New Rare Earth Tenement Grant - Tasmania

Cobra, an exploration company focused on the Wudinna Gold and Rare Earth Project ("Wudinna") in South Australia, is pleased to announce it 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.

Ionic Rare Earth Element ("REE") mineralisation has been identified by ABx Group (ASX: ABX) ("ABx") within alluvial channel sediments that are a weathering product of alkali basalts, the chemistry of which is ideal for ionic REE adsorption. EL22/2022 is situated adjacent to ABx's Deep Leads / Rubble Mound REE project which contains a REE resource of 52 Mt at 817 ppm Total Rare Earth Oxides1, with excellent ionic metallurgy amenable to low-cost recovery in weak acid conditions (pH4), akin to Cobra's Boland discovery at Wudinna. Cobra believes that there is considerable opportunity to cost-effectively define scalable ionic REE mineralisation comparable to ABx's Deep Leads / Rubble Mound resource.

Rupert Verco, CEO of Cobra, commented:

"We seized an opportunity to secure this tenement adjacent to an outstanding ionic rare earth project with demonstrated low-cost metallurgy, similar to what we have discovered at Boland. IAC hosted rare earth deposits tend to have a higher contained basket value than hard rock deposits due to their higher content of valuable heavy rare earths. Our tenement neighbour has substantially increased its rare earth resource since its maiden estimate in November 2022, and we believe that strong potential exists for scalable ionic clay channel deposits to extend onto Cobra's tenement EL22/2022.

Tasmania has a history of mining industrial metals, with good transport infrastructure, labour, energy, and water availability. We are evaluating strategic options to advance a low-cost exploration programme whilst maintaining our primary focus on advancing our ionic rare earth discovery in South Australia."

1 Refer to ABX.AX announcement: "ABx Rare Earth Resources Exceed 50 Million Tonnes", dated 20 November 2023

Figure 1: Location of EL22/2022, demonstrating its proximity to ABx's Deep Leads / Rubble Mound REE Resource

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