-ion batteries and permanent magnets for EVs and wind power generation.

The company’s projects include its wholly owned Woxna graphite mine, the Norra Kärr heavy rare earth elements project in Sweden and the 51 percent owned Bihor Sud nickel-cobalt exploration alliance in Romania.

After starting the year at C$0.09, shares of Leading Edge Materials spiked dramatically in late February and stayed elevated through much of March, reaching a year-to-date high of C$0.30 on March 24.

The day before its peak, the company announced it is moving forward with its rapid development plan at the Norra Kärr project, aiming to fast-track production of heavy rare earth element concentrate and nepheline syenite.

The day after, however, shares fell when Leading Edge reported that Norra Kärr was not selected for the first list of strategic projects under the EU’s Critical Raw Materials Act. Leading Edge plans to reapply when a new call for applications is announced, and stated it has made significant progress since its previous application in August 2024.

As for Leading Edge’s cobalt asset, the Bihor Sud nickel-cobalt project is a brownfield early-stage exploration project at which field work has identified strong potential for the discovery of a significant polymetallic deposit. The company says its goal at the project is ‘to define a large-scale, mineable mineral resource.’

According to its June 2025 presentation, exploration work planned for 2025 at Bihor Sud’s G2 gallery includes mapping and sampling of cobalt-nickel and zinc-lead-silver mineralized zones detected visually and by hand-held XRF. Drilling targeting polymetallic mineralization at the gallery is underway.

On the financial side, Leading Edge announced a C$400,000 non-brokered private placement in June.

3. Wheaton Precious Metals (TSX:WPM)

Year-to-date gain: 61.01 percent
Market cap: C$60.97 billion
Share price: C$132.82

Wheaton Precious Metals is one of the largest gold and silver royalty and streaming companies. It has investments in 18 operating mines and 28 development projects across four continents, including a cobalt streaming agreement for Vale’s (NYSE:VALE) Voisey’s Bay nickel mine in Newfoundland and Labrador, Canada.

The company reported its Q1 2025 financial results on May 8. The report highlighted a record US$470 million in revenue, US$254 million in net earnings and US$361 million in operating cash flow.

The cobalt segment registered year-over-year attributable production gains, rising to 540,000 pounds in Q1 2025, compared to 240,000 pounds during Q1 2024. Despite the output increase, sales from the same reporting fell to 265,000 pounds from 309,000 pounds in 2024.

According to Wheaton’s Q1 report, Voisey’s Bay is currently in a transitional phase, shifting from the depleted Ovoid open-pit to full underground production. Voisey’s Bay’s underground operations are ramping up, with full ramp-up anticipated for H2 2026.

Shares in Wheaton hit a year-to-date high of C$138.56 on August 7 coinciding with the company’s Q2 results.

4. FPX Nickel (TSXV:FPX)

Year-to-date gain: 10.64 percent
Market cap: C$80.28 million
Share price: C$0.26

FPX Nickel is currently advancing its Decar nickel district in British Columbia, Canada. The property comprises four key targets, with the Baptiste deposit being the primary focus, alongside the Van target. The company also has three other nickel projects in BC and one in the Yukon, Canada.

On February 24, FPX released results from a positive scoping study for the development of a refinery that would refine awaruite concentrate from the Baptiste deposit into battery-grade nickel sulfate and by-products of cobalt carbonate, copper and ammonium sulfate. Annual production was anticipated at 32,000 metric tons (MT) of contained nickel and 570 MT of contained cobalt.

The results showed that the process resulted in operating costs and all-in production costs near the bottom of nickel sulfate cost curves, in part due to the by-product credits. Additionally, the carbon intensity of the awaruite refinery is significantly lower than that of currently used production methods. FPX formally published the study at the end of March.

Shares of FPX reached a year-to-date high of C$0.28 on March 7.

In June, the company successfully produced a larger run of battery-grade nickel sulfate crystals from Baptiste awaruite concentrate using the same process as the scoping study. FPX plans to share the samples with potential downstream partners, including battery and EV manufacturers.

On July 7, FPX announced it received a multi-year area-based permit from the BC government, a crucial step in the renewal of drilling and exploration activities at the Baptiste project. The company stated it has commenced drilling, with targets supporting its feasibility study and the start of its environmental assessment process.

