Maiden Rare Earth Mineral Resource Estimate

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26 October 2026

Cobra Resources plc

 ("Cobra" or the "Company")

Maiden Rare Earth Mineral Resource Estimate

150 Mt MRE with significant growth potential to underpin Wudinna Rare Earth Scoping Study

Five-pillar strategy to advance Wudinna to production with bottom-quartile production costs

Cobra (LSE: COBR), a South Australian mineral exploration and development company advancing the Wudinna Rare Earths Project and the Manna Hill Copper Project, is pleased to announce the Wudinna Rare Earth Project's maiden Mineral Resource Estimate ("MRE") of 150 Mt grading 470 ppm Total Rare Earth Oxides ("TREO") for 70,400 tonnes of contained TREO.

The MRE is reported in compliance with Joint Ore Reserves Committee ("JORC")^* standards and its economics have been assessed for both In Situ Recovery ("ISR") and Open Pit mining methods.

For mineralisation within the Pidinga formation amenable to ISR, an economic cut-over of US$ 5.27/tonne has been applied. Open pittable cutoff grade of 200 ppm TREO excluding cerium ("TREO-Ce").

The Company believes it has significant potential to increase the size of the MRE through additional drilling.

The Company also wishes to announce that it has adopted a five-pillar strategy to advance the Wudinna Project to production. This strategy targets bottom-quartile costs of production.

Highlights:

·      High confidence: Boland and Head ore bodies assigned "Indicated" classification for 60 Mt at 572 ppm TREO delivered by quality sonic core drilling.

·      Metallurgical foundation: Extensive testwork on palaeochannel sediments over two years supports applied of ionic REE recoveries and the optimised of reagent consumption factors.

·      Untapped scale upside: an Exploration Target^** ("ET") of 665 - 1,447 Mt (376 - 478 ppm TREO) across Boland and Head has been assigned, demonstrating significant scale for further MRE growth, and will be subject to further drilling.

·      Fivepillar development strategy: targets bottom-quartile production costs through efficient ISR recovery, maximising valuable heavy REEs in product, commercial partnerships, disciplined financing and a staged pathway to production:

1. Bottom-quartile cost of production by utilisating efficient ISR recovery techniques

2. Achieve a higher value product by maximising (valuable) heavy rare earth ("HREO") content

3. Engage appropriate commercial partnerships

4. Disciplined financing and permitting

5. Demonstrated scale with staged production

^*Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).

^** The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the conversion of the Exploration Target to a Mineral Resource.

Rupert Verco, CEO & Managing Director, commented:

"This maiden resource marks an important milestone in the development of the Wudinna Rare Earth Project - the only controlled aquifer REE ISR project being advanced in the western world. The resource has been delivered cost effectively with significant scale upside for future growth.

This MRE will underpin the Scoping Study and provides the foundation for our five-pillar development strategy. Our objective is to establish a pathway to bottom-quartile production costs by optimising recovery, producing a higher-value product and reducing downstream separation costs. Field trials will test our operating assumptions, while we will seek customer engagement, partnerships and permitting progress alongside the technical work. We will use these results to determine the appropriate production scale and stage capital commitments against demonstrated progress."

Follow this link to watch a short video of CEO & MD Rupert Verco discussing this announcement: https://investors.cobraplc.com/link/P2xW3e

Table 1  Wudinna REE Project Mineral Resource Estimate at cut-off grade of 200 ppm TREO-Ce

Notes on Mineral Resource Estimation:

·      Note discrepancies due to rounding

·      Full resource table found within the Mineral Resource Statement

·      61% of the Pidinga Formation ore tonnes and 57% of the Pidinga formation TREO metal tonnes are evaluated as ISR recoverable.

·      Further work is required to demonstrate permeability and recovery via ISR methods to constitute additional Pidinga material as ISR recoverable

·      TREO = total rare earth oxides (CeO₂, Dy₂O₃, Er₂O₃, Eu₂O₃, Gd₂O₃, Ho₂O₃, La₂O₃, Lu₂O₃, Nd₂O₃, Pr₆O₁₁, Sm₂O₃, Tb₄O₇, Tm₂O₃, Yb₂O₃, Y₂O₃)

·      NdPr=Pr₆O₁₁+Nd₂O₃

·      DyTb= Dy₂O₃ + Tb₄O₇

·      MREO = Magnet Rare Earth Oxide(Nd₂O₃, Pr₆O₁₁, Dy₂O₃, Tb₄O₇)

