Member Info for ShipwreckSheep

Yeah, I'm sure if Rupert had the control over that, he would have loved to have it ready for another Monday RNS, but depends on how quickly they get it back from ANSTO of course, similar to the permitting for the drill campaign on Yaninee. I imagine while they are waiting for those, they are very busy with pinning down further where exactly to drill Blue Rose, they won't get bored in Q4, that's for sure, ha!

Tbf the first batches already had this "Initial results define two large higher-grade zones exceeding 80 km2 that flank the main incised channel, reflecting similar depositional geology to the Boland Prospect", that's already the main story.

But if the 1000 samples confirm this and ideally extend the zones given that the results to come are from samples that could extend one of the high-grade zones further to the East if there's continuation, so that's exciting. And could even define a 3rd high-grade zone given Rupert said they are occurring at the edges of the paleochannel and another set of the remaining samples is from the Southern edge of the paleochannel, would be even more exciting. This would really underpin scale even more, I'll personally be happy with the Boland/Yaninee maiden MRE to be 50-100Mt for the start, that'd be several years of resource to produce from as it is, but these additional high-grade zones will directly go into future MRE growth and make it more and more likely that it's a project that can produce revenue for decades (ofc all conditional on ticking off all the boxes in the next 2 years or so).

Not sure tbh, it feels more like somebody with decent holding decided it's time for them to take profit, I'm sure we'll see that more often along the way given that there's quite a few people holding > 1% in the company and also fair if somebody wants to take profit ofc. Not the worst thing, they take profit at a level they're happy with, the rest of us get opportunity to build the sticky-hand position and pick up a few more at a cheaper price, win-win.

I'm as excited as anybody about the prospects, but the value catalysts will drive the market cap (and, given that Rupert and co have been very very careful about dilution with David and other insiders being very major shareholders themselves, this is synonymous in Cobra's case for "drive the share price"), it's completely fine if some take profit along the way, actually even welcome for anybody who still wants to increase their position for the likely (Note: not guaranteed) re-rate to fair value

Do you expect to exercise them and lock in the profit by selling, MJ? Or just exercise and let the increased share amount run, given you expect much higher MC over the next 1-2 years? (in case you're willing to share your strategy, no probs if not)

Still somewhat curious to me that we haven't seen any early exercises in 3p warrants at all given SP is close to double the break-even. Makes total sense with the 2p ones given they can be exercised next tax year, but with the 3p ones?

I think it's unlikely after all for what it's worth, as William Branwhite Clarke found those gold sources in NSW, not Barossa valley, but given that his family apparently has a lot of history in the Barossa valley, it could well be that the ancestor they talk about was a gold miner in Lady Alice mine in Hamlin Gully, given that it's near Barossa goldfield and 2 of companies he's heavily involved in are named after it. Alright, enough reading about Australian Gold Rush for a Friday evening, but it's nice that Cobra, having taken over all shares of Lady Alice Mines Pty Ltd in 2019/20, is linked to Australian mining history to the first Australian gold mine paying dividends (even if, of course, only by name).

Patience! The Clarke family seems to be very pivotally involved in Australian mining for 200 years now. When I found the things below about Lady Alice Mines and Hamelin Gully, that Wikipedia article about the Australian Gold Rush (https://en.wikipedia.org/wiki/Australian_gold_rushes) also had a section about a guy called William Branwhite Clarke, who found several gold resources in 1841-1844. Earlier I though...no...it couldn't be...Clarke is a very common family name after all.

Well, but then I found that other article about David's wine business: https://www.afr.com/life-and-luxury/arts-and-culture/my-wine-20051104-jgcqi

"David Clarke is a geologist by training, and minerals run in the family. His great great grandfather was a goldminer in the Barossa Valley. His father was a geologist and his son, Sam, and daughter, Nicole, had geologic input in their education and careers."

So yeah, it could be his great great grandfather then? Not sure, maybe not, but it's quite interesting (more so than most QI episodes) to try to connect the puzzle pieces of South Australian mining history. Even if not true, his experience is very impressive if you research the career path and the multitude of different minerals he has been involved in, and his passion for mining makes even more sense now after learning that back to his great great grandfather, the family were geologists/miners.

