Further High-Grade Copper Results Support Scale

Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to report results from a further 12 reverse circulation ("RC") drillholes from the Blue Rose copper-gold-molybdenum discovery and associated targets within the Manna Hill Copper Project, located in the Nackara Arc, South Australia.

Considering the copper market, the Board considers the grade, width and depth profile of results to date to be highly encouraging from an economic standpoint. The upcoming diamond core drilling programme is designed to establish the geological parameters required to advance economic assessment.

Highlights:

• Additional high-grade, broad and shallow sulphide mineralisation adds to the scale potential at Blue Rose. New results include:

§ MHRC0013: 62m at 1.0% Cu, 0.08 g/t Au from 62m, including:

§ 30m at 1.56% Cu, 0.14 g/t Au from 66m, including:

§ 16m at 1.92% Cu, 0.23 g/t Au from 74m

§ MHRC0011: 22m at 0.80% Cu from 20m, including:

§ 6m at 1.56% Cu from 22m

§ MHRC0009: 22m at 0.48% Cu, 0.17 g/t Au from 30m, including:

§ 10m at 0.81% Cu, 0.37 g/t Au from 30m

§ MHRC0010: 6m at 0.77% Cu from 24m, including:

§ 2m at 1.56% Cu from 26m and

§ 4m at 0.073% Mo from 94m

Results build upon earlier results that included

§ MHRC0018: 20m at 0.78% Cu, 0.14 g/t Au from 38m, and

§ 74m at 1.02% Cu, 0.25 g/t Au from 70m

§ MHRC0017: 86m at 0.60% Cu, 0.14 g/t Au from 18m

§ MHRC0003: 56m at 0.34% Cu from 34m, including:

§ 18m at 0.52% Cu from 38m, and

§ 14m at 0.21% Cu, 0.01% Mo from 122m, and

§ 10m at 0.12% Mo from 144m

• Geochemical analysis, metal zonation and structural interpretation support targeting a central IP resistive plug as the primary porphyry target, located directly underneath the Blue Rose skarn, proximal to recent molybdenum intersections associated with porphyry-type quartz monzonite intrusive
• In a local geological context, resistivity is interpreted to reflect silicification; hydrous alteration that would occur within proximity to an intrusion (porphyry heat source)
• Molybdenite forms at higher temperatures in porphyry systems and is therefore an effective geochemical marker for potassic zone, porphyry mineralisation
• A diamond drill rig is booked for late April, with work commencing to re-establish site access shortly
• Diamond drilling will target depth extensions beneath defined high-grade intersections and shall investigate the central resistive zone

Rupert Verco, Managing Director, commented:

"Copper prices have reached multi-year highs in 2026, reflecting structural deficits driven by electrification demand and tightening supply. Against this backdrop, these drilling results provide further compelling evidence for the value proposition within the Manna Hill Copper Project.

Shallow, thick and high-grade - it's nice repeating those three adjectives when talking about copper in Australia's copper capital; combined they deliver the mining parameters for favourable future economics.

In the first 16 drillholes by Cobra at Blue Rose, we've intersected 74m at 1.02% copper and now 62m at 1.0% copper- those are the kinds of economic widths that make people pay attention - and we've only just scratched the surface of what this project might deliver. The work completed to date is rapidly advancing our understanding of this system. The next drillhole could significantly elevate the scale of this major Australian copper discovery."

To watch a video of Rupert Verco, Managing Director, discussing these drill results, follow the link:

Cobra has recently announced its intention to exercise its option to acquire the Manna Hill Project ("Manna Hill Option") based on the drilling results received to date.

Under the Manna Hill Option agreement, Cobra sought to test several geological observations that have implications for a large-scale mineral system at Blue Rose. This included testing for the continuity of Blue Rose skarn mineralisation at both depth and strike extent. Results demonstrate considerable opportunity for increasing scale with broad zones of primary sulphide mineralisation being intersected outside of the extent of pervious drilling.

Figure 1: Plan view outlining significant intersections in relation to previous exploration results. Results plotted over gravity edge geophysics, where the most significant change in rock density is interpreted to reflect the Saddleworth formation, the host unit for the Blue Rose skarn.

Results received to date demonstrate:

• Confirmation of economic widths extending at depth into primary sulphide mineralisation:

o Mineralisation intersected within MHRC0013 and MHRC0018 commence in transitional mineralisation and continue into primary sulphides, where copper speciation is predominantly chalcopyrite. This supports mineralisation continuity with depth.

