Cobra Resources plc announced that ongoing in situ recovery bench scale testing of a core sample from Boland has revealed an exceptionally high head grade, enriched in high value magnet and heavy rare earth metals. A second sample is being prepared for further bench scale ISR studies. Metallurgical testing by the Australian Nuclear Science and Technology Organisation ("ANSTO") aimed at demonstrating the suitability for ISR mining - a low cost, low-disturbance method - is nearing completion, with full results expected by the end of June 2024.

The test is designed to emulate the ISR process at laboratory scale. The permeable geology that hosts ionic rare earth mineralisation at the Boland project is globally unique and is enabling this process to be tested in a first for controlled aquifer ISR mining of rare earth metals. Highlights · Sample head grade:0.5m at 4,506 ppm Total Rare Earth Oxide ("TREO"), from 26.7m where high value magnet rare earths Nd2O3 + Pr6O11 total 892 ppm and Dy2O3 + Tb2O3 total 131 ppm, including 0.2m from 26.7m yields 7,476 ppm TREO, where Nd2O3 + Pr6O11 total 1,515 ppm and Dy2O3 + Tb2O3 total 225 ppm.

These grades: o exceed the reported grades observed in zone three reported from three other wellfield holes (averaging: 0.6m at 1,538 ppm TREO, where Nd2O3 + Pr6O11 totals 305 ppm and Dy2O3 + Tb2O3 totals 52 ppm from ~26.6m); and o are favourable in comparison to highly valued South American ionic rare earth projects owing to the high heavy rare earth (HREO) content, equating to ~28% of the TREO. Validation of grade concentration: This exceptional grade further validates the Company's thesis that ionic mineralisation is concentrated within confined zones of permeable geology - a favourable ore body geometry for ISR recovery · Scalable potential:Re-assay has confirmed rare earth mineralisation across an extensive 139km2 · Metallurgical progress:Favourable permeability rates of 0.12 pore volumes per day are being achieved at low pressures. This rate of permeability is comparable to ISR production rates achieved at operating ISR uranium mines.

Testing, analysis and results are expected by the end of June 2024.