REG - Cobra Resources PLC - Resource Drilling Completed at Rare Earths Project
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RNS Number : 9086C Cobra Resources PLC 05 May 2026
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5 May 2026
Cobra Resources plc
("Cobra" or the "Company")
Resource Drilling Completed at Rare Earths Project
Initial assays support high value resource at Boland
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 resource definition drilling has been completed across its
Wudinna rare earth prospects, Boland and Head.
A total of 74 drillholes (~3,200m) have been drilled at Boland and Head,
designed to support an initial Mineral Resource Estimate ("MRE") for the
project's unique, controlled aquifer-hosted ionic rare earth element ("REE")
mineralisation which is amenable to low-cost in situ recovery ("ISR").
All samples have been submitted for analysis. Initial results from Boland
provide encouraging observations for REE ionic mineralisation within the
permeable Pidinga and Garford formations, where metallurgy and hydrology and
natural acid generating potential support cost-efficient extraction to produce
a market leading heavy REE carbonate.
Further results are anticipated through the coming months.
Highlights:
· A total of 32 drillholes were completed at the Boland prospect, where
preliminary results from 14 drillholes include:
o CBSC0016 intersected 5.2m at 1,674 ppm TREO (38.3 ppm Dy2O3 + Tb4O7
("Dy+Tb") and 363 ppm Nd2O3 + Pr6O11 ("Nd+Pr")) from 26.4m.
o CBSC0017 intersected 1.7m at 1,755 ppm TREO (34.7ppm Dy+Tb and 374 ppm
Nd+Pr) from 26.4m.
o CBSC0018 intersected 7.2m at 1,751 ppm TREO (39.8ppm Dy+Tb and 363 ppm
Nd+Pr) from 14m.
o CBSC0021 intersected 1.5m at 891 ppm TREO (13.9 ppm Dy+Tb and 209 ppm
Nd+Pr) from 31.3m.
o CBSC0035 intersected 1.1m at 1,004 ppm TREO (34.7 ppm Dy+Tb and 228 ppm
Nd+Pr) from 32.6m and 2.2m at 590 ppm TREO (18.2 ppm Dy+Tb and 145 ppm Nd+Pr)
from 42m.
o CBSC0028 intersected 1.5m at 891 ppm TREO (13.9 ppm Dy+Tb and 209 ppm
Nd+Pr) from 31.3m.
· In addition to REE analysis, samples are being analysed for Total
Organic Carbon ("TOC") and total sulphide content. Acid is a primary cost of
REE extraction. By determining the quantity of acid that can be generated from
mineralisation, the Company will be able to model and demonstrate materially
lower acid requirements. Management believes the project is on track for
bottom quartile production costs.
· Particle sizing distribution is being performed to calculate
permeability.
· Additional metallurgical analyses will be performed on samples from
the Head prospect to support economic assessment.
· A total of 42 drillholes were completed across the Head prospect,
where a strongly reduced ISR recoverable channel has been defined.
· Further results expected across the next 6-8 weeks.
· Independent technical consultants are being engaged to support both
the MRE and Scoping (Order of Magnitude) Studies.
Rupert Verco, Managing Director of Cobra, commented:
"We are very pleased to have completed this drilling programme, which is the
catalyst for the Company to demonstrate the project economics and commence the
journey to commercialisation. The team has done an excellent job of completing
a significant programme and capturing quality data that will underpin work
streams designed to provide confidence in the design and assessment process.
The conflict in the Middle East, particularly in the Strait of Hormuz, has
created a bottleneck in the global supply of sulphuric acid, a key consumable
for the extraction of many critical minerals. The ability to organically
generate our own sulphuric acid from our geological formations is a project
elevator and should not be underestimated. Our approach to incorporate this
within our resource modelling will add significant value to near term economic
assessments.
Whilst grade is important, economics will be determined by a combination of
permeability, metallurgy, acid generation, and grade. The quality of the
samples obtained from sonic core drilling enables us to assess all these
inputs. Covering all technical aspects at this stage in project development
will bring forward the development timeline."
To watch a video of Rupert Verco, Managing Director discussing the completed
programmes visit: https://investors.cobraplc.com/link/Pw7WKP
(https://investors.cobraplc.com/link/Pw7WKP) .
