Manna Hill Drilling Update

DH

From (m)

To (m)

Int

(m)

Cu Min

1

%

Sulphide

2

%

Sulphide

3

%2

Style

Photo

MHDD002

0

14.1

14.1

0

0

MHDD002

14.1

63.2

49.1

Py

0.5

MHDD002

63.2

104.7

41.5

Py

2

MHDD002

104.7

107.5

2.8

Cp

0.2

Py

0.5

Disseminated

MHDD002

107.5

169.5

62

Py

1

MHDD002

169.5

175.6

6.1

Cp

1

Py

1

Disseminated + Vein

Photo 2

MHDD002

175.6

185.95

10.35

Cp

0.1

Py

2.5

Disseminated

MHDD002

185.95

193

7.05

Cp

1

Py

0.5

Disseminated + Vein

MHDD002

193

198

5

Cp

5

Py

1

Disseminated + Vein

Photo 3

MHDD002

198

209.7

11.7

Cp

0.5

Py

0.5

Disseminated

MHDD002

209.7

220.1

10.4

Py

0.2

MHDD002

220.1

232.4

12.3

Cp

0.1

Bn

2

Py

0.2

Disseminated and Blebs

Photo 1 & 4

MHDD002

232.4

251.9

19.5

Bn

0.2

Py

0.2

MHDD002

251.9

257

5.1

Cp

0.5

Bn

1

Py

0.2

Disseminated and Blebs

MHDD002

257

292.2

35.2

Py

0.1

MHDD002

292.2

310.4

18.2

Cp

0.5 - 1

Py

0.5

Disseminated & minor veinlets

MHDD002

310.4

321

10.6

Py

1

Disseminated

MHDD001

0

167.7

167.7

MHDD001

167.7

173.2

5.5

Py

2

MHDD001

173.2

173.6

0.4

Cp

1

Py

5

Brecciated vein

MHDD001

173.6

206.3

32.7

Py

1-2

Disseminated & Vein

MHDD001

206.3

230.1

23.8

Po

0.5

Py

1

Massive Dissemination

Photo 5

MHDD001

230.1

267

36.9

Py

2

MHDD001

267

288

21

Py

2

Py

2

MHDD001

288

305.1

17.1

Cp

0.2

Po

2

Py

5

Disseminated and Vein

Photo 6

MHDD001

305.1

327.65

22.55

Po

1

Py

1

MHDD001

327.65

391.7

64.05

Py

2

MHDD001

391.7

407.1

15.4

Mt

1

Py

5

MHDD001

407.1

440.35

33.25

Mt

1

Py

2

MHDD004

14

66

52

Oxide

1

Jarosite, Malachite and chrysocolla

MHDD004

74

79

5

Cp

0.2

Py

1

Disseminated in calc silicate

MHDD004

94.5

104.5

10

Cp

0.1

Py

1

MHDD004

115

119

4

Cp

0.1

Py

2

MHDD004

150

163

13

Cp

0.2

Mt

1

Py

1

MHDD004

169

185

16

Cp

0.2-0.5

Mt

1

Py

1

Cpy+Mt in Qtz veins dissem Py

MHDD004

206

227

21

Cp

0.2-0.5

Mt

2

Py

2

Veining Cp+Mt

MHDD004

232

272

40

Cp

0.5-1

Mt

2

Py

1-2

Veining and dissemination

MHDD004

291

300

9

Cp

0.2-0.5

Mt

1

Py

2

MHDD004

316

320

4

Cp

0.2

Mt

1

Py

1

MHDD004

342

345

Mo

Cp

0.1

Mt

3

Py

1

Cobra Resources plc

Rupert Verco (Australia)

Dan Maling (UK)

via Vigo Consulting

+44 (0)20 7390 0234

Hannam & Partners (Joint Broker)

Leif Powis

Andrew Chubb

+44 (0) 20 7907 8500

SI Capital Limited (Joint Broker)

Nick Emerson

Sam Lomanto

+44 (0)1483 413 500

Vigo Consulting (Financial Public Relations)

Ben Simons

Seb Weller

+44 (0)20 7390 0234

cobra@vigoconsulting.com

Criteria

JORC Code explanation

Commentary

Sampling techniques

·    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

·    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

·    Aspects of the determination of mineralisation that are Material to the Public Report.

·    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Historic

·      Historic drill programs have been conducted by multiple companies and methods the historically reported results are being reviewed prior to any broader reporting of results. In general lab assay results across differing programs show comparable tenors of grade and distribution.

Previous Cobra Drilling

·      RC drill cuttings were collected from the drill rig cyclone in 2 m intervals in industry standard green bags with a 2m representative split from the cyclone collected into a calico bag. The green and calico bags were arranged in rows on site for sampling and assaying.

·      2 m samples were split using a cone splitter mounted on the drill rig.

·      Samples were submitted to BV Laboratories, Perth for analysis.

