Manna Hill Project Exploration Update

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.

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16 January 2026

Cobra Resources plc

                                                                        ("Cobra" or the "Company")

Manna Hill Project Exploration Update

Drilling commences at shallow, high grade Copper-Gold project targeting scale

Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to announce drilling has commenced at the Manna Hill project.

Cobra has a 12-month option to acquire the Manna Hill Project and will focus initially on the Blue Rose priority prospect ("Blue Rose") where existing drilling has intersected skarn hosted copper-gold mineralisation across 1.6km of strike immediately adjacent to a geophysical anomaly interpretated as a porphyry intrusion¹.

To watch a video of Rupert Verco, Managing Director discussing the drilling from site follow the link: https://investors.cobraplc.com/link/rLwVRe

Highlights:

·    Approvals in place to drill up to 50 drillholes where Stage 1 drilling (currently underway) will comprise up to 15 drillholes for approximately 3,000m where:

o  Nine drillholes designed to test depth and strike continuity of existing Blue Rose Skarn mineralisation where the last hole drilled intersected 48m @ 2.3% Cu and 0.79 g/t Au from 11m.

o  Four drillholes testing Neptune Rose Skarn - A ~1.2km chargeability anomaly interpreted to be a second fold limb of the Saddleworth formation, the limestone unit that hosts Blue Rose mineralisation.

o  Two holes testing the Black Baccara target particularly:

§ The porphyry envelope, defined by a resistive and highly chargeable anomaly that envelopes the remnant magnetised intrusion.

§ A conductive and chargeable pipe structure, interpreted as a conjugate fault that intersects the skarn unit.

·    Stage 1 drilling expected to take two weeks with final assays expected in March.

·    Further drilling to be determined from the geological observations made in Stage 1

Rupert Verco, Managing Director of Cobra, commented:

"This is a significant opportunity for Cobra and its shareholders; we have the perfect balance between adding scale within previously defined high-grade mineralisation at Blue Rose and significant discovery upside at Neptune Rose and Black Baccara Targets.

This programme is targeting a scalable copper discovery in the right market and the right jurisdiction. At the end of this programme, we are hopeful that the company will be advancing two significant projects."

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Further details concerning the programme

The Blue Rose Prospect is of skarn-replacement type where previous exploration has defined copper-gold-molybdenum across 1.6 km of continuous strike where drilling has defined the previous intersections:

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

o  [RABR198] 24m at 1.0% Cu from 18m incl. 3m @ 1.23g/t Au

o  [RCBR021] 23m at 1.4% Cu from 73m incl. 12m @ 0.71g/t Au

o  [RABR205] 43m at 0.6% Cu from 12m

Geophysics including gravity, induced polarisation and magnetics have been used in collaboration with geochemistry to refine the interpretation of both the stratigraphic unit hosting shallow skarn mineralisation, and porphyry mineralisation that in interpreted to envelope a remnant magnetised intrusion. Two additional target zones have been strongly supported by the results of a recent IP survey have been incorporated into stage 1 of the current drilling programme and are highlighted in Figure 1.

Figure 1: Commencement of drilling at Blue Rose

Figure 2. Blue Rose, Neptune Rose and Black Baccara targets with planned drillhole collars

Figure 3: 3D image highlighting IP chargeability sections with designed drillhole traces

Figure 4: Cross section of section 428430mE highlighting designed drill traces (stage 1 in black, stage 2 in orange) targeting a broad chargeability anomaly

About the Manna Hill Project

The Manna Hill Project presents South Australia's premier porphyry prospect in the state that holds around 70% of Australia's copper reserves. The project is comprised of multiple early stage porphyry and skarn prospects.

The project also includes the Luron Carlin style gold prospect and multiple historic goldfields where over 30koz Au were reported to have been produced. This style of mineralisation remains underexplored and highly prospective.

The project sits along the national railway and Barrier Highway between the mining hub of Broken Hill, the port and base metals smelter and Port Pirie and the City of Adelaide.

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:

·    Cobra RNS: Option to Acquire Significant Copper Project, 26 August 2025

References:

1.    Cobra RNS: Option to Acquire Significant Copper Project, 26 August 2025

2.    Meinert, L.D., Hefton, K.K., Mayes, D., Tasiran, I., 1997. Geology, zonation, and fluid evolution of the Big Gossan Cu-Au skarn deposit, Ertsberg district, Irian Jaya. Economic Geology 92, 509-534.

Competent Persons Statement

Information in this announcement has been compiled based on reports from Mitre Geophysics consultants and 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

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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Appendix 2: JORC Code, 2012 Edition - Table 3

Appendix 3: Section 2 reporting of exploration results