Boland Results
The targeted formations to support ISR recoverable REEs are the Pidinga and
Garford formations where permeable sand horizons contain ionic REE
mineralisation. The basal sequence of the Pidinga formation is expected to
yield the highest productivity. The Garford formation contains distinct
interbeds that are yet to be test in laboratory and field hydrology tests, but
is considered to deliver the parameters to achieve viable confined aquifer
ISR.
Table 1: Significant Intersections from results received to date
CBSC0016 15.77 21 5.2 Garford 1,674 81 283 49 6.1 32
CBSC0017 16.3 21 4.7 Garford 566 27 89 16 1.9 10
CBSC0017 26.35 28 1.7 Pidinga 1,755 78 285 37 5.4 29
CBSC0018 14 21.2 7.2 Garford 1,751 84 290 52 6.4 33
CBSC0018 14.7 17.7 3.0 Garfords 2,558 123 428 76 9.2 47
CBSC0019 17 21.2 4.2 Garford 1,172 56 202 34 4.2 23
CBSC0019 29 31 2.0 Saprolite 1,170 53 116 11 0.7 3
CBSC0020 41.25 41.7 0.5 Pidinga 300 13 54 16 2.2 13
CBSC0021 17 19 2.0 Garford 686 34 115 19 2.3 12
CBSC0021 29 32.75 3.8 Pidinga 462 29 80 13 1.5 9
CBSC0021 31.25 32.75 1.5 Pidinga/Saprolite 895 60 149 20 2.1 12
CBSC0023 17.6 19.29 1.7 Garford 472 23 74 15 1.7 9
CBSC0023 22.1 23 0.9 Pidinga 534 31 99 19 1.7 9
CBSC0023 32 32.6 0.6 Pidinga 614 38 82 12 1.3 8
CBSC0024 15.52 20 4.5 Garford 594 29 96 18 2.1 11
CBSC0024 31 31.82 0.8 Pidinga 584 31 94 20 2.3 13
CBSC0026 15.66 20.55 4.9 Garford 611 30 96 17 2.0 11
CBSC0026 29.62 31.65 2.0 Pidinga 439 24 73 13 1.6 9
CBSC0028 28.05 29.5 1.5 Garford 371 19 69 14 2.1 12
CBSC0028 41.21 42.6 1.4 Pidinga 487 25 83 16 1.9 11
CBSC0028 56.35 58.2 1.9 Pidinga 949 67 219 28 1.9 9
CBSC0031 13 17 4.0 Garford 496 24 84 16 1.8 9
CBSC0031 23.5 24.05 0.6 Pidinga 394 19 74 16 2.2 12
CBSC0031 32 33.2 1.2 Pidinga 211 10 37 8 1.1 6
CBSC0031 45.8 50 4.2 Saprolite 1,631 67 210 24 1.1 5
CBSC0033 24.3 26 1.7 Pidinga 317 16 64 16 2.0 11
CBSC0035 32.6 33.65 1.1 Pidinga 1,004 50 178 40 5.3 29
CBSC0035 41.95 44.15 2.2 Pidinga 590 33 112 25 2.8 15
CBSC0035 46.85 50 3.2 Saprolite 2,672 184 583 72 3.5 15
CBSC0041 30.8 32 1.2 Garford 551 26 91 17 2.0 10
Figure 1: Photograph of core from CBSC0017 (26-28m) that intersected 1.65m at
1,755ppm from 26.4m within the Pidinga formation. Yellow highlight represents
mineralised intersection within the Pidinga formation
Figure 2: Photograph of core from CBSC0018 that intersected 7.2m at 1,751ppm
from 14m within the Garford formation. Orange highlight represents a 3.0m
permeable horizon from 14.7m grading 2,550ppm TREO
High-grade mineralisation has been previously recognised on the margins of the
incised palaeochannel within a depositional environment that has resulted from
system flooding. Whilst this is an important target, broader low-grade zones
have previously been encountered within the incised channel where very high
(>80%) recoveries have been achieved with very low levels of sulphuric
acid. The drilling programme has tested the complete system as economics are
expected to be determined by:
· Heavy REE enrichment - An indication of ionic metallurgy and an
enabler of a higher value product.
· Permeable geology - Enables wellfield spacings to be maximised and
reduces ISR timeframes.
