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.

2 March 2026

Cobra Resources plc

("Cobra" or the "Company")

Boland Delivers Industry-Leading Heavy Rare Earth Product

Optimised Flowsheet Delivers a Globally Superior Heavy Rare Earth Carbonate from One of the Lowest Impact Forms of Mining

Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Rare Earth Elements ("REEs") discovery at its Boland Project ("Boland") in South Australia, is delighted to announce that optimisation testing aimed at improving cost efficiency and product quality has delivered a Mixed Rare Earth Carbonate ("MREC") product of high purity with industry leading heavy REE ("HREE") ratios.

Importantly, this MREC has been produced from In Situ Recovery ("ISR"), a very low cost and low disturbance mining and processing method that bypasses challenges of handling and treating clay ores.  

The MREC was produced by the Australian Nuclear Science and Technology Organisation ("ANSTO") from a bench-scale ISR study performed on a 42kg composite of Boland mineralisation.

The quality of the MREC represents significant progress in process optimisation, successfully increasing the value and marketability of the projects saleable product. Based on the REE proportions, a ~170% increase in product value has been achieved when compared to the initial MREC produced in January 2025.

Rupert Verco, Managing Director of Cobra, commented:

"Boland has delivered an industry-leading grade product while at the same time using one of the lowest cost and lowest disturbance forms of mining!

This demonstrates that the Boland Project represents a significant strategic opportunity to develop a reliable source of Heavy Rare Earths, where operational and capital cost efficiencies, mitigated environmental risk, and flow-sheet simplicity underpin market competitiveness and price resilience.

We have now demonstrated that Boland's' ISR recoverable mineralisation will include very low acid consumption, self-acid generation, cerium separation and simple purification.

Our optimised flowsheet has cost-effectively omitted the first step of REE separation and, in turn, generated a carbonate with one of the most valuable REE ratios from developing projects globally. 

Thank you to the team at ANSTO for their ongoing contribution. Cobra's strategy has been to mitigate investment risk. With their assistance, over the course of two years, we first demonstrated a concept and have now maximised value from Boland's unique mineralisation.

This MREC demonstrates significant progress in project advancement towards sustainable production. Now we need to finish drilling out a resource that aims to support a future, long-life operation. Preparations are well underway."

Follow this link to watch a short video of Managing Director Rupert Verco explaining the results released in this announcement: https://investors.cobraplc.com/link/y0zAEr.

Highlights

·    High purity, high value MREC: Comprising of 58.83% TREO comprised of an exceptionally high ratio of valuable Magnet Rare Earths:

o  Neodymium 27.5% of TREO

o  Praseodymium 6.7% of TREO

o  Dysprosium 3.8% of TREO

o  Terbium 0.7% of TREO

·    High levels of strategically critical Dysprosium and Terbium that comprise a combined 4.5% of the TREO

·    Low impurities: Low elemental impurities of less than 0.9% with low levels of uranium (<10ppm) and thorium (<10 ppm)

·    Low quantity of cerium in product: MREC comprises less than 0.7% CeO₂

·     Validation of favourable mining method: High recoveries through controlled ISR, where the recovery times was just 17 days

·    Low impact and lowest cost mining method: No Load and Haul, with minimal ground disturbance. No productivity risks associated with clay washing and dewatering

·    Advancing offtake negotiations: Optimised MREC is currently undergoing radionuclide testing. Upon the completion of radionuclide analysis, MREC samples will be provided to select potential offtake partners

·    Assays for impurity steps outstanding: owing to the significance of these results the Company chose to release these results before being able to calculate final ore to MREC recoveries

·    Resource drilling to recommence this month: Land access and permitting on schedule for drilling

Figure 1: Optimised MREC - wet filter press

Figure 2. Final dried product

Optimised impurity removal and precipitation programme

After producing an initial MREC in January 2025, Cobra sought to address supply chain feedback on product composition, aiming to achieve potential customers' requirements. This included:

