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.

21 July 2025

Cobra Resources plc

("Cobra" or the "Company")

Favourable Boland Metallurgical Results

Demonstrate a pathway to optimal in situ recovery rare earth production

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 initial results from flowsheet optimisation testing being carried out by the Australian Nuclear Scientific Technology Organisation ("ANSTO").

Cobra has commenced a scaled metallurgical study aimed at optimising its existing flowsheet to maximise recoveries and product value. Completed diagnostic testing from six bulk samples sourced from recently completed sonic drillholes from across the Boland mineralisation footprint have delivered valuable results supporting high recoveries with low-cost inputs and provided a geometallurgical pathway to characterise ore, enhance exploration targeting, improve resource characterisation and support future mine optimisation.

Highlights

Diagnostic leaches performed on six bulk sample composites delivered results including:

·    Exceptional recoveries up to 89% Dy+Tb and 93% Nd+Pr using ammonium sulphate ("AMSUL") at pH2.5 with  low acid consumption of 6.9 kg/t

·    Very high recoveries up to 84% Dy+Tb and 86% Nd+Pr using ammonium sulphate ("AMSUL") at pH3 with very low acid consumption of 2.6 kg/t

·    High recoveries up to 83% Dy+Tb and 84% Nd+Pr using magnesium sulphate ("MAGSUL") at pH3 with very low acid consumption of 2.7 kg/t

·    High recoveries from the two different lixiviants trialled, reducing exposure to price volatility in securing critical reagents

·    All tests consumed less than 8 kg/t of acid, providing some of the lowest cost recoveries of any Australian clay hosted rare earth projects¹

·    Testing at stronger acidities of pH 2.5 showed slight increases in recoveries without increasing acid consumption or impacting the ratio of impurities

·    Results show a strong positive correlation between the dysprosium and terbium proportion and rate of recovery providing a geometallurgical marker to model recoveries and to ultimately inform future economics

·    Further tests are being completed aimed at removing low-value and relatively abundant cerium and lanthanum through an in situ recovery ("ISR") 'preconditioning' phase, designed to increase the overall value of a Mixed Rare Earth Carbonate ("MREC")

·    Bulk ~50kg composite ISR column being prepared to produce bulk liquor for further flowsheet optimisation and MREC production for offtake testing

Rupert Verco, Managing Director of Cobra, commented:

"Our metallurgical strategy is relatively simple: maximise the value of dysprosium and terbium within our product. We aim to achieve this by leveraging the considerable advantages that ISR allows for minimal cost flowsheet modifications. These initial results demonstrate favourable mineralisation characteristics that will further optimise our flowsheet and ultimately enable the commercialisation of a valuable product.

It is great to be able to identify such a significant geometallurgical indicator at such an early stage. In ionic rare earth systems, recoveries can be highly variable, and it is therefore difficult to apply realistic recovery factors to mining scenarios.

Results generated from this testing will not only assist in forward exploration targeting, but they will also support economic grade valuation within a near term resource estimate and support future economic analysis enabling higher margin ore to be prioritised in production.

We expect results for our regional re-analysis programme soon, and learnings from these metallurgical results will greatly assist in follow-up drill targeting."

New ANSTO Metallurgical Leach Results

In 2024, Cobra successfully produced a quality Mixed Rare Earth Carbonate ("MREC") with a grade of 62.4% TREO and relatively low in impurities from a bench scale ISR study that achieved a magnet rare earth ("MREO") recovery of 68% from a high-grade sample of 0.44% TREO

The metallurgical programme currently underway at ANSTO laboratories is designed to maximise the Dy+Tb within the produced MREC whilst minimising recovery costs, by evaluating:

·    Alternative, cost efficient lixiviants

·    Acid strength (pH)

·    Leaching residence times

·    Testing optimum lixiviant conditions to maximise economics of a scaled bench scale ISR study:

a.    Define the optimum pH, to manage impurities and acid consumption

b.    Determine optionality subject to market availability of acid

·    Reduction of low value REEs Cerium and Lanthanum by:

a.    Implementing a preconditioning removal phase of ISR at pH 4.5-5.0

b.    Flowsheet step removal through membrane oxidation

·    Optimise impurity removal by:

a.    Optimising pH levels used for impurity precipitation

b.    Trialling selective membranes

c.     Management of radionuclides

·    Produce MREC through an optimised flowsheet to:

a.    Determine the level of radionuclides

b.    Supply samples to offtakers for testing

·    Finalise a flowsheet for financial analysis

Results presented within this announcement reflect step one of the current metallurgical programme, highlighting several important factors that contribute favourably to project economics:

·    REE recoveries correlate with Dy+Tb proportion of total TREO. Overall TREO grade, whilst important, does not impact the rate of recovery; however, as the ratio of valuable Dy+Tb increases as a percentage of the TREO, metallurgical recovery rates increase. This benefits:

o  Exploration targeting - where higher proportions of Dy+Tb can be flagged from historic drillhole re-analysis for followup drilling

o  Resource classification - provides a geometallurgical factor from which economic cut-over grades can be evaluated against market pricing

o  Mine planning - Define future wellfield sequencing to target ore with the higher Dy+Tb ratios and the most economic recoveries*

Figure 1: Relationship between Dy+Tb proportion and increasing recoveries

* Further assessment of this relationship shall be tested by increasing the dataset

·    Samples with the lowest Dy+Tb proportion yielded the lowest recoveries. This supports heavy rare earth enrichment being a consequence of the relative abundance of, and the absorption capacity of fine organic "clay" within the sandy matrix of the Pidinga Formation

o  The Commonwealth Scientific and Industry Research Organisation ("CSIRO") is currently evaluating the physical properties of the material hosting absorbed REEs

·    Robust recoveries were achieved with low acid consumption and low impurities. An increase in acidity from pH3 to pH2.5 increased the recovery of Dysprosium by almost 6% with a negligible increase in acid consumption and without impacting impurity ratios

Table 1. Average key metallurgical metrics from the six bulk composite samples

Figure 2: Statistical ranges of recoveries using MAGSUL and AMSUL as lixiviant, yielding similar recoveries across six bulk samples

Figure 3: Statistical ranges of key economic factors of rare earth metallurgy being estimated acid consumption and TREO/Al impurity ratio

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/Pbn2oP  

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

The information in this report that relates to metallurgical results is based on information compiled by Cobra Resources and reviewed by Mr James Davidson who is Principal at Rendement Consulting and a Fellow of the Australian Institute of Mining and Metallurgy (F AusIMM). Mr Davidson has sufficient experience that is relevant to the metallurgical testing which was undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Davidson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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 or magnesium 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 4: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs

Appendix 2: Metallurgical sample information

*Multiple sections throughout the Pidinga Formation

Appendix 3: Diagnostic test results

Appendix 4: JORC Code, 2012 Edition - Table 3

Appendix 5: Section 2 reporting of exploration results

Appendix 6: ¹Peer comparison - acid consumption