TIDMCOBR
RNS Number : 9066N
Cobra Resources PLC
28 September 2023
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28 September 2023
Cobra Resources plc
("Cobra" or the "Company")
Half Year Results for the Six Months Ended 30 June 2023
Cobra, a gold, rare earth and IOCG exploration company focused
on the Wudinna Project in South Australia , announces its financial
results for the six months ended 30 June 2023 ("H1 2023").
Highlights:
-- Announced maiden rare earth ("REE") Mineral Resource Estimate
("MRE") of 20.9 Mt at 658 ppm Total Rare Earth Oxides ("TREO") in
saprolite above and proximal to gold mineralisation, providing
economic advantages in reducing mining and recovery costs
-- Reported results of a slim-line Reverse Circulation ("RC")
drilling campaign aimed at extending gold and REE mineralisation at
the Clarke prospect, where drilling increased the strike of
mineralisation to over 600m and demonstrated further continuity of
broad saprolite REE enrichment
-- Completed geophysical work at Clarke prospect, defining further gold and REE targets
-- Achieved Stage 3 expenditure obligations to increase ownership of the Wudinna Project to 75%
-- Completed a 20-hole, 2,466m RC drill programme that
contributed to a post period-end Gold MRE increase of 32% to
279,000 Oz
-- Undertook 95-hole, 3,950m REE Aircore ("AC") drilling
programme across seven key target areas, aimed at growing the
existing REE resource and testing an alternate palaeo-channel
hosted model for ionic REEs
o Drilling resulted in the post period-end transformational
discovery of ionic, easily recoverable REE mineralisation at the
Boland prospect, where recoveries of Magnet Rare Earth Oxides
("MREOs") of up to 58% and Heavy Rare Earth Oxides ("HREOs") of up
to 65% were achieved under desorption conditions (pH3)
o The programme contributed to a Rare Earth MRE update that
increased the resource by 109% in metal content to 41.6 Mt at 699
ppm TREO but does not yet include any resources for the Boland
ionic REE discovery
Greg Hancock, Chairman of Cobra, commented:
"The period culminated in what may be one of the most important
developments in the Australian rare earths sector - the Boland
discovery of proven ionic rare earth mineralisation in
palaeo-channel which is amenable to low-cost, low-disturbance in
situ recovery using well established techniques in South Australia.
This is globally unique and a result of exceptional technical
competency for which I congratulate Rupert Verco and Robert
Blythman in particular.
Through the execution of our 2023 work programme to date, we
have made a material advancement of both our unique and
complementary gold and rare earth resources. We will now focus on
delivering commercial outcomes from advancing these resources
towards production. At Boland, we will do this through
cost-effective exploration, whilst we work towards demonstrating
the economic, social, and environmental benefits of in situ
recovery."
The full financial statements can be viewed on the Company's
website at: https://cobraplc.com/category/financial-reports/
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
+44 (0)1483 413 500
Shard Capital Partners LLP (Joint
Broker)
Erik Woolgar
Damon Heath +44 (0)20 7186 9952
Vigo Consulting (Financial Public
Relations)
Ben Simons
Kendall Hill +44 (0)20 7390 0234
The person who arranged for the release of this announcement was
Rupert Verco, Managing Director of the Company.
About Cobra
Cobra is defining a unique multi-mineral resource at the Wudinna
Project in South Australia's Gawler Craton, a tier one mining and
exploration jurisdiction which hosts several world-class mines.
Cobra's Wudinna tenements totalling 1,832 km(2) , and other nearby
tenement rights totalling 1,429 km(2) , contain highly desirable
and ionic rare earth mineralisation, amenable to low-cost, low
impact in situ recovery mining, and critical to global
decarbonisation.
Cobra's Wudinna tenements also contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to infrastructure.
Cobra has 22 orogenic gold targets outside of the current 279,000
Oz gold JORC Mineral Resource Estimate.
