Half Year Results
25/09/2025 07:00
RNS Number : 7184A
Cobra Resources PLC
25 September 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
25 September 2025
Cobra Resources plc
("Cobra" or the "Company")
Half Year Results for the Six Months Ended 30 June 2025
Cobra (LSE: COBR), a mineral exploration and development company advancing a potentially world-class ionic Rare Earth Elements ("REEs") discovery and a massive scale copper-gold project, announces its financial results for the six months ended 30 June 2025 ("H1 2025").
H1 Highlights:
· Continued staged aircore and sonic resource drilling programme at Boland confirming increased continuity of rare earth mineralisation within the Palaeochannel system
· Lab-scale production of first mixed rare earth carbonate (MREC), with industry standout grades, low impurities, and strong recoveries
· Expanded Palaeochannel landholding by 36% to ~3,365 km² through licence acquisitions, adding highly prospective palaeochannel ground in the same geological setting as Boland
Post Period End
· Sonic drilling results from Boland exceeded expectations with favourable geology for ISR
· Excellent results from metallurgical testwork, with bulk sampling across Boland confirming high recoveries of dysprosium and terbium whilst reducing input cost with weaker acidities and lower molarity lixiviants; flowsheet optimisation underway
· Re-analysis of historical drill holes on newly acquired Yaninee and Narlaby palaeochannel tenements define three large scale, expanding project scale and supporting enlarged resource drilling for MRE
· Record-breaking recoveries from optimisation testing at low acidity (pH 5) - highest reported in Australia; strong potential for low-cost, sustainable extraction
· Completed sale of Wudinna Gold Assets for up to A$15 million to Barton Gold in cash and shares - retaining upside exposure through Barton Gold shareholding
· Secured option to acquire Manna Hill Copper Project ("Manna Hill"), with significant exploration prospects and untested upside potential, capable of delivering large scale copper discoveries where three prospects contain walk up drill targets:
o Blue Rose 1.6km of defined Skarn Mineralisation:
§ [RABR822] 47m at 2.2% Cu and 0.76 g.t Au from 11m
§ [RCBR025] 132m at 0.52% Cu from 8m including 48m at 1.04% Cu
§ [RABR152] 41m at 1.6% Cu from 9m including 18m at 2.03% Cu
§ [RABR205] 43m at 0.6% Cu from 12m
§ [RCBR030] 52m at 0.77% Cu and 0.94 g/t Au from 80m
o Netley Hill: Large ~3km long IP chargeability anomaly at containing shallow Cu-Mo mineralisation with existing intersections including:
§ [NTDD001] 350m at 0.1% Cu & 0.05% Mo from 0m
§ [NETRP03] 24m at 0.3% Cu & 0.02% Mo from 55m to end of hole
§ [NETRP14] 45m at 0.02% Mo from 15m to end of hole, including 15m at 0.15% Cu & 0.02% Mo from 45m
o Golden Sophia: Sericitised carbonaceous peilite hosting fine gold mineralisation where previous intersections include:
§ [GS2] 36m at 0.6 g/t Au from 2m
§ [GS3] 60m at 0.58 g/t Au from 10m to EOH
§ [GS4] 34m at 0.51 g/t Au from 6m to EOH
§ [GS27] 20m at 0.57 g/t Au from 18m
§ [GS29] 30m at 0.61 g/t Au from 2m
§ [HGRC003] 41m at 0.31 g/t Au from 6m
Greg Hancock, Chairman of Cobra, commented:
"Cobra has two extraordinary opportunities in South Australia: to become the Western world's first in situ recovery (ISR) rare earth operation at Boland, able to be cost-competitive with Chinese producers; and in parallel to advance several significant exploration prospects with untested upside potential at Manna Hill, capable of delivering large scale copper discoveries. South Australia is the copper state and the upside to the Manna Hill Project that Cobra optioned in August is significant.
Strategically, we pride ourselves on being efficient in our deployment of capital and resources and are committed to advancing assets capable of delivering significant upside to our shareholders. We strongly believe that we are on the right path to advance the Boland Rare Earth Project towards commercialisation, and, as we progress towards development and associated permitting, we can now achieve greater productivity by advancing multiple projects at once."
The full financial statements can be viewed on the Company's website at: https://investors.cobraplc.com/documents
About Cobra
Cobra Resources is a South Australian critical minerals developer, advancing assets at all stages of the pre-production pathway.
