Interview with Rupert Verco, Managing Director & CEO, Cobra Resources

Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-high-grade-copper-gold-acquisition-ree-isr-7824

Recording date: 19th November 2025

Cobra Resources is positioning itself as a potential disruptor in the global rare earths market through its innovative Boland project in South Australia. The London-listed company is developing an in-situ recovery (ISR) operation targeting high-value heavy rare earths including dysprosium and terbium - critical components in permanent magnets for electric vehicles, renewable energy, and defense applications.

What distinguishes Boland from conventional rare earth projects is its unique geological setting. Unlike traditional clay-hosted deposits, the project features permeable paleochannel geology similar to uranium ISR operations, which Managing Director Rupert Verco says "bypasses a lot of the operational challenges of traditional clays." The mineralization sits within naturally confined sand horizons, protected by 20 meters of impermeable clay above and below.

Recent field hydrology studies have validated commercial viability, achieving pump rates of nearly 20,000 liters per day with 60% tracer recovery in just four days. These results support well spacing of 20-30 meters - comparable to uranium operations - and demonstrate the uniform aquifer response essential for efficient ISR extraction.

The project's most significant breakthrough involves natural acid generation from sulfide-rich organics within the ore body. When oxidized, these materials produce sulfuric acid in-situ, potentially eliminating the largest operating cost and reducing dependence on Chinese supply chains. Current testing indicates acid consumption under 4 kilograms per ton—dramatically lower than typical rare earth operations.

Metallurgically, Cobra has achieved 90% cerium suppression without heavy rare earth loss, producing concentrate containing 35% magnet rare earths and 50% heavy rare earths. This compares favorably to traditional carbonatite deposits that typically contain over 50% low-value cerium.

With 3,300+ square kilometers of controlled tenure, resource drilling planned for early 2026, and a modular development approach targeting 4,000-5,000 tons annual production, Cobra is advancing toward what Verco describes as cost competitiveness comparable to "how Kazatomprom established themselves in the uranium game"—potentially offering Western supply chains a commercially viable alternative to Chinese rare earth dominance.

Learn more: https://www.cruxinvestor.com/companies/cobra-resources

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