Cobra Resources Plc Wudinna Project Update: Baggy Green .

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OFARTICLE 7 OF EU REGULATION 596/2014. UPON THE PUBLICATION OF THISANNOUNCEMENT VIA A REGULATORY NEWS SERVICE, THIS INSIDE INFORMATION ISNOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLYOR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THEREPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULDCONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.24 December 2020Cobra Resources plc("Cobra" or the "Company")Wudinna Project Update:Baggy Green Gold Deposit Assay ResultsCobra, the gold exploration and mining company focused on the Wudinna Gold Project in SouthAustralia, is pleased to announce significant gold intercepts at the Baggy Green deposit. TheBaggy Green JORC resource is currently estimated at 94,000 oz and occurs as two deposits asshown in Figure 2 of the accompanying pdf version only. 13 holes were drilled to the north andsouth of, and in between, the existing JORC resource zones, with a further six exploration holestargeting new mineralisation.Highlights from the Baggy Green gold intercepts include: 9m at 1.07 g/t to the north of the southern JORC resource zone1m at 3.73 g/t in an exploration hole approximately 300m to the north of the northern JORCresource zoneTwo thick low-grade intercepts of 13m at 0.33 g/t and 10m at 0.29 g/t both to the south ofthe southern JORC resource zoneA full summary of significant gold intercepts from Baggy Green follows below. These results areassociated with the 19 reverse circulation (RC) holes (totalling 2,504m) which were drilled duringthe Company’s recent drilling programme. Generally, holes were spaced at approximately 50meast-west and 200m north-south in an aim to establish the orientation of the mineralisation andany potential extensions or connections. A plan showing hole collar location is also shown inFigure 2 and drillhole traces in Figure 3 in the accompanying PDF version only.Summary of significant gold interceptsHole IDFrom (m)To (m)Interval (m)Gold (g/t)Silver 02626530.470.26CBRC0003485020.740.20

2CBRC0020626313.730.17CRBC0022495120.470.03These Baggy Green assay results, together with the Clarke assay results announced on 3December 2020, represent approximately half of the total assay results awaited from theprogramme. The Company continues to await assay results from drilling at the Barns and WhiteTank deposits which are now expected to be announced in January 2021.Craig Moulton, Director of Cobra, commented:“We are currently focused on the geochemical and structural interpretation of these results, andexpect that, when combined with the borehole wireline logging data, they will provide a strongindication on the orientation of the mineralisation at Baggy Green. This has positive implicationsfor defining further extensions to the resource. It is encouraging to see relatively thick low-gradeintercepts to the south of the existing JORC resource as well as a high-grade intercept well to thenorth. We now eagerly await the remaining assays at Barns.”EndEnquiries:Cobra Resources plcCraig Moulton (Australia)Dan Maling (UK) 44 (0)20 7390 0234SI Capital Limited (Joint Broker)Nick EmersonSam Lomanto 44 (0)1483 413 500Peterhouse Capital Limited (Joint Broker) 44 (0)20 7469 0932

Duncan VaseyLucy WilliamsVigo Communications (Financial PublicRelations)Ben SimonsSimon Woods 44 (0)20 7390 0234About CobraCobra's Wudinna Gold Project is located in the Gawler Craton which is home to some of thelargest IOCG discoveries in Australia including Olympic Dam, as well as Prominent Hill andCarrapateena. Cobra's Wudinna tenements contain extensive orogenic gold mineralisation andare characterised by potentially open-pitable, high-grade gold intersections, with ready access tonearby infrastructure. In total Cobra has over 22 orogenic gold prospects, with grades of between16g/t up to 37.4g/t outside of the current 211,000 oz JORC resource, as well as one copper-goldprospect, and four IOCG targets.Wudinna Project DescriptionThe Eyre Peninsula Gold Joint Venture comprises a 1,928 km2 land holding in the Gawler Craton.The Wudinna Gold Project within the Joint Venture tenement holding comprises a cluster of goldprospects which includes the Barns, White Tank and Baggy Green deposits.Figure 1: Wudinna Gold Project location planThe Central Gawler Gold Province is a belt of gold-dominant mineralisation which formedapproximately 1,590 million years ago during the regionally extensive Hiltaba/GRVtectonothermal event. Gold mineralisation at the Barns, White Tank and Baggy Green deposits ishosted by variably deformed granodiorite/gneiss interpreted to belong to the Tunkillia Suite, agroup of 1,690 Ma granitoids that form important host rocks in the Central Gawler Gold Province.The PDF version includes a map with Figure 1.

Current Wudinna Gold Camp Mineral ResourceDepositClassificationMtGrade (g/t Au)Gold otal2.121.5104,000White TankInferred0.281.413,000Baggy Note: Inconsistencies in totals due to roundingCompetent Person StatementTechnical information in this announcement has been reviewed by Craig Moulton, the Company'sManaging Director. Craig has 27 years' experience in the industry, having worked for Rio Tinto,Cleveland Cliffs and Wood Mackenzie, and is a trained Geologist and Mineral Economist. Craigholds a BSc Hons (Geology), MSc (Min Econs), MAusIMM, FGS.The person who arranged for the release of this information is Craig Moulton, the Company'sManaging Director.

