Tuesday, 18 August 2026 09:00 AM
Company Update
BERWYN, PA / ACCESS Newswire / August 18, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to provide an update on continued progress across its integrated development program at the NeoRe project in Chile, including further progress of exploration, pilot plant operations, permitting, engineering exploration, engineering, permitting, and supply chain activities, as well as continued engagement with potential strategic partners regarding processing and downstream development opportunities in both Chile and the United States. The Company also reported the completion of its initial United States rare earth exploration campaign, with preliminary results identifying multiple prospective zones for follow-up work.
Through project operator, NeoRe SpA ("NeoRe"), the Company has now completed over 2,500 meters of drilling across approximately 200 drillholes. The geological program has continued to expand, with Mineral Forecast SpA, a Chile-based geosciences artificial intelligence ("AI") company, engaged and additional field work completed across a priority target area. NeoRe is also updating its geological model and advancing exploration readiness across multiple priority targets in the district.
Pilot plant operations continued to mature through Batch 7, with approximately 350 kilograms of cumulative clay processed across seven batches, with additional work ongoing. Phase 2 of the Design of Experiments has been completed and upgrades to the solvent extraction pilot plant have been finalized, progressing operational readiness on schedule. Batches 4 through 7 demonstrated continued progress in sulphur removal, hydrometallurgical processing, operational autonomy, and concentrate quality.
Several batches of rare earth carbonate concentrate produced through the pilot program have been shipped to prospective strategic partners for further analysis and evaluation, supporting the Company's ongoing engagement with potential processing, offtake, and downstream partners.
The Company continues to engage with potential strategic partners regarding processing opportunities in the United States, while also evaluating opportunities for further downstream rare earth development in Chile with some of the same partners. The potential development strategy could provide flexibility to conduct additional rare earth separation in Chile before sending intermediate products to the United States for final separation and processing into products suitable for offtakers and end-users.
This potential integrated Chile-US processing pathway is being evaluated alongside NeoRe's ongoing technical and economic work, and is intended to support a flexible approach to downstream development, supply chain integration, and customer requirements.
Engineering and permitting activities are also progressing in parallel, with initiation of the Industrial Technical Classification permitting process and continued preparation of the Environmental Layout. NeoRe continues to develop the technical and economic evaluation of the main processing equipment under the first Modular Extraction Plant ("MEP-1"), while new supplier request for quotation and incorporating spare parts and maintenance requirements to support the supplier selection process. This is a key milestone as NeoRe continues to anticipate first production from MEP-1 during the first half of 2027.
NeoRe's exploration portfolio in Chile currently comprises 64 exploration concessions covering approximately 19,100 hectares and five exploitation concessions covering approximately 900 hectares, with permitting activities continuing across the district. NeoRe is also finalizing its Supply Chain Plan and initiating national supplier qualification as it continues to strengthen its organizational and supply chain capabilities.
In parallel with ongoing exploration, development, and downstream processing in Chile, NeoRe has completed the first campaign of its newly launched United States exploration program, collecting over 145 samples over eight field days across seven target zones. Preliminary portable X-ray fluorescence ("XRF") data has identified multiple areas of elevated yttrium and provided an initial framework for follow-up exploration. Laboratory results from Inductively Coupled Plasma ("ICP") analysis are pending.
Preliminary results indicate that yttrium enrichment is concentrated in the upper saprolite to lower pedolith interval rather than the leached surface, consistent with NeoRe's working model for an ionic clay rare earth system. The campaign included sampling of prospective A-type granite units, as well as a second prospective geological setting within a southwest gneiss belt.
Based on NeoRe's current working proxy, the preliminary median granite results correspond with attractive values of total rare earth oxide-equivalent, comparable to the NeoRe project in Chile. These preliminary estimates remain subject to revision following receipt of laboratory results.
NeoRe's first exploration decision gate remains open pending laboratory confirmation. Follow-up work is expected to focus on access, sector-specific drill planning, integration of laboratory results and metallurgical screening of priority targets. Other prospective zones in the United States will also be considered for future exploration work during 2026.
"The United States exploration program provides a complementary opportunity alongside the flagship NeoRe project in Chile, while processing and strategic partnership work are focused on building an integrated pathway from resource through separated rare earth products," said Duncan T. Blount, Chairman and CEO of Chilean Cobalt. "Combining an emerging resource and processing platform in Chile together with ionic clay rare earth exploration opportunities in the United States could support the development of a strategically important Chile-U.S. rare earth supply chain, with planned 2027 production of critical heavy rare earth elements such as yttrium, dysprosium, and terbium, together with the light magnetic rare earth elements neodymium and praseodymium."
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 US-based critical minerals exploration and development company focused on the La Cobaltera / El Cofre cobalt-copper project in the historic San Juan mining district, 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 under the option to acquire the Project, ability to incorporate any acquired claims into its next phase of exploration, ability of the Project to successfully accelerate the exploration work program, including the prospect of production from MEP-1 during the first half of 2027, ability to incorporate potential complimentary exploration opportunities in the United States into the project scope, ability to establish "Proven" or "Probable" Reserves, as defined by the SEC under Item 1300 of Regulation S-K (Subpart 229.1300), 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
[email protected]
SOURCE: Chilean Cobalt Corp.