Manna Hill: Diamond Drilling Commences

In brief · summary, not quotable

Cobra Resources PLC has commenced a fully funded diamond drilling program at its Manna Hill Copper Project in South Australia, designed to test for depth extensions of high-grade copper-gold mineralization at the Blue Rose Discovery and evaluate a potential deeper porphyry copper system. The program comprises up to six drillholes for approximately 1,800 meters, with two holes targeting a large-scale porphyry target and four holes testing depth extensions to skarn mineralization. Recent reverse circulation drilling results included 74 meters at 1.02% copper and 0.25 g/t gold from 70 meters. The diamond drilling is expected to be completed within approximately 40 days and will provide crucial geological data to refine future targeting.

Full announcement

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Cobra (LSE: COBR), a South Australian mineral exploration and development company, is pleased to announce that a fully funded diamond drilling programme has commenced at the Company's Manna Hill Copper Project.

The programme has been designed to test for scale extensions to the shallow, high-grade copper-gold mineralisation recently defined at the Blue Rose Discovery ("Blue Rose"), while also evaluating the potential for a deeper intrusive-related porphyry copper system.

Recent Reverse Circulation Drilling Results:

74m at 1.02% copper ("Cu") and 0.25 g/t gold ("Au") from 70m (MHRC0018)
62m at 1.0% Cu and 0.08 g/t Au from 62m (MHRC0013)
86m at 0.60% Cu and 0.14 g/t Au from 18m (MHRC0017)
22m at 0.80% Cu from 20m (MHRC0011)
20m at 0.78% Cu and 0.14 g/t Au from 38m (MHRC0018)
56m at 0.34% Cu from 34m (MHRC0003)
10m at 0.12% Molybdenum ("Mo") from 144m (MHRC0003)

Highlights of Diamond Drilling Programme:

Fully funded diamond drilling programme comprising up to six drillholes for approximately 1,800m

o Two holes designed to test a large-scale porphyry target associated with coincident IP chargeability and resistivity anomalies (Black Baccara Target)

o Four holes targeting depth extensions to high-grade copper-gold skarn mineralisation at Blue Rose

Programme designed to test the geological relationship between copper mineralisation and interpreted diorite intrusions
Diamond core to provide geological, structural and petrophysical information to refine future targeting
Drilling operating on double shifts, with the programme expected to be completed within approximately 40 days
Results to support future resource and extensional drilling programmes

Rupert Verco, Managing Director, commented:

"The commencement of diamond drilling at Manna Hill marks an important next step in advancing what we believe is one of the most compelling, underexplored copper systems in South Australia.

Our recent RC drilling confirmed broad zones of shallow, high-grade copper-gold mineralisation at Blue Rose, while also identifying geological characteristics consistent with a larger intrusive-driven mineral system. This diamond programme is specifically designed to test for depth continuity to the high-grade skarn mineralisation and to evaluate the potential for a deeper porphyry source.

Importantly, the programme will also provide critical geological, structural and petrophysical information to refine our targeting model and support future resource-focused drilling.

With drilling operating on double shifts, we expect the programme to progress rapidly and I look forward to updating shareholders as results are received."

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

Cobra's recent reverse circulation ("RC") drilling programme at Blue Rose demonstrated strong continuity of shallow copper-gold mineralisation and highlighted the potential for a larger mineralised system at depth. The current diamond drilling programme has been designed to test whether the high-grade skarn mineralisation is genetically linked to a deeper intrusive-related copper system.

The programme will also evaluate several large geophysical targets defined through Induced Polarisation ("IP") surveys, where coincident chargeability and resistivity anomalies are interpreted to represent potential porphyry-style mineralisation.

In addition to testing for depth continuity and scale, drilling will provide valuable structural, alteration and petrophysical information to improve the Company's understanding of the mineral system and support future drill targeting.

Figure 1: Testing of the Black Baccara porphyry target, diamond drillhole tail testing coincident IP chargeability and resistivity anomalies under intense pyrite mineralisation. Image looking east, vertical exaggeration of 2:1.

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.

The project also includes the Luron Carlin-style gold prospect and multiple historic goldfields where over 30koz gold were reported to have been produced. This style of mineralisation remains underexplored and highly prospective.

Manna Hill: Further High-Grade Copper Results Support Scale, 14 April 2026
Manna Hill: Outstanding Copper Results Elevate Blue Rose from Prospect to Discovery, 9 March 2026
Manna Hill Exploration Update: IP survey results validate and extend copper-gold skarn and porphyry signatures, 8 January 2026
Cobra RNS: Option to Acquire Significant Copper Project, 26 August 2025

Regional map showing Cobra's tenements in South Australia

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