Koba Resources Limited announces acquisition of Yarramba Uranium Project

Koba Resources Limited (ASX: $KOB) has entered into a binding agreement with Havilah Resources Limited to acquire an 80% interest in the uranium rights within the 4,000km2 Yarramba Uranium Project in South Australia. The project, located in a world-class uranium district, includes the advanced Oban Uranium Deposit with a JORC 2004 Resource Estimate of 8.2Mt @ 260ppm U3O8 for 4.6mlbs of U308. Koba intends to commence its inaugural drilling program in Q2 2024, following the completion of the transaction, with firm commitments for a placement to raise $2.0m, resulting in a total of $6.0m at bank for exploration and pursuing other opportunities in the uranium market.

Executive Commentary on Yarramba Uranium Project Acquisition

Koba's Managing Director and CEO, Mr Ben Vallerine, expressed excitement about the acquisition, highlighting the project's location near two producing uranium mines in South Australia and the strong uranium market. He emphasized the significant potential for sizeable discoveries at the Yarramba Project, especially given the lack of exploration since 2012. Mr Vallerine also shared his intention to replicate past success in building a portfolio of uranium resources for Koba, starting with the Yarramba Project and aggressively pursuing additional uranium assets.

Summary of Yarramba Uranium Project Acquisition

Koba Resources' acquisition of an 80% interest in the Yarramba Uranium Project presents a significant opportunity for the company to capitalize on the strong uranium market. With the project's location near two operating uranium mines and the recent surge in uranium prices, Koba is well-positioned to commence its inaugural drilling program in Q2 2024. The project's advanced Oban Uranium Deposit and extensive under-explored prospects provide substantial opportunities for the discovery of high-grade mineralization. Koba's ambitions to aggressively pursue additional uranium assets and the firm commitments for a placement to raise $2.0m demonstrate the company's commitment to capitalizing on the potential of the Yarramba Project and the uranium market as a whole.