Cobra Resources Plc · LSE:COBR
Cobra Resources — Investor Presentation (May 2026)
25 slides from Cobra Resources's investor presentation, May 2026
Slide 1: A South Australian Critical Minerals Developer
A South Australian Critical Minerals Developer Copper | Dysprosium | Terbium May 2026 LSE: COBR
Slide 2: Disclaimer
DISCLAIMER THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, advice as to the legal, tax, accounting, financial, credit and other related advice prior to making This presentation includes forward-looking statements. The words "expect", "anticipate", IN WHOLE OR IN
Slide 3: Company overview
Company overview COBR 4.70p 1,060,070,849 £50M 214M 2.0p, 2.3p & 6.0p LSE Ticker Share Price Ordinary Shares Market Warrants Outstanding 8 May 2025 Capitalisation Cobra will own 6.45M BGD.AX shares Cobra Share Price History (at final settlement of sale of gold assets transaction) 70 7 + A$9.5M in fu
Slide 4: South Australia has two benefits – in situ recovery and copper
As a jurisdiction South Australia has two benefits – in situ recovery and copper! Manna Hill Copper Project Valuable Fertile Shallow High Metals Geology Mineralisation Grades Copper Proven Skarns at 47m @ 2.2% um Porphyry Surface Cu and 0.78 Gold Province g/t Au from 11m Boland ISR Dysprosium + Terb
Slide 5: Manna Hill Project
MANNA HILL PROJECT Unlocking a Porphyry Province – The Making of a Significant Discovery Copper | Gold | Molybdenum
Slide 6: Multiple porphyry occurrences and historic intersections
Multiple porphyry occurrences where chemistry and historic intersections indicate varied preservation of a ‘generic geological porphyry model’ Golden Sophia Blue Rose, Neptune Silicification Carlin Style Rose and Black 60m @ 0.58 g/t Au 36m @ 0.6 g/t Au Baccara 34m @ 0.51 g/t Au Quartz Skarn & Porph
Slide 7: Results from the first drillholes at Blue Rose support economic scale
Results from the first 16 drillholes at Blue Rose support economic scale Shallow, thick and high-grade intersections Drilling under high-grade intersections confirms down-dip continuity in primary mineralisation – an inferred true width of 70m o MHRC0018: • 20m at 0.78% Cu, 0.13 g/t Au from 38m, and
Slide 8: Shallow copper mineralisation across 1.6 kilometres of strike
Past exploration has defined shallow copper mineralisation across 1.6 kilometres of strike. Latest drill results produce further outstanding intersections including 62m at 1.0% Cu 1.6km 62m at 1.0% Cu 22m at 0.8% Cu BRDD003 86m at 0.60% Cu 22m at 0.5% Cu 26.7m at 6m at 0.77% Cu 0.43% Cu 20m at 0.78%
Slide 9: Diamond drilling to commence in May, testing the porphyry source
Diamond drilling to commence in May, testing the porphyry source Skarn fertility, alteration, geophysics and structural interpretation support a high conviction target Skarn Mineralisation Upto 1,800m of diamond drilling testing: 1. Primary porphyry target supported by geochemistry & geophysics 2. S
Slide 10: Geochemistry highlights the copper mineralisation phase
Geochemistry clearly highlights the copper mineralisation phase. This has considerable implications for discovery and regional scale Copper is associated with a diorite-type porphyry, and molybdenum is associated with monzogranite. Diorite age coincides with a period of polar reversal (reversed magn
Slide 11: Reversed magnetism makes porphyry diorite intrusions magnetic lows
Due to reversed magnetism, porphyry diorite intrusions appear as deep magnetic lows Multiple intrusions associated with historical copper intersections Blue Rose Netley Hill 350m @ 0.1% Cu & 0.05% Mo Anabama 24m @ 0.3% Cu & 0.02% Mo 24m @ 0.06% Mo and 64m @ 0.1% Cu & 0.02% Mo 27m @ 0.2% Cu 11
Slide 12: Boland Rare Earth Project
BOLAND RARE EARTH PROJECT The Paradigm to Transform Dysprosium and Terbium Supply Dysprosium | Terbium
Slide 13: Kazatomprom changed uranium production through low-cost ISR
Kazatomprom changed global production of uranium through low-cost ISR. Through discovery, Cobra aspires to follow the same pathway to transform REE supply In just 8 years, Kazatomprom increased production output from 8% to 40% of global uranium production 80 100 70 80 60 50 60 40 Kt U3O8 $USD/lb 40