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LinkedIn: https://www.linkedin.com/company/cobraresourcesplc
Twitter: https://twitter.com/Cobra_Resources
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Operational Review
The Company's dual pronged strategy has been driven by the
principle that to define a rare earth project of true value, the
mineral occurrence requires advantageous properties that:
-- Can be mined at a low-cost
-- Can be cost-effectively processed, where mineralogy and lithology drive economic metallurgy
-- Allow sustainable sourcing, through value-add or low-impact extraction
On this basis, Cobra's exploration strategy has been focused
on:
1. Exploring for ionic, easily extractable rare earth mineralisation
2. Advancing dual, complementary gold and REE resources, where
REE mineralisation exists in gold overburden
Ionic REE Exploration
The Company advanced an alternate model for ionic REE
mineralisation based on the research and development work carried
out in 2022, where the geological processes of enrichment,
mobilisation and adsorption were tested and analysed. Important
findings that were identified and used to propose an alternate
exploration model were:
-- Enrichment: primary REE enrichment was most prominent in
alteration associated with Hiltaba Suite intrusives, where
alteration mineral assemblages contained REE bearing epidote,
titanite, zircon, monazite, and xenotime
-- Mobilisation: Hiltaba and Sleaford age granites are enriched
in sulphides, predominately pyrite and pyrrhotite. Sulphide
abundances increase proximal to gold mineralisation. Through
weathering, these sulphides break down to produce sulphuric acid.
These acidic conditions are responsible for the mobilisation of
primary REEs (and gold) and produce secondary enrichment within the
saprolite horizon
-- Adsorption: through the testing of pH, the Company was able
to determine that the abundance of REEs within the saprolite was
associated with discrete changes in acidity/alkalinity, with grades
being highest at weak pH conditions (pH 6-7) and highly alkaline
conditions (pH 9 - 11)
-- Preservation: kaolinised saprolite is oxidised, even when
acidic, the nature clay adsorbed REEs has structurally stabilised
over time. This is supported by metallurgical testing of saprolite
hosted REEs demonstrating that, whilst initial recoveries are
promising, standard desorption processes show that only a small
quantity of REE mineralisation is ionically bound. Higher
quantities are colloidal or secondary phase mineralisation that
requires increased acidity for recovery
With these findings in mind, Cobra considered alternate
geological settings that may have preserved the correct conditions
for ionically adsorbed REEs. The anoxic environment of the
Eocene-aged Narlaby palaeo-channel at the Boland target was
considered a priority target to test this concept. This approach
has been rewarded.
REE Focused Outcomes
A total of 95 AC holes for 3,950m were drilled across eight
prospects, where:
-- 20 holes were drilled at the Boland prospect to test the
proof-of-concept for palaeo-channel hosted REEs. Results confirmed
proof-of-concept with HREO enrichment being observed in channel
clays and ionic REE mineralisation validated through desorption
metallurgy
-- 45 holes were drilled with the aim of expanding the
complementary REE resource, through testing defined zones of
enrichment and areas that could positively influence mining
optimisation parameters. Results demonstrate further high grades
>1,000 ppm TREO over broad intersections, with drilling
contributing to doubling the MRE estimate
-- A further 20 holes were drilled across the Grace and Bradman
targets, where high-grade intersections were observed in saprolite,
and mobility and enrichment were demonstrated at the Bradman
prospect where grades were enriched when in contact with the
shallow palaeo-system
Gold Focused Outcomes
During the period, gold exploration was focused on resource
extensions across the existing resources and to improve definition
at the Clarke prospect to incorporate into an updated MRE.
A total of 20 RC holes (2,466m) and 10 AC holes were drilled to
target gold MRE increases. Gold mineralisation at Clarke was
increased beyond 700m in strike, where drilling results
subsequently contributed to a post period-end gold MRE update
increasing contained gold ounces by 32% to 279,000 Oz.
