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.

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13 July 2026

Cobra Resources plc

                                                                        ("Cobra" or the "Company")

Manna Hill Drilling Update

Bornite-rich zone associated with porphyry intrusion adds scale to shallow high-grade intersections

Cobra has exercised its option to acquire Manna Hill

Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to provide an update on observations from the latest four-hole, 1,465m programme of diamond core drilling at the Manna Hill Copper Project, which has concluded.

This programme phase was designed to test for extensions of the shallow, high-grade copper-gold mineralisation recently discovered at the Blue Rose prospect ("Blue Rose"), while also evaluating the potential for a deeper intrusive-related porphyry copper system.

Based on the following observations, the Company is pleased to have formally exercised its option to acquire Manna Hill (see 26 August 2025 announcement).

Highlights:

·    Drill hole MHDD002 was drilled to test the depth continuity of shallow, high-grade RC intersections of 74m @ 1.02% Cu, 0.25g/t Au from 72m and 86m @ 0.60% Cu, 0.14 g/t Au from 18m

o  Multiple zones of chalcopyrite have been observed^* downhole from 169m to 209m, which is broadly consistent with sulphide quantities observed in RC drilling

o  Zones of bornite mineralisation are present from 220-257m within a mineralised biotite schist that envelops porphyry diorite and monzonite intrusions 

o  Bornite is a copper sulphide mineral (with a high copper to iron ratio) that forms at higher temperatures and is associated with potassic zones of porphyry systems

o  Chalcopyrite is present in biotite schists and calc-silicate skarn lithologies to the end of hole at 321m

o  Bornite mineralisation proximal to the porphyry intrusions coincides with an inversion modelled magnetic anomaly, providing a direct correlation between geophysics and mineralisation. This provides a direct targeting method for additional porphyry-type mineralisation

o  Geological findings refine targeting for follow-up RC drilling, which will test other key magnetic targets and skarn extensions

·    Drill hole MHDD001 intersected large alteration zones with a potassic alteration zone from 265m to 320m containing zones of significant pyrite and pyrrhotite and minor chalcopyrite, supporting proximity to a large porphyry body

·    Drill hole MHDD004 intersected shallow copper oxide mineralisation from 14-67.5m outside of the current modelled skarn footprint. Multiple mineralised intervals extend the depth of known skarn mineralisation

o  Magnetite and chalcopyrite mineralisation increase with depth, whilst observed garnet supports an increasing temperature gradient (closing proximity to an intrusive heat source)

o  Chalcopyrite ± pyrite ± magnetite mineralisation observed at the following downhole intervals: 5m from 74m, 10m from 94.5m, 4m from 115m, 13m from 150m, 16m from 169m, 21m from 206m, 40m from 232m, 9m from 291m, 4m from 316m and 3m from 342m

·    Drill hole MHDD003 intersected a large fault-bound anhydrite breccia zone (190m to 220m)

o  This is indicative of the sulphate, oxidising fluids of a porphyry system. The breccia is interpreted as a key structural pathway linking the parent porphyry to the Blue Rose skarn

o  Due to the strong oxidising nature of the fluids, such breccias do not contain sulphides but are an integral vector for modelling a porphyry system

o  Anhydrite breccias of this scale are unusual, but are a positive indication of a large porphyry system

·    Assay results anticipated from August

^*Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. A summary log of visual estimates of mineralisation for drill holes MHDD001 - MHDD004 is provided in Table 1 below.

Rupert Verco, Managing Director of Cobra, commented:

"Whilst we wait for laboratory results, geological observations to date provide encouraging indicators of an extensive and fertile porphyry system. Diamond drilling provides a greater understanding of the structural and geological control and will enable us to refine drilling programmes to optimise outcomes.

This drilling has extended observed sulphide mineralisation to a depth of 300m within a high-grade portion of the existing footprint.

Intersecting a bornite-rich zone associated with a porphyry intrusive sequence is a positive indicator of a potentially higher-grade porphyry system. The insights gained from this drilling are improving our understanding of the mineral system and the relationship between geophysics and mineralisation. As this relationship becomes clearer, further scalable targets are emerging.