Slide 14: Cobra's geology enables ISR cost benefits without 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 No mine zone loss (permeable Alluvial cover structure) Incised Clay aquitard liquid Collection collection channel Co
Slide 15: In field hydrology supports productive ISR
In field hydrology supports productive ISR Mineralisation contained in a laterally uniform permeable sand aquifer Sustainable and productive discharge rates Excellent lateral connectivity and uniform drawdown Productive laboratory-based hydrology properties validated in a field tracer test Field stu
Slide 16: Scaled bench study yielded high permeabilities and recoveries
Scaled bench study yielded high permeabilities (>8m/day) and high recoveries (66% HREO) in just 17 days with very low acid consumption (3.88kg/t) Metallurgy, geology and permeability: the Boland project’s advantage to shorten the pathway to production 70 7.0 60 6.0 50 5.0 Extraction (%) Acidity (pH)
Slide 17: Optimised flowsheet delivers high grade and low impurity
Optimised flowsheet delivers high grade and low impurity from lowest cost form of mining MREC basket composition: • 13.5g of MREC • 34.2% Nd + Pr of TREO • 4.5% Dy + Tb of TREO • 43% Heavy REE • Less than 0.9% Impurities • Further cost efficiencies to be achieved by natural acid generation Optimised
Slide 18: Boland Mixed Rare Earth Carbonate heavy REE weighted product
Cobra’s optimised flowsheet makes the Boland Mixed Rare Earth Carbonate one of the highest heavy REE weighted products globally Cerium removal testing increases the proportion of heavy REEs from ~32% to 43%. A 170% increase in product value Untreated PLS La, 12.2% $70 MREC Basket Value Nd+Pr, 21.5%
Slide 19: Resource definition targeted two key areas
Resource definition has targeted two key target areas that represent less than 5% of the company’s prospective landholding Cobra has proven outstanding metallurgy and completed resource drilling to support resource and feasibility studies ❖ Boland: 16 km2 Boland wellfield: 1.0m at 2,140ppm TREO (65p
Slide 20: Landholding to control the opportunity
Cobra has built a landholding to control this opportunity, aspiring to grow a project that can emulate the market control achieved by Kazatomprom Advancing the strategy ❖ Extensive landholding Paleo-sediment-hosted REEs confirmed across the system – M&A focus ❖ Unmatched geology Controlled aquifer p
Slide 21: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067
Slide 22: Appendix 1. Cobra to exercise Manna Hill Option
Appendix 1. Cobra to exercise Manna Hill Option • Cobra’s wholly owned subsidiary has a binding Option Agreement with TC Development Corpo. to acquire 100% of Hamelin Gully, the holder of exploration licences EL6646, EL6046 and EL6009 that cover 1,855km2 • Tenure covers the Wadnaminga and Taltabuka
Slide 23: Appendix 2. Rare earth projects MREC comparison
Appendix 2. Rare earth projects MREC comparison – sources of data REO REO($USD)2 COBR.L BCM.AX RDM.AX VMM.AX HAS.AX VTM.AX HRE.AX MEI.AX CRI.AX BRE.AX La2O3 $0.61 $0.13 $0.22 $0.27 $0.22 $0.27 $0.00 $0.13 $0.35 $0.14 $0.18 CeO2 $1.59 $0.01 $0.19 $0.02 $0.19 $0.02 $0.02 $0.40 $0.02 $0.74 $0.79 Pr6O11
Slide 24: Appendix 3. Rare earth projects MREC comparison – sources of data
Appendix 3. Rare earth projects MREC comparison – sources of data Total Rare Earth content compared to publicly available MREC specifications produced from ionic rare earth projects, data sourced from: 1. Viridis Mining & Minerals, Cupim South and Centro Sul. ASX Announcement – 24 September 2024: “C
Slide 25: Appendix 4. Peer data comparison
Appendix 4. Peer data comparison Acid Consumption Recoveries Dy+Tb Company Project pH Link (kg/t) (MREO %) (%) 6.7 3 75 80 https://storage.googleapis.com/leaf-prod/moodys-announcements/LSE/COBR/2025-08-11/33DR.pdf Cobra Boland 1.95 4.5 50 48 https://storage.googleapis.com/leaf-prod/moodys-announceme