REG - Cobra Resources PLC - Manna Hill Project Exploration Update
09/02/2026 07:00
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RNS Number : 1426S Cobra Resources PLC 09 February 2026
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9 February 2026
Cobra Resources plc
("Cobra" or the "Company")
Manna Hill Project Exploration Update
Drilling programme extended based on observations for primary mineralisation
(copper, gold, molybdenum)
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 announce that, based on visual observations of drill cuttings, it has
decided to immediately extend its Stage 1 Reverse Circulation ("RC") drill
programme at the Manna Hill Copper Project by up to a further five drillholes.
Highlights:
· 13 drillholes completed to date, totalling 2,300m where:
o Visible sulphides and alteration support broad zones of primary
mineralisation beneath and along strike of defined oxide mineralisation.
o Visible primary copper and molybdenum mineralisation occurs proximal to
porphyry type quartz monzonite and diorite intrusions, that have been
intersected in multiple drillholes and mapped at scale beyond defined
mineralisation at Blue Rose.
o Seven of 13 drillholes completed to date display visual signs of copper
oxide and sulphides or molybdenite
o Broad alteration zones support the thesis for a large-scale porphyry
system.
· The programme will be increased by up to a further five drillholes
based on observations for primary mineralisation and to gain further
geological and geochemical detail of the greater porphyry system.
· Drilling is expected to be completed by next week, with first assays
anticipated in March.
Cobra has a 12-month option to acquire the Manna Hill Project and will focus
initially on the Blue Rose priority prospect ("Blue Rose") where existing
drilling has intersected copper-gold mineralisation across 1.6km of strike
immediately adjacent to a geophysical anomaly interpretated as a porphyry
intrusion(1).
To watch a video of Rupert Verco, Managing Director discussing drilling follow
the link: https://investors.cobraplc.com/link/e9QMDe
(https://investors.cobraplc.com/link/e9QMDe)
Cautionary Statement: Visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analyses where concentrations
or grades are the factor of principal economic interest. Visual estimates also
potentially provide no information regarding impurities or deleterious
physical properties relevant to valuations. A summary log of visual estimates
of mineralisation for drill holes MHRC0001 - MHRC0013 is provided in Table 1
below.
Rupert Verco, Managing Director of Cobra, commented:
"Whilst visual observations are not results, the geological observations being
made from this drilling programme to date are encouraging for a scalable
copper discovery.
The team, along with Bullion drilling, has done an exceptional job battling
challenging conditions and we are grateful for the perseverance and
professionalism that they have shown to overcome extreme temperatures."
Further details concerning drilling progress
The Blue Rose Prospect is of skarn-replacement type where previous exploration
has defined copper-gold-molybdenum across 1.6 km of continuous strike where
drilling has defined the previous intersections:
o RABR822 47m at 2.2% Cu and 0.76 g.t Au from 11m
o RCBR025 132m at 0.52% Cu from 8m including 48m at 1.04% Cu
o RABR152 41m at 1.6% Cu from 9m including 18m at 2.03% Cu
o RABR205 43m at 0.6% Cu from 12m
o RCBR030 52m at 0.77% Cu and 0.94 g/t Au from 80m
o RABR198 24m at 1.0% Cu from 18m incl. 3m @ 1.23g/t Au
o RCBR021 23m at 1.4% Cu from 73m incl. 12m @ 0.71g/t Au
Geophysics including gravity, induced polarisation and magnetics have been
used in collaboration with geochemistry to refine the interpretation of both
the stratigraphic unit hosting shallow skarn mineralisation, and porphyry
mineralisation that is interpreted to envelop a remnant magnetised intrusion.
Whilst past exploration has intersected quartz monzonite intrusions proximal
to skarn mineralisation, their relationship and influence on mineralisation is
not clearly understood. This RC programme has generated the first pXRF
multi-element dataset that has enabled Cobra and its consultants to assess the
geochemistry of the system and evaluate the data in the context of a porphyry
setting.
Observations from completed drilling support depth continuities of shallow
mineralisation whilst also defining key indicators for mineralisation control
and system continuity. As a result, up to five additional holes will be
drilled to further test for scale and for potassic porphyry mineralisation.
