Highlights

  • Corella Resources has signed a binding Heads of Agreement with Caprice Resources Ltd to acquire a 75% interest in the Chobe Project in the West Arunta region of Western Australia — a 2,000km² package of 8 granted tenements and 7 tenement applications considered highly prospective for niobium, rare earths, and IOCG mineralisation, at an initial cash consideration of $2.7 million plus a contingent share-based payment.
  • The Chobe Project displays multiple geophysical and structural targets showing similarities to the carbonatite-hosted niobium and rare earth systems on adjacent projects of WA1 Resources (Luni Project) and Encounter Resources (Aileron Project) — two of the most active exploration stories in the West Arunta region — with the company describing the Chobe tenements as the third largest ASX-listed land holding in the region.
  • In conjunction with the acquisition, Corella is conducting a $5 million placement at $0.012 per share (heavily oversubscribed) in two tranches, with shares at $0.015 as of 27 April 2026; the acquisition is subject to conditions including due diligence completion within 30 days, a minimum capital raise of $4 million, and various regulatory and third-party consents.

Corella Resources Ltd (ASX:CR9) is a mineral exploration company focused on the discovery and development of critical mineral and precious metal deposits. The company's existing portfolio includes various early-stage exploration projects, with the Chobe Project acquisition representing its most significant strategic move to date — a direct entry into the West Arunta region of Western Australia, which has emerged as one of Australia's most exciting new exploration frontiers for niobium and rare earth elements since the discovery of the Luni carbonatite complex by WA1 Resources. As of 27 April 2026, CR9 shares were trading at $0.015.

The binding Heads of Agreement announced on 27 April 2026 to acquire a 75% interest in Caprice Resources Ltd's Chobe Project tenements reflects Corella's determination to establish a material land position in the West Arunta belt ahead of what its management expects to be an intensive exploration period across the region. The acquisition, if completed, would make Corella one of three ASX-listed companies with a significant land holding in the immediate vicinity of WA1 Resources' and Encounter Resources' active exploration programs.

The West Arunta Region: Australia's Newest Critical Minerals Frontier

The West Arunta region in remote Western Australia has captured significant exploration attention following WA1 Resources' discovery of the Luni niobium-REE carbonatite complex. Carbonatites — igneous rocks with a high carbonate mineral content — are the world's primary geological source of niobium and are also significant hosts for light and heavy rare earth elements, including many of the critical magnetic REE elements used in permanent magnets. The Luni discovery has demonstrated that the West Arunta region hosts a fertile carbonatite province, triggering a re-evaluation of the region's broader exploration potential.

Encounter Resources' Aileron Project has added further evidence of the region's prospectivity, with high-grade niobium results extending over 4 kilometres at its Green target announced in February 2026. The West Arunta's geological setting — characterised by Aileron Province basement brought to the surface by a series of listric north-dipping reverse faults (thrusts), along with associated magnetic anomalies and structural features that guide carbonatite emplacement — provides the framework within which Corella's Chobe tenements are being evaluated.

Chobe Project: Geological Prospectivity and Target Framework

The Chobe Project encompasses over 2,000 square kilometres of tenement area across 8 granted exploration licences and 7 applications, located in the West Arunta region adjacent to WA1 Resources' and Encounter Resources' active projects. Initial due diligence has identified key geophysical and structural features, including magnetic features along major fault structures, that Corella considers to be strong targets for carbonatite emplacement. The project area includes part of the 'Central Thrust' zone, a geological feature interpreted as representing the same structural setting responsible for carbonatite emplacement on the neighbouring Luni and Aileron projects.

The tenements represent a largely underexplored package, with limited historical exploration having targeted conventional copper and gold deposits through IOCG and sedimentary-hosted models. The renewed interest in carbonatite-hosted niobium and REE systems within the West Arunta has created a new targeting framework for the Chobe area, and Corella's initial work will focus on generating carbonatite drill targets by integrating existing magnetic data with structural interpretation and field reconnaissance.

Acquisition Terms and Conditions

The acquisition is structured through a Heads of Agreement with Caprice Resources Ltd and its wholly owned subsidiary Caprice West Arunta Pty Ltd, with Corella acquiring a 75% interest in the tenements for initial cash consideration of $2.7 million. An additional $190,000 in Corella shares becomes payable upon commencement of an exploration program at Chobe, with shares issued at the placement price of $0.012. The acquisition is subject to conditions including due diligence completion within 30 days, a minimum capital raise of $4 million, HJH Nominees consenting to waive its right of first refusal, and various corporate, governmental, and regulatory approvals.

Upon completion, an unincorporated joint venture will be formed over the Group 2 Tenements, with Corella holding a 75% interest and Caprice a 25% interest. Corella will free-carry Caprice's 25% interest through to a decision to mine — meaning Corella will fund 100% of exploration activities during this period and retain sole discretion over the nature and timing of exploration programs. A 2% gross production royalty in favour of HJH Nominees applies to the Group 1 Tenements, which Corella will assume under the acquisition terms.

Capital Raising: $5 Million Oversubscribed Placement

In conjunction with the acquisition, Corella is raising $5 million through a placement to professional and sophisticated investors at $0.012 per share — representing a discount of 20% to the prevailing share price of $0.015 on 27 April 2026. The placement is structured in two tranches: Tranche 1 of $2.46 million (205 million shares) utilising existing ASX placement capacity, to be issued by 8 May 2026; and Tranche 2 of $2.54 million (approximately 212 million shares) subject to shareholder approval. For every two shares subscribed, investors receive one free attaching option exercisable at $0.02 with a 30-month expiry.

The placement has been described as heavily oversubscribed, suggesting material investor demand at the placement price. CPS Capital Group is acting as lead manager, with standard placement fees applying. The total proceeds will fund the acquisition, exploration of Corella's existing tenements, and working capital. Corella has confirmed the placement will proceed regardless of whether the acquisition is completed.

Conclusion

Corella Resources' acquisition of a 75% interest in the Chobe Project in the West Arunta region represents the company's strategic entry into one of Australia's most actively explored new critical mineral frontiers. With targets showing geological similarities to the carbonatite systems being drilled by WA1 Resources and Encounter Resources on adjacent ground, and a $5 million oversubscribed placement providing the capital to fund an initial exploration program, Corella is positioned to participate in the West Arunta discovery story. At $0.015 per share and a 2,000km² land package, the company's near-term focus will be on completing due diligence, satisfying acquisition conditions, and generating drill-ready carbonatite targets within the Chobe tenements.