·     

Drilling techniques

·    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Historic Drilling

·   Historic drill methods were predominantly aircore and RC drilling with some diamond drilling reported

Previous Cobra Drilling

·    Schramm T685 RC rig operated by Bullion Drilling Pty Ltd. The RC drilling was conducted using a 5 ¾-inch hammer. A booster air compressor was used throughout the program.

Current Drilling

·      UDR 1000 drill rig operated by MJ Drilling Pty Ltd.  The diamond drilling was conducted using HQ sized core from surface (except one hole which re-entered a previously drilled RC hole to continue as a diamond tail). HQ core samples were collected from the diamond drill rig from nominal 3 m drill runs and placed into industry standard core trays.  Where broken ground was intersected, run lengths were reduced as appropriate.

Drill sample recovery

·    Method of recording and assessing core and chip sample recoveries and results assessed.

·    Measures taken to maximise sample recovery and ensure representative nature of the samples.

·    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

·      Historic recoveries have not been assessed.

·      Drill methods and geological conditions are not expected to promote significant reduced recovery or sample biasing

·      Bulk RC samples were visually assessed and considered to be representative with good recovery. Recoveries were recorded onsite into Cobra's MX Deposit database.

·      Water was intersected in several drillholes. Where outside return was lost and sample recovery reduced. Recovery estimates recorded into the company's database. Shroud tolerance was managed to optimise recovery.

·      For diamond core, drillers core blocks were utilised to indicate where core loss occurred. Core recovery was measured as part of the RQD logging process and recorded onsite into Cobra's MX Deposit database.

Logging

·    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

·    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

·    The total length and percentage of the relevant intersections logged.

·    Historic logging has been completed with a number of different geological logging codes. These are being translated into a standardised logging format prior to entry into the Cobra Drillhole Database

·      All holes were qualitatively geologically logged for their entire length by suitably qualified Cobra geologists and recorded onsite into Cobra's MX Deposit database.

·      Mineral Resources have not been estimated; however, the quality of the logging is expected to be suitable for low-confidence resource estimation purposes.

·      The detail of geological logging is considered sufficient for exploration and resource definition drilling.

·      Logging included visual estimates for copper oxides and sulphides as well as Py content

·      All intersections were logged.

Sub-sampling techniques and sample preparation

·    If core, whether cut or sawn and whether quarter, half or all core taken.

·    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

·    For all sample types, the nature, quality and appropriateness of the sample preparation technique.

·    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

·    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

·    Whether sample sizes are appropriate to the grain size of the material being sampled.

Historic

·      Historic sampling has not been assessed.

Current

·      For each metre a Metzke cone split sample was collected in a calico bag. A portable XRF unit was used to screen a selected interval of 1m RC bulk samples for anomalous copper values. Where copper value readings exceeded ~200 ppm Cu, sampling was conducted at 1m intervals using the Metzke cone split samples.

·    Weights of samples submitted for assay averaged 2.5 kg and ranged between 1.8 to 4.1 kg. Sample size is considered appropriate for the material sampled.

·      Commercially certified reference material of known copper grades and of suitable matrix were included in the laboratory assay sequence at a rate of 1 per 50 samples.

·      First-split duplicate samples were collected at a rate of 1 per 50 samples.

·      A coarse blank sample was inserted 1 in every 50 samples.

·      The Competent Person considers that the sample size is appropriate to the grain size of the material being sampled.

Quality of assay data and laboratory tests

·    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

·    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

·    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Historic

·   Lab certificates for a large number of drill samples have been retained from historic drilling. These certificates will be used for the import of data into Cobra's drillhole database.

Current

·      No assay results are reported in this announcement; observations are qualitative visual estimates from HQ diamond core logging. Laboratory, analytical method and QAQC details will be reported with assay results. All samples managed for the presence of asbestiform mineral fibres owing to the presence of serpentine and chrysotile

Verification of sampling and assaying

·    The verification of significant intersections by either independent or alternative company personnel.

·    The use of twinned holes.

·    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

·    Discuss any adjustment to assay data.

Historic

·     Significant intercepts have been reported to the Australian Stock Exchange in the past

·   Primary assay data and drill logs for reported holes have been reviewed by Cobra staff

·     Further migration of historic data into the Cobra drillhole database is underway with validation during this process to be undertaken.

Current

·   pXRF readings were calibrated using certified reference material OREAS 460.

·     Further QAQC procedures will be reported with results

Location of data points

·    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

·    Specification of the grid system used.

·    Quality and adequacy of topographic control.

Historic

·     Historic Drillholes were recorded with a number of different datums.

·     Validation of the datums used for each program have been conducted and are continuing.

·     The key historic drilling used for planning of the January 2026 drill program have high confidence in the datum used and have been assessed in the field

Current

·   Drill hole locations were determined by handheld GPS with a nominal accuracy of +/- 5 metres.

·      All coordinates and maps presented here are in the MGA Zone 54 GDA94 coordinate system.

·      Topographic control is provided by Aerometrex RIEGL VQ-780ii Airborne Laser Scanner producing LiDAR digital elevation data at 0.1m accuracy with collar heights extracted from a DTM produced from the LiDAR data.

Data spacing and distribution

·  Data spacing for reporting of Exploration Results.

