Continuation of Resource Drilling at Boland

Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project ("Boland") in South Australia, announces that it has re-commenced resource-focused aircore drilling at Boland following a short pause in activity during the Christmas period.

Prior to Christmas, 20 holes (~1,000m) were completed. Cobra aims to drill a further ~40 holes during January to complete Stage 1 aircore drilling aimed at providing sufficient geological definition to support a maiden REE resource estimation over the greater palaeochannel proximal to the established wellfield. Stage 1 drilling is the start of a funded, four-stage, 12,000m programme designed to define and support a resource estimate for ionically bound REE mineralisation that is hosted within permeable sands and is amenable to low cost, low disturbance in situ recovery ("ISR") mining.

Highlights

• Stage 1 drilling is designed to infill and refine the mineralisation footprint peripheral to the established Boland wellfield where high grade mineralisation (0.44% Total Rare Earth Oxides) delivered high recoveries (68%) of valuable Magnet Rare Earths ("MREOs") at pH3 with low acid consumption and low levels of impurities in the bench scale ISR studies
• The Pidinga formation which hosts permeable ionic REE mineralisation has been intersected across broad zones where unit thicknesses exceed the Company's interpretations
• Stage 1 aircore drilling is anticipated to be completed in approximately two weeks
• Results from drilling completed in December 2024 are expected in February 2025
• The Company is working to obtain regulatory approvals to proceed with Stage 2 drilling to extend the target area of resource drilling
• Precipitation of a maiden mixed rare earth carbonate, assays imminent

Rupert Verco, Managing Director & CEO of Cobra, commented:

"Resource drilling is progressing rapidly. Initial geological observations are positive for scale, mineralisation thickness and geological conditions that support scalable ISR mining. A scalable resource is an important aspect of any mining asset.

As drilling progresses, the Company is approaching another important milestone, with a maiden mixed rare earth carbonate being precipitated from liquor produced through our bench scale ISR tests before Christmas from which results are imminent. This will be the first rare earth product produced through controlled ISR, signifying a significant step forward in the advancement of securing critical rare earth metals through low-cost and environmentally considerate methods. This is a vital advancement to progress discussions with prospective future offtakers."

Figure 1: Drilling plan detailing completed and planned Stage 1 drilling with defined target areas for Stages 2-4

Follow this link to watch a short video of Exploration Manager Robert Blythman providing an update on the Company's drilling programme: https://investors.cobraplc.com/link/pegRby

Boland Project

• Wudinna Project Update: "2nd Bench Scale ISR Study & £1.7M Placing", dated 26 November 2024

X (Twitter): https://twitter.com/Cobra_Resources

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