Boland - Industry-Leading Heavy Rare Earth Product
Cobra Resources PLC has announced significant advancements at its Boland Project, achieving an industry-leading Heavy Rare Earth (HREE) carbonate product with enhanced purity and HREE ratios, representing a ~170% increase in product value compared to January 2025. This high-purity Mixed Rare Earth Carbonate (MREC) was produced using In Situ Recovery (ISR), a cost-effective and low-disturbance mining method. The MREC, produced by ANSTO from a 42kg sample, boasts 58.83% Total Rare Earth Oxides (TREO), with notable proportions of Neodymium (27.5%), Praseodymium (6.7%), Dysprosium (3.8%), and Terbium (0.7%), and low impurities of less than 0.9%. The company also reported a significant improvement in ISR recovery timeframes, reducing it from 150 days to just 17 days, alongside a reduction in acid consumption. Offtake negotiations are advancing, and resource drilling is set to recommence.
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Optimised Flowsheet Delivers a Globally Superior Heavy Rare Earth Carbonate from One of the Lowest Impact Forms of Mining
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, is delighted to announce that optimisation testing aimed at improving cost efficiency and product quality has delivered a Mixed Rare Earth Carbonate ("MREC") product of high purity with industry leading heavy REE ("HREE") ratios.
Importantly, this MREC has been produced from In Situ Recovery ("ISR"), a very low cost and low disturbance mining and processing method that bypasses challenges of handling and treating clay ores.
The MREC was produced by the Australian Nuclear Science and Technology Organisation ("ANSTO") from a bench-scale ISR study performed on a 42kg composite of Boland mineralisation.
The quality of the MREC represents significant progress in process optimisation, successfully increasing the value and marketability of the projects saleable product. Based on the REE proportions, a ~170% increase in product value has been achieved when compared to the initial MREC produced in January 2025.
Rupert Verco, Managing Director of Cobra, commented:
"Boland has delivered an industry-leading grade product while at the same time using one of the lowest cost and lowest disturbance forms of mining!
This demonstrates that the Boland Project represents a significant strategic opportunity to develop a reliable source of Heavy Rare Earths, where operational and capital cost efficiencies, mitigated environmental risk, and flow-sheet simplicity underpin market competitiveness and price resilience.
We have now demonstrated that Boland's' ISR recoverable mineralisation will include very low acid consumption, self-acid generation, cerium separation and simple purification.
Our optimised flowsheet has cost-effectively omitted the first step of REE separation and, in turn, generated a carbonate with one of the most valuable REE ratios from developing projects globally.
Thank you to the team at ANSTO for their ongoing contribution. Cobra's strategy has been to mitigate investment risk. With their assistance, over the course of two years, we first demonstrated a concept and have now maximised value from Boland's unique mineralisation.
This MREC demonstrates significant progress in project advancement towards sustainable production. Now we need to finish drilling out a resource that aims to support a future, long-life operation. Preparations are well underway."
Follow this link to watch a short video of Managing Director Rupert Verco explaining the results released in this announcement: https://investors.cobraplc.com/link/y0zAEr.
