Member Info for ShipwreckSheep

I wouldn't be too worried about the response, the results confirm what we hoped for and then some. And the "This, when coupled with our highly desirable metallurgy, sets the Boland Project apart from all other known ionic rare earth projects" in the RNS isn't just spoken lightly anymore, there's hydrological confirmation of the ISR viability now in addition to the metallurgical one and it's right there to see for whoever wants to dig into the results.

For anybody who doesn't want to dig into the results, the impact will be very clear when reading the upcoming Scoping Study, just that then it will likely be harder to get a good quote for larger buys.

PR can improve and should improve, but I'll take these flawless test results & no reaction in the SP any day over mediocre test results & big jump in the SP. It'd be frustrating if this was the final bit of news for months, but that's not the case, there's lots of news flow indicated in the next 3-4 months and those test results don't go away, the de-risking of the ISR viability doesn't go away, that's done. With this in the bag, every further metallurgical optimization hits harder, because these improvements now aren't a case of "these increase profitability metrics IF the in-field tests confirm ISR viability", they are now a case of "these increase profitability metrics, period."

They were positive about Cobra throughout at least, but no word about Manna Hill is almost criminal and what they talk about general rare earths is proper rambling

"Trials are anticipated to take 7-14 days" != "Results released in 14 days", especially when it's a third party (Rendement) conducting the trial. No doubt the results RNS isn't far away.

Personal announcement: I will going forward mostly post on the TG group (and Twitter), it's simply easier to be able to include images and links in posts or even pdfs when it's about research papers. So will reduce or stop posting on LSE. The Telegram group is set up for any existing or potential investors in Cobra to have active discussions about any opinions or questions about the company, and/or the wider rare earths and critical minerals outlook/politics/economics.

Nothing to do with the quality of the forum here, I think the contributions are fantastic and possibly the best LSE board without much ramp/deramp or random off-topic posts, but it's tedious that actual research content can't be posted in a more reasonable format.

Feel free to join the group if you're interested (note that the channel is separate from it, so if you're already subscribing to the channel, but aren't in the group, please join the group), or don't, if you're not.

Looking forward to many discussions on factors impacting the company and its projects on the slithering path ahead.

-SWS

Link (you'll need to replace "[dot]" by ".", case in point about LSE being annoying with links)

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

Not imminent (and honestly probably also not the best use of budget right or time now given it's full steam ahead towards 2 MREs in Q1), but yeah it is given the item made it into past presentation slides.

Honestly, if you look at the prints from yesterday, the vast majority of large prints (grey) were buys, 3.69 yesterday morning were buys with mid still at 3.60, after that the larger ones were 3.80 prints, other than the 3.61 larger print at 16:26

https://www.lse.co.uk/ShareTrades.html?shareprice=COBR&share=Cobra-Resources&trade-date=2025-11-06

Looking only at these larger prints yesterday that was > 40k£ worth of net buying (offset only by the 3.61 sell print). So really the small < 3.60p prints look like anchoring the mid, keeping Bid artificially low, could well be a broker working on more of these bigger buy orders for a valued client, trying to keep mid from getting away from the target entry despite buys also dominating in the other smaller prints yesterday and VWAP > 3.70p.

Would also explain why you don't get a fill for 100k shares buy order, if a broker is still working a buy order for a big client already. It's just not really a good strategy...sure the client might have told the broker "another 500k shares at 3.80 or better", but with buying interest also from others at these levels and really not much, if any, wanting to sell at 3.50 or 3.60, it's just time for the MMs to tighten spread, move mid, have market at 3.65/3.85, and possibly generate a little selling flow at say 3.7p, able to fill their client in bigger size at 3.80.

3.40/3.90 just works for nobody, it won't generate any selling flow to fill orders, AND it won't get buy orders filled, so really no clue what they are doing the past days, this is just lazy and not in line one bit with where real trading market is for large sizes.

I don't think it's happening that quickly, but honestly can't wait for Cobra to have ASX listing too and have a continuous automated book like *every* other exchange (ASX, TSX/TSX-V, NASDAQ/NYSE), LSE maintaining SETSqx for small caps with just MM quotes and auctions rather than a continuous book is by far the most outdated and irritating thing about the UK stock market.

Pretty crazy how they keep spread 0.5 wide, we had decent volumes last 2 days, some solid-size buys yesterday and VWAP yesterday above 3.7p, so really really odd decision once again to keep Bid at 3.4, when actual dummy sell quotes are at 3.60 and there wasn't a single selling print in any size at 3.4.

