Member Info for RichyRich1

I wonder if you could give me your thoughts on a couple of Cobra related developments please?

1. What do you think the chances of the 3 IOCG targets actually being IOCG?

2. Do you think 1m oz is possible given drilling results so far?

3. What value would you assign if 1m oz is proven up in the next 18 months assuming shares is issue remain the same (unlikely) and the POG is around $1,700 per oz?

Many thanks!

What I hope we don’t get is 6 months of geo chem work and no drilling!! They’ve really dropped the ball here. Surely when the first round of drilling results came in they should have been reviewed then instantly start the geochem work on that tenement so they were always a step ahead.

I said a few weeks back all momentum had been lost which has been the case and throw in CM stepping down I can see this dragging on and on before things get exciting again.

Over all willing to hold out just frustrated how slowly the project has proceeded.

Was always part of the plan Pablo, prove up 1m oz resource minimum. Craig said last October he thought it would take between 2-3 years to get to the 1m oz.

The problem is Dan I’m pretty sure it’s due to our existing MD being a Geo that we’ve been relatively successful so far. Who else on the team has the geo experience of Craig? Hopefully our new CEO will have even more experience than CM as a geo and better business acumen.

Other than Cm’s departure overall the news is positive but I just feel deflated by it which is strange.

Hmm, not the news I was expecting or hoping for. Overall feeling of disappointment to be honest. Goes to show I’ve got no idea on timescales to analyse drilling results thoroughly and it takes a lot longer than I thought. Looks like we’ll need to wait until Q3 before there’s any actual drilling. Not that much to look forward to over the summer unfortunately but later in the year once the drilling commences should get exciting again!

Hmm, someone’s bailing out! Pretty massive sells but it’s not taking the price down?

Will there be a red dot tomorrow morning I wonder confirming ADI funding!? If we do get awarded funding surely they must announce it even if there’s some sort of NDA in place currently? Not the end of the world if we don’t get funding but would be a bonus if we do!

So Cobra can either formally set up the Wudinna Joint Venture company with Andromeda OR continue with exploring for an additional % of the project.

I’d imagine if they were planning on going it alone we would have know by now!!

Ok getting a little twitchy here with the lack of updates for 2021. More frustration/impatience than anything else but don’t appreciate shareholders being kept in the dark!!

So trying to figure out why there’s been no news since 21st January these are the conclusions I’ve come to which could be way off the mark and naively thinking it only takes a couple of weeks to analyse and update each model for Clark/Barns/Baggy Green Etc.

Taken from 30th November RNS....

“Cobra will now work with Andromeda to establish a formal joint venture structure pursuant to which the Company's wholly owned subsidiary, Lady Alice Mines, will acquire a 50% participating equity interest in the Project. A further announcement will be made once the joint venture has been formally established.”

1. We still haven’t had any announcement that this JV has been formally established so we can assume talks are still underway.

Now the problem here is if the lack of news since 21st January is due to there being a non disclosure agreement in place with Andromeda surely Cobra wouldn’t have been able to release the drill results from each tenement on 3rd December for Clark, 24th for Baggy Green and 21st January for Barns/White Tank?

So my conclusions are...

1. It’s taking a lot longer to update the models after the first round of drilling for each tenement to then decide on what and where will be drilled next.

Or highly unlikely....

2. Given the drilling results from stage 1 were very encouraging maybe Andromeda (or another company) are going to buy us out!!

Time will tell but so far so much for an exciting 2021!

Thanks for the info Carribean. First thing that springs to my mind is the silence is deafening!! Somethings definitely afoot!

"There's not real reason this part of the Gawler couldn't contain IOCG mineralisation, even though it's not known for it," Moulton said.

When we consider the copper/gold/silver discovered at Barns in the last round of drilling we might have hit an IOCG without even knowing it never mind the 4 actual IOCG targets.

Really really need news giving us a heads up on what’s next for this year!

No reply to mine 8 days ago! Somethings up. Very strange to go from Proactive Investors interview and others after last results to total silence. Personally I still think it’s the JV with Andromeda being finalised causing the delay but who knows!?

Sure did which is unusual not getting a reply which leads me to believe there’s something going on in the background!

Could be clutching at straws here but maybe the lack of news is due to the JV being finalised....

Stage Two: At the completion of Stage One, either (i) the Wudinna JV Co can be formed, in which LAM will be entitled to hold 50% of the share capital; or (ii) LAM can spend a further A$1,650,000 within two years after the completion of Stage One to earn a 65% equity interest in the Wudinna Project.

Why has there not been an update on the joint venture since stage one was completed in November letting shareholders know whether they plan to spend and expand to 65% ownership or is the new company (Wudinna JV Co) being formed as we speak?

If this was the case then lack of updates would be understandable as they complete the new company listing and agree on where will be drilled and how much it will cost for the 2021 drilling programme.

Would be nice to know what their plans are sooner than later!!

Nada Carribean!

Getting a bit silly now. Almost 8 weeks since any meaningful news. Surely they could have given some sort of update within 8 weeks even if it was just a resource model update on the targets that had been drilled just to keep the market interested!

Mohuss....no problem. I asked a few relevant questions not just why haven’t we heard anything about 2021 drilling programme!?

They might be able to answer a couple of them in detail they might not!

I emailed Craig (and Simon) this morning so let’s see if/what they reply! Will keep you all posted if/when I get a response.

I’ve got a funny feeling there’s negotiations going on that won’t allow news to be released until complete. If this isn’t the case then Craig has bitten off more than he can chew and needs to get someone else on board to help with analysing results and come up with the 2021 drilling plan!

As far as we know Dillon we’re not currently drilling! I’d imagine Craig is working on updating the models from the last round of drilling then deciding what and where’s next. With any luck in the next 6 weeks we might actually have the drilling plan for 2021!