Boland Rare Earth Project Update

Cobra (LSE: COBR), the mineral exploration and development company advancing a potentially world-class ionic Rare Earth Element ("REEs") discovery at its Boland Project ("Boland") in South Australia, is pleased to advise that the acquisition of Exploration Licences 6742, 6774 and 6780 (the "New Tenements") from the Tri-Star Group Pty Ltd ("Tri Star") announced on 27 May 2025 has now completed. The land acquisition significantly expands the resource growth potential of Boland.

Key Points

Licencing, Permits and Approvals

• The Company has received formal documentation for the transfer of the New Tenements from Tri Star.

o This enables the Company to progress towards drill testing of priority targets, Head and Gillespie, where re-analysis of historical uranium focused exploration has delineated large target areas of paleochannel hosted REEs within geological formations that are amenable to in situ recovery ("ISR").

o Environmental and regulatory applications are being expedited to support resource and exploration drilling.

o Community and land access procedures are underway to enable drilling to commence before cropping activities occur in late April.

o Native title Mining Agreement has already been assigned.

• Permits and approvals in place to commence further resource drilling.

Metallurgy and Flow Sheet Finalisation

• Preliminary diagnostic tests from historical samples from the Head prospect have been completed with results expected in February.
• Impurity removal steps for the processing of pregnant liquor produced from a bulk 65kg ISR column leach study are currently underway, with a final optimised Mixed Rare Earth Carbonate ("MREC") anticipated to be ready in February to support offtake discussions.

Rupert Verco, Managing Director of Cobra, commented:

"We are committed to defining the best resource by not only targeting grade, but geological attributes that will enable productive and cost-efficient controlled aquifer in situ recovery. Having the new tenements in our hands is an important milestone, enabling us to better control future workstreams.

With drilling underway at the Company's Manna Hill Copper Project, and preparations underway to support regional programmes targeting large scale REE resource definition at Boland, 2026 is shaping up to be a significant year for Cobra Resources."

Follow this link to watch a short video of CEO Rupert Verco explaining the importance of tenement assignment and exploration plans: https://investors.cobraplc.com/link/rkDvLP

Next Steps:

• The following processes are required to facilitate drilling on the New Tenements:

o EPEPR submission and approval - early March

o Notice of Entry (42 days) and Land Access Agreements - early March

• Drilling is planned to occur before the cropping season with the following targets to be sequentially tested:

o Boland drilling - late February

o Head drilling - March-April

o Stokes drilling - April-May

Drilling will aim to inform:

o Resource Estimation - June-July

o Economic Scoping Study - July-August

The Company is preparing documentation, and will liaise with relevant stakeholders, to identify and complete the necessary studies to support an infield pilot study at the existing Boland wellfield. A significant amount of hydrology and environmental baseline data has already been captured and will expedite the timeframes for regulatory approval and permitting, thus targeting a field pilot recovery trial in late 2026.

Figure 1: Significant re-assay intersections across the recently assigned tenements and defined target areas.

Boland Project

Cobra's unique and highly scalable Boland discovery is a strategically advantageous ionic rare earth discovery where high grades of valuable heavy and magnet rare earths occur concentrated in a permeable horizon confined by impermeable clays. Bench scale ISR testing has confirmed that mineralisation is amenable to ISR mining. ISR has been used successfully for decades within geologically similar systems to recover uranium within South Australia. Results of this metallurgical test work support that, with minor optimisation, ISR techniques should enable non-invasive and low-cost production of critical REEs from Cobra's Boland discovery.

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

• "Land Acquisition for Boland project Expansion", dated 27 May 2025
• "Yarranna Southeast Re-Assay Results", dated 26 June 2024

Regional map showing Cobra's tenements in South Australia

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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