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: A diversified critical minerals portfolio
A diversified 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
Slide 3: 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, $5
Slide 4: Boland Rare Earth Project
BOLAND RARE EARTH PROJECT A sustainable, bottom quartile cost opportunity Dysprosium | Terbium
Slide 5: Cobra's Boland discovery: low-cost, reliable supply of dysprosium and terbium
Cobra’s Boland discovery is an opportunity to develop a low-cost and reliable supply of dysprosium and terbium to support emerging supply chains Our strategy aims to Maximise dysprosium and terbium in final product Achieve cost efficiency before scale Enable production to expand with developing supp
Slide 6: Rare earth ISR mines in China remain viable at current pricing
Rare earth ISR mines in China remain viable even at current suppressed REE pricing Current ex-China operations are not cash positive Cobra stands to be the FIRST rare earth ISR project outside of Asia Rare earth mining margin curve, 2024 ($/kg REO) 20 15 10 Mountain Pass Mt Weld 5 mine mine $/kg REO
Slide 7: Ionic clay hosted REE projects and controlled aquifer ISR
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 8: Cobra's geology enables 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 No mine zone loss (permeable Alluvial cover structure) Incised Clay aquitard liquid Collection collection channel Co
Slide 9: Resource definition demonstrating ISR recoverable mineralisation enriched in Dy and Tb
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 9
Slide 10: Narlaby and Yaninee palaeochannel systems with 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 Four large targets defined: ❖ Boland: 16km2 Boland wellfield: 0.9m at 2,140ppm TREO (65ppm Dy+Tb) - 80% recoveries pH3 ❖ Gillespie: 155km2 IR 34: 18m at 720pp
Slide 11: Boland mineralisation key economic benefits versus other clay hosted REEs
Boland mineralisation has two key economic benefits compared to other clay hosted REEs Confined orebody with high permeability – ISR High recoveries with low acid consumption enabler 100 Boland - pH 3 *North 90 Standmore - pH 1 80 70 Increasing revenue Dy +Tb Recoveries (%) 60 Boland - pH 4.5 50 40
Slide 12: Key development milestones – newsflow towards economic studies
Key development milestones – newsflow to advance project towards economic studies Our exploration strategy aims to prioritise the economics of recoveries, define a scalable resource, and demonstrate best in class economics Work Plan (estimated) FY25 Q4 FY26 Q1 FY26 Q2 ANSTO Metallurgy Large ISR colu
Slide 13: Manna Hill Project
MANNA HILL PROJECT Unlocking a porphyry province Copper | Molybdenum | Gold
Slide 14: 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 14
Slide 15: 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 16: Fertile architecture across a porphyry province
Fertile architecture across a porphyry province A rift margin, structurally and age comparable to Cadia Valley 16
Slide 17: Multiple porphyry occurrences and varied preservation
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 18: What we aspire to deliver: Cadia
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 19: Blue Rose – the right geological setting for 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 20: Historical drilling provides a foundation for a scalable resource
Historical drilling provides a foundation to build a scalable resource from shallow, high grade skarn mineralisation 20
Slide 21: 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 22: Geophysical studies show skarn could be expanded 5x
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 23: Blue Rose exploration strategy
We have a tiger by the tail, our diligent exploration strategy can deliver a scalable skarn copper-gold resource and a major porphyry discovery Modelled skarn stratigraphic host IP chargeability high N (skarn and pyrite envelope) limestone Blue Rose Exploration Strategy November-25 Stage 1: x 15 hol
Slide 24: Netley Hill – shallow chargeability anomaly
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 25: 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 26: 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 Work Plan (estimated) FY25 Q4 FY26 Q1 FY26 Q2 Blue Rose Permitting and land access ◆ Stage 1 RC – 2,400m ◆ Stage 2 RC – 3,800m ◆ Stage 3 DD – 1,5
Slide 27: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067
Slide 28: 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 29: Company overview
Company overview COBR 3.75p 877,863,899 £33M £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 + A$9.5M in further future payments 20
Slide 30: Appendix: Peer data comparison
Appendix: 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-announcement
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