REG - Cobra Resources PLC - Boland - Industry-Leading Heavy Rare Earth Product
02/03/2026 07:00
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RNS Number : 8924U Cobra Resources PLC 02 March 2026
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2 March 2026
Cobra Resources plc
("Cobra" or the "Company")
Boland Delivers Industry-Leading Heavy Rare Earth Product
Optimised Flowsheet Delivers a Globally Superior Heavy Rare Earth Carbonate
from One of the Lowest Impact Forms of Mining
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, the mineral exploration and development company advancing a potentially
world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project
("Boland") in South Australia, is delighted to announce that optimisation
testing aimed at improving cost efficiency and product quality has delivered a
Mixed Rare Earth Carbonate ("MREC") product of high purity with industry
leading heavy REE ("HREE") ratios.
Importantly, this MREC has been produced from In Situ Recovery ("ISR"), a very
low cost and low disturbance mining and processing method that bypasses
challenges of handling and treating clay ores.
The MREC was produced by the Australian Nuclear Science and Technology
Organisation ("ANSTO") from a bench-scale ISR study performed on a 42kg
composite of Boland mineralisation.
The quality of the MREC represents significant progress in process
optimisation, successfully increasing the value and marketability of the
projects saleable product. Based on the REE proportions, a ~170% increase in
product value has been achieved when compared to the initial MREC produced in
January 2025.
Rupert Verco, Managing Director of Cobra, commented:
"Boland has delivered an industry-leading grade product while at the same time
using one of the lowest cost and lowest disturbance forms of mining!
This demonstrates that the Boland Project represents a significant strategic
opportunity to develop a reliable source of Heavy Rare Earths, where
operational and capital cost efficiencies, mitigated environmental risk, and
flow-sheet simplicity underpin market competitiveness and price resilience.
We have now demonstrated that Boland's' ISR recoverable mineralisation will
include very low acid consumption, self-acid generation, cerium separation and
simple purification.
Our optimised flowsheet has cost-effectively omitted the first step of REE
separation and, in turn, generated a carbonate with one of the most valuable
REE ratios from developing projects globally.
Thank you to the team at ANSTO for their ongoing contribution. Cobra's
strategy has been to mitigate investment risk. With their assistance, over the
course of two years, we first demonstrated a concept and have now maximised
value from Boland's unique mineralisation.
This MREC demonstrates significant progress in project advancement towards
sustainable production. Now we need to finish drilling out a resource that
aims to support a future, long-life operation. Preparations are well
underway."
Follow this link to watch a short video of Managing Director Rupert Verco
explaining the results released in this announcement:
https://investors.cobraplc.com/link/y0zAEr
(https://investors.cobraplc.com/link/y0zAEr) .
Highlights
· High purity, high value MREC: Comprising of 58.83% TREO comprised of
an exceptionally high ratio of valuable Magnet Rare Earths:
o Neodymium 27.5% of TREO
o Praseodymium 6.7% of TREO
o Dysprosium 3.8% of TREO
o Terbium 0.7% of TREO
· High levels of strategically critical Dysprosium and Terbium that
comprise a combined 4.5% of the TREO
· Low impurities: Low elemental impurities of less than 0.9% with low
levels of uranium (<10ppm) and thorium (<10 ppm)
· Low quantity of cerium in product: MREC comprises less than 0.7%
CeO(2)
· Validation of favourable mining method: High recoveries through
controlled ISR, where the recovery times was just 17 days
· Low impact and lowest cost mining method: No Load and Haul, with
minimal ground disturbance. No productivity risks associated with clay washing
and dewatering
· Advancing offtake negotiations: Optimised MREC is currently undergoing
radionuclide testing. Upon the completion of radionuclide analysis, MREC
samples will be provided to select potential offtake partners
· Assays for impurity steps outstanding: owing to the significance of
these results the Company chose to release these results before being able to
calculate final ore to MREC recoveries
· Resource drilling to recommence this month: Land access and permitting
on schedule for drilling
Figure 1: Optimised MREC - wet filter press
Figure 2. Final dried product
Optimised impurity removal and precipitation programme
After producing an initial MREC in January 2025, Cobra sought to address
supply chain feedback on product composition, aiming to achieve potential
customers' requirements. This included:
· Demonstrating product quality from a larger mineralisation footprint
· Reducing the quantity of cerium
· Improving product purity
Further to addressing product marketability, the Company also sought to
improve on:
· Demonstrating increased ISR productivity by demonstrating higher
permeabilities/ reduced ISR timeframes
· Reducing sulphuric acid consumption
Key outcomes of the study include:
· Production of 13.5g of MREC from 42kg of composite sample sourced from
three sonic core drillholes located across the Boland mineralisation footprint
· Significant increase in MREC value, placing the TREO value as one of
the highest globally owing to:
o An increase in Magnet Rare Earth ("MREO") quantity from 21% to 38.9% of
the TREO
o An increase in HREO quantity from 23% to 42.94% of the TREO
o A reduction in low value Cerium (CeO(2)) from 42.4% to 0.65% of the TREO
o A reduction in total impurities from 3.15% to less than 0.9%
Productivity improvement: Significant improvement in bench scale ISR recovery
timeframes from 68% HREO recoveries across 150 days within the initial trial
to 66% HREO recoveries in just 17 days in the optimisation study. This was
attributed an improved understanding of Boland's mineralisation and the
removal of underlying saprolite material during sample preparation
Reduction in acid consumption: A reduction in molarity from 0.5M H(2)SO(4) to
0.3M H(2)SO(4) has contributed to a material decrease in acid consumption from
15kg/t to 3.88kg/t
Market context
When benchmarked against peer MREC product specifications, Cobra's optimised
flowsheet delivers an MREC with higher portions of both magnet and heavy REEs,
achieving a higher basket value. Owing to the low cost of ISR, the Company
sought to incorporate a flowsheet step to address cerium, a low value light
REE. This will result in a slight increase in cost for the first stage of
impurity removal but the Company expects this to be offset by the increase in
marketability and potential payability.
