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Chilean Cobalt Advances Integrated Development Strategy at NeoRe Rare Earth Project with Expanded Drilling, Defined Modular Extraction Plant and Accelerated Path to First Production
BERWYN, PA / ACCESS Newswire / May 8, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to provide an update on
About this update from Chilean Cobalt Corp.
[{"type":"text","content":" BERWYN, PA / ACCESS Newswire / May 8, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) (\"Chilean Cobalt\" or the \"Company\") is pleased to provide an update on continued progress at the NeoRe Rare Earth Project (\"NeoRe\" or the \"Project\") in southern Chile, where exploration, engineering, and permitting activities are now developing into a clearly-defined development pathway for the Project's first Modular Extraction Plant (\"MEP-1\"). Chilean Cobalt, through project operator NeoRe Spa (\"NeoRe\"), is executing an integrated development program designed to transition NeoRe from district-scale exploration into structured, modular development, with a focus on resource definition, process engineering, and regulatory readiness. Drilling continues at Target 7 and the recently accessed Las Corrientes property, which is now a key area for planned MEP-1 development. Recent work at Las Corrientes has been underway for the past three weeks to help define the initial resource base for first modular development. At Target 7, drilling has confirmed continued rare earth mineralization within the developing MEP-1 horizon, with intercepts returning up to 322 ppm TREO. Approximately 622 meters have been drilled across 90 holes year-to-date. Conceptual engineering for MEP-1 has now been completed, resulting in a defined modular plant configuration designed for phased development and scalability across the district. Engineering has advanced into detailed technical studies, including topography, hydrology, hydrogeology, and geotechnical work, while supplier engagement has begun for key processing equipment. Preliminary OPEX estimates have also been completed at a conceptual level, supporting ongoing flowsheet and economic evaluation. In parallel, NeoRe has initiated the patenting process for its proprietary rare earth processing technology focused on ionic clay beneficiation. Permitting activities are also advancing, with a pre-feasibility environmental study and pertinence consultation awarded, and a framework agreement approved to support the exploitation permit submission to Sernageomin. These steps are intended to streamline the regulatory pathway for MEP-1 in line with Chilean requirements and international ESG best practices and standards. NeoRe's broader land position across the Bio Bio and Ñuble regions has been refined into a focused develop...