It's actually really interesting to venture down the rabbit hole with researching Cobra. As most probably know, through the original Wudinna Agreement Cobra acquired 100% of the share capital of Lady Alice Mines Pty Ltd in 2019. Not sure if anybody ever googled where the name stems from, I haven't. Until now, when we learnt that the private company that held Manna Hill before its merge into Cobra is called Hamelin Gully Pty Ltd. Again not a name that meant anything to me, Hamelin Gully.

Until a venture onto Wikipedia, and see: "South of the Barossa goldfield, the Lady Alice Mine in Hamlin Gully, discovered in 1871 by James Goddard, was the first South Australian gold mine to pay a dividend"

With Lady Alice Mine and Ham(e)lin Gully both now irreversibly linked to Cobra...that's a sign that Cobra will also become a dividend payer in future. Right!? Curioser and curioser.

Quite extraordinary tbh of MMs to mark spread at 0.5 wide for the first time ever and keep mid below 6p that way despite actual trades being 5.875/6.12 roughly

That's because that website counts e.g. HL or Barclays, or whichever, under "Institutions", so pretty much all of our stakes will be in the 45.5% number in your list, not the "General Public" one

Have to admit that I was several times in 2023 and 2024 starting to doubt if the company played it as well as they could have strategically (although, like bcb, I've never sold a single share), but they did it perfectly, they made sure to add that other paleochannel license (where the Yaninee high-grade zones now are established) to the company before putting the cards on the table and what a set of cards that shapes up to be

Interesting that Barton Gold had presented at that same conference the video is from! Or maybe not given that it was South Australia-focused, but would have quite enjoyed being a fly on the wall there

Your eyes are better than mine if you can read anything on that map at 2:00 mins, but yeah, it's definitely plausible that it wouldn't be in the Manna Hill license - otherwise he'd have talked about it on Tuesday. To be fair, probably right now a 3rd project would be too much for Cobra to lift anyway, but it makes me just more excited to know that David, Rupert, and Robert seem to hold another absolute prize asset in their private company, which might have at the very least a small chance to also be merged into Cobra if and when the time is right to do so. Those gold grades at Dodd Hill are nothing short of mind-blowing, with one of them even being bonanza grade. Who knows, maybe one for the future and would be not any less exciting than Blue Rose imo.

Pure coincidence I found it tbh, I was looking at the AI-created transcript from the webinar and when he talked about the native title dispute in the past and that there was a new native title claimant that resolved it (Hamelin Gully), I wasn't quite sure what or who Hamelin Gully was, but after looking into it, it became clear quite quickly that it is the private company that the same team is involved in.

And yes, I agree, super interesting presentation, I'm tbh a bit confused about it, it ofc is about Manna Hill, there isn't a shadow of a doubt about it given it's Robert Blythman giving the presentation and that it covers Blue Rose and Netley Hill extensively, but it also covers: Anabama Hill (Rupert had mentioned Anabama in the webinar, but not really listed in the RNS about Manna Hill), and then if you look at the slide about gold around 11:00, that mentions Taltabooka Goldfields that has Carlin-style mineralisation (so it sounds like Golden Sophia from the RNS), BUT (!) it then also mentions Dodd Hill with 50km strike potential and gold grades of 16.8g/t, 5.1g/t, and a quartz vein with 7.8g/t? Now what exactly is that one? Is that also within Manna Hill? I'd expect no, or with these grades Rupert would surely have talked about it with another big smile on his face, but even if not, if that's another asset that Hamelin Gully hold, there's at the very least a chance that they'll consider bringing that asset into Cobra also if and when they want to have the benefit of a public company for exploration costs!?

Maybe it wasn't a typo after all, Paul!

Yeeeeees thank you GGPThru, the flatlining comment was on Wednesday, then Thursday happened, so given you wrote it today means Monday will be fun!

BCB, you have some buying to do to get close to the 3% level again...jk, good to hear you are still holding around 2% of the shares!

5.77? Holy s***, I wanna switch to your broker :D

Bit misleading to say just that Bill, this is the quote -> They have a technical team that was shared with the private company that the same people are involved in (that private company is called Hamelin Gully Pty Ltd), so the Manna Hill project was owned by Hamelin Gully (here's a presentation about it from the guy who is also exploration manager for Cobra: https://www.youtube.com/watch?v=KbuNxwHcqeU ) while Boland was owned by Cobra, and now they consolidated both assets in Cobra for synergy so the technical team can fully focus on Cobra and the scale of Manna Hill is better suited for a public company.

