REG - Cobra Resources PLC - Resource Drilling Commenced - Rare Earths Project
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RNS Number : 3033W Cobra Resources PLC 12 March 2026
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
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12 March 2026
Cobra Resources plc
("Cobra" or the "Company")
Resource Drilling Commenced at Rare Earths Project
Having proven outstanding metallurgy, resource definition drilling has now
commenced at Boland and Head rare earth prospects
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 resource definition drilling using two Sonic Core drill rigs has
commenced across its Wudinna rare earth prospects, Boland and Head.
Infield hydrology studies and bench scale tests completed by the Australian
Nuclear Scientific Technology Organisation ("ANSTO") support that the
mineralisation at Boland can be mined through non-invasive and low-cost in
situ recovery ("ISR"). The Company's next objective is to drill out a maiden
Mineral Resource Estimate ("MRE") of scale.
The Boland Project represents a new form of ionic rare earth mineralisation
where unique permeable geology enables confined aquifer ISR that bypasses
traditional challenges of processing clay ores and mitigates the environmental
risks associated with gravity reliant ISR processes.
The project's economic potential is underpinned by low acid consumption with
additional cost reduction possible through the promotion of self-acid
generation, and the ability to cost effectively supress cerium. The Company
has recently demonstrated these benefits by producing a high purity, globally
superior Mixed Rare Earth Carbonate ("MREC") through an optimised flowsheet.
The Company is now working to demonstrate scale to support economic analysis
through a planned scoping study.
To watch a video of Rupert Verco, Managing Director, discussing the planned
programmes visit: https://investors.cobraplc.com/link/rka9zy
(https://investors.cobraplc.com/link/rka9zy)
Highlights:
· Two sonic core drill rigs have commenced drilling at the Boland
prospect
· Drilling of up to 36 drillholes (approximately 2,000m) planned at the
Boland prospect
· Drilling of up to 54 drillholes (approximately 2,500m) planned at the
Head prospect
· Drilling expected to take approximately 4-6 weeks
· First laboratory results expected in early April
· Drilling is designed to support a maiden MRE for in situ recoverable
Heavy Rare Earths ("HREE")
Rupert Verco, Managing Director of Cobra, commented:
"We have optimised the process for high grade and low impurity MREC production
and confirmed hydrology parameters that support productive ISR, ultimately
demonstrating the viability to recover Boland mineralisation through this
method.
In short, Cobra has proven outstanding metallurgy at Boland. It is now time to
demonstrate scale to underpin a multigenerational operation. This programme
will focus on the two prospects with the highest economic potential, with
Boland, given its advanced studies, being the top priority. The Head target
has ISR recoverable mineralisation up to 8 metres thick, and initial
metallurgical results are favourable too. This target has the potential to add
significant scale and economic efficiency due to these broad intersections and
is the next priority.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO) has
recently completed a study on the mineralisation at Boland. In their testing,
Boland was the only project that achieved metallurgical recoveries of 25% with
tap water in sequential leach tests. This highlights not only the economic
benefits of this style of mineralisation but its delicate nature and the need
to use Sonic Core drilling to secure the most representative sample."
Figure 1: Sonic Core drilling in progress at the Boland Project.
Figure 2. A second track mounted rig in action.
Figure 3: Planned drilling collars at the Boland and Head prospects.
Figure 4: Mineralised Pidinga formation from CCSC0021 29-31 meters.
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.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Metallurgical update: "Boland Delivers Industry-Leading Heavy Rare
Earth Product" dated 2 March 2026
· Metallurgical update: "Test work upgrades Boland liquor through 100%
cerium removal resulting in a large increase in product value", dated 9th
December 2025
· Exploration update: "Successful first pass suppression of cerium to
maximise valuable dysprosium and terbium", dated 20 November 2025
· Exploration update: "Exceptional Results - Infield Permeability
Study", dated 17 November 2025
· Exploration update: "Metallurgical Optimisation Upside", dated 20
October 2025
· Exploration update: "Exceptional Metallurgical Results from ISR
Column", dated 14 October 2025
· Exploration update: "Met Study Supports Even Lower-Cost Recoveries",
dated 11 September 2025
· Exploration update: "Low-Cost Recoveries from Optimised Testing",
dated 11 August 2025
· Exploration update: "Rare Earth ISR System beyond Boland", dated 4
August 2025
· Exploration update: "Favourable Boland Metallurgical Results", dated
21 July 2025
· Exploration update: "Boland Project Update", dated 26 June 2025
· Wudinna Project Update: "Boland Aircore Drill Results", dated 25
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
References:
1. Cobra RNS: Option to Acquire Significant Copper Project, 26 August
2025
2. Meinert, L.D., Hefton, K.K., Mayes, D., Tasiran, I., 1997. Geology,
zonation, and fluid evolution of the Big Gossan Cu-Au skarn deposit, Ertsberg
district, Irian Jaya. Economic Geology 92, 509-534.
Competent Persons Statement
Information in this announcement has been compiled based on reports from Mitre
Geophysics consultants and 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: JORC Code, 2012 Edition - Table 3
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Historic
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic drill programs have been conducted by multiple companies
instruments, etc). These examples should not be taken as limiting the broad and methods the historically reported results are being reviewed prior to any
meaning of sampling. broader reporting of results. In general lab assay results across differing
programs show comparable tenors of grade and distribution.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Historic Drilling
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Historic drill methods were predominantly aircore and RC driiling
whether core is oriented and if so, by what method, etc). with some diamond drilling reported
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Historic recoveries have not been assessed.
results assessed.
· Drill methods and geological conditions are not expected to
· Measures taken to maximise sample recovery and ensure representative promote significant reduced recovery or sample biasing
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. · Historic logging has been completed with a number of different
geological logging codes. These are being translated into a standardized
· Whether logging is qualitative or quantitative in nature. Core (or logging format prior to entry into the Cobra Drillhole Database
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Historic
taken.
