Koba, formerly a cobalt player, gears up to become newest explorer in the uranium state: South Australia

Koba Resources (ASX:KOB) is set to become the newest uranium explorer in Australia after pivoting from cobalt.

Listed in 2022, Koba now switches focus to the Yarramba uranium project, acquired in early 2024, and located in South Australia – the home state of Honeymoon operator Boss Energy.

South Australia is effectively Australia’s uranium state at present, if you look at where governments are allowing it to happen.

In the terms of overall activity in the sector, one could argue SA-based Boss Energy has become the new Deep Yellow – a former household name on the ASX. At least among those investing in miners.

Whether Koba can replicate Boss Energy’s success depends on what they find drilling and that process takes years. To that end, a 11,000m drill run kicks off next month.

But it’s not shooting blind. An existing 4.6Mlb resource is in place for the Oban Uranium Deposit at Yarramba, and drillers will be targeting extensions of that resource on-site, now under the management of Koba.

Rigs will also be placed atop the Mt John Prospect, suspected to contain uranium mineralisation and nearby known systems.

“This will be the first of many drill programs as the Company systematically tests an extensive pipeline of under-explored prospects,” the company wrote on Wednesday.

“This will be the first of many drilling programs at the Yarramba Project as we look to aggressively explore over 5,000km2 of tenure and 250km of palaeochannels that are prospective for uranium,” CEO Ben Vallerine said.

KOB last traded at 15cps.