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I'd expect something in the next quarter or so to fill the coffers for the further work programme. Best guess is there's some flexibility with timing, but would think before Q3.
The thing with fundraises here is - which is quite different from the bulk of UK-listed juniors - the last raise was at a premium to SP, there've been other occasions when after raise the SP never even remotely fell to the raise price, as it is a very tightly held share after all, with 40% in the hands of the board and Andromeda Metals. So I wouldn't bet on any raise to give a cheap entry with Cobra, definitely not if trying to build any size in a position, especially if (and yes, that is still a considerable IF) the bench scale ISR tests return promising results; those are expected later this month or in May, as per p12 here: https://cobraplc.com/wp-content/uploads/2024/03/20024.03.25_bloand-results.pdf
Tbh my best guess is it'll be end of Q2. Why? The presentation shows the work programme until June, and it's usually been the case that the work programme shown was pretty in line with what was possible to achieve with the current budget. So let's see, not too concerned about any raises here, one positive of Cobra is how sanguine raises have been in terms of dilution - good to have one of the executive directors holding 10% of shares, aligns incentives to keep dilution at bay.
How about looking on Cobra website and through past RNS’s?
I have looked but cannot find out how much of the last fund raise was used to buy the remaing 25% of Wudinna. I'm interested to find out so that I can better guess how much COBR may have left in the kitty and evaluate the likelihood of any impending fund raise. Any one have that info or at least refer me to a source. Thanks in anticipation.
RichyRich1 - hi. I may post irrespective of whether I currently hold any specific shares or not. Posting adds to my research whether or not I currently hold, have previously held or am considering the investment potential of any particular company. I've learnt quite a bit from ShipwreckSheep's replies.
Ashton - morning to you. Hmmm, now that you put it like that I can see that I have been a little rude and over eager in my condemnation of your investment strategy and in my attempt to make other less experienced investors aware of your track record - I do apologise. However, in the face of ever mounting evidence to the contrary you have made unwaveringly bullish posts about JAY for those 4 years while also posting that you own a LARGE core holding on which you've seen it's value drop by > 98% over those years . You bought at just under 9p and today's price is 0.31p.
I'll not continue this discussion on this thread but have posted here to give your post some context and to apologise for my previous exuberance. Good luck with JAY.
Can we get back to the subject of COBR, please.
Trombone - In the note RachT posted today at 08:18 and addressed to you she said: "If you dislike my posts you are free to not read and ignore them. Looking at many of your previous posts you have often referred to those posters that disagree with your narrative in an INSULTING manner."
I am a regular poster on the JAY chat board and RachT appeared on the board for the first time on 10 April 2024 and posted this: "Hi - new to this board but read a fair few of the posts and my conclusion is that - Ashton is a grade A muppet." I was taken aback by her comment on two counts: (a) Why get personal and behave in that manner especially when I have never disagreed with her on anything whatsoever (b) Being her maiden post on JAY, why did she focus on a poster instead of on the stock? She then volleys the same insult by calling me a muppet again in a post on 14 April 2024. Now she complains that you are behaving in an insulting manner towards other posters. The phrase "The pot calling the kettle black" comes to mind.
I don't like personal attacks and abusive behaviour. I have been posting on the JAY chat board since 2020. I had not come across such insulting behavior from a poster on the JAY chat board before RachT arrived. What is the matter with her? Does she realise that the LSE chat board standards do not permit abusive posts?
Finally, my apologies for coming on this board when I have nothing to contribute on the subject of COBR but thought I had to say what had to say about insulting behaviour on a chat board. It spoils discussions on a board and lowers its tone.
I think Trombones point might be you’re posting on a BB for a share you’re not even invested in?
Do you do the same with other shares you’re not invested in and in other industries, banking, mining, construction etc highlighting each shares competitors to other share holders on that BB?
Of course you’re perfectly entitled to post here just seems a bit odd and pointless when you’re not even invested.
Why do you care unless you’ve got nothing better to do with your time?
Trombone - thanks for your reply. I think you refer to rule h.
'post or otherwise publish any content unrelated to the board or the board's topic' - I'm sure admin would agree that chat regarding COBR's competitors and how they might effect COBR and its chances of success are to be welcomed. I initially questioned the accuracy of the statements in COBR's news release and the ensuing responses have led to a balanced chat concerning COBR - ideal chat content for a COBR chat board.
While we are on the topic I'll bring to your attention to point i, posters must not
'restrict or inhibit any other user from using the boards' - is that not exactly what you are attempting to do by making a threat to report me to admin unless I tow your line?
Good luck with COBR - I hope it comes out well.
I think I was quite reasonable in asking you to ensure that your posting on this board is Cobra related. I haven't threatened you in any way. LSE rules dictate that chat on these boards should be share specific.