This work contributed to the achievement of Stage 3 expenditure
obligations to increase Cobra's ownership of the Wudinna Project to
75%. The Company is working with its Wudinna partner Andromeda
Metals Ltd (owners of Peninsula Resources Pty Ltd) to define the
best ownership structure to build upon the exploration results
delivered to date and advance the project towards
commercialisation. This includes identifying alternate partners or
production options for the defined gold resources that would reduce
CAPEX requirements and bring forward economic scoping.
Post Period-End
In September 2023, the Company announced an update to its unique
and economically advantageous dual gold and REE MRE.
-- Upgraded REE MRE includes:
o +99% increase in tonnes
o +5% increase in Magnet Rare Earth Oxide ("MREO") grade
o +109% increase in MREO metal content
o Does not yet include any resources from ionic REE discovery at
Boland
-- Upgraded Gold MRE includes:
o +32% increase in gold metal (+68,000 Oz)
o +1.4Mt increase in ore tonnes
o 33,000 Oz maiden MRE estimate at the Clarke prospect
The updated MRE estimates are detailed in the table below:
Gold Mineral Resource Rare Earth Mineral Resource Estimate
Estimate
===========================
Category Deposit Tonnes Au Ounces Tonnes TREO MREO LREO HREO Pr(6) Nd(2) Dy(2) Tb(4)
O(11) O(3) O(3) O(7)
========= ======= ==== ============ ===== ===== ===== ===== ====== ====== ====== =========
Mt g/t oz Mt ppm ppm ppm ppm ppm ppm ppm ppm
Indicated Barns 0.44 1.3 18,000 - - - - - - - - -
---------
Inferred 2.19 1.6 116,000 - - - - - - - - -
---------------------- ------- ---- ------------ ------- ----- ----- ----- ----- ------ ------ ------ ---------
Baggy
Inferred Green 2.12 1.4 96,000 15.1 652 142 512 140 29 97 14 2
Inferred Clarke 0.73 1.4 33,000 26.5 725 175 571 154 35 122 16 3
White
Inferred Tank 0.33 1.5 16,000 - - - - - - - - -
----------- --------- ------- ---- ------------ ------- ----- ----- ----- ----- ------ ------ ------ ---------
Total 5.81 1.5 279,000 41.6 699 163 549 149 33 113 15 3
======= ==== ============ ======= ===== ===== ===== ===== ====== ====== ====== =========
Cobra also announced in September 2023 the results of REE
metallurgical tests performed by the Australian Nuclear Scientific
Technology Organisation.
Ionic metallurgy was confirmed by rapid recoveries from
desorption leaching within 30 minutes using ammonium sulphate in
weak acid conditions (pH4), with low acid consumption and low
dissolution of gangue elements, where:
-- Further increases in REE recovery were demonstrated through
increased leach time (six hours) and a slight increase in acidity
(pH3), where maximum extractions of 58% MREOs and 65% HREOs were
achieved
-- Low acid consumption of 6-30 kg/t supports very positive
economic metrics for further processing optimisation
-- Low rates of dissolution of gangue elements (aluminium, calcium, iron, thorium, and uranium)
Other Developments
The Company has increased its focus on marketing the unique
opportunities that the Wudinna Project presents. This has included
two UK focused awareness roadshows, a number of speaking
engagements, and the exploration of strategic investment and
commercial opportunities for REEs.
The Boland discovery contains mineralogy and geology components
that have both low-cost extraction and industry-leading
sustainability potential, and Cobra has been actively engaging
stakeholders to educate them on the opportunities that this
discovery presents whilst working with them to define future work
programmes.
To further advance this discovery, the Company formed a
partnership with Watercycle Technologies, a deep tech company based
in Manchester, UK, in September 2023. Through this partnership,
Cobra endeavours to develop a sustainable flow sheet for in situ
recovery extraction of REEs whilst evaluating other value add
outcomes.