Figure 1: Progress plan of completed and further drill collars
Figures 2 & 3: Sections 428625mE and 429025mE that highlight downhole
visual observations of oxide and sulphide mineralisation below previous
drilling and intersected intrusions relative to mineralisation within
drillhole MHRC0003.
Key points:
· Several holes contain chemistry that indicates that alteration and
mineralisation are proximal to, or within a potassic zone (Figure 4).
· Potassic (biotite and K-feldspar) alteration occurs proximal to
intersected intrusions. This alteration is associated with copper sulphides
and molybdenite.
· Intrusions (quartz monzonite, diorite and dacites) have been
identified at surface, well beyond the strike of Blue Rose mineralisation
where copper mineralisation is apparent at surface along with strong
nontronite (after sulphide) alteration (Figures 5 and 6).
· Dyke swarms are important within porphyry systems and understanding
the geochronology sequence and their enrichment potential is an important
process for identifying the structures that host the highest-grade
mineralisation.
· At the completion of drilling, geochemistry will enable alteration
modelling and porphyry vectoring.
Figure 4. pXRF data from MHRC0013 downhole sample composites that highlight
potassic chemistry associated with mineralisation from 130-140m.(1)
Figures 5 & 6: Cobra geologist, Isaac Pepe inspecting nontronite
alteration adjacent to an outcropping intrusive diorite located 2km southeast
of the Blue Rose Prospect and a hand specimen containing secondary copper
oxides (chrysocolla).
Table 1: Visual estimation of copper and molybdenum mineralisation
Hole ID From To Copper Oxide % Chalcopyrite % Molybdenite %
(Malachite, chrysocolla and Jarosite)
MHRC0003 24 26 1-2
32 52 2-3
58 60 1-2
62 64 1-2
68 72 2-3
78 80 1-2
86 90 1-2
106 108 0.5-1 trace
124 126 0.5-1 trace
144 150 1-1 trace -0.5
152 154 1-2 trace-0.5
MHRC0001 12 42 0.5-1
54 62 0.5 0.5-1
96 100 0.5-1
112 118 1-2
126 130 1-2
MHRC0008 124 130 1-2
MHRC0009 26 62 1-2
incl. 32 38 2-3
118 132 1-2 1-2
MHRC0010 20 30 2-3
94 98 1-2
MHRC0011 20 30 2-4
30 44 1-2
MHRC0013 64 100 1-2
incl. 74 84 2-3
MHRC0013 102 104 1-2
106 114 1-2
118 144 1-2
References
1. Dr Ross R Large, 2025 "Simple graphical tools to understand the
relationship between porphyry composition, hydrothermal alteration, mineralogy
and copper-gold grades in porphyry copper deposits", Ore Geology Reviews.
182:106581
About the Manna Hill Project
The Manna Hill Project (the "Project") represents South Australia's premier
porphyry prospect in the state that holds around 70% of Australia's copper
reserves. The project is comprised of 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, the port and base metals smelter and Port Pirie and
the City of Adelaide.
Enquiries:
Cobra Resources plc via Vigo Consulting
Rupert Verco (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker) +44 (0)1483 413 500
Nick Emerson
Sam Lomanto
Global Investment Strategy (Joint Broker) +44 (0)20 7048 9437
James Sheehan james.sheehan@gisukltd.com
Vigo Consulting (Financial Public Relations) +44 (0)20 7390 0234
Ben Simons cobra@vigoconsulting.com
Fiona Hetherington
Safia Colebrook
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:
· Cobra RNS: Option to Acquire Significant Copper Project
(https://investors.cobraplc.com/announcements/7121801) , 26 August 2025
References:
1. Cobra RNS: Option to Acquire Significant Copper Project
(https://investors.cobraplc.com/announcements/7121801) , 26 August 2025
2. Meinert, L.D., Hefton, K.K., Mayes, D., Tasiran, I., 1997. Geology,
zonation, and fluid evolution of the Big Gossan Cu-Au skarn deposit, Ertsberg
district, Irian Jaya. Economic Geology 92, 509-534
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.
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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(https://www.linkedin.com/company/cobraresourcesplc)
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Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:
https://investors.cobraplc.com/ (https://investors.cobraplc.com/)
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Appendix 1: 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 Discover Co geologists and recorded onsite into
Discover Co'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 2: 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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