Result of Accelerated Bookbuild

Net proceeds to facilitate acquisition of remaining 25% of Wudinna Project and advancement of Boland ionic rare earth discovery

Cobra, an exploration company focused on the Wudinna Gold and Rare Earth Project in South Australia, announces that, following yesterday's announcement of the launch of the Placing via the Bookbuild, the Company will raise the maximum amount of £991,300, before expenses, through the issue of 99,130,000 new ordinary shares of 1 pence each in the capital of the Company (the "Placing Shares") (being the Company's maximum available headroom under its existing authorities to issue and allot shares).

The issue price of 1 pence per Placing Share represents a premium of 11% to the mid-market closing price of the Company's shares on 14 November 2023. Each Placing Share will be issued with a warrant attached, with an exercise price of 2 pence (the "Warrants"). Any exercise of the Warrants will be subject to the approval of shareholders at a General Meeting. Further details of the General Meeting will be set out in a circular to be published in due course (further information below).

The net proceeds from the Placing will be used to satisfy the Cash Consideration for the acquisition of the remaining 25% of the Wudinna Gold and Rare Earth Project from Andromeda Metals as announced on 14 November 2023, as well as for the execution of the Company's planned work programme to advance the Boland ionic rare earth discovery.

The Placing was substantially supported by the original vendors to Cobra of the Wudinna Gold and Rare Earth Project in 2019 (the "Former Lady Alice Unitholders"), including David Clarke, a Non-Executive Director of the Company, who will in aggregate subscribe, in cash, for approximately 60% of the Placing. The Former Lady Alice Unitholders will initially be issued in aggregate 38,600,000 shares, followed by a second issue of 22,000,000 shares (the "Second Issue") concurrent with the issue of the Consideration Shares to Andromeda Metals to ensure their aggregate holdings in the Company do not exceed 29.99% of the issued share capital. In addition, all Warrants issued to the Former Lady Alice Unitholders will contain a restriction on any exercise in the event that the aggregate percentage interests of the Lady Alice Unitholders would exceed 29.99% of the issued share capital.

Additionally, Rupert Verco, Chief Executive Officer and a Director of the Company, Daniel Maling, Non-Executive Director of the Company, and Robert Blythman, Cobra's Exploration Manager, participated in the Placing. Further disclosures regarding Director participation are set out in the appendix below.

Admission of Placing Shares

The Company has made applications to the FCA and the London Stock Exchange in connection with the admission of 77,130,000 shares (comprising the Placing Shares less the Second Issue shares), which is expected to occur at 8.00 a.m. on 21 November 2023 ("Admission"). Application for shares to be issued pursuant to the Second Issue will be made in due course concurrent with the issue of the Consideration Shares to Andromeda Metals. The Company hereby notifies the market, in accordance with the FCA's Disclosure Guidance and Transparency Rule 5.6.1, that, on Admission, the Company's issued share capital will consist of 592,379,550 ordinary shares, each with one vote. The Company does not hold any ordinary shares in treasury. On Admission, the total number of voting rights in the Company will be 592,379,550 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Posting of Circular

The issue of the Consideration Shares to Andromeda Metals, as well as the authority to issue the shares into which the Warrants may covert, are conditional, inter alia, on the passing by the Company's shareholders of certain resolutions at a General Meeting to be convened. The circular containing the Notice of General Meeting (the "Circular") will be posted to shareholders later this week. A further announcement containing the details of the General Meeting will be made upon publication of the Circular.

Rupert Verco, CEO of Cobra, commented:

"I'd like to thank the investors in the Placing which include several distinguished mining sector individuals - both associated and unassociated with the Company. This will enable Cobra to proceed as 100% owner of the project and dominant holder of palaeo-channel ground in the region. The ionic rare earths discovery made by Cobra in this geological setting is globally significant and as yet vastly underappreciated. We intend to change that and will waste no time in advancing our commercial strategy in the months ahead."

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Company's announcement dated 14 November 2023.

Twitter: https://twitter.com/Cobra_Resources

Subscribe to our news alert service: https://cobraplc.com/news/

APPENDIX