·    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

·   Whether sample compositing has been applied.

Historic

·    Historic drilling was variably spaced. The drill spacing was sufficient to define mineralization trends at the Blue Rose Skarn but not to the extent of defining a resource.

·     Drilling at Desert Rose and Double Delight has not been sufficient to assess the prospects and has been sparse

Previous Cobra drilling

·   RC holes were drilled angled south along heritage cleared 'drill access tracks' or adjacent to heritage cleared pastoral tracks.

Current drilling

·  Diamond drilling was positioned to assess extensions to known mineralisation, in addition to assessing untested prospective zones of the geological model.  Drill holes were variably angled to assess target areas as required 

Orientation of data in relation to geological structure

·    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

·    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

·      Drillholes have been vertical or south dipping

·      Deeper historic drilling has been south dipping

·   Mineralization is interpreted to be steeply dipping with limited success to date in identifying a slight north or south dip.

·      Deeper planned drilling is designed to improve the definition of mineralisation control

·      Further diamond drilling is expected to validate geological interpretations

Sample security

·    The measures taken to ensure sample security.

Historic

·      No issues with sample security were reported or are expected to have occurred

Audits or reviews

·    The results of any audits or reviews of sampling techniques and data.

·    No audits or reviews of sampling techniques or data have been undertaken.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

·      Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

·      The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

·      Blue Rose is located on EL6009 that is held
by Hamelin Gully Pty Ltd. Manna Hill
Mining Pty Ltd, a subsidiary of Cobra
Resources Plc has exercised its option to
acquire Hamelin Gully.

·      The Company announced the exercise of the option on 9 July 2026.

·      A 1% Over Riding Royalty Agreement is
registered between Hamelin Gully and
Springton Trust

A Native Title Agreement is in place
between the Wilyakali People and Hamelin
Gully Pty Ltd

Cultural heritage surveys have been
completed over EL6009, clearing proposed
drill sites

Exploration done by other parties

·      Acknowledgment and appraisal of exploration by other parties.

·      Historic Exploration has been conducted by multiple companies with key work completed by PacMag, Lynas and Giralia Resources.

·      Historic exploration demonstrated the geological environment at Blue Rose and the potential for economic mineralization

·      Commercially driven decisions and land access challenges (now resolved) were common trends in the history of the project transactions

Geology

·      Deposit type, geological setting and style of mineralisation.

Blue Rose

·      Blue Rose is skarn hosted mineralization on the margins of the Anabama Granite

·      Oxide mineralisation is stratabound to the Saddleworth limestone formation

·      A number of porphyry related intrusions have a spatial relationship to mineralisation at Blue Rose and further analysis is planned to determine the control on exo-skarn mineralisation.

Neptune Rose

·      Is interpreted to be hosted within skarn mineralization.

·      Assessment of the structural vs stratigraphic controls on mineralization will be assessed during drilling

Black Baccara

·      Is interpret to be a sulphide rich halo around a magnetic low core.

Assessment of Geological survey spectral from nearby "near miss" diamond holes indicate the metamorphic gradient and spectral responses anticipated from a porphyry system

Drillhole Information

·      A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o  easting and northing of the drill hole collar

o  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o  dip and azimuth of the hole

o  down hole length and interception depth

o  hole length.

·      If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

·      Drilling results are being assessed on the migration of data to the Cobra drillhole database

·      Historic drill results reflective of the grades and widths expected of the Blue Rose prospect.

·      Reporting of these results will be included at the completion of the data migration and review.

·      Collar table presented in Appendix 1.

Data aggregation methods

·      In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

·      Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

·      The assumptions used for any reporting of metal equivalent values should be clearly stated.

·      Historic grade intercepts as length weighted averages with downhole lengths reported, appropriate for this stage of drilling.

·      No top cutting of grades has been included

Relationship between mineralisation widths and intercept lengths

·      These relationships are particularly important in the reporting of Exploration Results.

·      If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

·      If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

·      Downhole intercept lengths are expected to be greater than true length

·      Previous angled drilling has typically been dipping 60 degrees to the south with the mineralization interpreted to be sub vertical at Blue Rose

·      Diamond drill holes associated with this release were variably angled to assess target areas as required and all drilled between 60-65 degrees dip.   

Diagrams

·      Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

·      Relevant diagrams have been included in the announcement.

·      Exploration results are not being reported for existing mineral resources.

·      Drilling is aimed at defining new mineral resources.

Balanced reporting

·      Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

·      Historic results are being assessed during the data migration to the Cobra drillhole database.

·      Visual estimates of mineralisation are reported for all diamond drill holes in Table 1, including intervals where no significant sulphides were observed. No assay results are reported in this announcement.

Other substantive exploration data

·      Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

·      Geological observations from diamond core drilling are the focus of this announcement. No assay, geochemical or metallurgical results are reported.

Further work

·      The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

·      Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

·      RC drill program at Blue Rose, Desert Rose and Double Delight planned for September 2026

·      Follow up diamond drilling at Desert Rose

·      Greenfields soil sampling program