Chilean Cobalt Corp. Announces Completion of Phase 1 Work Program at NeoRe Rare Earth Project and Execution of Phase 2 Development Activities
Rhea-AI Summary
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.
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Positive
- Phase 1 work program completed under Binding Earn-In and Option Agreement
- ~2,000 meters of exploration drilling completed year-to-date
- Pilot plant generating rare earth carbonate concentrate with batches shipped to U.S. prospects
- Mine Conceptual Engineering evaluating 5,000 and 10,000 t/month production scenarios
- Exploration portfolio consolidated and ranked across 168 targets
Negative
- Potential 100% acquisition of NeoRe Project remains conditional on completing work programs and a definitive agreement
BERWYN, PA / ACCESS Newswire / July 14, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to announce the successful completion of the Phase 1 (Tranche 1) work program under its Binding Earn-In and Option Agreement with NeoRe SpA ("NeoRe") for the NeoRe Rare Earth Project ("NeoRe" or the "Project") in southern Chile. The Company is now actively executing the Phase 2 (Tranche 2) work program, with continued progress across exploration, metallurgical development, engineering, permitting, and strategic partner engagement.
Completion of Phase 1 marks an important milestone in the Company's evaluation of the Project, satisfying the initial technical objectives under the Earn-In and Option Agreement, including geological data collection, preliminary geological modeling, and assessment of mineral continuity and overall project potential. Building on that foundation, Phase 2 activities are focused on expanding exploration, metallurgical testing, engineering studies, and permitting to support the Project's continued development.
Exploration has now reached approximately 2,000 meters year-to-date through parallel drilling programs. At the pilot plant, Batch 3 has entered processing while carbonate washing continues for Batches 1 and 2, maintaining continuous production of rare earth carbonate concentrate. Initial batches of NeoRe's rare earth carbonate concentrate have also been shipped to prospective U.S.-based strategic processing and off-take partners for downstream testing and evaluation, representing an important step towards validating the Project's processing capabilities and supporting future commercial relationships.
Mine Conceptual Engineering is progressing, establishing the technical basis for future project permitting, while advancing evaluation of development scenarios at production capacities of approximately 5,000 and 10,000 tonnes per month. Equipment procurement activities have also continued, with quotations received from multiple suppliers for key processing equipment, including the trommel, ball mill, and filter press.
The Company has further strengthened its exploration strategy by consolidating its exploration portfolio into a unified ranking of 168 targets across the defined districts, with screening initiated on additional prospects. Environmental and permitting activities continue to progress through updates to the Project's Environmental Rankings, refinement of the permitting roadmap, and continued definition of the future Industrial Plan permitting strategy.
"Our successful completion of Phase 1 and continued progress through Phase 2 demonstrate the strong execution of the NeoRe technical team, as well as the growing momentum of the Project," said Duncan T. Blount, Chairman and CEO of Chilean Cobalt Corp. "The production and shipment of initial rare earth carbonate concentrate batches to prospective U.S. processing and off-take partners represents an important transition from technical validation toward commercial engagement, especially since NeoRe's deposits are weighted towards the heavy rare earths including yttrium, dysprosium, and terbium. In parallel with this, our continued progress in drilling, engineering, permitting, and exploration strengthen the foundation for a scalable Western supply chain for critical rare earth elements."
Near-term priorities include completion of carbonate washing for Batch 2, advancement of Batch 3 processing, continued Mine Conceptual Engineering, evaluation of process equipment vendors, and further development of the Industrial Plant permitting strategy.
The Company's Binding Earn-In and Option Agreement with NeoRe provides a structured pathway towards the potential acquisition of
Any definitive acquisition agreement, if completed, will include customary conditions precedent, termination rights, and a jointly developed sustainability and community engagement framework, consistent with Chilean regulatory requirements and industry best practices.
This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Chilean Cobalt Corp.
Chilean Cobalt Corp. is a U.S.-based critical minerals exploration and development company focused on the La Cobaltera and El Cofre cobalt-copper projects in the historic San Juan mining district in northern Chile, one of the world's few primary cobalt districts. Chilean Cobalt is committed to creating ecological and social value for all stakeholders; economic value for Chile and the Chilean communities in which it operates; and financial value for its shareholders.
Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Examples of forward-looking statements, include, among others, statements the Company makes regarding its ability to finalize Phase 2 (Tranche 2) activities and unlock the option to acquire the project, ability to leverage drilling and target screening to establish "Proven" or "Probable" Reserves, as defined by the SEC under Regulation S-K Subpart 1300, through the completion of a Definitive Feasibility Study for the minerals that the Company seeks to produce, ability to establish a secure and diversified supply chain with strategic US partners, ability to achieve the necessary environmental and permitting authorizations to proceed into development and production, ability to achieve a definitive agreement under the option to acquire the Project, ability to incorporate any acquired claims into its next phase of exploration, and ability to overcome the inherent risks of mining, exploration, development, and processing operations that may negatively impact the business. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
CONTACTS:
Chilean Cobalt Corp.
Duncan T. Blount
Chairman & CEO
Duncan.Blount@chileancobaltcorp.com
SOURCE: Chilean Cobalt Corp.
View the original press release on ACCESS Newswire