REG - Cobra Resources PLC - Further High-Grade Copper Results Support Scale
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RNS Number : 2745A Cobra Resources PLC 14 April 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
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14 April 2026
Cobra Resources plc
("Cobra" or the "Company")
Manna Hill: More High-Grade Copper Results Support Scale
Further outstanding intersections at the Blue Rose copper discovery including
62m at 1.0% Cu
Cobra (https://cobraplc.com/) (LSE: COBR)
(https://www.londonstockexchange.com/stock/COBR/cobra-resources-plc/company-page)
, a South Australian mineral exploration and development company, is pleased
to report results from a further 12 reverse circulation ("RC") drillholes from
the Blue Rose copper-gold-molybdenum discovery and associated targets within
the Manna Hill Copper Project, located in the Nackara Arc, South Australia.
Considering the copper market, the Board considers the grade, width and depth
profile of results to date to be highly encouraging from an economic
standpoint. The upcoming diamond core drilling programme is designed to
establish the geological parameters required to advance economic assessment.
Highlights:
· Additional high-grade, broad and shallow sulphide mineralisation adds
to the scale potential at Blue Rose. New results include:
§ MHRC0013: 62m at 1.0% Cu,
0.08 g/t Au from 62m, including:
§ 30m at 1.56% Cu, 0.14 g/t Au from 66m, including:
§ 16m at 1.92% Cu, 0.23 g/t Au from 74m
§ MHRC0011: 22m at 0.80% Cu
from 20m, including:
§ 6m at 1.56% Cu from 22m
§ MHRC0009: 22m at 0.48% Cu,
0.17 g/t Au from 30m, including:
§ 10m at 0.81% Cu, 0.37 g/t Au from 30m
§ MHRC0010: 6m at 0.77% Cu
from 24m, including:
§ 2m at 1.56% Cu from 26m and
§ 4m at 0.073% Mo from 94m
· Results build upon earlier results that included
§ MHRC0018: 20m at 0.78% Cu,
0.14 g/t Au from 38m, and
§ 74m at 1.02% Cu, 0.25 g/t Au from 70m
§ MHRC0017: 86m at 0.60% Cu,
0.14 g/t Au from 18m
§ MHRC0003: 56m at 0.34% Cu
from 34m, including:
§ 18m at 0.52% Cu from 38m, and
§ 14m at 0.21% Cu, 0.01% Mo from 122m, and
§ 10m at 0.12% Mo from 144m
· Geochemical analysis, metal zonation and structural interpretation
support targeting a central IP resistive plug as the primary porphyry target,
located directly underneath the Blue Rose skarn, proximal to recent molybdenum
intersections associated with porphyry-type quartz monzonite intrusive
· In a local geological context, resistivity is interpreted to reflect
silicification; hydrous alteration that would occur within proximity to an
intrusion (porphyry heat source)
· Molybdenite forms at higher temperatures in porphyry systems and is
therefore an effective geochemical marker for potassic zone, porphyry
mineralisation
· A diamond drill rig is booked for late April, with work commencing to
re-establish site access shortly
· Diamond drilling will target depth extensions beneath defined
high-grade intersections and shall investigate the central resistive zone
Rupert Verco, Managing Director, commented:
"Copper prices have reached multi-year highs in 2026, reflecting structural
deficits driven by electrification demand and tightening supply. Against this
backdrop, these drilling results provide further compelling evidence for the
value proposition within the Manna Hill Copper Project.
Shallow, thick and high-grade - it's nice repeating those three adjectives
when talking about copper in Australia's copper capital; combined they deliver
the mining parameters for favourable future economics.
In the first 16 drillholes by Cobra at Blue Rose, we've intersected 74m at
1.02% copper and now 62m at 1.0% copper- those are the kinds of economic
widths that make people pay attention - and we've only just scratched the
surface of what this project might deliver. The work completed to date is
rapidly advancing our understanding of this system. The next drillhole could
significantly elevate the scale of this major Australian copper discovery."
To watch a video of Rupert Verco, Managing Director, discussing these drill
results, follow the link:
https://investors.cobraplc.com/link/P2AZ3r
(https://investors.cobraplc.com/link/P2AZ3r) .
Further information regarding the drilling programme and initial results
Cobra has recently announced its intention to exercise its option to acquire
the Manna Hill Project ("Manna Hill Option") based on the drilling results
received to date.
Under the Manna Hill Option agreement, Cobra sought to test several geological
observations that have implications for a large-scale mineral system at Blue
Rose. This included testing for the continuity of Blue Rose skarn
mineralisation at both depth and strike extent. Results demonstrate
considerable opportunity for increasing scale with broad zones of primary
sulphide mineralisation being intersected outside of the extent of pervious
drilling.
