REG - Cobra Resources PLC - Half Year Results
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RNS Number : 7184A Cobra Resources PLC 25 September 2025
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25 September 2025
Cobra Resources plc
("Cobra" or the "Company")
Half Year Results for the Six Months Ended 30 June 2025
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, 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
(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:
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(https://www.linkedin.com/company/cobraresourcesplc)
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Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
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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
25(th) September 2025
Consolidated Income Statement
6 months to 6 months to Year ended
30 June 2025 30 June 2024 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)
Consolidated Statement of Comprehensive Income
6 months to 6 months to Year ended 31 December 2024
30 June 2025 30 June 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)
Consolidated Statement of Financial Position
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
Consolidated Statement of Cash Flows
6 months to 6 months to Year ended
30 June 30 June 31 December 2024
2025 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
Consolidated Statement of Changes in Equity
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
Half-yearly report notes
1. Half-yearly Report
This half-yearly report was approved by the Directors on 25th September
2025.
The information relating to the six-month periods to 30 June 2025 and 30 June
2024 are unaudited.
The information relating to the year to 31 December 2024 is extracted from the
audited financial statements of the Company which have been filed at Companies
House and on which the auditors issued an unqualified audit report. The
condensed interim financial statements have not been reviewed by the Company's
auditor.
2. Basis of Accounting
The report has been prepared using accounting policies and practices that are
consistent with those adopted in the statutory financial statements for the
year ended 31 December 2024, although the information does not constitute
statutory financial statements within the meaning of the Companies Act 2006.
The half-yearly report has been prepared under the historical cost convention.
Going concern
The Company's day-to-day financing is from its available cash resources.
As at reporting date, the Company had £841,842 of cash at hand. These funds
will enable to Company to plan its future exploration campaigns across its key
projects and carry-on with diagnostic works such as metallurgical testing and
sample re-analysis. The Directors are confident that adequate funding can be
raised as required to meet the Company's current and future liabilities.
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.
For the reasons outlined above, the Directors are satisfied that the Company
will be able to meet its current and future liabilities, and continue trading
for the foreseeable future, and, in any event, for a period of not less than
twelve months from the date of approving this report. The preparation of these
financial statements on a going concern basis is therefore considered to
remain appropriate.
These half-yearly financial statements are prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the United Kingdom and the
Disclosure and Transparency Rules of the UK Financial Conduct Authority.
This half-year report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report should be
read in conjunction with the annual report for the year ended 31 December
2024, which have been prepared in accordance with UK-adopted international
accounting standards.
The Company will report again for the full year to 31 December 2025.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in the Company's 2024 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments are capitalised
on a project-by-project basis, pending determination of the feasibility of the
project. Costs incurred include appropriate technical and administrative
expenses but not general overheads. If an exploration project is successful,
the related expenditures will be transferred to mining assets and amortised
over the estimated life of economically recoverable reserves on a unit of
production basis.
Where a licence is relinquished or a project abandoned, the related costs are
written off in the period in which the event occurs. Where the Group maintains
an interest in a project, but the value of the project is considered to be
impaired, a provision against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is dependent upon
the discovery of economically recoverable reserves, the ability of the Group
to obtain necessary financing to complete the development of reserves and
future profitable production or proceeds from the disposition thereof.
3. Intangible assets
6 months to 6 months to Year ended
30 June 2025 30 June 2024 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
The Directors undertook an assessment of the following areas and circumstances
that could indicate the existence of impairment:
· The Group's right to explore in an area has expired, or will expire
in the near future without renewal;
· No further exploration or evaluation is planned or budgeted for;
· A decision has been taken by the Board to discontinue exploration and
evaluation in an area due to the absence of a commercial level of reserves; or
· Sufficient data exists to indicate that the book value will not be
fully recovered from future development and production.
Following their assessment, the Directors concluded that no impairment charge
was necessary for the period ended 30 June 2025.
4. Earnings per share
6 months to 6 months to Year ended
30 June 2025 30 June 2024 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)
5. Events after the reporting period
A significant number of events have occurred post period contributing to a
strengthened balance sheet, advancing the Boland dysprosium and terbium
project and adding a significant copper project to the Company's portfolio.
