Strong Rare Earth Recoveries

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.

This RNS replaces RNS 9505B released on 5 November 2026 at 07:18 a.m. entitled "Strong Rare Earth Recoveries." The previous RNS contained Internal Completion Notes. The Company confirms that, at the time of publication, all results had been verified, solid assays reconciled and reported recoveries confirmed. All information contained in the original announcement (reissued below) is otherwise unchanged.

5 November 2026

Cobra Resources plc
("Cobra" or the "Company")

Strong Rare Earth Recoveries

Strong recoveries of valuable rare earths support strategy to maximise value and build an efficient, scalable operation

88.4% TREY, 81.2% samarium and 75.6% yttrium liquor extraction in ISR recoverable formation

Cobra (LSE: COBR) is advancing the Wudinna Rare Earth and the Manna Hill Copper projects, both in South Australia.

Wudinna is an advanced exploration/early development project that includes the Boland and Head rare earth discoveries and associated Mineral Resource Estimates ("MRE").

Manna Hill is an advanced exploration project that includes the Blue Rose, Shadow Rose and Neptune Rose copper discoveries.

A further 42 drill return samples from the Boland and Head discovery areas were forwarded to the Australian Nuclear Science and Technology Organisation ("ANSTO") for 24 hour ambient temperature leach. A pH of 3 was targeted using a 0.5 Molar ammonium sulphate lixiviant solution.

Encouraging recoveries of valuable rare earth elements and yttrium were returned supporting the company's strategy of prioritising recoverable value, optimising product quality and assessing a staged development pathway.

Highlights

•     At the Boland Mineral Resource area, earlier Cobra testwork has shown that the Pidinga formation is amenable to In Situ Recovery ("ISR") of rare earth metals. Results from this testwork yielded recoveries up to:

·    88 % of total rare earth plus yttrium ("TREY")

·    87 % of neodymium plus praseodymium ("Nd+Pr")

·    73 % of dysprosium plus terbium ("Dy+Tb")

·    81 % of samarium ("Sm")

·    76 % of yttrium ("Y")

•     At the Head Mineral Resource area, recoveries on Pidinga formation samples achieved up to:

·    66 % of TREY

·    62 % of Nd+Pr 

·    58 % of Dy+Tb

·    64 % of Sm

·    57 % of Y

•     All 3 samples of Narlaby formation mineralisation at Head returned strongly encouraging metal recoveries up to:

·    88 % of TREY

·    88 % of Nd+Pr

·    93 % of Dy+Tb

·    88 % of Sm

·    84 % of Y

•     The younger Narlaby formation at Head is both permeable and mineralised but for the moment it has not been shown to be ISR amenable for MRE purposes.

•     The Company will now study the Narlaby formation in greater detail with the objective of establishing its whole or partial inclusion in the ISR portion of the Head MRE.

•     The project's development focus remains on recoverable value and operating efficiency - being key value drivers for rare earth operations. Diagnostic results will be assessed alongside permeability, intact-core testing and field performance aimed at delivering confidence in scoping study estimates and informing resource expansion works.

Rupert Verco, Managing Director of Cobra, commented

"These results provide us with greater clarity in identifying the materials that can contribute most to Wudinna's development. One Pidinga sample delivered 88.4% TREY extraction, including 81.2% samarium and 75.6% yttrium, alongside strong magnet rare earth extraction.

Our strategy is to maximise recoverable value and build an efficient, scalable operation. This programme aids in identifying both the opportunities and the variability that must be reflected in the scoping study. The next step is to establish how these laboratory results translate into an integrated mine plan and field performance.

The exceptional recovery results within the Narlaby formation present as a compelling opportunity to bring this existing material classified as open pit MRE mineralisation into the ISR recoverable resources - the team is evaluating the next work streams to enable this conversion."

Follow this link to watch a short video of CEO & MD Rupert Verco discussing this announcement: https://investors.cobraplc.com/link/y0VQXr

Results in context

These diagnostic test results provide a consistent laboratory basis that adds to the already robust metallurgy dataset that enables the evaluation of economics including reagent inputs and adjustment to ISR parameters.  

Table 1 Diagnostic liquor extractions by lithology

Table 1 shows arithmetic mean (minimum-maximum), rounded to one decimal place. Nd+Pr and Dy+Tb are combined elemental extraction percentages, not ratios. TREY comprises La-Lu, plus Y. Results are elemental and are not reported as oxide grades. No extraction cut-off has been applied to the 42 reported records.

