Cobre Limited's Quarterly Activities Report Highlights Major Developments in Botswana

Corporate Highlights

Following the successful completion of the first tranche of the A$4.0 million placement announced in the March Quarter, which was strongly supported by new and existing shareholders, the Extraordinary General Meeting (EGM) for approval of the second tranche has been set for Tuesday 6 August 2024. A prospectus for the offer of options attaching to shares under the placement was lodged with ASIC and the ASX on 15 July 2024.

On 6 June, the Company’s Executive Chairman, Martin Holland, presented to interested parties at the Sydney Mining Club. On 23 June, the Company’s Chief Executive Officer, Adam Wooldridge, presented at the BHP Xplor Showcase in Toronto, marking the end of the 6-month BHP Xplor programme. The Company will update the market in due course on any future developments that may arise from this programme.

Botswana Projects

During the quarter, Cobre’s exploration activities were focused in the Kalahari Copper Belt (KCB) in Botswana, where the company has adopted a 3-pronged exploration strategy:

• Explore for Tier 1 deposits in large fold trap-sites using seismic survey to identify targets. This programme is being funded through the BHP Xplor programme where Cobre is part of the 2024 cohort. Seismic survey commenced at the end of the quarter on the Kitlanya West project.
• Provide a pathway to development using In-Situ Copper Recovery (ISCR) to unlock the significant copper-silver mineralisation at the Ngami Copper Project (NCP). Successful hydrogeological pump tests were completed during the quarter.
• Undertake strategic target drilling to provide potential for short-term discoveries. Diamond drilling commenced on the Okavango Copper Project (OCP), located directly along strike from MMG’s Zone 5 production, during the quarter. Assay results are pending from this programme.

Ngami Copper Project

Hydrogeological tests at Ngami, designed to provide essential information to demonstrate the viability of an ISCR process for extraction of copper-silver from the significant strike of mineralisation at Ngami, have provided an ideal result. The hydrogeological test results provide the confidence to continue with engineering scoping studies and advanced metallurgical test work ahead of resource drilling. The scoping study has been designed to provide an economic model for ISCR extraction with initial results expected at the end of the current quarter.

Subsequent to the end of the quarter, assay results from pump test wells drilled to intersect fracture-hosted mineralisation at the Comet Target at the NCP provide significant encouragement for the down-dip extension of higher-grade mineralisation. The Company has also commenced advanced metallurgical column leach tests on characteristic core samples of mineralisation from both the Comet and Interstellar Targets. The column leach tests have been designed to estimate ISCR and silver recoveries, presenting another key milestone in proving up an ISCR extraction process.

Okavango Copper Project

During the quarter, Cobre announced the commencement of a Diamond Drilling programme at its wholly owned OCP with an initial 2,000 m programme, designed to test for copper-silver mineralisation along strike from neighbouring MMG’s Zone 5 group of deposits. The drill programme has now been completed with assay results due in the next 4 weeks.

Kitlanya West Project

Commencement of an active 2D reflection seismic survey, with overlapping passive seismic survey (Ambient Noise Tomography or “ANT”) designed to target potential Tier 1 trap-sites for copper-silver mineralisation. The active seismic survey is expected to be completed by month-end with processed results from both active and ANT expected during the current quarter.

Investments

Cobre has a ~14% equity stake in Armada Metals Limited (ASX: AMM). During the quarter, Armada announced the signing of a binding term sheet to acquire 100% of the issued capital of Midwest Lithium Limited. Midwest Lithium is a mineral explorer, targeting the exploration and development of hard rock lithium projects in the USA. On completion, Midwest shareholders will hold 50% of the enlarged post capital raising, issued share capital of Armada.

Corporate and Financial Summary

Following the successful completion of the first tranche of the A$4.0 million placement announced in the March Quarter, which was strongly supported by new and existing shareholders, the Extraordinary General Meeting (EGM) for approval of the second tranche has been set for Tuesday 6 August 2024. A prospectus for the offer of options attaching to shares under the placement was lodged with ASIC and the ASX on 15 July 2024.

Pursuant to ASX Listing Rule 5.3.1, Cobre provides the following breakdown of the exploration expenditure of $1,701,133 stated in section 2.1(d) and 8.2 of the attached Appendix 5B, which was incurred across the June 2024 Quarter.