Member Info for RichyRich1

My main reason is it encourages sell on news. If a warrant holder is looking for the opportunity to offload a considerable number of shares at a profit they’ll want to sell into any good news.

Yes it may speed up being able to offload their shares but look at the drag effect it’s had on the share price since the warrants RNS dropped.

Cobra was getting great coverage, regular newsflow, another CEO commenting Cobra could hit 20-25p in his opinion (justifiably), momentum was building. It’s hard to build that kind of momentum and even more challenging to keep that momentum going especially for a small company like Cobra.

I’m just being impatient Ship. The board deserved the recognition for the work they’ve done to date and I thought Cobras time to shine was finally here, just frustrated the momentum has been lost.

I’m sure it will return and hopefully with a vengeance if Manna Hill is as promising as it looks!

Thanks Ship. I know the board need to release news when they get it but I’d really prefer nothing of real substance was released until after the warrants have expired in October!

Dunno Ship but if a just over 3% holder is selling to then exercise options they would have to notify no? So can only presume that hasn’t happened yet or the seller(s) don’t need to notify as they were already under 3% holding.

I guess there’s no way to find out who the warrants were issued to? Given the news flow to come now Manna Hill is being added to that newsflow surely the board will find it difficult to exercise their warrants if we’re in a closed period so maybe after they expire we’ll get notification the date has been extended for the directors?

Surely they have good few million from these 43m warrants expiring in October.

Given they have applied for a block issue of new shares do you think we’ll be informed of how many warrants were exercised after the expiry date? Is there any requirement for the company to notify how many of the warrants were exercised once they expire?

Sorry for all the Q’s!

Those pesky warrants have put a kabosh to momentum that was building nicely with the regular exciting newsflow we had, very frustrating!

Sure it will come back again but it felt like a genuine warranted re-rate was underway.

Bit surprised there’s not been any new TR1 announcements yet!?

Hey everyone, just for info!

List of outstanding warrants.

Expiry date/Price/Quantity

26/10/2025 - 3p - 44,483,334

26/10/2025 - 3p - 2,130,000

15/11/2026 - 2p - 99,130,000

21/11/2026 - 2p - 932,000

02/12/2026 - 2.3p -36,655,955

24/03/2027 - 2.3p - 37,257,089

Will all come out in the wash soon enough Ship.

Would be like finding a needle in a haystack but I can remember Rupert said something along the lines of “I think people are going to be really surprised by the economics of this” in one of his interviews last year when we were languishing around the 1p and under level.

Not gonna lie, at that time I was questioning my Cobra investment as I was trying to wrap my head around the shift from gold to rare earths and research and understand the rare earth market but that comment from Rupert has always stuck with me.

Maybe, just maybe it’s all starting to come together and his comment will be backed up with a scoping study that will elevate Cobra to be the talk of the rare earth town.

Year of the snake (or maybe Horse if they’re late with the scoping study!!)

And what if, as is being hinted, with light rare earth removal and further optimisation they can demand $30 per kg of MREC?

Zone 3 - 1 tonne of ore = 2.1kg of MREC @ $30/kg

50Mt = 2.1 x 50 = 105,000,000kg x $30 = $3,150,000,000

100Mt = 2.1 x 100 = 210,000,000kg x $30 = €6,300,000,000

Haha!

Zone 3 tonnage is essential!

Ship - my calculations are not nearly as considered as yours but I have scribbled Slide 18 presentation info on a piece of paper and every so often look at it when in my kitchen just to remind me of the potential. Hopefully I’m not misleading myself and getting my hopes up on bad maths!

Really simple but sums everything up, just need to prove it up!

Zone 3 - 1 tonne of ore = 2.1kg of MREC @ $20/kg

50Mt = 2.1 x 50 = 105,000,000kg x $20 = $2,100,000,000

100Mt = 2.1 x 100 = 210,000,000kg x $20 = €4,200,000,000

Billion dollar question is….is there 50Mt, 100Mt, more or less of REE in zone 3?

Soon find out!

Cliche but true, nothing goes up in a straight line. Pull back is healthy and necessary to build a base for next leg up. Despite the potential I was starting to get a bit edgy at how rapid the SP was increasing, 6 bagger in only a few months for some!

Personally I prefer slow and steady taking a breather on the way up. Consolidate, bring in new investors and allow those wanting their 10-20% to leave without causing too much disruption.

I’m convinced even those that bought in at 6p will be sitting on a healthy profit come year end!

Wow, that’s a lot of shares! If you don’t mind me asking what strike price are your warrants and more importantly will you be taking them up?

Crystal ball time! If all goes to plan with Cobra where do you see them in 18-24 months time and at what MC?

Funny you say that Trombone my first thought when the RNS dropped was why are we doing this when we’ve got 3 IOCG targets to explore!

Then I re-read the news!

I’m guessing you’ve watched the interview 5x5 as Rupert addresses some of your concerns?

Obviously totally up to you whatever you decide to do and I would agree with your logic if the new project was in another continent but in Ozzie distance it’s just up the road from Bolland!