Figure 3: Rare Earth Oxide portions in MREC, Cobra's optimised and unoptimised
products benchmarked against other industry peers.(1)
(1 )Please refer to the references for publicly sourced MREC data
OHREO = Sm2O3 + Eu2O3 + Gd2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 +
Lu2O3 + Y2O3
Table 1: Rare Earth Oxide distribution in Boland optimised MREC compared
against the un-optimised MREC
Product 2026 Optimised 2025 Unoptimised
REO Wt% % of TREO Wt% % of TREO
La2O3 13.0 22.0 9.5 15.2
CeO2 0.4 0.6 26.5 42.4
Pr6O11 4.1 6.9 2.7 4.3
Nd2O3 16.2 27.5 9.3 14.9
Sm2O3 3.0 5.1 1.0 1.6
Eu2O3 0.6 1.0 0.2 0.3
Gd2O3 3.0 5.0 1.3 2.1
Tb2O3 0.4 0.7 0.1 0.2
Dy2O3 2.2 3.8 0.7 1.2
Ho2O3 0.4 0.7 0.2 0.3
Er2O3 1.0 1.8 0.4 0.6
Tm2O3 0.1 0.2 0.0 0.1
Yb2O3 0.5 0.9 0.1 0.2
Lu2O3 0.1 0.1 0.0 0.0
Y2O3 13.9 23.7 10.5 16.8
TREO 58.8 100.0 62.4 100.0
MREO 22.9 38.9 12.8 20.6
LREO 33.6 57.1 48.9 76.7
HREO 25.3 42.9 14.5 23.3
· Impurity levels are within targeted product specification with
~<0.9% elemental impurities. The distribution of which is shown below:
Table 2: Boland MREC composition impurities expressed as elemental weight %
Impurity Wt%
Al 0.19
Ca 0.17
Fe 0.02
K <0.10
Mg 0.02
Mn <0.01
Na 0.06
Ni <0.01
P <0.01
S 0.17
Si 0.08
Zn 0.03
U <0.001
Th <0.001
Total <0.9
Optimised flowsheet
The optimised ISR flowsheet has been developed based on numerous analyses
including:
ISR lixiviant testing: Evaluating the impact of pH, acid and molarity on REE
recoveries, impurity levels and acid consumption. The used conditions were
AMSUL (Ammonium Sulphate) 0.3M pH3
Cerium removal: Reagent testing at various pH set points to determine the
optimum pH for Cerium removal. The selected pH was 4.5
Impurity removal: pH adjustment and settling time were tested to evaluate the
optimum point to maximise impurity removal and minimise REE loss
Uranium management: Liquor was run through an IX resin to determine the
ability to minimise radioactive nuclides within the final product
Figure 4: Process flowsheet used to produce Boland's optimised MREC
Significance of results
Both purity and TREO content are important factors in producing a quality
saleable product. The REE proportions of the optimised MREC rank highly when
compared to the MREC specifications of peer projects with similar flowsheets
and ionic metallurgy.
· Based on quoted Shanghai metal market quoted prices (February 2026),
the basket value of Cobra's MREC is USD$65 per kg
· Offtake agreements are generally based on product specifications and a
rate of payability. An industry accepted standard is 70% of the determined
basket value
· Impurities can have an impact on payability
Figure 5: Basket value peer evaluation calculated on the value of 1kg of TREO.
REO pricing based on Shanghai metal market pricing (Feb 2026)(1)
(1) Refer to references for REO pricing and sourced company MREC
specifications
This represents considerable progress in advancing offtake negotiations. Upon
the completion of radionuclide analysis, MREC samples will be provided to
potential offtake partners.
