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That's why we use "RNS averaging" (like dollar averaging in investments) and simply release one each week :D

Would love to hear from Ken too though, hear his thoughts on the Aussie-US deal and how he thinks projects will be selected for it on Aussie side - given he has been a mining entrepreneur and investor in Australia for decades (and of course a former Cobra director), he'll have a better take on it than any of us.

The question really is if this deal on Aussie side has the goal to benefit the Australian states/regions in a somewhat balanced way or if it's very concentrated. If they say "okay, x% of those 8.5b$ we want to see allocated to NSW, y% to South Australia", etc, the chance for Cobra being a beneficiary of it are much higher, if they don't say that it might just really help Lynas, Iluka, Arafura that are already billion-dollar companies.

B_Positive, how do you get to those numbers?

"* Valuation Range for 2C Only

ScenarioNPV ($M)Share Price (GBP, approx)Conservative ($400/Mcf)~$60M~4.0p"

So you say project NPV = 60M$, which is 44.75M£, so with 9,322,158,881 shares outstanding that'd translate to 0.48p SP

Not sure what maths you are using to get to 4.0p SP when NPV is 60M$..

Exactly, definitely unlikely that the first wave will even consider Cobra pre-MRE, but the first wave is 1b$, out of 8.5

So the second wave...or the third wave...or the fourth wave...

More importantly on macro news front: Trump confirms critical minerals deal with Australia

Yeah, I honestly also don't want them to be *pushy*, just there. It's possible that he thought "it's chemical formulas and none of them knows what pyrite even is" and that's why it was only RNS in the morning without video or tweet and then saw that it's received quite well and decided to record a video after all and tweet about it.

That's a possibility. But if that was not the case, then...well, I guess they also want their RNS to be as impactful as they can be, and it is still a fact that most of retail crowd check updates only in the morning, so generally when the RNS drops, a tweet that goes with it should be out within a couple of minutes. He's great tbh, and doing a lot, so it's not really a huge problem, but it could be something that is easy to fix, comms/social media, including the website being kept up-to-date at all times (yes, I know it's currently being worked on, but it's very outdated without Manna Hill and with Prince Alfred copper)

Very good day honestly, in the end it's still "just" metallurgy results that (at least most) retail investors don't get that excited about even when they should. So close to 5% up would be okay even on a day when the big Rare Earths companies aren't down 5%. Whereas on a day like today, that's fantastic.

And video made it quite clear what the next RNS will be and that they aren't too far away, the in-field study starting, and the Ce reduction test.

More likely broader market related and not Cobra-specific when you look at the bigger rare earths stocks on LSE today, PRE, MKA, RBW all down more than 5%

Only concrete info on that was the 200,000£ price tag for 2025 for the item "Metallurgy - Optimisation" after the raise in late 2024. How much of that is equipment/solutions vs paying ANSTO for the work directly is anybody's guess, but pretty good value-for-money whichever way one looks at it.

I'd imagine there's in-depth discussions between Cobra and ANSTO what to focus on in the optimisations, ultimately it will be Cobra that decides on the narrow focus, but ANSTO will no doubt have a big input in the discussion beforehand (and likely also during the tests if they consider change in setup beneficial) given they have a lot of experience with metallurgy, were for instance also crucially involved in metallurgy process with Rainbow.

Link that doesn't require signing up for Investor Hub:

https://res.cloudinary.com/investorhub/video/upload/v1760957639/leaf-prod/234/videos/201025_COBR_RNS_zvotgf.mp4

Interesting, so he actually mentions the "trialing of cheaper oxidants". And also the Cerium aspect of using oxidants.

Where is he doing that interview from though? Looks like a nice office, don't think have seen an interview of his with that background before.

Would agree Rog, that Fe will load the liquor and that an iron management step is needed, but from what I find there's mitigation steps (mainly pH window control) where REE remain complexed while Fe can be removed in a controlled step, but definitely would be a good question for Rupert on the Investor Hub RNS section.