Figure 1: Plan view outlining significant intersections in relation to
previous exploration results. Results plotted over gravity edge geophysics,
where the most significant change in rock density is interpreted to reflect
the Saddleworth formation, the host unit for the Blue Rose skarn.
Results received to date demonstrate:
· Confirmation of economic widths extending at depth into primary
sulphide mineralisation:
o Mineralisation intersected within MHRC0013 and MHRC0018 commence in
transitional mineralisation and continue into primary sulphides, where copper
speciation is predominantly chalcopyrite. This supports mineralisation
continuity with depth.
Figure 2: Section 428700mE demonstrating the interpreted mineralisation
intersected in MHRC0013
· Adding scale to strike continuity:
o MHRC0013 has intersected 62m at 1.0% Cu from 62m at the western most
extent of previously identified shallow oxide mineralisation.
o MHRC0013 is 750m west of the previously reported MHRC0018 which
intersected 20m at 0.78% Cu, 0.14 g/t Au from 38m and 74m at 1.02% Cu, 0.25g/t
Au from 70m. Mineralisation remains open west of MHRC0013
o Mineralisation is expected to extend with depth east of MHRC0018 where
historical drilling has intersected shallow oxide mineralisation
· Geochemical and metal vectoring towards porphyry source:
o Geochemistry indicates increased levels of potassic alteration that is
spatially associated with intersections elevated in molybdenum within
drillholes MHRC001,003 and 008
o Molybdenum mineralisation is associated with quartz monzonite and diorite
porphyry type dykes
o These drillholes intersect skarn mineralisation directly above a
resistivity IP anomaly
Figure 3: Long section 6,388,350mN defining the strike extent of defined
mineralisation and the location of the IP Resistivity target
Figure 4: 3D model of the IP resistivity feature relative to skarn mineralised
intersections. The resistivity feature is interpreted to occur within the
hanging wall of a cross-cutting normal fault.
o The resistivity anomaly >150 ohms is interpreted to reflect
silicification of the host rock, a likely outcome of porphyry alteration
o The deepest historic drillholes BRDD003 (26.7m at 0.43% Cu from 195m) and
RCBR035D (23.25m at 0.22% Cu from 276.25m) end in low grade mineralisation and
are closest in proximity to the IP resistivity target
o Cobra is currently designing a follow-up diamond programme to test the IP
resistivity anomaly
Table 1: Significant intersections (0.2% Cu cut-off, 0.03% Mo cut-off)
BHID From To Int m Cu % Au ppm Mo %
MHRC0013 64 126 62 1.00 0.08 -
Including 66 96 30 1.56 0.14 -
68 84 16 1.92 0.23 -
MHRC0011 20 42 22 0.79 0.00 -
including 22 28 6 1.56 0.00 -
MHRC0008 116 118 2 0.01 0.05 0.03
and 124 128 4 0.45 0.04 -
and 158 160 2 0.01 0.24 -
and 160 164 4 0.32 0.06 -
and 188 190 2 0.20 0.11 -
MHRC0009 30 52 22 0.48 0.17 -
including 30 40 10 0.81 0.37 -
38 40 2 0.69 1.37 -
MHRC0010 24 30 6 0.77 0.01 -
and 94 98 4 0.01 0.01 0.07
MHRC0001 12 14 2 0.42 0.01 -
and 54 62 8 0.48 0.24 -
and 110 138 28 0.23 0.02 -
MHRC0017 18 104 86 0.60 0.15 -
Including 32 44 12 1.05 0.11 -
58 70 12 1.10 0.53 -
86 90 4 1.05 0.57 -
and 122 128 6 0.25 0.01 -
MHRC0018 38 58 20 0.78 0.13 -
and 70 144 74 1.02 0.25 -
including 88 102 14 1.52 0.44 -
112 116 4 1.63 0.42 -
120 124 4 2.02 0.55 -
140 142 2 1.65 1.10 0.04
MHRC0003 34 90 56 0.34 0.06 -
including 38 56 18 0.52 0.12 -
and 122 136 14 0.21 0.02 -
and 144 154 10 0.08 0.01 0.12
including 146 148 2 0.12 0.01 0.38
Previously reported significant intersections
MHRC0017 and MHRC0018 were designed to test the continuity of primary
mineralisation below high-grade intersected within RABR822 of 47m at 2.2% Cu
and 0.76 g.t Au from 11m.
