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.

10 July 2025

Cobra Resources plc

("Cobra" or the "Company")

Boland Sonic Drill Results

Thick in situ recoverable intersections exceed expectations

Observed conditions for in situ recovery are highly favourable

Expanding drill programme to incorporate new tenements - significantly increasing project scale

Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Rare Earth Element ("REEs") discovery at its Boland Project ("Boland") in South Australia, is pleased to announce results from a recently completed Sonic Core drilling programme.

Boland's unique palaeochannel geology and mineralogy are positioning the project to overcome the cost challenges faced by other rare earth mines by utilising the in situ recovery ("ISR") method regularly used for uranium extraction. In doing so, Cobra aims to deliver a cost competitive source of dysprosium and terbium through a proven extraction process with high environmental stewardship.

The Sonic programme has provided invaluable insight into geological controls, Heavy Rare Earth ("HREE") distribution and spatial continuity of ISR recoverable mineralisation. The results are an important component of advancing the project towards a maiden mineral resource estimate ("MRE"), whilst providing bulk samples for further flowsheet optimisation.

Highlights

·    10 Sonic holes drilled over 423m

·    Drilling confirms system enrichment of in demand dysprosium and terbium relative to light rare earths (Figure 1)

·    Two zones of high grade, ISR recoverable mineralisation identified flanking the main incised channel of the Narlaby palaeosystem

·    Broader zones of ISR recoverable REEs with standout intersections including:

o  3.3m @ 1,115 ppm TREO (40 ppm Dy + Tb & 136 ppm Nd + Pr) from 36.5m (CBSC0013)

o  4.0m @ 1,106 ppm TREO (11 ppm Dy + Tb & 111 ppm Nd + Pr) from 50.62m (CBSC0008)

o  2.6m @ 896 ppm TREO (14 ppm Dy + Tb & 170 ppm Nd + Pr) from 54m (CBSC0014)

o  1.3m @ 1,230 ppm TREO (46 ppm Dy + Tb & 269 ppm Nd + Pr) from 25.6m (CBSC0009)

o  1.0m @ 2,937 ppm TREO (62 ppm Dy + Tb & 624 ppm Nd + Pr) from 26m (CBSC0010)

·    Drilling has defined controlling geological conditions promoting ionic metallurgy within the permeable Pidinga Formation, refining the Company's exploration model that it plans on applying across its recently expanded landholding

·    Results from re-analysis of historical drill samples from across recently acquired tenements are anticipated in the coming weeks to guide expansion drilling (Figure 4)

o  Batch 1: 396 assays from 19 drillholes across EL6742 expected in the coming weeks

o  Batch 2: 225 samples from 17 drillholes across EL6742 expected at the end of July

o  Batch 3: 437 assays from 31 drillholes expected in mid-August

o  Batch 4: ~600 samples from 50 drillholes expected in late August

·    Preparations underway for the next stage of resource drilling at Boland in August focusing on the northern continuity of high-grade mineralisation

Rupert Verco, Managing Director of Cobra, commented:

"The thickness of ISR recoverable intersections to the north of the existing Boland Wellfield have exceeded our expectations and provide a focused target zone for further resource expansion drilling.

Obtaining quality core has been paramount to understanding the controls on this unique mineral system. It has also enabled us to assess the geological compatibility for ISR at scale where permeability, orebody confinement and gangue minerals are important factors for economics and environmental control. The observed conditions are highly favourable across Boland.  

The recent acquisition of Exploration Licences 6742, 6774 and 6780 has significantly increased our resource opportunity; the team is working hard to ensure we can incorporate the new tenements into an expanded drilling programme and therefore into our maiden mineral resource estimate, massively increasing the project's scale."

Sonic Core Drilling Summary

The drilling campaign consisted of 10 Sonic drillholes aimed to test the geological interface between underlying saprolite and the permeable Pidinga Formation. Results affirm the enrichment of valuable REEs like dysprosium and terbium that are concentrated through mobilisation and ionic absorption to lignite detritus bound within confined, permeable sands.

Sonic drilling focused on areas across the mineralised Boland footprint where Aircore drilling has defined extensive mineralisation at the contact between the Pidinga Formation and underlying saprolite; however, owing to the difficulty in interpreting the geology form Aircore recovered samples, the ability to determine the extent of ISR recoverable mineralisation lacked precision. The increased extent of Sonic drilling has therefore improved confidence in the laterally extensive nature of ISR recoverable mineralisation.