Peroxide costing money too is ofc also a fair point, at the same time, this test was more a proof-of-concept, with them saying they do further tests now. If you look at the numbers, 13g of H2O2 were used on 175g of ore, producing an acid yield of >2g H2SO4, so over 11.4kg H2SO4 generated per ton of ore from extrapolation, which is way higher than the 3.88kg H2SO4 we need per ton of ore as per the results of the column ISR test from last week. That indicates we likely need closer to only 4.4g H202 for that amount of ore to get to the desired 3.88kg H2SO4 generated, or - again extrapolating - around 25kg H2O2 / ton of ore. There might also be other/cheaper oxidants. All in all no doubt optimisation steps to be done, but a great first result given that a month ago that orebody acid generation was not even known at all...so having a first positive follow-up result on that so quickly is a great step

Adding my post from the COBRHelp Telegram channel given it hasn't been discussed, but I aim to focus more on Telegram given it's nicer (adding images, videos directly, and being able to follow up statements in DM on side chat) and Twitter, so might be posting less here

"This section further down in today's RNS is actually really exciting: "This process has the added benefit of being the preferred method to supress cerium from recovered ISR liquor - pending liquor assays from the test will demonstrate the potential cerium suppression and associated REE recoveries"

The reduction if Ce (and La) is one of the big goals to push value/kg MREC and payability % significantly higher. The fact that the addition of oxidants does not only generate acid from pyrite and consequently reducing cost, but also seems to help with the Ce reduction and consequently increasing value, is very promising once again for project economics.

2 birds, 1 stone."

Don't think there is a video yet, sir

This is far bigger news than it sounds like, cause it isn't only cost. Yes, this reduces AISC, and could actually bring it to 4-5$/kg MREC, which is amazing.

But...

If the pyrite oxidation really can generate 100% of the acid need, we have a closed-loop ISR circuit. In a Tier 1 jurisdiction. This will make ESG-focused EU lawmakers have stars in their eyes, nothing less.

It's not warrants that frighten investors today, it's the US regional bank drama:

https://www.theguardian.com/business/live/2025/oct/17/us-dollar-worst-week-since-august-trade-tensions-stock-markets-bonds-business-live-news

Affects all stock markets, with rare earths ones also caught in the crossfire short-term

Over night:

Lynas -5.7%, MP Materials -6.7%, Arafura -8%, Iluka -2.4%, Meteoric -6.5%

And none of the UK-listed ones doing well today either:

Mkango -5.7%, Pensana -18.8%, Rainbow -8.4%, even the micro ones like Harena -16.7%, Altona -1.7%

Cobra is hanging in there quite well all things considered.

It is not necessarily "cashed up", Tom. The cash they raised is being used right now, 1 million for annual ML license fee, 4 million for the ESP work program, most of the rest for Galactica development in Q4 to get it to production. They of course also raised an additional 1 million for working capital needs, but that also needs to cover the 12% interest payment on the 2.125m debt they close out early, so 255k of that is already gone just for that, so they have around 700k maybe that is for salaries and keeping the lights on.

So yeah, no funds needed tomorrow, but the cash is all allocated to immediate tasks, it's not a "cashed up for the next 12 months, no worries" situation, it's a "Until year end, known costs are covered" situation.

Monday will be interesting on that front given the meeting between Trump and Albanese at the White House, with critical minerals and AUKUS pact in focus. It could definitely set the long-term scene for Cobra too if that meeting goes well

https://www.csis.org/analysis/what-expect-trump-albanese-white-house-meeting

Just a reminder for everybody who sometimes feels "Cobra focuses a bit too much on metallurgy at times, just get on with it" (that includes me, it's easy to get impatient when a prospect is as good as Boland):

Target AISC(All-in sustaining cost)/kg MREC evolution over time:

(1) Slide 19 from the Dec 2024 presentation, just over 10$,

https://res.cloudinary.com/investorhub/raw/upload/v1733215860/leaf-prod/234/documents/Dec-24_Cobra_Resources_Investor_Q_A_agykng.pdf

(2) Slide 19 from the Feb 2025 presentation after some flow sheet improvements, around 8$

https://res.cloudinary.com/investorhub/raw/upload/v1740479854/leaf-prod/234/documents/Feb-25_Cobra_Resources_Presentation_FULL_xghtcz.pdf

(3) Rupert's reply on the Investor Hub to the question where they target AISC with the recent big improvements on acid consumption front, 4$

https://investors.cobraplc.com/announcements/7207650

Sure, we don't know yet how many kg of MREC will be produced per year, but my best guess (with 6Mt ore/year, 1000ppm average TREO grade, 70% recovery rate and 80% payability) is somewhere between 6000t and 7000t that are payable. Let's use 6500t, split the diff.

With that, the optimisation since Dec 2024 increases annual profit by 6$ (AISC improvement) x 6,500,000kg = 39m$ additional (!) profit each year due to cost improvements.

Gotta love metallurgy!

If the government change their mind and want to finance a processing plant after all to get the UK rare earths security, I know a company that can provide them with environmentally-friendly mined MREC :)