Next steps to advance the Boland REE project
Cobra is now focused on advancing the following work streams to advance the
Boland project towards production:
· Resource drilling at the Boland and Head prospects (March - April)
· MREC radionuclide testing (March - April)
· Lanthanum precipitation studies (April - September)
· Resource estimation (May - June)
· Scoping Study (April - August)
· Field ISR trial permitting (March - August)
References:
1. Total Rare Earth content compared to publicly available MREC
specifications produced from ionic rare earth projects, data sourced from:
2. Viridis Mining & Minerals, Cupim South and Centro Sul. ASX
Announcement - 24 September 2024: "Colossus Maiden Mixed Rare Earth Carbonate
('MREC') Product
(https://www.listcorp.com/asx/vmm/viridis-mining-and-minerals-limited/news/colossus-maiden-mixed-rare-earth-carbonate-mrec-product-3088678.html)
"
3. Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024:
"First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project
(https://wcsecure.weblink.com.au/pdf/MEI/02779218.pdf) "
4. Brazilian Critical Minerals, Ema. ASX Announcement - 11 November 2024:
"High-value Mixed Rare Earth Product Successfully Produced from Ema Project
(https://braziliancriticalminerals.com/announcements/6622927) "
5. Red Metal, Sybella. ASX Announcement - 8 July 2024: "Maiden Trial
Product from Sybella Rare Earth Ore
(https://redmetal.com.au/wp-content/uploads/2024/07/RDM_ASX_Sybella_Project_Impurity_Removal_final.pdf)
"
6. Victory Metals, North Stanmore. ASX Announcement - 6 November 2023:
"High Value Mixed Rare Earth Carbonate Produced
(https://www.listcorp.com/asx/vtm/victory-metals-limited/news/high-value-mixed-rare-earth-carbonate-produced-2952045.html)
"
7. Hastings Technology Metals, Yangibana. ASX Announcement - 28 November
2017: "Definitive Feasibility Study Executive Summary
(https://hastingstechmetals.com/wp-content/uploads/2018/01/Hastings_DFS_Executive_Summary_Nov_2017_NEW.pdf)
"
8. Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024:
"First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project
(https://wcsecure.weblink.com.au/pdf/MEI/02779218.pdf) "
9. Heavy Rare Earths, Cowalinya. ASX Announcement - 13 May 2024:
"Successful Production of 51.8% TREO Mixed Rare Earth Carbonate from Cowalinya
(https://wcsecure.weblink.com.au/pdf/HRE/02806115.pdf) "
10. Brazilian Critical Minerals, Ema. ASX Announcement - 23 October 2025:
"Ema REE Project Produced First High Grade MREC from Field Trial
(https://data-api.marketindex.com.au/api/v1/announcements/XASX:BCM:6A1292162/pdf/inline/high-grade-mrec-produced-from-ema-field-trial?_gl=1*1tzt77l*_ga*MTU0NjUwOTM1MS4xNzY0NTQzNDM3*_ga_R504V9JPBH*czE3NjQ1NDM0MzYkbzEkZzAkdDE3NjQ1NDM0MzgkajU4JGwwJGgw)
"
11. Brazilian Rare Earths, Monte Alo. ASX Announcement - 12 June 2025:
"Monte Alto Metallurgical Results Deliver High-Purity MREC
(https://www.listcorp.com/asx/bre/brazilian-rare-earths-limited/news/monte-alto-metallurgical-results-deliver-high-purity-mrec-3200613.html)
"
12. Mkango Resources, Malawi. AIM/TSX-V Announcement - 5 July 2022: "Mkango
Announces Results Of Definitive Feasibility Study For The Songwe Hill Rare
Earths Project In Malawi - NPV Of US$559.0 Million And IRR Of 31.5%
(https://mkango.ca/news/mkango-announces-results-of-definitive-feasibility-study-for-the-songwe-hill-rare-earths-project-in-malawi-npv-of-us-559.0/?utm_source=chatgpt.com)
"
13. Critica, Yalgoo. ASX Announcement - 16 February 2026: "Critica Produces
First MREC from Jupiter at ANSTO
(https://investorhub.critica.limited/announcements/7371231) "
Boland Project
Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable HREOs
and MREOs occur concentrated in a permeable horizon confined by impermeable
clays. Bench scale ISR testing has confirmed that mineralisation is amenable
to ISR mining. ISR has been used successfully for decades within geologically
similar systems to recover uranium within South Australia. Results of this
metallurgical test work support that, with minor optimisation, ISR techniques
should enable non-invasive and low-cost production of critical REEs from
Cobra's Boland discovery.
Further information relating to Boland and these metallurgical results are
presented in the appendices.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Fiona Hetherington
Safia Colebrook
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Metallurgical update: Test work upgrades Boland liquor through 100%
cerium removal resulting in a large increase in product value", dated 9th
December 2025
· Exploration update: Successful first pass suppression of cerium to
maximise valuable dysprosium and terbium", dated 20 November 2025
· Exploration update: "Exceptional Results - Infield Permeability
Study", dated 17 November 2025
· Exploration update: "Metallurgical Optimisation Upside", dated 20
October 2025
· Exploration update: "Exceptional Metallurgical Results from ISR
Column", dated 14 October 2025
· Exploration update: "Met Study Supports Even Lower-Cost Recoveries",
dated 11 September 2025
· Exploration update: "Low-Cost Recoveries from Optimised Testing",
dated 11 August 2025
· Exploration update: "Rare Earth ISR System beyond Boland", dated 4
August 2025
· Exploration update: "Favourable Boland Metallurgical Results", dated
21 July 2025
· Exploration update: "Boland Project Update", dated 26 June 2025
· Wudinna Project Update: "Boland Aircore Drill Results", dated 25
February 2025
· Wudinna Project Update: "Further Positive Metallurgy Results from
Boland Project", dated 16 December 2024
· Wudinna Project Update: "2(nd) Bench Scale ISR Study & £1.7M
Placing", dated 26 November 2024
· Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4
November 2024
· Wudinna Project Update: "ISR bench scale study delivers exceptional
results", dated 1 October 2024
· Wudinna Project Update: "ISR bench scale update - Exceptionally high
recoveries with low impurities and low acid consumption; on path to disrupt
global supply
of heavy rare earths", dated 28 August 2024
· Wudinna Project Update: "ISR bench scale update -Further metallurgical
success at world leading ISR rare earth project", dated 11 July 2024
· Wudinna Project Update: "ISR bench scale update - Exceptional head
grades revealed", dated 18 June 2024
· Wudinna Project Update: "Re-Assay Results Confirm High Grades Over
Exceptional Scale at Boland", dated 26 April 2024
Competent Persons Statement
The information in this report that relates to metallurgical results is based
on information compiled by Cobra Resources and reviewed by Mr James Davidson
who is Principal at Rendement and a Fellow of the Australian Institute of
Mining and Metallurgy (FAusIMM). Mr Davidson has sufficient experience that is
relevant to the metallurgical testing which was undertaken to qualify as a
Competent Person as defined in the 2012 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr
Davidson consents to the inclusion in this report of the matters based on this
information in the form and context in which it appears.