"Now, on a small team operating across dual projects, what a lot of people probably don't know about Cobra is I'm the only employee. We have a great technical team, but that technical team has been deployed across two companies. Now, what this project has enabled us to do, and it's been great in that that's kept our wages and our salaries to a minimum, and we've been able to maximise the amount of capital that we put into the ground. But having this asset in Cobra as well means that that team can be deployed between both Boland and Manna Hill. So we're going to get the right efficiency and be able to deliver twice the news flow."

Anyway, this isn't the Cobra board, so I won't elaborate, but what you wrote out of context was misleading.

For me it was late 2021, was looking for low market cap miners with big potential by watching InvestorMeetsCompany hour-longs, maybe that's why I think it'd bring more new retail investors on board and would be a good PR move for Rupert. Lots of videos satisfied the first criterion (low market cap miner), but not the second (big potential), so then it was between COBR and EEE, but preferred COBR and first bought in Dec 2021, then built mostly in 2022. Kicking myself a bit that I didn't participate in the late 2023 raise now despite being invited, as I'd have all those 3p warrants to execute now!

For sure, honestly I'm trying not to think about all the different milestones there over the next 6 months.

- The flow sheet optimisation is crazy exciting if it succeeds to reduce lanthanum and cerium in the MREC if that really has the effect that Rupert mentioned in the webinar yesterday, taking a kg of MREC from 18$ price at current spot prices to possibly over 30$. My assumption is that AISC is somewhere around 10$ per kg MREC, so if they pull that off without increasing AISC too much from the reduction of Lanthanum and Cerium, that more than doubles profit by kg

- The in-field ISR study is key, although likely that they will be able to further optimise that along the way like most metallurgy, they've been very good with that, so as long as positive signs from it, I'll be happy

- The MRE is more of a side story imo, we already know there's a lot more scale to Boland and Yaninee than will be the maiden MRE, so if it's >50Mt, ideally over 100Mt at around 1000ppm, that's great to me and will make for a very nice scoping study

And then you have the bigger volumes of MREC that they will share to potential offtakers, so that could go fast then as well, as well as the R&D grants and partnerships Rupert hinted at yesterday. All of what will be going on at Manna Hill extra. Too much to think about, and while there's never a guarantee, the risk/reward is heavily skewed in our favour imo.

So for now, I'll try to calm myself and focus on the very near term, I wanna see those 1000+ re-analysis samples from Yaninee, those are super exciting given 2 edges of the paleochannel are missing where high-grade zones are more likely, I'm more excited about those than about the MRE, as those will be future MRE updates that really determine the eventual scale. And also really would want to see warrants executed to increase cash budget for Rupert and co, but the challenge could be that A LOT of the 3p warrants are held by David Clarke and some also by Rupert from the raise back then, and that they might not be in a position to execute them given they have information that is not yet public (especially in such a news-heavy phase), so we might see an extension of warrant expiry date for them due to it. Still other warrant holders left who I'd expect to exercise before the late Oct 2025 expiry given those are all deep in the money now.

MRE end of the year or possibly moved to Q1 given that they want to bring Yaninee high-grade zones into the MRE at the same time, that's where they wait for the final permitting still.

In other news: GGPThru, can you please say "the share price is flatlining" again like yesterday? It seems to do wonders to the SP :-P

Could always happen Howard, but (a) I don't think that we're yet that close to fair mcap for the stage the projects are at to cause massive trading activity, it still is at a level where it makes lots of sense - in my opinion at least - to build a long-term investment position, even if starting to look at Cobra now, and (b) it's not AIM, so it doesn't attract the typical AIM crowd that can be a bit unpleasant with trading around and ramp/deramp actions without value, and (c) the fact there's such sticky hands here (significant investors 40% of the share register with 10-15 here who also hold between 1 and 3% each of the shares), close to 60% of outstanding shares are likely in very sticky hands, it does affect liquidity, if a typical "AIM trader" came here they'd get frustrated very quickly, even today, which obviously is a very very positive day with lots of interest after yesterday's webinar, less than 1% of shares outstanding traded all day, and there were several times during the day that people commented on here that they don't even get a quote for 100£ worth from their brokers...so yeah, sticky-hand-ness might be the best natural defence against the share becoming a "traders' share"