Trombone - if you dislike my posts you are free to not read and ignore them. Looking at many of your previous posts you have often referred to those posters that disagree with your narrative in an insulting manner. You big yourself up as all knowing and attempt to rubbish anyone not agreeing with your view. I've been around too long to be intimidated by inane threats by equally inane bullies.
Rachel this board is for Cobra chat, please don't fill it up with talk about other companies or I'll ask admin to have your posts removed, thanks
RachT Not interested in Cobra-Resource competitors atb
Thanks again SS - I do appreciate the individual effort you put into researching your extensive knowledge and your generosity in posting - I'm learning all the time. I can't recall every stating that my knowledge is as extensive as both you and Ben seem to think that it is - I'll freely admit that it is comparatively limited in the REE domain. However, I still maintain that claims of 'spectacular' and 'world class' are stretching the facts. You may disagree, fine. I also think the comment of
'Whilst the Brazilian ionic rare earth projects have captured market interest, our results are comparable in grade, scale and metallurgy.......' is also somewhat misleading. It may apply to hard rock sources but as I posted recently it comes no where near the grades of the Uberaba stacks and the metallurgy of Uberaba and Phalaborwa seem (in my limited knowledge) to be potentially as easy (easier?) and possibly cheaper than COBR's. Or do you disagree?
I tend to put a lot of faith in the opinion of experts, for example the US gov.t has invested $50m in RBW and has delegates visit their site in Phalaborwa, that's a big plus in my opinion. I like to view bull and bear sides of an arguement and to learn of competitors - you seemed very dismissive of both RBW and PRE. You were unaware of the potential for the Uberaba and Phalaborwa stacks as you thought that all of RBW's reserve were in hard rock. Good luck with COBR - I'm sure it will come good for you but in the interests of balance I might just continue to post regarding COBR's competitors.
Nice to see new names posting on COBR.
:)
Sheep - to have the knowledge that Rach claims to have, you would need to have done hundreds of hours of research and be an expert in the field.
Their statements contradict such a conclusion ("only looked into it when it surged") as you quite rightly point out. Their opinion is as worthy as mine is, and I have no expertise in the field. However I have read opinions from experts in the field - something they seem not to have done.
They evidently have a negative agenda for a reason or are just incompetent in their research.
A lot of similarities between RachT&Ree Tech on RBW mmmmm
Shipwreck sheep
No need to explain yourself to RACH T
Is that how you do research though? You google "what mining tier is Brazil", open the first link, which most likely is the same I see, by "Spark Energy Minerals", a lithium explorer only operating in Brazil, that claims that Brazil is a Tier 1 jurisdiction (of course they would, it suits their agenda)? The source I linked you to is the independent mining jurisdiction survey and well, Brazil does come in 25th out of 62, which I'd call "investable", but certainly not Tier 1.
You can't really blame others for questioning your intentions and thinking they are disingenuous, if by your own admission you never looked into REE miners much before 27th March (which is what you seem to say with "Cobra came to my attention when it surged - from there I researched it and similar companies). Because if that is true - and it might not, but from what you wrote it seems likely - what you say later in your post, that others are "more knowledgeable than you on the share" is almost certainly also true about the entire REE industry. How much do you know about the industry? How offtake agreements are worked out? How the mining processes work? What type of deposit costs how much to mine? What grades are economical for different types of deposits? What is the value upside of potential ISR mining (and consequently what's the margin upside even with lower grades, same as Kazatomprom in uranium)? What's the outlook of NdPr compared to Tb and Dy? What are the main challenges of moving from REE exploring to producing (if it's clays, how stable are they, can you even operate heavy mining machinery on it, can it be reinstated to its initial state after, otherwise how will they gain permits when lots of it is on prime farmland)? What's capex needs for the different mining techniques? How about opex? If leeching is used, how acidic a solution do you need?
I doubt you can answer many of these questions. Yet, instead of asking questions and trying to learn more, you make statements like "What the company claims is disingenuous", "[A] is much better than [B]". I wish you all the best with your investments, but with that "talking yourself into thinking you know much about REE and are able to compare the complexities of REE projects without answering the above questions that go far beyond grade" approach, the likelihood of ending up with the wrong REE investment is likely close to 90%. Anyway, good luck.
SS, thanks for reply. It's not me calling Brazil tier one I just googled 'what mining tier is Brazil'. You don't seem to consider news and information about strong competitors to be relevant to your investment case - I do and hence my posts. But each to their own. As I posted previously COBR came to my attention when it surged 40% on its spectacular news - from there I researched it and similar companies. Given that that was a relatively short time ago I'd like to think you and others are more knowdgable than I on the share of your primary focus (I can see that you are at least) - I probably can't add much that you don't already know, although having said that I've found plenty of info to help make my investment decisions. Oh, and I am no angel - that's for sure!
