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On January 14, 2026, Cobra Resources plc announced it will establish an Employee Benefit Trust (EBT) to implement a proposed Performance Rights framework for executive directors and senior management. The Board proposes the issue of 38,500,000 Performance Rights over a five-year period, which would represent approximately 4.1% of the Company's current issued ordinary share capital of 932,342,594 shares if fully vested. Chief Executive Officer Rupert Verco has been indicatively allocated 30,000,000 Performance Rights across five years, with an additional pool of up to 5,000,000 Performance Rights proposed for senior management over three years.
| Date | 14 Jan 2026 |
| Time | 15:06:23 |
| Category | Miscellaneous |
| ID | 9308O |
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.
14 January 2026
Cobra Resources plc
("Cobra" or the "Company")
Establishment of Employee Benefit Trust
Cobra (LSE: COBR), a South Australian mineral exploration and development company, announces it will establish an employee benefit trust ("EBT") for the implementation of a proposed Performance Rights framework for executive directors and senior management, subject to final documentation. The EBT is intended to align remuneration outcomes with long-term shareholder value creation.
Pursuant to the EBT, over a period of five years, the Board proposes the issue of 38,500,000 Performance Rights as detailed below. Assuming all Performance Rights vest and convert into ordinary shares, this would represent approximately 4.1% of the Company's current issued ordinary share capital of 932,342,594 ordinary shares. The Board confirms that this level of potential dilution is considered appropriate and consistent with market practice for UK-listed companies of comparable size and stage. The EBT will acquire shares to cover the awards made (which may be market acquisitions or subscriptions funded by loans from the Company).
The Performance Rights framework includes:
|
Position |
Timeframe |
Vesting Conditions |
No. of Performance Rights |
|
Chief Executive Officer |
Year 1 |
> 4.0 pence |
7,500,000 |
|
Year 2 |
≥ 7.5 pence |
5,000,000 |
|
|
Year 3 |
≥ 10 pence |
5,000,000 |
|
|
Year 4 |
≥ 30 pence |
5,000,000 |
|
|
Year 5 |
≥ 60 pence |
7,500,000 |
|
|
Senior Management |
Over 3 years |
To be aligned with operational milestones |
5,000,000 |
|
Total |
35,000,000 |
||
Chief Executive Officer Performance Rights
As set out above, on the recommendation of the renumeration committee, the Board has approved an indicative allocation of 30,000,000 performance shares to the Chief Executive Officer over a five year period. Year one rights are issued in recognition of the Boland discovery success and the recent growth of the Company. Unvested Performance Rights will lapse if the relevant performance hurdle is not achieved within the applicable vesting period.
Senior Management Performance Rights
As set out above, a further pool of up to 5,000,000 Performance Rights is proposed to be made available to senior management over the next three years, with individual allocations and vesting conditions to be determined by the Board.
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||
|
a) |
Name |
Rupert Verco |
||||
|
2 |
Reason for Notification |
|||||
|
a) |
Position/status |
Chief Executive Officer, PDMR |
||||
|
b) |
Initial notification/amendment |
Initial notification |
||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Cobra Resources plc |
||||
|
b) |
LEI |
213800XTW5PLLK72TQ57 |
||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||
|
a) |
Description of the financial instrument, type of instrument |
Ordinary Shares |
||||
|
|
Identification code |
GB00BGJW5255 |
||||
|
b) |
Nature of the transaction |
Performance Rights |
||||
|
c) |
Price(s) and volume(s) |
|
||||
|
d) |
Aggregated information |
|
||||
|
|
- Aggregated volume |
30,000,000 |
||||
|
|
- Price |
N/A |
||||
|
e) |
Date of the transaction |
14 January 2026 |
||||
|
f) |
Place of the transaction |
Off Market |
||||
Enquiries:
|
Cobra Resources plc Rupert Verco (Australia) Dan Maling (UK)
|
via Vigo Consulting +44 (0)20 7390 0234
|
|
SI Capital Limited (Joint Broker) Nick Emerson Sam Lomanto
|
+44 (0)1483 413 500
|
|
Global Investment Strategy (Joint Broker) James Sheehan |
+44 (0)20 7048 9437 |
|
Vigo Consulting (Financial Public Relations) Ben Simons Fiona Hetherington |
+44 (0)20 7390 0234 |
The person who arranged for the release of this announcement was Greg Hancock, Chairman of the Company.
About Cobra
Cobra Resources is a South Australian critical minerals developer, advancing assets at all stages of the pre-production pathway.
In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton - Australia's only rare earth project suitable for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance extraction method that eliminates the need for excavation, positioning Boland to achieve bottom-quartile recovery costs.
In 2025, Cobra further expanded its portfolio by optioning the Manna Hill Copper Project in the Nackara Arc, South Australia. The project contains multiple underexplored prospects with strong potential to deliver large-scale copper discoveries.
In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up to A$15 million in cash and shares.
Regional map showing Cobra's tenements in South Australia
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