Result of Fundraise

Successful £4.5 million (net) fundraise enables Cobra to accelerate Manna Hill Copper Project drilling following a scalable copper discovery and to advance Boland Rare Earth Project through pre-feasibility

These work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia

Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to announce that, further to the announcement made on 24 March 2026 ("Launch Announcement"), it has successfully placed 41,924,995 new ordinary shares in the Company ("Ordinary Shares") with new institutional investors and existing shareholders (the "Placing Shares") at a price of 4.0 pence per Placing Share (the "Issue Price") raising gross proceeds of £1.68 million.

Concurrently with the Placing, as set out in the Launch Announcement, certain Australian major shareholders, directors and other subscribers have subscribed for a total of 75,075,000 new Ordinary Shares (the "Subscription Shares" and, together with the Placing Shares, the "Fundraise Shares") at the Issue Price (the "Subscription" and, together with the Placing, the "Fundraise") raising gross proceeds of approximately £3 million.

David Clarke and Daniel Maling, non-executive directors of the Company, subscribed for 10,062,500 and 375,000 new Ordinary Shares, respectively, as part of the Subscription. Following Admission, Mr Clarke will hold 104,620,925 Ordinary Shares and Mr Maling will hold 2,650,000 Ordinary Shares. Rosie Verco, the spouse of Rupert Verco, Chief Executive Officer of the Company, subscribed for 125,000 new Ordinary Shares as part of the Subscription.

In total, 116,999,995 Fundraise Shares have been subscribed for at the Issue Price raising net proceeds of approximately £4.5 million, comprising gross proceeds of £4.68 million less expenses. The Fundraise Shares represent, in aggregate, approximately 12.5% of the Company's issued Ordinary Share capital prior to the Fundraise.

Rupert Verco, Chief Executive Officer of Cobra, commented:

"With the Fundraise now successfully closed, Cobra is entering its next phase with the financial backing required to accelerate activity across the Company's assets. This year's work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia.

At Manna Hill, early drilling points to a system of meaningful scale, reinforcing our intention to move ahead with the Manna Hill Option. With additional assays pending and drilling scheduled to resume in April, we anticipate further encouraging copper, gold and molybdenum results.

Metallurgical work at Boland has surpassed all expectations and resource drilling is well advanced as we now look to take the project through prefeasibility.

We are delighted with investor demand to back this dual project work programme and appreciate the strong support shown. The team is fully focused on execution, and we believe the months ahead will be highly impactful for the Company and its shareholders."

To watch a video of Rupert Verco, Managing Director, discussing the Fundraise and planned programmes visit: https://investors.cobraplc.com/link/r69YGe.

Admission and Total Voting Rights

Application will be made for the Fundraise Shares to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("London Stock Exchange") ("Admission"). It is anticipated that Admission will become effective, and that dealings in the Fundraise Shares will commence, at 8.00 a.m. (London time) on 1 April 2026.

The Fundraise Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing issued Ordinary Shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid.

Immediately following Admission, and in accordance with FCA Disclosure Guidance and Transparency Rule 5.6.1, the Company's total issued share capital will comprise 1,056,320,849 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in the text of this Announcement have the meanings given in the Company's announcement of 24 March 2026.

Regional map showing Cobra's tenements in South Australia

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Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) (i) EU Directive 2014/65/EU on markets in financial instruments, as amended, ("MiFID II"); (ii) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (iii) local implementing measures (together, the "MiFID II Product Governance Requirements"); and (b) the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Requirements" and, together with the MiFID II Product Governance Requirements, the "Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares and Warrants have been subject to product approval process, which has determined that such Placing Shares and Warrants are: (a) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II or the FCA Handbook Conduct of Business Sourcebook ("COBS") (as applicable); and (b) eligible for distribution through all distribution channels as are permitted distribution by MiFID II or the FCA Handbook Product Intervention and Product Governance Sourcebook (as applicable) (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors (for the purposes of the Product Governance Requirements) should note that: the price of the Placing Shares and Warrants may decline and investors could lose all or part of their investment; the Placing Shares and Warrants offer no guaranteed income and no capital protection; and an investment in the Placing Shares and Warrants is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Brokers will only procure investors who meet the criteria of professional clients and eligible counterparties. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II or the COBS; or (b) a recommendation to any investor or group of investors to invest in, or purchase or take any other action whatsoever with respect to the Placing Shares and Warrants. Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.