Cobra Resources Plc · LSE:COBR
Cobra Resources — Investor Presentation (February 2025)
34 slides from Cobra Resources's investor presentation, February 2025
Slide 1: Boland Rare Earth Discovery, South Australia
BOLAND RARE EARTH DISCOVERY, SOUTH AUSTRALIA A bottom quartile cost opportunity Feb 25 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: Heavy rare earth metal demand is forecast to grow 2-5 times over the next 10 years
Heavy rare earth metal demand is forecast to grow 2-5 times over the next 10 years Global Demand NdPr (kt)1 Global Demand DyTb (kt)1 Forecast Forecast US$13,000M 171kt US$4,400M 5.2kt US$6,500M US$4,000M 93kt US$1,700M 63kt 2kt US$750M 1kt 2023 2033 2033 2023 2033 2033 LOW HIGH LOW HIGH Electric Veh
Slide 4: US DOE classifies magnet rare earth metals as critical to energy markets
The US department of Energy classifies magnet rare earth metals as critical to energy markets owing to high supply risk. This places their importance at the top of the criticality list Source: US Department of Energy (DOE) – “2023 DOE Critical Materials Assessment” 4
Slide 5: Rare earth ISR mines in China remain viable even at current suppressed REE pricing
Rare earth ISR mines in China remain viable even at current suppressed REE pricing Cobra stands to be the FIRST rare earth ISR project outside of China Mountain Pass mine Mt Weld mine Source: Argus Metals Global Rare Earths Market Outlook (Feb-2025) 5
Slide 6: Cobra's geology enables the same ISR cost benefits without the environmental risk
Cobra’s geology enables the same ISR cost benefits without the environmental risk SOUTHERN CHINA ISR PROCESS BOLAND ISR PROCESS Injection well Injection well Extraction Well lixiviant loss No mine zone (permeable structure) Alluvial cover Incised liquid Clay aquitard collection Collection channel Co
Slide 7: Rare earth elements are not rare, but profitable mineralogy is
Rare earth elements are not rare, but mineralogy that enables profitable extraction is as rare as hens' teeth! As a result, only a handful of rare earth mines are in operation outside of China Boland’s difference • Ionic metallurgy with low impurities • No clay handling and minimal ground disturbanc
Slide 8: Accessible, low rainfall freehold land in South Australia supportive of ISR
Accessible, low rainfall freehold land in South Australia - the only Australian jurisdiction familiar with and supportive of in situ recovery Based on a long experience of ISR uranium operations Operating ISR mines 8
Slide 9: Cobra is growing a dominant land position of 5,200 km2
Cobra is growing a significant and dominant land position of 5,200 km2 covering a highly prospective network of shallow palaeochannel geology – prospectivity is confirmed by extensive historical drilling that supports massive scale potential Boland discovery represents 7% of a total 2,000km2 of high
Slide 10: Initial drilling of a pilot ISR wellfield within the Boland footprint
Initial drilling of a pilot ISR wellfield within the 139km3 Boland footprint indicates a weighted average grade for Zone 3 of 2,100 ppm (0.21%) Total Rare Earth Oxides (TREO) Drilling of initial pilot wellfield using optimised sampling of 0.5m and less indicates grades of 2,100 ppm in zone 3 and 1,0
Slide 11: Resource focused step-out drilling at Boland demonstrating rare earth enrichment
Resource focused step-out drilling at Boland is demonstrating rare earth enrichment across a highly scalable footprint • 54 Aircore holes have recently been drilled at Boland which is ~20% of a funded programme • Sonic drilling will commence in March, aiming to demonstrate grade upside 11
Slide 12: Narlaby Palaeochannel Section - Boland