Information in this announcement has been assessed by Mr Rupert Verco, a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an
employee of Cobra and has more than 16 years' industry experience which is
relevant to the style of mineralisation, deposit type, and activity which he
is undertaking to qualify as a Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral Resources
and Ore Reserves of JORC. This includes 12 years of Mining, Resource
Estimation and Exploration.
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.
Regional map showing Cobra's tenements in South Australia
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Appendix 1: Background information - the Boland Project and ISR
· The Boland Project was discovered by Cobra in 2023. Mineralisation is
ionically bound to clays and organics within palaeochannel sands within the
Narlaby Palaeochannel
· Mineralisation occurs within a permeable sand within an aquifer that
is saltier than sea water and is confined by impermeable clays
· ISR is executed through engineered drillhole arrays that allow the
injection of mildly acidic ammonium sulphate lixiviants, using the confining
nature of the geology to direct and lower the acidity of the orebody. This
low-cost process enables mines to operate profitably at lower grades and lower
rates of recovery
· Once REEs are mobile in solution in groundwater, it is also possible,
from an engineering standpoint, to recover the solution to surface via
extraction drillholes, without any need for excavation or ground disturbance
· The capital costs of ISR mining are low as they involve no material
movements and do not require traditional infrastructure to process ore - i.e.
metals are recovered in solution
· Ionic mineralisation is highly desirable owing to its high weighting
of valuable HREOs and the cost-effective method in which REEs can be desorbed
· Ionic REE mineralisation in China is mined in an in-situ manner that
relies on gravity to permeate mineralisation. The style of ISR process is
unconfined and cannot be controlled, increasing the risk for environmental
degradation. This low-cost process has enabled China to dominate mine supply
of HREOs, supplying over 90% globally
· Confined aquifer ISR is successfully executed globally within the
uranium industry, accounting for more than 60% of the world's uranium
production. This style of ISR has temporary ground disturbance, and the ground
waters are regenerated over time
· Cobra is aiming to demonstrate the economic and environmental benefits
of recovering ionic HREOs through the more environmentally aquifer controlled
ISR - a world first for rare earths
Figure A1: Comparison between the Chinese and the proposed Boland process for
ISR mining of REEs
Appendix 2: Industry MREC Data Expressed as Wt%
REO COBR.L VMM.AX MEI.AX BCM.AX RDM.AX VTM.AX HAS.AX HRE.AX BCM.AX BRE.AX MKA.L CRI.AX
La2O3 13.0 26.7 33.0 18.9 21.6 0.1 6.6 10.7 15.3 16.5 21.5 13.2
CeO2 0.4 1.5 0.8 6.2 0.7 0.1 24.6 13.0 11.6 27.9 10.1 27.0
Pr6O11 4.1 5.0 4.9 4.7 4.2 0.0 4.7 3.0 3.4 2.1 4.2 3.1
Nd2O3 16.2 17.5 12.6 16.6 14.3 0.1 19.9 11.8 13.3 5.9 13.8 10.6
Sm2O3 3.0 1.9 1.4 2.1 1.8 0.1 2.0 2.2 2.0 0.6 1.8 1.2
Eu2O3 0.6 0.5 0.3 0.3 0.1 0.0 0.3 0.4 0.2 0.0 0.5 0.3
Gd2O3 3.0 1.3 0.9 1.0 1.1 0.2 0.9 1.8 1.1 0.4 1.0 0.7
Tb2O3 0.4 0.2 0.1 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.1
Dy2O3 2.2 0.7 0.5 0.4 0.6 0.7 0.2 1.2 0.5 0.3 0.4 0.3
Ho2O3 0.4 0.1 0.1 0.1 0.1 0.2 0.0 0.2 0.1 0.1 1.3 0.0
Er2O3 1.0 0.3 0.2 0.2 0.1 0.8 0.0 0.5 0.2 0.2 0.1 0.1
Tm2O3 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.1 0.0
Yb2O3 0.5 0.2 0.1 0.1 0.1 0.7 0.0 0.3 0.2 0.1 0.0 0.0
Lu2O3 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.0
Y2O3 13.9 4.2 2.6 1.8 3.8 9.0 0.4 6.4 1.9 1.6 0.0 1.3
TREO 58.8 60.0 57.3 52.5 48.7 12.5 59.7 51.8 50.0 55.8 55.0 57.8
MREO 22.9 23.4 18.1 21.8 19.2 0.9 24.8 16.2 17.3 8.4 18.6 14.1
