Cobra Resources PLC (LSE:COBR) booked a loss of £1.68mln in the year to December 2021.
The company had cash of £264,000, but post the year-end raised a further £945,000.
During the period the focus was on the Wudinna project in South Australia, where Cobra has discovered rare earth mineralisation proximal to and above gold mineralisation.
Accordingly, in 2021 Cobra undertook a significant field exploration programme including low-cost regional pathfinder drilling, detailed ground geophysics and reverse circulation drilling at the Clarke prospect.
This programme defined further gold mineralisation outside of existing gold resources and also identified clay-hosted rare earth mineralisation.
The company also carried out detailed ground gravity survey to refine priority, high-value iron-oxide- copper-gold targets for drilling.
The work fulfilled Stage 2 expenditure obligations to increase ownership of the Wudinna project to 65%.
Subsequent to the year end, Cobra has been granted an additional exploration tenement, comprising 536 square kilometres of ground directly east of, and contiguous with, the Wudinna project. This ground is considered highly prospective for gold and rare earth mineralisation.