Slide 1: Ionic Rare Earth Discovery
IONIC RARE EARTH DISCOVERY Australia’s only rare earth project with insitu recovery potential SEPTEMBER 2023
Slide 2: Disclaimer
DISCLAIMER THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN To the extent available, the industry, market and competitive position data contained in this the environment in which the Company will operate in the future. Forward-looking statements WHOLE OR IN PAR
Slide 3: Economic Reality of Clay-Hosted REEs
ECONOMIC REALITY OF CLAY-HOSTED REEs METALLURGICAL CHALLENGE FOR CLAY-HOSTED REEs Calculated reagent cost at given acidities (H2SO4) 500 The nature of true ionic REE mineralisation enables recovery via Cost of Reagent / Maximum REO value ($USD)1 Boland ion exchange rather than acid leach Recoveries
Slide 4: Our Rare Earth Strategy
OUR RARE EARTH STRATEGY MARKET OPPORTUNITY = =
Slide 5: Growing a Complementary Resource
GROWING A COMPLEMENTARY RESOURCE 32% INCREASE IN GOLD OUNCES – WUDINNA RESOURCE OF 110% INCREASE IN REE METAL – 41.6Mt at 699 ppm TREO 279,000 Oz Clay-hosted, occurs in overburden at the Clarke and Baggy Green gold resources (ionic REEs at Boland not yet included) All mineralisation within 200m of s
Slide 6: A Discovery Based on Exploration Understanding
A DISCOVERY BASED ON EXPLORATION UNDERSTANDING ADOPTIVE THINKING DRIVING EXPLORATION FOR IONIC REEs FROM SAPROLITE TO THIS MINERALOGY Primary source enrichment Secondary phases Clay occurrences MOBILITY Primary mineral phase breakdown Transportation mechanisms ADSORPTION Exodermic conditions that pr
Slide 7: An Ideal Sustainable Source of Rare Earths
AN IDEAL SUSTAINABLE SOURCE OF RARE EARTHS Minimal Environmental Disturbance Low Environmental Legacy Low Carbon & Green Energy Consumption Negligible Social Impact & Significant Community Benefit Self Sustaining & Value Add Outcomes Maximum Contribution to Decarbonisation
Slide 8: A Green Source of Critical Minerals
A GREEN SOURCE OF CRITICAL MINERALS “The unique geology at Boland enables insitu recovery mining, a non- invasive, low-cost mining process with exceptional sustainability credentials”
Slide 9: Palaeo-Channel REE Exploration Model
PALAEO-CHANNEL REE EXPLORATION MODEL AN ALTERNATE GEOLOGICAL MODEL FOR IONIC REEs Strongly reduced and sulphidic clays and channel sands, lignite and clay interbeds within a significant palaeo-drainage system Calculated (normalised) pyrite estimates of 3-5% within reduced playa clays Vertically defi
Slide 10: Boland Drilling – The Right Conditions for Ionic REEs
BOLAND DRILLING – THE RIGHT CONDITIONS FOR IONIC REEs ALLUVIAL SANDS REDUCED SANDS REDUCED CLAYS HIGHLY REDUCED CLAYS, FINE SANDS & LIGNITES OXIDISED SANDS KAOLINISED SAPROLITE
Slide 11: Boland Ionic REEs – Low-Cost Extraction
BOLAND IONIC REEs – LOW-COST EXTRACTION ANSTO – METALLURGICAL RESULTS CONFIRM 60 AVERAGE PLAYA CLAY RECOVERIES (5 Samples) 50 EXCEPTIONAL RECOVERIES 50 40 Recovery % 40 Rapid recoveries in 30 minutes at pH 3-4 Acid Consumption kg/t 30 30 20 Further increases in recovery achieved over 6 hrs 20 10 10
Slide 12: Low-Cost Insitu Recovery Mining (ISR) Model
LOW-COST INSITU RECOVERY MINING (ISR) MODEL INJECTION WELL EXTRACTION WELL INJECTION WELL ALTERNATE LOW IMPACT MINING Geology – aquifers are confined, permeable and unused TERTIARY SANDS, GRAVELS & CLAYS Jurisdiction – South Australia, ISR is endorsed CONFINING CLAY and widely used in uranium mining
Slide 13: Conceptual Model for Insitu Recoveries
CONCEPTUAL MODEL FOR INSITU RECOVERIES • MINIMAL CLEARANCE • NO BLASTING • NO LOAD AND HAUL • NO STOCKPILES • NO CRUSHING • NO TAILINGS DAMS • RAPID REHABILITATION ISR INJECTION/EXTRACTION IMPURITY REMOVAL REE CARBONATE WELL FIELD INSTALLATION Using Ammonium Sulfate pH3 MEMBRANE FILTRATION PRECIPITA
Slide 14: Scalable Opportunity in a Tier 1 Jurisdiction
SCALABLE OPPORTUNITY IN A TIER 1 JURISDICTION EXPANDING LAND POSITION Mineralisation defined over 5km2 2023/00040 Over 65km2 of untested Narlaby palaeo-channel EL6844 2023/00039 Over 430km2 of untested Corrobinnie palaeo- channel on the Wudinna Project Applications for a further ~1,500km2 of Narlaby
Slide 15: Plans to Progress Discovery
PLANS TO PROGRESS DISCOVERY ISR CONCEPT ADVANCEMENT Sonic core holes understand nature of mineralisation Samples for metallurgical advancement Installation of monitoring wells for baseline hydrology Cost effective method to progress to pilot testing DEMONSTRATE SCALE Re-analysis of historical sample
Slide 16: Why Cobra?
WHY COBRA? UNIQUE • Underpinned by a dual complementary resource • Confirmed ionic rare earth occurrence - low cost, isitu recovery mining method that can be integrated into current agricultural land practices LEADING METALLURGY • Recoveries up to 58% MREO and 65% HREO (pH3) • Low acid consumption S
Slide 17: cobraplc.com
cobraplc.com 213 Greenhill Road Eastwood SA 5063 Australia
Slide 18: Board of Directors & Key Management
BOARD OF DIRECTORS & KEY MANAGEMENT GREG HANCOCK RUPERT VERCO CHAIRMAN CHIEF EXECUTIVE OFFICER & BOARD DIRECTOR Over 25 years' experience in capital markets and corporate A mining specialist with over 15 years’ experience in Australia and finance. He has extensive experience in Australia and the UK
Slide 19: Wudinna Project - JORC (2012) Mineral Resources
WUDINNA PROJECT - JORC (2012) MINERAL RESOURCES 2023 RESOURCE ESTIMATE 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 ppm ppm ppm ppm ppm ppm ppm ppm Indicated 0.44 1.3 18,000 - -
Slide 20: Competent Persons Statements
COMPETENT PERSONS STATEMENTS The information relating to Exploration Results and Mineral Resources in this presentation is extracted from the Company’s Prospectus dated 26 October 2022 (Prospectus) and Cobra LSE announcements as cross-referenced in the body of this presentation. A copy of the Prospe