Completion of Sonic Drilling 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, announces that it has completed a 10-hole, 423m sonic core drilling programme 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

• All holes intersected the targeted Pidinga formation, where coarse sands contain fine organics that host ionic REE mineralisation amenable to ISR mining
• Intersections of the mineralisation horizon varied between 1-3m
• Metallurgy samples have been collected and submitted to Australia's Nuclear Science and Technology Organisation ("ANSTO") for analysis, with results anticipated later this month
• Two further wells were installed to support a planned field permeability study and a future pilot study
• Assay results are expected in early June 2025

Rupert Verco, Managing Director of Cobra, commented:

"We are pleased to have completed sonic core drilling at Boland and thank Star Drilling for their services during the programme. This work is a key step in our strategy to deliver a rare earth Mineral Resource Estimate at Boland this year, and we look forward to announcing the full results of the drill programme once samples have been prepared for optimisation metallurgy by ANSTO.

Members of the Commonwealth Scientific and Industrial Research Organisation ("CSIRO") team have also been with us in the field as they work on a programme focused on strengthening the supply of critical minerals in Australia. CSIRO have collected samples from both our sonic and aircore drilling programmes which will be used to help characterise our unique geology and mineralogy at Boland, informing our pathway towards ISR-supported rare earth production."

Figure 1: Core tray photographs of CBSC014 demonstrating organic rich Pidinga formation sands 45.8m-56.6m directly overlying REE enriched saprolite

Boland Project

Follow this link to watch a short video of Exploration Manager Robert Blythman discussing the sonic core drilling: https://investors.cobraplc.com/link/drLYXP

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