11th Aug 2025 12:19
(Alliance News) - Cobra Resources PLC on Monday reported promising study results for its Boland project, which aims to be a low cost source of rare earth elements and therefore uranium.
Cobra shares gained 13%, rising to 3.17 pence on Monday afternoon in London.
In addition to Boland, the London-based mining firm has two other potential sources of rare earths in Australia, alongside gold, uranium and copper prospects.
Boland contracted the Australian Nuclear Scientific Technology Organisation to test Boland deposits for "valuable heavy rare earths" dysprosium and terbium. Uranium can be extracted from rare earths as a by-product. Specifically, the company is interested in a form of extraction called in-situ testing, which uses a liquid medium, or lixiviant, to extract uranium from ore underground.
A bulk composite showed a sample grade of 1,270 parts per million of rare earth oxides, including 267 ppm of neodymium and praseodymium, and 33pp of terbium and dysprosium.
The oxides were recovered at "benign" acidity levels, meaning the liquid solution that was used to extract them had a pH balance between 4.5 and 5.0.
Currently, pH3 is the standard used for the highest recovery rates. However, Cobra said a lower-acidity extraction method can increase the quantity of recoverable ore, shorten the mining process and reduce land rehabilitation costs.
The study yielded "the highest recoveries from the weakest lixiviant acidity achieved by an Australian ionic clay project," according to Cobra.
"Achieving these high desorption recoveries at such benign acidities is truly amazing. pH5 is the equivalent acidity of black coffee and underpins the sustainable and low-cost opportunity that we are advancing," added Managing Director Rupert Verco.
"Cobra is progressing to deliver bottom quartile costs to support current and emerging supply chains - regardless of government supported pricing mechanisms."
As of Monday, the company is still working towards Boland's mineral resource estimate, and awaiting approval to begin permeability tests and resource drilling. Cobra is also negotiating a native title and regulatory transfer. It has an existing land use agreement with groups representing the area's indigenous population, but is looking to expand mining across more native-owned land.
By Holly Munks, Alliance News reporter
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