Sonic Drilling Commences at Boland

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 pleased to advise that sonic core drilling has commenced at Boland.

At Boland, ionically bound REEs enriched in dysprosium and terbium occur within permeable sands and are amenable to in situ recovery ("ISR"), a low-cost, low impact mining process with high environmental stewardship.

Highlights

• Star Drilling's rig has mobilised to site to commence a minimum 10-hole (~500m) programme (see Figure 2)
• Drilling is expected to take 8-10 days
• A further well will be installed to support the planned future infield permeability study
• 40-80kg of sample material will be used from recovered core to facilitate optimisation metallurgical studies
• Results are anticipated in 4-6 weeks

Rupert Verco, Managing Director of Cobra, commented:

"Sonic drilling provides the best sample return possible, enabling us to evaluate the ISR productivity of the orebody and evaluate the enrichment of dysprosium and terbium, two critical heavy rare earths which are in high demand globally. We anticipate higher grades than defined within aircore results owing to the sonic rig's ability to recover a complete sample. Drilling has been designed to confirm the continuity of geology across the expanding footprint that has been defined in aircore drilling, building towards a potentially significant mineral resource estimate.

This is an important process in project advancement, contributing to resource definition, ISR infield testing and optimised metallurgical studies. This drilling will inform our funded and ongoing resource-focused drilling programme. We look forward to providing updates on our progress in due course."

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Figure 1: Sonic drilling underway at the Boland Project

Figure 2: Planned sonic core collars in reference to recent aircore drilling

Boland Project

Follow this link to watch a short video of CEO Rupert Verco discussing the sonic core drilling: https://investors.cobraplc.com/link/VyEGvr

Further information relating to Boland is presented in the appendix.

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Appendix 1: Background information - the Boland Project and ISR

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