Supporting Wudinna's development strategy

The programme supports the companies bottom-quartile cost objective by identifying where recoverable value and operating efficiency should be tested. Including Y and Sm alongside magnet rare earths broadens the elemental recovery assessment, although saleable recovery, specifications and commercial contributions require downstream testing and customer assessment. Verified technical and product data will support partnering and offtake discussions, financing and permitting studies, and assessment of a staged development pathway. These remain strategic objectives from which the company aims to commercialise the Wudinna REE project by objective validation.  

Next steps

•     A large scale ISR column has been prepared to replicate the proposed small scale production study for crude precipitation, transport and re-dissolution.

•     Define metallurgical domains and assess the relationship between extraction, mineralogy and aquifer permeability.

•     Trade-off sensitivity evaluation, evaluating optimal economics through recovery/ reagent trade-off analysis

Figure 1: Distribution of recovery results - Boland Prospect

Figure 2: Distribution of recovery results - Head Prospect

About the Wudinna Rare Earth Project

Cobra has discovered what it believes to be a unique, scalable instance where ionic rare earth elements - containing economically attractive grades of valuable heavy and magnet rare earths - occur within a permeable horizon confined between horizons of impermeable clay.

Bench scale ISR testing has confirmed that this mineralisation is amenable to ISR recovery techniques. ISR techniques are currently in use (and have been used successfully for decades) in geologically similar environments, to recover uranium in South Australia which maintains a well-established ISR regulatory system.

Cobra is evaluating the technical and economic potential for ISR at Boland. Laboratory results support further assessment, but commercial recoveries, costs and environmental performance remain subject to integrated testing, studies and field validation.

Further information relating to Wudinna and these 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:

·    Exploration update: "Resource drilling completion", dated 5 May 2026

·    Metallurgical update: "Boland Delivers Industry-Leading Heavy Rare Earth Product" dated 2 March 2026

·    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^th September 2025

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

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

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

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

·    Wudinna Project Update: "Boland Aircore Drill Results", dated 25^th 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 Person's 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 Australasian 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 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 Exploration Results, Mineral Resources and Ore Reserves of JORC. This includes 13 years of Mining, Resource Estimation and Exploration.

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 has established a maiden JORC-compliant Mineral Resource Estimate of 150 Mt grading 470 ppm total rare earth oxides (TREO), with significant potential for further resource growth. The resource will underpin a Scoping Study as Cobra advances its staged development strategy, incorporating low-disturbance controlled-aquifer in situ recovery (ISR), targeting bottom-quartile production costs and the potential to establish the Western World's first rare earths ISR operation.

Cobra is also advancing the Manna Hill copper project in the Nackara Arc, where drilling has confirmed copper-gold mineralisation across multiple prospects, including shallow skarn-hosted discoveries and encouraging indications of a potentially larger porphyry copper-gold system.

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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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

·    The proposed ISR process would use engineered injection and extraction well arrays to circulate lixiviant through suitable permeable mineralisation. Hydraulic control and environmental performance require field validation.

·    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 proposed ISR route could reduce requirements for excavation and conventional solids handling. Capital intensity and operating costs remain to be assessed through engineering studies.

·    Ionic mineralisation is highly desirable owing to its high weighting of valuable HREOs and the cost-effective method in which REEs can be desorbed

·    The proposed confined-aquifer approach at Boland differs from gravity-driven in situ leaching of weathered ionic clay deposits. Site-specific hydraulic control and restoration performance must be demonstrated.

·    Confined-aquifer ISR has precedents in uranium production. Its application to rare earths at Boland requires site-specific technical and environmental validation.

·    Cobra aims to assess the economic and environmental performance of rare earth recovery through a controlled confined-aquifer ISR process.

Figure A1: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs

Appendix 2: Diagnostic sample results

Table 1 Boland & Head TREY and 24-hour elemental liquor extraction. Intervals are downhole; true widths are not established here. Test and sample number prefixes are shown in the column headers.

Tbp = Pidinga formation, Tig = Garford formation, Tin = Narlaby Formation

Appendix 3: Diagnostic sample results continued

Table 2:  Boland & Head TREY and 24-hour elemental liquor extraction. Intervals are downhole.

Tbp = Pidinga formation, Tig = Garford formation, Tin = Narlaby Formation

Appendix 4:

Table 3 Collar details.

Appendix : JORC Code 2012

Table 4

Appendix 3 continued: Table 1 Section 2 reporting of exploration results