High grade, permeable Zone 3 mineralisation can be mapped across the palaeochannel where thicker zones occur on the margin of incised deeper channels Narlaby Palaeochannel Section - Boland Channel N Wellfield 150mRL Boland 100mRL 50mRL 0m 500m 1,000m Vertical Exaggeration x10 Topsoil & Aeolian sands
Slide 13: Ionic REEs bound within permeable sands, enabling ISR
Ionic REE mineralisation is usually associated with impermeable clays. At Boland, REEs are ionically bound within permeable sands, enabling ISR and eliminating clay handling and treatment QEMSCAN Mineral Particle Size distribution of Classification mineralisation IONIC REEs Kaolin 100 Coarse Sand Sm
Slide 14: ANSTO bench scale ISR tests demonstrate recoveries of 68% MREO
ANSTO bench scale ISR tests successfully demonstrate recoveries of 68% MREO from a high-grade (4,450 ppm) Boland core sample Bench scale testing (2.5kg sample) demonstrates Boland mineralisation is amenable to ISR, achieving up to 68% MREO recoveries at pH3 with low acid usage and very low impuritie
Slide 15: Pregnant liquor used to evaluate impurity removal and precipitation
Pregnant liquor recovered from the bench scale study was used to evaluate impurity removal and metal precipitation, producing a quality product • Exceptionally high grade: 62.4% of the MREC product is comprised of Total Rare Earth Oxides (“TREO”) • High critical Heavy Rare Earth (“HREO”) content: in
Slide 16: Boland's heavy rare earth weighting greater than other ionic projects
Boland’s heavy rare earth weighting is greater than other ionic rare earth projects with further upside Industry MREC comparison 70 60 TREO % of MREC 50 40 30 20 10 0 COBR.L VMM.AX MEI.AX BCM.AX RDM.AX VTM.AX HREO LREO 1. Refer to Appendix 5 for data sources 16
Slide 17: Optimisation tests and second bench scale study show recovery and permeability upside
Optimisation tests and a second bench scale study demonstrate recovery and permeability upside Optimisation testing (80-450g samples) indicates recoveries up to 86% DyTb at pH2 (24 hours) with very low impurities and negligible increases in acid consumption, supporting process optimisation Second be
Slide 18: Boland has potential to be a strategic source of heavy rare earths
Boland has the potential to be a strategic source of heavy rare earths: In our initial bench scale study DyTb recoveries were 44%. Optimisation tests have delivered average DyTb recoveries of 86%. This represents a 158% increase in potential product value Value per Kg MREC 20 At current recoveries,
Slide 19: The use of ISR offers potential for bottom quartile production
The use of ISR offers the potential for Boland to become a bottom quartile producer Target all-in cost with ISR US$/Kg MREC $10.0 Cobra’s metallurgical test work to date supports bottom Royalties quartile mixed rare earth Rehabilitation carbonate (MREC) production Sustaining CAPEX US$/kg costs. Ongo
Slide 20: ISR is the lowest capital intensity form of mining
ISR is the lowest capital intensity form of mining1 Cobra is targeting upfront CAPEX at approximately 10-15%2 of conventional ionic clay projects3 $2,000 Hard Rock $1,600 Ionic Clay (VAT leach) $1,500 Ionic Clay (heap leach) Millions $1,000 $948 $822 $600 $500 $173 $0 Arafura Hastings Aclara Meteori
Slide 21: Boland has potential to be a globally cost competitive supply of heavy rare earths
With ISR, Boland has the potential to be a globally cost competitive supply of heavy rare earths The lowest quartile of global uranium producers are all ISR operations 2023 Global Uranium Industry Production Cost Curve ISR 21
Slide 22: ISR reduces environmental risk and rehabilitation cost