In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton - Australia's only rare earth project suitable for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance extraction method that eliminates the need for excavation, positioning Boland to achieve bottom-quartile recovery costs.
In 2025, Cobra further expanded its portfolio by optioning the Manna Hill Copper Project in the Nackara Arc, South Australia. The project contains multiple underexplored prospects with strong potential to deliver large-scale copper discoveries.
In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up to A$15 million in cash and shares. Barton gold is within a S&P Global Index of Australia's largest 500 public companies with a South Australian JORC resource base of 2.2M Oz Au and 3.1M Oz Ag, providing Cobra shareholders exposure to a low capex, near term gold development opportunity during a rising gold market.
Regional map showing Cobra's projects - The Boland Rare Earth Project & The Manna Hill Copper Project
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
X: https://twitter.com/Cobra_Resources
Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://investors.cobraplc.com/
Subscribe to our news alert service: https://investors.cobraplc.com/auth/signup
Operational Review
Introduction
Cobra has two extraordinary opportunities in South Australia: to become the Western world's first in situ recovery (ISR) rare earth operation at Boland, able to be cost-competitive with Chinese producers; and in parallel to advance several significant exploration prospects with untested upside potential at Manna Hill, capable of delivering large scale copper discoveries. South Australia is the copper state and the upside to the Manna Hill Project that Cobra optioned in August is significant.
Having sold our gold assets in August 2025 for up to A$15 million with retained upside from a shareholding in the Barton Gold (BGD.AX) which is advancing a multi-million ounce resource with a low capex pathway to capitalise on current high gold prices, we are now focused on three critical minerals for the energy transition: dysprosium, terbium and copper.
Strategically, we pride ourselves on being efficient in our deployment of capital and resources and are committed to advancing assets capable of delivering significant upside to our shareholders. We are on the right path to advance the Boland Rare Earth Project towards commercialisation, and, as we progress towards development and associated permitting, we can now achieve greater productivity by advancing multiple projects at once.
The Boland Project
Heavy rare earth elements (HREEs) aren't truly rare, but HREE deposits that can be mined profitably are. That's why only a few HREE operations exist outside of China. While most explorers define a resource before assessing economics, Cobra flipped that approach, prioritising technical and economic feasibility first at our Boland discovery. Our strategy focused on de-risking and validating this unique geological system prior to deploying capital on resource definition drilling.
Boland stands out for its game changing geology which allows for low-cost, environmentally considerate ISR mining, the same method used in Southern China, but without the environmental concerns and instead in the Tier One jurisdiction of South Australia. Our work programme in H1 2025 has continued to show that the Boland Project has the potential to be a new low-cost source of ionic-hosted HREEs, notably dysprosium and terbium, which are essential for high-performance permanent magnets used in advanced technologies key for the energy transition, amongst other industrial uses.
Having unequivocally demonstrated the suitability of Boland to ISR mining at laboratory scale, we commenced a staged resource drilling programme in 2024, which continued during H1 2025.
In January, we were pleased to report a significant milestone with the successful laboratory-scale production of a high-grade mixed rare earth carbonate (MREC). This achievement not only demonstrated the exceptional quality of Boland's mineralisation, with standout grades, low impurities, and strong recoveries, but also validated our strategy of pursuing ISR as a low-cost, environmentally responsible extraction method.
In February and March, Cobra announced results from Stage-1 aircore drilling at Boland, confirming increased continuity of rare earth mineralisation within the Palaeochannel system. This completed first phase of the drilling programme places Cobra on track to define a significant REE Mineral Resource Estimate (MRE) in due course.
In April and May, Cobra went on to conduct sonic drilling, a more expensive method that provides the best sample return possible - a key step in our strategy to deliver an MRE at Boland. All holes intersected the targeted Pidinga formation, where coarse sands contain fine organics that host ionic REE mineralisation amenable to ISR mining. Results of this programme were announced shortly after the period end (see below).