Jollifant - interesting theory you've created to fit your balanced opinion (lol) but once again erroneous I'm afraid. Keep trying, you might get something right eventually ;-)
PS. Obviously she will profess innocence and her next post here will be a complete denial but don't be fooled.
RachT is here to deramp COBR and to promote RBW where she is no doubt invested. Her view is anything but balanced, she is about as balanced as the BBC! Go look on the RBW bb and you will notice a frequent poster named ReeTech talking up RBW. Similar name and similar style of writing. Just saying.
SwS you doing a grand job but as you say in your last post let's focus on COBR and not get drawn into the machinations of someone not invested here.
Well, if you want to call 25th out of 62 jurisdictions "Tier 1", then yes, but that's what Brazil ranked in the most recent mining jurisdiction surveys - it definitely improved compared to years ago though, let's hope that continues and will be reflected in the equivalent end of 2023 release of the survey. (Source: https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2022.pdf )
I never called it wild west, it's above average based on rankings, just not Tier 1 like South Australia, and that's not really my "impression", that's rankings.
Thanks for the info on RBW, but anyway, please let's stick to discussing Cobra on here mainly. The projects, jurisdictions, basket compositions, extraction techniques, as well as market caps are very different for the companies that you bring up and it's a very nice board to be on, one where news released by the company are discussed in an open way (there've been times any of the frequent posters - including me - were not cheering some choices management made; even though I now admit that they were right focusing on Boland and I was wrong when I thought they should have stuck to the Thompson exploration target), so it would be nice if the main focus can remain on the company the board is for. That's something that I find hard to understand about your posts tbh. You haven't posted on the RBW board once, you haven't posted on the PRE board once, yet you keep bringing them up here on a board that isn't about them, why is that? I'm always trying to give everyone the benefit of the doubt, but when you never discussed any Cobra news in an unbiased way and for the second time only through a "This other company with 10x the market cap of Cobra has higher NdPr grades [something that really really really isn't one of Cobra's focus points]", you do make it difficult to think that you are an angel who only wants to discuss research, rather than someone posting with a more sinister agenda in mind.
SS - thanks again for reply. I don't agree with your impression of Brazil - you paint it like a wild west. It is a Tier One Mining Jurisdiction and companies working successfully there include big names such as AngloAmerican, Vale, Kinross and Wheaton.
I'm also not sure that the description you apply to RBW's reserves as being of 'hard rock' is accurate. Both of RBW's reserves are phosphogypsum stacks - think more like course powder. These are formed as a by-product from the production of phosphoric acid and is actually in liquid form initially. When it is deposited in settling lakes it dries and forms the enormous stacks. It is a simple matter of re-hydrating it, both to transport it and process it - comparable in both cost and expediency to COBR's tasks.
Rach, I'd say Brazil is a jurisdiction where you don't need to be scared the resource will be nationalised, but you do have a lot of shenanigans involved with local parties, be it getting drilling equipment to the right place, be it accounting practices that aren't always super transparent, any other things going on with local counterparts and consultants, look at miners present there, like SRB, like HMI, they all had their fair shares of troubles that are unimaginable in Australia. I'm not saying Brazil miners are uninvestable, they aren't, but it isn't a jurisdiction on par with Australia, Canada and the likes
More important are the other points to me when it comes to the comparables, all of RBW's deposits, including the one from today's RNS are hard rock, not IAC, and most definitely not potential ISR-suitable IAC. So it could be that RBW is a great investment too, very possible, I think a lot of REE explorers are undervalued right now, but it isn't a comparable to Cobra, it's a different style mineralisation, with different project requirements and costs, and a different set of REOs that are the focus (one LREO and the other HREO). To me the potential of a scalable ISR-mineable REE resource with a focus on the rarest REEs (which you also seem to see, as every other REE company you bring up has NdPr and little Tb and Dy) is just a completely different animal if it evolves that way, which is potential rather than guarantee, but great signs. Good luck, I hope that you'll join the group of Cobr investors at some point, I'd argue that at 7m pounds market cap with important results on scale and ISR potential possibly dropping soon with the lab results we wait for would be a good time to do so
Trombone - not sure where you sourced your info regarding any holding I do or don't have in any company? But thanks for the tip :-)
Jollifant - not sure what the importance of todays price change is, or any short term price for that matter? The COBR sp dropped very quickly after the market had digested the news of their spectacular results - what inference can be drawn from that? Nothing.
SS - thanks again for your informative input and counter. However, Brasil is not a high risk jurisdiction - it's a Tier One mining jurisdiction and it now has several parties interested in REs. I cannot answer the other queries you pose but what caught my attention is the fact that Phalabora has enormous potential and it would seem that Uberaba has even greater potential - and is in a tier one mining jurisdiction. Like you I see the merits of both RBW and COBR (and Pensana and others) I'm not coming out on the side of one company or the other (I have a balanced view of both) and merely post the info. I've always thought that the more facts an investor has the better is their decision making.