Cobra Resources Plc · LSE:COBR
Cobra Resources — Investor Presentation (February 2026)
30 slides from Cobra Resources's investor presentation, February 2026
Slide 1: A Strategic Rare Earth Platform With Porphyry Province Upside
A Strategic Rare Earth Platform With Porphyry Province Upside Copper | Molybdenum | Terbium | Dysprosium February 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: Cobra – Our Mission
COBRA – OUR MISSION Our mission is to build a leading transition metals exploration and development company through technical ingenuity, scalable resource growth and progressive mining technologies. Cobra is focused on copper, molybdenum, terbium and dysprosium and seeks to deliver globally competit
Slide 4: Company overview
Company overview COBR 4.45p 932,342,594 £41.55M 165M 2.0p and 2.3p LSE Ticker Share Price Ordinary Shares Market Warrants Feb 2026 Capitalisation Outstanding Cobra will own 6.45M BGD.AX shares Cobra Share Price History (at final settlement of sale of gold assets transaction) 60 6 + A$9.5M in further
Slide 5: As a jurisdiction South Australia has two benefits – in situ recovery and copper
As a jurisdiction South Australia has two benefits – in situ recovery and copper! Boland ISR Dysprosium + Terbium Project Ethical Leading Massive Market Leader Mining Recoveries Scale Confined pH5 – 44% 3,200km2 Bottom Quartile ISR pH3 – 80% Palaeochannel Costs Geology Manna Hill Copper Project Valu
Slide 6: Manna Hill Project
MANNA HILL PROJECT Unlocking a Porphyry Province – Value Upside to Shareholders Copper | Molybdenum | Gold
Slide 7: The Nakara Arc – an underexplored porphyry province
The Nakara Arc – an underexplored porphyry province with fertile crustal scale geology 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 7
Slide 8: 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 from 11m inc. 48m @ 1.04% Cu 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 fr
Slide 9: Fertile architecture across a porphyry province
Fertile architecture across a porphyry province A rift margin, structurally and age comparable to Cadia Valley 9
Slide 10: Multiple porphyry occurrences and 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, Neptune Silicification 60m @ 0.58 g/t Au Rose and Black 36m @ 0.6 g/t Au Baccara Quartz 34m @ 0.51 g/t Au Skarn & Porph
Slide 11: 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 12: 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 12
Slide 13: Results pending from a 3,500m ongoing RC drilling programme
Results pending from a 3,500m ongoing RC drilling programme testing scale, depth to historic high-grade intersections and the greater porphyry system. Assays expected in March 13
Slide 14: Near surface alteration and oxide copper mineralisation mapped beyond Blue Rose
Near surface alteration and oxide copper mineralisation has been mapped for several kilometres beyond Blue Rose 14
Slide 15: Netley Hill – a shallow chargeability anomaly
Netley Hill – a shallow, 3 billion tonne chargeability anomaly contributing to regional scale. Detailed structural mapping planned to identify vein density – a precursor to higher grade Copper & Molybdenum Porphyry • Massive 3km long chargeability anomaly NETRP03 • Poorly untested by historic drilli
Slide 16: Boland Rare Earth Project
BOLAND RARE EARTH PROJECT The Paradigm to Transform Dysprosium and Terbium Supply Dysprosium | Terbium
Slide 17: Kazatomprom changed uranium production through low-cost ISR
Kazatomprom changed the global production of uranium through low-cost ISR. Through discovery, Cobra aspires to follow the same pathway to transform REE supply In just 7 years, Kazatomprom increased production output from 5% to 40% of global Uranium production 80 100 70 80 60 50 60 40 Kt U3O8 $USD/lb
Slide 18: A change in mine supply is required to build REE resilience
A change in mine supply is required to build REE resilience within western supply chains. Existing and developing projects cannot compete with Chinese producers Cobra stands to be the FIRST rare earth ISR project outside of Asia Rare earth mining margin curve, 2024 ($/kg REO) 20 15 10 Mountain Pass
Slide 19: 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 20: Cobra has increased its landholding to 3,200km2 of prospective geology
Cobra has increased its landholding that now extends across 3,200km2 of prospective geology, controlling this opportunity and supporting scale. Our efforts now turn to delineating a scalable resource Four large, laterally extensive targets: Boland: 16 km2 Boland wellfield: 0.9m at 2,140ppm TREO (6
Slide 21: 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 22: Scaled bench study yielded high permeabilities and high 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 23: Optimisation studies demonstrate opportunities for self-reliance and cost reduction
Optimisation studies are demonstrating opportunities for self-reliance and cost reduction When compared to peers – Boland has the highest recoveries at the lowest acid consumption. Acid usage can be further reduced with natural acid generation Industry benchmarked recoveries Acid generation using IS
Slide 24: Pregnant liquor used to evaluate impurity removal and metal precipitation
Pregnant liquor recovered from the bench scale study was used to evaluate impurity removal and metal precipitation, producing a quality product Exceptionally high grade: 62.4% of the MREC product is comprised of Total Rare Earth Oxides (“TREO”) High critical Heavy Rare Earth (“HREO”) content: in
Slide 25: Confined aquifer ISR offers potential to become a bottom quartile cost producer
The use of confined aquifer ISR offers the potential for Cobra to become a bottom quartile cost producer Cobra’s metallurgical test work to date Target all-in cost with ISR US$/Kg supports bottom quartile mixed rare MREC $10.0 earth carbonate (MREC) production costs. Ongoing optimisation studies aim
Slide 26: Cobra has separated up to 100% of cerium at ambient temperature
Cobra has successfully separated up to 100% of cerium at ambient temperature and pressure with low reagent consumption. This yields a significant increase in value and market demand Cerium removal testing increases the proportion of heavy REEs from ~32% to over 48%. A 50% increase in product value S
Slide 27: ISR reduces environmental risk and rehabilitation cost
ISR reduces environmental risk and rehabilitation cost The cost of rehabilitation of an operating ISR mine in South Australia is 28 times less than Rio Tinto’s Ranger Uranium mine Rehabilitation cost per lb U3O8 $8.0 $7.0 $6.0 $5.0 A$ per lb $4.0 $3.0 $2.0 $1.0 $- Ranger Mine Heathgate Mines (withou
Slide 28: Key development milestones – newsflow to advance two projects
Key development milestones – newsflow to advance two projects towards significant valuation inflections • At Manna Hill we aim to deliver high grade copper at scale • At Boland we aim to deliver a scaled resource to support best in class economics Project | Activity H1 H2 Manna Hill Blue Rose Drilli
Slide 29: cobraplc.com
cobraplc.com 64 North Terrace Kent Town SA 5067
Slide 30: Appendix 1. Peer data comparison
Appendix 1. 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
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