·    Demonstrating product quality from a larger mineralisation footprint

·    Reducing the quantity of cerium

·    Improving product purity

Further to addressing product marketability, the Company also sought to improve on:

·    Demonstrating increased ISR productivity by demonstrating higher permeabilities/ reduced ISR timeframes

·    Reducing sulphuric acid consumption

Key outcomes of the study include:

·    Production of 13.5g of MREC from 42kg of composite sample sourced from three sonic core drillholes located across the Boland mineralisation footprint

·    Significant increase in MREC value, placing the TREO value as one of the highest globally owing to:

o  An increase in Magnet Rare Earth ("MREO") quantity from 21% to 38.9% of the TREO

o  An increase in HREO quantity from 23% to 42.94% of the TREO

o  A reduction in low value Cerium (CeO₂) from 42.4% to 0.65% of the TREO

o  A reduction in total impurities from 3.15% to less than 0.9%

Productivity improvement: Significant improvement in bench scale ISR recovery timeframes from 68% HREO recoveries across 150 days within the initial trial to 66% HREO recoveries in just 17 days in the optimisation study. This was attributed an improved understanding of Boland's mineralisation and the removal of underlying saprolite material during sample preparation

Reduction in acid consumption: A reduction in molarity from 0.5M H₂SO₄ to 0.3M H₂SO₄ has contributed to a material decrease in acid consumption from 15kg/t to 3.88kg/t

Market context

When benchmarked against peer MREC product specifications, Cobra's optimised flowsheet delivers an MREC with higher portions of both magnet and heavy REEs, achieving a higher basket value. Owing to the low cost of ISR, the Company sought to incorporate a flowsheet step to address cerium, a low value light REE. This will result in a slight increase in cost for the first stage of impurity removal but the Company expects this to be offset by the increase in marketability and potential payability.

Figure 3: Rare Earth Oxide portions in MREC, Cobra's optimised and unoptimised products benchmarked against other industry peers.¹

¹ Please refer to the references for publicly sourced MREC data

OHREO = Sm2O3 + Eu2O3 + Gd2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

Table 1: Rare Earth Oxide distribution in Boland optimised MREC compared against the un-optimised MREC

·    Impurity levels are within targeted product specification with ~<0.9% elemental impurities. The distribution of which is shown below:

Table 2: Boland MREC composition impurities expressed as elemental weight %

Optimised flowsheet

The optimised ISR flowsheet has been developed based on numerous analyses including:

ISR lixiviant testing: Evaluating the impact of pH, acid and molarity on REE recoveries, impurity levels and acid consumption. The used conditions were AMSUL (Ammonium Sulphate) 0.3M pH3

Cerium removal: Reagent testing at various pH set points to determine the optimum pH for Cerium removal. The selected pH was 4.5

Impurity removal: pH adjustment and settling time were tested to evaluate the optimum point to maximise impurity removal and minimise REE loss

Uranium management: Liquor was run through an IX resin to determine the ability to minimise radioactive nuclides within the final product

Figure 4: Process flowsheet used to produce Boland's optimised MREC

Significance of results

Both purity and TREO content are important factors in producing a quality saleable product. The REE proportions of the optimised MREC rank highly when compared to the MREC specifications of peer projects with similar flowsheets and ionic metallurgy.

·    Based on quoted Shanghai metal market quoted prices (February 2026), the basket value of Cobra's MREC is USD$65 per kg

·    Offtake agreements are generally based on product specifications and a rate of payability. An industry accepted standard is 70% of the determined basket value

·    Impurities can have an impact on payability

Figure 5: Basket value peer evaluation calculated on the value of 1kg of TREO. REO pricing based on Shanghai metal market pricing (Feb 2026)¹

¹ Refer to references for REO pricing and sourced company MREC specifications

This represents considerable progress in advancing offtake negotiations. Upon the completion of radionuclide analysis, MREC samples will be provided to potential offtake partners.

