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I'd expect 3 more:

the acid generation studies about the orebody (can reduce acid cost further and it's already gone from 15kg/t ore to below 4kg/t)

the beginning of the in-field ISR study (pump test, permeability test)

the one that could be a big big story, the Ce/La reduction that according to Rupert in the webinar has the potential to move value/kg MREC from 18$ to 30$+ and double profit/kg.

Could be that we get something on other flow sheet optimisation in addition and/or one about the permitting for Blue Rose drilling campaign, but the 3 above are the more important ones imo, especially the Ce/La one and then I guess the acid generation one, as the in-field RNS will only be something like "All the equipment has been set up at the Boland well field and testing started with results expected in 3-6 weeks".

It is pretty crazy though, on Barclays at least currently would get 4.43p to sell as much as 750,000 shares. If they have such strong interest to quote that for a sell of that size, less than 0.5% from marked mid of 4.45p, then really it'd be time to move mid higher.

One of the biggest pains of the UK market, SETSqx...on US market or Canadian or Australian it'd all be continuous fully automated order book also for small-caps, god knows why the UK is unable to move past that antiquated SETSqx for small-caps.

Swings both ways though the wide spread, also will not attract sellers if they'd have to sell far from mid.

Chicken and egg problem a bit. Volume is low, only 270k shares have traded so far today, that is 0.03% of shares outstanding, so the low volume with keep MMs defensive and consequently marked spreads wide. And wide spreads in return will keep volume low.

That said, those mostly tiny mass-reported prints at the "marked" spread aren't really consistent with what you get quoted at any broker I know, both Barclays and HSBC quote you roughly 4.43/4.63 as actual 2-way market, which isn't that wide (although seems strange still how they mark mid with actual trades on the selling side mostly at that 4.43 level super close to mid.

I think so too, but definitely hope that it'll be steady with 3-5% moves, not a 40% spike.

It's 70% or so of the total share register in sticky hands (40% are the original Wudinna project vendors & the institution that stepped in for Andromeda, and likely another 30% or so in sticky hands, could even be more with at least 3 on here holding close to 3% each and many others 1%+), so it's really the remaining ~30% that drive the SP action. So the focus must be to attract the right crowd for that, new high-conviction investors who look to build a decent long-term position for what's (hopefully) about to unfold with Boland, rather than attracting the "trading for 10% profit and actively trying to disrupt shares in both directions" crowd that we've all come across in multiple shares over the years.

The exception I will make is if the Ce/La reduction results are overwhelmingly positive, that would in my opinion be the one news item that could very strongly fundamentally underpin a big and quick SP rise that should also prove stable, given that this would be the RNS that could push profit metrics per kg MREC from 8-10$ to 20$.

5p first to claim back, then 6p, then 7p, then...

I wouldn't anchor mentally to 6p. Yeah, I know that's where the last SP uptrend halted, but the only reason for that was mechanical - the short-term warrant overhang (which is either totally or almost totally out of the way by now). If you think back of the days from September webinar which really explained the value drivers here very well to the day of first warrant exercise RNS, the momentum was still going very strong into 6p still, there was no real signs of exhaustion.

So yeah, fine, let's get back to 6p slowly and steadily, but it shouldn't be a psychological anchor, because (a) without the warrants dynamic entering the scene, momentum would have blown right through that level in early Sep, and (b) 6p isn't really anywhere near a level which most of us would consider fair value I think?

Yes, that is one of the key lines, and the much shorter time for the increased production potential, that will be important if/when there's enough offtake interest, so 5-6Mt/year wouldn't be a bottleneck anymore most likely.

