Cobra Resources Plc · LSE:COBR
Cobra Resources — Investor Presentation (September 2025)
30 slides from Cobra Resources's investor presentation, September 2025
Slide 1: A South Australia Focused Critical Minerals Company
A SOUTH AUSTRALIA FOCUSED CRITICAL MINERALS COMPANY Dysprosium | Terbium | Copper SEPTEMBER 2025 LSE: COBR
Slide 2: Disclaimer
DISCLAIMER THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR contained in this presentation come from the Company's own internal research and estimates based on the change in the Company's expectations with regard thereto or any change in events, condit
Slide 3: Company overview
Company overview COBR 4.3p 877,863,899 £38M £1.7M LSE Ticker Share Price Ordinary Market Raised in Nov- Sep 2025 Shares Capitalisation 24 Cobra Share Price History Cobra will own 6.45M BGD.AX shares (at final settlement of sale of gold assets transaction) 25 5 Up A$9.5M in further future payments 20
Slide 4: A critical minerals portfolio
A critical minerals portfolio Boland ISR Dysprosium + Terbium Ethical Leading Massive Market Leader Mining Recoveries Scale Confined pH5 – 44% 3,300km2 Bottom quartile ISR pH3 – 80% Palaeochannel costs Geology Manna Hill Copper Valuable Fertile Shallow High Metals Geology Mineralisation Grades Coppe
Slide 5: South Australian assets advancing at all stages of the pre-production cycle
South Australian assets advancing at all stages of the pre-production cycle Utilising our experienced South Australian team to advance projects and generate shareholder value 79 Wudinna Value generation Au Shallow, open pitable A$15M transaction to Barton Gold, monetising the Wudinna Gold Assets* Go
Slide 6: Boland Rare Earth Project
BOLAND RARE EARTH PROJECT South Australia A strategic source of dysprosium & terbium
Slide 7: Cobra's Boland discovery is an opportunity to develop a low-cost and reliable supply
Cobra’s Boland discovery is an opportunity to develop a low-cost and reliable supply of dysprosium and terbium to support emerging supply chains Our strategy aims to Maximise dysprosium and terbium by reducing light REEs Achieve cost efficiency before scale Enable production to expand with developin
Slide 8: Rare earth ISR mines in China remain viable even at current suppressed REE pricing
Rare earth ISR mines in China remain viable even at current suppressed REE pricing Current ex-China operations are not cash positive Cobra stands to be the FIRST rare earth ISR project outside of Asia Rare earth mining margin curve, 2024 ($/kg REO) 20 15 10 Mountain Pass Mt Weld 5 mine mine $/kg REO
Slide 9: Ionic clay hosted REE projects are a potential source of heavy rare earths
Ionic clay hosted REE projects are a potential source of heavy rare earths, however handling and processing clay ore introduces environmental and economic risk Boland’s geology enables controlled aquifer ISR, mitigating these risks No ground Low carbon Minimal net No tailings disturbance footprint w
Slide 10: Cobra's geology enables the same ISR cost benefits without the environmental risk
Cobra’s geology enables the same ISR cost benefits without the environmental risk SOUTHERN CHINA ISR PROCESS BOLAND ISR PROCESS Injection well Injection well Extraction Well lixiviant loss No mine zone (permeable structure) Alluvial cover Incised liquid Clay aquitard collection Collection channel Co
Slide 11: Cobra controls Narlaby and Yaninee palaeochannel systems, over 3,300 sq km
Cobra controls Narlaby and Yaninee palaeochannel systems, with over 3,300 sq km of prospective geology to support significant future resource Boland discovery represents only 4% of a total 3,300km2 of highly prospective palaeochannel geology The Boland discovery has a drilled mineralisation footprin
Slide 12: Current resource definition demonstrating ISR recoverable mineralisation over 1-4 metres
Current resource definition is demonstrating ISR recoverable mineralisation over 1-4 metres in thickness where mineralisation is enriched in dysprosium and terbium 160 140 120 100 Dy + Tb ppm 80 60 40 20 0 0 2000 4000 6000 TREO ppm Pidinga Garford Saprolite 12
Slide 13: Further results anticipated from analysing historical drill samples on newly acquired tenements
Further results anticipated from analysing historical drill samples on newly acquired tenements that are defining ISR recoverable REEs at scale and informing further resource definition drilling Defining multi generational potential ❖ Enriched grades from samples taken by an inadequate historical dr
Slide 14: Key development milestones – news flow to advance project towards scoping study
Key development milestones – news flow to advance project towards scoping study SCOPING STUDY MINERAL RESOURCE Economic FIELD ISR ESTIMATE evaluation STUDIES RESOURCE Pump tests DRILLING Permeability test FLOWSHEET Boland drilling OPTIMISATION Yaninee scale REFINE TARGETS drilling ANSTO 1,000 re-ass