· Metallurgy - Higher ionic portions require less acid, resulting in
lower operational costs and a subsequent reduction in impurities.
· Acid generation - A product of the organic pyrite within the Pidinga
and Garford formations that is readily broken down within the ISR process,
generating natural sulphuric acid, reducing the amount of sulphuric acid to be
sourced externally.
All of these properties will be modelled within the MRE and used to inform
economic assessment.
Figure 3: Initial results from the Boland prospect
Observations from the Head Prospect
A north-south trending zone has been defined within drilling that is
anticipated to deliver favourable results where the Pidinga formation is
heavily reduced and contains lignite interbeds as shown in Figure 4 below:
Figure 4: Reduced Pidinga formation intersected in CBSC0081 from the Head
prospect. Where observed geology appears highly favourable for ISR with 5.6m
of the Pidinga formation being intersected from 25.9m (Assays Pending)
Figure 5. Completed drilling at the Head prospect (assays pending)
Figure 6: Sampled and stored core at the Company's leased Wudinna storage
facility.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
Hannam & Partners (Joint Broker) +44 (0) 20 7907 8500
Leif Powis
Andrew Chubb
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Seb Weller
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
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:
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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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Appendix 1: JORC Code, 2012 Edition - Table 1
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Pre 2023
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic Rotary Mud drilling targeting paleochannel hosted
instruments, etc). These examples should not be taken as limiting the broad uranium was completed. Some residue samples were retained in the Tonsley Core
meaning of sampling. Library, downhole geophysical logging was the primary data collected for these
holes.
· 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 · Select historic sample residues over Boland were analysed as
the Public Report. reported in RNS 1834M (26 April 2024)
· 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 2023
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or Aircore
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information. · A combination of 2m and 3m samples were collected in green bags
via a rig mounted cyclone. A PVC spear was used to collect a 2-4kg sub sample
from each green bag. Sampling commenced from the collar point with samples
submitted for analysis from the top of saprolite.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4-acid digest sample.
2024-2025
SONIC
· Drill results are outlined in RNS 0297I (25 March 2024)
· Core was scanned by a SciAps X555 pXRF to determine sample
intervals. Intervals through mineralized zones were taken at 10cm. Through
waste, sample intervals were lengthened to 50cm. Core was halved by knife
cutting. XRF scan locations were taken on an inner surface of the core to
ensure readings were taken on fresh sample faces.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4 acid digest sample.
Aircore
· 1m sample intervals of 2-4 kg were taken via PVC spear from green
bags at the rig. All samples collected were submitted to the lab for analysis.
From 0-6 m in each hole samples were composited to 3m.
· Samples were submitted to Bureau Veritas Laboratories, Adelaide
and pulverized to produce a 4 acid digest sample.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Pre 2023
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, · Drill methods include Rotary Mud and AC
whether core is oriented and if so, by what method, etc).
2023
· Drilling completed by McLeod Drilling Pty Ltd using 75.7mm NQ air
core drilling techniques from an ALMET aircore rig mounted on a Toyota
Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
2024-2026
· Sonic Core drilling completed Star Drilling using 4" core with a
SDR12 drill rig. Holes were reamed to 6" or 8" to enable casing and screens to
be installed
· Aircore Drilling completed by McLeod Drilling Pty Ltd using
75.7mm NQ air core drilling techniques from an ALMET aircore rig mounted on a
Toyota Landcruiser 6x6 and a 200psi, 400cfm Sullair compressor.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Aircore Sample recovery is for the style of drilling. All samples
results assessed. were recorded for sample type, quality and contamination potential and entered
within a sample log.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · In general, sample recoveries range between 5-10kg for each 1 m
interval being recovered from AC drilling.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · Mineralisation occurs within a confined aquifer where ground
fine/coarse material. water does influence sample recovery
· Mineralisation within the targeted Pidinga Formation is bound to
fine, organic rich material, the potential loss of mineralized material from
coarser host sands is possible
· Any grade bias is expected to be grade loss
· The potential loss of fine material is being evaluated by sizing
fraction analysis and follow-up sonic core drilling where aircore holes will
be twinned.
Sonic Core
· Sample recovery is considered excellent.
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. · All drill samples were logged by a qualified geologist at the
time of drilling. Lithology, colour, weathering and moisture were documented.
