REG - Cobra Resources PLC - Completion - Wudinna Gold Sale & Payments Received

Cobra ResourcesAnnouncement

19/08/2025 07:00

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RNS Number : 8033V  Cobra Resources PLC  19 August 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.

 

19 August 2025

 

Cobra Resources plc

("Cobra" or the "Company")

 

Completion of Wudinna Gold Assets Sale & Payments Received

 

Further to the Company's announcement on 30 June 2025, 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 Heavy Rare Earth Element ("HREE") discovery at its Boland
Project ("Boland") in South Australia, is pleased to announce it has completed
the sale of the Wuddina Gold Assets and received the first post-Completion
cash payment and share issue from Barton Gold Holdings Ltd (ASX: BDG).

 

Pursuant to the Transaction, Cobra has to date received A$1 million,
comprising A$200,000 in cash payments and A$800,000 through the issue of
1,025,619 Barton Gold shares. Details of the remaining consideration of up to
a further A$14 million in cash and Barton Gold shares are set out in the 30
June 2025 announcement.

 

Rupert Verco, Managing Director of Cobra, commented:

 

"An important milestone, being the final granting of subdivided ELAs, has been
reached, triggering the first post-Completion payments of the Transaction. We
are now working through the required mechanisms for Final Settlement that will
enable further cash and share payments and the Barton Gold team to commence
exploration and resource expansion works from which we hope to gain further
value through our Barton Gold shareholding."

 

About Barton Gold

 

Barton Gold is an Australian gold exploration and development company with a
strategic focus on South Australia's central Gawler Craton. The company is
listed on the Australian Securities Exchange (ASX: BGD), the OTCQB (BGDFF),
and the Frankfurt Stock Exchange (FRA: BGD3), with a current market
capitalisation of around A$180 million.

 

Barton Gold holds 100% ownership of historic operating mines:

·    Tarcoola Gold Project

·    Challenger Gold Project; and

·    The Tunkillia Gold Project (which it is advancing through
prefeasibility to target total Barton gold production of 150,000 ounces
annually)

Further information on Barton Gold can be found at: www.bartongold.com.au.
(http://www.bartongold.com.au.)

 

Further information relating to Cobra's Boland HREE project is presented in
the appendix.

 

Capitalised terms used herein without definition shall have the same meanings
given to them in the 30 June 2025 "Conditional Sale of Wudinna Gold Assets"
announcement released at 12:00 p.m.

 

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

 Kendall Hill

 

The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.

 

About Cobra

 

In 2023, Cobra discovered a rare earth deposit with the potential to re-define
the cost of rare earth production. The highly scalable Boland ionic heavy rare
earth discovery at Cobra's Wudinna Project in South Australia's Gawler Craton
is Australia's only rare earth project amenable for in situ recovery (ISR)
mining - a low cost, low disturbance method enabling bottom quartile recovery
costs without any need for excavation or ground disturbance. Cobra is focused
on de-risking the investment value of the discovery by proving ISR as the
preferred mining method and testing the scale of the mineralisation footprint
through drilling.

 

Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation,
including a 279,000-ounce gold JORC Mineral Resource Estimate, characterised
by low levels of over-burden, amenable to open pit mining.

 

Regional map showing Cobra's tenements in the heart of the Gawler Craton

 

 

 

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 HREE Project and ISR

 

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.

 

·    The Boland HREE 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 1: Comparison between the Chinese and the proposed Boland process for
ISR mining of REEs

 

 

 

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