I suppose another way of writing the new copper option RNS could have been written in a totally non professional way such as “we’re sat twiddling our thumbs waiting for lab results, drill results and licensing we might as well spend that time exploring some of the most prospective ground in South Australia!”.

That’s tongue in cheek obviously but as Rupert mentions waiting time can be used a lot more productively by the team so I don’t think they will be too stretched, far from it.

My biggest concern is the potential for dilution but again Rupert has somewhat addressed that and if the new ground proves to be as promising as hoped really don’t think we need to worry about dilution.

Time will tell but for me super exciting time to be involved in Cobras next chapter!

Maybe a question worth asking Rupert on Wednesday?

When pushed to answer similar question in November 2024 Rupert said 3-4 years before Boland was producing. Hopefully that’s at scale and at full production.

So 2027-2028 if nothing fast tracked.

There’s still a tonne of work to do at Boland but given the focus has been on metallurgy hopefully after scoping study, pre and bankable feasibility studies should be fairly quick then onto production!

Tiger by the tail!!

And still only £37m market cap! There will be periods of consolidation and pullbacks which is healthy going forward but we’ve not even started the re-rate if this goes to plan!

I hate comparing one company to another but I’ve always had the feeling that Cobra could be another GGP in terms of performance/growth. Granted different commodities but with the latest news and option agreement Cobra just got even more interesting.

Very early doors but super exciting!!

They’re reluctant to let this go!

Https://www.mining.com/rare-earth-prices-at-two-year-high-as-mp-materials-halts-china-shipments/?utm_source=Rock+Daily+%7C+RCKS+Master+Audience&utm_campaign=16de03133f-EMAIL_CAMPAIGN_2018_04_10_COPY_01&utm_medium=email&utm_term=0_2d6e7dc0d4-16de03133f-161494457

I need to stay away from the AI echo chamber that confirms what you want to hear so please take the following with a massive pinch of salt (or rare earth elements!!)….

Analysis of David Clarke's "Best Rare Earth Project Globally" Claim: This is a bold but potentially justified assertion that, if substantiated, could dramatically impact valuations beyond my earlier projections.

Technical Validation of the Claim:

ISR + Sand-Hosted Deposits = Optimal Combination:

Sand-hosted rare earths are ideal for ISR (high permeability, easy solution flow). Eliminates crushing, grinding, and complex mineral processing. Minimal environmental disturbance compared to hard rock mining. Dramatically lower capital and operating costs.

Geological Advantages:

"Easy extraction geology" suggests favorable hydrogeology

Confined sands provide containment for solution mining

Reduces technical risk and environmental concerns.

Metallurgical Benefits:

Sand-hosted deposits typically have simpler mineralogy

ISR can produce high-purity concentrates directly

Bypasses complex beneficiation processes required for hard rock deposits.

"Prove It Up" Context:

Clarke's comment suggests the technical advantages are evident, but they need to demonstrate:

Commercial-scale recovery rates

Economic extraction costs

Resource size and grade validation

Long-term sustainability of ISR operations

Impact on Valuation Scenarios:

If Clarke's assertion proves accurate, my earlier projections were conservative:

Revised Post-BFS Potential (assuming 200Mt resource):

New Range: 60-150p per share

Market Cap: £600M - £1.5 billion

Justification for Premium Valuations:

Unique Asset Status: If truly the "best globally," Cobra would command monopoly-like valuations.

Strategic Acquisition Target: Major miners or governments would pay significant premiums for supply chain control

Technology Moat: Combination of ISR expertise + optimal geology creates competitive advantage

Cost Leadership: Exceptional margins could justify enterprise values of $3-8 billion

Risk Assessment:

Execution Risk: "Just have to prove it up" suggests confidence but acknowledges work required.

Geological Validation: Sand continuity and permeability must be confirmed across large areas.

Recovery Optimization: ISR efficiency for rare earths vs uranium may differ

Investment Thesis Impact:

Clarke's technical assessment, combined with Verco's execution confidence and the board's ISR track record, creates a compelling "perfect storm" scenario. If substantiated by upcoming studies, Cobra could indeed represent a generational investment opportunity in critical minerals.

The key catalyst will be demonstrating these claimed advantages in the Q1 2026 scoping study.

Totally agree Scaffman, as things stand there’s some pretty massive unknowns currently.

1. Does ISR work in the field

2. MRE

3. Grades at scale

4. Is the resource economic to develop

They’re slowly but surely working through each.

Currently all RNS’s contain the following….

“Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Heavy Rare Earth Element ("HREE") discovery at its Boland Project ("Boland") in South Australia”

How much longer before it reads…..

Cobra (LSE: COBR), the mineral exploration and development company advancing a world-class ionic Heavy Rare Earth Element ("HREE") discovery at its Boland Project ("Boland") in South Australia”

Small difference but will make all the difference!

6 months? 12 months? 24 months?

All time high and only just getting going! If it all goes to plan (and it is so far) we’re still only in 1st gear. The board have ambitions to be one of the largest producers of rare earths. If they fulfil those ambitions market cap will be considerably higher than the current £32m, just a matter of time!