Koba Resources Extends High-Grade Uranium Discovery 50% at Everest Prospect

Koba Resources Expands High-Grade Uranium Discovery at Everest Prospect

Koba Resources Limited (ASX: KOB) has announced a major step forward at its Yarramba Uranium Project in South Australia, with follow-up drilling confirming that Koba Resources expands high-grade uranium discovery at Everest Prospect by 50%, extending its mineralised trend to over 6km of strike length. The programme also delivered the thickest and highest-grade intercepts recorded at Everest to date, whilst unveiling a brand-new mineralised zone — the "Everest Bend" — opening fresh discovery potential across one of Australia's most prospective uranium districts.

"High-grade uranium mineralisation has now been delineated over 6km of strike, including multiple intersections at grades greater than 1,000ppm eU3O8. We are particularly encouraged by the discovery of new mineralisation at the 'Everest Bend'… The very broad spacing of drilling to date reinforces that the Everest Prospect continues to have significant potential for further discovery."

— Ben Vallerine, Managing Director & CEO, Koba Resources

The Numbers That Matter: What This Drill Programme Delivered

Completed during April 2026, the programme comprised 23 drill holes for 2,670 metres of drilling. The results not only confirmed the continuity of previously known mineralisation but pushed the boundaries of what the Everest Prospect has demonstrated so far.

Top Drill Intercepts from the April 2026 Programme

All intercepts are reported as true widths based on flat-lying sedimentary beds and vertical drilling orientation.

Beyond these headline numbers, the programme returned several additional intercepts above the 100ppm cut-off threshold across the Everest Bend area, including:

• 0.8m @ 470ppm eU3O8 from 97.9m (MJRM044)
• 0.8m @ 456ppm eU3O8 from 86.6m (MJRM049)
• 1.0m @ 361ppm eU3O8 from 99.8m (MJRM051)

What Is the Everest Bend and Why Does It Matter?

A New Zone of Mineralisation Adds Significant Upside

One of the most significant outcomes of this programme was the identification of a brand-new mineralised splay, now named the Everest Bend. This newly discovered zone branches away from the main Everest Trend in an east-west direction, emanating from the point where the Yarramba Palaeochannel bends to the west.

Critically, the highest-grade and thickest intercepts from the entire programme were recorded in the vicinity of this bifurcation point — the location where the Everest Bend diverges from the main trend. This is significant for a geological reason that has direct implications for deposit scale.

Why Channel Bends Are Favourable for Uranium

In palaeochannel-hosted uranium systems like those found at Yarramba, bends in the ancient river channel create changes in the depositional environment — including variations in sediment texture and permeability. These changes affect how uranium-bearing groundwater moves through the rock and where uranium precipitates out of solution.

Bends are therefore considered preferential traps for uranium accumulation, and the geological record in this district supports that interpretation directly. The nearby 12Mlb Jason Uranium Deposit and the Honeymoon Uranium Mine — both located on the same Yarramba Palaeochannel — are also situated at bends within that channel.

The fact that Koba's highest-grade mineralisation to date sits at a comparable structural position to these established deposits gives the Everest Bend discovery notable geological significance.

The Everest Prospect in Context: A Neighbourhood That Speaks for Itself

The project does not sit in isolation. Its location within the broader Yarramba district means it is surrounded by significant uranium infrastructure and resources.

This geological and geographic proximity to established, operating and resource-defined uranium projects provides a compelling analogue framework. The Everest Prospect shares the same host stratigraphy, the same key reductant material, and now the same structural setting as its southern neighbours.

Understanding eU3O8: A Beginner's Guide to the Key Metric

Throughout uranium exploration in Australia, grades are commonly reported in parts per million (ppm) of equivalent uranium trioxide (eU3O8). Here is what that means in plain terms:

• U3O8 is the form in which uranium is typically bought and sold on global markets — often referred to as "yellowcake."
• "Equivalent" (the "e" in eU3O8) means the grade has been calculated from downhole gamma ray measurements rather than from chemical assays.
• 1,000ppm eU3O8 is widely regarded as a high-grade threshold in this style of deposit, and Koba has now intersected mineralisation above this threshold at multiple points across the 6km Everest Trend.

Furthermore, grade is a primary driver of project economics in uranium. Higher grades translate to more uranium per tonne of ore processed, which directly affects the cost of extraction and the potential value of a future resource.

