Cobra Resource. Regulatory News (COBR)

Cobra Resources plc

Rupert Verco (Australia)

Dan Maling (UK)

via Vigo Consulting

+44 (0)20 7390 0234

SI Capital Limited (Joint Broker)

Nick Emerson

Sam Lomanto

+44 (0)1483 413 500

Peterhouse Capital Limited (Joint Broker)

Duncan Vasey

Lucy Williams

+44 (0)20 7469 0932

Vigo Consulting (Financial Public Relations)

Ben Simons

Charlie Neish

Kendall Hill

+44 (0)20 7390 0234

Hole ID

From

To

Interval

Au (g/t)

Including

CBRC0042

83

102

19

0.79

Including 5m at 2.65 g/t Au [83-87m]

CBRC0043

30

126

96

0.55

Including 8m at 0.61 g/t Au [32-40m]

Including 20m at 1.5 g/t Au [88-108m]

Including 10m at 0.92 g/t Au [114-124m]

CBRC0044

109

118

9

0.23

CBRC00092

69

100

31

3.06

Including 15m at 5.25 g/t Au [83-98m]

BHID

From

To

Intercept

TREO (ppm)

Praseodymium

Neodymium

Terbium

Dysprosium

Pr6O11

Nd2O3

Tb4O7

Dy2O3

ppm

% TREO

ppm

% TREO

ppm

% TREO

ppm

% TREO

CBRC0009

30

50

20

550

28

5.0%

101

18.3%

2

0.4%

13

2.3%

Inc

31

39

8

874.8

48.3

5.5%

175.6

20.1%

3.7

0.4%

20.6

2.4%

Max 1m Int

37

38

1

1408.7

92.9

6.6%

341.2

24.2%

7.2

0.5%

39.4

2.8%

Hole ID

Easting

Northing

RL

Depth

Dip

Azimuth

Assays Received/ Reported

Au

Multi Element

Lanthanide

CBRC009

547,047

6,364,928

105.9

123

-80

180

Y

Y

Y

CBRC0042

546,945

6,364,933

105.6

162

-65

60

Y

X

X

CBRC0043

547,065

6,364,940

105.6

126

-70

240

Y

X

X

CBRC0044

547,107

6,364,965

104.9

190

-70

240

Y

X

X

CBRC0045

547,151

6,364,992

104.7

138

-70

240

Y

X

X

CBRC0046

546,903

6,364,963

104.8

156

-70

240

Y

X

X

CBRC0047

546,993

6,365,014

106.2

138

-70

240

X

X

X

CBRC0048

547,025

6,365,037

106.1

144

-70

240

X

X

X

CBRC0049

547,080

6,365,065

104.3

144

-70

240

X

X

X

CBRC0050

546,942

6,365,104

104.1

156

-70

240

X

X

X

CBRC0051

546,985

6,365,128

104.3

156

-70

240

X

X

X

CBRC0052

547,028

6,365,152

105.2

160

-70

240

X

X

X

CBRC0053

546,906

6,364,667

107.1

150

-65

240

X

X

X

CBRC0054

547,356

6,364,707

109.6

162

-70

240

X

X

X

CBRC0055

547,311

6,364,682

108.4

162

-65

240

X

X

X

Hole ID

From [m]

To [m]

Au (g/t)

Hole ID

From [m]

To [m]

Au (g/t)