Highlights
- High purity, high value MREC: Comprising of 58.83% TREO comprised of an exceptionally high ratio of valuable Magnet Rare Earths:
o Neodymium 27.5% of TREO
o Praseodymium 6.7% of TREO
o Dysprosium 3.8% of TREO
o Terbium 0.7% of TREO
- High levels of strategically critical Dysprosium and Terbium that comprise a combined 4.5% of the TREO
- Low impurities: Low elemental impurities of less than 0.9% with low levels of uranium (<10ppm) and thorium (<10 ppm)
- Low quantity of cerium in product: MREC comprises less than 0.7% CeO2
- Validation of favourable mining method: High recoveries through controlled ISR, where the recovery times was just 17 days
- Low impact and lowest cost mining method: No Load and Haul, with minimal ground disturbance. No productivity risks associated with clay washing and dewatering
- Advancing offtake negotiations: Optimised MREC is currently undergoing radionuclide testing. Upon the completion of radionuclide analysis, MREC samples will be provided to select potential offtake partners
- Assays for impurity steps outstanding: owing to the significance of these results the Company chose to release these results before being able to calculate final ore to MREC recoveries
- Resource drilling to recommence this month: Land access and permitting on schedule for drilling
Figure 1: Optimised MREC - wet filter press
Figure 2. Final dried product
Optimised impurity removal and precipitation programme
After producing an initial MREC in January 2025, Cobra sought to address supply chain feedback on product composition, aiming to achieve potential customers' requirements. This included:
- Demonstrating product quality from a larger mineralisation footprint
- Reducing the quantity of cerium
- Improving product purity
Further to addressing product marketability, the Company also sought to improve on:
- Demonstrating increased ISR productivity by demonstrating higher permeabilities/ reduced ISR timeframes
- Reducing sulphuric acid consumption
Key outcomes of the study include:
- Production of 13.5g of MREC from 42kg of composite sample sourced from three sonic core drillholes located across the Boland mineralisation footprint
- Significant increase in MREC value, placing the TREO value as one of the highest globally owing to:
o An increase in Magnet Rare Earth ("MREO") quantity from 21% to 38.9% of the TREO
o An increase in HREO quantity from 23% to 42.94% of the TREO
o A reduction in low value Cerium (CeO2) from 42.4% to 0.65% of the TREO
o A reduction in total impurities from 3.15% to less than 0.9%
Productivity improvement: Significant improvement in bench scale ISR recovery timeframes from 68% HREO recoveries across 150 days within the initial trial to 66% HREO recoveries in just 17 days in the optimisation study. This was attributed an improved understanding of Boland's mineralisation and the removal of underlying saprolite material during sample preparation
Reduction in acid consumption: A reduction in molarity from 0.5M H2SO4 to 0.3M H2SO4 has contributed to a material decrease in acid consumption from 15kg/t to 3.88kg/t
Market context
When benchmarked against peer MREC product specifications, Cobra's optimised flowsheet delivers an MREC with higher portions of both magnet and heavy REEs, achieving a higher basket value. Owing to the low cost of ISR, the Company sought to incorporate a flowsheet step to address cerium, a low value light REE. This will result in a slight increase in cost for the first stage of impurity removal but the Company expects this to be offset by the increase in marketability and potential payability.
Figure 3: Rare Earth Oxide portions in MREC, Cobra's optimised and unoptimised products benchmarked against other industry peers.1
1 Please refer to the references for publicly sourced MREC data
OHREO = Sm2O3 + Eu2O3 + Gd2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3
Table 1: Rare Earth Oxide distribution in Boland optimised MREC compared against the un-optimised MREC
| Product | 2026 Optimised | 2025 Unoptimised | ||
|---|---|---|---|---|
| REO | Wt% | % of TREO | Wt% | % of TREO |
| La2O3 | 13.0 | 22.0 | 9.5 | 15.2 |
| CeO2 | 0.4 | 0.6 | 26.5 | 42.4 |
| Pr6O11 | 4.1 | 6.9 | 2.7 | 4.3 |
| Nd2O3 | 16.2 | 27.5 | 9.3 | 14.9 |
| Sm2O3 | 3.0 | 5.1 | 1.0 | 1.6 |
| Eu2O3 | 0.6 | 1.0 | 0.2 | 0.3 |
| Gd2O3 | 3.0 | 5.0 | 1.3 | 2.1 |
| Tb2O3 | 0.4 | 0.7 | 0.1 | 0.2 |
| Dy2O3 | 2.2 | 3.8 | 0.7 | 1.2 |
| Ho2O3 | 0.4 | 0.7 | 0.2 | 0.3 |
| Er2O3 | 1.0 | 1.8 | 0.4 | 0.6 |
| Tm2O3 | 0.1 | 0.2 | 0.0 | 0.1 |
| Yb2O3 | 0.5 | 0.9 | 0.1 | 0.2 |
| Lu2O3 | 0.1 | 0.1 | 0.0 | 0.0 |
| Y2O3 | 13.9 | 23.7 | 10.5 | 16.8 |
| TREO | 58.8 | 100.0 | 62.4 | 100.0 |
| MREO | 22.9 | 38.9 | 12.8 | 20.6 |
| LREO | 33.6 | 57.1 | 48.9 | 76.7 |
| HREO | 25.3 | 42.9 | 14.5 | 23.3 |
- Impurity levels are within targeted product specification with ~<0.9% elemental impurities. The distribution of which is shown below:
Table 2: Boland MREC composition impurities expressed as elemental weight %
| Impurity | Wt% |
|---|---|
| Al | 0.19 |
| Ca | 0.17 |
| Fe | 0.02 |
| K | <0.10 |
| Mg | 0.02 |
| Mn | <0.01 |
| Na | 0.06 |
| Ni | <0.01 |
| P | <0.01 |
| S | 0.17 |
| Si | 0.08 |
| Zn | 0.03 |
| U | <0.001 |
| Th | <0.001 |
| Total | <0.9 |
Optimised flowsheet
The optimised ISR flowsheet has been developed based on numerous analyses including:
ISR lixiviant testing: Evaluating the impact of pH, acid and molarity on REE recoveries, impurity levels and acid consumption. The used conditions were AMSUL (Ammonium Sulphate) 0.3M pH3
Cerium removal: Reagent testing at various pH set points to determine the optimum pH for Cerium removal. The selected pH was 4.5
Impurity removal: pH adjustment and settling time were tested to evaluate the optimum point to maximise impurity removal and minimise REE loss
Uranium management: Liquor was run through an IX resin to determine the ability to minimise radioactive nuclides within the final product
Figure 4: Process flowsheet used to produce Boland's optimised MREC
Significance of results
Both purity and TREO content are important factors in producing a quality saleable product. The REE proportions of the optimised MREC rank highly when compared to the MREC specifications of peer projects with similar flowsheets and ionic metallurgy.
