Clarifying Announcement

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For immediate release

21 February 2019

Cobra Resources plc

(Incorporated in England and Wales with company number 11170056)

Clarifying Announcement

Cobra Resources plc (the "Company") seeks to clarify the regulatory news service announcement released on 12 February 2019 relating to certain share options (the "Options") granted to the directors of the Company (the "Grant").

The Company wishes to clarify that (i) the Options are exercisable over a total of 2,017,008 ordinary shares of nominal value 1 pence each (the "Ordinary Shares") in the issued share capital of the Company (or the number of shares (of the same class or another class) as the Grant may be adjusted to relate to on a variation of the Company's share capital, such that the number of shares subject to the Grant shall be not less, in the aggregate, than 3 per cent. of the then-issued share capital of the Company), and (ii) that the Options are exercisable at 1.5 pence per Ordinary Share.

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