Completion - Wudinna Gold Sale & Payments Received

Further to the Company's announcement on 30 June 2025, Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Heavy Rare Earth Element ("HREE") discovery at its Boland Project ("Boland") in South Australia, is pleased to announce it has completed the sale of the Wuddina Gold Assets and received the first post-Completion cash payment and share issue from Barton Gold Holdings Ltd (ASX: BDG).

Pursuant to the Transaction, Cobra has to date received A$1 million, comprising A$200,000 in cash payments and A$800,000 through the issue of 1,025,619 Barton Gold shares. Details of the remaining consideration of up to a further A$14 million in cash and Barton Gold shares are set out in the 30 June 2025 announcement.

Rupert Verco, Managing Director of Cobra, commented:

"An important milestone, being the final granting of subdivided ELAs, has been reached, triggering the first post-Completion payments of the Transaction. We are now working through the required mechanisms for Final Settlement that will enable further cash and share payments and the Barton Gold team to commence exploration and resource expansion works from which we hope to gain further value through our Barton Gold shareholding."

About Barton Gold

Barton Gold is an Australian gold exploration and development company with a strategic focus on South Australia's central Gawler Craton. The company is listed on the Australian Securities Exchange (ASX: BGD), the OTCQB (BGDFF), and the Frankfurt Stock Exchange (FRA: BGD3), with a current market capitalisation of around A$180 million.

Barton Gold holds 100% ownership of historic operating mines:

• Tarcoola Gold Project
• Challenger Gold Project; and
• The Tunkillia Gold Project (which it is advancing through prefeasibility to target total Barton gold production of 150,000 ounces annually)

Further information on Barton Gold can be found at: www.bartongold.com.au.

Further information relating to Cobra's Boland HREE project is presented in the appendix.

Capitalised terms used herein without definition shall have the same meanings given to them in the 30 June 2025 "Conditional Sale of Wudinna Gold Assets" announcement released at 12:00 p.m.

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Appendix 1: Background information - the Boland HREE Project and ISR

• The Boland HREE Project was discovered by Cobra in 2023. Mineralisation is ionically bound to clays and organics within palaeochannel sands within the Narlaby Palaeochannel

Figure 1: Comparison between the Chinese and the proposed Boland process for ISR mining of REEs