Cobra Resources' Porphyry-Style Copper Hit Extends Manna Hill Drilling to 64 Holes

• A new hole at Blue Rose West intersected 32 meters at 0.7% copper and 0.07 grams per tonne gold from 52 meters, including 12 meters at 1.13% copper. The host rocks show potassic, porphyry-style alteration, not skarn.
• Drilling discovered the Shadow Rose skarn 200 meters south of Blue Rose, with 58 meters at 0.46% copper and 0.15 grams per tonne gold from 12 meters, including 10 meters at 1.09% copper.
• A further skarn, Neptune Rose, was discovered 500 meters north of Blue Rose, with 10 meters at 0.39% copper from 104 meters.
• Cobra has completed 32 holes and extended the program to 64 holes. Of the added holes, 6 target the modeled magnetic body and 4 target Shadow Rose along strike.
• Cobra issued 500,000 new shares on the exercise of warrants at 2.3 pence per share, bringing total issued share capital to 1,095,722,979 shares.

Company Overview

Cobra Resources (LSE: COBR) is developing 2 critical minerals projects in South Australia: the Wudinna ionic rare earth project and the Manna Hill copper project. At Wudinna, Cobra is advancing a rare earth discovery suited to low-cost, low-disturbance controlled-aquifer in situ recovery (ISR). The company is targeting small-scale production at bottom-quartile recovery costs, which would make Wudinna the Western World's first rare earths ISR operation.

At Manna Hill, in the Nackara Arc, Cobra is exploring multiple underexplored prospects for large-scale copper-gold discoveries. These include shallow skarn mineralization and deeper porphyry potential. Cobra also holds a significant shareholding in Barton Gold (ASX: BDG), received as part of the 2025 sale of its non-core gold assets for A$15 million in cash and shares.

Blue Rose West: Copper Outside the Skarn Host

Cobra released the first assays from its slimline drilling program at Manna Hill on October 21, 2026. The most significant geological result came from Blue Rose West. There, a hole returned 32 meters at 0.7% copper, 0.07 grams per tonne gold, and 51 parts per million molybdenum from 52 meters. That interval includes 12 meters at 1.13% copper and 122 parts per million molybdenum from 56 meters. It also includes 4 meters at 1.33% copper and 0.25 grams per tonne gold from 78 meters. Reverse circulation chips from 64 to 66 meters contain coarse chalcopyrite and pyrite, and that interval graded 1.7% copper.

The copper sits in rocks with strong potassic alteration, not in the calc-silicate skarn that hosts earlier Blue Rose mineralization. Cobra considers this the most compelling geological indicator to date for a high-grade potassic porphyry zone. The mineralization is in contact with a large modeled magnetic body that Cobra interprets as carrying remanent magnetization. At this location, a gravity edge anomaly shows structural faulting that coincides with the magnetic feature.

The company sees 4 implications in the result. Copper is present in non-skarn host rocks. Elevated potassium may act as an alteration vector. The mineralization is spatially associated with a substantial magnetic target. Together, these features are consistent with a possible linked skarn-porphyry system. Cobra has planned 6 additional holes into the magnetic body to test the potential scale of copper and potassic-style mineralization.

Managing Director of Cobra, Rupert Verco, tied the first assays to the program's objective of defining shallow, low-strip open pit potential:

"What a sensational start to this programme! The first results tick all the boxes: new discoveries, high-grade, shallow depths, width and a significant technical advancement towards defining the porphyry source. Our primary objective for this drilling is to test for scale that could support a shallow resource that could meet the criteria of low strip open pit mining. These initial results are delivering that thesis."

Shadow Rose & Neptune Rose Extend the Mineralized Corridor

The Shadow Rose skarn, 200 meters south of Blue Rose, returned 58 meters at 0.46% copper and 0.15 grams per tonne gold from 12 meters. Within that interval are 42 meters at 0.56% copper and 0.10 grams per tonne gold from 22 meters, and a higher-grade core of 10 meters at 1.09% copper. Shadow Rose was targeted on outcropping skarn alteration along strike. Assays are pending for 2 further Shadow Rose holes. One logged strong copper oxides from 10 to 34 meters and intermittent copper sulfides between 66 and 100 meters. The other logged moderate copper oxides from 26 to 40 meters.

Neptune Rose lies 500 meters north of Blue Rose. Cobra interprets it as a northern fold limb of the calc-silicate skarn, defined by a moderate gravity edge high. Drilling there intersected 2 meters at 0.51 grams per tonne gold from 98 meters and 10 meters at 0.39% copper and 0.06 grams per tonne gold from 104 meters. The intersection is near the northern extent of the magnetic feature and is associated with elevated potassium. Assays are pending for a second Neptune Rose hole, which logged copper oxides from 28 to 42 meters.

All intercepts are downhole lengths, and Cobra expects them to be greater than true widths. Mineralization at Blue Rose is interpreted to be sub-vertical, and the holes were drilled at 60 degrees. No mineral resource has been estimated at Manna Hill.

Earlier Blue Rose Drilling Provides the Baseline

The new holes add to mineralization already confirmed along 1.6 kilometers of strike in the Blue Rose skarn. Shallow intersections from earlier drilling include 47 meters at 2.2% copper and 0.76 grams per tonne gold from 11 meters, 62 meters at 1.0% copper from 62 meters, and 74 meters at 1.02% copper and 0.25 grams per tonne gold from 70 meters.

Deeper drilling has returned intersections that Cobra considers indicative of a larger porphyry system at depth. These include 23 meters at 0.63% copper from 186 meters, and 36 meters at 0.39% copper from 232 meters, including 10 meters at 0.99% copper. The same hole also returned 16.9 meters at 0.08% molybdenum from 335.5 meters.

Warrant Exercise & Share Capital

Cobra announced on October 22, 2026, that it had received notices to exercise warrants for over 500,000 new ordinary shares at 2.3 pence per share, and that it had paid the full consideration. The company issued the shares under its existing block listing. Following the issue, total issued share capital is 1,095,722,979 ordinary shares.

Next Steps

Drilling resumes after a short break. The next phase includes additional holes in the Blue Rose corridor and Cobra's first drilling at the Netley Hill porphyry target. A further 6 holes will test the magnetic body at Blue Rose West, and 4 holes will test the strike extent of Shadow Rose. Assays for 3 holes across Shadow Rose and Neptune Rose remain pending.

Programs at Blue Rose, Neptune Rose, Anabama Hill and Netley Hill are scheduled for completion in November 2026. Cobra also plans follow-up diamond drilling at Blue Rose and a detailed drone magnetic survey over Blue Rose and surrounding prospects.

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