MHRC 0017 demonstrated that mineralisation is continuous through the
transition zone from oxidised to primary mineralisation. Most of the
mineralisation in the intersection 86m of 0.60% copper and 0.14 g/t gold is
considered to occur in the transitional zone.
MHRC0018 intersected two distinct zones:
· An oxide intersection of 20m at 0.78% Cu, 0.13g/t Au from 38m
downhole, and
· A primary sulphide zone of 74m at 1.02% Cu, 0.25 g/t Au from 70m
downhole. This intersection is entirely within primary sulphide
mineralisation.
Mineralisation intersected by drillholes MHRC0017 and 0018 has a true width of
approximately 70m where downdip continuity appears strong. MHRC0018 is the
best primary sulphide result reported from the project.
Figure 5: Cross Section A: Highlighting intersections of drillholes MHRC0017
and MHRC0018.
Significance of results
High grade primary sulphides:
· Two significant zones of high grade >1% Cu have been intersected
within primary sulphide mineralisation. Mineralisation remains open at depth
and along strike. Subsequent diamond drilling will target mineralisation below
drillholes MHRC0013 and MHRC0018
· Depth extensions and along strike continuity defined within these
zones will significantly increase the metal potential of the Blue Rose skarn
Porphyry targeting
· Geochemical and metal zonation indicate increased temperature and
subsequent potassic alteration proximal to the IP resistivity anomaly
· Molybdenum is generally associated with higher temperature or more
potassic zones of a porphyry system and therefore the intersection within
MHRC0003 of 10m at 0.12% Mo from 144m, including 2m at 0.38% Mo from 146m is
high grade molybdenite. This drillhole has increased potassic alteration
· Historical diamond drillhole BRDD003 intersected 26.7m at 0.43% Cu
from 195m and RCBR035D intersected 23.25m at 0.22% Cu from 276.25m. Both holes
were terminated in copper mineralisation, which based on core photographs does
not appear to be skarn hosted
· These two intersections are within the closest proximity to the IP
resistivity anomaly
· These geological observations provide sufficient evidence to test the
IP resistivity anomaly with a third diamond drillhole
Neptune Rose target
A transect of drillholes (MHRC0004-07) was drilled to test an IP chargeability
that was interpreted to be a northern limb of the Saddleworth formation - the
unit that hosts the Blue Rose skarn. An interpretation of these results is
summarised below:
· All drillholes intersected extensive pyrite alteration indicative of
porphyry propylitic alteration
· Zones of anomalous copper (>600ppm) and gold up to 0.1 g/t were
intersected within more carbonaceous sediments
· Logging and geochemistry indicate that the Saddleworth formation was
not intersected and therefore the chargeability anomaly is not associated with
skarn mineralisation
· The northern limb model remains untested to the north where the
gravity edge high sits. Heritage clearing is planned to enable this to be
drill tested in follow-up programmes
Black Baccara target
Drillholes MHRC0002, 0012, and 0016 were designed to test a large
chargeability anomaly that envelopes a large bulls-eye demagnetised (magnetic
low) feature. All drillholes intersected extensive pyrite alteration and minor
to moderate sericite alteration. Holes were terminated before their designed
depths due to excessive water being intersected.
Alteration modelling is in progress to better define the greater system.
Preliminary observations support that the IP resistivity target below the
skarn is the likely intrusive source.
About the Manna Hill Project
The Manna Hill Project presents South Australia's premier porphyry prospect in
the state that holds around 70% of Australia's copper reserves. The project
comprises multiple early-stage porphyry and skarn prospects.
The project also includes the Luron Carlin-style gold prospect and multiple
historic goldfields where over 30koz Au were reported to have been produced.
This style of mineralisation remains underexplored and highly prospective.
The project sits along the national railway and Barrier Highway between the
mining hub of Broken Hill, a port and base metals smelter, and the City of
Adelaide.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
Hannam & Partners (Joint Broker) +44 (0)20 7907 8500
Leif Powis
Andrew Chubb
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Seb Weller
The person who arranged for the release of this announcement was Rupert Verco,
Managing Director of the Company.
Information in this announcement relates to exploration results that have been
reported in the following announcements:
· Manna Hill: Outstanding Copper Results Elevate Blue Rose from
Prospect to Discovery, 9 March 2026
· Cobra RNS: Option to Acquire Significant Copper Project, 26 August
2025
Competent Persons Statement
Information in this announcement has been compiled based on reports from Mitre
Geophysics consultants and assessed by Mr Rupert Verco, a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Verco is an employee of
Cobra and has more than 18 years' industry experience which is relevant to the
style of mineralisation, deposit type, and activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting Exploration Results, Mineral Resources and Ore
Reserves of JORC. This includes 13 years of Mining, Resource Estimation and
Exploration.
