Option to Acquire Significant Copper Project

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.

26 August 2025

Cobra Resources plc

("Cobra" or the "Company")

Option to Acquire Significant Copper Project

Leveraging Cobra's capability to advance a massive scale copper-gold project in South Australia

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 it has entered into a binding option deed on the Manna Hill Copper Project ("Option Deed"), located in the Nackara Arc, South Australia. The project area hosts several significant prospects with untested upside potential, capable of delivering large scale copper discoveries.

Cobra is focused on a discovery and development strategy to identify and advance projects capable of delivering material value to its shareholders. Adding a significant regional copper project to the Company's portfolio, which includes the Boland REE Project, further diversifies Cobra's commodity exposure. This will enable the Company to deploy its technical and operational expertise efficiently, minimising periods between work programmes by staggering approvals, which will ultimately increase value catalysts.   

Rupert Verco, Managing Director of Cobra, commented:

"Our Director, David Clarke, has worked diligently to achieve land access to the Manna Hill Project over many years and has provided Cobra the opportunity to advance this asset in an underexplored porphyry province in the copper capital of Australia. Exploration to date has yielded outstanding intersections across multiple targets. We have a tiger by the tail at Manna Hill, and a diligent exploration strategy can deliver a major discovery.

Strategically, we pride ourselves on being efficient in our deployment of capital and resources and are committed to advancing assets capable of delivering significant upside to our shareholders. We are on the right path to advance Boland towards commercialisation, and, as we progress towards development and associated permitting, we can now achieve greater productivity by advancing multiple projects at once; especially those on our doorstep.

Having sold our gold assets for up to A$15 million with retained upside from Cobra's shareholding in the buyer, we are now focused on three critical minerals for the energy transition: dysprosium, terbium and copper. South Australia is the copper state and the upside to the Manna Hill Project is massive. Porphyry deposits occur in clusters, and this project covers a forgotten geological terrain: the Nackara Arc which hosts several significant prospects capable of delivering scalable discoveries.

We aim to demonstrate the significant scale of this project by testing certain key geological concepts that, if proven correct, can deliver a large, shallow copper resource without significant drilling and deliver a possible porphyry discovery."

David Clarke, Cobra Director and project vendor, commented:

"This is certainly the most prospective asset I have managed to get my hands on in over 50 years. Rupert and the Cobra team have demonstrated significant capability by generating a new exploration model for ionic REE mineralisation that has ultimately led to a significant discovery at Boland.

Vending this prized asset into Cobra places it in safe hands. I look forward to supporting the team to execute and hopefully deliver multiple discoveries while they continue to advance the Boland Project towards economic feasibility."

Manna Hill Targets

The Manna Hill Project comprises Exploration Licences ("ELs") 6009, 6046 and 6646 that cover 1,855km² and incorporates the Anabama Granite Intrusion, hosting multiple porphyry targets. Cobra, through the Option Period (defined below), will prioritise exploration over three key target areas:

Blue Rose - copper-gold skarn and porphyry target, shallow, scalable and open at depth

·    Stratigraphic limestone unit hosting 1.6km of defined skarn mineralisation with existing intersections that include:

o  [RABR822] 47m at 2.2% Cu and 0.76 g.t Au from 11m

o  [RCBR025] 132m at 0.52% Cu from 8m including 48m at 1.04% Cu

o  [RABR152] 41m at 1.6% Cu from 9m including 18m at 2.03% Cu

o  [RABR205] 43m at 0.6% Cu from 12m

o  [RCBR030] 52m at 0.77% Cu and 0.94 g/t Au from 80m

·    Untested remnant de-magnetised bullseye anomaly interpreted as the porphyry source of skarn mineralisation

·    Cobra geophysical studies define multiple possible skarn extensions which will be the focus of exploration activities during the option period

Netley Hill - massive, shallow, 3km long chargeability anomaly associated with intersected copper-molybdenum mineralisation

·    Large ~3km long IP chargeability anomaly containing shallow Cu-Mo mineralisation with existing intersections including:

o  [NTDD001] 350m at 0.1% Cu & 0.05% Mo from 0m

o  [NETRP03] 24m at 0.3% Cu & 0.02% Mo from 55m to end of hole

o  [NETRP14] 45m at 0.02% Mo from 15m to end of hole, including 15m at 0.15% Cu & 0.02% Mo from 45m

Golden Sophia - Carlin style gold with untested scale, walk-up drill target

·    Sericitised carbonaceous peilite hosting fine gold mineralisation where previous intersections include:

o  [GS2] 36m at 0.6 g/t Au from 2m

o  [GS3] 60m at 0.58 g/t Au from 10m to EOH

o  [GS4] 34m at 0.51 g/t Au from 6m to EOH

o  [GS27] 20m at 0.57 g/t Au from 18m

o  [GS29] 30m at 0.61 g/t Au from 2m

o  [HGRC003] 41m at 0.31 g/t Au from 6m

·    Along-strike of the historic Wadnaminga goldfields where artisanal mining produced over 25,000 Oz of gold

·    Mineralisation proximal to a blind magnetic anomaly that may represent the porphyry source

Follow this link to watch a short video of CEO Rupert Verco explaining the transaction and the Manna Hill Project: https://investors.cobraplc.com/link/rLwO0e

The Company will host a live Webinar on 3 September. Registration details will be provided in due course via RNS Reach.