· Whether logging is qualitative or quantitative in nature. Core (or All core drilled has been lithologically logged.
costean, channel, etc) photography.
· All drill metres have been geologically logged on sample
· The total length and percentage of the relevant intersections logged. intervals (1-3 m).
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Pre 2023
taken.
· Historic Residue samples were generally 2m composites and were
· If non-core, whether riffled, tube sampled, rotary split, etc and stored at the South Australian Drill Core Reference Library at Tonsley, a
whether sampled wet or dry. subsample of approximately 20g was removed for lab submission.
· For all sample types, the nature, quality and appropriateness of the · Select samples of geological interest were selected for lab
sample preparation technique. submission
· Quality control procedures adopted for all sub-sampling stages to · No QAQC samples were included in the submission of these samples.
maximise representivity of samples. Sample results were intended to indicate mineralisation potential but would
not be suitable for resource estimation
· 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.
Post 2023
· Whether sample sizes are appropriate to the grain size of the
material being sampled. · A PVC spear was used to collect 2-4kg of sub-sample from each AC
sample length controlled the sample volume submitted to the lab.
· Additional sub-sampling was performed through the preparation and
processing of samples according to the Bureau Veritas internal protocols.
· Field duplicate AC samples were collected from the green bags
using a PVC spear scoop at a 1 in 25 sample frequency.
· Sample sizes are considered appropriate for the material being
sampled.
· Assessment of duplicate results indicated this sub - sample
method provided appropriate repeatability for rare earths.
Sonic Drilling
· Field duplicate samples were taken nominally every 1 in 25
samples where the sampled interval was quartered.
· Blanks and Standards were submitted every 25 samples
· Half core samples were taken where lab geochemistry sample were
taken.
· In holes where column leach test samples have been submitted,
full core samples have been submitted over the test areas.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered partial or
total. · Samples were submitted to Bureau Veritas, Adelaide for
preparation and analysis. Multi-element geochemistry were digested by four
· For geophysical tools, spectrometers, handheld XRF instruments, etc, acid ICP-MS/ ICP-OES and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu,
the parameters used in determining the analysis including instrument make and Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb.
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 · Field rare earth standards were submitted at a frequency of 1 in
accuracy (ie lack of bias) and precision have been established. 25 samples.
· Field duplicate samples were submitted at a frequency of 1 in 25
samples.
· Reported assays pass the companies implemented QAQC database
reports
· Internal lab blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
Sample Characterisation Test Work performed by the Australian Nuclear Science
and Technology Organisation (ANSTO)
· Full core samples were submitted to Australian Nuclear Science
and Technology Organisation (ANSTO), Sydney for preparation and analysis. The
core was split in half along the vertical axis, and one half further split
into 10 even fractions along the length of the half-core. Additional
sub-sampling, homogenisation and drying steps were performed to generate ~260
g (dry equivalent) samples for head assay according to the laboratory internal
protocols.
· Multi element geochemistry of solid samples were analysed at
ANSTO (Sydney) by XRF for the major gangue elements Al, Ca, Fe, K, Mg, Mn, Na,
Ni, P, Si, S, and Zn.
· Multi element geochemistry of solid samples were additionally
analysed at ALS Geochemistry Laboratory (Brisbane) on behalf of ANSTO by
lithium tetraborate digest ICP-MS and analysed for Ce, Dy, Er, Eu, Gd, Ho,
La, Lu, Nd, Pr, Sm, Tb, Th, Tm, U, Y and Yb.
· Reported assays are to acceptable levels of accuracy and
precision.
· Internal laboratory blanks, standards and repeats for rare earths
indicated acceptable assay accuracy.
· Samples retained for metallurgical analysis were immediately
vacuum packed, nitrogen purged and refrigerated.
· These samples were refrigerated throughout transport.
Metallurgical Leach Test Work performed by the Australian Nuclear Science and
Technology Organisation (ANSTO)
· ANSTO laboratories prepared ~80g samples for diagnostic leaches, a
443g sample for a slurry leach and a 660g sample for a column leach and a 55kg
sample for a bulk column leach. Sub-samples were prepared from full cores
according to the laboratory internal protocols. Diagnostic and slurry leaching
were carried out in baffled leach vessels equipped with an overhead stirrer
and applying a 0.5 M (NH4)2SO4 lixiviant solution, adjusted to the select pH
using H2SO4.