Also announced in May, Cobra significantly expanded its Palaeochannel landholding with the acquisition of new exploration licences from Tri-Star Group. This transaction increased our total palaeochannel holding by 36% to approximately 3,365 km², encompassing additional prospective ground along the Yaninee and Narlaby Palaeochannel systems. These new tenements lie within the same HREE-enriched geological setting as Boland and include historical uranium-focused drilling that intersected the Pidinga formation over large areas. To give a sense of the scale potential of the project, the Boland discovery represents only 4% of a total landholding of highly prospective Palaeochannel geology. The Boland discovery has a drilled mineralisation footprint of just 6 km².
Cobra's integrated programme of geological, metallurgical, and hydrological work is intended to support a planned economic scoping study. We are particularly encouraged by the preliminary indicators of ISR amenability, which, if validated in the field, would position Boland as one of the few globally significant ionic HREE projects that could be developed with minimal surface disturbance, at a low operating cost, and with a high degree of environmental stewardship.
Key Boland developments since the end of H1 2025:
· Highly encouraging results from sonic core drilling confirmed thick intersections of in situ recoverable mineralisation that exceeded expectations, with geological conditions highly favourable for the application of ISR. The programme provided crucial data on geological controls, heavy rare earth distribution, and spatial continuity, supporting progress toward a maiden MRE.
· Promising results were generated from metallurgical test work conducted by the Australian Nuclear Scientific Technology Organisation (ANSTO), with bulk sample testing across Boland confirming high recoveries of valuable elements, dysprosium and terbium, using low-cost inputs, paving the way for flowsheet optimisation. Cobra's metallurgical strategy centres on maximising product value with minimal modifications to its ISR-based process, providing a clear pathway to commercialisation.
· Re-analysis of historical drill samples from the newly acquired Yaninee and Narlaby Palaeochannel tenements revealed large REE system targets with similarities to Boland, dramatically expanding the project's scale, enabling an enlarged resource drilling programme that will feed into the MRE.
· Further optimisation testing by ANSTO produced record-breaking recoveries at unprecedentedly low acidity levels (pH 5, comparable to black coffee), underscoring Boland's low-cost and environmentally sustainable extraction potential. These recoveries are the highest reported by an Australian ionic clay REE project, strengthening Cobra's position to achieve bottom-quartile production costs.
The Wudinna Gold Transaction
In June, Cobra signed binding documentation to sell its Wudinna Gold Assets to Barton Gold Holdings Ltd ("Barton Gold"), an ASX-listed South Australian gold developer, for total consideration of up to A$15 million. The deal includes a mix of cash and Barton Gold shares, plus milestone and production-linked payments. The sale has completed, and, to date, Cobra has received A$1 million of the consideration in cash and Barton Gold shares. We are now working through the required mechanisms for Final Settlement that will enable Cobra to receive the next cash and share payment, totalling a further A$4.5 million, and the Barton Gold team to commence exploration and resource expansion works from which we hope to gain further value.
The transaction allows Cobra to capitalise on commodity prices to monetise its gold portfolio while still retaining exposure to Barton's growth strategy through substantial equity and contingent payments. Barton's existing infrastructure and regional scale position it well to develop Wudinna. In turn, Cobra will redirect capital and focus on advancing Boland and Manna Hill.
Financial Review
Cobra reported an unaudited operating loss for the six months ended 30 June 2025 of £448,128, which equates to a loss per share for the period of £0.0006. This compares to a loss for the six-month period to 30 June 2024 of £382,938, which equated to a loss per share for the period of £0.0005.
As at 30 June 2025, the Company had available cash of £841,842 (30 June 2024: £485,183), sufficient for the Company to execute its planned exploration activities.
Post period, the company applied for a block listing for 47,698,117 Ordinary Shares enabling the exercise of outstanding but currently unexercised warrants. At the time of reporting, a total of 22,290,196 of the warrants has been exercised, raising a total of £558,426.76 for the Company.
Outlook
Post period-end, in August, the Company announced it had secured an option to acquire the Manna Hill Copper Project, a substantial and underexplored 1,855 km² copper-gold opportunity located within the renowned Nackara Arc, South Australia.
This represents a major strategic step for the Company, complementing the world-class ionic rare earths discovery at Boland and diversifying our exposure to critical minerals central to the global energy transition. Manna Hill already demonstrates outstanding copper intersections and the potential for large-scale porphyry discoveries, and we are confident that a diligent and targeted exploration programme can unlock significant value.
