COBA Chilean Cobalt Corp

$COBA INITIATION OF COVERAGE TODAY (9/22) BY ANALYST CHRISTOPHER ECCLESTONE AT HALLGARTEN & COMPANY IN NY/LONDON: Initiation of Coverage Christopher Ecclestone [email protected] Chilean Cobalt (OTCQB:COBA) Strategy: LONG Key Metrics Price (USD) $2.48 12-Month Target Price (USD) $6.25 Upside to Target 152% 12mth hi-low $0.19-$4.30 Market Cap (USD mn) $143.65 Shares Outstanding (mns) 57.97 Options (millions) 7.43 (Fully Diluted) 65.4

$COBA (CONTINUED): The stated ramp plan is approximately 50 tonnes annualized in '27, 300 tonnes in '28, and ultimately 500–1,000 tonnes annually with additional modular capacity. One other thing I find particularly interesting: COBA says it has already sent multiple batches of NeoRe REarths carbonate to prospective U.S. strategic processing/offtake partners. The company has not identified those parties yet. That means a named U.S. processing/offtake agreement remains a potentially material upcoming catalyst. MY TAKE: This is more significant than a routine exploration update. You now have three potential near-term catalysts lining up: (1) definitive NeoRe acquisition agreement, (2) identification/signing of a U.S. processing or offtake partner, and (3) further progress around the previously announced $375 million EXIM LOI. The biggest catalyst to unlocking value and tracking more efficiently to real-time PV valuation and advancements: exchange uplisting/float creation ('26-27?).

$COBA CHAT'S TAKE ON YESTERDAY'S (9/9) ANNOUNCEMENTS: COBA had a meaningful new SEC filing and news release yesterday, September 9. The key development is that Chilean Cobalt completed Phase 2 of the NeoRe rare-earth project and is now moving into Phase 3, which is the negotiation of a definitive agreement to acquire 100% of NeoRe. The existing framework contemplates COBA issuing 6 million common shares for NeoRe, including its IP and data. Also important: COBA disclosed a $1.5 million strategic equity investment at $2.00/share, consisting of 750,000 new shares. The investor is Madesal SpA, NeoRe’s controlling shareholder and already a significant COBA shareholder. That was formally disclosed in an 8-K tied to a September 4 transaction. Operationally, NeoRe says it has now completed roughly 2,500 meters of drilling across 250+ holes, processed about 500 kg of ionic clay through its pilot program, and is targeting first mixed rare-earth carbonate production in early 2027. (more)