5. Nickel 28 Capital (TSXV:NKL)

Year-to-date gain: 2.82 percent
Market cap: C$59.84 million
Share price: C$0.73

Nickel 28 Capital is a battery metals company with an 8.56 percent interest in the producing Ramu nickel-cobalt mine in Papua New Guinea. It also holds a portfolio of 10 nickel and cobalt royalties on development and exploration projects across Canada, Australia and Papua New Guinea.

Shares of Nickel 28 registered a year-to-date high of C$0.86 on January 20 and again on February 6.

On February 3, the company released its Q4 and full year 2024 results, reporting lower production year-over-year due to a planned plant shutdown in September and October.

According to the data, total cobalt production at the Ramu operation fell year-over-year in 2024, with output reaching 549 MT in Q4 and 2,625 MT for the full year, down from 706 MT and 3,072 MT respectively in 2023.

Sales also declined, totaling 488 MT in Q4 and 2,793 MT for the year, compared to 755 MT and 3,086 MT in the prior year. Average cobalt prices were also down during the period, dropping 34 percent year-over-year in Q4 to US$9.95 per pound and finishing 2024 at an annual average of US$11.26 per pound, a 29 percent decrease from 2023.

The Ramu operation also experienced a short-term production setback following a mechanical failure in one of the acid plant’s blowers in December. On February 20, Nickel 28 announced that repairs were complete and the plant was back at full capacity.

On August 11, Nickel 28 released its Q2 2025 results, noting Ramu delivered stronger cobalt output with record weekly production rates at the beginning of the quarter. The operation produced 787 MT of contained cobalt in Q2, up from 675 MT a year earlier.

Cobalt sales also rose, totaling 719 MT compared to 684 MT in the same period of 2024. While average cobalt prices climbed 18 percent year-on-year to US$15.23 per pound, nickel prices slipped 18 percent to US$6.88 per pound, though lower production costs helped offset the weaker nickel market.

Focused on unlocking West Africa’s untapped mineral potential, Kobo Resources (TSXV:KRI) is advancing its flagship Kossou Gold Project in Côte d’Ivoire. Strategically located next to Perseus Mining’s (TSX:PRU) producing Yaouré Gold Mine, Kossou benefits from access to infrastructure, skilled local labor, and strong logistical advantages.

Kobo’s value proposition rests on a seasoned leadership team and backing from strategic partner Luso Global Mining, part of engineering giant Mota-Engil. Beyond capital, this partnership provides access to world-class mining expertise. With a phased exploration strategy, Kobo is advancing near-term catalysts—including updated technical reports, metallurgical studies, and a 2025 drill campaign aimed at delivering a maiden resource in 2026.

The Kossou Gold Project (KGP) is Kobo Resources’ flagship asset in Côte d’Ivoire, located 40 km from Yamoussoukro and adjacent to Perseus Mining’s producing Yaouré Gold Mine. Covering 110 sq. km within the prolific Birimian greenstone belt, Kossou benefits from excellent infrastructure, logistical advantages, and strong exploration potential in one of West Africa’s fastest-growing mining jurisdictions.

Company Highlights

• Mining-friendly and Underexplored Location – Côte d’Ivoire’s gold production has grown significantly but still trails neighboring countries.
• Prime Location with Infrastructure Advantage – The Kossou Gold Project (KGP) is 40 km from Yamoussoukro and 9.5 km from a major operating gold mine.
• Proven Gold Discoveries with Strike Continuity – 24,471 m drilled at KGP with multiple mineralized zones that remain open along strike and depth.
• Promising Secondary Project – Kotobi gold project offers early-stage exploration upside in a highly prospective greenstone belt.
• Aggressive Growth and Near-term Milestones – +/- 20,000 m 2025 drill program targeting priority zones and advancing toward a potential MRE in 2026 with a strong project pipeline.
• Strong Team and Strategic Backing – Decades of exploration success combined with a strategic partnership with Luso Global Mining (Mota-Engil).

This Kobo Resources profile is part of a paid investor education campaign.*

Click here to connect with Kobo Resources (TSXV:KRI) to receive an Investor Presentation

1. Australia

Usable iron ore: 930 million metric tons
Iron content: 580 million metric tons

Australia is the largest iron producing country by far, with usable iron ore production of 930 million metric tons in 2024. Australia’s leading iron ore producer is BHP Group (ASX:BHP,LSE:BHP,NYSE:BHP), and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Fortescue (ASX:FMG,OTCQX:FSUMF) are also large iron producers.