Cobra's initial exploration focus will be on the Blue Rose prospect - a copper-gold skarn and porphyry target that is shallow, scalable and open at depth. Other prospects include Netley Hill - a massive, shallow, 3km long chargeability anomaly associated with intersected copper-molybdenum mineralisation - and Golden Sophia - a Carlin style gold target with untested scale.
I commend my fellow director David Clarke, a significant Cobra shareholder, for overcoming historical challenges to gain land access to Manna Hill and for placing his trust in Rupert Verco and Cobra to bring this prized asset to fruition. Cobra now has the opportunity to advance this asset in an underexplored porphyry province in the copper capital of Australia, where exploration to date has yielded outstanding intersections across multiple targets.
At Boland, the progress made in the first half of the year has further validated our pioneering approach to in situ recovery of rare earths. The successful production of our first mixed rare earth carbonate, combined with exceptional metallurgical recoveries, is keeping Boland on course to be the first ISR rare earth project outside of China which can compete with China on costs. We look forward to conducting further resource drilling in the months ahead with a view to producing a Mineral Resource Estimate and moving the project into the next phases of in-field pilot production and economic assessment.
Greg Hancock
Chairman
25th September 2025
Consolidated Income Statement
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | |||||
| Unaudited £ | Unaudited £ | Audited £ | |||||
| Administrative expenses | (448,128) | (382,938) | (423,336) | ||||
| Operating loss | (448,128) | (382,938) | (423,336) | ||||
| Loss on derecognition of financial liability | - | - | - | ||||
| Loss on ordinary activities before taxation | (448,128) | (382,938) | (423,336) | ||||
| Taxation | - | - | - | ||||
| Loss for the financial period attributable to equity holders | (448,128) | (382,938) | (423,336) | ||||
| Loss per share- see note 4 Basic and diluted | £(0.0006) | £(0.0005) | £(0.0006) |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | |||||
| Unaudited £ | Unaudited £ | Audited £ | |||||
| Loss after tax | (448,128) | (382,938) | (423,336) | ||||
| Items that may subsequently be reclassified to profit or loss: | |||||||
| - Exchange differences on translation of foreign operations | (197,188) | (67,218) | (305,161) | ||||
| Total comprehensive loss attributable to equity holders of the parent company | (645,316) | (450,156) | (728,497) |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | ||||||
| Unaudited £ | Unaudited £ | Audited £ | ||||||
| Non-current assets | ||||||||
| Intangible assets | 4,559,469 | 3,697,786 | 4,318,175 | |||||
| Other non-current assets | 60,115 | - | 35,088 | |||||
| Property, plant and equipment | 4,417 | 4,713 | 4,526 | |||||
| Total non-current assets | 4,624,001 | 3,702,499 | 4,357,789 | |||||
| Current assets | ||||||||
| Trade and other receivables | 37,893 | 594,189 | 144,746 | |||||
| Cash and cash equivalents | 841,842 | 485,183 | 795,708 | |||||
| Other current assets | - | 6,817 | - | |||||
| Total current assets | 879,736 | 1,086,189 | 940,454 | |||||
| Current liabilities | ||||||||
| Trade and other payables | 119,512 | 146,371 | 171,101 | |||||
| Financial liabilities | 6,000 | 6,000 | - | |||||
| Deferred consideration | 119,698 | 163,225 | 119,698 | |||||
| Total current liabilities | 245,211 | 315,596 | 290,799 | |||||
| Net assets | 5,258,526 | 4,473,093 | 5,007,443 | |||||
| Capital and reserves | ||||||||
| Share capital | 8,778,637 | 7,265,594 | 7,988,713 | |||||
| Share premium | 2,927,613 | 2,762,566 | 2,821,139 | |||||
| Share based payment reserve | 52,473 | 21,476 | 52,473 | |||||
| Retained losses | (6,140,757) | (5,659,378) | (5,692,629) | |||||
| Foreign currency reserve | (359,440) | 82,835 | (162,251) | |||||
| Total equity | 5,258,526 | 4,473,093 | 5,007,443 | |||||
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | ||||