· Historic sampling has not been assessed.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
· For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and Historic
laboratory procedures used and whether the technique is considered partial or
total. · Lab certificates for a large number of drill samples have been
retained from historic drilling. These certificates will be used for the
· For geophysical tools, spectrometers, handheld XRF instruments, etc, import of data into Cobra's drillhole database.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent Historic
or alternative company personnel.
· Reported significant intercepts have been reported to the
· The use of twinned holes. Australian Stock Exchange in the past
· Documentation of primary data, data entry procedures, data · Primary assay data and drill logs for reported holes have been
verification, data storage (physical and electronic) protocols. reviewed by Cobra staff
· Discuss any adjustment to assay data. · Further migration of historic data into the Cobra drillhole
database is underway with validation during this process to be undertaken.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. Historic
· Specification of the grid system used. · Historic Drillholes were recorded with a number of different
datums.
· Quality and adequacy of topographic control.
· Validation of the datums used for each program have been
conducted and are continuing.The key historic drilling used for planning of
the January 2026 drill program have high confidence in the datum used and have
been assessed in the field
Data spacing and distribution · Data spacing for reporting of Exploration Results. Historic
· Whether the data spacing and distribution is sufficient to establish · Historic drilling was variably spaced. The drill spacing was
the degree of geological and grade continuity appropriate for the Mineral sufficient to define mineralization trends at the Blue Rose Skarn but not to
Resource and Ore Reserve estimation procedure(s) and classifications applied. the extent of defining a resource.
· Whether sample compositing has been applied. · Drilling at Desert Rose and Double Delight has not been
sufficient to assess the prospects and has been sparse
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering the
deposit type. · Drillholes have been vertical or south dipping
· If the relationship between the drilling orientation and the · Deeper historic drilling has been south dipping
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · Mineralization is interpreted to be steeply dipping with limited
success to date in identifying a slight north or south dip.
· Deeper planned drilling is expected to help with this
interpretation
Sample security · The measures taken to ensure sample security. Historic
· No issues with sample security were reported or are expected to
have occurred
Audits or reviews · The results of any audits or reviews of sampling techniques and data. ·
Appendix 2: Section 2 reporting of exploration results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Blue Rose is located on EL6009 that is held
agreements or material issues with third parties such as joint ventures,
by Hamelin Gully Pty Ltd. Manna Hill
partnerships, overriding royalties, native title interests, historical sites,
Mining Pty Ltd, a subsidiary of Cobra
wilderness or national park and environmental settings.
Resources Plc has a 12-month option to
acquire Hamelin Gully.
· The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate in the area. · This drilling forms part of the company's
strategy to seek shareholder approval to
exercise the option.
· A 1% Over Riding Royalty Agreement is
registered between Hamelin Gully and
Springton Trust
A Native Title Agreement is in place
between the Wilyakali People and Hamelin
Gully Pty Ltd
Cultural heritage surveys have been
completed over EL6009, clearing proposed
drill sites
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties.
· Historic Exploration has been conducted by multiple companies
with key work completed by PacMag, Lynas and Giralia Resources.
· Historic exploration demonstrated the geological environment at
Blue Rose and the potential for economic mineralization
· Commercially driven decisions and land access challenges (now
resolved) were common trends in the history of the project transactions
Geology · Deposit type, geological setting and style of mineralisation. Blue Rose
· Blue Rose is skarn hosted mineralization on the margins of the
Anabama Granite
· The skarn is interpreted to be stratabound
Neptune Rose
· Is interpreted to be hosted within skarn mineralization.
· Assessment of the structural vs stratigraphic controls on
mineralization will be assessed during drilling
Black Baccara
· Is interpret to be a sulphide rich halo around a magnetic low
core.
Assessment of Geological survey spectral from nearby "near miss" diamond holes
indicate the metamorphic gradient and spectral responses anticipated from a
porphyry system
Drillhole Information · A summary of all information material to the understanding of the · Drilling results are being assessed on the migration of data to
exploration results including a tabulation of the following information for the Cobra drillhole database
all Material drill holes:
· Historic drill results reflective of the grades and widths
o easting and northing of the drill hole collar expected of the Blue Rose prospect.
o elevation or RL (Reduced Level - elevation above sea level in metres) of · Reporting of these results will be included at the completion of
the drill hole collar the data migration and review.
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly explain
why this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · Historic grade intercepts as length weighted averages with
downhole lengths reported, appropriate for this stage of drilling.
· Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the procedure used for · No top cutting of grades has been included
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting · Downhole intercept lengths are expected to be greater than true
of Exploration Results. length
· If the geometry of the mineralisation with respect to the drill · angled drilling has typically been diping 60 degrees to the south
hole angle is known, its nature should be reported. with the mineralization interpreted to be sub vertical at Blue Rose
· If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg 'down hole length, true
width not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar · Exploration results are not being reported for existing mineral
locations and appropriate sectional views. resources.
· Drilling is aimed at defining new mineral resources.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Historic results are being assessed during the data migration to
practicable, representative reporting of both low and high grades and/or the Cobra drillhole database.
widths should be practiced to avoid misleading reporting of Exploration
Results. · This announcement is indicative of the results of the geophysical
methods (Induced Polarization) the method does not directly indicate size or
grades of mineralisation
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Geophysical results are the focus of the announcement
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for · RC drill program at Blue Rose, Desert Rose and Double Delight in
lateral extensions or depth extensions or large-scale step-out drilling). early January 2026
· Diagrams clearly highlighting the areas of possible extensions, · Follow up diamond drilling at Desert Rose
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · Greenfields soil sampling program
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