Cobalt is produced in the dirt. Cobalt is used by animals to produce B12.
Pasture-raised meat ideally gets its cobalt from the ground, but most of the time there is a lack of cobalt so the animals need supplementation themselves. Factory-farmed animals, however, are always directly supplemented. Ironic, isn't it?
Personally, I have no choice but to supplement my B12s, as meat causes my body to produce kidney stones.