BERWYN, PA / ACCESS Newswire / April 8, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to report continued strong momentum at the NeoRe Rare Earth Project (the "Project") in southern Chile, marked by encouraging drilling results, the definition of an initial development target, advancement of engineering studies, and the implementation of an accelerated strategy designed to bring the Project toward production on a faster timeline.
NeoRe SpA ("NeoRe"), the Chilean project owner and operator, has maintained steady execution across its expanding field program, with approximately 426 meters drilled year-to-date. Recent drilling continues to demonstrate the Project's potential, including validated intercepts of up to 535 ppm Total Rare Earth Elements ("TREE"). Ongoing results indicate consistent mineralization across the areas explored to date, with average grades of approximately 358 ppm.
Exploration activities continue to scale across the district, with 8 of 24 identified targets now evaluated. The Company believes this growing pipeline of targets underscores the broader district-scale opportunity, with additional drilling, surface sampling, and analytical work, including approximately 200 samples currently under ICP-OES analysis. Results obtained to date have validated through ICP-OES analytical methodology that the distribution of Total Rare Earth Elements remains consistent across the explored areas, with principal indicators including approximately 4.5% Dy/Tb, 28% Nd/Pr, and 20% Y. This program is expected to further enhance the Project's geological model and identify higher-priority zones.
A significant milestone achieved during the period is the identification of the Esperanza 7 target as a candidate location for the Project's first Modular Extraction Plant ("MEP-1"). This represents an important step toward potential development, with plans underway for an expanded drilling campaign of more than 25 holes, subject to surface access agreements, to support formal resource definition and initial mine planning.
In parallel, NeoRe has made meaningful progress on engineering and metallurgical workstreams, advancing the Project from conceptual design toward pre-feasibility. Of the five processing plant alternatives identified, one has now been selected to advance to the next stage of engineering, with ongoing metallurgical testing aimed at defining and optimizing the preferred flowsheet. NeoRe is also evaluating potential patent protection for this new process, which incorporates new methodologies for the beneficiation of ionic clays. NeoRe has also initiated development of a pilot plant in collaboration with the University of Concepción, supporting metallurgical validation and future permitting activities.
Environmental and permitting efforts are also advancing, including the selection of a specialized consultancy to lead the initial environmental permitting process for MEP-1. These early actions are intended to streamline the regulatory pathway and support efficient project advancement in line with Chilean standards and global best practices.
Building on this progress, Chilean Cobalt and NeoRe are actively evaluating an optimized development plan that is expected to further reduce the Project's time to market as compared to the original schedule, which would deliver first production in approximately 12 months. This accelerated pathway is driven by parallel execution of key workstreams, including drilling, engineering, permitting, and equipment procurement, as well as early initiation of critical development activities.
To support this strategy, NeoRe is rapidly expanding its operational capacity, with up to three drilling rigs being deployed and a comprehensive program underway to accelerate resource validation, including measured and indicated categories. This intensified drilling campaign is designed to quickly define exploitable resources and support development planning for MEP-1 and future production modules across the district.
NeoRe also continues to strengthen its organization to match the Project's accelerated timeline. Key technical hires are underway across engineering, geology, metallurgy, ESG, and data science functions, including the recent addition of a Senior Project Engineer, with further senior roles expected to be onboarded in the coming months.
In parallel, Chilean Cobalt and NeoRe are actively advancing strategic partner selection for processing and offtake agreements, focusing on partners in the United States to strengthen supply chain integration and align with U.S. and Chilean support for global critical minerals projects and their supply chains.
"We are very encouraged by the pace of progress at NeoRe and the consistency of the results we are seeing across multiple workstreams," said Duncan T. Blount, Chairman and Chief Executive Officer of Chilean Cobalt. "The identification of an initial development target, combined with advancing engineering definition and considerations for a further accelerated path to market, represents a meaningful step forward. We believe NeoRe is rapidly evolving from an exploration-stage project into a development opportunity with the potential to become a significant new source of rare earth elements, including yttrium, neodymium, praseodymium, dysprosium, and terbium."
"Our team is executing with a clear focus on speed, discipline, and long-term value creation," said Arturo Albornoz, Chief Executive Officer of NeoRe. "From expanding the drilling program to advancing engineering and permitting, we are aligning all aspects of the Project toward a faster path to development. We are excited about the opportunity to unlock a new rare earth district and contribute to a more diversified and resilient global supply chain between Chile and the United States."
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 and El Cofre cobalt-copper projects 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 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, ability 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 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:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/chilean-cobalt-corp.-continues-accelerated-drilling-defines-initial-development-t-1155690