· 0.5-0.3 M H2SO4 was utilised to maintain the test pH for the duration
of the test, if necessary. The acid addition was measured.
· Thief liquor samples were taken periodically.
· At the completion of each test, the final pH was measured, the slurry
was vacuum filtered to separate the primary filtrate.
· The thief samples and primary filtrate were analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The water wash was stored but not analysed.
· Column leaching was carried out by horizontal and vertical leach
columns. The columns have been pressurised with nitrogen to between 4-6 bar
and submerged in a temperature controlled bath.
· A 0.3 M (NH4)2SO4 lixiviant solution, adjusted to the select pH using
H2SO4 was fed to the column at a controlled flowrate.
· PLS collected from the end of the column was weighed, the SH and pH
measured and the free acid concentration determined by titration. Liquor
samples were taken from the collected PLS and analysed as follows:
o ICP-MS for Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Mn, Nd, Pb, Pr, Sc, Sm, Tb, Th,
Tm, U, Y, Yb.
o ICP-OES for Al, Ca, Fe, K, Mg, Mn, Na, Si.
· The column leach test has been completed. Assays of the column have
adjusted head grades of the initial bench scale study. Recoveries have been
adjusted accordingly.
Verification of sampling and assaying · The verification of significant intersections by either independent · Sampling data was recorded in field books, checked upon
or alternative company personnel. digitising and transferred to database.
· The use of twinned holes. · Geological logging was undertaken digitally via the MX Deposit
logging interface and synchronised to the database at least daily during the
· Documentation of primary data, data entry procedures, data drill programme.
verification, data storage (physical and electronic) protocols.
· Compositing of assays was undertaken and reviewed by Cobra
· Discuss any adjustment to assay data. Resources staff.
· Original copies of laboratory assay data are retained digitally
on the Cobra Resources server for future reference.
· Samples have been spatially verified through the use of Datamine
and Leapfrog geological software for pre 2021 and post 2021 samples and
assays.
· Twinned drillholes from pre 2021 and post 2021 drill programs
showed acceptable spatial and grade repeatability.
· Physical copies of field sampling books are retained by Cobra
Resources for future reference.
· Significant intersections have been prepared by Mr Michael
McMaster and reviewed by Mr Rupert Verco
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. 2021-2023
· Specification of the grid system used. · Collar locations were initially surveyed using a mobile phone
utilising the Avenza Map app. Collar points recorded with a GPS horizontal
· Quality and adequacy of topographic control. accuracy within 5 m.
· RC Collar locations were picked up using a Leica CS20 base and
Rover with an instrument precision of 0.05 cm accuracy.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC holes. All holes were
set up vertically and are assumed vertical.
· RC holes have been down hole surveyed using a Reflex TN-14 true
north seeking downhole survey tool or Reflex multishot
· Downhole surveys were assessed for quality prior to export of
data. Poor quality surveys were downgraded in the database to be excluded from
export.
· All surveys are corrected to MGA 94 Zone 53 within the MX Deposit
database.
· Cased collars of sonic drilling shall be surveyed before a
mineral resource estimate
2024 Aircore
· Collar locations were initially surveyed using A mobile phone GPS
utilising the Avenza Map app. Collar points recorded with a horizontal
accuracy within 5m.
· Locations are recorded in geodetic datum GDA 94 zone 53.
· No downhole surveying was undertaken on AC or Sonic holes. All
holes were set up vertically and are assumed vertical.
· Higher accuracy GPS will be undertaken on soinc core drilling to
support future resource estimates
2026 Sonic Core
· All holes were surveyed by Lyca GS20 equipment with Base
corrections for 0.1cm percision
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Drillhole spacing was designed on transects 200 to 500m apart.
· Whether the data spacing and distribution is sufficient to establish
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Additional scouting holes were drilled opportunistically on
existing tracks at spacings 25-150 m from previous drillholes.
· Whether sample compositing has been applied.
· Sonic core holes were drilled at ~20m spacings in a wellfield
configuration based on assumed permeability potential of the intersected
geology
· Drillhole spacing is not expected to introduce any sample bias.
· Assessment of the drillhole spacing for resource estimation will be
made once a sufficient data set can provide statistical analysis
· .
