Cobra Resources

Cobra Resources presents a unique opportunity to gain exposure to a rare combination of heavy rare earth ISR development and district-scale copper-gold exploration within a Tier-1 mining jurisdiction. The Boland Project is emerging as a potential low-cost, scalable, and environmentally superior alternative to traditional ionic clay REE mining. Boland’s confined, hypersaline aquifer system enables highly efficient ISR extraction with minimal surface disturbance, low carbon intensity, and no tailings, an advantage that is particularly compelling as global supply chains shift toward traceable, low-impact sources of dysprosium and terbium.

Early results indicate ISR-recoverable mineralisation across 1–4 metres of thickness, enriched in heavy rare earths at grades comparable to operating ISR mines in Southern China - despite today’s depressed REE prices. With only 4% of the palaeochannel system explored and more than 1,000 pending assays, the company is positioned for rapid resource expansion and meaningful derisking as it advances toward a scoping study.

Simultaneously, the Manna Hill Project offers exposure to a new porphyry frontier in South Australia’s copper heartland. Exceptional historical intersections—such as 48m at 2.2% Cu and broad zones of gold and molybdenum—indicate significant scale potential across multiple targets. With porphyry systems globally in high demand and Australia emerging as a secure supplier of copper and critical minerals, Cobra is strategically positioned to deliver value across both near-term rare earth development and longer-term copper discovery.

Cobra Resources is guided by an experienced leadership team with deep expertise across geology, mining operations, and resource-sector capital markets. Chairman Greg Hancock brings more than 25 years of corporate finance and capital markets experience in both Australia and the UK, with a long-standing focus on mining and natural resources. His background in finance and small-company management provides strong strategic oversight and governance.

Chief Executive Officer Rupert Verco is a mining specialist with over 17 years of experience spanning resource definition, reserve optimisation, mine planning, and operational management. Having worked across commodities including gold, copper, uranium, tin, and iron ore, he has managed operations through all phases of the mining cycle. Rupert holds First Class Honours in Geology and is a Fellow of the Australasian Institute of Mining and Metallurgy.

Director of Business Development and Asset Marketing David Clarke adds more than 55 years of geological experience and a distinguished career that includes senior roles such as Chief Geologist at Santos. He has contributed to major Australian discoveries and developments, including the Tuckabianna gold mine and several significant mineral sand operations. Together, the team provides strong technical and commercial leadership for Cobra’s growth.

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Cobra Resources is executing a dual-track growth strategy centered on derisking Boland as a commercial heavy rare earth ISR operation while advancing Manna Hill toward major porphyry and skarn discoveries. At Boland, the company’s strategy prioritizes early cost efficiency and maximised heavy rare earth recovery before scaling up production. Pending assay results, hydrological pump testing, permeability assessments, and ongoing flowsheet optimization with ANSTO form the core technical workstreams leading into a maiden mineral resource estimate and subsequent scoping study.

Environmental stewardship and low-impact mining are embedded into the development plan. Boland’s geology supports an ISR process with virtually no surface disturbance, no tailings facilities, and minimal water consumption - characteristics that align strongly with modern ESG expectations and regulatory frameworks. As global supply chains move to diversify away from Chinese-controlled REE sources, Cobra aims to meet the early demand window for ethically sourced dysprosium and terbium.

At Manna Hill, the company is pursuing a rigorous exploration roadmap that includes geophysical modelling, mapping, RC and diamond drilling, and systematic testing of porphyry and skarn targets. Key objectives include expanding the Blue Rose skarn mineralisation—already defined over 1.6 km of strike - and drilling priority porphyry systems such as Netley Hill, where a 3 km chargeability anomaly indicates major intrusive potential. By balancing near-term rare earth milestones with high-impact copper-gold exploration, Cobra is building a diversified growth pipeline capable of delivering both early and long-term value.

Cobra Resources enters its next phase of development with a strengthened financial position supported by the strategic divestment of its Wudinna gold assets, valued at up to A$15 million, including cash payments, equity in Barton Gold, and future consideration. The company also raised £1.7 million in November 2024, providing additional funding to accelerate drilling, resource definition, and metallurgical test work across its core projects.

Boland’s competitive advantage lies in its potential for bottom-quartile operating costs, underpinned by ISR mining’s low capital intensity and minimal processing requirements. Unlike clay-hosted REE operations, Boland avoids expensive ore handling, drying, and tailings management, contributing to a streamlined cost structure and a reduced development footprint. As resource definition and economic studies progress, Cobra aims to validate the long-term cash flow potential of a scalable, high-margin heavy rare earth operation capable of expanding with global supply chain demand.

At Manna Hill, exploration spending is strategically targeted at high-probability copper and gold systems, enabling Cobra to leverage its technical insights while maintaining disciplined capital allocation. Combined with upside exposure through its Barton Gold equity position, Cobra maintains a balanced financial profile designed to support continuous progress across its portfolio.

Cobra Resources plc is emerging as a compelling critical minerals developer with a strategically differentiated asset portfolio in one of the world’s most secure mining jurisdictions. The Boland Rare Earth Project offers a rare opportunity to establish the first ISR-based dysprosium and terbium supply outside Asia, leveraging a low-cost, environmentally responsible mining method that aligns with global demand for ethical and resilient supply chains. In parallel, the Manna Hill Project provides district-scale copper and gold discovery potential within a fertile porphyry province comparable to some of Australia’s most prolific mining camps.

With a strengthened financial position, a technically experienced team, and a clear roadmap toward resource definition and economic evaluation, Cobra Resources is well-positioned to unlock significant long-term value. As the company advances through major exploration and development milestones, it stands at the forefront of supplying the metals essential to electrification, renewable energy, and advanced technologies - offering investors both near-term catalysts and transformational potential in the years ahead.

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