Cobra Resources (LSE:COBR) - Two New Zones Widen Manna Hill Copper Footprint in South Australia

Interview with Rupert Verco, CEO & Managing Director of Cobra Resources PLC

Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-deeper-drilling-points-to-bigger-copper-system-11059

Recording date: 8th October 2026

Cobra Resources plc (LSE:COBR) is a South Australian explorer advancing two projects: the Manna Hill Copper Project in the Nackara Arc and the Wudinna rare earth project, which targets in situ recovery. This summary covers Manna Hill, where the company reported a material drilling update on October 2026.

The update concerns a slim-line RC programme designed as a fast, low-cost test of lateral extent. After 23 holes and around 2,000m of drilling, Cobra has extended copper anomalism at the Blue Rose prospect a further 600m west, lifting the known corridor from 1.6km to beyond 2.2km of strike. At Blue Rose West, hole MHRC0029 intersected anomalous copper over 32m from 52m, with coarse chalcopyrite logged in chips.

The programme also found copper in two skarn units not previously drilled. Shadow Rose, about 300m south of Blue Rose, returned up to 60m of continuous copper anomalism in each of two holes, with oxide copper from around 10m depth. Neptune Rose, about 500m north, intersected copper sulphides at two depths in hole MHRC0024. All three zones remain open, and up to 35 holes remain to be drilled.

The important caveat is that no grades have been reported. The observations are visual and pXRF-based, and the company explicitly warns they are not a substitute for assays. First results from ALS are expected within four to six weeks. Investors should treat the update as evidence of geological footprint, not of economic grade. Reported intervals are also downhole lengths, and true widths are expected to be narrower.

The grade benchmark comes from earlier work. Historic hole RABR822 returned 47m at 2.2% Cu and 0.76 g/t Au from 11m, and Cobra's January 2026 drilling returned 74m at 1.02% Cu and 0.25 g/t Au from 70m. CEO and Managing Director Rupert Verco said he hopes current results will be similar to those reported in March.

Management has stated ambitious scale goals. Verco said the board believes the skarn system could deliver more than 1 million tonnes of contained copper and that a porphyry at depth could take the total above 5 million tonnes. No resource has been estimated, and these figures should be read as aspirations.

Cobra's strategy is to build a shallow skarn inventory first, then fund deeper porphyry explora