Cobra Resources 11th September

Transcript

It’s Monday, 11th September 2023,and you’re watching Aim On-Air, Where

specializing in connecting companies
with it’s shareholders is what we do best.

Hello and welcome back to Aim On-Air. My name’s Liam and today I am joined by Rupert Verco from Cobra Resources PLC.
Welcome back, Rupert.

Hi Liam, Thanks for having me again.

Not a problem at all.
This morning, Cobra released an RNS to the market detailing the results of the test work carried out
by the Australian Nuclear Science and Technology Organization, who have confirmed that the Bolan Prospect is host to Ionic Rare Earth Minerals.

Yes, that’s correct, Liam. It’s a really exciting day for the company. Look, over the last 18 months we’ve gone down a really technical journey
in understanding rare earths and this is certainly the fruits of it. What’s important about those results is they demonstrate that our rare earths
within this unique geological system, ionic in nature, which means that we’re effectively leaching them with a lixiviant that has the same acidity as orange juice, so very benign and very cost effective from a from a processing perspective.

The RNS talks about preferred mineralogy and ratios of recovery.What does this mean?

Sure. Well, look, we have announced last week, in fact, an increased to a rare earth resource that overlays gold and there are current metallurgy sits around 35% recovery of magnet rare earths, a PH of one of a Lixiviant leach The cost to achieve that additional acidity is much higher and consumes more acid.

So ionic mineralization is using orders of magnitude less acid, and we’re getting higher recoveries of the higher value rare earths
and compared to the lower, lower rare earths So there’s 15 Lanthanide, percent of the heavy rare earths and 58% of the magnet rare earth, and that’s in really short leach periods. So that’s absolutely fantastic and demonstrates really a really positive outlook for economic potential at the Boland prospect.

So the extraction of the rare earths mineralization, is that something that can be scaled up?

Yeah, absolutely. So at the moment we’ve basically Liam, tested Boland for a proof of concept and have drilled an area
where we’ve found mineralization over around 5 to 6 square kilometers. But we have 65 square kilometers of this paleo channel on our tenement,
and then we have to find over a 430 square kilometers on the Corrobinnie paleo channel that also sits on the Wuddina tenements. So we seeing this being a real significant district scale or province scale potential and is something that we’re really excited to advance on.

And that leads nicely into my next question because I’ve also seen that you’ve made further applications to the West of Wudinna.

Well, these two tenements cover a further 1500 square kilometers of the Paleo channel. So we’ve been fortunate to have been able to get into the South Australian core Library and test some further samples, and we really are very encouraged by what we see and we think that we can add this to make it a multi-generational source of environmentally sustainable source of rare earths. So that’s what we’re trying to build in terms of picture and scale, and that will form part of the story in the longer term.

That’s amazing. So what’s next for Cobra Resources PLC with the Boland Prospect?

Well, I think it’s important Liam to really highlight that not only is the metallurgy an enabler, but also the geology. So these rare ionic rare earths are occurring in a paleo channel system and paleo channel geology is amendable to in-situ leach mining, so the rare earths are occurring on clay boundaries with permeable sand. So one of the important next steps for us is to demonstrate that ISR in situ leach recovery process and we’ll be drilling some core holes to better understand the mineralization and to get the baseline data.

we will install some wells to get the monitoring required to be able to put in principle through a pilot scale test ISR methodology. And then we need to also in parallel with that advance on this and define a significant resource. So we’ll have those two workstreams going ahead in the coming months to be able to capitalize on this from these great results.

That’s wonderful. I look forward to finding out more about those in the in the not too near future.

Rupert Vercoe, CEO of Cobra Resources, PLC thank you for joining me today on this interview.

Thank you Liam, and thanks for your time.

No worries.
Sadly, that’s the end of the webcast. Ladies and Gents till next time.
My name is Liam and you’ve been watching Aim On-Air.
Where specializing in connecting companies to shareholders is what we do best.

Thank you.