Cobra Resources plc announced it has been granted a 213 km2 exploration tenement ("EL22/2022") in northern Tasmania. The tenement is complementary to Cobra's ionic rare earth strategy as it is considered highly prospective for Ion Adsorption Clay ("IAC") hosted rare earth mineralisation. Ionic Rare Earth Element ("REE") mineralisation has been identified byABx Group (ABx) within alluvial channel sediments that are a weathering product of alkali basalts, the chemistry of which is ideal for ionic REE adsorption.

EL22/2022 is situated adjacent to ABx's Deep Leads /Rubble Mound REE project which contains a REE resource of 52 Mt at 817 ppm Total Rare Earth Oxides, with excellent ionic metallurgy amenable to low-cost recovery in weak acid conditions (pH4), akin to Cobra's Boland discovery at Wudinna. Cobra believes that there is considerable opportunity to cost-effectively define scalable ionic REE mineralisation comparable to ABx's Deep Leads /Rubble Mound resource.