Not telling MMs what to do, but it seems just amateur to mark Bid over 5% lower than where you'd actually buy our shares when asked for a quote *shrugs*. Or wait, no, I do tell them what to do: you quote dummy sells at 3.60p, there's actual buying prints at 3.80p, how about MM guys do their jobs for once and mark this where actual market is, 3.60/3.80p.

I know right, Cameco now only up 90% in the past 6 months and only 870% in 5 years, not sure they can even afford a restaurant dinner now...it's not all that bad I'd say ;)

But any reason we are talking about a Canadian uranium miner on the board of an Australian rare earths and copper developer?

Probably does, but it's the 28th item on that list and no specific US/AUS deal on that one, as opposed to rare earths. So for instance Cobra have 3 of the top 5 elements of that list (apart from their copper, gold, molybdenum project) and gets talked about so little just because it's not on AIM but main market. Other rare earths explorers also have some of those of course, so Mkango, Pensana, Rainbow, Harena and the likes, but their deposits aren't in Australia, so can't benefit from that deal.

I think Empire is a great firm and hope it does well from here on out, hold only small here, but it is a well-run company. However, if we really wanna talk about companies where US/AUS deal should have large impact and that focuses on the top metals listed on that US Critical Minerals list you link, there's simply a far more obvious company to talk about than Empire.

Yeah, it's kinda funny how that US/AUS rare earths deal gets flagged here more than on the discussion board of the only UK-listed rare earths developer with deposit in Australia, which you're also invested in from what I understand, Dusty.

Bruce Parncutt gets several mentions here as well on the Money of Mine podcast, an interview with Australia's most successful gold explorer, Ed Eshuys, who is credited with the discoveries of major gold plays Plutonic, Bronzewing and Jundee.

Photo of the 2 together at 00:48min

Then 42:30min onwards on how he thinks about teaming up an exploration chief with a financing chief: "I think that's probably worked with DGO if we look hard at it, Bruce Parncutt, my colleague and co-director, he was a geologist, but he soon went into broking, and he ended up being head of Mcintosh Securities, which was one of the 2 Australian brokers. And they ended up being taken over by Merrill Lynch and Bruce was, you know, CEO of Merrill Lynch. So his background was he had a lot of experience in the market - and that combination has basically worked again. So the short answer is, yes I think it's a good model."

https://www.youtube.com/watch?v=LGfF46yezTE

Not only is it great to have someone like Ed Edhuys, who is extremely well connected in mining investment having raised 100s of millions of dollars in the 90s for exploration with Joseph Gutnick, be closely connected to Cobra's biggest shareholder (who himself is very well connected as a former executive of Merrill Lynch and Director of the ASX), but keep in mind that this combination of Exploration Chief and Financing Chief is exactly what we are also looking at with Cobra, with the combination of David Clarke and Bruce Parncutt.

Case in point btw on simply often being wrong or very outdated data - you said "ANDROMEDA METALS LIMITED WERE 52,009,980 ARE NOT IN THE TOP 25 THEY HELD 6.51%"

But that hasn't been the case since February, when those 52,010,000 shares were acquired from Andromeda by our Australian institutional shareholder Ausum Pty Ltd. They still hold the same 52.01m shares now too, haven't sold a bean.

https://www.lse.co.uk/rns/COBR/change-of-a-significant-shareholder-busu2huscjbrbai.html

And your table has

"7.88%

David Clarke

71,027,353"

But he is holding 95,001,759 shares, not 71 million, and has done for a while, so 10.54% of the company, as per Share Capital Information here:

https://investors.cobraplc.com/documents

Ghost, I really wouldn't look at simply, that website got so many data related info completely wrong, for one thing, I hold more shares myself than half of the people/entities on that Top25 holders list, and so do others on this board like bigmj and bcb.

Any of the institutions are nominated stock accounts for retail investors, I can already tell you that half of the "Barclays" one in your list are my shares for instance. The only institutional investor - for now - is Ausum. So any other ranking changes just mean that retail investors holding their shares with a given broker have increased/decreased their holding.