LREO 36.6 52.6 52.7 48.5 42.6 0.5 57.7 40.7 45.6 53.0 51.5 55.4
HREO 25.3 9.3 6.0 6.0 7.9 12.1 4.0 13.3 6.4 3.4 5.4 2.4
Appendix 3: Industry MREC Basket Value Calculation
REO REO($USD)(2) COBR.L BCM.AX RDM.AX VMM.AX HAS.AX VTM.AX HRE.AX MEI.AX CRI.AX BRE.AX
La2O3 $0.61 $0.13 $0.22 $0.27 $0.22 $0.27 $0.00 $0.13 $0.35 $0.14 $0.18
CeO2 $1.59 $0.01 $0.19 $0.02 $0.19 $0.02 $0.02 $0.40 $0.02 $0.74 $0.79
Pr6O11 $122.00 $8.46 $10.97 $10.54 $10.97 $10.54 $0.39 $6.99 $10.48 $6.58 $4.59
Nd2O3 $122.00 $33.49 $38.58 $35.68 $38.58 $35.68 $1.08 $27.84 $26.81 $22.43 $12.90
Sm2O3 $2.33 $0.12 $0.09 $0.08 $0.09 $0.08 $0.01 $0.10 $0.06 $0.05 $0.03
Eu2O3 $60.03 $0.59 $0.29 $0.17 $0.29 $0.17 $0.19 $0.46 $0.36 $0.26 $0.00
Gd2O3 $22.47 $1.13 $0.42 $0.49 $0.42 $0.49 $0.40 $0.79 $0.34 $0.26 $0.16
Tb2O3 $910.00 $6.34 $1.55 $2.99 $1.55 $2.99 $6.57 $4.11 $1.82 $1.10 $1.63
Dy2O3 $205.02 $7.77 $1.44 $2.52 $1.44 $2.52 $11.02 $4.59 $1.64 $0.92 $1.10
Ho2O3 $73.03 $0.51 $0.09 $0.18 $0.09 $0.18 $1.41 $0.30 $0.07 $0.05 $0.13
Er2O3 $226.63 $4.01 $0.73 $0.65 $0.73 $0.65 $15.27 $2.18 $0.68 $0.31 $0.81
Tm2O3 $160.09 $0.30 $0.06 $0.10 $0.06 $0.10 $1.16 $0.18 $0.02 $0.03 $0.00
Yb2O3 $13.43 $0.12 $0.03 $0.04 $0.03 $0.04 $0.73 $0.07 $0.01 $0.01 $0.02
Lu2O3 $610.34 $0.73 $0.18 $0.25 $0.18 $0.25 $6.86 $0.46 $0.06 $0.03 $0.00
Y2O3 $6.37 $1.51 $0.22 $0.49 $0.22 $0.49 $4.60 $0.78 $0.29 $0.14 $0.18
Basket Price $65.22 $55.07 $54.48 $55.07 $54.48 $49.71 $49.37 $43.00 $33.05 $22.53
(USD$)
2 As quoted on the Shanghai Metals Market (February 2026)
Appendix 4: JORC Code, 2012 Edition - Table 3
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Pre 2023
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic Rotary Mud drilling targeting paleochannel hosted uranium
instruments, etc). These examples should not be taken as limiting the broad was completed. Some residue samples were retained in the Tonsley Core Library,
meaning of sampling. downhole geophysical logging was the primary data collected for these holes.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Select historic sample residues over Boland were analysed as
· Aspects of the determination of mineralisation that are Material to reported in RNS 1834M (26 April 2024)
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m 2023
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there Aircore
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed · A combination of 2m and 3m samples were collected in green bags via
information. a rig mounted cyclone. A PVC spear was used to collect a 2-4kg sub sample from
each green bag. Sampling commenced from the collar point with samples
submitted for analysis from the top of saprolite.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide and
pulverized to produce a 4-acid digest sample.
2024-2025
SONIC
· Drill results are outlined in RNS 0297I (25 March 2024)
· Core was scanned by a SciAps X555 pXRF to determine sample
intervals. Intervals through mineralized zones were taken at 10cm. Through
waste, sample intervals were lengthened to 50cm. Core was halved by knife
cutting. XRF scan locations were taken on an inner surface of the core to
ensure readings were taken on fresh sample faces.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide and
pulverized to produce a 4 acid digest sample.
Aircore
· 1m sample intervals of 2-4 kg were taken via PVC spear from green
bags at the rig. Select samples were submitted to the lab for analysis. From
0-6 m in each hole samples were composited to 3m.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide and
pulverized to produce a 4 acid digest sample.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary air Pre 2023
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Drill methods include Rotary Mud and AC
whether core is oriented and if so, by what method, etc).