A further two exploration licence applications have been
submitted to expand on the Boland discovery to make Cobra the
dominant landholder on the Narlaby palaeo-channel.
Financial Review
Cobra reported an unaudited operating loss for the six months
ended 30 June 2023 of GBP307,101, which equates to a loss per share
for the period of GBP 0.0006 . This compares to a loss for the six-
month period to 30 June 2022 of GBP226,953, which equated to a loss
per share for the period of GBP0.0005.
As at 30 June 2023, the Company had available cash of GBP0.43
million (30 June 2022: GBP0.79 million), sufficient for the Company
to execute its planned exploration activities.
Outlook
Cobra's immediate focus for H2 2023 is to advance its Boland
discovery through:
-- Drilling sonic core holes to better understand mineralogy,
install monitoring wells and provide samples for advanced
metallurgical studies
-- Building baseline environmental and hydrological datasets to
support future environmental and regulatory approvals
-- Re-analysing historical palaeo-channel samples to demonstrate ionic REE scalability
Cobra has demonstrated significant exploration success through
prioritising allocating expenditure to high-value exploration
activities. This will be the Company's strategy to deliver
long-term wealth to its shareholders from the wider Wudinna
Project.
Greg Hancock
Chairman
27 September 2023
Consolidated Income Statement
6 months 6 months Year ended
to to 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP GBP GBP
Administrative expenses (307,101) (226,953) (509,138)
Operating loss (307,101) (226,953) (509,138)
Loss on derecognition
of financial liability - - -
Loss on ordinary
activities before
taxation (307,101) (226,953) (509,138)
Taxation - - -
------------ ------------ --------------
Loss for the financial
period attributable
to equity holders (307,101) (226,953) (509,138)
============ ============ ==============
Loss per share -
see note 4 GBP(0 GBP(0 . GBP(0.0010)
Basic and diluted . 0006) 0005)
Consolidated Statement of Comprehensive Income
6 months 6 months Year ended
to to 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (307,101) (226,953) (509,138)
Items that may subsequently
be reclassified to
profit or loss:
* Exchange differences on translation of foreign
operations (200,654) 145,372 290,754
Total comprehensive
loss attributable
to equity holders
of the parent company (507,755) (81,579) (218,384)
============ =========== =============
Consolidated Statement of Financial Position
6 months 6 months Year ended
to 30 June to 30 31 December
2023 June 2022 2022
Unaudited Unaudited Audited
GBP GBP GBP
Non-current assets
Intangible assets 3,067,616 2,329,471 2,727,290
Property, plant and
equipment 1,545 1,428 1,428
----------------- -------------- --------------
Total non-current
assets 3,069,161 2,330,899 2,728,718
----------------- -------------- --------------
Current assets
Trade and other receivables 51,453 57,724 84,469
Cash and cash equivalents 434,451 788,192 1,272,742
Restricted cash 30,450 - -
----------------- -------------- --------------
Total current assets 516,354 845,916 1,357,211
----------------- -------------- --------------
Current liabilities
Trade and other payables (87,339) (48,272) (79,999)
Deferred consideration (148,914) (187,500) (148,914)
----------------- -------------- --------------
Total current liabilities (236,253) (235,772) (228,913)
----------------- -------------- --------------
Net assets 3,349,262 2,941,043 3,857,016
================= ============== ==============
Capital and reserves
Share capital 5,152,495 4,231,103 5,152,495
Share premium 2,794,647 1,693,563 2,794,647
Share based payment
reserve (16,908) 962,201 (16,908)
Retained losses (4,655,282) (4,075,408) (4,348,182)
Foreign currency
reserve 74,310 129,584 274,964
----------------- -------------- --------------
Total equity 3,349,262 2,941,043 3,857,016
================= ============== ==============
Consolidated Statement of Cash Flows
6 months 6 months Year ended