·      Totals may not balance due to rounding of figures

·      The estimate of Mineral Resources is not Ore Reserves as they have not demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors

·      Mineral Resources are classified as Indicated and Inferred

·      Mineral Resources are reported with an Effective Date of 22 October, 2026. Responsible CP is Dr. Maxim Seredikin (Fellow AusIMM Number: 317718)

·      Mineral Resources were prepared in accordance with the JORC Code, incorporating drilling data acquired between 2023 and 2026

·      Blocks estimated by ordinary kriging using a block size of 50 m N × 50 m E × 1 m RL

·      The results are presented in situ and undiluted, are constrained by ISR cells and optimized open pit shells, and are considered to have reasonable prospects of economic viability, using the following parameters:

o  ISR recovery: Processing cost US$5.27/t of treated ore based on parameters defined from Cobra's testwork including acid consumption, recovery rates, hydrology and reagent costs for impurity removal

o  Open pit mining: Pit slope angle: 28°; Ore loss & Dilution 5%, Mining cost of US$2.3/t

o  Selling Prices: estimated by element oxide as sourced from CRU forecasting, to which Cobra Resources subscribes

o  Metallurgical Efficiencies estimated by element based on ANSTO test work

Wudinna development strategy

The maiden MRE provides a resource base for the Scoping Study and a framework for assessing how Wudinna could be developed as a scalable rare earth operation. Cobra's strategy is to target bottom-quartile production costs through efficient in-situ recovery, a higher-value product and disciplined development. Five strategic pillars guide the projects forward work programme:

1. Bottom-quartile cost of production

The Company seeks to optimise operating parameters and wellfield productivity, prioritise recoverable value and margin, and define a staged development pathway that minimises capital intensity. The Scoping Study and subsequent technical work will establish a cost model and benchmark forecast costs on a consistent product basis.

2. Delivering a higher value product

Maximise recovery of valuable rare earths and optimise MREC specifications to reduce downstream processing requirements and strengthen market positioning. Assess the resource expansion required to support the optimal production scale, with product quality and separation cost benefits to be validated with prospective customers and downstream partners.

3. Partnering and commercial offtake

Engage strategic partners capable of contributing capital and downstream expertise, qualify product with prospective customers and advance commercial terms. The objective is to establish bankable offtake arrangements that support project financing and an attractive route to market.

4. Financing and permitting

Advance feasibility, environmental baseline studies and the approvals pathway in parallel with technical development. Pursue strategic investment, government support and debt funding, with capital commitments linked to development milestones and the necessary funding and approvals in place before construction.

5. Demonstrated scalability with staged CAPEX

Define modular ISR cell designs and confirm modelled operating parameters through field trials. Subject to successful validation and a final investment decision, commission and ramp up against recovery, cost and product-quality targets, aiming to maximise margin whilst minimising CAPEX exposure by funding additional scale through positive cashflow.

Indicative implementation schedule

2027 - Definition and testing: Build the cost model, optimise ISR chemistry and product recovery and demonstrate through small scale production.Engage partners and customers, define the approvals pathway and baseline studies, and develop modular wellfield design and sequencing.

2027-2028 - Validation and preparation: Model wellfield output, demonstrate field performance, validate product quality and separation cost benefits, negotiate commercial terms and advance approvals and funding arrangements.

2029 - Milestone-dependent development and execution: Progress towards an investment decision and development, subject to feasibility, bankable commercial arrangements, approvals and funding. Commissioning and ramp-up would follow an investment decision and construction, with timing dependent on those milestones.

These planning windows are indicative and do not constitute a committed construction or production timetable. Bottom-quartile costs remain a strategic objective, not a demonstrated cost position. No Ore Reserve has been estimated, and economic viability and the commercial application of ISR remain subject to further technical, environmental, regulatory and economic studies.

Maiden Mineral Resource Estimate

The maiden MRE was undertaken by ERM Australia Consultants Pty Ltd ("ERM") and incorporates assay, metallurgy, permeability and total organic carbon analyses derived from 91 sonic core drill holes across the Boland and Head prospects that have been drilled from 2024 through 2026. Lithology data from air core and historical rotary mud drill has been used to inform the geological interpretation but assay data was omitted from grade estimation.   

