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

Cobra ResourcesAnnouncement

29/10/2025 07:02

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RNS Number : 2970F  Cobra Resources PLC  29 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
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.

 

29 October 2025

 

Cobra Resources plc

("Cobra" or the "Company")

 

In-Field Permeability Study Update

 

Commencement of Field Trials and Assignment of Native Title Mining Agreement
for New Tenements

 

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 field trials have commenced at the Company's Boland Ionic
Heavy Rare Earth Project in South Australia, where tests will emulate the
low-cost and environmentally sustainable in-situ recovery ("ISR") mining
method. Furthermore, a Deed of Assignment has been executed with the Barngarla
Traditional Owners, enabling transfer of tenure of acquired Exploration
Licences 6742, 6774, and 6780 (the "New Tenements") that contain three key
scalable Palaeochannel hosted Rare Earth Elements ("REEs") targets.

 

Highlights

 

·    Infield trials include:

·    Hydrological tests to evaluate aquifer discharge rates

·    Tracer permeability testing aimed to demonstrate orebody permeability
and connectivity

·    Trials are anticipated to take 7-14 days where tests aim to emulate
permeability achieved in recent bench scale ISR studies that achieved 66%
Heavy Rare Earth ("HREO") recoveries in 17 days, with very low acid
consumption at pH 3

·    Deed of Assignment executed, assigning the Native Title Mining
Agreement ("NTMA") from the previous owner to Cobra and enabling the transfer
of tenure

·    Stakeholder engagement process commenced to proceed towards the
testing of priority targets: Head, Gillespie and Stokes

 

Follow this link to watch a short video of Exploration Manager Robert Blythman
explaining the trials from the site:
https://investors.cobraplc.com/link/P3j6xr
(https://investors.cobraplc.com/link/P3j6xr)

 

The Boland Project is unique when compared to traditional ionic clay hosted
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 confined by impermeable clays. This unique
environment enables controlled ISR, the lowest cost and most sustainable form
of mining.

 

Rupert Verco, Managing Director of Cobra, commented:

 

"We are thrilled to be executing these field studies. This is a very important
step in advancing the Boland Project, with this testing aiming to demonstrate
the lowest cost and most sustainable method of mining. Should these tests be
successful, it will be another significant milestone achieved in Cobra's
strategy to be a resilient, low-cost, environmentally sustainable and ethical
producer of heavy rare earth metals, Dysprosium and Terbium.

 

We are also very pleased to have a NTMA in place with the Barngarla People for
the New Tenements, where we have demonstrated high grades and massive scale
potential. We look forward to working in collaboration with the Barngarla
People, the landowners and the Wudinna community to advance this significant
opportunity."

 

Figure 1. Rendement Principal Hydrologist Ben Jeuken installing a downhole
pump in the Boland Wellfield and the pump test currently underway.

 

 

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.

 

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:
https://investors.cobraplc.com/auth/signup
(https://investors.cobraplc.com/auth/signup)

 

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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