CBRC0042

83

84

0.115

CBRC0043

72

73

0.057

CBRC0042

84

85

0.081

CBRC0043

73

74

0.035

CBRC0042

85

86

0.359

CBRC0043

74

75

0.113

CBRC0042

86

87

0.175

CBRC0043

75

76

0.368

CBRC0042

87

88

0.203

CBRC0043

76

77

0.275

CBRC0042

88

89

0.09

CBRC0043

77

78

0.009

CBRC0042

89

90

0.039

CBRC0043

78

79

0.283

CBRC0042

90

91

0.061

CBRC0043

79

80

0.02

CBRC0042

91

92

0.105

CBRC0043

80

81

0.044

CBRC0042

92

93

0.057

CBRC0043

81

82

0.006

CBRC0042

93

94

0.023

CBRC0043

82

83

0.023

CBRC0042

94

95

0.007

CBRC0043

83

84

0.006

CBRC0042

95

96

0.687

CBRC0043

84

85

0.365

CBRC0042

96

97

4.058

CBRC0043

85

86

0.058

CBRC0042

97

98

5.722

CBRC0043

86

87

0.039

CBRC0042

98

99

1.963

CBRC0043

87

88

0.163

CBRC0042

99

100

0.811

CBRC0043

88

89

0.68

CBRC0042

100

101

0.34

CBRC0043

89

90

0.613

CBRC0042

101

102

0.197

CBRC0043

90

91

0.06

CBRC0043

30

31

0.309

CBRC0043

91

92

0.07

CBRC0043

31

32

0.388

CBRC0043

92

93

0.211

CBRC0043

32

33

0.621

CBRC0043

93

94

1.22

CBRC0043

33

34

1.533

CBRC0043

94

95

1.375

CBRC0043

34

35

0.262

CBRC0043

95

96

0.509

CBRC0043

35

36

0.513

CBRC0043

96

97

0.267

CBRC0043

36

37

0.487

CBRC0043

97

98

6.972

CBRC0043

37

38

0.424

CBRC0043

98

99

2.231

CBRC0043

38

39

0.312

CBRC0043

99

100

1.511

CBRC0043

39

40

0.752

CBRC0043

100

101

1.762

CBRC0043

40

41

0.334

CBRC0043

101

102

1.167

CBRC0043

41

42

0.136

CBRC0043

102

103

1.106

CBRC0043

42

43

0.32

CBRC0043

103

104

3.253

CBRC0043

43

44

0.102

CBRC0043

104

105

2.145

CBRC0043

44

45

0.116

CBRC0043

105

106

1.56

CBRC0043

45

46

0.056

CBRC0043

106

107

2.661

CBRC0043

46

47

0.072

CBRC0043

107

108

0.64

CBRC0043

47

48

0.272

CBRC0043

108

109

0.069

CBRC0043

48

49

0.042

CBRC0043

109

110

0.043

CBRC0043

49

50

0.044

CBRC0043

110

111

0.07

CBRC0043

50

51

0.167

CBRC0043

111

112

0.028

CBRC0043

51

52

0.191

CBRC0043

112

113

0.115

CBRC0043

52

53

0.053

CBRC0043

113

114

0.058

CBRC0043

53

54

0.091

CBRC0043

114

115

1.318

CBRC0043

54

55

0.104

CBRC0043

115

116

0.153

CBRC0043

55

56

0.095

CBRC0043

116

117

0.519

CBRC0043

56

57

0.375

CBRC0043

117

118

3.33

CBRC0043

57

58

0.923

CBRC0043

118

119

0.427

CBRC0043

58

59

0.054

CBRC0043

119

120

0.838

CBRC0043

59

60

0.018

CBRC0043

120

121

0.307

CBRC0043

60

61

0.07

CBRC0043

121

122

0.125

CBRC0043

61

62

0.117

CBRC0043

122

123

1.756

CBRC0043

62

63

0.431

CBRC0043

123

124

0.416

CBRC0043

63

64

0.523

CBRC0044

109

110

0.453

CBRC0043

64

65

0.014

CBRC0044

110

111

0.025

CBRC0043

65

66

0.009

CBRC0044

111

112

0.131

CBRC0043

66

67

0.291

CBRC0044

112

113

0.034

CBRC0043

67

68

0.017

CBRC0044

113

114

0.559

CBRC0043

68

69

0.01

CBRC0044

114

115

0.3

CBRC0043

69

70

0.032

CBRC0044

115

116

0.218

CBRC0043

70

71

0.229

CBRC0044

116

117

0.264

CBRC0043

71

72

0.045

CBRC0044

117

118

0.064

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 downhole 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.

· Sampling during Cobra Resources' 2021 RC drilling programme at the Clarke prospect was obtained through reverse circulation (RC) drilling methods.

· Historic RC and RAB drilling methods have been employed at Clarke and Baggy Green prospects since 2000. Rotary air-core drilling occurred earlier in 2021 and was used to aid in the programme design but have not been used for grade estimations or defining results that are reported in this announcement.