This marks an important milestone for the advancement of the project that is the culmination of considerable metallurgical, hydrological, mineralogical and exploration data that has been advanced since the Boland discovery in 2023. Key takeaways include:

Scalable resource with significant growth potential

·      Total MRE of 150 Mt at 470 ppm TREO

·      Indicated Mineral Resource of 60 Mt at 572 ppm TREO representing 40% of the total inventory

·      Significant ET based upon re-analysis of aircore and rotary mud drilling yielding 665 - 1,447 Mt (376 - 478 ppm TREO) that demonstrate significant scope for future resource growth

·      Combined with the ET - represents less than 12% of the Company's ~3,200 km² prospective palaeochannel landholding

·      Strong initial resource base to support production

Confidence in ISR recovery - significant scope for growth

·      First western MRE that has been developed with confined aquifer ISR parameters

·      ISR recovery potential modelled across both Boland and Head prospects where the economics for recovery incorporate lower mining costs delivering a very low economic cut-off of revenue 5.27 US$/t (~180 ppm TREO-Ce)

·      Recovery metrics are determined from a bulk laboratory sample in column leaching test with following processing of pregnant solutions up to final product MREC without Cerium dioxide

·      Permeability and hydrogeology tested over a range of drillholes from Boland, granulometric composition was tested for both areas. Hydrogeological testing is proposed at the Head prospect. The Company is planning further studies to increase the ISR recoverable component of the Pidinga formation

·      The proportion of Indicated material improves project certainty and mitigates variability

·      Delivers confidence in early-stage study results, streamlining the process towards reserve definition

·      Modelled pathways for growth: permeable, high-grade channel defined at Head targeted for extension and infill drilling

·      Figure 1 and Figure 2 show the extent of the MRE and ET for Boland and Head respectively. Figure 3 and Figure 4 show sections through the block model for Boland and Head prospects.

Figure 1: Extent of MRE and Exploration Target at the Boland Prospect. Blue: Exploration Target, Dark Blue: Inferred, Red: Indicated

Figure 2 : Extent of MRE and Exploration Target at the Head Prospect. Blue: Exploration Target, Dark Blue: Inferred, Red: Indicated

Figure 3: Block Model Cross Section - Boland 6,365,540 m N

Figure 4 :Block Model Cross Section - Head 6,345,560 m N

The following sections provide a fair balanced representation of information contained in a separate technical report, including all information material to understanding the reported estimates.

Geology and geological interpretation

Rare earth element mineralisation at the Wudinna Project is associated with Tertiary palaeochannel systems developed over REE-enriched Hiltaba Suite granitic basement. At the Boland Prospect, mineralisation occurs within the Narlaby Palaeochannel, whilst mineralisation at Head is associated with the Yaninee palaeochannel system.

The principal mineralised horizons comprise the Pidinga and Garford formations, with additional mineralisation locally developed within the overlying Narlaby Formation and underlying weathered basement/saprolite.

The Pidinga formation represents a primary target for ISR and comprises permeable palaeochannel sands/silt containing variable clay, organic and lignitic material. REEs are interpreted to have been mobilised from the underlying REE-enriched basement and subsequently adsorbed onto clay minerals and organic material within the palaeochannel sequence.

A significant proportion of mineralisation within the Pidinga formation has been demonstrated through metallurgical desorption testing to be ionically bound and recoverable under mildly acidic conditions. The Pidinga formation is locally highly reduced and contains organic matter and pyrite which contribute to favourable geochemical conditions for REE accumulation and, importantly, have demonstrated the potential to naturally generate acidity during ISR.

The Garford formation stratigraphically overlies the Pidinga formation and comprises clay-rich sediments with permeable sandy interbeds. REE mineralisation occurs within both clay-rich and permeable units. The thickness of the Garford formation is generally greater than 10 meters and forms the confining aquiclude for ISR.

Drilling has demonstrated that higher-grade REE mineralisation commonly occurs along the margins of incised palaeochannels within reduced, organic-rich depositional sequences. At Boland, higher-grade zones have been defined on both the eastern and western palaeochannel margins. Similar geological controls have been observed at Head, where higher-grade mineralisation occurs along the eastern margin of the Yaninee palaeochannel system. Secondary oxidation leads to decreasing rare earth grades.

Broader zones of lower-grade mineralisation occur within the central portions of the palaeochannel and are considered significant owing to their permeability and favourable metallurgical response. Previous metallurgical testing has demonstrated recoveries of greater than 80% from selected lower-grade zones under conditions requiring very low additions of sulphuric acid in opposite of lower recovery of rare earth in higher grade zones.