The Pilbara region is the most notable iron ore jurisdiction in Australia, if not the world. In fact, Rio Tinto calls its Pilbara Blend ‘the world’s most recognised brand of iron ore.’ One of the company’s iron producing operations in the region is Hope Downs iron ore complex, a 50/50 joint venture with Gina Rinehart’s Hancock Prospecting. The complex hosts four open-pit mines with an annual production capacity of 47 million metric tons.

In June 2025, the partners announced a combined investment of US$1.6 billion to develop the Hope Downs 2 iron ore project, a part of the main JV. The project hosts the Hope Downs 2 and Bedded Hilltop deposits, which together will have a total annual production capacity of 31 million metric tons.

As for BHP, the major iron miner’s Western Australia Iron Operations joint venture comprise five mining hubs and four processing hubs. One such hub is Area C, which hosts eight open-cut mining areas alone. The company also has an operating 85 percent interest in the Newman iron operations.

2. Brazil

Usable iron ore: 440 million metric tons
Iron content: 280 million metric tons

In Brazil, iron production totaled 440 million metric tons of usable iron ore in 2024.

The largest iron ore districts in the country are the states of Pará and Minas Gerais, which together account for 98 percent of Brazil’s annual iron ore output. Pará is home to the largest iron ore mine in the world, Vale’s (NYSE:VALE) Carajas mine. Headquartered in Rio de Janeiro, Vale is the world’s biggest producer of iron ore pellets.

Vale announced plans in February 2025 to make significant investments in increasing its production at Carajas by 13 percent through 2030.

3. China

Usable iron ore: 270 million metric tons
Iron content: 170 million metric tons

China’s iron production amounted to 270 million metric tons of usable iron ore in 2024. The Asian nation is the world’s largest consumer of iron ore, despite being the third largest iron-producing country.

China’s top producing iron ore mine is the Dataigou iron mine in Laioning province, with production of 9.07 million metric tons in 2023. The underground mine is owned by Glory Harvest Group Holdings.

With China being the world’s largest producer of stainless steel, its domestic supply is not enough to meet demand. The country imports over 75 percent of global seaborne iron ore as of mid-2025.

3. India

Usable iron ore: 270 million metric tons
Iron content: 170 million metric tons

India’s iron production for 2024 totaled 270 million metric tons of usable iron ore, tying for third place with China.

India’s largest iron ore miner, NMDC (NSE:NMDC), operates the Bailadila mining complexes in Chhattisgarh state and the Donimalai and Kumaraswamy mines in Karnataka state. NMDC hit a production milestone in 2021 of 40 million metric tons per year, the first such company to do so in the country. NMDC is targeting an annual production rate of 100 million metric tons by 2030.

5. Russia

Usable iron ore: 91 million metric tons
Iron content: 53 million metric tons

Russia’s iron ore production came in at 91 million metric tons in 2024, making it the fifth largest iron-producing country in the world.

The region of Belgorod Oblast is home to two of the country’s biggest iron ore producing mines: Metalloinvest’s Lebedinsky GOK, which in 2023 produced an estimated 22.05 million metric tons of iron ore; and Novolipetsk Steel’s Stoilensky GOK, which that same year produced an estimated 19.56 million metric tons of iron ore.

In response to serious economic sanctions on the country over its aggressive war against Ukraine, Russia’s iron ore exports fell dramatically in 2022 to 84.2 million metric tons from 96 million metric tons in the previous year. Together, these two countries previously accounted for 36 percent of global iron or non-alloy steel exports. The European Union has restricted imports of Russian iron ore.

Last year, imports of iron ore from Russia to the EU seemingly fell off a cliff, dropping from 332,300 tons to 9,360 tons.

6. Iran

Usable iron ore: 90 million metric tons
Iron content: 59 million metric tons

Iran surpassed 90 million metric tons in iron production in the form of usable iron ore in 2024. The country’s iron output has been on the rise in recent years — now in sixth place, it was the eighth highest iron producer in 2022 and the 10th in 2021.

One of Iran’s most important iron ore mines is Gol-e-Gohar in Kerman province, which is also the country’s top producer. During the March 2024 to January 2025 period, the country’s major mining companies’ combined iron pellet production reportedly increased by 7 percent year-over-year.