The use of Aircore drilling can be used in conjunction with Sonic drilling to further define the extent of the Boland resource. Geological considerations for both the environmental deposition of the Pidinga Formation and the basement rock lithology can be used to refine drill targeting to test for higher grade zones over the Company's extensive paleochannel landholding.

This drilling also provided bulk samples for optimised metallurgical studies that have commenced at the Australian Nuclear Scientific Organisation ("ANSTO") aimed at optimising recoveries and maximising the value of a saleable Mixed Rare Earth Carbonate ("MREC").

Rare Earth Mineralisation

Mineralisation occurs in three geological units where the economics of recovery vary based on the phase of mineralisation and the amenability to ISR. The units are summarised below:

1.    Mineralised Pidinga Formation - HREE enriched, ionic mineralisation within geology highly amenable to ISR. Metallurgical testing demonstrates high REE recoveries can be achieved at a pH3-4 with very low acid consumption.  

2.    Mineralised Garford Formation - Overlies the Pidinga Formation, consisting of smectite clays and interbedded sandy units. Metallurgical testing demonstrates moderate-high REE recoveries can be achieved at a pH3-4 with moderate acid consumption.  Recovery via ISR mining is lower than the Pidinga Formation owing to the nature of smectite clays.

3.    Saprolite - Weathered basement (granite) where REE mineralisation is a mixture of primary and secondary phases. Metallurgical testing demonstrates moderate REE recoveries can be achieved at a pH1-2 with moderate to high acid consumption.

Cobra's exploration strategy focuses on mineralisation within the Pidinga and Garford Formations where valuable HREEs are enriched in relative ratios compared to less valuable, light rare earths (Figure 1). Improved ratios equate to an increase in product value.

Figure 1: Relative enrichment of valuable dysprosium (Dy) and terbium (Tb) within the Pidinga Formation at Boland when compared to the other mineralised geological units

Table 1: Significant intersections from the recent Sonic drilling programme

Figure 2: Plan of Sonic drilling results where intersections confirm and increase the thickness of Pidinga Formation hosted REEs

Figure 3: Cross section highlighting mineralisation within the Garford and Pidinga Formations

Next Steps

Resource drilling

A further programme of ~1,800m is planned for extensional drilling at Boland in early August.

Based on the increased knowledge base of the Boland REE enrichment system and the recent expansion of the Company's landholding, Cobra intends to expand its resource drilling programme to incorporate drilling across the recently acquired tenements. This will invariably delay the estimation of a maiden MRE but will contribute favourably to its scale. The Company is currently working through the transfer of tenement requirements for Exploration Licences 6742, 6774 and 6780 and plans to be able to commence drilling on these tenements once title is transferred.

Figure 4: Location of historical drill holes where the Company has reassayed samples for REEs as a precursor to drilling with results expected in July-August

Metallurgy

ANSTO has commenced the diagnostic programme from select samples taken from the Pidinga Formation mineralisation across several Sonic drill holes. The sequence of expected results are summarised below:

·    Diagnostic testing alternate lixiviants and leach optimisation tests ~ 2 weeks

·    Permeability test ~ 2-3 weeks

·    40-70Kg ISR column ~ 8-12 weeks

·    Flow-sheet optimisation and light REE removal ~ 16 weeks

Field Testing

Field testing of aquifer productivity and permeability testing is largely dependent upon the Company receiving approvals. The Company expects to commence testing in August.

Boland Project

Cobra's unique and highly scalable Boland discovery is a strategically advantageous ionic rare earth discovery where high grades of valuable heavy and magnet rare earths occur concentrated in a permeable horizon confined by impermeable clays. Bench scale ISR testing has confirmed that mineralisation is amenable to ISR mining. ISR has been used successfully for decades within geologically similar systems to recover uranium within South Australia. Results of this metallurgical test work support that, with minor optimisation, ISR techniques should enable non-invasive and low-cost production of critical REEs from Cobra's Boland discovery.

Follow this link to watch a short video of CEO Rupert Verco explaining the results released in this announcement: https://investors.cobraplc.com/link/YeNklr

Further information relating to Boland and these drilling results are presented in the appendices.

