REG - Cobra Resources PLC - Rare Earth Metallurgy Update – Head Prospect
Overview of the Metallurgy Update
Cobra Resources PLC released a regulatory announcement on 4 February 2026 highlighting encouraging metallurgical test results from its newly acquired Head Prospect, part of its broader rare earths exploration activities in South Australia. The update focuses on the scalability of low-cost, low-impact in-situ recovery (ISR) methods for extracting ionic Rare Earth Elements (REEs) from palaeochannel sediments. These results are seen as supportive of expanding the company’s ISR strategy beyond its original Boland Project area.
Metallurgical Results & Recoveries
Tests on historical drill pulps from the Head Prospect’s Pidinga Formation returned significant recoveries of key rare earths at benign acidity (pH3) using ammonium sulphate (AMSUL) leach solutions. For example, diagnostic recoveries included ~48% Neodymium (Nd), ~47% Praseodymium (Pr), ~52% Dysprosium (Dy), ~54% Terbium (Tb) and ~50% Samarium (Sm) from composite samples. These recovery levels are comparable to earlier metallurgical outcomes seen at Boland, where prior ISR testing achieved high proportions of valuable heavy rare earths.
Significance of the Head Prospect
The Head Prospect covers a large area of approximately 85 km² within the Yaninee Palaeochannel, located roughly 20 km south of the Boland Project. Its geological setting — palaeochannel hosted sediments with favourable permeability and mineralisation — makes it a compelling target for ISR, potentially adding scale to Cobra’s rare earth assets. Importantly, recoveries from the palaeochannel targets were about five times greater than nearby granitic or saprolite host rocks in early tests, underscoring Head’s potential.
Next Steps: Drilling & Development Plans
Cobra is progressing planning and land access negotiations to start step-out resource drilling at the Head Prospect as early as March 2026, aiming to define thick ISR-recoverable intersections across a broad footprint. Management views this as a key catalyst for scaling the project and feeding into an eventual maiden mineral resource estimate. Head’s successful drilling could significantly broaden the resource base beyond Boland and accelerate project valuation.
Strategic Implications for Rare Earth Supply
Cobra’s focus on ionic rare earth deposits amenable to ISR — a method that avoids traditional open-pit or underground mining — positions the company within a niche segment of low-cost, environmentally favourable critical minerals development. Heavy rare earth elements like Dy and Tb are in strong demand for high-performance permanent magnets used in EV motors, renewable technologies and advanced electronics. Positive metallurgy results at Head strengthen investor confidence in Cobra’s ability to scale rare earth extraction beyond its core Boland discovery.
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