- Based on quoted Shanghai metal market quoted prices (February 2026), the basket value of Cobra's MREC is USD$65 per kg
- Offtake agreements are generally based on product specifications and a rate of payability. An industry accepted standard is 70% of the determined basket value
- Impurities can have an impact on payability
Figure 5: Basket value peer evaluation calculated on the value of 1kg of TREO. REO pricing based on Shanghai metal market pricing (Feb 2026)1
1 Refer to references for REO pricing and sourced company MREC specifications
This represents considerable progress in advancing offtake negotiations. Upon the completion of radionuclide analysis, MREC samples will be provided to potential offtake partners.
Next steps to advance the Boland REE project
Cobra is now focused on advancing the following work streams to advance the Boland project towards production:
- Resource drilling at the Boland and Head prospects (March - April)
- MREC radionuclide testing (March - April)
- Lanthanum precipitation studies (April - September)
- Resource estimation (May - June)
- Scoping Study (April - August)
- Field ISR trial permitting (March - August)
References:
- Total Rare Earth content compared to publicly available MREC specifications produced from ionic rare earth projects, data sourced from:
- Viridis Mining & Minerals, Cupim South and Centro Sul. ASX Announcement - 24 September 2024: "Colossus Maiden Mixed Rare Earth Carbonate ('MREC') Product"
- Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024: "First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project"
- Brazilian Critical Minerals, Ema. ASX Announcement - 11 November 2024: "High-value Mixed Rare Earth Product Successfully Produced from Ema Project"
- Red Metal, Sybella. ASX Announcement - 8 July 2024: "Maiden Trial Product from Sybella Rare Earth Ore"
- Victory Metals, North Stanmore. ASX Announcement - 6 November 2023: "High Value Mixed Rare Earth Carbonate Produced"
- Hastings Technology Metals, Yangibana. ASX Announcement - 28 November 2017: "Definitive Feasibility Study Executive Summary"
- Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024: "First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project"
- Heavy Rare Earths, Cowalinya. ASX Announcement - 13 May 2024: "Successful Production of 51.8% TREO Mixed Rare Earth Carbonate from Cowalinya"
- Brazilian Critical Minerals, Ema. ASX Announcement - 23 October 2025: "Ema REE Project Produced First High Grade MREC from Field Trial"
- Brazilian Rare Earths, Monte Alo. ASX Announcement - 12 June 2025: "Monte Alto Metallurgical Results Deliver High-Purity MREC"
- Mkango Resources, Malawi. AIM/TSX-V Announcement - 5 July 2022: "Mkango Announces Results Of Definitive Feasibility Study For The Songwe Hill Rare Earths Project In Malawi - NPV Of US$559.0 Million And IRR Of 31.5%"
- Critica, Yalgoo. ASX Announcement - 16 February 2026: "Critica Produces First MREC from Jupiter at ANSTO"
Boland Project
Cobra's unique and highly scalable Boland discovery is a strategically advantageous ionic rare earth discovery where high grades of valuable HREOs and MREOs occur concentrated in a permeable horizon confined by impermeable clays. Bench scale ISR testing has confirmed that mineralisation is amenable to ISR mining. ISR has been used successfully for decades within geologically similar systems to recover uranium within South Australia. Results of this metallurgical test work support that, with minor optimisation, ISR techniques should enable non-invasive and low-cost production of critical REEs from Cobra's Boland discovery.
