Slide 1: A Rare Earth Discovery to Reshape Supply
A RARE EARTH DISCOVERY TO RESHAPE SUPPLY Australia’s only rare earths project with in situ recovery potential May 2024 LSE: COBR
Slide 2: Disclaimer
DISCLAIMER THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR contained in this presentation come from the Company's own internal research and estimates based on the change in the Company's expectations with regard thereto or any change in events, condit
Slide 3: A Single Project with Diversified Commodity Exposure
A SINGLE PROJECT WITH DIVERSIFIED COMMODITY EXPOSURE Focused on delivering a rare earth project with a difference GOLD RARE EARTHS URANIUM Shallow, amenable to An ionic rare earth project Numerous sandstone hosted open cut mining with a difference – amenable occurrences 279K Oz MRE to in situ recove
Slide 4: Corporate Overview
CORPORATE OVERVIEW COBR 1.08p 726,559,550 £7.85M £0.8M LSE Ticker Share Price Ordinary Market Raised in 2024 May 2024 Shares Capitalisation Cobra Share Price History 30 2 MAJOR SHAREHOLDERS 1.8 25 1.6 BRUCE PARNCUTT 10.2% Volume (millions) 1.4 20 1.2 CRAIG AND SUZANNE BALL 9.88% GBp 15 1 0.8 10 0.6
Slide 5: Board of Directors & Key Management
BOARD OF DIRECTORS & KEY MANAGEMENT The Board and Management team lend significant business acumen, market presence, deal making capabilities, and ISR experience Equity Corporate Mine Capital Exploration Discovery ISR Technical Finance Execution Markets Greg Hancock Non-Executive Chair P P P Rupert
Slide 6: Investment Thesis
INVESTMENT THESIS Aspiring to re-define the cost of REE production • Track record of preserving shareholder value • Confirmed low-cost ionic metallurgy • HREE and MREE enrichment and high recoveries • Enabling geology – amenable to low cost ISR • Scale – province potential • Jurisdiction – tier 1 mi
Slide 7: Rare Earths the Vitamins for Electrification
RARE EARTHS THE VITAMINS FOR ELECTRIFICATION In 2022, magnet rare • Rare earths are 17 lanthanide metallic elements that occur in minerals and can be adsorbed to clays. They have conductive, earths contributed to fluorescent and magnetic properties energy efficient • Nd, Pr, Dy & Tb are critical mag
Slide 8: Our Strategy to Demonstrate Difference
OUR STRATEGY TO DEMONSTRATE DIFFERENCE FOCUS OPTIMISE EXECUTE Advance ionic REE Prove In situ recovery, Define a resource of ISR extraction as our de-risk commercialisation significance, develop core business pathway metallurgical process CREATE VALUE IMPLEMENT Optimise cost of mining Pathway for Co
Slide 9: A Geological Process that Shortcuts Mining & Extraction
A GEOLOGICAL PROCESS THAT SHORTCUTS MINING & EXTRACTION Mother Nature has completed the expensive process of hard rock rare earth extraction and mobilised valuable REEs to an accessible storage bank, allowing for a simple and cost-effective withdrawal Narlaby Palaeochannel Ionic REEs & roll-front ur
Slide 10: In Situ Recovery: Why Grade Is Not King
IN SITU RECOVERY WHY GRADE IS NOT KING Annual global production of uranium2,3 • Geology are metallurgy are fundamental to recovery cost. 60 120 Ave Uranium Price US$/Lb ISR and ionic mineralisation provide the opportunity to tU per annum (Kt) 50 100 develop a low-cost and resilient source of rare ea
Slide 11: Growing a Strategic, Scalable Low-Cost Ionic REE Project
GROWING A STRATEGIC, SCALABLE LOW-COST IONIC REE PROJECT Cobra has made a unique ionic REE discovery and has moved to establish a dominant landholding to enable significant scale Favourable location • Multiple ports within 200km • Nearby infrastructure, including South Australian hydrogen energy hub
Slide 12: Strategy to Realise Discovery Value