Appendix 1: JORC Code Data (PDF Version Only)Figure 2: Plan view of drill collars at Baggy Green (GDA94 MGA Z53)Figure 3: Plan view of Baggy Green drillholes

Appendix 2 – LONG SECTION and CROSS SECTIONS (PDF version only)Figure 4 – Baggy Green cross section 547100Easeasem.g t romCo ereatheringmFigure 5 – Baggy Green cross section 546550EaseCo eraseeathering

Figure 6 – Baggy Green cross section 546800Easem0.5Co erg t rom 5 masem.0 g t romeatheringmFigure 7 – Baggy Green cross section 546850Easem0.g t rom 5mm. g t romCo erasemeathering

Figure 8 – Baggy Green cross section 546850EaseeatheringaseCo erFigure 9 – Baggy Green cross section 546900Emm0.0.g t romg t rom mmm.05g t rom 5 m0.asemg t rommm.0 g t rommCo eraseeathering

Figure 10 – Baggy Green cross section 546950Easeasem0.g t rommmCo ereathering0. 5g t rom 5 mFigure 11 – Baggy Green cross section 547000EaseCo erasem0.mg t rom0.mg t rom 0 meathering

Figure 12 – Baggy Green cross section 547050EaseCo eraseeatheringFigure 13 – Baggy Green cross section 547200EaseCo eraseeathering

Table 3: Drill Collars

JORC Code, 2012 Edition – Table 1 Wudinna ProjectSection 1 Sampling Techniques and Data(Criteria in this section apply to all succeeding sections.)CriteriaSamplingtechniquesJORC Code explanation Drillingtechniques Drill samplerecovery CommentaryNature and quality of sampling (e.g. cutchannels, random chips, or specificspecialised industry standard measurementtools appropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken aslimiting the broad meaning of sampling.Include reference to measures taken toensure sample representivity and theappropriate calibration of any measurementtools or systems used.Aspects of the determination ofmineralisation that are Material to the PublicReport.In cases where ‘industry standard’ work hasbeen done this would be relatively simple(e.g. ‘reverse circulation drilling was used toobtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fireassay’). In other cases more explanation maybe required, such as where there is coarsegold that has inherent sampling problems.Unusual commodities or mineralisation types(e.g. submarine nodules) may warrantdisclosure of detailed information.Reported 2020 Drilling Reported assays are from 19 inclinedreverse circulation (RC) drillholesdrilled to industry standardsgenerating 1m chip samples. Thenineteen holes have a combinedmetreage of 2,497m with all 1msamples submitted for analysis atAustralian Laboratory Services Pty Ltd(ALS) in Adelaide, South Australia.Drill type (e.g. core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (e.g. corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so, bywhat method, etc).Method of recording and assessing core andchip sample recoveries and results assessed.Measures taken to maximise samplerecovery and ensure representative natureof the samples.Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial. The RC drilling of 19 holes wereundertaken by Hagstrom Drilling usingan Austex AC/RC rig using a 140mmbit. All samples were recorded for sampletype, sample quality, samplecontamination and sample recoveryinto a sample register.Sample quality recorded the moistureof the sample, ie dry, moist or wet.Sample contamination was anestimate from 0 through to C3 (major).Sample recovery was a visual estimateby %. Data was recorded into a sample

book and sampler, date, hole id anddepth sample number were alsorecorded.CriteriaLoggingJORC Code explanation Sub-samplingtechniquesand samplepreparation Quality ofassay data andlaboratorytests Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriateMineral Resource estimation,mining studies and metallurgicalstudies.Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc)photography.The total length and percentage ofthe relevant intersections logged.If core, whether cut or sawn andwhether quarter, half or all coretaken.If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.For all sample types, the nature,quality and appropriateness of thesample preparation technique.Quality control proceduresadopted for all sub-sampling stagesto maximise representivity ofsamples.Measures taken to ensure that thesampling is representative of the insitu material collected, includingfor instance results for fieldduplicate/second-half sampling.Whether sample sizes areappropriate to the grain size of thematerial being sampled.The nature, quality andappropriateness of the assayingand laboratory procedures usedand whether the technique isconsidered partial or total.For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisCommentary All 2020 drill samples were logged by anexperienced geologists on-site at the time ofdrilling. Observations on lithology, colour,degree of weathering, moisture,mineralisation and alteration for sampledmaterial were recorded.All intersections were logged.Sample compositing consisted of onlycontiguous 1m drill samples. Samples weresplit using an inverted cone splitter.Sample sizes were appropriate for thematerial being sampled.Assay methods were appropriate for theelements analysed. As a first pass sampleswere analysed for gold by ALS using theirmethod AU-GRA22 using a 50g charge.Assays that returned over 10g/t werereanalysed using the Au- ICP22 method alsousing a 50g charge. Multi-elements (48) forall samples were analysed using ME-MS61, a

