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Chilean Cobalt Corp. develops critical minerals exploration projects centered on cobalt-copper assets in Chile. Company news includes updates on the La Cobaltera and El Cofre projects, the NeoRe rare earth project, project financing readiness, responsible-sourcing governance, and work to recover cobalt from tailings and mining waste.
Coverage also includes board and advisory appointments, governance-framework changes, material agreements, shareholder voting matters, capital-structure actions, and operating or financial disclosures tied to its OTCQB-traded common stock.
Chilean Cobalt Corp (COBA) has completed Phase 2 of its earn-in work program at the NeoRe Rare Earth Project in southern Chile and is advancing to Phase 3 negotiations for a definitive acquisition agreement to acquire 100% of NeoRe.
Completion of Phases 1 and 2 delivered a scoping-level Mineral Resource Estimate and Preliminary Economic Assessment, and earned Chilean Cobalt a total 2% NSR royalty on future Project production, which would be extinguished if the acquisition closes. The existing agreement contemplates consideration of 6,000,000 Chilean Cobalt common shares for full ownership of NeoRe and its intellectual property, subject to a definitive agreement and customary conditions.
Madesal, NeoRe’s controlling shareholder and a major Chilean Cobalt shareholder, has made a follow-on USD $1.5 million strategic investment. NeoRe has drilled about 2,500 meters across over 250 drillholes in 2026, processed roughly 500 kg of ionic clays in pilot operations, and is targeting early 2027 for first mixed rare earth carbonate production from its first Modular Extraction Plant, subject to permitting, construction, financing, and commissioning.
Chilean Cobalt Corp. (COBA) reported progress in its copper-focused exploration program at its 100%-owned El Cofre concessions in northern Chile.
The work targets copper-rich areas within the broader La Cobaltera / El Cofre project and includes resampling three historical trenches, geological mapping, surface sampling, and review of historical geophysics. Limited channel sampling at Trench 24, about 9 meters from historical high-grade copper workings, returned approximately 0.2%–2.4% Cu over a 10-meter interval from 60 channel samples, prompting plans for a more comprehensive trench sampling program.
The 3,370-hectare El Cofre property, part of a project area with roughly 25 km of prospective strike, hosts numerous historical high-grade copper, gold and cobalt workings. The company is integrating new sampling, hyperspectral imaging, historical geophysics and AI/ML tools to refine and prioritize drill-ready targets and expects further updates once lab and imaging results are available.
Chilean Cobalt (OTCQB:COBA) reported continued progress at its NeoRe rare earth project in Chile and early results from its new U.S. exploration program. Through operator NeoRe SpA, over 2,500 meters of drilling across ~200 drillholes have been completed, geological modeling is being updated with support from Mineral Forecast SpA, and pilot plant operations have advanced through seven batches, processing about 350 kg of clay. Batches 4–7 showed improvements in sulphur removal, hydrometallurgical processing, operational autonomy and concentrate quality, with rare earth carbonate concentrates shipped to prospective strategic partners.
NeoRe is progressing engineering and permitting, including the Industrial Technical Classification process and Environmental Layout, while advancing design and supplier selection for its first Modular Extraction Plant (MEP-1), for which first production is anticipated in the first half of 2027. Its Chilean portfolio totals 64 exploration concessions (~19,100 ha) and five exploitation concessions (~900 ha). In the U.S., NeoRe collected 145+ samples across seven target zones, with portable XRF data indicating multiple yttrium-enriched zones consistent with an ionic clay rare earth model; ICP lab results are pending.
Chilean Cobalt (OTCQB: COBA) announced a new non-binding Letter of Interest from the Export-Import Bank of the United States for potential debt financing of up to $375 million, with a tenor of up to 15 years, to support the La Cobaltera / El Cofre cobalt-copper project in northern Chile.
The new LOI replaces a previously expired $317.4 million LOI and reflects an updated development plan. Potential funding could be provided under EXIM’s China and Transformational Exports Program and may complement additional financing pursued under EXIM’s Supply Chain Resiliency Initiative, subject to eligibility and a future formal application targeted for 2027.
Chilean Cobalt (OTCQB: COBA) announced completion of the Phase 1 (Tranche 1) work program under its Binding Earn-In and Option Agreement with NeoRe SpA for the NeoRe Rare Earth Project in southern Chile and confirmed active execution of the Phase 2 (Tranche 2) program.
Phase 1 met initial technical objectives, including geological data collection, preliminary modeling, and assessment of mineral continuity and project potential. Phase 2 focuses on expanded exploration, metallurgical testing, engineering studies, and permitting to support further project evaluation and development.
Exploration drilling has reached about 2,000 meters year-to-date. A pilot plant is continuously producing rare earth carbonate concentrate, with initial batches shipped to prospective U.S. processing and off-take partners. Mine Conceptual Engineering is evaluating scenarios of roughly 5,000 and 10,000 tonnes per month, while Chilean Cobalt advances environmental rankings, permitting roadmaps, and an Industrial Plant permitting strategy across a ranked portfolio of 168 exploration targets.
Chilean Cobalt (OTCQB:COBA) signed a non-binding MOU with Gold Express Mines SpA, a Key Mining Corp subsidiary, to negotiate long-term desalinated water supply for the La Cobaltera and El Cofre projects in Chile's Atacama Desert.
Water would come from the proposed Cerro Blanco Water SWRO desalination project, with approved EIS and progress on permits, targeting ~440 L/s capacity to support mining and regional demand.
Chilean Cobalt (OTCQB:COBA) announced key progress at its NeoRe rare earth project in southern Chile. The project has started pilot plant commissioning and produced its first rare earth carbonate concentrate, supporting deployment of the first Modular Extraction Plant (MEP-1).
NeoRe is advancing a rare earth separation pilot plant in Chile’s Biobío region to process heavy rare earth concentrate and use solvent extraction technology. Initial separation results are expected by late 2026. Drilling has exceeded 1,800 meters in 2026 across two programs, and the company is in discussions with potential U.S. strategic partners on processing, separation, and offtake to support a Western REE supply chain.
Chilean Cobalt (OTCQB:COBA) reported progress at its NeoRe Rare Earth Project in southern Chile, supporting plans for the first Modular Extraction Plant (MEP-1).
NeoRe has completed 133 drill holes totaling 1,504 meters, advanced work on 14 of 35 targets, and continues surface sampling that highlights REE anomalies across several areas.
Basic engineering, led by Equalitas Ingeniería, is nearly 25% complete, and pilot-scale downstream processing has shown encouraging REE recovery across multiple mineralized layers.
The project is engaging Mineral Forecast SpA to apply AI for target generation and exploration prioritization, while also adding key staff in supply chain and data science. Any definitive acquisition agreement would include standard conditions and a shared sustainability and community framework.
Chilean Cobalt (OTCQB:COBA) closed a private placement equity financing with subsidiaries of Glencore and Madesal, strengthening both as strategic shareholders.
According to Chilean Cobalt, Glencore now owns about 5.6% and Madesal about 7.4% of common shares. Proceeds will fund district consolidation, exploration, ESG work, and general corporate purposes.
Chilean Cobalt Corp. (OTCQB:COBA) announced it has joined the U.S. Defense Industrial Base Consortium (DIBC), a collaborative initiative focused on secure, innovative and resilient defense supply chains.
The company aims to contribute critical minerals expertise in cobalt, copper and rare earth elements for energy, aerospace, defense and electrification applications, and to collaborate with U.S. agencies, defense contractors and industry on supply chain resilience.