STRATEGY TO REALISE DISCOVERY VALUE ISR is the key to overcoming capital challenges, increasing future operational profitability and generating an unrivalled environmentally credentialled source of critical rare earths In 2024 Cobra has been unlocking investment value by testing three deliverables:
Slide 13: Derisking Ionic Clay Processing
DERISKING IONIC CLAY PROCESSING High clay content ores result in metallurgical, productivity and environmental challenges Ionic clay projects outside of China propose metallurgical flowsheets that include: PROCESS STEP CHALLENGE • Wet particle size separation • Water use, bottleneck, cost • Wet scre
Slide 14: Advancing In Situ Recovery & Proving Grade
ADVANCING INSITU RECOVERY & PROVING GRADE Rare earth mineralisation concentrated within three zones where geology is favourable for in situ recovery Wellfield installed over defined mineralisation S Intersection weighted averages: CBSC0005 • 180% increase: Zone 1 - 3.1m at 1,007 ppm TREO where Zone
Slide 15: Geophysics Used to Interpret Scale
GEOPHYSICS USED TO INTERPRET SCALE Distinct signatures used to model mineralised geological formations over significant scale CBSC0005 – DH Lithologies & REO Grades • The geological formation hosting Zone 1 mineralisation is modelled across ~128,000,000m2 • The geological formation hosting Zone 2 mi
Slide 16: Re-assay Validating Interpretation of Scale
RE-ASSAY VALIDATING INTERPRETATION OF SCALE Low-cost exploration demonstrating scale and de-risking future drilling 11.5 km of mineralisation at Boland alone • Re-assay confirms mineralisation in palaeochannel sediments along 11.5 km Geological enrichment and mobility across tenements • Enriched Hil
Slide 17: ISR – Demonstrating Boland's Advantage
ISR – DEMONSTRATING BOLAND’S ADVANTAGE Preliminary results are very favourable for low cost in situ recovery Grain Size distribution of CBS001 Ore zone 3 (27.0-27.5m) High permeabilities in Zone 3 100 90 • High portion of sand 67% of mineralised interval greater 80 Pebble than 0.1mm 70 Very Coarse S
Slide 18: Boland Ionic REEs – Enabling Low-Cost Extraction
BOLAND IONIC REEs – ENABLING LOW-COST EXTRACTION Boland heavy rare earth recoveries compare favourably to peers Ansto – Metallurgical results confirm Heavy magnet recoveries benchmarked against meteoric’s caldeira project exceptional recoveries • Rapid recoveries in 30 minutes at pH 3-4 40 MEI.AX MR
Slide 19: What Is the Investment Opportunity?
WHAT IS THE INVESTMENT OPPORTUNITY? Case Study: Meteoric Resources (ASX:MEI) – Caldeira Project, Brazil From A$22M To A$480M Market Value Drilling Maiden MRE Results ANSTO Met ANSTO Met MREC $600 Caldeira 409Mt @ 2,626ppm results results product Millions Caldeira Acquisition produced Acquisition Com
Slide 20: Project Roadmap
PROJECT ROADMAP Near term news flow to define the value of the opportunity Resource Definition Resource Re-assay MRE drilling Column Processing Metallurgy & Processing MREC Leach Optimisation Financial Analysis Scoping Study Field Pilot Study Environmental Studies / Permitting & Approval Trial Re- R
Slide 21: Uranium Upside in Exploration Strategy
URANIUM UPSIDE IN EXPLORATION STRATEGY Land tenure contains previously identified roll-front uranium mineralisation with multiple intersections > 500 ppm U3O8 • Newly granted tenement EL6967 adjacent to IsoEnergy’s Yarranna Project (acquired for C$4M in Oct 2022) by consolidated uranium • Straddles
Slide 22: Investment Highlights – Cobra
INVESTMENT HIGHLIGHTS – COBRA A scalable ionic rare earth discovery with in situ recovery potential Transformative exploration discovery Highly scalable >2,000km2, ionic rare earth discovery with cost and environmental benefits Enabling geology Palaeochannel hosted with high permeability enabling lo
Slide 23: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067 Australia