Figure 2: Section 428700mE demonstrating the interpreted mineralisation intersected in MHRC0013

Adding scale to strike continuity:

o MHRC0013 has intersected 62m at 1.0% Cu from 62m at the western most extent of previously identified shallow oxide mineralisation.

o MHRC0013 is 750m west of the previously reported MHRC0018 which intersected 20m at 0.78% Cu, 0.14 g/t Au from 38m and 74m at 1.02% Cu, 0.25g/t Au from 70m. Mineralisation remains open west of MHRC0013

o Mineralisation is expected to extend with depth east of MHRC0018 where historical drilling has intersected shallow oxide mineralisation

Geochemical and metal vectoring towards porphyry source:

o Geochemistry indicates increased levels of potassic alteration that is spatially associated with intersections elevated in molybdenum within drillholes MHRC001,003 and 008

o Molybdenum mineralisation is associated with quartz monzonite and diorite porphyry type dykes

o These drillholes intersect skarn mineralisation directly above a resistivity IP anomaly

Figure 3: Long section 6,388,350mN defining the strike extent of defined mineralisation and the location of the IP Resistivity target

Figure 4: 3D model of the IP resistivity feature relative to skarn mineralised intersections. The resistivity feature is interpreted to occur within the hanging wall of a cross-cutting normal fault.

o The resistivity anomaly >150 ohms is interpreted to reflect silicification of the host rock, a likely outcome of porphyry alteration

o The deepest historic drillholes BRDD003 (26.7m at 0.43% Cu from 195m) and RCBR035D (23.25m at 0.22% Cu from 276.25m) end in low grade mineralisation and are closest in proximity to the IP resistivity target

o Cobra is currently designing a follow-up diamond programme to test the IP resistivity anomaly

Table 1: Significant intersections (0.2% Cu cut-off, 0.03% Mo cut-off)

Previously reported significant intersections

MHRC0017 and MHRC0018 were designed to test the continuity of primary mineralisation below high-grade intersected within RABR822 of 47m at 2.2% Cu and 0.76 g.t Au from 11m.

MHRC 0017 demonstrated that mineralisation is continuous through the transition zone from oxidised to primary mineralisation. Most of the mineralisation in the intersection 86m of 0.60% copper and 0.14 g/t gold is considered to occur in the transitional zone.

MHRC0018 intersected two distinct zones:

• An oxide intersection of 20m at 0.78% Cu, 0.13g/t Au from 38m downhole, and
• A primary sulphide zone of 74m at 1.02% Cu, 0.25 g/t Au from 70m downhole. This intersection is entirely within primary sulphide mineralisation.

Mineralisation intersected by drillholes MHRC0017 and 0018 has a true width of approximately 70m where downdip continuity appears strong. MHRC0018 is the best primary sulphide result reported from the project.

Figure 5: Cross Section A: Highlighting intersections of drillholes MHRC0017 and MHRC0018.

Significance of results

High grade primary sulphides:

• Two significant zones of high grade >1% Cu have been intersected within primary sulphide mineralisation. Mineralisation remains open at depth and along strike. Subsequent diamond drilling will target mineralisation below drillholes MHRC0013 and MHRC0018
• Depth extensions and along strike continuity defined within these zones will significantly increase the metal potential of the Blue Rose skarn

Porphyry targeting

• Geochemical and metal zonation indicate increased temperature and subsequent potassic alteration proximal to the IP resistivity anomaly
• Molybdenum is generally associated with higher temperature or more potassic zones of a porphyry system and therefore the intersection within MHRC0003 of 10m at 0.12% Mo from 144m, including 2m at 0.38% Mo from 146m is high grade molybdenite. This drillhole has increased potassic alteration
• Historical diamond drillhole BRDD003 intersected 26.7m at 0.43% Cu from 195m and RCBR035D intersected 23.25m at 0.22% Cu from 276.25m. Both holes were terminated in copper mineralisation, which based on core photographs does not appear to be skarn hosted
• These two intersections are within the closest proximity to the IP resistivity anomaly
• These geological observations provide sufficient evidence to test the IP resistivity anomaly with a third diamond drillhole

Neptune Rose target

A transect of drillholes (MHRC0004-07) was drilled to test an IP chargeability that was interpreted to be a northern limb of the Saddleworth formation - the unit that hosts the Blue Rose skarn. An interpretation of these results is summarised below:

• All drillholes intersected extensive pyrite alteration indicative of porphyry propylitic alteration
• Zones of anomalous copper (>600ppm) and gold up to 0.1 g/t were intersected within more carbonaceous sediments
• Logging and geochemistry indicate that the Saddleworth formation was not intersected and therefore the chargeability anomaly is not associated with skarn mineralisation
• The northern limb model remains untested to the north where the gravity edge high sits. Heritage clearing is planned to enable this to be drill tested in follow-up programmes

Black Baccara target

Drillholes MHRC0002, 0012, and 0016 were designed to test a large chargeability anomaly that envelopes a large bulls-eye demagnetised (magnetic low) feature. All drillholes intersected extensive pyrite alteration and minor to moderate sericite alteration. Holes were terminated before their designed depths due to excessive water being intersected.

Alteration modelling is in progress to better define the greater system. Preliminary observations support that the IP resistivity target below the skarn is the likely intrusive source.

About the Manna Hill Project

The Manna Hill Project presents South Australia's premier porphyry prospect in the state that holds around 70% of Australia's copper reserves. The project comprises multiple early-stage porphyry and skarn prospects.

• Manna Hill: Outstanding Copper Results Elevate Blue Rose from Prospect to Discovery, 9 March 2026
• Cobra RNS: Option to Acquire Significant Copper Project, 26 August 2025

Glossary

Regional map showing Cobra's tenements in South Australia

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Appendix 1: Collar coordinates and drillhole details coordinates in MGA94, Zone 54