THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

11 November 2021

Cobra Resources plc

 ("Cobra" or the "Company")

Issue of Equity:

Stage 2 Earn-In and PDMR Dealing

Cobra, a gold exploration company focused on the Wudinna Gold Project in South Australia, announces that, following fulfilment of its Stage 2 expenditure obligations under the "Wudinna Agreement" entitling the Company to increase its ownership of the Wudinna Project (the "Project") from 50% to 65%, the Company will deliver 31,725,919 ordinary shares credited as fully paid at a price of 1.9p per share to the Project vendors.

Of the 31,725,919 shares, 6,138,909 will be delivered by way of a transfer of an allotment of shares already made but which the Company is no longer obligated to deliver. Accordingly, applications have been made to the Financial Conduct Authority ("FCA") and the London Stock Exchange plc ("LSE") for the balance of 25,587,010 new ordinary shares (the "New Shares") of 1p each to be admitted to the standard segment of the official list and to trading on the main market for listed securities of the LSE. It is expected that admission will become effective on 16 November 2021.

When issued, the New Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of admission.

Springton Trust, a trust in which David Clarke, a Director of the Company, is interested as a consequence of him being a beneficiary of that trust, is a Project vendor and party to the Wudinna Agreement. Springton Trust will receive 10,575,306 of the shares to be delivered to the Project vendors and as a result Mr Clarke's interest for the purposes of DTR 5 will increase to 9.7% of the voting rights attaching to shares forming part of the capital of the Company. Additional disclosure of the change in the interests of Springton Trust and Mr Clarke is given below.

Total Voting Rights

In conformity with DTR 5.6.1, the Company notifies that, as at the date of this announcement, it has a single class of shares in issue being ordinary shares and that, following the issue of the 25,587,010 New Shares described above, the total number of ordinary shares in issue will be 360,110,510. There are no ordinary shares held in treasury. Each ordinary share entitles the holder to a single vote at general meetings of the Company.

The figure of 360,110,510 ordinary shares may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

The person who arranged for the release of this announcement was Rupert Verco, CEO of the Company.

About Cobra

Cobra's Wudinna Gold Project is located in the Gawler Craton which is home to some of the largest Iron Oxide Copper Gold ("IOCG") discoveries in Australia including Olympic Dam, as well as Prominent Hill and Carrapateena. Cobra's Wudinna tenements contain extensive orogenic gold mineralisation and are characterised by potentially open-pitable, high-grade gold intersections, with ready access to nearby infrastructure. In total Cobra has over 22 orogenic gold prospects, with grades of between 16 g/t up to 37.4 g/t outside of the current 211,000 oz JORC resource, as well as one copper-gold prospect, and five IOCG targets.

Wudinna Project Description

The Eyre Peninsula Gold Joint Venture comprises a 1,928 km² land holding in the Gawler Craton. The Wudinna Gold Project within the Joint Venture tenement holding comprises a cluster of gold prospects which includes the Barns, White Tank and Baggy Green deposits.