Further information relating to Boland and these metallurgical results are presented in the appendices.
- 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: "2nd Bench Scale ISR Study & £1.7M Placing", dated 26 November 2024
- Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4 November 2024
of heavy rare earths", dated 28 August 2024
Regional map showing Cobra's tenements in South Australia
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Appendix 1: Background information - the Boland Project and ISR
- ISR is executed through engineered drillhole arrays that allow the injection of mildly acidic ammonium sulphate lixiviants, using the confining nature of the geology to direct and lower the acidity of the orebody. This low-cost process enables mines to operate profitably at lower grades and lower rates of recovery
Figure A1: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs
Appendix 2: Industry MREC Data Expressed as Wt%
| REO | COBR.L | VMM.AX | MEI.AX | BCM.AX | RDM.AX | VTM.AX | HAS.AX | HRE.AX | BCM.AX | BRE.AX | MKA.L | CRI.AX |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| La2O3 | 13.0 | 26.7 | 33.0 | 18.9 | 21.6 | 0.1 | 6.6 | 10.7 | 15.3 | 16.5 | 21.5 | 13.2 |
| CeO2 | 0.4 | 1.5 | 0.8 | 6.2 | 0.7 | 0.1 | 24.6 | 13.0 | 11.6 | 27.9 | 10.1 | 27.0 |
| Pr6O11 | 4.1 | 5.0 | 4.9 | 4.7 | 4.2 | 0.0 | 4.7 | 3.0 | 3.4 | 2.1 | 4.2 | 3.1 |
| Nd2O3 | 16.2 | 17.5 | 12.6 | 16.6 | 14.3 | 0.1 | 19.9 | 11.8 | 13.3 | 5.9 | 13.8 | 10.6 |
| Sm2O3 | 3.0 | 1.9 | 1.4 | 2.1 | 1.8 | 0.1 | 2.0 | 2.2 | 2.0 | 0.6 | 1.8 | 1.2 |
| Eu2O3 | 0.6 | 0.5 | 0.3 | 0.3 | 0.1 | 0.0 | 0.3 | 0.4 | 0.2 | 0.0 | 0.5 | 0.3 |
| Gd2O3 | 3.0 | 1.3 | 0.9 | 1.0 | 1.1 | 0.2 | 0.9 | 1.8 | 1.1 | 0.4 | 1.0 | 0.7 |
| Tb2O3 | 0.4 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| Dy2O3 | 2.2 | 0.7 | 0.5 | 0.4 | 0.6 | 0.7 | 0.2 | 1.2 | 0.5 | 0.3 | 0.4 | 0.3 |
| Ho2O3 | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.0 | 0.2 | 0.1 | 0.1 | 1.3 | 0.0 |
| Er2O3 | 1.0 | 0.3 | 0.2 | 0.2 | 0.1 | 0.8 | 0.0 | 0.5 | 0.2 | 0.2 | 0.1 | 0.1 |
| Tm2O3 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 0.1 | 0.0 |
| Yb2O3 | 0.5 | 0.2 | 0.1 | 0.1 | 0.1 | 0.7 | 0.0 | 0.3 | 0.2 | 0.1 | 0.0 | 0.0 |
| Lu2O3 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
| Y2O3 | 13.9 | 4.2 | 2.6 | 1.8 | 3.8 | 9.0 | 0.4 | 6.4 | 1.9 | 1.6 | 0.0 | 1.3 |
| TREO | 58.8 | 60.0 | 57.3 | 52.5 | 48.7 | 12.5 | 59.7 | 51.8 | 50.0 | 55.8 | 55.0 | 57.8 |
| MREO | 22.9 | 23.4 | 18.1 | 21.8 | 19.2 | 0.9 | 24.8 | 16.2 | 17.3 | 8.4 | 18.6 | 14.1 |
| LREO | 36.6 | 52.6 | 52.7 | 48.5 | 42.6 | 0.5 | 57.7 | 40.7 | 45.6 | 53.0 | 51.5 | 55.4 |
| HREO | 25.3 | 9.3 | 6.0 | 6.0 | 7.9 | 12.1 | 4.0 | 13.3 | 6.4 | 3.4 | 5.4 | 2.4 |
| Appendix 3: Industry MREC Basket Value Calculation | ||||||||||||
| REO | REO($USD) 2 | COBR.L | BCM.AX | RDM.AX | VMM.AX | HAS.AX | VTM.AX | HRE.AX | MEI.AX | CRI.AX | BRE.AX | |
| La2O3 | $0.61 | $0.13 | $0.22 | $0.27 | $0.22 | $0.27 | $0.00 | $0.13 | $0.35 | $0.14 | $0.18 | |
| CeO2 | $1.59 | $0.01 | $0.19 | $0.02 | $0.19 | $0.02 | $0.02 | $0.40 | $0.02 | $0.74 | $0.79 | |
| Pr6O11 | $122.00 | $8.46 | $10.97 | $10.54 | $10.97 | $10.54 | $0.39 | $6.99 | $10.48 | $6.58 | $4.59 | |
| Nd2O3 | $122.00 | $33.49 | $38.58 | $35.68 | $38.58 | $35.68 | $1.08 | $27.84 | $26.81 | $22.43 | $12.90 | |
| Sm2O3 | $2.33 | $0.12 | $0.09 | $0.08 | $0.09 | $0.08 | $0.01 | $0.10 | $0.06 | $0.05 | $0.03 | |
| Eu2O3 | $60.03 | $0.59 | $0.29 | $0.17 | $0.29 | $0.17 | $0.19 | $0.46 | $0.36 | $0.26 | $0.00 | |
| Gd2O3 | $22.47 | $1.13 | $0.42 | $0.49 | $0.42 | $0.49 | $0.40 | $0.79 | $0.34 | $0.26 | $0.16 | |
| Tb2O3 | $910.00 | $6.34 | $1.55 | $2.99 | $1.55 | $2.99 | $6.57 | $4.11 | $1.82 | $1.10 | $1.63 | |
| Dy2O3 | $205.02 | $7.77 | $1.44 | $2.52 | $1.44 | $2.52 | $11.02 | $4.59 | $1.64 | $0.92 | $1.10 | |
| Ho2O3 | $73.03 | $0.51 | $0.09 | $0.18 | $0.09 | $0.18 | $1.41 | $0.30 | $0.07 | $0.05 | $0.13 | |
| Er2O3 | $226.63 | $4.01 | $0.73 | $0.65 | $0.73 | $0.65 | $15.27 | $2.18 | $0.68 | $0.31 | $0.81 | |