2023
· Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air
core drilling techniques from an ALMET aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
2024-2025
· Sonic Core drilling completed Star Drilling using 4" core with a
SDR12 drill rig. Holes were reamed to 6" or 8" to enable casing and screens to
be installed
· Aircore Drilling completed by McLeod Drilling Pty Ltd using 75.7mm
NQ air core drilling techniques from an ALMET aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Aircore Sample recovery is good for the style of drilling. All
results assessed. samples were recorded for sample type, quality and contamination potential and
entered within a sample log.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · In general, sample recoveries range between 5-10kg for each 1 m
interval being recovered from AC drilling.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · Mineralisation occurs within a confined aquifer where ground water
fine/coarse material. does influence sample recovery
· Mineralisation within the targeted Pidinga Formation is bound to
fine, organic rich material, the potential loss of mineralized material from
coarser host sands is possible
· Any grade bias is expected to be grade loss
· The potential loss of fine material is being evaluated by sizing
fraction analysis and follow-up sonic core drilling where aircore holes will
be twinned.
Sonic Core
· Sample recovery is considered excellent.
Logging · Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. · All drill samples were logged by a qualified geologist at the time
of drilling. Lithology, colour, weathering and moisture were documented. All
· Whether logging is qualitative or quantitative in nature. Core (or core drilled has been lithologically logged.
costean, channel, etc) photography.
· All Aircore drill metres have been geologically logged on sample
· The total length and percentage of the relevant intersections logged. intervals (1-3 m).
· All Sonic Core drill metres have been logged to lithological
boundaries.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Pre 2023
taken.
· Historic Residue samples were generally 2m composites and were
· If non-core, whether riffled, tube sampled, rotary split, etc and stored at the South Australian Drill Core Reference Library at Tonsley, a
whether sampled wet or dry. subsample of approximately 20g was removed for lab submission.
· For all sample types, the nature, quality and appropriateness of the · Select samples of geological interest were selected for lab
sample preparation technique. submission
· Quality control procedures adopted for all sub-sampling stages to · No QAQC samples were included in the submission of these samples.
maximise representivity of samples. Sample results were intended to indicate mineralisation potential but would
not be suitable for resource estimation
· Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
Post 2023
· Whether sample sizes are appropriate to the grain size of the material
being sampled. · A PVC spear was used to collect 2-4kg of sub-sample from each AC
sample length controlled the sample volume submitted to the lab.
· Additional sub-sampling was performed through the preparation and
processing of samples according to the Bureau Veritas internal protocols.
· Field duplicate AC samples were collected from the green bags using
a PVC spear scoop at a 1 in 25 sample frequency.
· Sample sizes are considered appropriate for the material being
sampled.
· Assessment of duplicate results indicated this sub - sample method
provided appropriate repeatability for rare earths.
Sonic Drilling
· Field duplicate samples were taken nominally every 1 in 25 samples
where the sampled interval was quartered.
· Blanks and Standards were submitted every 25 samples
· Half core samples were taken where lab geochemistry sample were
taken in 2024.
· For 2025 drilling, quarter core was submitted to the lab for
geochemical testing.
· In holes where only column leach test samples have been submitted,
full core samples have been submitted. In holes where geochemical samples were
submitted three quarter core sanmples were submitted for column leach
testing..
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or total.
· Samples were submitted to Bureau Veritas, Adelaide for preparation
· For geophysical tools, spectrometers, handheld XRF instruments, etc, and analysis. Multi-element geochemistry were digested by four acid ICP-MS/
the parameters used in determining the analysis including instrument make and ICP-OES and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd,
model, reading times, calibrations factors applied and their derivation, etc. P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Field rare earth standards were submitted at a frequency of 1 in 25
samples.
· Field duplicate samples were submitted at a frequency of 1 in 25
samples.
· Reported assays pass the companies implemented QAQC database
reports
· Internal lab blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Sample Characterisation Test Work performed by the Australian Nuclear Science
and Technology Organisation (ANSTO)
· Full core samples were submitted to Australian Nuclear Science
and Technology Organisation (ANSTO), Sydney for preparation and analysis. The
core was split in half along the vertical axis, and one half further split
into 10 even fractions along the length of the half-core. Additional
sub-sampling, homogenisation and drying steps were performed to generate ~260
g (dry equivalent) samples for head assay according to the laboratory internal
protocols.
· Multi element geochemistry of solid samples were analysed at ANSTO
(Sydney) by XRF for the major gangue elements Al, Ca, Fe, K, Mg, Mn, Na, Ni,
P, Si, S, and Zn.
· Multi element geochemistry of solid samples were additionally
analysed at ALS Geochemistry Laboratory (Brisbane) on behalf of ANSTO by
lithium tetraborate digest ICP-MS and analysed for Ce, Dy, Er, Eu, Gd, Ho,
La, Lu, Nd, Pr, Sm, Tb, Th, Tm, U, Y and Yb.
· Reported assays are to acceptable levels of accuracy and precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
· Samples retained for metallurgical analysis were immediately vacuum
packed, nitrogen purged and refrigerated.
· These samples were refrigerated throughout transport.