Glossary
Au Gold
Cu Copper
Mo Molybdenum
About Cobra
Cobra Resources is a South Australian critical minerals developer, advancing
assets at all stages of the pre-production pathway.
In 2023, Cobra identified the Boland ionic rare earth discovery at its Wudinna
Project in the Gawler Craton - Australia's only rare earth project suitable
for in situ recovery (ISR) mining. ISR is a low-cost, low-disturbance
extraction method that eliminates the need for excavation, positioning Boland
to achieve bottom-quartile recovery costs.
In 2025, Cobra further expanded its portfolio by optioning the Manna Hill
Copper Project in the Nackara Arc, South Australia. The project contains
multiple underexplored prospects with strong potential to deliver large-scale
copper discoveries.
In 2025, Cobra sold its Wudinna Gold Assets to Barton Gold (ASX: BDG) for up
to A$15 million in cash and shares.
Regional map showing Cobra's tenements in South Australia
Follow us on social media:
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Engage with us by asking questions, watching video summaries and seeing what
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Appendix 1: Collar coordinates and drillhole details coordinates in MGA94,
Zone 54
Hole number Northing Easting RL (m) EOH (m) Azimuth Dip
MHRC0001 6388389 428976 240 156 180 -60
MHRC0002 6388736 428497 239 270 180 -60
MHRC0003 6388392 429025 240 156 180 -60
MHRC0004 6388725 429099 235 126 180 -60
MHRC0005 6388774 429101 236 156 180 -60
MHRC0006 6388826 429101 236 156 180 -60
MHRC0007 6388879 429102 237 168 180 -60
MHRC0008 6388528 429201 231 258 180 -60
MHRC0009 6388328 428824 238 138 180 -60
MHRC0010 6388372 428824 239 174 180 -60
MHRC0011 6388421 428834 239 210 180 -60
MHRC0012 6388554 428804 238 180 0 -60
MHRC0013 6388320 428625 241 150 180 -60
MHRC0014 6388475 428626 239 180 180 -60
MHRC0015 6388425 428325 239 156 180 -60
MHRC0016 638855 428247 241 264 220 -60
MHRC0017 6388398 429378 235 150 180 -60
MHRC0018 6388426 429376 234 152 180 -60
Appendix 2: JORC Code, 2012 Edition - Table 3
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or Historic
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Historic drill programs have been conducted by multiple companies
instruments, etc). These examples should not be taken as limiting the broad and methods the historically reported results are being reviewed prior to any
meaning of sampling. broader reporting of results. In general lab assay results across differing
programs show comparable tenors of grade and distribution.
· 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 Present
the Public Report.
· RC drill cuttings were collected from the drill rig cyclone in 2
· In cases where 'industry standard' work has been done this would be m intervals in industry standard green bags with a 2m representative split
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m from the cyclone collected into a calico bag. The green and calico bags were
samples from which 3 kg was pulverised to produce a 30 g charge for fire arranged in rows on site for sampling and assaying.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · 2 m samples were split using a cone splitter mounted on the drill
mineralisation types (eg submarine nodules) may warrant disclosure of detailed rig.
information.
· Samples were submitted to BV Laboratories, Perth for analysis.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Historic Drilling
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, · Historic drill methods were predominantly aircore and RC drilling
whether core is oriented and if so, by what method, etc). with some diamond drilling reported
Current 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.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Historic recoveries have not been assessed.
results assessed.
· Drill methods and geological conditions are not expected to
· Measures taken to maximise sample recovery and ensure representative promote significant reduced recovery or sample biasing
nature of the samples.
· Bulk RC samples were visually assessed and considered to be
· Whether a relationship exists between sample recovery and grade and representative with good recovery. Recoveries were recorded onsite into Cobras
whether sample bias may have occurred due to preferential loss/gain of MX Deposit database.
fine/coarse material.
· Water was intersected in several drillholes. Where outside return
was lost and sample recovery reduced. Recovery estimates recorded into the
companies database. Shroud tolerance was managed to optimise recovery.
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. · Historic logging has been completed with a number of different
geological logging codes. These are being translated into a standardized
· Whether logging is qualitative or quantitative in nature. Core (or logging format prior to entry into the Cobra Drillhole Database
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
· 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
aswell as pyrite content
· All intersections were logged.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core Historic
taken.
· Historic sampling has not been assessed.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. Current
· For all sample types, the nature, quality and appropriateness of the · For each metre a Metzke cone split sample was collected in a
sample preparation technique. 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
· Quality control procedures adopted for all sub-sampling stages to exceeded ~200 ppm Cu, sampling was conducted at 1m intervals using the Metzke
maximise representivity of samples. cone split samples.
