Chilean Cobalt Corp. Commences Earn-In Work Program at NeoRe Rare Earth Project in Southern Chile

Rhea-AI Summary

Chilean Cobalt (OTCQB:COBA) commenced the Tranche 1 earn-in work program at the NeoRe rare earth project in southern Chile on February 11, 2026. Activities include initial drilling (first 60m), geological modelling, expanded land position (~5,750 hectares), and funding transfers to NeoRe. NeoRe received ~$4 million from Corfo to support pilot extraction and processing development.

Positive

• Land expansion increased by ~1,500 hectares to ~5,750 hectares
• Drilling initiated with first 60 meters completed and encouraging TREE signatures
• Corfo grant of approximately $4 million to support extraction and pilot testing
• Committed funds transferred from Chilean Cobalt to NeoRe, advancing the earn-in

Negative

• Laboratory assay results are pending, creating near-term technical uncertainty
• Planned initial production as early as mid-2027 remains conditional on approvals and technical outcomes
• Tranche 1 only earns a 1% NSR, with further work required to secure option to acquire 100% for shares

News Market Reaction

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-0.50% News Effect

On the day this news was published, COBA declined 0.50%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BERWYN, PA / ACCESS Newswire / February 11, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to announce the commencement of the initial work program under the binding earn-in and option agreement (the "Agreement") with NeoRe SpA, a privately-held Chilean company (together, with its subsidiaries, "NeoRe"), previously announced on January 14, 2026.

The initial phase represents Tranche 1 of the earn-in structure and has been jointly approved by Chilean Cobalt and NeoRe. The program is designed to systematically advance the NeoRe Project (the "Project") through early-stage technical evaluation, including the compilation of geological and assay data under industry-standard QA/QC protocols, development of a preliminary geological model, and an initial assessment of mineral continuity and overall project potential.

NeoRe completed the recruitment and mobilization of its core geology and exploration team during December 2025, enabling the formal launch of on-site activities. Drilling is now underway, with the first 60 meters completed. Preliminary geological observations indicated encouraging Total Rare Earth Element ("TREE") signatures, with laboratory assay results pending.

In January 2026, NeoRe significantly expanded its land position through the acquisition of approximately 1,500 hectares of additional exploration tenements, increasing the total project area to nearly 5,750 hectares. Early surface sampling across the newly acquired areas, subject to preliminary analytical review, returned rare earth concentrations exceeding 500 ppm, further reinforcing the geological potential of the broader project area and supporting continued exploration.

Chilean Cobalt has also completed the first transfer of committed funds to NeoRe, in accordance with the Agreement. This milestone reflects tangible progress under the earn-in strategy and supports the acceleration of exploration and technical work programs.

In parallel, NeoRe advanced the legal formation of REES (Rare Earth Engineering & Science Corporation), a dedicated platform for rare earth process development and applied research. REES is being developed in collaboration with the University of Concepción, with operations expected to commence between April and May 2026. The initiative is focused on advancing lower-impact, more sustainable rare earth extraction technologies for potential deployment in Chile and international markets. This work is supported by NeoRe's recent award by Corfo, the Chilean Economic Development Agency, which granted approximately $4 million to support the development and pilot testing of NeoRe's proprietary rare earth extraction, separation, and processing technologies.

Collectively, these milestones reflect strong early execution across exploration, land consolidation, funding, and technology development, supporting continued technical and ESG diligence in advancing a resilient and responsible rare earth development plan.

Upon completion of the Tranche 1 work program, Chilean Cobalt will earn a 1% NSR and may elect to proceed to Tranche 2, which is expected to include the preparation of a third-party verified Mineral Resource Estimate, metallurgical test work, and a scoping-level technical, economic, and ESG assessment, potentially culminating in a scoping-level Preliminary Economic Assessment or equivalent study.

Subject to the successful completion of Tranches 1 and 2, Chilean Cobalt will have the option to acquire 100% of NeoRe in exchange for 6,000,000 common shares of Chilean Cobalt, as previously disclosed. If exercised, the parties would enter into a definitive agreement governing final transaction terms, governance, and customary conditions.

The current work program also supports evaluation of a potential fast-track development strategy, including a modular production ramp-up, with initial production targeted as early as mid-2027, subject to technical, regulatory, and market conditions.

Concurrently, Chilean Cobalt and NeoRe have initiated engagement with potential processing groups, offtake partners, and strategic counterparties, with a particular focus on downstream processing and customer relationships in the United States. These engagements are expected to continue throughout the earn-in period and are intended to support future development, funding, and commercialization pathways.

"We are excited to formally launch the earn-in program and encouraged by the pace of execution across exploration, land expansion, and technical initiatives, supported by meaningful Chilean government backing through Corfo," said Duncan T. Blount, Chairman and Chief Executive Officer of Chilean Cobalt. "These early developments reinforce our view that NeoRe represents compelling optionality with the potential to become a strategically significant rare earth asset, advanced through a disciplined, phased, and responsible development approach."

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 cobalt-copper project 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 achieve a definitive agreement with the option to acquire the Project, ability to incorporate the newly acquired claims into its next phase of exploration, ability to establish "Proven" or "Probable" Reserves, as defined by the SEC under Industry Guide 7, through the completion of a Definitive Feasibility Study for the minerals that the Company seeks to produce and 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

FAQ

What work has Chilean Cobalt (COBA) started at the NeoRe project as of February 11, 2026?

Chilean Cobalt began Tranche 1 field work including drilling, geological modelling, and data compilation. According to the company, initial drilling reached 60 meters, teams were mobilized, and QA/QC sampling protocols are underway to assess TREE potential.

How large is the NeoRe project area after Chilean Cobalt's recent expansion (COBA)?

The NeoRe project now covers nearly 5,750 hectares after recent tenement acquisitions. According to the company, approximately 1,500 hectares were added in January 2026, expanding exploration coverage and sampling across the broader property.

What funding and support has NeoRe obtained tied to the COBA earn-in agreement?

NeoRe received a Corfo award of roughly $4 million to support technology development and pilot testing. According to the company, Chilean Cobalt also completed the first transfer of committed earn-in funds to NeoRe under the Agreement.

What does Tranche 1 earn Chilean Cobalt (COBA) and what are next steps if successful?

Upon Tranche 1 completion, Chilean Cobalt will earn a 1% net smelter royalty and may proceed to Tranche 2. According to the company, Tranche 2 may include an MRE, metallurgical tests, and a scoping-level economic and ESG assessment.

Are there any assay results or production timelines announced for COBA's NeoRe project?

Laboratory assays are still pending, and initial production is targeted as early as mid-2027 but not guaranteed. According to the company, timelines are conditional on technical, regulatory, and market factors and require successful further work.