· Samples were collected via a Metzke cone splitter mounted to the cyclone. One metre samples were managed through chute and butterfly valve to produce a 2-4 kg sample. Samples were taken from the point of collar, but only samples from the commencement of saprolite were selected for analysis.

· Samples submitted to the Genalysis Intertek Laboratories, Adelaide and pulverised to produce the 50 g fire assay charge.

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).

· Drilling completed by Bullion Drilling Pty Ltd using 5 ¾" reverse circulation drilling techniques from a Schramm T685WS rig with an auxiliary compressor.

· 2020 RC Drilling was undertaken by Hagstrom Drilling using an Austrex AC/RC rig using a 140 mm bit.

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.

· Sample recovery was generally good with water being intersected in 10% of the drilled holes. All samples were recorded for sample type, quality and contamination potential and entered within a sample log.

· In general, sample recoveries were good with 35-50 kg for each one metre interval being recovered.

· No relationships between sample recovery and grade have been identified.

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.

· All drill samples were logged by an experienced geologist at the time of drilling. Lithology, colour, weathering and moisture were documented.

· All drilled metres were logged.

· Logging is generally qualitative in nature.

· All RC drill metres have been geologically logged (2,144 m in total).

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.

· Sample recovery from hole CBRC0042 was considered excessive. All samples were split using a secondary riffle splitter to obtain a 50% sample reduction to produce a more manageable sample. Once chute and valve settings were adjusted to provide suitable sample returns, no further sub-sampling was required.

· Additional sub-sampling was performed through the preparation and processing of samples according to the laboratory's internal protocols.

· Duplicate samples were collected from the second chute on the cyclone splitter at a 1 in 20 sample frequency.

· Sample sizes were appropriate for 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.

· Samples were submitted to Genalysis Intertek Laboratories, Adelaide for preparation and analysis.

· Gold quantity was analysed using 50 g fire assay techniques (FA50/OE04) that utilises a 50 g lead collection fire assay with ICP-OES finish to deliver reportable precision to 0.005 ppm.

· Multi-element geochemistry were digested by four acid ICP-MS and analysed for Ag, As, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Li, Mg, Mn, Mo, Ni, Pb, Pd, Pt, Sb, Se, S, Sn, Sr, Te, U, V, W, Y and Zn.

· Saprolite zones of all holes drilled in 2021 were identified and highlighted to analyse for lanthanide elements.

· 40 additional pulp samples were identified from CBRC0009 (drilled in 2020) to analyse for additional lanthanide elements by 4-acid ICP-MS and analysed for Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu.

· Field blanks and standards were submitted at a frequency of 1 in 20 samples.

· Field duplicate samples were submitted at a frequency of 1 in 20 samples

· Reported assays are to acceptable levels of accuracy and precision.

· Samples from the 2020 RC programme analysed by ALS, Adelaide using AU-GA22 50g charge. Muti-elements (48) for all samples we analysed using ME-MS61, a 4-acid digest method with an ICP-MS finish.

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.

· Sampling data was recorded in field books, checked upon digitising and transferred to database.

· Compositing of assays was undertaken and reviewed by Cobra staff.

· Original copies of lab assay data are retained digitally on the Cobra server for future reference.

· Physical copies of field sampling books and field geological logs are retained by Cobra for future reference.

· Significant intercepts have been prepared by Mr Rupert Verco and reviewed by Mr Robert Blythman.

Location of data points

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

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· Collar locations were surveyed using Leica CS20 GNSS base and rover with 0.05 cm instrument precision.

· Locations are recorded in geodetic datum GDA 94 zone 53.

· Downhole surveys were undertaken by Bullion Drilling using a Reflex TN14 Gyro compass and were taken at 10 m intervals at the completion of the hole.

· Downhole survey azimuths have been converted from true north to geodetic datum GDA 94 zone 53.

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.

· Hole CBRC0042 was drilled 75 m north of CBRC0009 and was drilled to the northeast.

· Transect CBRC0043 was collared 25 m north and 50 m east of CBRC0009 and drilled to the southwest. All other holes were drilled to the southeast on northwest transects at a spacing of 50 m by 100 m.