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Aircore and Sonic drill holes are vertical.
possible structures and the extent to which this is known, considering the
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Transport of samples to Adelaide was undertaken by a competent
independent contractor. Samples were packaged in zip tied polyweave bags in
bundles of 5 samples at the drill rig and transported in larger bulka bags by
batch while being transported.
· Refrigerated transport of samples to Sydney was undertaken by a
competent independent contractor. Samples were double bagged, vacuum sealed,
nitrogen purged and placed within PVC piping.
· There is no suspicion of tampering of samples.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · No laboratory audit or review has been undertaken.
· Genalysis Intertek and BV Laboratories Adelaide are NATA (National
Association of Testing Authorities) accredited laboratory, recognition of
their analytical competence.
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 · Boland is located on EL7074, currently owned 100% by LAM Wudinna,
agreements or material issues with third parties such as joint ventures, a wholly owned subsidiary of Cobra Resource Plc
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along · In 2024, Cobra through its subsidiary Lady Alice Mines purchased
with any known impediments to obtaining a licence to operate in the area. the remaining ownership of the Wudinna Project tenements.
· The Head Prospect is located on EL6784, a tenement held by EL6784
· Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty
over future mineral production from licenses EL7074, EL7075, EL7076, EL7077
and EL7078.
· A Native Title Agreement is in place with the Barngarla people.
· Aboriginal heritage surveys have been completed over EL7074, with
no sites located in the immediate vicinity of aircore drilling
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · On-ground exploration completed prior to Andromeda Metals' work
was limited to 400 m spaced soil geochemistry completed by Newcrest Mining
Limited over the Barns prospect.
· Other than the flying of regional airborne geophysics and coarse
spaced ground gravity, there has been no recorded exploration in the vicinity
of the Baggy Green deposit prior to Andromeda Metals' work.
· Paleochannel uranium exploration was undertaken by various
parties in the 1980s and the 2010s around the Boland Prospect. Drilling was
primarily rotary mud with downhole geophysical logging the primary
interpretation method.
Geology · Deposit type, geological setting and style of mineralisation. · Target mineralisation is ionic rare earth mineralisation that
occurs primarily within the Pidinga Formation within the Narlaby
Palaeochannel, immediately above REE enriched Hiltaba Suite Granites
· Ionic REE mineralisation also occurs in and adjacent to the
Garford formation clays and silty sands.
· Significant chemical (pH & eH) differences exist between
underlying saprolite and overlying Palaeochannel sediments. REEs are absorbed
to reduced organics found within the Pidinga Formation
· Benchtop metallurgy studies indicate ISR amenability of rare
earths within the Pidinga Formation basal sands summarized in RNS 1285Q (16
December 2024)
· Ionic REE mineralisation is confirmed through metallurgical
desorption testing where high recoveries are achieved at benign acidities
(pH5-3) at ambient temperature.
· CSIRO has independently demonstrated high recoveries with
sequential leach testing, delivering recoveries of 20-25% at pH7
· QEMSCAN and petrology analysis support REE ionic mineralisation,
with little to no secondary phases identified.
· Ionic REE mineralisation occurs in reduced clay intervals that
contact both saprolite and permeable sand units. Mineralisation contains
variable sand quantities that yield permeability and promote in-situ recovery
potential
· Evidence that REEs are ionically absorbed to sulphides
· Mineralisation is located within a confined aquifer
Drillhole Information · A summary of all information material to the understanding of the · Drilling has been designed to support resource definition.
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
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, · Reported summary intersects are weighted averages based on
maximum and/or minimum grade truncations (eg cutting of high grades) and length.
cut-off grades are usually Material and should be stated.
· No maximum/ minimum grade cuts have been applied.
· Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the procedure used for · No metal equivalent values have been calculated.
