2019 Investor Presentation LSE:COBR Disclaimer The information - - PowerPoint PPT Presentation

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2019 Investor Presentation LSE:COBR Disclaimer The information - - PowerPoint PPT Presentation

2019 Investor Presentation LSE:COBR Disclaimer The information contained in these slides has been prepared by Cobra Resources plc (the "Company"). It has not been approved by the United Kingdom Financial Conduct Authority under the


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2019 Investor Presentation

LSE:COBR

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Disclaimer

The information contained in these slides has been prepared by Cobra Resources plc (the "Company"). It has not been approved by the United Kingdom Financial Conduct Authority under the Prospectus Rules (made under Part VI of the Financial Services and Markets Act 2000) or otherwise, or by the London Stock Exchange plc. Nothing in these slides, nor in any information communicated to you in the presentation of these slides, constitutes or forms part of any offer for sale or solicitation of any offer to buy

  • r subscribe for any securities in any jurisdiction nor shall these slides, such presentation or any part of them form the basis of or be relied on in connection with, or act as any

inducement to enter into, any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or the presentation of them or on the completeness, accuracy or fairness thereof. No undertaking, representation, warranty or other assurance, express or implied, is

  • r will be made or given by or on behalf of the Company or its directors, officers, partners, employees, affiliates, representatives, agents or advisers (together, the “Affiliates”)
  • r any other person as to the accuracy or completeness of the information or opinions contained in these slides and/or the presentation of them and no responsibility or

liability is accepted by any such person for any such information or opinions or for any errors, omissions or misstatements, negligent or otherwise, nor for any other communication written or otherwise. In addition, either the Company nor any of its Affiliates undertakes any Obligation to update or to correct any inaccuracies which may become apparent. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation, warranty or other assurance made fraudulently. The statements contained in these slides and/or the presentation of them may include "forward-looking statements" that express expectations as to future events or results. Forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements. Any of the assumptions underlying forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in forward-looking statements may not actually be achieved. Nothing contained in these slides and/or the presentation of them should be construed as a profit forecast or profit estimate. Investors and any other recipients of such communications are cautioned not to place reliance on any forward-looking

  • statements. The Company undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future

events or other circumstances. Neither these slides nor the presentation of them should be considered a recommendation by the Company or its Affiliates in connection with any purchase of or subscription for securities of the Company. You are encouraged to seek individual advice from your personal, financial, legal, tax and other advisers before making any investment or financial decisions subscribing for or purchasing any of the Company’s securities. These slides should not be copied or distributed by recipients and, in particular, should not be distributed by any means, including electronic transmission, to persons with addresses in the United States of America, Canada, Australia, Republic of South Africa, New Zealand or Japan, or any other jurisdiction where such distribution would violate the relevant securities laws of such jurisdiction, of their possessions or territories or to any citizens thereof, or to any corporation, partnership or such entity created or organised under the laws thereof. Any such distribution contrary to the above could result in a violation of the laws of such countries. Any reference to any provision of any legislation in this document shall include any amendment, modification, re-enactment or extension thereof. These slides and their contents are confidential and are being supplied to you solely for your information and may not be reproduced, re-distributed or passed on, directly or indirectly, to any other person or published in whole or in part for any purpose. By accepting receipt of this document, you agree to be bound by the limitations and restrictions set out above.

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Overview

Purpose

Cobra Resources plc (the “Company”) is an exploration and mining company focused on the delivery of the Wudinna Gold Project and Prince Alfred Copper mine. Both are advanced resource exploration projects located in South Australia

Our Value

A strong commercial and technical management team Quality, advanced projects in growth commodities A leading mining jurisdiction with a developed regulatory framework Low EV for existing resource and upside potential Breakthrough geological interpretation the key to unlocking resource growth

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Our Aims

Wudinna Explore the Wudinna Gold Project by applying advanced geochemical relations as pathfinders to basement mineralisation Grow the resource base at Wudinna from 211,000 ounces of gold to over 1 million ounces Advance the project towards to a Pre-feasibility study Prince Alfred Test the depth extent of copper mineralisation below the Prince Alfred Mine Define a new copper resource

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Rolf Gerritsen: Non-Executive Director Multilingual, entrepreneurial global executive with a exceptional delivery record. Over 30 years experience in the natural resources sector. CEO Metal NRG Plc Organisational, commercial and financial strategist.

Experienced Management Team

The Board, collectively has over 90 years experience in the natural resources sector

Craig Moulton – Managing Director Geologist / mineral economist. 25 years of global resource / mining experience including: Rio Tinto, Cliffs & Wood Mackenzie. Broad commodity experience, with project experience including Australia, Mongolia, USA, Indonesia. Greg Hancock: Non-Executive Director Corporate finance specialist with over 35 years’ experience in the capital markets

  • f Australia and the United Kingdom.