The country’s iron mines are supplying its steel industry, which produced 31 million MT of steel in 2024. In its 20 year roadmap released in 2005, the Iranian government set an annual steel production target of 55 million MT by 2025. To better meet the requirements of domestic steel producers, Iran began levying a 25 percent duty on iron ore exports in September 2019. The exact rate has changed multiple times since, and in February 2024 the country cut duties on these products significantly.

7. South Africa

Usable iron ore: 66 million metric tons
Iron content: 42 million metric tons

South Africa’s iron production was 66 million metric tons of usable iron ore in 2024. The country’s output has declined significantly in the past few years, down from 73.1 million MT three years earlier. South Africa’s mining industry is grappling with transport and logistics issues, most notably due to railway maintenance challenges.

Kumba Iron Ore is Africa’s largest iron ore producer. The company has three main iron ore production assets in the country, including its flagship mine, Sishen, which accounts for a large majority of Kumba’s total iron ore output. Anglo American (LSE:AAL,OTC Pink:AAUKF) owns a 69.7 percent share of the company.

8. Canada

Usable iron ore: 54 million metric tons
Iron content: 32 million metric tons

Canada’s iron production totaled 54 million metric tons of usable iron ore in 2024. In June of that year, the Canadian government updated the nation’s Critical Minerals List ‘to include high-purity iron, citing the necessity of that mineral’s role in decarbonization throughout the steel supply chain,’ according to the USGS.

Champion Iron (TSX:CIA) is one company producing iron ore in Canada. It owns and operates the Bloom Lake complex in Québec. Champion Iron ships iron concentrate from the Bloom Lake open pit by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Îles, Québec. A Phase 2 expansion, which entered commercial production in December 2022, increased annual capacity from 7.4 million metric tons to 15 million metric tons of 66.2 percent iron ore concentrate.

As of 2025, Champion is investing in upgrading half of its Bloom Lake mine capacity to a direct reduction quality pellet feed iron ore with up to 69 percent iron.

9. Ukraine

Usable iron ore: 42 million metric tons
Iron content: 26 million metric tons

Ukraine’s iron production for 2024 was 42 million metric tons of usable iron ore. The metal represents a key segment of the country’s economy. Metinvest and ArcelorMittal (NYSE:MT) are the leading producers of iron ore in the nation.

Despite the ongoing war, Ukraine’s iron ore mining industry has proved as resilient as the people, even though there have been temporary shutdowns. However, 2025 looks to be turning into a particularly hard year. In the January through April period, iron ore exports decreased by 20.9 percent in value terms and by 10.2 percent in physical volumes year-over-year. GMK Center predicted in May that by the end of this year, ‘Ukraine’s iron ore exports will decline by about 20% y/y to 27 million tons from 33.6 million tons in 2024.’

10. Kazakhstan

Usable iron ore: 30 million metric tons
Iron content: 9.2 million metric tons

Kazakhstan’s iron production came in at 30 million metric tons of usable iron ore in 2024.

Kazakhstan has several iron ore mines in operation, with four of the top five owned by Eurasian Resources Group. The largest of these iron ore mines is the Sokolovsky surface and underground mine located in Kostanay. In 2023, it produced an estimated 7.52 million tonnes per annum of iron ore.

The Sokolov-Sarybai Mining Production Association (SMPA) in Northern Kazakhstan was the main supplier of iron ore to Russia’s Magnitogorsk Iron and Steelworks prior to the country’s invasion of Ukraine. Since then, the SMPA has halted iron ore shipments to Magnitogorsk.

Graphite prices hit multi-year lows

Caught in the cross hairs of tariff troubles between US and China, graphite prices fell to their lowest levels since 2018, according to Fastmarkets.

In January, The US Department of Commerce officially launched anti-dumping (AD) and countervailing duty (CVD) investigations into imports of active anode material from China, following petitions filed by the American Active Anode Material Producers (AAMP) in mid-December 2024.

These probes stem from concerns that Chinese producers are unfairly undercutting domestic manufacturers through subsidized or dumped pricing.

“The new antidumping and countervailing duty investigation on active anode imports from China demonstrates that the anode production is the most challenging part of the battery supply chain for the US to compete with China,” wrote Fastmarkets Georgi Georgiev in a February report.

He added: “The existing 25 percent tariff has had limited impact on anode imports from China, demonstrating that currently Chinese anode makers remain the cornerstone of global anode supply chains.”