| Tm2O3 | $160.09 | $0.30 | $0.06 | $0.10 | $0.06 | $0.10 | $1.16 | $0.18 | $0.02 | $0.03 | $0.00 | |
| Yb2O3 | $13.43 | $0.12 | $0.03 | $0.04 | $0.03 | $0.04 | $0.73 | $0.07 | $0.01 | $0.01 | $0.02 | |
| Lu2O3 | $610.34 | $0.73 | $0.18 | $0.25 | $0.18 | $0.25 | $6.86 | $0.46 | $0.06 | $0.03 | $0.00 | |
| Y2O3 | $6.37 | $1.51 | $0.22 | $0.49 | $0.22 | $0.49 | $4.60 | $0.78 | $0.29 | $0.14 | $0.18 | |
| Basket Price (USD$) | $65.22 | $55.07 | $54.48 | $55.07 | $54.48 | $49.71 | $49.37 | $43.00 | $33.05 | $22.53 | ||
2 As quoted on the Shanghai Metals Market (February 2026)
Appendix 4: JORC Code, 2012 Edition - Table 3
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | · Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · 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. | Pre 2023 · Historic Rotary Mud drilling targeting paleochannel hosted uranium was completed. Some residue samples were retained in the Tonsley Core Library, downhole geophysical logging was the primary data collected for these holes. · Select historic sample residues over Boland were analysed as reported in RNS 1834M (26 April 2024) 2023 Aircore · 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. Select samples 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 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, whether core is oriented and if so, by what method, etc). | Pre 2023 · Drill methods include Rotary Mud and AC 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. 2024-2025 · 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. |
| Sub-sampling techniques and sample preparation | · If core, whether cut or sawn and whether quarter, half or all core taken. · 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. | Pre 2023 · Historic Residue samples were generally 2m composites and were stored at the South Australian Drill Core Reference Library at Tonsley, a subsample of approximately 20g was removed for lab submission. · Select samples of geological interest were selected for lab submission · No QAQC samples were included in the submission of these samples. Sample results were intended to indicate mineralisation potential but would not be suitable for resource estimation Post 2023 · 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 2024. · For 2025 drilling, quarter core was submitted to the lab for geochemical testing. · In holes where only column leach test samples have been submitted, full core samples have been submitted. In holes where geochemical samples were submitted three quarter core sanmples were submitted for column leach testing.. |
| 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. · For geophysical tools, spectrometers, handheld XRF instruments, etc, 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. | · Samples were submitted to Bureau Veritas, Adelaide for preparation and analysis. Multi-element geochemistry were digested by four acid ICP-MS/ ICP-OES and analysed for Ag, Ce, Cu, Dy, Er, Eu, Gd, Ho, La, Lu, Mg, Na, Nd, P, Pr, Sc, Sm, Tb, Th, Tm, U, Y and Yb. · Field rare earth standards were submitted at a frequency of 1 in 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. 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 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 in horizontal and vertical leaching columsn. The column was pressurised with nitrogen to 2.5 bar and maintained at ambient temperature · 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 EH 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. · A subsample of the pregnant liquor produced from the column leach has been used for flowsheet optimization tests · Cerium removal tests have been performed using selected reagents aimed at precipitating Cerium. · Reported results are presented by percentage increase in dose (stoichiometric to Ce after adjustment to 600 mV) |
