Cobra Resources (LSE:COBR) has finalised the assignment of three exploration licences from Tri-Star Group, materially enlarging the landholding and upside potential of its Boland ionic rare earth project in South Australia. The additional ground strengthens the company’s ability to advance high-priority rare earth element (REE) targets that are considered suitable for in situ recovery, allowing drilling activity to be brought forward.
Operational and financial highlights
With regulatory approvals, environmental reviews and community engagement processes being accelerated, Cobra intends to roll out a phased drilling programme across the Boland, Head and Stokes prospects ahead of the cropping season. Results from this work are expected to underpin a resource estimate and economic scoping study targeted for mid-2026. In parallel, metallurgical test work is progressing to define a mixed rare earth carbonate product, which is aimed at supporting early offtake discussions. The company is also advancing plans for an in-field ISR pilot recovery trial, provisionally scheduled for late 2026, as it seeks to establish a competitive position within the emerging low-cost rare earths space.
From a financial standpoint, the investment case continues to be weighed down by the absence of revenue, ongoing losses and persistent cash outflows, although this is partly offset by the group’s debt-free balance sheet. On the technical side, the shares are trading above key moving averages with constructive momentum indicators. Valuation remains difficult to assess given negative earnings and the lack of dividend yield metrics.
More about Cobra Resources
Cobra Resources Plc is a South Australia–focused critical minerals developer advancing a portfolio of pre-production assets. Its flagship project is the Boland ionic rare earth discovery within the wider Wudinna Project on the Gawler Craton, currently regarded as Australia’s only rare earth project suited to in situ recovery mining — a low-impact, low-cost extraction method targeting bottom-quartile recovery costs. Beyond rare earths, the company is developing the Manna Hill Copper Project, aimed at large-scale copper discoveries, and has previously monetised its Wudinna gold assets through a sale to Barton Gold for up to A$15 million in cash and shares, reflecting a strategic pivot toward critical minerals.
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