Photoemission electron microscopy (PEEM) was employed for X-ray imaging and absorption spectroscopy of individual cobalt nanoparticles as small as 8nm grown using an arc ion cluster source. Using lithographic markers on the samples we were able to identify the same particles with PEEM and scanning electron microscopy. Significant variations in the shape of the X-ray absorption spectra between different cobalt particles were detected. Furthermore, our data suggest that distinctive spectral information about the individual particles, such as the quenching of oxide-related features and changes in the cobalt L 3 -edge intensity, cancel out and cannot be detected in the measurement over an ensemble of particles.