The geological and mineralisation model used for Mineral Resource estimation therefore incorporates a combination of stratigraphy, palaeochannel architecture, REE grade, mineralogical and metallurgical characteristics, permeability and geochemical characteristics relevant to potential ISR extraction.

Drilling techniques

The Mineral Resource Estimate incorporates drilling undertaken across the Boland and Head prospects, including historical drilling together with Cobra's aircore and sonic core drilling programmes.

Cobra commenced systematic resource definition drilling following the discovery and metallurgical confirmation of ISR-recoverable REE mineralisation at Boland. The most recent resource definition programme was completed during 2026 and comprised 74 drillholes for approximately 3,200 metres across Boland and Head, this built on 15 sonic core drillholes completed at Boland during 2024 and 2025.

Aircore drilling was completed by McLeod Drilling Pty Ltd using 75.7 mm NQ aircore drilling equipment. Samples were generally collected at one metre intervals, with selected near-surface intervals composited to three metres. Due to sample recovery challenges, aircore assays were used the estimation for flanks of the mineralised bodies where sonic drilling holes have not been completed.

Sonic core drilling undertaken between 2024 and 2026 was completed by Star Drilling using approximately four-inch diameter core and an SDR12 sonic drill rig. The use of sonic drilling was selected to maximise sample recovery within unconsolidated and water-bearing palaeochannel sediments and to provide high-quality samples suitable for geochemical analysis, metallurgical testing, hydrological characterisation and density determination.

Where required for hydrological testing, sonic holes were subsequently reamed to approximately six or eight inches to allow the installation of casing and screens.

All resource definition holes were drilled vertically. The sub-horizontal nature of the palaeochannel stratigraphy means that vertical drilling provides an appropriate representation of mineralised thickness and is not considered to introduce a material directional sampling bias.

Resource drilling was generally undertaken on transects spaced approximately 200-500 m apart, with closer-spaced drilling undertaken where required to establish geological continuity and support hydrological testing. Sonic drilling associated with test wellfields was locally completed at approximately 20 m spacing.

Final drillhole spacing and the influence of drilling density on Mineral Resource classification were assessed by the Competent Person as part of the Mineral Resource estimation process.

Sampling and sub-sampling techniques

Aircore drilling

Aircore samples were collected from a rig-mounted cyclone into individual sample bags. Samples were generally collected at one metre intervals, with approximately 2-4 kg subsamples collected using a PVC spear.

Field duplicate samples were collected from aircore samples at a nominal frequency of approximately one duplicate in every 25 samples.

Samples were submitted to Bureau Veritas Laboratories in Adelaide for preparation and analysis. Laboratory preparation included drying, crushing where required and pulverisation in accordance with Bureau Veritas standard preparation procedures.

Sonic core drilling

Sonic drilling produced near-continuous core through the palaeochannel sequence and provided excellent sample recovery.

Core was geologically logged and scanned using a SciAps X555 portable XRF instrument to assist with the definition of sample boundaries. Shorter sampling intervals, locally down to approximately 10 cm, were employed through prospective mineralised intervals, whilst longer intervals of up to approximately 50 cm were used through visually unmineralised material during earlier programmes.

For routine geochemical analysis, sonic core was longitudinally divided, with half-core generally submitted for laboratory analysis and the remaining core retained. Field duplicate samples were produced at a nominal rate of approximately one in every 25 samples by quartering the relevant core interval.

Where representative intact material was required for column leaching, hydrological or other specialised testwork, full-core samples were collected.

Samples selected for metallurgical testing requiring preservation of their original geochemical state were double-bagged, vacuum sealed, nitrogen purged and refrigerated prior to and throughout transport.

The sampling and subsampling techniques were considered appropriate for the unconsolidated palaeochannel-hosted mineralisation and for the grain size and distribution of the mineralised material.

Estimation methodology

Mineral Resource estimation was undertaken separately for the Boland and Head prospects as well as for Pidinga and Garford formations using validated drillhole, geological and assay databases. Saprolites and the Narlaby formation were not considered for MRE due to sporadic assaying and non-investigated mineral forms of REE.