Overall on profitability metrics front, it's a positive RNS, confirming the lower acid cost, so likely we look at 6.5-7$ AISC now compared to 8$ before, but the real key RNS would be the Ce/La reduction one, that's the flow sheet optimisation step that Rupert mentioned in the webinar could push value/kg MREC from 18$ to 30$+, so that could more than double the profit per kg MREC and should really also then affect the SP accordingly (although it probably won't because nobody will bother to try to understand what it means until Rupert does the research for them and says "EBITDA/kg MREC now looks ~20$ instead of 10$")

If any of you were asking themselves "Compared to the RNS from 11 Sep 2025, aren't the recoveries % a bit disappointing? What am i missing?":

The 11 Sep 2025 was diagnostic leach, think of it as proof of chemical viability under ideal conditions, while the column ISR test from today is proof of hydrological feasibility (ISR behaviour, flow, leach kinetics)

What’s Going On

1. Column ≠ Beaker

• Bench tests are static - crushed sample sits in a bath of acid for extended time.

• Column tests simulate ISR leaching in the ground - lixiviant percolates through ore, interacting only as it flows.

• That almost always yields lower % recoveries because contact time is shorter and flow isn’t perfectly uniform.

In other words: 65% in a column test is excellent - it confirms the ISR mechanism works at scale.

2. Lower acid molarity, lower recovery (by design)

• September tests optimised for chemistry.

• October’s test purposely used lower molarity to prove you can get good recovery with less acid → that’s the 75% acid reduction result compared to the previous column ISR test.

• You trade a bit of recovery for huge opex savings.

3. This is step one of “optimisation curve”

• Next, Cobra will adjust residence time, flow rate, and column height → recoveries should rise again (likely 70–75%) without raising acid use.

• These follow-up tests typically improve kinetics once equilibrium flow paths are tuned.

4. ISR viability confirmed - that’s the key

• The goal here was not to chase the absolute best recovery % but to confirm:

• The aquifer is permeable and confined.

• ISR chemistry functions under flow conditions.

• Acid and reagent consumption are ultra-low.

That’s all been achieved. So yeah...Santa came early

Haha I applaud your enthusiasm, but mentioning Cobra (too) much on other boards just risks that this board here also ends up in shambles with people cross-ramping other shares here, which I think we all hope it won't.

There's better places to try to bring Cobra's fundamental progress and excellent risk/reward setup as an investment case to people's attention, why not create a Twitter post if you really want to spread the word? Or even just retweet Cobra's own tweet on there?

To be fair both look very decent, both companies with very solid grasp of metallurgy and collaborating with ANSTO. Which puts them far beyond the vast majority of rare earths companies.

The news today are great on cost front, moving from 15kg/t acid in the previous bench scale ISR test to below 4kg/t acid now with similar recoveries of terbium and dysprosium and faster too is overall very promising signs once more and goes some way again in derisking Boland further. I expected SP move to be bigger if/when they report reduction in Ce/La as that is really what can push the value of kg/MREC to 30 compared to 18$ now, but then again today isn't (yet) about profitability per kg MREC, but about another data point that increases conviction that ISR is a green light.

No "luv the blue"?

Usually only one direction when you mention it's flatlining :D

Quite positive overall I'd say that we're flatlining without RNS in the past 2 weeks, that's a sign of strength for a junior if anything

Yes, all bodes well for us, medium term. Very short-term, if global stock indices tank tomorrow April-style, less sure, but at the same time Cobra doesn't have crazy high beta to main indices

Exactly my point.

It's sad that the actual warrant-related flow in early and mid September killed off the positive sentiment from the fundamental progress and that the "warrant overhang" narrative still seems to keep people from picking up that positive sentiment from pre-warrant flow, even though it seems strongly like that's all been cleared by now. All that remains is "sentiment overhang".

Over 20,000 shares traded in the first 2.5 hours!!! If that doesn't indicate massive warrant-related flow, then what does?

Yeah telegraphist, was pretty odd of MMs to leave mid at 4p, when it was pretty balanced between sells and buys today with both groups between 400-500k shares, and the volume-weighted average sell price >4p with the volume-weighted average buy price close to 4.20. It couldn't be much more obvious that spread should be 4.00/4.20

Side VWAP (p) Volume (shares)

Sell 4.004p 488k

Buy 4.193p 427k

"You definitely can’t knock RV’s responsiveness."

