Cobalt Holdings Plans £174 Million London Stock Market Float

On May 12, 2025, Cobalt Holdings unveiled its plan to raise approximately $230 million (£174 million) through an initial public offering (IPO) on the London Stock Exchange, potentially becoming the largest UK mining IPO since 2022. The company, led by CEO Jake Greenberg, a co-founder of uranium investment firm Yellow Cake, plans to use the capital primarily to purchase 6,000 tonnes of cobalt from Glencore at a 5% discount to market price. This transaction would represent roughly one-third of the projected global cobalt surplus for 2025, signaling a bold move to absorb excess supply and position the company as a major player in the physical cobalt market.