Enquiries:

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

Information in this announcement relates to exploration results that have been reported in the following announcements:

·    Wudinna Project Update: "Boland Aircore Drill Results", dated 25^th February 2025

·    Wudinna Project Update: "Further Positive Metallurgy Results from Boland Project", dated 16 December 2024

·    Wudinna Project Update: "2^nd Bench Scale ISR Study & £1.7M Placing", dated 26 November 2024

·    Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4 November 2024

·    Wudinna Project Update: "ISR bench scale study delivers exceptional results", dated 1 October 2024

·    Wudinna Project Update: "ISR bench scale update - Exceptionally high recoveries with low impurities and low acid consumption; on path to disrupt global supply
of heavy rare earths", dated 28 August 2024

·    Wudinna Project Update: "ISR bench scale update -Further metallurgical success at world leading ISR rare earth project", dated 11 July 2024

·    Wudinna Project Update: "ISR bench scale update - Exceptional head grades revealed", dated 18 June 2024

·    Wudinna Project Update: "Re-Assay Results Confirm High Grades Over Exceptional Scale at Boland", dated 26 April 2024

Competent Persons Statement

Information and data presented within this announcement has been compiled by Mr Robert Blythman, a Member of the Australian Institute of Geoscientists ("MAIG"). Mr Blythman is a Consultant to Cobra Resources Plc and has sufficient experience, which is relevant to the style of mineralisation, deposit type and to the activity which he is undertaking to qualify as a Competent Person defined by the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC" Code). This includes 12 years of Mining, Resource Estimation and Exploration relevant to the style of mineralisation.

Information in this announcement has been assessed by Mr Rupert Verco, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Verco is an employee of Cobra and has more than 17 years' industry experience which is relevant to the style of mineralisation, deposit type, and activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves of JORC. This includes 13 years of Mining, Resource Estimation and Exploration.

About Cobra

In 2023, Cobra discovered a rare earth deposit with the potential to re-define the cost of rare earth production. The highly scalable Boland ionic rare earth discovery at Cobra's Wudinna Project in South Australia's Gawler Craton is Australia's only rare earth project amenable for in situ recovery (ISR) mining - a low cost, low disturbance method enabling bottom quartile recovery costs without any need for excavation or ground disturbance. Cobra is focused on de-risking the investment value of the discovery by proving ISR as the preferred mining method and testing the scale of the mineralisation footprint through drilling.

Cobra's Wudinna tenements also contain extensive orogenic gold mineralisation, including a 279,000 Oz gold JORC Mineral Resource Estimate, characterised by low levels of over-burden, amenable to open pit mining.

Regional map showing Cobra's tenements in the heart of the Gawler Craton

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Appendix 1: Background information - the Boland Project and ISR

·    The Boland Project was discovered by Cobra in 2023. Mineralisation is ionically bound to clays and organics within palaeochannel sands within the Narlaby Palaeochannel

·    Mineralisation occurs within a permeable sand within an aquifer that is saltier than sea water and is confined by impermeable clays

·    ISR is executed through engineered drillhole arrays that allow the injection of mildly acidic ammonium sulphate lixiviants, using the confining nature of the geology to direct and lower the acidity of the orebody. This low-cost process enables mines to operate profitably at lower grades and lower rates of recovery

·    Once REEs are mobile in solution in groundwater, it is also possible, from an engineering standpoint, to recover the solution to surface via extraction drillholes, without any need for excavation or ground disturbance

·    The capital costs of ISR mining are low as they involve no material movements and do not require traditional infrastructure to process ore - i.e. metals are recovered in solution

·    Ionic mineralisation is highly desirable owing to its high weighting of valuable HREOs and the cost-effective method in which REEs can be desorbed

·    Ionic REE mineralisation in China is mined in an in-situ manner that relies on gravity to permeate mineralisation. The style of ISR process is unconfined and cannot be controlled, increasing the risk for environmental degradation. This low-cost process has enabled China to dominate mine supply of HREOs, supplying over 90% globally

·    Confined aquifer ISR is successfully executed globally within the uranium industry, accounting for more than 60% of the world's uranium production. This style of ISR has temporary ground disturbance, and the ground waters are regenerated over time

·    Cobra is aiming to demonstrate the economic and environmental benefits of recovering ionic HREOs through the more environmentally aquifer controlled ISR - a world first for rare earths

Figure 5: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs

Appendix 2: Boland Aircore drilling results

Results within this announcement relate to the results of 10 Sonic holes drilled to support resource definition focused aircore drilling at the Boland Project. Results confirm the presence of mineralisation within palaeochannel sediments where ionic mineralisation is bound within permeable sands and confined within an aquifer amenable to low-cost ISR mining.

Table 2: Drill hole collar coordinates

Appendix 3: JORC Code, 2012 Edition - Table 3

Appendix 3: Section 2 reporting of exploration results

Appendix 4: Licence/tenure information