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THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU
WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS
DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR
INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
19 March 2024
Cobra Resources
plc
("Cobra"
or the "Company")
Option to Sell Non-Core
Tenement
Cobra,
an exploration company focused on the Wudinna Project ("Wudinna")
in South Australia, announces that it has entered into an option
agreement through its subsidiary, Lady Alice Mines Pty Ltd ("LAM"),
to dispose of the Company's non-core tenement EL 6016 ("Prince
Alfred") to TC Development Corporation Pty Ltd ("TC Development")
for up to £80,000 in cash (the "Option Agreement").
Key
Terms
· Cobra
receives an option fee of £30,000 within 7 days of executing the
Option Agreement in return for granting TC Development a 12-month
exclusive right to acquire Prince Alfred
· If the
option is exercised prior to the expiry of the Option Period, TC
Development may acquire Prince Alfred for the sum of
£50,000
· Cobra
retains a 1% Net Profit Royalty from any future production from the
tenement area
The
Prince Alfred Project
· The
project is located within the Adelaide fold belt where Prince
Alfred covers 9km2 of the historical Prince Alfred
Copper Mine where ~40Kt at 3-5% were produced from
1870-1910
· Prince
Alfred does not form part of the Company's ongoing strategy which
is predominantly rare earth, uranium, and gold focused
Related Party Transaction
David Clarke, Director, Business
Development and Asset Marketing at Cobra is a related party by
virtue of being a director of both Cobra and TC
Development.
Neither the grant of the Option
Agreement nor the exercise of the Option Agreement requires
shareholder approval under the Companies Act 2006 or pursuant to
the Listing Rules as the value of the option and the consideration
which may be achieved are below all relevant thresholds.
Rupert Verco, CEO of Cobra, commented:
"The Prince Alfred project has never formed
part of the Company's exploration strategy owing to the limitations
in defining a copper resource of scale. Divesting this project
aligns with the Company's strategy to focus its resources on the
Boland ionic rare earth discovery and advancing the mining concept
of low cost, low impact in situ recovery."
Enquiries:
Cobra Resources plc
Rupert Verco (Australia)
Dan Maling (UK)
|
via Vigo
Consulting
+44 (0)20
7390 0234
|
SI
Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto
|
+44
(0)1483 413 500
|
Global Investment Strategy (Joint Broker)
James Sheehan
|
+44 (0)20
7048 9437
james.sheehan@gisukltd.com
|
Vigo
Consulting (Financial Public Relations)
Ben Simons
Kendall Hill
|
+44 (0)20
7390 0234
cobra@vigoconsulting.com
|
The person who arranged for the
release of this announcement was Rupert Verco, Managing Director of
the Company.
About Cobra
Cobra is defining a unique
multi-mineral resource at the Wudinna Gold and Rare Earth Project
in South Australia's Gawler Craton, a tier one mining and
exploration jurisdiction which hosts several world-class mines.
Cobra's Wudinna tenements totalling 1,832 km2, and other
nearby tenement rights totalling 2,941 km2,
contain highly desirable and ionic rare
earth mineralisation, amenable to low-cost, low impact in situ
recovery mining, and critical to global decarbonisation.
Additionally, Cobra holds a 213 km2 exploration tenement
in northern Tasmania which is also considered highly prospective
for ionic rare earth mineralisation.
Cobra's Wudinna tenements also
contain extensive orogenic gold mineralisation and are
characterised by potentially open-pitable, high-grade gold
intersections, with ready access to infrastructure. Cobra has 22
orogenic gold targets outside of the current 279,000 Oz gold JORC
Mineral Resource Estimate, and several iron oxide copper gold
(IOCG) targets.
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