Cobra Resources PLC on Monday said that conditions relating to the Wudinna project acquisition agreement have been met.

The Australia-focused gold and rare earth exploration company is entitled to consolidate its ownership of the project after meeting the requirements to obtain the remaining 25% stake from Andromeda Metals Ltd.

Cobra has become the sole owner of the project subject only to government approval.

In November, Cobra Resources agreed to a consideration of £260,050 in cash and the issue of approximately 52.0 million new shares at 1 pence each for the acquisition.

The project landmass includes the Boland discovery, Australia’s only ionic rare earths project with in situ recovery potential.

Chief Executive Officer Rupert Verco said: ‘[Wudinna] is an exceptionally prospective landholding containing gold resources, uranium mineralisation and, of course, the transformational ionic rare earths discovery. Given the strong gold and uranium markets, we are evaluating how to best progress our existing gold resource and highly prospective uranium assets.’

Test results that will determine the scale of mineralisation across Cobra’s 2,000 kilometre square area are due imminently according to the company.

Cobra shares were down 0.2% to 1.05 pence each in London on Monday afternoon.

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