Mining Maven Link...July 2019...20 Dec 2021 10:10
The opportunity value is huge’ – Cobra Resources’ Craig Moulton on his plans to create value as firm prepares development of maiden assets
After listing as a cash shell in November, Cobra Resources (LSE:COBR) unveiled the first major step in its plans to take advantage of a decade-long lack of natural resources development projects investment in March. The business acquired the rights to a $5m farm-in over a highly prospective gold project called Wudinna, that already has a JORC compliant resource, which the management believe can be built on substantially and has the potential to develop into a multi-million-ounce gold operation. It also has complete ownership of an underexplored copper mine called Prince Alfred. With Cobra gearing up for major work programmes at both of the South Australia-based assets, we asked new MD Craig Moulton why he thinks investors should get on at the ground floor when the firm resumes trading.
Under-valued opportunities
Cobra Resources is an exploration and mining company formed to take advantage of a significant lack of investment in natural resources development projects over the last decade. The firm believes weak market conditions have given rise to many opportunities to buy undervalued and advanced assets that are currently orphaned because of their operators’ restricted capital. The organisation will only approach an opportunity if it believes it is attractively valued and can be developed into a sustainable operation through the application of disciplined and structured exploration and analysis.
Backing up these ambitious goals is Cobra’s strong commercial and technical management team who collectively boast more than 100 years of experience in the natural resources sector.
Leading the firm is Craig Moulton, who was hired as managing director in March this year. Moulton is a geologist and mineral economist who has spent 25 years in senior roles at firms like Rio Tinto, Cliffs, and Wood Mackenzie. Working alongside Moulton is non-executive director Rolf Gerritsen, Cobra’s founding chief executive, who will be well-known to UK junior mining investors as the chief executive of Metal NRG.
Finally, fellow non-executive director Greg Han**** is a corporate finance specialist who has spent more than 35 years in the capital markets of Australia and the UK. Alongside Cobra, he holds board positions at Ausquest, BMG Resources, Zeta Petroleum, Strata X Energy, Golden State Mining, and King Island Scheelite.
Cobra listed as a cash shell in London last November alongside a £523,500 placing at 1.5p a share that valued it at c.£1m. It also issued warrants on a one-for-one basis that will raise an additional £1.3m if they are all exercised. The firm immediately started to evaluate acquisition opportunities before announcing the suspension of its shares this March when it purchased a business called Lady Alice Mines.
Developing Wudinna
As part of March’s transaction, Cobra took on Lady Alice’s farm-in a
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