Focused on sourcing, negotiating, and financing of strategic resources for companies. Non-exec Chair of Ausquest Ltd, BMG Resources Ltd; NED of Zeta Petroleum Plc, Strata X Energy Ltd, Golden State Mining Ltd and King Island Scheelite Ltd.

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Project Overview

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Wudinna Gold Project Prince Alfred Copper Project

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Prince Alfred Copper Miner

A historic copper mine with no modern exploration

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Prince Alfred

100% owned by wholly owned Cobra subsidiary Lady Alice Mines Pty Ltd. Historic high-grade mineralisation / operations. Mining ceased due to existing technology / copper price paradigm. Depth extent of mineralisation has yet to be properly tested. Mineralisation can be tested quickly and cheaply. A clear exploration programme. A compelling opportunity: Brownfields Exploration

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Photo Source: https://www.environment.sa.gov.au/files/sharedassets/public/heritage/her-reg-prince- alfred-copper-mine-precinct-assessment-report.pdf

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The Prince Alfred Copper project was discovered in 1866, unfortunately no historic records survived. Operated by the Prince Alfred Gold Mining Company Ltd 1869 – 1874. Most ore production occurred in the 1870’s, initially shipping concentrate to Port Adelaide, then three smelters (wood fired reverberatory furnaces) were built in 1871. Initially open cut, then three shafts were sunk to 82m, 45m and 30m. The reason for the first closure is unclear, but there were several labour disputes. Worked again between 1888-1909, producing 12kt of ore and shipping concentrate to

  • Wallaroo. Closed due to copper price crash.

1967 until early 1970’s the tailings were tank leached to recover 600t of copper. Project History

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Source: https://www.environment.sa.gov.au/files/sharedassets/public/heritage/her-reg- prince-alfred-copper-mine-precinct-assessment-report.pdf

Prince Alfred

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Photo Source: https://www.environment.sa.gov.au/files/sharedassets/public/heritage/her-reg-prince-alfred-copper-mine-precinct-assessment-report.pdf

Project History

Prince Alfred

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Located 100km north-east of Port Augusta. One granted exploration license (two areas) EL 6016 – 9km2. Cu mineralisation is stratiform , shear-hosted with grades around 5% Cu (Historic).

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Prince Alfred Copper Mine EL 6016

Location & Tenure

Prince Alfred

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The Mines Department drilled two holes in 1960 to test beneath the Prince Alfred Mine. DDH #1 stopped short of mineralisation due to a miscalculation in target hole depth.

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DDH 1 DDH 2 DDH 1

Exploration Model

Prince Alfred

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DDH #2 is thought to have tested

  • utside

the southern boundary of the mineralised structure. Mineralisation is believed to dip at 50 degrees to the west and to plunge at 60 degrees to the south. The target is to identify high-grade sulphide ore down-dip and down- plunge.

“the lode appears to be faulted at the 108-ft and 170-ft levels and although still very

satisfactory, is not as rich in the lower as in the upper workings. It continues underfoot on the 170-ft level…..From structural considerations it appears that there is a strong possibility that the lode will continue underfoot for some considerable depth.”

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DDH 1 DDH 2

Exploration Model

Prince Alfred

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Wudinna Gold Project

An advanced gold exploration project with significant upside potential

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Located in the Central Gawler Gold Province, Eyre Peninsula South Australia Central Gawler Gold province comprises gold deposits such as Tunkillia, Tarcoola, Weednanna and Nuckulla Hill. The prospects/deposits are similar to those of

  • rogenic- and intrusion-related gold deposits

Both the Central Gawler gold province and Olympic Dam IOCG province, systems broadly coeval with magmatism of the Hiltaba Suite and Gawler Range Volcanics, at ~1570 to 1595 Ma.

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An Advanced Exploration Project

Wudinna

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Large land holding – 1928km2. 6 granted tenements – EL 5953, EL 5615, EL 6317 , EL 6131, EL 6001 & EL 6262 -

(Newcrest Royalty 1.5%).

100% owned by Andromeda Metals Ltd – Lady Alice Mines Pty Ltd $5m farm-in to earn 75% 1583 holes drilled for 91,443m. Tenure

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Wudinna

Farm-in Terms

Stage 1 – A$2.1m within 3 years to earn a 50% Stage 2 – spend a further A$1.65 million over a further two years to earn a 65% Stage 3 - spend a further $1.25 million over a further 12 months to earn 75%

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Mineralisation

Barns 3-D Model 17

Wudinna

Mineralisation occurs as a series of stacked quartz/pyrite veins The dip of the sheets is variably shallow and plunge at 20→ 305 The hydrothermal alteration is characteristically zoned around gold mineralisation, with intense sericite pyrite alteration and quartz veining proximal to gold mineralisation Gold is associated with pyrite and minor to trace galena, sphalerite, and chalcopyrite. Iron oxides are low in abundance in mineralized zones, which correspond to demagnetized zones.

