Cobre Limited (CBE.ASX) Quarterly Activities and Cash Flow Report
Cobre Limited (ASX:CBE) is pleased to provide its Quarterly Activities Report for the three months ended 30 June 2026 (the "Quarter").
The Quarter marked Cobre's transition to a copper producer, with the Sierra Atacama Copper Project in northern Chile delivering its first consecutive months of positive operating cash flow, alongside continued partner-funded exploration progress across the Company's Botswana portfolio in the Kalahari Copper Belt.
HIGHLIGHTS
Sierra Atacama Copper Project (Chile)
- Positive operating cash flow in each month of the Quarter - the operation generated positive operating cash flow for the Quarter of US$1.618 million, its first consecutive cash-flow-positive months, achieved within weeks of Cobre assuming operational control (unaudited management accounts).
- Copper cathode production of 879 tonnes for the Quarter, with leach recovery improving to 76% in June - the highest level achieved. The mine stabilisation plan at 400t, with a ramp-up schedule initially to 500-700t by Dec 2026, is on track.
- Financing liabilities reduced by approximately US$9.4 million since Cobre took management control, supported by an active debt-settlement and supplier-reset programme. It is anticipated that the Company will clear its historical liabilities by the September quarter.
- A reset of the supplier relationship was achieved in a short space of time, with all key supplies now under contract, further de-risking the production plan.
- ~40,000 m drilling programme, focused on resource expansion and testing the underlying high-grade sulphide system initiated.
- Several work streams are in progress to convert the current NI43-101 foreign estimate to a JORC-compliant resource.
- Additional 6,820 ha of exploration concessions secured immediately adjacent to Sierra Atacama, expanding Cobre's district-scale footprint.
Botswana (Kalahari Copper Belt)
- Cobre has signed a collaboration agreement with Equinor, a Norwegian multinational energy company to evaluate lixiviant performance and in-situ copper recovery (ISCR) parameters for Cobre's 100%-owned Ngami Copper Project ("NCP").
- Commissioning of the NCP ISCR well field commenced; Cosmos drilling confirmed continuity of copper-silver mineralisation over 800 m of strike, with higher-grade zones (>1% Cu) in every hole.
- Partner-funded exploration continued with Sinomine (Okavango Copper Project or OCP) and BHP (Kitlanya East and West), with follow-up drill targeting defined.
Corporate
- A cash balance of A$120 million following completion of the capital raise announced post Quarter end, with a cash position of A$30.0 million as at 30 June 2026 (A$20m in Cobre Australia and A$10m in the Sierra Atacama project).
- Appointment of ex Glencore and BHP Billiton executive, Kaveen Bachoo, as CFO. Subsequent to Quarter End
- Strategy to increase ownership to 75% and a clear pathway thereafter to 100% ownership of the Sierra Atacama Copper Mines negotiated.
- The Company launched an A$90 million capital raise to fast-track production and exploration at Sierra Atacama.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/M486L79D
Cobre Limited Martin Holland E: info@cobre.com.au WWW: www.cobre.com.au
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