Background to the Manna Hill Project

The Nakara Arc, a Cambrian age rift system, has long been recognised for its prospective porphyry systems. Previous work undertaken by the Geological Survey of South Australia, academics and explorers demonstrates:

·    Deep crustal architecture defined within a Geoscience South Australia Magnetotelluric survey that defines modelled fertile, middle crust magma and structurally controlled conduits supportive of porphyry intrusions¹

·    Geochemical and geochronological studies performed by Hong et al, 2023, demonstrate that porphyritic stocks at Anabama and Netley Hill have formed from favourable lithospheric scale structures and simultaneously with known porphyry systems within the Macquarie Arc such as Cadia and North Parkes¹

The project comprises numerous prospects with varying styles of mineralisation including skarn, porphyry, carlin, orogenic and sediment hosted mineralisation across 1,855 km² of tenure that includes the historic Wadnaminga and Talkaboolka goldfields.

Exploration over the project has been limited over the last two decades owing to land access. Land access has been achieved with a Native Title Mining Agreement with the Wilyakali Traditional Owners paving the way for exploration across this highly fertile geological province.

Located 150km south-west of Broken Hill, the township and mining asset that was the starting point for the world's largest miner, BHP, the region is well serviced by road and rail.

Figure 1: Location of the Manna Hill Project, South Australia and reported copper resources

In the south of the tenements, magnetics define the Anabama Granite intrusion, where a number of bullseye magnetic features occur in its proximity, previous exploration and academic studies have confirmed the presence of porphyry type Cu-Au-Mo mineralisation.

Figure 2: Total Magnetic Intensity, defining the emplacement of the Anabama Granite, the land tenure and the position of Porphyry and Orogenic gold prospects

Exploration Strategy During the Option Period

During the Option Period, Cobra aims to demonstrate the value of Manna Hill Project to its shareholders by focusing on the Blue Rose prospect, where a targeted drill programme will aim to add scale to the existing 1.6km of drilled mineralisation. The Company has refined the geological interpretation which supports scalable upside to existing, shallow skarn mineralisation.

Initial due diligence performed by Cobra's technical team has focussed on structural control of skarn copper-gold mineralisation at the Blue Rose Prospect where:

·    Mineralisation is hosted within the footwall of a stratigraphically bound limestone unit where it intersects a large remanet de-magnetised low associated with an expected porphyry intrusion

·    A single diamond hole targeting the porphyry intrusion intersected multiple quartz monzonite dykes and strong phyllic alteration - spectral analysis suggests close proximity to porphyry mineralisation

·    Drilling has defined shallow copper-gold skarn mineralisation across 1.6km of strike east of the intrusion with intersections including:

o  [RABR822] 47m at 2.2% Cu and 0.76 g.t Au from 11m

o  [RCBR025] 132m at 0.52% Cu from 8m including 48m at 1.04% Cu

o  [RABR152] 41m at 1.6% Cu from 9m including 18m at 2.03% Cu

o  [RABR205] 43m at 0.6% Cu from 12m

o  [RABR030] 57m at 0.77% Cu and 0.94 g/t Au from 80m

o  [RCBR022] 80m @ 0.27% Cu incl. 15m @ 0.71% Cu, 0.17 g/t Au (1m @ 2450 ppm Mo)

o  [RCBR030]: 16m @ 1.54% Cu, 0.78 g/t Au from 88m and 28m @ 1.29 g/t Au, 0.42% Cu from 104m²

o  [RCBR021]: 27m @ 1.41% Cu, 0.33 g/t Au

Figure 3: Previous exploration at the Blue Rose Skarn, significant intersections and grade shells over gravity        

Figure 4: Cross Section 429325mE Blue Rose Skarn Mineralisation - highlighting the mineralised footwall of the limestone unit bound by carbonaceous shales

·    Before the formation of the Nackara Arc, Adelaidean sediments were highly deformed during the Delamerian Orogeny resulting in folding of sedimentary sequences

·    Re-processing of geophysical data highlights that the limestone unit hosting skarn mineralisation is folded (syncline), highlighting the further potential to host mineralisation within the fold hinge (at depth), within the northern limb and as continuities to the west of the porphyry intrusion

Figure 5: Gravity "edge" imagery where heat colours highlight the contrast within specific gravity. The zones of high contrast are interpreted to represent the limestone unit that hosts skarn mineralisation. Areas shaded in red are target zones that will be tested for continuity and scale

A heritage clearance is in place to enable a drill programme testing Blue Rose Skarn mineralisation. Cobra will confirm the integrity of historical drilling whilst testing the developed model for further scale by drilling:

o  Zones of required infill to support a mineral resource estimate (MRE)

o  The northern syncline limb

o  Western extensions

o  A higher-grade hinge zone at depth where fracturing and jointing generally may improve fluid migration, resulting in high concentrations of metal

Further geophysical inversion modelling is currently underway to define the depth of the fold hinge. Applications are being prepared to expediate this drilling programme.