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail. · ISR recoverable zones have been composited to analyse for TOC,
total sulphide and sizing distribution
· The assumptions used for any reporting of metal equivalent values
should be clearly stated. · Rare earth element analyses were originally reported in elemental
form and have been converted to relevant oxide concentrations in line with
industry standards. Conversion factors tabulated below:
Element Oxide Factor
Cerium CeO2 1.2284
Dysprosium Dy2O3 1.1477
Erbium Er2O3 1.1435
Europium Eu2O3 1.1579
Gadolinium Gd2O3 1.1526
Holmium Ho2O3 1.1455
Lanthanum La2O3 1.1728
Lutetium Lu2O3 1.1371
Neodymium Nd2O3 1.1664
Praseodymium Pr6O11 1.2082
Scandium Sc2O3 1.5338
Samarium Sm2O3 1.1596
Terbium Tb4O7 1.1762
Thulium Tm2O3 1.1421
Yttrium Y2O3 1.2699
Ytterbium Yb2O3 1.1387
· The reporting of REE oxides is done so in accordance with
industry reporting with the following calculations applied:
· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· MREO = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· % Pr = Pr6O11/TREO
· % Dy = Dy2O3/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
· XRF results are used as an indication of potential grade only.
Due to detection limits only a combined content of Ce, La, Nd, Pr & Y has
been used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting · Preliminary results support unbiased testing of mineralised
of Exploration Results. structures.
· If the geometry of the mineralisation with respect to the drill · Most intercepts are vertical and reflect true width intercepts.
hole angle is known, its nature should be reported.
· Follow-up sonic drilling is planned to delineate portions of the
· If it is not known and only the down hole lengths are reported, reported intersections that are recoverable and unrecoverable via ISR
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 · REE mineralization occurs in several phases, ionic phase
practicable, representative reporting of both low and high grades and/or mineralisation occurs within the Pidinga and Garford formations which are
widths should be practiced to avoid misleading reporting of Exploration amenable to ISR recovery, REO values within both of these formations have been
Results. reported. Mineralisation occurring within the saprolite is considered
secondary phase mineralisation.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Refer to previous announcements listed in RNS for reporting of
reported including (but not limited to): geological observations; geophysical REE results and metallurgical testing
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 · ISR study 1 was performed to achieve a 0.5M pH 3 whilst ISR study
lateral extensions or depth extensions or large-scale step-out drilling). 2 was performed at a 0.3M pH 3
· Diagrams clearly highlighting the areas of possible extensions, · Multiple Mixed Rare Earth Carbonates have been produced
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · Hydrology, permeability and mineralogy studies are being
performed on core samples.
· Hydrology and tracer recovery studies have been completed that
support the permeabilities achieved in bench scale ISR testing.
· The reporting of REE oxides is done so in accordance with
industry reporting with the following calculations applied:
· TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3
· HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
· MREO = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3
· NdPr = Nd2O3 + Pr6O11
· TREO-Ce = TREO - CeO2
· % Nd = Nd2O3/ TREO
· % Pr = Pr6O11/TREO
· % Dy = Dy2O3/TREO
· % HREO = HREO/TREO
· % LREO = LREO/TREO
· XRF results are used as an indication of potential grade only.
Due to detection limits only a combined content of Ce, La, Nd, Pr & Y has
been used. XRF grades have not been converted to oxide.
Relationship between mineralisation widths and intercept lengths
· These relationships are particularly important in the reporting
of Exploration Results.
· If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
· 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').
· Preliminary results support unbiased testing of mineralised
structures.
· Most intercepts are vertical and reflect true width intercepts.
· Follow-up sonic drilling is planned to delineate portions of the
reported intersections that are recoverable and unrecoverable via ISR
Diagrams
· Appropriate maps and sections (with scales) and tabulations of
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
locations and appropriate sectional views.
· Relevant diagrams have been included in the announcement.
· Exploration results are not being reported for existing mineral
resources.
· Drilling is aimed at defining new mineral resources.
Balanced reporting
· Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
· REE mineralization occurs in several phases, ionic phase
mineralisation occurs within the Pidinga and Garford formations which are
amenable to ISR recovery, REO values within both of these formations have been
reported. Mineralisation occurring within the saprolite is considered
secondary phase mineralisation.
Other substantive exploration data
· Other exploration data, if meaningful and material, should be
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.
· Refer to previous announcements listed in RNS for reporting of
REE results and metallurgical testing
Further work
· The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-out drilling).
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
· ISR study 1 was performed to achieve a 0.5M pH 3 whilst ISR study
2 was performed at a 0.3M pH 3
· Multiple Mixed Rare Earth Carbonates have been produced
· Hydrology, permeability and mineralogy studies are being
performed on core samples.