· Measures taken to ensure that the sampling is representative of the · Weights of samples submitted for assay averaged 2.5 kg and ranged
in situ material collected, including for instance results for field between 1.8 to 4.1 kg. Sample size is considered appropriate for the material
duplicate/second-half sampling. sampled.
· Whether sample sizes are appropriate to the grain size of the · Commercially certified reference material of known copper grades
material being sampled. 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 Historic
laboratory procedures used and whether the technique is considered partial or
total. · Lab certificates for a large number of drill samples have been
retained from historic drilling. These certificates will be used for the
· For geophysical tools, spectrometers, handheld XRF instruments, etc, import of data into Cobra's drillhole database.
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, Current
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · All samples managed for the presence of asbestiform mineral
fibers owing to the presence of serpentine and chrysotile
Verification of sampling and assaying · The verification of significant intersections by either independent Historic
or alternative company personnel.
· Reported significant intercepts have been reported to the
· The use of twinned holes. Australian Stock Exchange in the past
· Documentation of primary data, data entry procedures, data · Primary assay data and drill logs for reported holes have been
verification, data storage (physical and electronic) protocols. reviewed by Cobra staff
· Discuss any adjustment to assay data. · 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. Historic
· Specification of the grid system used. · Historic Drillholes were recorded with a number of different
datums.
· Quality and adequacy of topographic control.
· 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 53
GDA94 coordinate system.
· Topographic control is provided by Aerometrex Reigel 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. Historic
· Whether the data spacing and distribution is sufficient to establish · Historic drilling was variably spaced. The drill spacing was
the degree of geological and grade continuity appropriate for the Mineral sufficient to define mineralization trends at the Blue Rose Skarn but not to
Resource and Ore Reserve estimation procedure(s) and classifications applied. the extent of defining a resource.
· Whether sample compositing has been applied. · Drilling at Desert Rose and Double Delight has not been
sufficient to assess the prospects and has been sparse
Current
· RC holes were drilled angled south along heritage cleared 'drill
access tracks' or adjacent to heritage cleared pastoral tracks.
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. · Drillholes have been vertical or south dipping
· If the relationship between the drilling orientation and the · Deeper historic drilling has been south dipping
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · 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. ·
Appendix 4: Section 2 reporting of exploration results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Blue Rose is located on EL6009 that is held
agreements or material issues with third parties such as joint ventures,
by Hamelin Gully Pty Ltd. Manna Hill
partnerships, overriding royalties, native title interests, historical sites,
Mining Pty Ltd, a subsidiary of Cobra
wilderness or national park and environmental settings.
Resources Plc has a 12-month option to
acquire Hamelin Gully.
· 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. · This drilling forms part of the company's
strategy to seek shareholder approval to
exercise the option.
· 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 · Drilling results are being assessed on the migration of data to
exploration results including a tabulation of the following information for the Cobra drillhole database
all Material drill holes:
· Historic drill results reflective of the grades and widths
o easting and northing of the drill hole collar expected of the Blue Rose prospect.
o elevation or RL (Reduced Level - elevation above sea level in metres) of · Reporting of these results will be included at the completion of
the drill hole collar the data migration and review.
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.
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. · Historic grade intercepts as length weighted averages with
downhole lengths reported, appropriate for this stage of drilling.
· Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the procedure used for · No top cutting of grades has been included
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.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting · Downhole intercept lengths are expected to be greater than true
of Exploration Results. length
· If the geometry of the mineralisation with respect to the drill · angled drilling has typically been diping 60 degrees to the south
hole angle is known, its nature should be reported. with the mineralization interpreted to be sub vertical at Blue Rose
· 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').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included in the announcement.
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 · Exploration results are not being reported for existing mineral
locations and appropriate sectional views. resources.
· Drilling is aimed at defining new mineral resources.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Historic results are being assessed during the data migration to
practicable, representative reporting of both low and high grades and/or the Cobra drillhole database.
widths should be practiced to avoid misleading reporting of Exploration
Results. · This announcement is indicative of the results of the geophysical
methods (Induced Polarization) the method does not directly indicate size or
grades of mineralisation
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Geophysical results are the focus of the announcement
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.
Further work · The nature and scale of planned further work (eg tests for · RC drill program at Blue Rose, Desert Rose and Double Delight in
lateral extensions or depth extensions or large-scale step-out drilling). early January 2026
· Diagrams clearly highlighting the areas of possible extensions, · Follow up diamond drilling at Desert Rose
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · Greenfields soil sampling program
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