Next steps to advance the Boland REE project

Cobra is now focused on advancing the following work streams to advance the Boland project towards production:

·    Resource drilling at the Boland and Head prospects (March - April)

·    MREC radionuclide testing (March - April)

·    Lanthanum precipitation studies (April - September)

·    Resource estimation (May - June)

·    Scoping Study (April - August)

·    Field ISR trial permitting (March - August)

References:

1.    Total Rare Earth content compared to publicly available MREC specifications produced from ionic rare earth projects, data sourced from:

2.    Viridis Mining & Minerals, Cupim South and Centro Sul. ASX Announcement - 24 September 2024: "Colossus Maiden Mixed Rare Earth Carbonate ('MREC') Product"

3.    Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024: "First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project"

4.    Brazilian Critical Minerals, Ema. ASX Announcement - 11 November 2024: "High-value Mixed Rare Earth Product Successfully Produced from Ema Project"

5.    Red Metal, Sybella. ASX Announcement - 8 July 2024: "Maiden Trial Product from Sybella Rare Earth Ore"

6.    Victory Metals, North Stanmore. ASX Announcement - 6 November 2023: "High Value Mixed Rare Earth Carbonate Produced"

7.    Hastings Technology Metals, Yangibana. ASX Announcement - 28 November 2017: "Definitive Feasibility Study Executive Summary"

8.    Meteoric Resources, Caldeira. ASX Announcement - 29 February 2024: "First Mixed Rare Earth Carbonate (MREC) Produced for Caldeira REE Project"

9.    Heavy Rare Earths, Cowalinya. ASX Announcement - 13 May 2024: "Successful Production of 51.8% TREO Mixed Rare Earth Carbonate from Cowalinya"

10.  Brazilian Critical Minerals, Ema. ASX Announcement - 23 October 2025: "Ema REE Project Produced First High Grade MREC from Field Trial"

11.  Brazilian Rare Earths, Monte Alo. ASX Announcement - 12 June 2025: "Monte Alto Metallurgical Results Deliver High-Purity MREC"

12.  Mkango Resources, Malawi. AIM/TSX-V Announcement - 5 July 2022: "Mkango Announces Results Of Definitive Feasibility Study For The Songwe Hill Rare Earths Project In Malawi - NPV Of US$559.0 Million And IRR Of 31.5%"

13.  Critica, Yalgoo. ASX Announcement - 16 February 2026: "Critica Produces First MREC from Jupiter at ANSTO"

Boland Project

Cobra's unique and highly scalable Boland discovery is a strategically advantageous ionic rare earth discovery where high grades of valuable HREOs and MREOs 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.

Further information relating to Boland and these metallurgical 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:

·    Metallurgical update: Test work upgrades Boland liquor through 100% cerium removal resulting in a large increase in product value", dated 9th December 2025

·    Exploration update: Successful first pass suppression of cerium to maximise valuable dysprosium and terbium", dated 20 November 2025

·    Exploration update: "Exceptional Results - Infield Permeability Study", dated 17 November 2025

·    Exploration update: "Metallurgical Optimisation Upside", dated 20 October 2025

·    Exploration update: "Exceptional Metallurgical Results from ISR Column", dated 14 October 2025

·    Exploration update: "Met Study Supports Even Lower-Cost Recoveries", dated 11 September 2025

·    Exploration update: "Low-Cost Recoveries from Optimised Testing", dated 11 August 2025

·    Exploration update: "Rare Earth ISR System beyond Boland", dated 4 August 2025

·    Exploration update: "Favourable Boland Metallurgical Results", dated 21 July 2025

·    Exploration update: "Boland Project Update", dated 26 June 2025

·    Wudinna Project Update: "Boland Aircore Drill Results", dated 25 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 and a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM). 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 16 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 12 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

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 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: Industry MREC Data Expressed as Wt%

Appendix 3: Industry MREC Basket Value Calculation

2 As quoted on the Shanghai Metals Market (February 2026)

Appendix 4: JORC Code, 2012 Edition - Table 3

Appendix 3: Section 2 reporting of exploration results