· Hole dips varied between 60 and 70 degrees.

· No sample compositing has been applied.

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.

· The programme was designed to test alternate interpretations on structural orientation.

· Holes CBRC0042 and CBRC0043 were scissored to test the orientation of mineralisation. The results support a northwest strike and an apparent northeast dip. Further results are required to confirm the continuity and validity of the current interpretation.

· Drilling results are not presented as true width but are not considered to present any down-dip bias.

Sample security

· The measures taken to ensure sample security.

· Transportation of samples to Adelaide was undertaken by a competent independent contractor. Samples were packaged in zip tied polyweave bags in bundles of five samples and transported in larger bulka bags by batch while being transported.

Audits or reviews

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

· No audit or review has been undertaken.

· Genalysis Intertek Laboratories Adelaide are a NATA (National Association of Testing Authorities) accredited laboratory, recognition of their analytical competence.

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.

· This drilling programme has been carried out on EL 6131, currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary of Andromeda Metals Limited.

· Newcrest Mining Limited retains a 1.5% NSR royalty over future mineral production from both licences.

· Baggy Green, Clarke, Laker and the IOCG targets are located within Pinkawillinnie Conservation Park. Native Title Agreement has been negotiated with the NT Claimant and has been registered with the SA Government.

· Aboriginal heritage surveys have been completed over the Baggy Green project area, with no sites located in the immediate vicinity.

· A Native Title Agreement is in place with the relevant Native Title party.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

• On-ground exploration completed prior to Andromeda Metals' work was limited to 400 m spaced soil geochemistry completed by Newcrest Mining Limited over the Barns prospect.

· Other than the flying of regional airborne geophysics and coarse spaced ground gravity, there has been no recorded exploration in the vicinity of the Baggy Green deposit prior to Andromeda Metals' work.

Geology

· Deposit type, geological setting and style of mineralisation.

· The deposits are considered to be either lode gold or intrusion type mineralisation related to the 1590 Ma Hiltaba/GRV tectonothermal event.

· Gold mineralisation has a spatial association with mafic intrusions/granodiorite alteration and is associated with metasomatic alteration of host rocks.

· Rare earth minerals occur within the kaolinised saprolite horizon. Preliminary work supports IAC (Ion Adsorbed Clay) mineralisation. Further work is planned to define mineralogy and nature of mineral occurrence.

· 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.

· The report includes a tabulation of drill hole collar information and associated interval grades to allow an understanding of the results reported herein.

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.

· Reported summary intercepts are weighted averages based on length.

· No maximum/minimum grade cuts have been applied.

· No metal equivalent values have been calculated.

· Rare earth element (REE) analysis was originally reported in elemental form and has been converted to relevant oxide concentrations in line with industry standards. Conversion factors tabulated below:

· The reporting of REE oxides is done so in accordance with industry standards with the following calculations applied:

o TREO = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

o CREO = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3

o LREO = La2O3 + CeO2 + Pr6O11 + Nd2O3

o HREO = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

o NdPr = Nd2O3 + Pr6O11

o TREO-Ce = TREO - CeO2

o % Nd = Nd2O3/ TREO

o %Pr = Pr6O11/TREO

o %Dy = Dy2O3/TREO

o %HREO = HREO/TREO

o %LREO = LREO/TREO

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 downhole lengths are reported, there should be a clear statement to this effect (eg 'downhole length, true width not known').

· This drilling programme is designed to confirm the orientation and continuity of mineralisation. Preliminary results support unbiased testing of mineralised structures.

· Previous holes drilled have been drilled in several orientations due to the unknown nature of mineralisation.

· The work completed to date is not considered robust to adequately define mineralisation geometry.

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.

· Plan and section maps are referenced that demonstrate results of interest.

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.

· Referenced Plans detail the extent of drilling and the locations of both high and low grades. Comprehensive results are reported.

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.

· Significant intercepts of reported previous drilling is tabulated (CBRC0009).

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.

· Further RC drilling is planned to test for both lateral and depth extensions. The complete results from this programme will form the foundation for a maiden resource estimation at Clarke.