West Cobar Metals Limited provided an update on its drilling activities at the Salazar Clay Rare Earth Element (REE) Project, 125km NE of the town of Esperance in Western Australia. West Cobar has completed a total of 283 holes for a total of 9342m of its phase 1 air core program at the Salazar REE project. The program was planned to extend the existing Inferred Resource of 43.5Mt at 1192ppm total rare earths oxide (TREO) at Newmont 1, explore E63/1496 to the south of the Newmont deposit, and to explore part of the O'Connor licence area (E63/1469).

Pre-Christmas drill samples are being analysed at Bureau Veritas, with assay results expected during February. Drill samples from the January 2023 program have also been dispatched to Bureau Veritas for analysis and are expected during March 2023. The final assay results will be integrated with the historical data to produce an updated Inferred Resource for the Newmont deposit during second quarter of 2023.