| Unaudited £ | Unaudited £ | Audited £ | ||||
| Cash flow from operating activities | ||||||
| Operating loss | (448,128) | (382,938) | (423,336) | |||
| Equity settled share-based payment(s) | - | - | 30,997 | |||
| Loss on derecognition of financial liability | - | - | (43,527) | |||
| Other interest receivable and other income | - | - | (7,611) | |||
| Other Income | - | - | (61,423) | |||
| Foreign exchange revaluation adjustment | (190,972) | (67,215) | (997) | |||
| Decrease/(increase) in receivables | 106,853 | (557,941) | (108,498) | |||
| (Increase) in payables | (51,588) | (52,316) | (27,583) | |||
| Shares issued in lieu of cash | 65,000 | - | 11,700 | |||
| (Increase) in other non-current assets | (25,026) | (4,052) | ||||
| Net cash used in operation activities | (543,861) | (1,060,410) | (634,330) | |||
| Cash flows from investing activities | ||||||
| Payments for exploration and evaluation activities | (248,295) | (417,879) | (767,063) | |||
| Interest received | 7,001 | 7,611 | ||||
| Payments for property, plant and equipment | (107) | - | (2,875) | |||
| Net cash used in investing activities | (241,401) | (417,879) | (762,327) | |||
| Cash flows from financing activities | ||||||
| Proceeds from issue of shares | 831,398 | 1,318,997 | 1,626,586 | |||
| Transaction costs of issue of shares | - | - | (72,695) | |||
| Proceeds from borrowings | - | 6,000 | - | |||
| Net cash generated from financing activities | 831,398 | 1,324,997 | 1,553,891 | |||
| Net increase/(decrease) in cash and cash equivalents | 46,134 | (153,292) | 157,234 | |||
| Cash and cash equivalents at the beginning of period | 795,708 | 638,475 | 638,475 | |||
| Cash and cash equivalents at end of period | 841,842 | 485,183 | 795,708 | |||
| Share capital | Share premium | Share based payment reserve | Retained earnings | Foreign currency reserve | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| At 31 December 2023 | 5,923,794 | 2,785,366 | 21,476 | (5,269,293) | 142,906 | 3,604,249 | |
| Loss for the period | - | - | - | (382,938) | - | (382,938) | |
| Translation differences | - | - | - | (7,147) | (60,071) | (67,218) | |
| Total comprehensive income | - | - | - | (390,085) | (60,071) | (450,156) | |
| Share capital issued | 1,341,800 | - | - | - | - | 1,341,800 | |
| Cost of share issue | - | (22,800) | - | - | - | (22,800) | |
| At 30 June 2024 | 7,265,594 | 2,762,566 | 21,476 | (5,659,378) | 82,835 | 4,473,093 | |
| Loss for the period | - | - | - | (33,251) | - | (33,251) | |
| Translation differences | - | - | - | - | (245,090) | (245,090) | |
| Total comprehensive income | - | - | - | (33,251) | (245,090) | (278,341) | |
| Share capital issued | 723,119 | 108,468 | - | - | - | 831,587 | |
| Share issue cost | - | (49,895) | - | - | - | (49,895) | |
| Share option charge | - | - | 31,000 | - | - | 31,000 | |
| At 31 December 2024 | 7,988,713 | 2,821,139 | 52,472 | (5,692,629) | (162,251) | 5,007,444 | |
| Loss for the period | - | - | - | (448,128) | - | (362,663) | |
| Translation differences | - | - | - | - | (197,189) | (197,188) | |
| Total comprehensive income | - | - | - | (448,128) | (197,189) | (645,317) | |
| Share issued net of costs | 789,923 | 106,474 | - | - | - | 896,398 | |
| At 30 June 2025 | 8,7778,637 | 2,927,613 | 52,472 | (6,140,757) | (359,440) | 5,258,526 |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | ||||||
| Unaudited £ | Unaudited £ | Audited £ | ||||||
| At Beginning of the period | 4,318,175 | 3,258,753 | 3,258,752 | |||||
| Net movement | 241,294 | 439,033 | 1,059,423 | |||||
| At End of the period | 4,559,469 | 3,697,786 | 4,318,175 |
| 6 months to 30 June 2025 | 6 months to 30 June 2024 | Year ended 31 December 2024 | ||||||
| Unaudited £ | Unaudited £ | Audited £ | ||||||
| These have been calculated on a loss of: | (448,128) | (382,938) | (423,336) | |||||
| The weighted average number of shares used was: | 798,871,460 | 726,559,550 | 641,629,072 | |||||
| Basic and diluted loss per share: | £(0.0006) | £(0.0005) | £(0.0006) |