Cobra Resources is an exploration company focused on developing a rare earths deposit in South Australia, with a potentially low-cost method of production through in situ recovery (ISR). The company has recently raised £1.7m in equity funding and released metallurgical results with implications for extraction costs, indicating the potential for a bottom quartile position on the industry cash cost curve. This is important as ISR is also likely to be scalable and have a low capital cost, which will make Cobra’s Boland project an interesting rare earths play as it progresses towards establishing a maiden resource and completing a scoping study.