Geological interpretation was completed using the logged palaeochannel stratigraphy and supported by lithological logging. Geological, geochemical and hydrological observations were also considered. Three-dimensional geological domains were generated for the principal palaeochannel (Pidinga formation) and overlying formations - Garford and Narlaby and young aeolian sands.

Preliminary statistical analysis demonstrated a lognormal distribution of rare earth components in each formation, and therefore separate mineralisation wireframes were not prepared to avoid biased grade estimation.

Drillhole samples were composited to 1 m lengths within the estimation domains prior to final statistical analysis. Statistical assessment was undertaken for each principal REE and/or calculated rare earth oxide variable, including evaluation of grade distributions, spatial continuity and the requirement for top-cutting. Top cutting parameters were derived for each REE element. Top cuts are tabulated below.

Table 2:Top cuts applied to Wudinna MRE         

Grade estimation was completed using ordinary kriging into a three-dimensional block model.

Variogram analysis was undertaken for individual REEs and principal estimation variables to characterise spatial continuity and establish appropriate estimation search parameters.

A multi-pass search strategy was applied, with search distances and minimum and maximum sample and drillhole requirements selected to reflect observed geological and grade continuity and drillhole spacing.

Individual REEs were converted to oxides which were estimated separately. TREO, MREO and other reported REO groupings were calculated. Uranium and thorium grades were estimated as deleterious components.

Mineralised estimation domains were developed with consideration of geological continuity, REE grade distribution and the characteristics relevant to potential ISR recovery.

Model validation included visual comparison of input composites against estimated block grades, statistical comparison between composite sample grades and block model grades, inverse distance squared estimation (comparison with ordinary kriging), comparison of block model and wireframe volumes, and SWATH analysis.

No material conditional bias was identified from the validation procedures.

Quality Assurance and Quality Control

Samples used in the Mineral Resource Estimate were analysed at independent commercial laboratories.

Routine resource drilling samples were submitted to Bureau Veritas Laboratories, Adelaide, where multi-element analysis was undertaken following four-acid digestion using ICP-MS and ICP-OES analytical techniques. Elements analysed included the principal rare earth elements Ce, Dy, Er, Eu, Gd, Ho, La, Lu, Nd, Pr, Sm, Tb, Tm, Y and Yb together with relevant major and trace elements.

Cobra implemented a systematic QA/QC programme comprising REE certified reference materials, blanks and field duplicates.

For recent drilling programmes:

·      certified/reference standards were inserted at approximately one in every 26 samples;

·      field duplicates were submitted at approximately one in every 45 samples;

·      blanks were submitted at approximately one in every 62 samples; and

·      laboratory internal blanks, standards and repeat analyses were undertaken in accordance with laboratory QA/QC procedures.

Duplicate analysis has demonstrated acceptable repeatability for REE grades and the reference materials have demonstrated acceptable analytical accuracy.

Reported assays were reviewed through Cobra's internal QA/QC database prior to their inclusion within the geological and Mineral Resource database.

Bureau Veritas Adelaide and Intertek Genalysis are NATA-accredited laboratories.

Samples used for specialised metallurgical and characterisation work were also analysed by ANSTO and ALS using XRF, ICP-MS and ICP-OES techniques appropriate to the relevant test programme.

Historical sample residues which were selectively re-analysed without supporting QA/QC were used principally to establish exploration potential and geological continuity and were excluded from Mineral Resource grade estimation.

Data analysis and database validation

Geological logging was undertaken digitally using Seequent MX Deposit, with data synchronised to the central project database during drilling.

Primary laboratory assay certificates were received electronically and retained within Cobra's digital database. Assay data were subject to QA/QC review prior to release and subsequent use in Mineral Resource estimation.

Drillhole locations, geological intervals and assay information were spatially verified using geological modelling software including Leapfrog and Datamine.

Sonic core and aircore datasets were compared where drilling methods overlapped. Sonic drilling demonstrated excellent sample recovery and has provided an important basis for assessing possible grade bias associated with aircore drilling through saturated palaeochannel sands.

Within the Pidinga Formation, a component of REE mineralisation is associated with fine organic-rich material occurring within coarser permeable sands. Cobra has previously recognised that aircore drilling through saturated formations has the potential to preferentially lose a proportion of fine mineralised material. Where such bias occurs, it is considered most likely to result in an underestimation rather than an overestimation of grade.

This potential effect has been assessed through sonic drilling, particle-size characterisation and comparison with nearby aircore drilling.

