Cobra Resources plc
Defining a Unique Multi-Mineral Resource – Australia’s Only Rare Earth Project with In Situ Recovery Potential
Cobra Resources (LSE: COBR) is an advanced exploration and resource development company unlocking value through growing its gold and rare earth resources, and advancing IOCG exploration in South Australia’s world-class mineral jurisdiction, the Gawler Craton.
Cobra has a 3,261 sq km land package, with gold resources and targets, a growing rare earths resource footprint overlying gold resources, a regionally scalable ionic rare earth discovery at the Boland prospect, and multiple high-value IOCG targets.
Highlights
Ionic Rare Earths
- Confirmed ionic rare earth mineralisation at Boland palaeo-channel prospect
- Metallurgical testing has confirmed total rare earth oxide recoveries up to 58% and heavy rare earth oxide recoveries up to 65% at only pH3 over six hours with low acid consumption
- Unique geological occurrence that lends itself to in situ recovery (ISR) mining, a low-cost, low-disturbance mining process that could be integrated into existing land practices
- Regionally scalable – nearly 495 sq km of prospective palaeo-channel across the land tenure with more tenements under application
Gold Resources
- 279,000 Oz defined JORC Gold Mineral Resource Estimate – growth through infill / extensional drilling
- Shallow resource – all ounces within 200m of surface, presenting as low cost, camp scale open pit extraction
- Enhanced economics following unique discovery of critical rare earth elements overlying gold mineralisation
Rare Earth Resources
- JORC Rare Earth Mineral Resource Estimate of 41.6 Mt occurs above and proximal to gold ounces (not yet including Boland ionic rare earths discovery)
Next Steps
- Capitalise on significance of confirmed ionic rare earth discovery at Boland prospect and commence a scope of work to expand ionic rare earth footprint and optimate recoveries
- Improve gold and rare earth resource confidence to support a project scoping study
- Test extension targets across gold resources with the aim of adding low discovery cost ounces
Prime Location
- World-leading mining jurisdiction
- Gawler Craton hosts massive IOCG deposits
- Excellent existing infrastructure
News
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New Rare Earth Tenement Grant - Tasmania (22 Nov 23)
Cobra has been granted a 213 km2 exploration tenement (“EL22/2022”) in northern Tasmania. The tenement is complementary to Cobra’s ionic rare earth strategy as it is considered highly prospective for Ion Adsorption Clay (“IAC”) hosted rare earth mineralisation. MORE
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Acquisition & Bookbuild (15 Nov 23)
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StockBox Interview (28 Sep 23)
Cobra Resources Shifting Focus to Rare Earths and Sustainable Mining in Australia – Cobra CEO, Rupert Verco, speaks to StockBox – LINK
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MoU to Progress Ionic Rare Earth Extraction (19 Sep 23)
Cobra is pleased to advise that it has signed a Memorandum of Understanding with Watercycle Technologies Ltd a UK-based deep tech company focused on developing sustainable, high-yield, low-cost, mineral extraction and water treatment systems, with the objective to collaborate on sustainable Rare Earth Elements extraction via membrane desorption and filtration. MORE
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Positive Metallurgy Confirms Ionic Rare Earth Mineralisation at Boland Prospect, Wudinna & New Tenement Applications to Increase Project Size (12 Sep 23)
Advise that metallurgical testwork carried out by the Australian Nuclear Science and Technology Organisation confirms Rare Earth Elements mineralisation at the Boland palaeo-channel prospect to be cost-efficient, easily recoverable ionic adsorption rare earth clays. Accordingly, the Company has made two further applications west of the Wudinna Project to establish itself as the dominant landholder on the Narlaby palaeo-channel. MORE
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Zak Mir talks to Rupert Verco, CEO Cobra Resources (12 Sep 23)
Zak Mir talks to Rupert Verco, CEO Cobra Resources, as the exploration company focused on the Wudinna Project in South Australia, confirms Rare Earth Elements mmineralization at the Boland palaeo-channel prospect to be cost-efficient, easily recoverable ionic adsorption rare earth clays. To hear the full interview, click here: LINK
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Rare Earth and Gold Resource Upgrades (7 Sep 23)
Annoucement of upgrades to both Cobra’s Rare Earth Elements and Gold JORC Mineral Resource estimates, which establish this dual resource project as unique and economically advantageous. MORE
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Exceptional REE Results Defined at Boland with Characteristics of Ionic Mineralisation (20 Jun 23)
Announcement on additional Rare Earth Element (“REE”) results from Aircore drilling, which demonstrate further REE resource growth and a highly desirable style of mineralisation. MORE
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Cobra CEO presents Rare Earth results from Aircore drilling (20 Jun 23)
Presentation – Rupert Verco, CEO, explains the significance of Rare Earth results from Aircore drilling. VIDEO
Latest Media
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EQUITY RESEARCH - September 12, 2023
UK asset manager Shard Capital published a detailed report on our ionic rare earths discovery at the Boland prospect, Wudinna. MORE
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INTERVIEW – CRUX INVESTOR - September 11, 2023
Our CEO Rupert Verco recorded a deep dive interview with Crux Investor. MORE
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EQUITY RESEARCH - September 8, 2023
UK asset manager Shard Capital published a detailed report on our Rare Earth and Gold Resource upgrades at Wudinna. MORE
- Gawler Craton
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Cobra Resources’ Wudinna Project is in the Gawler Craton, the oldest and largest geological province in South Australia.