Metallurgical Leach Test Work performed by the Australian Nuclear Science and
Technology Organisation (ANSTO)
· ANSTO laboratories prepared ~80g samples for diagnostic leaches, a
443g sample for a slurry leach and a 660g sample for a column leach.
Sub-samples were prepared from full cores according to the laboratory internal
protocols. Diagnostic and slurry leaching were carried out in baffled leach
vessels equipped with an overhead stirrer and applying a 0.5 M (NH4)2SO4
lixiviant solution, adjusted to the select pH using H2SO4.
· 0.5 M H2SO4 was utilised to maintain the test pH for the duration of
the test, if necessary. The acid addition was measured.
· Thief liquor samples were taken periodically.
· At the completion of each test, the final pH was measured, the slurry
was vacuum filtered to separate the primary filtrate.
· The thief samples and primary filtrate were analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The water wash was stored but not analysed.
· Column leaching was carried out in horizontal and vertical leaching
columsn. The column was pressurised with nitrogen to 2.5 bar and maintained at
ambient temperature
· A 0.3 M (NH4)2SO4 lixiviant solution, adjusted to the select pH using
H2SO4 was fed to the column at a controlled flowrate.
· PLS collected from the end of the column was weighed, the EH and pH
measured and the free acid concentration determined by titration. Liquor
samples were taken from the collected PLS and analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The column leach test has been completed. Assays of the column have
adjusted head grades of the initial bench scale study. Recoveries have been
adjusted accordingly.
· A subsample of the pregnant liquor produced from the column leach has
been used for flowsheet optimization tests
· Cerium removal tests have been performed using selected reagents aimed
at precipitating Cerium.
· Reported results are presented by percentage increase in dose
(stoichiometric to Ce after adjustment to 600 mV)
Verification of sampling and assaying · The verification of significant intersections by either independent or · Sampling data was recorded in field books, checked upon digitising
alternative company personnel. and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally on
the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programs
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intersections have been prepared by Mr Robert Blythman
and reviewed by Mr Rupert Verco
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. 2021-2023
· Specification of the grid system used. · Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
· Quality and adequacy of topographic control. accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of data.
Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· Cased collars of sonic drilling shall be surveyed before a mineral
resource estimate
2024 Aircore
· Collar locations were initially surveyed using A mobile phone GPS
utilising the Avenza Map app. Collar points recorded with a horizontal
accuracy within 5m.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC or Sonic holes. All
holes were set up vertically and are assumed vertical.
· Higher accuracy GPS will be undertaken on sonic core drilling to
support future resource estimates
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 200 to 500m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Additional scouting holes were drilled opportunistically on existing
tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied.
· Sonic core holes were drilled at ~20m spacings in a wellfield
configuration based on assumed permeability potential of the intersected
geology
· Drillhole spacing is not expected to introduce any sample bias.
· Assessment of the drillhole spacing for resource estimation will be
made once a sufficient data set can provide statistical analysis
· .
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Aircore and Sonic drill holes are vertical.
possible structures and the extent to which this is known, considering the
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· Refrigerated transport of samples to Sydney was undertaken by a
competent independent contractor. Samples were double bagged, vacuum sealed,
nitrogen purged and placed within PVC piping.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
Appendix 3: Section 2 reporting of exploration results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Boland is located on EL5953, currently owned 100% by Peninsula
agreements or material issues with third parties such as joint ventures, Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along with · In 2024, Cobra through its subsidiary Lady Alice Mines purchased
any known impediments to obtaining a licence to operate in the area. the remaining ownership of the Wudinna Project tenements.
· An application through partial surrender is currently with the
South Australian Government which will see LAM as the 100% owner of areas of
the Wudinna Project.
· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over
future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and
EL6489.
· A Native Title Agreement is in place with the Barngarla people.
· Aboriginal heritage surveys have been completed over EL5953, with
no sites located in the immediate vicinity of aircore drilling
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work was
limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited
over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
· Paleochannel uranium exploration was undertaken by various parties
in the 1980s and the 2010s around the Boland Prospect. Drilling was primarily
rotary mud with downhole geophysical logging the primary interpretation
method.
Geology · Deposit type, geological setting and style of mineralisation. · Target mineralisation is ionic rare earth mineralisation that
occurs primarily within the Pidinga Formation within the Narlaby
Palaeochannel, immediately above REE enriched Hiltaba Suite Granites
· Ionic REE mineralisation also occurs in and adjacent to the Garford
formation clays and silty sands.
· Significant chemical (pH & eH) differences exist between
underlying saprolite and overlying Palaeochannel sediments. REEs are absorbed
to reduced organics found within the Pidinga Formation
· Benchtop metallurgy studies indicate ISR amenability of rare earths
within the Pidinga Formation basal sands summarized in RNS 1285Q (16 December
2024)
· Ionic REE mineralisation is confirmed through metallurgical
desorption testing where high recoveries are achieved at benign acidities
(pH4-3) at ambient temperature.
· QEMSCAN and petrology analysis support REE ionic mineralisation,
with little to no secondary phases identified.