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2000 - The Barns gold deposit was discovered with significant intersections including 12 metres at 3.38g/t gold from 67 metres in RCBN-123, and 35.49 metres at 1.80g/t gold from 115 metres in PDBN-134. 2003 - White Tank, discovered, included 7 metres at 10.03g/t gold from 63 metres in RHBN-234, and 17 metres at 3.47g/t gold from 60 metres in RHBN-248. 2004 - Baggy Green discovered, including 8 metres at 4.79g/t gold from 34 metres in WUD6-770, and 5 metres at 9.01g/t gold from 66 metres in BGRC-865.

Discover History

Source: http://www.andromet.com.au/projects/eyre-peninsula

Wudinna

Baggy Green Prospect

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>150koz Resource mineral resource published January 2017 (JORC 2012) Optiro currently remodelled the resource, which is expected to deliver a higher confidence resource Variography has confirmed that the 305 plunge direction is the preferred geological continuity. The new resource model only estimates grades within geologically defendable solids, and excludes numerous grade intercepts due to a lack of drilling.

Mineral Resources

Source: http://www.andromet.com.au/images/uploads/reports/20170823_Company_Presentation_sm.pdf

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Wudinna

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Barns model sections

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Barns 6366170m N

+5g/t not currently in the model.

Wudinna

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Baggy Green model sections

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Baggy Green 6362870m N

+5g/t not currently in the model.

Wudinna

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Evident trend in calcrete depletion and gold mineralisation, aligned with zone of deformation. Barns mineralisation could have been discovered by drilling only the highest 5% of sample values within the 2.5 ppb contour ... for a discovery cost in the order of $1.50/ounce.

Geochemistry

Wudinna

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Many of gold anomalies fall within a zone of calcrete deficiency which aligns with the Wudinna Deformed Zone. Calcium-normalised gold in soil/calcrete values better reflect the presence of underlying gold mineralisation than raw gold in soil/calcrete values. Previous drilling was sited to test raw gold in soil/calcrete anomalies – which is suboptimal. Coincidence of arsenic anomalism with calcium- normalised gold anomalism is rated as a target identifier. Silver anomalism coincident with calcium- normalised gold anomalism (with or without arsenic) is rated as a secondary identifier.

Geochemistry

Wudinna

Raw Au-in-soil (not normalised) Calcium Normalised Au-in-soil

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Geochem drill targets

ANC#2 ANC#1 ANC#3 ANC#4 ANC#5 BU#1

6 priority targets (14 total) defined by coincident calcium-normalised Au and arsenic in soils Several with larger geochemical signatures than Barns / Baggy Green

Wudinna

ANC#8 ANC#6 ANC#7 Barns Baggy Green

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2019 / 2020 Exploration Programme

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2019/2020 Exploration Programme

Prince Alfred Programme Objectives

2019 5 to 7 x (100m – 150m) RC pre-collars / diamond drill extensions to Prince Alfred mineralisation Downhole geophysics to test for mineralisation extent within proximity of drill holes 2020 Define JORC mineral resources at Prince Alfred

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2019 Wudinna Exploration Programme

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2019/2020 Exploration Programme

Wudinna Programme Objectives

2019 Test Resource extensions at Baggy Green (10 holes – 1000m) Infill Geochem sampling Test mineralisation at Baggy Green far-North Test northern and southern extensions of Baggy Green South Test model at 6 priority target anomalies (36 holes – 3600m) Geochem (soil / calcrete sampling) to better define drill targets RC drill testing of refined geochem targets 2020 Define new resources at 2/3 best drill results Aim is to double or triple existing JORC resource

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2019 Exploration Programme

Wudinna

2019

Jul Jan

2020

This Photo by Unknown Author is licensed under CC BY-NC-ND This Photo by Unknown Author is licensed under CC BY-NC-ND This Photo by Unknown Author is licensed under CC BY-SA

2019

Sep

Baggy Green ANC# 6,7 & BU1 ANC# 1, 3 & 8

This Photo by Unknown Author is licensed under CC BY

Geochem Sampling

✓ ✓

Approvals Drilling Results

Prince Alfred

Prince Alfred Mine

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Prince Alfred

A walk-up brownfields copper project. Existing mineralised system, where mining stopped due to copper price and mining / processing technology. Can be quickly and effectively tested.

Wudinna

Wudinna is an advanced exploration project situated in a highly prospective geological terrane, with an existing resource > 200koz. The presence of transported cover has deterred explorers due to a lack of effective geochemical path finders to mineralisation. A new understanding of the continuity of mineralisation, and the use of Calcium-normalised Au + As +/- Ag anomalism is expected to be a breakthrough target generation tool. The potential for resource extensions and additions is significant with a straight forward exploration programme.

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Conclusions

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LSE:COBR www.cobraresourcesplc.com Contact Us: Craig Moulton cm@cobraresourcesplc.com +61 406932187 Rolf Gerritsen rg@cobraresourcesplc.com