The region is a hotspot for IOCG deposits, which are currently mined by BHP, OZ Minerals, and others, whose projects are located not far from Cobra Resources’ land tenure.
In addition to five low-cost, high-value IOCG targets, Cobra Resources’ Wudinna tenements contain extensive orogenic gold mineralisation – complemented by rare earth mineralisation – and are characterised by potentially open-pitable, high-grade gold intersections, with ready access to nearby infrastructure.
- Wudinna Project
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Highlights
- Confirmed ionic REE mineralisation where ANSTO metallurgical testing has confirmed MREO recoveries up to 58% and HREO recoveries up to 65% at pH3 over six hours with low acid consumption
- Unique geological occurrence that lends itself to in situ recovery (ISR) mining, a low-cost, low-disturbance mining process that could be integrated into existing land practices
- Regionally scalable – nearly 495 sq km of prospective palaeo-channel across the land tenure
- 279,000 Oz defined JORC Gold Mineral Resource Estimate
- 22 orogenic gold targets, with significant grades of between 16 g/t and 37.4 g/t gold outside of the current resource
- Shallow resource – all ounces occur within 200m of surface, presenting as low cost, camp scale open pit extraction
- Potential additional gold resource growth through infill and further extensional drilling
- Enhanced economics following unique discovery of critical rare earth elements overlying gold mineralisation
- JORC Rare Earth Mineral Resource Estimate of 41.6 Mt occurs above and proximal to defined 129,000 Oz of gold resources at the Baggy Green and Clarke prospects
- One adjacent exploration tenement (Corrobinnie – 100% Cobra Resources) covering 532 km2 sits outside the Wudinna Project and is prospective for orogenic lode gold and rare earth mineralisation
- Excellent existing infrastructure
- Unique opportunity to advance economically beneficial combination of gold and rare earth resources
- Prince Alfred Copper Project
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Highlights
- Formerly producing copper mine (1907) located within the Adelaide Fold Belt
- Historic high-grade mineralisation reported as 3-5% copper
- Unexplored for over a century – depth or extent of mineralisation has never been properly tested – opportunity for exploration with modern technologies
- 100 km from Port Augusta, a prominent Australian transport hub city
- Strategy
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We have a three-pronged strategy in play.
Cobra Resources provides unique access to a range of strategic commodities from highly prospective geological terrain within a tier 1 mining jurisdiction. Our three-pronged strategy to de-risk exploration and ensure investment success is:
- Gold – Pathway to 1M Oz – Grow existing gold resource by developing near-resource targets and refining regional anomalies.
- Rare Earths – Expand rare earth resource footprint, capitalising on confirmed ionic rare earth discovery at Boland.
- IOCG – Multiple Targets – Mature high-value iron oxide-copper-gold (IOCG) targets.
