Chilean Cobalt Orders Long-Lead Equipment, Expands NeoRe Footprint by 30,800 Hectares
COBA has more than doubled off its 52-week low of $0.19 on elevated volume (2.0× avg).
Summary
Chilean Cobalt has completed the dedicated drilling campaign at the proposed MEP-1 area and placed purchase orders with initial deposits for the principal equipment packages, marking a shift from technical evaluation toward construction readiness. The exploration footprint expanded by approximately 30,800 hectares to a total of about 67,400 hectares, supporting the district-scale rare earth strategy. Cumulative drilling reached roughly 3,000 meters across over 350 drillholes, and the pilot program has now produced 12 batches of mixed rare earth carbonate from about 650 kilograms of ionic clay. The company continues to target first MREC production from MEP-1 in early 2027, subject to permitting, financing, and construction. This follows the September 9 news of Phase 2 earn-in completion and the $1.5M Madesal private placement, and the August 14 10-Q that disclosed a new $375M EXIM Bank LOI alongside a going concern warning.
At the time of this announcement, COBA was trading at $2.27 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $131.7M. The 52-week trading range was $0.19 to $4.30. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.