Cobra announced that Stage 1 re-analysis of historical drillholes, designed to demonstrate the regional scale potential of the Boland ionic rare earth discovery across several Cobra tenements, has defined Heavy Rare Earth Oxide ("HREO") enriched mineralisation within the Yaninee Palaeochannel, located ~30km southwest of Boland, where Rare Earth Element ("REE") mineralisation occurs proximal to sandstone hosted uranium mineralisation. Highlights: New mineralisation system identified: intersections enriched in HREOs occur in sediments within the Yaninee Palaeochannel, located ~30km southwest of the Boland prospect located in the Narlaby Palaeochannel. Results demonstrate massive scale potential: intersections within the Yaninee Palaeochannel confirm the prospectivity across a further 150km2 of Cobra-held palaeochannel. HREO enrichment: intersections enriched in high value Magnet Rare Earth Oxides ("MREOs") and HREOs. In situ recovery ("ISR") potential: mineralisation occurs within the same geological units as Boland, where conditions support ISR mining and high recoveries using benign acidities with low acid consumptions. Validation of REE and uranium targeting: highest grades of REE mineralisation occur proximal to and below sandstone hosted uranium mineralisation at the Kattata prospect, where re-analysis confirms historical intersections of up to 271 ppm U3O81.

This validates the Company's complementary exploration strategy to target known uranium roll-front mineralization. Hard rock grab samples taken by previous explorers at the Kattata workings are elevated in REEs, suggesting a localised enriched source for ionic REE mineralization. Significant intersections include: SBUO5008 intersects 3m at 818 ppm (MREO 32%, HREO 22%) from 52m, 3m at 810 ppm Total Rare Earth Oxides ("TREO") (MREO 27%, HREO 15%), 1m at 519 ppm TREO (22% MREO, 23% HREO) from 80m, and 1m at 171 ppm U3O8 from 52m.

IR 293 intersects 6m at 788 ppm TREO (MREO 20%, HREO 9%) from 46m, including 2m at 1,090 ppm TREO (MREO 20%, HREO 12%) from 50m. RD1 intersects 6m at 514 ppm (MREO 24%, HREO 37%) from 54m. IR 295 intersects 4m at 553 ppm TREO (MREO 21%) from 38m.

IR 294 intersects 4m at 512 ppm TREO (MREO 22%) from 42m. All results are from composited downhole samples, with grade concentrations expected over narrower intersections. Stage 2 re-analysis will test: Intervals from 20 holes on the Narlaby Palaeochannel to define extensions to the Boland discovery; Intervals from a further nine holes located within the Yaninee Palaeochannel.

Intervals from ~50 drillholes from the Pureba tenement, where holes proximal to roll-front uranium mineralisation will be prioritized.