Cobra Resources Reports Up to 88% Rare Earth Recoveries, Targets Narlaby ISR Inclusion

• Diagnostic leach testing on 42 drill samples from the Boland and Head discovery areas at the Wudinna Rare Earth Project returned liquor extractions of up to 88.4% total rare earth plus yttrium (TREY).
• Pidinga formation samples at Boland returned recoveries of up to 88% TREY, 87% neodymium plus praseodymium, 73% dysprosium plus terbium, 81% samarium and 76% yttrium.
• Pidinga formation samples at Head achieved recoveries of up to 66% TREY.
• All 3 Narlaby formation samples at Head returned recoveries of up to 88% TREY and 93% dysprosium plus terbium. Cobra is targeting whole- or partial-inclusion of the formation in the in situ recovery (ISR) portion of the Head Mineral Resource Estimate.
• Cobra has prepared a large-scale ISR column to replicate the proposed small-scale production study for crude precipitation, transport, and re-dissolution.

Company Overview

Cobra Resources is developing 2 critical minerals projects in South Australia: the Wudinna ionic rare earth project and the Manna Hill copper project. Wudinna is an advanced exploration and early development project that includes the Boland and Head rare earth discoveries. The company has established a maiden JORC-compliant Mineral Resource Estimate (MRE) of 150 million tonnes grading 470 parts per million total rare earth oxides at Wudinna. That resource will form the basis of a Scoping Study under a staged development strategy. The strategy incorporates low-disturbance, controlled-aquifer in situ recovery (ISR), targeting bottom-quartile production costs and the potential to establish the Western World's first rare earths ISR operation.

Manna Hill is an advanced exploration project in the Nackara Arc that includes the Blue Rose, Shadow Rose and Neptune Rose copper discoveries. Drilling has confirmed copper-gold mineralization across multiple prospects, including shallow skarn-hosted discoveries and indications of a potentially larger porphyry copper-gold system. Cobra also holds a significant shareholding in Barton Gold (ASX: BDG), following the 2025 sale of its non-core gold assets for A$15 million in cash and shares.

Testing Program & Conditions

Cobra Resources (LSE: COBR) sent a further 42 drill return samples from the Boland and Head discovery areas to the Australian Nuclear Science and Technology Organisation. The organization ran a 24-hour, ambient-temperature leach on each sample. The tests targeted a pH of 3 using a 0.5 molar ammonium sulfate lixiviant solution.

The company first released the results on November 5, 2026, then reissued them the same day to remove internal completion notes. Cobra confirmed that at the time of publication, all results had been verified, solid assays reconciled and reported recoveries confirmed. All other information in the announcement is unchanged.

Boland Pidinga Formation Results

Earlier Cobra testwork at the Boland MRE area showed that the Pidinga formation is amenable to ISR of rare earth metals. One Pidinga sample returned 88.4% total rare earth plus yttrium (TREY) extraction, the highest in the program.

Across the Boland Pidinga samples, recoveries reached up to 88% TREY, 87% neodymium plus praseodymium, 73% dysprosium plus terbium, 81% samarium and 76% yttrium.

Managing Director of Cobra, Rupert Verco, highlighted the top-performing Pidinga sample:

"These results provide us with greater clarity in identifying the materials that can contribute most to Wudinna's development. One Pidinga sample delivered 88.4% TREY extraction, including 81.2% samarium and 75.6% yttrium, alongside strong magnet rare earth extraction."

Head Results & the Narlaby Formation

Pidinga formation samples at the Head MRE area achieved recoveries of up to 66% TREY, 62% neodymium plus praseodymium, 58% dysprosium plus terbium, 64% samarium and 57% yttrium. All 3 samples from the Narlaby formation at Head returned recoveries of up to 88% TREY, 88% neodymium plus praseodymium, 93% dysprosium plus terbium, 88% samarium and 84% yttrium.

The younger Narlaby formation at Head is permeable and mineralized. It has not yet been shown to be ISR amenable for MRE purposes, and the material is currently classified as open pit MRE mineralization. Cobra will now study the Narlaby formation in greater detail, targeting its whole or partial inclusion in the ISR portion of the Head MRE.

Verco commented on the Narlaby results:

"The exceptional recovery results within the Narlaby formation present as a compelling opportunity to bring this existing material classified as open pit MRE mineralisation into the ISR recoverable resources - the team is evaluating the next work streams to enable this conversion."

Results by Lithology

The 42 tests add to Cobra's existing metallurgical dataset. That dataset is used to evaluate project economics, including reagent inputs and adjustments to ISR parameters.

Across all 42 samples, arithmetic mean extractions were 47.1% TREY, 48.2% neodymium plus praseodymium, 50.2% dysprosium plus terbium, 48.4% samarium and 46.8% yttrium. By lithology, the 25 Pidinga samples averaged 48.1% TREY, ranging from 4.2% to 88.4%. The 9 Garford samples averaged 45.9% TREY, ranging from 24.8% to 81.7%, and the 3 Narlaby samples averaged 69.8% TREY, ranging from 45.1% to 88.3%.

The combined neodymium plus praseodymium and dysprosium plus terbium values are combined elemental extraction percentages, not ratios. TREY comprises lanthanum through lutetium, plus yttrium. Results are elemental and are not reported as oxide grades. No extraction cut-off was applied to the 42 reported records.

Development Strategy

Cobra's development focus for Wudinna remains on recoverable value and operating efficiency. The program supports the company's bottom-quartile cost objective by identifying where those 2 factors should be tested. Including yttrium and samarium alongside the magnet rare earths broadens the elemental recovery assessment. Saleable recovery, product specifications and commercial contributions still require downstream testing and customer assessment.

Cobra will assess the diagnostic results alongside permeability, intact-core testing and field performance. The goal of that work is confidence in Scoping Study estimates and direction for resource expansion. The company states that verified technical and product data will support partnering and offtake discussions, financing and permitting studies, and assessment of a staged development pathway.

Verco linked the program to the upcoming Scoping Study:

"Our strategy is to maximise recoverable value and build an efficient, scalable operation. This programme aids in identifying both the opportunities and the variability that must be reflected in the scoping study. The next step is to establish how these laboratory results translate into an integrated mine plan and field performance."

Next Steps

Cobra has outlined 3 work streams for Wudinna. A large-scale ISR column has been prepared to replicate the proposed small-scale production study for crude precipitation, transport and re-dissolution. The company will also define metallurgical domains and assess the relationship between extraction, mineralogy and aquifer permeability, and run a trade-off sensitivity evaluation to identify optimal economics through recovery and reagent trade-off analysis.

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