Key events include:
Boland Exploration Results
· Boland Sonic Core drilling results from 10 drillholes (for 423m) that
demonstrate increased thicknesses of ISR recoverable mineralisation. Signature
intersections include:
o 3.3m@ 1,115 ppm TREO (40 ppm Dy + Tb & 136 ppm Nd + Pr) from 36.5m
(CBSC0013)
o 4.0m@ 1,106 ppm TREO (11 ppm Dy + Tb & 111 ppm Nd + Pr) from 50.62m
(CBSC0008)
o 2.6m@ 896 ppm TREO (14 ppm Dy + Tb & 170 ppm Nd + Pr) from 54m
(CBSC0014)
o 1.3m@ 1,230 ppm TREO (46 ppm Dy + Tb & 269 ppm Nd + Pr) from 25.6m
(CBSC0009)
o 1.0m@ 2,937 ppm TREO (62 ppm Dy + Tb & 624 ppm Nd + Pr) from 26m
(CBSC0010)
· Demonstration of considerable scale across the recent acquisition of
tenements EL6742,6774 and 6780 where the reanalysis of samples recovered from
120 historical drillholes defined thick palaeosediment hosted REE
mineralisation with three large targets defined:
o Gillespie: Narlaby Palaeochannel, comprising an embayment over ~155km2
o Head: Yaninee Palaeochannel, an interpreted fluvial flood plain covering
~85km2
o Stokes: Yaninee Palaeochannel, an interpreted fluvial flood plain covering
~47km2
· Favourable intersections from undesirable historical drilling methods
include:
o IR 34 intersecting 18m at 720ppm Total Rare Earth Oxides ("TREO") (135ppm
neodymium + praseodymium("Nd+Pr") and 13ppm dysprosium + terbium ("Dy+Tb"))
from 12m, including 2m at 2,545ppm TREO (483ppm Nd+Pr and 30ppm Dy+Tb)
o IR 28 intersecting 10m at 747ppm TREO (143ppm Nd+Pr and 17ppm Dy+Tb) from
28m including 2m at 974ppm TREO (92ppm Nd+Pr and 31ppm Dy+Tb) from 32m
o IR 276 intersecting 8m at 1,095 ppm TREO (242 ppm Nd+Pr and 21 ppm Dy+Tb)
from 44m including 2m at 2,676ppm TREO (616ppm Nd+Pr and 50ppm Dy+Tb)
o Geology: Enriched REE grades occur on channel margins, implying a geological
depositional control on the absorption of ionic REEs
Flowsheet optimisation studies being carried out at ANSTO aiming to reduce
acid consumption and maximise recoveries including:
· Robust recoveries from lixiviant testing that yielded robust
recoveries across six bulk composites from AMSUL and MAGSUL lixiviants with
low acid consumption
· Identification of a positive correlation between the dysprosium and
terbium quantities in mineralisation and the rate of recovery providing a
geometallurgical marker to model recoveries and to ultimately inform future
economics
· Excellent recoveries at benign acidities (pH4.5-5) and reduced acid
molarities on a bulk composite prepared for scaled bench ISR testing where
results support:
o Improved production economics
o Increase quantity of economically recoverable ore
o Enhance overall project scale
o Shorten the residence time of the ISR mining process
o Significantly reduce rehabilitation costs
o Further opportunity to reduce acid requirements through the oxidation of
organic sulphides within mineralisation to produce sulphuric acid
· Standout extraction results include:
o 78% Dy+Tb 71% Nd+Pr pH 3 0.5 M (NH4)2SO4
o 77% Dy+Tb 69% Nd+Pr pH 3 0.3 M (NH4)2SO4
o 73% Dy+Tb 66% Nd+Pr pH 3 0.2 M (NH4)2SO4
o 68% Dy+Tb 60% Nd+Pr pH 3 0.1 M (NH4)2SO4
o 48% Dy+Tb 51% Nd+Pr pH 4.5 0.5 M (NH4)2SO4
o 41% Dy+Tb 43% Nd+Pr pH 4 0.3 M (NH4)2SO4
o 51% Dy+Tb 50% Nd+Pr pH 4 0.2 M (NH4)2SO4
o 44% Dy+Tb 46% Nd+Pr pH 5 0.5 M (NH4)2SO4
o 17% Dy+Tb 25% Nd+Pr pH 5 0.3 M (NH4)2SO4
· Commencement of a bulk 55kg bench scale ISR column to produce product
for offtake testing where exceptional permeabilities of 1.5m per day is being
achieved at low (2 bar) pressures
· Announcement of regulatory EPEPR approval to commence infield testing
in mid-October
Wudinna Gold Sale
· Shareholder approval of the Wudinna Gold sale at a General Meeting
held on the 24(th) of July
· Completion of the Wudinna Gold Sale through the granting of new
tenements
· Receival of $150,000 cash and A$800,000 in Barton Gold Shares issued
at $0.776 per share
Manna Hill Option Agreement
· Announced on the 26(th) of August the execution of a binding option
agreement to acquire the Manna Hill project, a significant Copper - Gold -
Molybdenum Porphyry project
Blocklisting and exercise of warrants
· Announced 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
There were no reportable events after the reporting period other than those
highlighted in the 'Financial Review'.
The Condensed interim financial statements were approved by the Board of
Directors on 25 September 2025.
By order of the Board
Rupert Verco
Managing Director
25(th) September 2025
Half-yearly Report
Copies of this half-yearly report are available free of charge by application
in writing to the Company Secretary at the Company's registered office: 9(th)
Floor, 107 Cheapside, London, EC2V 6DN, or by email to
info@london-registrars.co.uk (mailto:info@london-registrars.co.uk) .
Responsibility Statement
We confirm that to the best of our knowledge:
· The interim financial statements have been prepared in accordance
with International Accounting Standard 34, Interim Financial Reporting, as
adopted by the UK;
· Give a true and fair view of the assets, liabilities, financial
position and loss of the Company;
· The interim report includes a fair review of the information required
by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the interim financial information, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
· The interim financial information includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
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