11th Sep 2026 12:00
(Alliance News) - Cobra Resources PLC on Friday recorded an interim loss, with both its Manna Hill Copper Project and Manna Hill projects still in exploration and development.
The South Australian mineral exploration and development company recorded a pretax loss for the first half ended June 30 of GBP1.9 million, widening from a GBP448,128 loss a year earlier, "reflecting the considerable uptick in operational activity in H1 2026 compared to the corresponding period in 2025", Cobra explained.
Cobra did not generate revenue, unchanged from last year.
Foreign exchange-related profit was GBP193,555, swinging from a loss of GBP197,188.
Cobra said its Wudinna Heavy Rare Earth Project remains in the development and resource-definition stage, with no commercial production or sales reported so far in 2026.
The company completed 74 sonic holes for approximately 3,200 metres across Boland and Head, while Head returned intersections including 5.95 metres at 1,232ppm total rare earth oxide, including 1.45 metres at 4,186ppm Treo.
Cobra is now progressing a maiden Mineral Resource Estimate and engineering for a small-scale in-situ recovery production demonstration targeted for the first half of 2027, which is intended to produce commercial quantities of mixed rare earth oxides.
At the Manna Hill Copper Project, Cobra also reported no production or sales, with the asset still at the exploration and discovery stage.
Its Blue Rose discovery delivered 74 metres at 1.0% copper and 0.25 grammes of gold per tonne, 62 metres at 1.0% copper and 0.08 grammes of gold per tonne, and 86 metres at 0.6% copper and 0.14 grammes of gold per tonne. Four diamond holes totalling 1,465 metres were completed after period end, with assays pending, while Cobra subsequently exercised its option to acquire Manna Hill.
The company said: "Cobra's priorities for the remainder of 2026 are to complete the Wudinna Mineral Resource Estimate and economic assessment through a class 5 scoping study, progress approvals for small-scale production, evaluate Manna Hill diamond assays, and undertake follow-up drilling to extend the Blue Rose discovery and test additional porphyry and skarn targets.
"The board believes that the technical progress achieved during and after the period has materially strengthened both projects and established a clear sequence of resource, economic and field-validation milestones."
Shares in Cobra were down 3.0% at 4.46 pence on Friday noon in London.
By Niall Holden, Alliance News reporter
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