I can lately, several emails and questions on the investor hub that got ignored, but yes, he has also come back to me about the website update likely being completed in a couple of weeks.

Not a secret that I think Rupert is a great guy and that Cobra has a massively exciting project portfolio, but it's both frustrating and strange that the website will only be updated 2 months after something as substantial as the Manna Hill addition. I wonder what Vigo Consulting are really doing on Investor Relations front, because they do get paid for it, and they must have been the ones advising Cobra "Nah, leave all videos only on the Investor Hub that requires login, don't post them to Youtube too where potential new investors could see them". Would probably be money better spent on a Social Media manager which they can probably get for 50k£ a year (doubt they pay Vigo less) and who could be fully focused on Cobra (unlike Vigo) and keep the website updated in real time & manage the engagement on Twitter. This isn't just about new investors, this is highly important to get on the radar of potential partners and governments at this time of heightened focus on rare earths. I'd agree that it's sad that it's needed, but we live in a time when the government grants go to companies who shout the loudest, as it's also the style of the US administration. I'm against empty hype, but shouting loudly also when you have the clay-hosted resource with the highest HREO/kg MREC ratio (as per Dec presentation slides) & one of the lowest AISC estimates in any country, that would be simply strategically adequate, not hype.

Nobody:

MMs: "So we have 180,464 shares sold at an average of 3.989p today vs 181,575 shares bought at an average of 4.191p today, what do you think, should we keep it marked at 3.80/4.20 with 4p mid or move it to where it actually trades, 4.00/4.20 with 4.10p mid? Naaaaah, let's leave it at 3.80/4.20"

On that note also once again flagging the Telegram group, where we can post pictures and videos too and links display properly (gotta replace the "[dot]" with "." in the link):

https://t[dot]me/+ftHnBv-baK80OGU8

Agree moneymetal, it's time to step up the investor engagement. They are quite responsive on emails and on the Investor Hub, which is already good, and the retail investor drinks were good too (although honestly that could have been a lot better if it hadn't been RNS'd only 2 days before the actual drinks which were also scheduled right in the middle of the work day).

But (a) the website is not up-to-date at a time with a lot of interesting news flow coming, Manna Hill is not listed in the Projects section even 6 weeks after it's been added in the Cobra portfolio, and the main section of the website still shows "Gold - Rare Earths - Uranium" as 3 pillars Cobra is built on. This takes way too long to update at a time when new investors likely want to learn about the company. Let's be honest, if you know nothing about Cobra and you go on the website, you'll look at the main page, then click on "Mineral Reserve Estimate", which shows only the Wudinna gold that has already been sold to Barton & only the REE footprint at Wudinna rather than Boland (which was lower grade and not ISR-amenable), and you'll think "35m£ for that? Thanks, but pass", because it's not showing Manna Hill at all, not showing Boland that obviously (e.g. Rare Earths should clearly be the first pillar in that graph, not Gold), and not stating that we also have over 8m A$ in Barton shares and get more at future milestones with the Wudinna gold asset.

As for (b), I wrote that yesterday in the Telegram COBRHelp group: "kinda wonder why Cobra themselves don't post images like the GDP impact one on their social media, it's such an easy story to present with Boland, Dysprosium and Terbium are so critical and sought after.

It's quite notable that Barton Gold for instance are super active on Twitter ( https://x.com/bartongoldBGD ), posting about gold price half of the time, while Cobra never tweet anything that isn't directly linked to an RNS, even though there is more than enough about the underlying commodities - REE and copper - to tweet and retweet"

Everybody is talking about rare earths, also on social media, Cobra should put itself on the radar by retweeting key news about rare earths too, not just company-specific RNS tweets.

Lynas up another 5%, Meteoric 14%, ASX rare earths stocks reacted to it over night