In May, the Department of Commerce issued an affirmative preliminary finding in its countervailing duty probe, identifying subsidy rates as high as 721 percent for some producers, while others faced rates near 6.55 percent.

In the related anti-dumping investigation, a July 17 preliminary determination confirmed dumping, and a provisional 93.5 percent duty was imposed.

If both Commerce and the US International Trade Commission deliver final affirmative decisions, steep duties could be imposed as soon as fall 2025 and remain in place for at least five years.

Supply and demand woes intensify

Despite natural graphite mined supply growing year over year from 2020’s 966,000 metric tons to 1,600,000 metric tons in 2024, concerns abound about future supply.

“Rare earth elements appear to be sufficiently supplied in 2035 based on the project pipeline. However, supply concentration for rare earths and graphite remains a key vulnerability,” a recent IEA report read.

The energy oversight agency expects graphite demand to double between now and 2040, driven by an uptick in eclectic vehicle demand.

To ensure ample supply is available, the IEA recommends broad growth outside of China up and down the supply chain.

“Diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing. Between 2020 and 2024, growth in refined material production was heavily concentrated among the leading suppliers,” it read.

Refining capacity for critical minerals has become increasingly concentrated, with graphite among the most affected. By 2024, the top three refining nations controlled an average of 86 percent of global output for key energy minerals, up from about 82 percent in 2020.

In graphite’s case, China dominates the sector, accounting for nearly all recent supply growth, a trend mirrored by Indonesia in nickel and China again in cobalt and rare earths.Despite China’s stronghold of the market, the IEA sees that weakening over the next decade.

“There is some diversification emerging in the mining of lithium, graphite and rare earth elements. The share of mined lithium supply from the top three producers is set to fall below 70 percent by 2035, down from over 75 percent in 2024,” the IEA states. “ Graphite and rare earth elements also see some improvement as new mining suppliers emerge over the next decade – Madagascar and Mozambique for graphite and Australia for rare earths.”

While mine supply diversification is a positive first step, growth in refinement and processing capacity is unlikely to see the same ex-China growth trends.

The IEA expects refining capacity for critical minerals to remain heavily concentrated well into the next decade, with graphite among the most tightly controlled.

Although some diversification is emerging for lithium and select minerals, China’s dominance shows little sign of waning. By 2035, the country is projected to supply roughly 80 percent of the world’s battery-grade graphite, alongside similar market shares in rare earths, and more than 60 percent of refined lithium and cobalt.

Tariff battle shakes anode supply chain

To counter China’s control the US is moving aggressively to curb reliance on Chinese graphite anodes, which account for more than 95 percent of global anode output.

Since June 2024, tariffs on Chinese synthetic graphite anodes have risen from zero to 160 percent — including the existing 25 percent Section 301 tariff and additional levies. North American producers have petitioned for duties as high as 920 percent.

Chinese producers initially absorbed much of the cost of early tariffs, but analysts expect they will pass more of the recent increases on to buyers.

US automakers and battery makers are bracing for higher costs, with trade data showing that all US graphite anode imports for the EV sector came from China in 2024.

China has responded with its own 84 percent import tariff on US petroleum coke and needle coke. While China has reduced reliance on US supply, it still sources about 30 percent of each from American producers, meaning higher costs for Chinese synthetic graphite and downstream anode products.

“US electric vehicle and battery producers have battled in recent years to keep US imports of graphite anodes from China tariff-free, but their efforts have proved futile over the past nine months and the trade status of graphite anodes has shifted dramatically,” Amy Bennett, principal consultant of metals and mining at Fastmarkets wrote in a May market report.

Fragility of supply

Global demand for battery-grade graphite is projected to surge by 600 percent over the next decade as the energy transition and electric vehicle (EV) adoption accelerate.

Yet, at today’s depressed prices, developing new supply outside China remains economically unviable — a challenge that’s fueling a looming supply crunch.

The US, which mines no natural graphite, was entirely dependent on imports to meet domestic demand in 2024, according to the US Geological Survey, leaving it and other non-China markets in a vulnerable position.

History offers a cautionary precedent: in 2010, rare earth prices spiked tenfold after China restricted exports.

Should a similar disruption hit lithium, nickel or graphite, prices could surge five to ten times, pushing average global battery pack costs up by 20 to 50 percent, the IEA warns.

Such a jump would erode EV affordability, slow adoption and threaten the pace of the clean energy transition.