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Let's face it, the Roast guys are not the kind of PR that's super useful AND hasn't ever really driven the Cobra share price when they mentioned it - unlike Crux and Investor Meets Company webcasts.

Sunday Roast have shown time after time how out of their depth they are about rare earths & that they're not willing to do actual research into the companies they mention, which is a bit absurd for a podcast about small caps.

PR in 2026 will almost run itself tbh, that's my expectation. If you do a year of mostly metallurgy optimisation, you gotta try hard to bring attention to the stock, and at times in 2025 that was noticeable. If you do a year of "Drill Baby Drill", several MREs, likely some offtake news and a Scoping Study...well...let's just say not very worried about Sunday Roast on PR front haha

That's a given that Crux Investor and Australian podcasts like Money of Mine have the far far better interviewers, Sunday Roast sometimes you just wonder...like this Sunday when they basically just read out the summary of Cobra's latest RNS without really much of an additional comment on it beyond "sounds good" haha...they mean well at Sunday Roast, but I still think they have zero clue about rare earths or they'd have had way more to comment on the Cerium suppression success, there was enough meat in those latest 2 RNS for an actual Sunday roast.

And I don't think they've even once mentioned the copper project on Sunday Roast yet, doubt they're even aware, which is somewhat odd given that Cobra is clearly a stock they like.

Either way, I'm with Trombone, I think IP survey still is in "being analysed" status, which is if anything slightly positive news - if there wasn't lots of structure to interpret, it wouldn't take long to interpret it

Yep, doing quite well and decent buys also the last days, even though maybe not as chunky as that sell from yesterday

Would be nice to see news tomorrow if they want them to have decent impact, given that nobody will focus much on stocks during Christmas with only 2 full trading days between 24th Dec and 2nd Jan

Yeah mate, following the Barton news flow over the last few months has been very exciting, and from their interviews it sounds like there's a clear path to being a real cash cow if they execute the strategy well and becoming a gold producer in a bit over a year.

Which is pretty exciting to me, because Cobra already hold 6.45 million Barton shares, and once Barton prove up 500k oz at Wudinna (from the 288k that Cobra had already as MRE), Cobra gets to ~8 million Barton shares. Part of me is all "that's just liquid paper that Cobra can turn into cash for funding", but part of me is "that's a long-term strategic holding for Cobra", because once Barton are producers in a year or 2, it's not unlikely that they become a dividend payer too and quite frankly with owning the Central Gawler Mill and 4 gold projects basically next to each other in South Australia with very shallow deposits that are cheap to mine, Barton should manage to sail very smoothly to unlock their full value.

Pretty sure Rob's presentation in the US went very well given he's already booked as speaker for the 2026 conference in Perth also by ALTA: altamet.com.au/rare-earths-and-uranium

And yeah, for sure the Blue Rose IP survey will before Christmas imo, and from the video alongside yesterday's RNS it sounds like getting more flow sheet rare earths news before Christmas is definitely also possible

Or bit late, GGPThru...Christmas was 14th Oct RNS: "Christmas has come early with these results"

But I'll wait until after IP survey results with my wishes haha

Thanks for elaborating, Rog. I agree that linking to the previous RNS would have been even better, maybe a question for the Investor Hub?

They were saying that they test different oxidants as follow up to the one with H2O2 after all, cheaper ones, and I'd assume we still get those news soon enough.

But yes, there's interesting questions arising: The previous (oxidant) approach did utilise the acid generation from the pyrite, but Ce was "only" removed up to 90% (still crazy high), and it introduced the iron from the oxidation into the solution. And as you say, while it reduces the acid consumption even further, oxidants also aren't zero cost. So all in all it's nice to see that it can also be done in the flow sheet directly, and remove 100% of the cerium that way rather than 90%, even further improving the MREC composition.

My best guess is that the oxidant approach is still the plan, he said in the webinar Q&A earlier in Dec that the AISC per kg MREC is currently 6$ without accounting for any acid self-generation and that they are confident they can get it to 4.5$ with that approach, so was a clear message that it's still the preferred way.

Given your geochemistry background is definitely stronger than mine: is it an option to combine the 2? Oxidants in the ISR process, get the treated PLS that has 90% of cerium removed from the oxidation process, then remove the residual 10% of Ce in the flowsheet subsequently?

The mystery is how they don't quote you anything better than 4.51 for a sell even in small size if any buys are at full Ask (in small size) or well through Ask in bigger size

Interesting Scaffman, so your arsenic question was actually about the REE, I see. I thought it was about Golden Sophia given arsenic is a thing in Carlin-style gold

Kuro, they moves to 2 shares in a trade now!