Terms of the Option Deed

Parties

·      Buyer: Manna Hill Mining Pty Ltd (wholly owned subsidiary of Cobra)

·      Seller: TC Development Corporation Pty Ltd as trustee for The Springton Trust (David Clarke, a Cobra director, is a beneficiary of the Springton Trust "Springton")

·      Licence Co.: Hamelin Gully Pty Ltd (holder of the Manna Hill Project licences)

Grant of Option

·    Seller grants Buyer an exclusive option to acquire 100% of the share capital of the Licence Co. (the "Option Shares")

·    Option Period: 12 months from commencement date

·    Buyer may withdraw prior to exercising the Option with no liability

Purchase Price (upon exercise of Option)

·    Contingent upon Cobra obtaining shareholder approval via a general meeting and subject to Rule 9 takeover provisions, the consideration for the Option shall be as follows:

o  A$1,000,000 in Cobra shares (priced at 10-day VWAP before completion)

o  Reimbursement of Seller's substantiated project expenditure (cash)

o  26% equity interest in any future mining SPV established to hold mining licences where the valuation is determined through two independent valuations

o  Put and call option for Cobra to acquire Springton at the average of two independent valuations after 8 years from completion

Royalty

·    Seller retains a 1% overriding royalty on production (per separate Royalty Deed)

Obligations During Option Period

·    Seller must maintain licences in good standing and not dispose of assets

·    Buyer has the exclusive right to explore at its own cost, with authority to act as the Licence Co.'s agent for land access and regulatory compliance

·    Reporting obligations require Seller/Licence Co. to share all material information with Buyer

Completion

·    Occurs within 5 business days of exercise of the Option

·    Buyer issues Cobra shares, pays the reimbursement amount, and assumes control of Licence Co.

·    Seller delivers corporate records, resignations of directors, and evidence of expenditure

Mining SPV & Future Structure

·    If Cobra declares a JORC resource and is granted mining licences:

o  Mining SPV ownership: 74% Buyer / 26% Seller

o  Put and Call options allow either party to require sale of the 26% at a value determined by independent valuation

o  Consideration may be paid in Cobra or SPV shares

Regulatory Compliance

·    Completion maybe subject to rules of the London Stock Exchange and Australian Foreign Investment Review Board (FIRB) approvals if required

Warranties

·    Standard mutual warranties on power and authority

·    Seller warrants clear title to shares, licences, and all mining information

Termination & Withdrawal

·    Option lapses if not exercised within Option Period

·    Buyer may withdraw at any time before exercise without liability

·    Termination requires return of confidential information and withdrawal of personnel

Disclaimers

Copper equivalent estimates presented in Figure 4 do not contain metallurgical recoveries and are therefore not a true reflection of economics - they have been used to simplify the presentation of down hole intersections. The formula for calculating the intersections is: CuEq% = Cu% + ((Au (g/t) x (US$3,000/31.10348) / (US$9,000/100)) + ((Mo % x (US$40,000/100) / ($9,000/100))

References

1.    Wei Hong, Adrian Fabris, Tom Wise, Allan S Collins, Sarah Gilbert, David Selby, Stacey Curtis and Anthony Reid, 2023 Economic Geology.  "Metallogenic Setting and Temporal Evolution of Porphyry Cu-Mo Mineralisation and Alteration in the Delamerian Orogen, South Australia: Insights From Zircon, U-Pb, Molybdenite Re-Os, and In Situ White Mica Rb-Sr Geochronology."

2.    Collar coordinates for RCBR030 has not been verified within the database but was announced on 8 July 2002: asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=558&announcementId=493738&documentDate=2002-07-08&documentNumber=219186

The 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.

The Manna Hill Project

Cobra has entered a binding Option Deed to acquire the Manna Hill Project, a forgotten porphyry province within the copper capital of Australia. The project has the potential to deliver the next tier 1 discovery. Historical intersections include 48m @ 2.2% Cu & 0.76 g/t Au and 132m at 0.5% Cu, underpin the potential to deliver the next multi-million tonne copper resource.

Further information relating to Cobra's Boland Project is presented in the appendices.

Enquiries:

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

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 projects - The Boland Rare Earth Project & The Manna Hill Copper Project

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc  

X: https://twitter.com/Cobra_Resources

Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://investors.cobraplc.com/

Subscribe to our news alert service: https://investors.cobraplc.com/auth/signup

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 A1: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs

Appendix 2: JORC Code, 2012 Edition - Table 3

Appendix 3: Section 2 reporting of exploration results

Appendix 3. Collar locations of reported intersections