· Ionic REE mineralisation occurs in reduced clay intervals that
contact both saprolite and permeable sand units. Mineralisation contains
variable sand quantities that yield permeability and promote in-situ recovery
potential
· Mineralisation is located within a confined aquifer
Drillhole Information · A summary of all information material to the understanding of the · Exploration results being reported represent a small portion of the
exploration results including a tabulation of the following information for Boland target area. Coordinates for Wellfield drill holes are have been
all Material drill holes: reported in previous releases
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Reported summary intercets are weighted averages based on length.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values have been calculated.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations · Rare earth element analyses were originally reported in elemental
should be shown in detail. form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Element Oxide Factor
Cerium CeO2 1.2284
Dysprosium Dy2O3 1.1477
Erbium Er2O3 1.1435
Europium Eu2O3 1.1579
Gadolinium Gd2O3 1.1526
Holmium Ho2O3 1.1455
Lanthanum La2O3 1.1728
Lutetium Lu2O3 1.1371
Neodymium Nd2O3 1.1664
Praseodymium Pr6O11 1.2082
Scandium Sc2O3 1.5338
Samarium Sm2O3 1.1596
Terbium Tb4O7 1.1762
Thulium Tm2O3 1.1421
Yttrium Y2O3 1.2699
Ytterbium Yb2O3 1.1387
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· MREO = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· % Pr = Pr6O11/TREO
· % Dy = Dy2O3/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
· XRF results are used as an indication of potential grade only. Due
to detection limits only a combined content of Ce, La, Nd, Pr & Y has been
used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · Preliminary results support unbiased testing of mineralised
Exploration Results. structures.
· If the geometry of the mineralisation with respect to the drill · Most intercepts are vertical and reflect true width intercepts.
hole angle is known, its nature should be reported.
· Follow-up sonic drilling is planned to delineate portions of the
· If it is not known and only the down hole lengths are reported, reported intersections that are recoverable and unrecoverable via ISR
there should be a clear statement to this effect (eg 'down hole length, true
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar · Exploration results are not being reported for existing mineral
locations and appropriate sectional views. resources.
· Drilling is aimed at defining new mineral resources.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · REE mineralization occurs in several phases, primary phase
practicable, representative reporting of both low and high grades and/or mineralisation occurs within the Pidinga Formation which is amenable to ISR
widths should be practiced to avoid misleading reporting of Exploration recovery and the Garford Formation, REO values within both of these formations
Results. have been reported. Mineralisation occurring within the saprolite is
considered secondary phase mineralisation.
· The results reported in this announcement are of a research and
development nature, further tests are planned that will enable the company to
better evaluate the commercial viability and economic potential of cerium
removal to be incorporated into its flowsheet.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of REE
reported including (but not limited to): geological observations; geophysical results and metallurgical testing
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral · ISR study 1 was performed to achieve a pH 3 whilst ISR study 2 was
extensions or depth extensions or large-scale step-out drilling). performed at a pH of 3.
· Diagrams clearly highlighting the areas of possible extensions, · Results from the most recent 55kg composite column were performed
including the main geological interpretations and future drilling areas, at 0.3M pH3
provided this information is not commercially sensitive.
· Future metallurgical testing will focus on producing PLS under
leach conditions to conduct downstream bench-scale studies for impurity
removal and product precipitation.
· Hydrology, permeability and mineralogy studies are being performed
on core samples.
· Installed wells are being used to capture hydrology base line data
to support a future infield pilot study.
· Infield studies support ISR recovery of REEs
· Trace line tests shall be performed to emulate bench scale pore
volumes.
· The reporting of REE oxides is done so in accordance with industry
standards with the following calculations applied:
· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· MREO = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· % Pr = Pr6O11/TREO
· % Dy = Dy2O3/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
· XRF results are used as an indication of potential grade only. Due
to detection limits only a combined content of Ce, La, Nd, Pr & Y has been
used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting of
Exploration Results.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg 'down hole length, true
width not known').
· Preliminary results support unbiased testing of mineralised
structures.
· Most intercepts are vertical and reflect true width intercepts.
· Follow-up sonic drilling is planned to delineate portions of the
reported intersections that are recoverable and unrecoverable via ISR
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for existing mineral
resources.
· Drilling is aimed at defining new mineral resources.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· REE mineralization occurs in several phases, primary phase
mineralisation occurs within the Pidinga Formation which is amenable to ISR
recovery and the Garford Formation, REO values within both of these formations
have been reported. Mineralisation occurring within the saprolite is
considered secondary phase mineralisation.
· The results reported in this announcement are of a research and
development nature, further tests are planned that will enable the company to
better evaluate the commercial viability and economic potential of cerium
removal to be incorporated into its flowsheet.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· Refer to previous announcements listed in RNS for reporting of REE
results and metallurgical testing
Further work
· The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· ISR study 1 was performed to achieve a pH 3 whilst ISR study 2 was
performed at a pH of 3.
· Results from the most recent 55kg composite column were performed
at 0.3M pH3
· Future metallurgical testing will focus on producing PLS under
leach conditions to conduct downstream bench-scale studies for impurity
removal and product precipitation.
· Hydrology, permeability and mineralogy studies are being performed
on core samples.
· Installed wells are being used to capture hydrology base line data
to support a future infield pilot study.
· Infield studies support ISR recovery of REEs
· Trace line tests shall be performed to emulate bench scale pore
volumes.
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