Environmental Approval for Boland Infield Studies

Field testing to commence mid-October aimed at confirming the highly productive flow rates being achieved in laboratory ISR studies

Cobra (LSE: COBR), a mineral exploration and development company, is pleased to announce that is has received Environmental Protection and Rehabilitation ("EPEPR") approval from the Government of South Australia's Department for Energy and Mining ("DEM") for the Company's exploration programme that will support planned pump and permeability testing at the Boland wellfield.

Key Points:

• Cobra is now completing its programme notification process that will see infield testing commence in mid-October and last for approximately two weeks
• Field tests will provide an infield measure of the rate of permeability achievable through the in-situ recovery ("ISR") process
• A large (55kg) bench scale ISR column study underway at the Australian Nuclear and Scientific Technology Organisation ("ANSTO") is currently achieving exceptional permeability rates of 1.5 metres/day
• The column pH dropped from pH7.0 to pH4.0 in just 48 hours, with first liquor assays expected soon
• Being able to replicate similar permeabilities in a field environment will provide robust, high confidence mining parameters for use with future economic studies

Rupert Verco, Managing Director of Cobra, commented:

"It is pleasing to receive DEM approval that will enable our first field testing. Once the programme notification is fulfilled, the team will mobilise to site to install temporary infrastructure and commence testing.

Initial permeabilities achieved in the large-scale column are exceptionally encouraging and will see Rare Earth Elements being recovered in very short time frames using a low-cost lixiviant. Running these two work programmes in parallel will provide invaluable data that will form the basis for estimating future ISR production rates. We expect recovery results of this in-field test to be reported to the market in the coming weeks."

Follow this link to watch a short video of MD Rupert Verco explaining future field studies relevant to this announcement: https://investors.cobraplc.com/link/P4xdBP

Update on Scaled Column ISR Test

• Percolation of lixiviant through a 55kg ISR column containing a composite sample from three drillholes from across the Boland project has commenced using ~0.3M ammonium sulphate ("AMSUL") at pH3
• Recovery rates of individual REEs will be evaluated during the ISR process, with separate liquors to be collected to evaluate the possibility of producing an MREC from both early stage (pH>4.5) and late stage (pH=3.0).
• In two days, the average permeability rate being achieved is 1.5 metres/day
• The current recovered liquor pH is <4.0; previous columns showed REE recoveries from pH5
• Study anticipated to be completed within a fortnight
• First liquor assays expected soon

Figures 1 & 2: photos of the 55kg column subject to ISR studies currently in progress at ANSTO laboratories

Further information relating to Boland and these results are presented in the appendices.

• Exploration update: "Low-Cost Recoveries from Optimised Testing", dated 11th August 2025
• Exploration update: "Rare Earth ISR System beyond Boland", dated 4th August 2025
• Exploration update: "Favourable Boland Metallurgical Results", dated 21st July 2025
• Exploration update: "Boland Project Update", dated 26th June 2025
• Wudinna Project Update: "Boland Aircore Drill Results", dated 25th February 2025
• Wudinna Project Update: "2nd Bench Scale ISR Study & £1.7M Placing", dated 26 November 2024
• Wudinna Project Update: "ISR Bench Scale Study Completion", dated 4 November 2024

of heavy rare earths", dated 28 August 2024

Regional map showing Cobra's tenements in South Australia

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/cobraresourcesplc

X: https://twitter.com/Cobra_Resources

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

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

Appendix 2: Metallurgical sample information