to to 30 June 31 December
30 June 2022 2022
2022
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
Operating loss (307,101) (226,952) (509,138)
Equity settled share
based payment - - 49,000
Depreciation (118) 250 252
Foreign exchange (200,653) 145,374 159,015
Decrease/(increase)/
in receivables 33,017 (20,833) (13,493)
(Decrease)/increase
in payables 7,340 (2,064) (34,254)
Shares issued in lieu -
of cash
Net cash used in operation
activities (467,515) (104,224) (348,618)
------------ ------------ -------------
Cash flows from investing
activities
Payments for exploration
and evaluation activities (340,326) (317,066) (714,885)
Transfer to restricted (30,450) - -
cash
------------ ------------ -------------
Net cash used in investing
activities (370,776) (317,066) (714,885)
------------ ------------ -------------
Cash flows from financing
activities
Proceeds from issue
of shares - 945,000 2,279,500
Transaction costs of
issue of shares - - (207,735)
Net cash generated
from financing activities - 945,000 2,071,765
------------ ------------ -------------
Net (decrease)/increase
in cash and cash equivalents
Cash and cash equivalents (838,291) 523,712 1,008,262
at the beginning of
period 1,272,742 264,480 264,480
------------ ------------ -------------
Cash and cash equivalents
at end of period 434,451 788,192 1,272,742
============ ============ =============
Consolidated Statement of Changes in Equity
Share Share Share Retained Foreign Total
capital premium based earnings currency
payment reserve
reserve
GBP GBP GBP GBP GBP GBP
At 31 December
2021 3,601,104 1,378,561 962,201 (3,848,456) (15,790) 2,077,620
---------- ---------- ---------- ------------ ---------- -----------
Loss for the
period - - - (226,953) - (226,953)
Translation
differences - - - - 145,373 145,373
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (226,953) 145,373 (81,580)
Share capital
issued 629,999 315,002 - - - 945,001
Cost of share - - - - - -
issue
---------- ---------- ---------- ------------ ---------- -----------
At 30 June 2022 4,231,103 1,693,563 962,201 (4,075,409) 129,583 2,941,041
---------- ---------- ---------- ------------ ---------- -----------
Loss for the
period - - - (282,185) - (282,185)
Translation
differences - - - 9,413 145,381 154,794
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (272,772) 145,381 (127,391)
Share capital
issued 921,391 325,287 (44,576) - - 1,202,102
Share issue
cost - (207,735) - - - (207,735)
Warrants expired - 924,906 (924,906) - - -
Warrants issued - 58,626 (58,626) - - -
Share option
charge - - 49,000 - - 49,000
At 31 December
2022 5,152,495 2,794,647 (16,908) (4,348,181) 274,964 3,857,017
---------- ---------- ---------- ------------ ---------- -----------
Loss for the
period - - - (307,101) - (307,101)
Translation
differences - - - - (200,654) (200,654)
---------- ---------- ---------- ------------ ---------- -----------
Total comprehensive
income - - - (307,101) (200,654) (507,755)
At 30 June 2023 5,152,495 2,794,647 (16,908) (4,655,282) 74,310 3,349,262
========== ========== ========== ============ ========== ===========
Half-yearly report notes
1. Half-yearly Report
This half-yearly report was approved by the Directors on 27
September 2023.
The information relating to the six-month periods to 30 June
2023 and 30 June 2022 are unaudited.
The information relating to the year to 31 December 2022 is
extracted from the audited financial statements of the Company
which have been filed at Companies House and on which the auditors
issued an unqualified audit report. The condensed interim financial
statements have not been reviewed by the Company's auditor.
2. Basis of Accounting
The report has been prepared using accounting policies and
practices that are consistent with those adopted in the statutory
financial statements for the year ended 31 December 2022, although
the information does not constitute statutory financial statements
within the meaning of the Companies Act 2006. The half-yearly
report has been prepared under the historical cost convention.