Glossary of Key Terms

The Broader Yarramba Canvas: Four High-Grade Prospects and 250km of Palaeochannels

The Everest Prospect is one of four active high-grade uranium discoveries Koba has made since acquiring the Yarramba Uranium Project in January 2024. Each has returned intercepts exceeding the 1,000ppm eU3O8 threshold.

The project area spans more than 5,000km² and encompasses over 250km of interpreted uranium-bearing palaeochannels — the majority of which remain untested by modern, systematic drilling. Given that 23 holes over broadly-spaced lines have already extended the Everest Trend to 6km, with gaps of up to 1km between traverses, the scale of potential across the full project is substantial.

The uranium spot price has remained above US$80 per pound throughout 2026, providing a supportive pricing environment as Koba continues to advance its discovery pipeline.

What's Next: Forward Work Plan for H2 2026

Koba has already commenced planning for its next drilling phase at Everest. The programme is expected to begin in the second half of 2026, subject to obtaining the necessary permits and approvals under South Australia's PEPR framework. The upcoming programme will focus on two clear objectives.

Everest Bend — Extensional and Infill Drilling

• The Everest Bend remains largely untested
• The highest-grade intercepts to date are located at the bifurcation point, suggesting strong potential for accumulation
• The trend remains open and largely untested to the west

Main Everest Trend — Infill and Extension

• The 5km main trend is defined by broadly-spaced drill traverses (300m to 1,000m apart)
• Significant gaps between current traverses represent untested ground
• The system remains open to the northwest, providing further extensional potential

Upcoming Milestones

Investment Thesis: Why Koba Resources Warrants Attention

As Koba Resources expands high-grade uranium discovery at Everest Prospect, the company presents a compelling early-stage uranium exploration story built on several reinforcing pillars.

1. A Growing, High-Grade Discovery in a Proven Uranium Address

The Everest Prospect sits 4km along strike from a 12Mlb uranium deposit on the same palaeochannel system. The shared geology — channel bend location, lower Eyre Formation host rock, and organic matter reductant — mirrors that of established deposits in the region.

2. Wide-Spaced Drilling Means the Discovery Remains Open

Drill traverses are spaced between 300m and 1,000m apart. Large areas between current lines remain untested. Each future infill line has the potential to add to the overall mineralised footprint.

3. Multiple Discovery Fronts Across a Vast Project Area

Four prospects have already returned high-grade results across a project with more than 250km of palaeochannels. The Everest Prospect alone has tripled in strike length since it was first announced in 2025, and the Everest Bend adds a new directional vector to that growth.

4. Supportive Uranium Market Conditions

The uranium spot price has remained above US$80/lb throughout 2026, reflecting continued global interest in nuclear energy as a low-emission baseload power source. A strong uranium price environment supports the strategic rationale for continued exploration investment in this jurisdiction.

The Uranium Market Context: Why Nuclear Energy Remains Critical

Nuclear power continues to play a pivotal role in the global energy transition, providing baseload electricity generation without direct carbon emissions. Major economies worldwide are recognising nuclear energy's importance in achieving climate targets whilst maintaining energy security.

This recognition has translated into sustained uranium demand, supporting price levels that make exploration in South Australia's established uranium districts economically attractive. For companies like Koba, operating in proximity to established infrastructure and proven geology, the current market environment provides a supportive framework for advancing discovery programmes.

As global uranium demand continues to outpace supply additions, Australian uranium projects — particularly those in established provinces like the Frome Basin — are well-positioned to benefit from this structural market dynamic.

Key Takeaway

Koba Resources (ASX: KOB) has established itself as an active and expanding uranium explorer in one of Australia's most established uranium districts. With the Everest Prospect now encompassing 6km of strike, a newly identified mineralised splay in the Everest Bend, and three additional high-grade prospects across a 5,000km² project, the company's next drilling campaign in H2 2026 represents a significant series of upcoming catalysts.

For investors monitoring uranium exploration in South Australia, the evidence that Koba Resources expands high-grade uranium discovery at Everest Prospect demonstrates both the immediate progress being made and the substantial untested potential that remains. The combination of proven geology, wide-spaced drilling results, and a supportive uranium price environment positions the company as one to watch closely as it advances towards its next major drilling phase.

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