CriteriaLoggingJORC Code explanation Sub-samplingtechniquesand samplepreparation Quality ofassay data andincluding instrument make andmodel, reading times, calibrationsfactors applied and theirderivation, etc.Nature of quality controlprocedures adopted (e.g.standards, blanks, duplicates,external laboratory checks) andwhether acceptable levels ofaccuracy (i.e. lack of bias) andprecision have been established. Whether core and chip sampleshave been geologically andgeotechnically logged to a level ofdetail to support appropriateMineral Resource estimation,mining studies and metallurgicalstudies.Whether logging is qualitative orquantitative in nature. Core (orcostean, channel, etc)photography.The total length and percentage ofthe relevant intersections logged.If core, whether cut or sawn andwhether quarter, half or all coretaken.If non-core, whether riffled, tubesampled, rotary split, etc andwhether sampled wet or dry.For all sample types, the nature,quality and appropriateness of thesample preparation technique.Quality control proceduresadopted for all sub-sampling stagesto maximise representivity ofsamples.Measures taken to ensure that thesampling is representative of the insitu material collected, includingfor instance results for fieldduplicate/second-half sampling.Whether sample sizes areappropriate to the grain size of thematerial being sampled.The nature, quality andappropriateness of the assaying four-acid digest method with an ICP-MSfinish.Certified standards were submitted at a ratioof 1:25.Commentary All 2020 drill samples were logged byexperienced geologists on-site at the time ofdrilling. Observations on lithology, colour,degree of weathering, moisture,mineralisation and alteration for sampledmaterial were recorded.All intersections were logged.Sample compositing consisted of onlycontiguous 1m drill samples. Samples weresplit using an inverted cone splitter.Sample sizes were appropriate for thematerial being sampled.Assay methods were appropriate for theelements analysed. As a first pass samples

laboratorytests and laboratory procedures usedand whether the technique isconsidered partial or total.For geophysical tools,spectrometers, handheld XRFinstruments, etc, the parametersused in determining the analysisincluding instrument make andmodel, reading times, calibrationsfactors applied and theirderivation, etc.Nature of quality controlprocedures adopted (e.g.standards, blanks, duplicates,external laboratory checks) andwhether acceptable levels ofaccuracy (i.e. lack of bias) andprecision have been established. were analysed for gold by ALS using theirmethod AU-GRA22 using a 50g charge.Assays that returned over 10g/t werereanalysed using the Au- ICP22 method alsousing a 50g charge. Multi-elements (48) forall samples were analysed using ME-MS61, afour-acid digest method with an ICP-MSfinish.Certified standards were submitted at a ratioof 1:25.Section 2 Reporting of Exploration Results(Criteria listed in the preceding section also apply to this section.)CriteriaMineraltenement andland tenurestatusJORC Code explanation Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.Commentary Explorationdone by otherparties Acknowledgment and appraisal of explorationby other parties. The Baggy Green deposit is withinEL 6131, currently owned 100% byPeninsula Resources limited, awholly owned subsidiary ofAndromeda Metals Limited.Newcrest Mining Limited retains a1.5% NSR royalty over futuremineral production from bothlicences.Baggy Green is located withinPinkawillinnie Conservation Park.Native Title Agreement has beennegotiated with the NT Claimantand has been registered with theSA Government.Aboriginal heritage surveys havebeen completed over the BaggyGreen project area, with no siteslocated in the immediate vicinity.A Native Title Agreement is inplace with the relevant Native Titleparty.On-ground exploration completedprior to Andromeda Metals’ workwas limited to 400 m spaced soil

Geology Deposit type, geological setting and style ofmineralisation. Drill holeInformation A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:o easting and northing of the drill holecollaro elevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collaro dip and azimuth of the holeo down hole length and interceptiondeptho hole length. If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case. geochemistry completed byNewcrest Mining Limited over theBarns prospect.Other than the flying of regionalairborne geophysics and coarsespaced ground gravity, there hasbeen no recorded exploration inthe vicinity of the Baggy Greendeposit prior to AndromedaMetals’ work.The deposits are considered to beeither lode gold or intrusionrelated mineralisation related tothe 1,590 Ma Hiltaba/GRVtectonothermal event.Gold mineralisation is associatedwith significant alteration of hostrocks.The report includes a tabulation ofdrillhole collar set-up informationsufficient to allow anunderstanding of the resultsreported herein.

CriteriaData aggregationmethodsJORC Code explanation Relationshipbetweenmineralisationwidths andintercept lengths Diagrams Balanced reporting Other substantiveexploration data Further work In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shownin detail.The assumptions used for any reporting of metalequivalent values should be clearly stated.These relationships are particularly important inthe reporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statementto this effect (e.g. ‘down hole length, true widthnot known’).Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan viewof drill hole collar locations and appropriatesectional views.Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of Exploration Results.Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.Commentary Reported summaryintercepts are weightedaverages based on length.Maximum or minimumgrade truncations havenot been applied.No metal equivalentvalues have been quoted. Insufficient work ha

The Wudinna Gold Project within the Joint Venture tenement holding comprises a cluster of gold prospects which includes the Barns, White Tank and Baggy Green deposits. Figure 1: Wudinna Gold Project location plan The Central Gawler Gold Province is a belt of gold-dominant mineralisation which formed

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