Going concern
The Company's day-to-day financing is from its available cash
resources.
As at reporting date, the Company had GBP434,000 of cash at
hand. These funds will enable to Company to plan its future
exploration campaigns across its key projects and carry-on with
diagnostic works such as metallurgical testing and sample
re-analysis. The Directors are confident that adequate funding can
be raised as required to meet the Company's current and future
liabilities.
For the reasons outlined above, the Directors are satisfied that
the Company will be able to meet its current and future
liabilities, and continue trading for the foreseeable future, and,
in any event, for a period of not less than twelve months from the
date of approving this report. The preparation of these financial
statements on a going concern basis is therefore considered to
remain appropriate.
These half-yearly financial statements are prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the United Kingdom and the Disclosure and Transparency Rules of the
UK Financial Conduct Authority.
This half-year report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this
report should be read in conjunction with the annual report for the
year ended 31 December 2022, which have been prepared in accordance
with UK-adopted international accounting standards.
The Company will report again for the full year to 31 December
2023.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in the Company's 2022 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments
are capitalised on a project-by-project basis, pending
determination of the feasibility of the project. Costs incurred
include appropriate technical and administrative expenses but not
general overheads. If an exploration project is successful, the
related expenditures will be transferred to mining assets and
amortised over the estimated life of economically recoverable
reserves on a unit of production basis.
Where a licence is relinquished or a project abandoned, the
related costs are written off in the period in which the event
occurs. Where the Group maintains an interest in a project, but the
value of the project is considered to be impaired, a provision
against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is
dependent upon the discovery of economically recoverable reserves,
the ability of the Group to obtain necessary financing to complete
the development of reserves and future profitable production or
proceeds from the disposition thereof.
3. Intangible assets
6 months Period Year ended
to to 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP GBP GBP
At Beginning of the
period 2,727,290 2,012,406 2,012,406
------------- ---------- -------------
Additions 340,326 317,066 714,884
At End of the period 3,067,616 2,329,471 2,727,290
------------- ---------- -------------
The Directors undertook an assessment of the following areas and
circumstances that could indicate the existence of impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal;
-- No further exploration or evaluation is planned or budgeted for;
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence of a
commercial level of reserves; or
-- Sufficient data exists to indicate that the book value will
not be fully recovered from future development and production.
Following their assessment, the Directors concluded that no
impairment charge was necessary for the period ended 30 June
2023.
4. Earnings per share
6 months Period Year ended
to to 31 December
30 June 30 June 2022
2023 2022
Unaudited Unaudited Audited
GBP GBP GBP
These have been calculated
on a loss of: (307,101) (226,953) (509,138)
-------------- -------------- --------------
The weighted average
number of shares
used was: 515,249,550 423,110,510 515,249,550
-------------- -------------- --------------
Basic and diluted GBP(0. GBP(0. GBP(0.
loss per share: 0006 ) 0005 ) 0010 )
-------------- -------------- --------------
5. Events after the reporting period
There were no reportable events after the reporting period other
than those highlighted in the 'Financial Review'.
The Condensed interim financial statements were approved by the
Board of Directors on 27 September 2023.
By order of the Board
Rupert Verco
Managing Director
27 September 2023
Half-yearly Report
Copies of this half-yearly report are available free of charge
by application in writing to the Company Secretary at the Company's
registered office: 9(th) Floor, 107 Cheapside, London, EC2V 6DN, or
by email to info@london-registrars.co.uk .
Responsibility Statement
We confirm that to the best of our knowledge:
-- The interim financial statements have been prepared in
accordance with International Accounting Standard 34, Interim
Financial Reporting, as adopted by the UK;
-- Give a true and fair view of the assets, liabilities,
financial position and loss of the Company;
-- The interim report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
interim financial information, and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
-- The interim financial information includes a fair review of
the information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being the information required on related party
transactions.
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IR DDLFLXKLEBBF
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