Cobra Resources Chairman Subscribes for £140,000 as Manna Hill Acquisition Completes

Cobra Resources plc announced on July 14, 2026, that its Non-Executive Chairman, Andrew Michelmore AO, has subscribed for £140,000 of ordinary shares at £0.04 each. The company also granted options and warrants to directors, employees, and project landowners, and will issue 12,082,565 shares to complete its acquisition of the Manna Hill Copper Project. The new shares are due to begin trading on the London Stock Exchange on or around July 17, 2026.

Company Overview

Cobra Resources (LSE: COBR) is a South Australian critical minerals developer advancing assets across all stages of the pre-production pathway. In 2023, the company identified the Boland ionic rare earth discovery at its Wudinna Project in the Gawler Craton, described as Australia's only rare earth project suitable for in situ recovery (ISR) mining, a low-cost, low-disturbance method that removes the need for excavation. In 2025, it optioned the Manna Hill Copper Project in the Nackara Arc and sold its Wudinna Gold Assets to Barton Gold for up to A$15 million in cash and shares.

Director Subscription

The recently appointed Non-Executive Chairman of Cobra, Andrew Michelmore AO, has conditionally subscribed for 3,500,000 ordinary shares at £0.04 per share, matching the closing price on July 13, 2026. The subscription represents an investment of £140,000 in the company.

Managing Director of Cobra, Rupert Verco, frames the chairman's investment this way:

"Andrew Michelmore AO is a recognised leader in the Australian mining industry. We are pleased with his vote of confidence in Cobra through his investment in the Company."

Cobra consulted its major shareholders ahead of the subscription, the option grants and the warrant issue, and they indicated their support.

Options & Warrants

Cobra granted options over 10,750,000 ordinary shares to certain directors and a further 5,750,000 options to key employees and consultants, in each case to encourage the retention of key individuals. The options were awarded on July 14, 2026, at an exercise price of 6 pence per ordinary share and vest after one year of service.

Following the grants, Non-Executive Director of Cobra, Daniel Maling, holds a total of 7,750,000 options, having received 1,750,000 new options in addition to the 5,000,000 already held, while Michelmore holds 9,000,000 options, all newly granted.

The company also issued 4,000,000 warrants to the landowners of the Boland Project and the Manna Hill Project, exercisable at a strike price of 8 pence for a period of four years from the date of issue.

Manna Hill Consideration Shares

In accordance with the Manna Hill option agreement announced on August 26, 2025, Cobra will issue 12,082,565 new ordinary shares at 4.34 pence per share to Derby Terrace Limited. The shares are consideration for the acquisition of 100% of the share capital of Hamelin Gully Pty Ltd, which holds the Manna Hill Project licences.

The issue completes Cobra's exercise of the Manna Hill option, leaving the company progressing 2 South Australian projects in parallel.

Admission & Total Voting Rights

An application will be made for the subscription shares and the consideration shares to be admitted to trading on the main market of the London Stock Exchange. Admission is due to become effective, with dealings commencing at 8:00 a.m. London time on or around July 17, 2026.

When issued, the new shares will rank equally with Cobra's existing ordinary shares in all respects, including dividend and distribution rights. Immediately following admission, the company's total issued share capital will comprise 1,075,653,414 ordinary shares.