REG - Cobra Resources PLC - In-Field Permeability Study Update

Cobra ResourcesAnnouncement

22/10/2025 07:00

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RNS Number : 2665E  Cobra Resources PLC  22 October 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
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22 October 2025

 

Cobra Resources plc

("Cobra" or the "Company")

 

In-Field Permeability Study Update

 

Final permit received - field testing to commence soon 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 South Australian mineral exploration and development company, is pleased
to announce that the final permission required to commence in-field
permeability studies at the Boland Ionic Rare Earth Project has been received.

 

The Government of South Australia Department for Environment and Water has
approved a Discharge to Well Permit. This permit authorises the discharge of
water directly into the Company's installed wells which enables the Company to
test the permeability of Boland's confined aquifer mineralisation by injecting
a tracer dye in to the mineralisation and monitoring the time taken for the
dye to migrate between the discharge well and an extraction well.

 

Preparations are advanced to commence in-field permeability tests as soon as
practicable. Field tests will provide an infield measure of the rate of
permeability achievable through the in-situ recovery ("ISR") process, aiming
to emulate the exceptional permeability rates achieved at laboratory scale.

 

The Boland Project is unique when compared to traditional ionic clay hosted
rare earth ("REE") deposits as REEs have been mobilised from underlying
weathered granites (saprolite) and absorbed to fine organics within the
Pidinga Formation, a highly permeable paleo-sediment bound by impermeable
clays. This unique environment enables ISR, the lowest cost and most
sustainable form of mining.

 

Rupert Verco, Managing Director of Cobra, commented:

 

"It's pleasing to get these permits on the day that the Australian and US
Governments signed a US$8.5Bn framework agreement to fast track approval
timelines for critical mineral projects!

 

Being able to replicate similar permeabilities to those achieved in scaled
laboratory tests in a field environment will provide robust, high confidence
mining parameters for use with future economic studies. We're excited to take
our groundbreaking laboratory work into the field."

 

Boland Project

 

At Boland, Cobra has discovered what it believes to be a unique, scalable
instance where ionic rare earth elements - containing economically attractive
grades of valuable heavy and magnet rare earths - occur in a permeable horizon
confined between horizons of impermeable clay.

 

Bench scale ISR testing has confirmed that this mineralisation is amenable to
ISR recovery techniques. ISR techniques are currently in use (and have been
used successfully for decades) in geologically similar environments, to
recover uranium in South Australia which maintains a well-established ISR
regulatory system.

 

Results of Cobra's ongoing mineral recovery test work indicate that, with
minor optimisation, ISR techniques will enable non-invasive and low-cost
production of critical REEs from its discovery at Boland.

 

Follow this link to watch a short video of MD Rupert Verco discussing this
announcement: https://investors.cobraplc.com/link/eX28qP
(https://investors.cobraplc.com/link/eX28qP)

 

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.

 

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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