Prior to Mineral Resource estimation, the drillhole database was validated for:

·      overlapping or missing sample intervals;

·      duplicate records;

·      incorrect or missing collar information;

·      assay values outside expected analytical ranges;

·      geological interval consistency;

·      sample location and survey integrity; and

·      consistency between laboratory certificates and the Mineral Resource database.

Bulk density

Bulk density values used for the Mineral Resource Estimate were determined from representative samples of the principal palaeochannel lithologies using a Tap Density measurement performed at ANSTO Laboratories.

The average bulk density is 1.6 t/m3. The bulk density for the Garford formation is assumed. It should be higher because the sediments in this formation have lower porosity and are denser. Density for sands of the Narlaby formation and younger overburden sediments may be less due to the presence of loose material. A bulk density of 1.6 t/m3 has been used for all formations as a conservative approach - lower tonnage estimation in Mineral Resources for the Garford formation and higher tonnage estimation for overburden sediments. .

Dry bulk density values of:

·      Narlaby Formation: 1.6t/m³

·      Garford Formation: 1.6 t/m³

·      Pidinga Formation: 1.6 t/m³

were assigned to blocks according to the corresponding geological domain.

Consideration was given to the unconsolidated and saturated nature of the palaeochannel sediments and the density methodology was selected to ensure that the values applied represent dry in-situ tonnes for Mineral Resource reporting.

The Company recognises that additional density testing is required to better reflect local variability and changes in permeability. Given challenges associated with core stretching, the unconsolidated nature of the samples and high moisture contents, challenges persist in achieving standard wet/dry core measurements. The Company will endeavour to build its density dataset to support future estimations.

The Competent Person considers the density dataset minimally representative for the classification of the Mineral Resource reported.

Block model and grade estimation

A three-dimensional block model was constructed encompassing the mineralised palaeochannel system at Boland and Head.

The parent block dimensions were 50 m east × 50 m north × 1 m vertical, where required to adequately represent geological boundaries and mineralised horizons.

Block dimensions were selected with consideration of drillhole spacing, palaeochannel geometry, mineralised thickness and the anticipated scale of potential ISR wellfield development and open pit optimisation.

Grades for individual REOs were estimated using ordinary kriging, constrained within the interpreted geological/mineralisation domains.

Where individual oxide concentrations were estimated, TREO and reported REE sub-groups were estimated.

Cut-off grade

The Mineral Resource is reported above a 200 ppm TREO-Ce for open pit method of mining and value of REO in individual operation ISR cell for covering of processing cost with zero profit cut-off.

The reporting cut-off was selected by the Competent Person following consideration of:

·      REE grade and basket composition;

·      metallurgical recovery;

·      enrichment in higher-value magnet and heavy rare earths;

·      permeability and transmissivity;

·      expected lixiviant consumption;

·      natural acid generation and acid consumption;

·      expected ISR wellfield configuration;

·      indicative operating costs; and

·      indicative rare earth product pricing.

The Mineral Resource cut-off should therefore not be considered directly comparable with conventional excavation-based clay-hosted REE projects because the Wudinna Mineral Resource is being assessed for both extraction through ISR and open cut mining methods.

Mining method

The conceptual mining method underlying the reasonable prospects for eventual economic extraction assessment is in-situ recovery.

ISR involves the controlled injection of a lixiviant into a permeable mineralised aquifer through injection wells. The lixiviant exchanges ions with adsorbed REEs, mobilising the REEs into groundwater solution. Pregnant solution is subsequently recovered through extraction wells and pumped to surface for processing.

At Boland and Head, target mineralisation occurs within permeable palaeochannel sediments of the Pidinga formation contained within laterally continuous confining units. This geological setting provides the physical conditions required to evaluate controlled ISR extraction.

The method has the potential to eliminate conventional excavation, haulage, crushing and large-scale physical beneficiation.

In areas where permeability is poor, conventional open-cut extraction| heap leach processing has been assessed and pitshells optimised to define the economic cut-over parameters to support conventional mining processes for ionic REEs

The same processing flowsheet and facility can be used for processing of pregnant solutions after In-Situ Recovery and Heap Leaching process.

Metallurgical factors

Extensive metallurgical testing undertaken by Cobra and ANSTO has demonstrated that REEs within the target palaeochannel formations contain a substantial ionically exchangeable component.

