REG - Cobra Resources PLC - Boland Rare Earth Project Update

Cobra ResourcesAnnouncement

26/01/2026 07:00

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RNS Number : 2683Q  Cobra Resources PLC  26 January 2026

 

 

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.

 

26 January 2026

 

Cobra Resources plc

("Cobra" or the "Company")

 

Boland Rare Earth Project Update

 

Formal tenement assignment completed for land expansion; approval process
being expedited to drill new targets

 

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 Element ("REEs") discovery at its Boland Project
("Boland") in South Australia, is pleased to advise that the acquisition of
Exploration Licences 6742, 6774 and 6780 (the "New Tenements") from the
Tri-Star Group Pty Ltd ("Tri Star") announced on 27 May 2025 has now
completed. The land acquisition significantly expands the resource growth
potential of Boland.

 

Key Points

 

Licencing, Permits and Approvals

 

·    The Company has received formal documentation for the transfer of the
New Tenements from Tri Star.

o  This enables the Company to progress towards drill testing of priority
targets, Head and Gillespie, where re-analysis of historical uranium focused
exploration has delineated large target areas of paleochannel hosted REEs
within geological formations that are amenable to in situ recovery ("ISR").

o  Environmental and regulatory applications are being expedited to support
resource and exploration drilling.

o  Community and land access procedures are underway to enable drilling to
commence before cropping activities occur in late April.

o  Native title Mining Agreement has already been assigned.

·    Permits and approvals in place to commence further resource drilling.

 

Metallurgy and Flow Sheet Finalisation

 

·    Preliminary diagnostic tests from historical samples from the Head
prospect have been completed with results expected in February.

 

·    Impurity removal steps for the processing of pregnant liquor produced
from a bulk 65kg ISR column leach study are currently underway, with a final
optimised Mixed Rare Earth Carbonate ("MREC") anticipated to be ready in
February to support offtake discussions.

Rupert Verco, Managing Director of Cobra, commented:

 

"We are committed to defining the best resource by not only targeting grade,
but geological attributes that will enable productive and cost-efficient
controlled aquifer in situ recovery. Having the new tenements in our hands is
an important milestone, enabling us to better control future workstreams.

 

With drilling underway at the Company's Manna Hill Copper Project, and
preparations underway to support regional programmes targeting large scale REE
resource definition at Boland, 2026 is shaping up to be a significant year for
Cobra Resources."

 

Follow this link to watch a short video of CEO Rupert Verco explaining the
importance of tenement assignment and exploration plans:
https://investors.cobraplc.com/link/rkDvLP
(https://investors.cobraplc.com/link/rkDvLP)

 

Next Steps:

 

·    The following processes are required to facilitate drilling on the
New Tenements:

o  EPEPR submission and approval - early March

o  Notice of Entry (42 days) and Land Access Agreements - early March

 

·    Drilling is planned to occur before the cropping season with the
following targets to be sequentially tested:

o  Boland drilling - late February

o  Head drilling - March-April

o  Stokes drilling - April-May

 

·    Drilling will aim to inform:

o  Resource Estimation - June-July

o  Economic Scoping Study - July-August

 

The Company is preparing documentation, and will liaise with relevant
stakeholders, to identify and complete the necessary studies to support an
infield pilot study at the existing Boland wellfield. A significant amount of
hydrology and environmental baseline data has already been captured and will
expedite the timeframes for regulatory approval and permitting, thus targeting
a field pilot recovery trial in late 2026.

 

Figure 1: Significant re-assay intersections across the recently assigned
tenements and defined target areas.

 

 

 

 

Boland Project

 

Cobra's unique and highly scalable Boland discovery is a strategically
advantageous ionic rare earth discovery where high grades of valuable heavy
and magnet rare earths 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 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

 

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:

 

·    "Land Acquisition for Boland project Expansion
(https://www.londonstockexchange.com/news-article/COBR/land-acquisition-for-boland-project-expansion/17055320)
", dated 27 May 2025

·    "Yarranna Southeast Re-Assay Results
(https://www.londonstockexchange.com/news-article/COBR/yarranna-southeast-re-assay-results/16536937)
", dated 26 June 2024

 

Competent Persons Statement

 

Information and data presented within this announcement has been compiled by
Mr Robert Blythman, a Member of the Australian Institute of Geoscientists
("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has
sufficient experience, which is relevant to the style of mineralisation,
deposit type and to the activity which he is undertaking to qualify as a
Competent Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC"
Code). This includes 12 years of Mining, Resource Estimation and Exploration
relevant to the style of mineralisation.

 

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 17 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 13 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

 

 

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
(https://www.linkedin.com/company/cobraresourcesplc)

X: https://twitter.com/Cobra_Resources (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/ (https://investors.cobraplc.com/)

 

Subscribe to our news alert service:
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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 or magnesium 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

 

 

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