Slide 15: Manna Hill Project
MANNA HILL PROJECT A Porphyry Province Copper | Molybdenum | Gold
Slide 16: The Nakara Arc – an underexplored porphyry province
The Nakara Arc – an underexplored porphyry province in the copper capital of Australia Magnetotelluric Model – Anabama Granite Showing modelled fertile middle crust magma ponding region (C5). Enriched, structurally controlled porphyry fingers (C2-C4) intruding into the upper crust – Wise 2022 16
Slide 17: Exceptional intersections across multiple targets
Exceptional intersections across multiple targets Blue Rose – Cu-Au Skarn/ Porphyry : Copper 48m @ 2.2% Cu & 0.76g/t Au from 11m 132m @ 0.5% Cu inc. from 8m 41m @ 1.6% Cu from 9m inc 18m @ 2.03% Cu Golden Sophia – Au Carlin: 60m @ 0.58 g/t Au from 10m to EOH Gold 36m @ 0.60 g/t Au from 2m 30m @ 0.61
Slide 18: Fertile architecture across a porphyry province
Fertile architecture across a porphyry province A rift margin, structurally and age comparable to Cadia Valley 18
Slide 19: Multiple porphyry occurrences with varied preservation of a generic porphyry model
Multiple porphyry occurrences where chemistry and historic intersections indicate varied preservation of a ‘generic geological porphyry model’ Golden Sophia Carlin Style Blue Rose Silicification 60 m @ 0.58 g/t Au Skarn & Porphyry 36m @ 0.6 g/t Au 48m @ 2.2% Cu, 0.78 g/t Au 34m @ 0.51 g/t Au Quartz
Slide 20: What we aspire to deliver
What we aspire to deliver Newmont's Cadia Operations, NSW Cadia – One of Australia’s largest and most profitable mines • 23 years of operation • Remaining ore resources of 19.5 Moz Au, 3.1Mt Cu, 34 Moz Ag and 100Kt of Mo1 • FY23 production of 597K Oz Au and 98Kt Cu2 • Low-cost block caving operation
Slide 21: Blue Rose – the right geological setting to deliver a major porphyry discovery
Blue Rose – the right geological setting to deliver to a major porphyry discovery Fertility Skarn mineralisation continuous for 1.6km from intrusion Geophysical Large, remanent magnetised feature Interpreted indicating phases of alteration Porphyry Intrusion Spectral Alteration Mineral alteration in
Slide 22: Historical drilling provides a foundation to build a scalable resource
Historical drilling provides a foundation to build a scalable resource from shallow, high grade skarn mineralisation 22
Slide 23: Tested skarn mineralisation is strata-bound, shallow, broad and open at depth
Tested skarn mineralisation is strata-bound, shallow, broad and open at depth. Refined geophysics support strong potential for significant strike extension N Copper & Gold Skarn Oxide Strata-bound – skarn Transitional mineralisation hosted in 3m at 0.46% Cueq limestone unit 6m at 0.44% Cueq Shallow
Slide 24: Geophysical studies demonstrate scale for further skarn mineralisation at Blue Rose
Recently completed geophysical studies demonstrate the scale for further skarn mineralisation at Blue Rose could be expanded 5x Copper & Gold Skarn Gravity “edge” highs occur at discrete changes in specific gravity (SG) The largest change in SG occurs between the skarn host limestone unit and shale
Slide 25: An exploration strategy aimed at delivering a scalable skarn copper-gold resource
An exploration strategy aimed at delivering a scalable skarn copper-gold resource and delivering a major porphyry discovery 25
Slide 26: We have a tiger by the tail
We have a tiger by the tail, a diligent exploration strategy can deliver a major discovery IP chargeability high N (skarn and pyrite Historic deep envelope) Skarn grade diamond hole shells (0.1% Cu (near miss) & 0.2% Cu) Planned diamond holes targeting a mineralisation Remanent envelope Mag low (por
Slide 27: Netley Hill – shallow chargeability anomaly contributing to regional scale
Netley Hill – shallow, 3 billion tonne chargeability anomaly contributing to regional scale. Detailed structural mapping planned to identify vein density – precursor to higher grade Copper & Molybdenum Porphyry • Massive 3km long chargeability anomaly NETRP03 • Poorly untested by historic drilling 2
Slide 28: Golden Sophia – Carlin style mineralisation with untested scale
Golden Sophia – Carlin style mineralisation with untested scale GS26 28m @ 0.35 g/t Au Carlin Gold Mineralisation GS25 7m @ 0.18 g/t and 4m @ GS27 20m @ 0.53 g/t Au 0.28 g/t Au GS20 20m @ Along strike of Wadnaminga goldfields (produced GS9 4m 0.34 g/t Au GS3 60m @ @ 0.53 0.58 g/t Au g/t Au GS29 30m
Slide 29: Our strategy to deliver major discoveries
Our strategy to deliver major discoveries Cobra will maximise the value of its technical team by advancing exploration strategies at Boland and Manna Hill Year 1 Year 2 Blue Rose 12-Month Option Period Skarn RC drilling IP survey Geochemical porphyry mapping Diamond porphyry drilling Netley Hill Per
Slide 30: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067
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