Shares of Cobra Resources Plc (LSE:COBR), an exploration company, soared by 22% today after the grant of a new exploration tenement in northern Tasmania.
The 213-square kilometre tenement, designated EL22/2022, is a strategic addition to its portfolio, complementing its focus on the Wudinna Gold and Rare Earth Project in South Australia.
This new area is adjacent to ABx Group's Deep Leads/Rubble Mound Rare Earth Element (REE) project, which boasts a significant REE resource.
In early trade, the stock was changing hands for 1.1p, up 0.2p.