It's almost exactly 40% of shares held by Bruce Parncutt, Craig & Suzanne Ball, David Clarke, and Ausum. Then at least another 20-30% sticky-habd retail investors, might be over 30% in fact, with 4 of us here that I know of already combine for 12% of the company and several hold around 1% each in addition

I don't think there's much to it honestly, the story today is very simply a combination of factors:

1) Small flow story, some who executed warrants will be taking profit only now, but that's tiny amounts left and only matters because of factors (2) and (3)

2) Rare earths stocks in Australia and the US had a bad day: Lynas (-3.25%), Iluka (-3.56%), Arafura (-5.66%), MP Materials close to -10%. Not a single rare earths stock in the UK up today either.

3) Well, Rachel Reeves tanking UK sentiment and having pound sell off for sure has not helped small caps either.

Today is simply macro factors that cause selling, nothing to do with Cobra, and it hasn't been much selling either, less than 2.7m shares traded again, which is less than 0.3% of outstanding shares.

If you were wondering who the 3rd is with > 10% of Cobra shares, Craig Ball...

He might not be a former director of the ASX and have no Wikipedia like Bruce Parncutt, might not be a geologist with 50y experience like David Clarke, but former Executive Director of Corporate Finance at Taylor Collison (Taylor Collison Limited was founded in 1928. The company's line of business includes the purchase, sale, and brokerage of securities.) doesn't sound too bad either, does it?

"Craig has been responsible for numerous IPOs, underwritings and placements for companies across a broad cross section of industries including automotive, biotech, mining, oil & gas, wine manufacturing and industrial companies."

Holding (together with his wife): 10.42% of all Cobra shares

I just realized that one of the 3 is actually on Wikipedia haha

https://en.wikipedia.org/wiki/Bruce_Parncutt

Worse things in the world than that guy holding 10%+ of the small-cap exploration company you're invested in!? When another guy holding 10% of the small-cap exploration company you're invested in is a director of the company and successful geologist with 50 years career in that area!?

Well andy, 32.55% of 932,342,594 (share capital now) is 303,477,514 shares.

They were holding 96,839,420/93,941,872/95,001,759 shares respectively as per latest share capital information before the addition of the warrants, so 285,783,051 in total.

It's easily verified how many 3p warrants they held, as the Oct 2022 placing where the warrants stemmed from lists all 3 of them directly:

https://www.lse.co.uk/rns/COBR/proposed-placing-6ozwphyfcdr6mq2.html

So they committed to 10 million shares of that Oct 2022 placing and therefore held among the 3 only 5 million of the 3p warrants.

So they didn't have to sell any shares (and I doubt any of them did), as even with those additional 5 million shares from warrant execution, that only got them cumulatively to 290,783,051 shares, comfortably below 32.55% of the new total share capital.

That's not a bold statement LC, that's strongly the base case now.

Cash position is around 2m£ (it was 800k+ end of June, there hasn't been any expensive drilling or anything since, cash burn maaaaybe 300k and I think likely less, so 500k of that likely still in the account, + those 1.5m£ from the warrant executions now. An additional 410k£ pretty much guaranteed by July from the director options expiring then takes it to 2.4m£ and also July/Aug 40% of Barton shares can be monetized if needed, which is around 1.5m£ taking you to 4m£ to use BEFORE the Nov/Dec final warrant maturities

You have the full composition of what was executed in the Company House filing from Friday (let's see if the link works)

https://find-and-update.company-information.service.gov.uk/company/11170056/filing-history/MzQ4NzA3NzgzM2FkaXF6a2N4/document?format=pdf&download=0

So the only thing not fully clear is which ones the additional 7.46m warrants executed were, but you can work it out from the additional cash amount they brought in: 223,804.95£/7,460,165 is exactly 3p, so those were 3p warrants

So in total what was executed:

34,069,834 (reported in Company House filing) + 7,460,165 (extra reported today) = 41,529,999 warrants at 3p

7,504,410 (reported in Company House filing) warrants at 2p

5,444,286 (reported in Company House filing) warrants at 2.3p

for a total cash consideration of 1,521,206.75£

Would have been nice if they had just put that full summary in the RNS too though without needing us to go full forensics mode to make the numbers make sense

The maths are confusing, could have been clearer there, agreed

so essentially before the first warrants execution RNS (9 Sep), share capital was 877,863,899

Then from the company house filing we know the composition of warrants executed that took us to 924,882,429:

34,059,834*3p+7,504,410*2p+5,444,286*2.3p

for around 1.3m£

+ 7,460,165 extra executed that takes us beyond the shares already in the block listing and added another 223k of cash, for total cash over 1.5m£ from the warrant executions and total share capital of 932,342,594