- Plans to Progress Discovery
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ISR CONCEPT ADVANCEMENT
- Sonic core holes understand nature of mineralisation
- Samples for metallurgical advancement
- Installation of monitoring wells for baseline hydrology
- Cost effective method to progress to pilot testing
DEMONSTRATE SCALE
- Re-analysis of historical samples to identify mineralisation across land tenure
- Boland expansion aircore drilling –resource definition
BUILD ON METALLURGY
- Identify mine-gate value add opportunities
- Flow sheet demonstration
- Produce a REE carbonate for commercial marketing
ADVANCE COMMERCIAL STRATEGY
- Define commercial opportunities for gold assets
- Explore strategic partnerships
- Form relationships with potential downstream partners
- Why Cobra?
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UNIQUE
- Underpinned by a dual complementary resource
- Confirmed ionic rare earth occurrence – low cost, in situ recovery mining method that can be integrated into current agricultural land practices
LEADING METALLURGY
- Recoveries up to 58% MREO and 65% HREO (pH3)
- Low acid consumption
SCALABLE
- 430 sq km of palaeo-channel on existing tenements
- Further 1,500 sq km of prospective palaeo-channels on tenement applications
TIER 1 LOCATION
- Top 10 jurisdiction globally for mining investment
- South Australia is a leader in ISR
- Regional hub for renewable and hydrogen energy generation
SUSTAINABLE
- ISR extraction integration into existing land practises
- Green mining of critical minerals
- Markets
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The critical nature of magnet rare earths to global decarbonisation, coupled with the long-term fiscal stability of gold, enables Cobra Resources to define a globally unique mineral inventory in a world-class mining jurisdiction.
Add our potential for copper discoveries, and we provide unique access to a range of strategic commodities in the stable and ethical mining jurisdiction of South Australia.
- Gold – Renowned for its value as a safe haven while it is also becoming a key component in electronics and space exploration. It does not corrode, is a great conductor of electricity, and is highly resistant to heat. There is increasing demand for gold from the electronics industry, with 330 tonnes of gold used in technology in 2021 alone.
- Rare Earth Magnets – Growing demand for rare earth minerals is driven by the energy transition and underpinned by demand for permanent magnets. The Western world is pushing to reduce reliance on China (90% of global supply) for the elements which are critical to electric cars, wind turbines and cell phones. The global rare earth magnet market reached a value of US$16.4Bn in 2021.
- Copper – Essential to modern life. It is a major industrial metal because of its high ductility, malleability, thermal and electrical conductivity, and resistance to corrosion. Copper supply is tight and forecast to be in deficit for the foreseeable future due to strong demand from the electric vehicle sector.
Team
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Greg Hancock - Chairman
Greg has over 25 years’ experience in capital markets and corporate finance. He has extensive experience in Australia and the UK through close links to the stockbroking and investment banking community. He has specialised in mining and natural resources and has a background in finance and management of small companies.
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Dan Maling - Non-Executive Director
Dan is a Chartered Accountant and member of both the Australia & New Zealand and England & Wales professional bodies. He has over 25 years of senior corporate and commercial management experience primarily in the natural resource and technology sectors. He has worked with several AIM, ASX and TSX listed companies providing corporate finance, business development and strategic advice. Daniel is a partner of Orana Corporate LLP, an accounting and corporate advisory boutique based in London.
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David Clarke - Non-Executive Director
David is a geologist with more than 50 years’ professional experience and 25 years’ as a director of public companies. He was a geologist with the Commonwealth Department of the Interior and a Chief Geologist at Santos. David played a role in the discovery, development and production of the million ounce Tuckabianna gold mine in Western Australia, the Newrybar mineral sand mine in New South Wales, the Mud Tank vermiculite mine in the Northern Territory, and the Mindarie mineral sand mine in South Australia.
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Rupert Verco - Chief Executive Officer & Director
Rupert is a mining specialist with over 15 years’ experience in Australia and internationally. His key areas of focus include resource definition, reserve optimisation, mine planning, and mine operation. He has managed operations through all phases of the mining cycle on projects that cover a range of commodities including gold, copper, uranium, tin, and iron ore. Rupert is a fellow of the Australasian Institute of Mining and Metallurgy and holds a First Class Honours in Geology.
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Robert Blythman - Exploration Manager
Robert has over 15 years’ experience as an exploration geologist, focused on South Australia, Victoria and the Northern Territory. He has both mining and exploration experience in orogenic style gold projects and his experience covers a range of commodities including gold, copper, uranium and rare earths. Robert is responsible for delivering Cobra’s field programmes safely and successfully while ensuring the best possible outcome for all stakeholders.