4 shares in total sold so far today across 3 trades. Definitely special

Rog, can you elaborate? Always interested in your take.

Imo the ability to remove Ce in the flow sheet has an obvious advantage to leaving it in the ground: "Cerium carbonate is expected to be sold as a separate by-product"...even if it's low value, being able to sell it separately adds to profit and is something that'd be impossible when leaving it in the ground.

& having the optionality to remove 90% through oxidation upfront and the remaining Ce in the flow sheet adds value too

Would agree with you that the previous result was far more significant, pushing MREO% from mid 20% (which was already good) to 37% (which is really high), and that today is a more marginal value add, but getting rid of ALL the cerium rather than 90% and adding optionality still adds significant strategic value imo, so curious why you think it muddies any waters?

Are we not talking about the 39.12$ basket value per kg MREC AFTER payability % discount?

Vs 6$ all-in cost? 33$ profit/kg is a margin that's competitive with China even.

How is it that positive? Late September RNS confirmed purchase of ESP equipment and mentioned start of the pump test in Q4, today's RNS states that the pump arrives in mid to late December, so maybe still Q4 for the tests to begin if they begin pretty much right after the equipment arrives in Tanzania, but only just Q4.

So basically very little seems to have happened in Rukwa for an entire quarter? Despite a "full speed ahead" funding amount in the CLN funding they had done

"Will have decisions to make if/when 10p is in sight, it will be a nice position to be in."

Only decision for me at that SP will be "buy more or not", 10p would be 93.2m£ mcap, that's not close to fair value for a likely 100m$/yr profit rare earths project (even when using conservative end of range for the input metrics) and whatever Blue Rose shapes up to. But makes sense that for some target levels are different (and also know that for some it's higher than mine)

Our second (or third if we count Wudinna, where Cobra still own the economic rights of the rare earths) REE project got a mention in this article yesterday, "Tasmania Emerges as Critical Rare Earths Supply Hub"

https://discoveryalert.com.au/tasmania-reshaping-australias-critical-minerals-future/

Welcome on board CF. I'd say often you get buy quotes 1-2% from mid, it's always marked considerably wider than actual quotes get shown, yesterday the skew was just the other way where Mid was marked at 4.45, and test Sell quotes got shown above 4.40. But you should have plenty of times when you can buy very close to marked mid.

As for liquidity: definitely agree as it'll be important for more institutional investors to join the register, at the same time it's hard to see huge daily volumes in a share with such tightly held share register (~40% by the 3 largest shareholder and the institutional one and another at least ~30% by retail LTHs with sticky hands). Tightly held register is both a blessing and a challenge at times here

Best of both worlds maybe? If the cricket guy Boland is doing badly in the game, his recovery rates could be higher after it. That's how we get even higher Boland HREO recovery rates haha

Google always shows last traded price, LSE shows Mid, Mid is more interesting, especially when Bid/Ask is wide, as then looking only at last traded price makes it a bit random depending on whether it was a sell or a buy

Agreed tigger, the bid at 4.20p is just odd as can be with the lowest trade print all week at 4.50p. Mid clearly also makes no sense at a level below it. The irony of the SP getting marked down by MMs on a day with only buys...

But not worth letting that be a distraction, eyes on the IP Survey that we get and the further flow sheet updates. Let's face it, MMs' price marking oddity aside, price action today with each trade print being a buy was actually really encouraging

Agreed nmackay, that's just silly, what was the point of moving Bid to 4.20 when the lowest sell of the day was 4.536, higher than the previous Bid (also doesn't seem like any late reported trades). 2-way market yesterday afternoon and most of today was something around 4.55/4.75 on average, so yes, moving Mid slightly lower from 4.70 made sense, that's fair enough, but the actual traded market Mid was closer to 4.65, not 4.55, so they could simply have marked 4.50/4.80 instead of 4.50/4.90, it's still not exactly tight spread even then, but 0.7p wide spread is just...questionable.

I get that with SETSqx, MMs are allowed to mark Bid/Ask according to how it suits their own book and that the issue is the lack of automatic book for SETSqx overall, but it gets close to taking the p*** to mark it the widest spread they've ever marked it in Cobra when the last 3 days have been healthy volumes/liquidity. Either way, we won't be able to get rid of SETSqx anytime soon, so gotta live with it, nothing that can really derail the fundamental story that medium-term always drives the market cap luckily.