| Verification of sampling and assaying | · The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data. | · Sampling data was recorded in field books, checked upon digitising and transferred to database. · Geological logging was undertaken digitally via the MX Deposit logging interface and synchronised to the database at least daily during the drill programme. · Compositing of assays was undertaken and reviewed by Cobra 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 Robert Blythman 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. · Specification of the grid system used. · Quality and adequacy of topographic control. | 2021-2023 · Collar locations were initially surveyed using a mobile phone utilising the Avenza Map app. Collar points recorded with a GPS horizontal 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 sonic core drilling to support future resource estimates |
| Appendix 3: 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 agreements or material issues with third parties such as joint ventures, 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 with any known impediments to obtaining a licence to operate in the area. | · Boland is located on EL5953, currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary of Andromeda Metals Limited. · In 2024, Cobra through its subsidiary Lady Alice Mines purchased the remaining ownership of the Wudinna Project tenements. · An application through partial surrender is currently with the South Australian Government which will see LAM as the 100% owner of areas of the Wudinna Project. · Alcrest Royalties Australia Pty Ltd retains a 1.5% NSR royalty over future mineral production from licenses EL6001, EL5953, EL6131, EL6317 and EL6489. · A Native Title Agreement is in place with the Barngarla people. · Aboriginal heritage surveys have been completed over EL5953, with no sites located in the immediate vicinity of aircore drilling |
| 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 (pH4-3) at ambient temperature. · 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 · Mineralisation is located within a confined aquifer |
| Drillhole Information | · A summary of all information material to the understanding of the 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. | · Exploration results being reported represent a small portion of the Boland target area. Coordinates for Wellfield drill holes are have been reported in previous releases |
| 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. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for 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. | · Reported summary intercets are weighted averages based on length. · No maximum/ minimum grade cuts have been applied. · No metal equivalent values have been calculated. · 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 standards 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. |
| 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, primary phase mineralisation occurs within the Pidinga Formation which is amenable to ISR recovery and the Garford Formation, REO values within both of these formations have been reported. Mineralisation occurring within the saprolite is considered secondary phase mineralisation. · The results reported in this announcement are of a research and development nature, further tests are planned that will enable the company to better evaluate the commercial viability and economic potential of cerium removal to be incorporated into its flowsheet. |
| 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 pH 3 whilst ISR study 2 was performed at a pH of 3. · Results from the most recent 55kg composite column were performed at 0.3M pH3 · Future metallurgical testing will focus on producing PLS under leach conditions to conduct downstream bench-scale studies for impurity removal and product precipitation. · Hydrology, permeability and mineralogy studies are being performed on core samples. · Installed wells are being used to capture hydrology base line data to support a future infield pilot study. · Infield studies support ISR recovery of REEs · Trace line tests shall be performed to emulate bench scale pore volumes. |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.