With strong shareholder support, we have exercised the Manna Hill Option and are now progressing two significant South Australian projects in parallel."

To watch a video of Rupert Verco, Managing Director discussing this news, visit: https://investors.cobraplc.com/link/yMb75e.

Further details regarding diamond drilling observations

diamond drilling was undertaken at the Manna Hill project to advance the geological understanding of copper-gold-molybdenum mineralisation within a calc-silicate skarn and a larger porphyry system. Skarn mineralisation is associated with a dolomite unit where the distribution of grade is associated with the proximity to porphyry pencil intrusions.

Drilling demonstrates important geological indicators of a fertile porphyry system:

·    Bornite mineralisation within strong potassic alteration (biotite and K-feldspar) indicates higher temperature formation

·    Mineralisation within MHDD002 spatially coincides with an E-W striking magnetic feature, which provides a proxy to determine further high-grade shoots.

·    Multiple magnetic features coincide with modelled calc-silicates (skarn)

·    Mineralisation assemblages within MHDD004 indicate increasing temperature, with the hole possibly approaching a heat source

·    The presence of a significant anhydrite breccia is a key feature of many porphyry systems and represents a fluid pathway for the migration of copper-bearing fluids into the overlying skarn

Core is currently being sampled for assay, with sections being prepared for petrology. The Company will incorporate findings into the design of follow-up RC drilling aimed at extending scale and step-out targets. This programme is planned for September.

Table 1: Visual estimation of sulphide and copper mineralisation

Bn = Bornite, Cp = Chalcopyrite, Mt = Magnetite, Py = Pyrite, Po = Pyrrhotite, Mo = Molybdenite

Figure 1: Bornite (purple) mineralisation within a vuggy biotite schist from 229.3m within MHDD002

Figure 2: Chalcopyrite and pyrite disseminated and within quartz veining and biotite schist at 174m in MHDD002

Figure 3: MHDD002 Coarse Chalcopyrite veining at 192m

Figure 4: MHDD002 Chalcopyrite + Magnetite veins within calc silicates at 199.95m

Figure 5: MHDD002 189.9 to 194.35m, containing coarse and disseminated chalcopyrite and chalcopyrite in quartz veining

Figure 6: MHDD002 228.2m to 231.3m, a biotite schist containing disseminated and blebby bornite mineralisation

Figure 7: MHDD004 183.05m Coarse chalcopyrite and magnetite within sericitised calc-silicate

Figure 8: MHDD004 at 229.75m, pyrite, magnetite and minor chalcopyrite in nontronite after sulphides in contact with a biotite schist

Figure 9: Vein and finely disseminated Pyrite + chalcopyrite in MHDD001 from 207m with andalusite spotting

Figure 10: Massive pyrite + Pyrrhotite ± minor chalcopyrite inclusions in MHDD001 from 289m

Figure 11: Plan of completed diamond drill hole traces

About the Manna Hill Project

The Manna Hill Project presents South Australia's premier porphyry prospect, in a 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 at 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:

·    Option to Acquire Significant Copper Project, 26 August 2025

References:

·    Manna Hill: Further High-Grade Copper Results Support Scale, 14 April 2026

·    Manna Hill: Outstanding Copper Results Elevate Blue Rose from Prospect to Discovery, 9 March 2026

·    Manna Hill Exploration Update: IP survey results validate and extend copper-gold skarn and porphyry signatures, 8 January 2026

·    Option to Acquire Significant Copper Project, 26 August 2025

Competent Person's 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 18 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 of Exploration Results, Mineral Resources and Ore Reserves of JORC. This includes 13 years of Mining, Resource Estimation and Exploration. Mr Verco consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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 (and subsequently acquiring) 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 1: Collar coordinates and drillhole details.  Coordinates in MGA94, Zone 54

Appendix 2: JORC Code, 2012 Edition - Table 1, Section 1

Appendix 3: Section 2 reporting of exploration results