REG - Cobra Resources PLC - Environmental Approval for Boland Infield Studies

Cobra ResourcesAnnouncement

18/09/2025 07:00

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RNS Number : 7638Z  Cobra Resources PLC  18 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.

 

18 September 2025

 

Cobra Resources plc

("Cobra" or the "Company")

 

Environmental Approval for Boland Infield Studies

&

Update on Scaled Column ISR Test

 

Field testing to commence mid-October aimed at confirming the highly
productive flow rates being achieved in laboratory ISR studies

 

Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, a mineral exploration and development company, is pleased to announce that
is has received Environmental Protection and Rehabilitation ("EPEPR") approval
from the Government of South Australia's Department for Energy and Mining
("DEM") for the Company's exploration programme that will support planned pump
and permeability testing at the Boland wellfield.

 

Key Points:

 

·    Cobra is now completing its programme notification process that will
see infield testing commence in mid-October and last for approximately two
weeks

·    Field tests will provide an infield measure of the rate of
permeability achievable through the in-situ recovery ("ISR") process

·    A large (55kg) bench scale ISR column study underway at the
Australian Nuclear and Scientific Technology Organisation ("ANSTO") is
currently achieving exceptional permeability rates of 1.5 metres/day

·    The column pH dropped from pH7.0 to pH4.0 in just 48 hours, with
first liquor assays expected soon

·    Being able to replicate similar permeabilities in a field environment
will provide robust, high confidence mining parameters for use with future
economic studies

 

Rupert Verco, Managing Director of Cobra, commented:

 

"It is pleasing to receive DEM approval that will enable our first field
testing. Once the programme notification is fulfilled, the team will mobilise
to site to install temporary infrastructure and commence testing.

 

Initial permeabilities achieved in the large-scale column are exceptionally
encouraging and will see Rare Earth Elements being recovered in very short
time frames using a low-cost lixiviant. Running these two work programmes in
parallel will provide invaluable data that will form the basis for estimating
future ISR production rates. We expect recovery results of this in-field test
to be reported to the market in the coming weeks."

 

Follow this link to watch a short video of MD Rupert Verco explaining future
field studies relevant to this announcement:
https://investors.cobraplc.com/link/P4xdBP
(https://investors.cobraplc.com/link/P4xdBP)

 

Update on Scaled Column ISR Test

 

·    Percolation of lixiviant through a 55kg ISR column containing a
composite sample from three drillholes from across the Boland project has
commenced using ~0.3M ammonium sulphate ("AMSUL") at pH3

·    Recovery rates of individual REEs will be evaluated during the ISR
process, with separate liquors to be collected to evaluate the possibility of
producing an MREC from both early stage (pH>4.5) and late stage (pH=3.0).

·    In two days, the average permeability rate being achieved is 1.5
metres/day

·    The current recovered liquor pH is <4.0; previous columns showed
REE recoveries from pH5

·    Study anticipated to be completed within a fortnight

·    First liquor assays expected soon

 

Figures 1 & 2: photos of the 55kg column subject to ISR studies currently
in progress at ANSTO laboratories

 

 

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

 Anna Stacey

 

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:

 

·    Exploration update: "Low-Cost Recoveries from Optimised Testing",
dated 11(th) August 2025

·    Exploration update: "Rare Earth ISR System beyond Boland", dated
4(th) August 2025

·    Exploration update: "Favourable Boland Metallurgical Results", dated
21st July 2025

·    Exploration update: "Boland Project Update", dated 26(th) June 2025

·    Wudinna Project Update: "Boland Aircore Drill Results", dated 25(th)
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

 

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 (F AusIMM). 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 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/)

 

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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

 

 

Appendix 2: Metallurgical sample information

 

 Drillhole  From (m)  To (m)  ID               Pr6O11  Nd2O3  Tb2O3  Dy2O3  Sm2O3  TREO

                                               ppm     ppm    ppm    ppm           ppm
 CBSC0006   31.15     33.05   CBSC006-comp     12      48     1.3    8      9      264
 CBSC0009   25.55     26.89   CBSC009-comp     53      215    6.8    38     50     1,261
 CBSC0010   26.00     27      CBSC0010-comp    151     470    9.2    52     76     2,999
 Composite                    CBSC00-06+09+10  58      194    4.8    28     36     1,194

 

 

 

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