Testing has demonstrated recovery of REEs using ammonium sulphate lixiviants under mild acidic conditions, including high recoveries of valuable heavy and magnet REEs.

Laboratory column testing has further demonstrated the movement of lixiviant through intact mineralised material and recovery of REEs into pregnant leach solution.

Mineralogical, leach, column and hydrological testwork has therefore been used alongside grade in evaluating the portions of the geological model considered to demonstrate reasonable prospects for eventual economic extraction.

Important parameters include:

·      Grade Thickness

·      REE basket Value

·      Metallurgical Recovery

·      Permeability & Transmissivity

·      Acid generation / consumption.

These parameters recognise that comparatively lower-grade material may remain economically attractive where permeability, recovery and reagent consumption are particularly favourable, whilst higher-grade material displaying unfavourable hydrological or metallurgical characteristics may be less suited to ISR.

No Ore Reserve has been estimated and the application of ISR remains subject to further technical, environmental, regulatory and economic studies.

Mineral Resource classification and reporting

The Wudinna Rare Earth Mineral Resource has been classified as Indicated and Inferred in accordance with the JORC Code (2012 Edition).

Classification was based on the Competent Person's assessment of:

·      confidence in the geological interpretation and continuity of the palaeochannel stratigraphy;

·      continuity of REE mineralisation;

·      drillhole spacing and distribution;

·      quality and representativity of sonic and aircore sampling;

·      analytical QA/QC;

·      confidence in bulk density data;

·      spatial continuity demonstrated through geostatistical analysis;

·      metallurgical continuity;

·      hydrological/permeability characteristics relevant to ISR; and

·      the level of confidence in the estimated block grades.

Areas supported by drilling spacing / estimation criteria and demonstrating sufficient confidence in geological and grade continuity were classified as Indicated, while areas where continuity is inferred from broader drilling and geological interpretation were classified as Inferred.

The Mineral Resource has been reported within geological and mineralisation domains considered by the Competent Person to have reasonable prospects for eventual economic extraction through ISR in Pidinga formation, and open pit mining / heap leaching for impermeable material in Pidinga and Garford formations.

The Mineral Resource is not an Ore Reserve and no assumption has been made that all or any portion of the Mineral Resource will ultimately be converted to an Ore Reserve.

Mineral Resource Statement

Pidinga Formation

Garford Formation

Combined Estimate

Notes:

·      TREO - Total Rare Earth oxides (Y2O3 + La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3)

·      TREO-Ce - Total Rare Earth oxides without Cerium Oxide (TREO - CeO2)

·      HREO - Heavy Rare Earth oxides (Y2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3)

·      PrNd - Pr6O11 + Nd2O3

·      TbDy - Pr6O11 + Nd2O3

·      ISR - Mineral Resources amenable for In-Situ Recovery, cut off revenue 5.27 US$/t

·      OP - Mineral Resources for open pit mining and heap leaching, cut-off grade 200 ppm

Figure 5: Grade Tonnage Curve at 200ppm TREO-Ce

Competent Person's Statement

Exploration results and technical information that support the Mineral Resource Estimate 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 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.

The information in this announcement that relates to the Wudinna Rare Earth Mineral Resource Estimate is based on, and fairly reflects, information and supporting documentation prepared and/or compiled by Dr Maxim Seredkin, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a Member of the Australian Institute of Geoscientists (MAIG). Dr Seredkin is a full-time employee of ERM Australia Consultants Pty Limited and is independent of Cobra Resources Plc. Dr Seredkin has sufficient 25 years' experience, including 20 years' experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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 (JORC Code). Dr Seredkin consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

About Cobra

Cobra Resources is developing two South Australian critical minerals opportunities: the Wudinna ionic rare earth project and the Manna Hill copper project.

At Wudinna, Cobra is advancing a rare earth discovery that is amenable to low-cost, low-disturbance controlled-aquifer in situ recovery (ISR), with the potential to progress towards small-scale production and bottom-quartile recovery costs, becoming the Western World's first rare earths ISR operation.

Cobra is also advancing the Manna Hill copper project in the Nackara Arc, where multiple underexplored prospects offer potential for large-scale copper-gold discoveries, including shallow skarn mineralisation and deeper porphyry potential.

Cobra also holds a significant shareholding in Barton Gold (ASX: BDG), following the 2025 sale of its non-core gold assets for A$15 million in cash and shares.

Regional map showing Cobra's tenements in South Australia

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