ISR reduces environmental risk and rehabilitation cost The cost of rehabilitation of an operating ISR mine in South Australia is 28 times less than Rio Tinto’s Ranger uranium mine Rehabilitation cost per lb U3O8 $8.0 $7.0 $6.0 $5.0 A$ per lb $4.0 $3.0 $2.0 $1.0 $- Ranger Mine Heathgate Mines (withou
Slide 23: Funded advancement strategy
Funded advancement strategy Cobra is now focused on delineating a Mineral Resource and commencing infield ISR testing, moving towards a Scoping Study 1. Boland resource drilling 2. Regional target drilling 3. Optimised & Scaled Metallurgy 4. Infield ISR studies 23
Slide 24: Cobra Investment highlights
Cobra Investment highlights COST CONSIDERATE SAFE MINING EFFICIENCY MINING Lower risk to Lower capital Land use workers and and operating integration, low community costs impact SCALE WASTE FREE LOCATION Derisked No tailings, no South Australia – metallurgy, waste dumps, low experienced in massive s
Slide 25: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067 Australia
Slide 26: Appendices
Appendices
Slide 27: Appendix – Corporate overview
Appendix 1 – Corporate overview COBR 1.2p 799,871,460 £9M £1.7M LSE Ticker Share Price Ordinary Market Raised in Nov- Feb 2024 Shares Capitalisation 24 Cobra Share Price History 25 2.5 MAJOR SHAREHOLDERS 20 2 BRUCE PARNCUTT 10.2% Volume (millions) 15 1.5 CRAIG AND SUZANNE BALL 9.88% GBp 10 1 DAVID C
Slide 28: Appendix – Peer CAPEX requirements
Appendix 2 - Peer CAPEX requirements Capital Level of Final Company Deposit Type Reference AUD$M Assessment Product Hard Rock oxides Arafura Rare Earths Ltd (ASX:ARU) Nolans Project Update 11.11.22 Arafura 1,590 DFS Aclara (TSX:ARA) Aclara delivers a positive PEA for its Carina project in Goias, Acl
Slide 29: Appendix – ISR simplifies the mining process
Appendix 3 - ISR simplifies the mining process 1&2 ISR 3 Impurity 4 5 Removal Precipitation MREC Lixiviant Recycling ISR – reduces flow sheet process to 5 steps, Tank Leaching (VAT) involves 10 process steps significantly reducing CAPEX and OPEX costs 29
Slide 30: Appendix – Re-assay results support scale
Appendix 4 – Re-assay results support scale Low-cost exploration demonstrating scale and de-risked future resource drilling • Based on >2 – 6m sample composites • Results to not adequately reflect grade potential • Results used as a basis to infer grades shown on slide 10 30
Slide 31: Appendix – Source of industry MREC data comparison
Appendix 5 – Source of industry MREC data comparison Input ASX announcements Total Rare Earth content compared to publicly available MREC specifications produced from ionic rare earth projects, data sourced from: Viridis Mining & Minerals, Cupim South and Centro Sul. ASX Announcement - 12th December
Slide 32: Appendix – Roll-front uranium occurrences in Cobra's land tenure
Appendix 6 – Cobra’s land tenure contains several highly prospective roll-front uranium occurrences. Advancing roll-front uranium prospects could complement a future REE ISR operation IR1435 IR1436 IR1437 Oxidised Reduced channel channel sand sand Underlying saprolite 32
Slide 33: Appendix – Our exploration approach to address investment risk
Appendix 7 - Our exploration approach to address investment risk Industry Standard Discovery Boland Discovery Resource Metallurgy, Processing & Definition Hydrology Reducing Investment Risk Metallurgy & Resource Processing Definition Mine Design & Mine Design & Scoping $$ Scoping Permitting & Permit
Slide 34: Appendix – Wudinna Project, JORC (2012) Mineral Resource Estimate
Appendix 8 – Wudinna Project, JORC (2012) Mineral Resource Estimate 2023 RESOURCE ESTIMATE – 5.81Mt at 1.5 g/t Au for 279,000 Ounces Gold Mineral Resource Estimate Rare Earth Mineral Resource Estimate Category Deposit Tonnes Au Ounces Tonnes TREO MREO LREO HREO Pr6O11 Nd2O3 Dy2O3 Tb4O7 mt g/t oz mt
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