· Hydrology and tracer recovery studies have been completed that
support the permeabilities achieved in bench scale ISR testing.
Appendix 3: Drillhole coordinates
CBSC0016 534,655 6,365,778 101.8 Y
CBSC0017 534,593 6,365,295 100.9 Y
CBSC0018 534,576 6,366,039 101.3 Y
CBSC0019 534,170 6,365,772 102.4 Y
CBSC0020 534,354 6,366,369 107.5 Y
CBSC0021 533,659 6,366,086 100.0 Y
CBSC0022 533,274 6,366,299 101.7
CBSC0023 534,223 6,366,279 103.1 Y
CBSC0024 533,801 6,366,515 101.6 Y
CBSC0025 532,632 6,366,646 112.9
CBSC0026 533,700 6,366,300 101.5 Y
CBSC0027 532,728 6,366,328 110.7
CBSC0028 533,279 6,366,520 104.4 Y
CBSC0029 532,983 6,366,135 104.9
CBSC0030 532,851 6,365,965 106.3 Y
CBSC0031 533,388 6,366,705 100.2
CBSC0032 533,106 6,365,240 111.2
CBSC0033 533,370 6,367,426 99.0 Y
CBSC0034 533,487 6,365,001 111.4
CBSC0035 532,811 6,367,178 106.0 Y
CBSC0036 533,858 6,364,429 109.7
CBSC0037 533,346 6,364,778 110.1
CBSC0038 533,317 6,364,253 113.2
CBSC0039 533,821 6,364,092 115.3
CBSC0040 532,957 6,366,837 106.9
CBSC0041 532,424 6,366,812 114.8 Y
CBSC0042 533,351 6,365,625 110.2
CBSC0043 534,181 6,365,000 106.2
CBSC0044 534,305 6,365,368 107.1
CBSC0045 532,849 6,365,344 114.5
CBSC0046 532,945 6,365,698 111.6
CBSC0047 533,465 6,365,338 109.0
CBSC0048 527,476 6,347,125 70.7
CBSC0049 530,441 6,346,953 84.9
CBSC0050 530,798 6,347,555 89.1
CBSC0051 528,933 6,347,065 81.3
CBSC0052 527,479 6,347,130 70.8
CBSC0053 528,035 6,346,651 69.0
CBSC0054 529,998 6,347,585 89.6
CBSC0055 528,726 6,346,553 72.6
CBSC0056 526,886 6,345,819 60.8
CBSC0057 529,528 6,347,573 82.7
CBSC0058 527,092 6,346,478 63.4
CBSC0059 527,637 6,345,827 60.8
CBSC0060 528,414 6,347,167 75.2
CBSC0061 527,959 6,345,223 61.7
CBSC0062 528,538 6,347,588 84.2
CBSC0063 528,398 6,345,814 61.6
CBSC0064 528,528 6,344,475 65.4
CBSC0065 526,835 6,348,072 72.4
CBSC0066 527,321 6,345,169 61.1
CBSC0067 527,038 6,347,587 73.2
CBSC0068 527,753 6,344,449 60.7
CBSC0069 527,789 6,347,586 77.9
CBSC0070 531,053 6,347,143 85.6
CBSC0071 529,681 6,347,041 82.0
CBSC0072 531,432 6,346,561 88.4
CBSC0073 532,169 6,346,237 86.8
CBSC0074 530,228 6,346,494 77.9
CBSC0075 530,940 6,346,476 80.7
CBSC0076 529,463 6,346,489 75.6
CBSC0077 529,153 6,345,823 70.1
CBSC0078 529,976 6,345,667 66.3
CBSC0079 529,554 6,345,174 62.3
CBSC0080 531,392 6,345,825 82.2
CBSC0081 531,065 6,345,187 72.5
CBSC0082 530,295 6,345,261 68.0
CBSC0083 530,643 6,345,838 71.0
CBSC0084 532,350 6,338,882 67.3
CBSC0085 531,832 6,339,684 60.8
CBSC0086 532,357 6,340,503 72.8
CBSC0087 529,780 6,338,172 73.5
CBSC0088 530,621 6,338,533 60.8
CBSC0089 529,496 6,339,203 68.8
CBSC0090 530,697 6,339,550 65.4
CBSC0091 530,109 6,340,529 62.4
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