Cobra Resources (LSE:COBR) reported progress on drilling, metallurgical and resource-definition programmes at its Wudinna rare earths and Manna Hill copper projects in South Australia during the first half of 2026.
The company also made changes to its board during the period, with founding chair Greg Hancock retiring and Andrew Michelmore appointed as non-executive chairman.
At the Manna Hill Copper Project, reverse circulation drilling at the Blue Rose discovery returned shallow copper-gold sulphide intersections. Cobra subsequently began diamond drilling to investigate potential extensions at depth and the broader porphyry system and formally exercised its option to acquire the project.
The company said diamond drilling completed after the reporting period extended sulphide mineralisation and identified geological characteristics it considers indicative of a potentially fertile porphyry system. Assay results from the drilling remain pending.
At Wudinna, Cobra completed the acquisition of additional exploration licences, increasing its landholding to more than 3,200 square kilometres and expanding the area covered by its ionic rare earths exploration interests.
Sonic core drilling at the Boland and Head prospects generated additional geological data for a planned maiden mineral resource estimate. The company also continued metallurgical and permeability testing as it assesses the potential use of controlled-aquifer in situ recovery, or ISR, at the project.
Cobra has appointed ERM to prepare the maiden mineral resource estimate for Wudinna. Permitting and engineering work is also under way for a small-scale ISR production demonstration that the company is targeting for 2027.
Additional metallurgical programmes are being conducted with ANSTO, while Cobra has made senior appointments across its finance, technical and exploration functions.
More about Cobra Resources Plc
Cobra Resources plc is a South Australian mineral exploration and development company focused primarily on the Wudinna ionic rare earths project and the Manna Hill Copper Project.
At Wudinna, the company is evaluating the potential development of an in situ recovery operation targeting rare earths contained within palaeochannel sediments. At Manna Hill, Cobra is exploring shallow skarn and deeper porphyry-style copper-gold mineralisation in the Nackara Arc.
The company also retains exposure to gold through a shareholding in Barton Gold.
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