Slide 1: Copper Strategy: Unlocking the Kalahari Copper Belt, Botswana
CAPITAL-LIGHT CATALYST-RICH For personal use only COPPER STRATEGY Unlocking the Kalahari Copper Belt, Botswana September 2025 Africa Down Under, Perth THIS INVESTOR PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 2: Disclaimer
DISCLAIMER Not for release to US wire services or distribution in the United States. For personal use only For full exploration results including relevant JORC Table information and Competent This investor presentation has been prepared by Cobre Limited (ACN 626 241 067). Persons Statements referred
Slide 3: Capital Light Approach
CAPITAL LIGHT APPROACH Three pronged exploration approach using partnerships to maximise potential for discoveries For personal use only while preserving capital and minimising shareholder dilution 01 02 03 DEVELOPMENT TIER 1 STRATEGIC OPPORTUNITY EXPLORATION TARGET DRILLING Ngami in-situ copper-sil
Slide 4: Why the Kalahari Copper Belt? Botswana
WHY THE KALAHARI COPPER BELT? BOTSWANA A Top-Tier Mining Jurisdiction For personal use only Low-risk, mining-friendly government ranked Top 5 globally by In 2023 KCB becomes a copper producing district Fraser Institute (Mining Investment Attractiveness Survey3), Khoemacau Copper Mine and exploration
Slide 5: Belt-Scale Opportunities Alongside Mining Majors
Kitlanya Khoemacau Maun Ngami BELT-SCALE OPPORTUNITIES ALONGSIDE MINING MAJORS Karoo volcanic cover For personal use only Okavango KCB extents 100%-ownership of highly-prospective copper and silver exploration tenements 50km in the KCB. Second largest tenement package in the Botswana KCB consisting
Slide 6: We Deliver: From Concept to Resource
WE DELIVER: FROM CONCEPT TO RESOURCE Project Evaluation District Direct Resource Pre-development & Target Generation Evaluation Target Testing Drilling Studies For personal use only 13,500 km magnetics MRE complete NGAMI COPPER 2,000 km AEM 1,100m RC drilling 13,900m 3,500m Environmental permitting
Slide 7: Ngami Project: In-Situ Copper Recovery Pathway to Development
01 Maun For personal use only In-Situ Copper Recovery NGAMI PROJECT: Pathway to Development “We have worked on a number of ISL projects and this would have to be the best we have seen” Ghanzi Damian Connelly Principal Consulting Engineer, METS
Slide 8: Ngami Copper Project | Geology
01 NGAMI COPPER PROJECT | GEOLOGY In-Situ Copper Recovery Hydrogeological studies confirm that Ngami’s For personal use only 20,000m of diamond drilling copper mineralisation zones have the right permeability for ISCR, enabling injection, completed well-to-well fluid transfer, and containment within
Slide 9: Maiden Mineral Resource Estimate
01 MAIDEN MINERAL RESOURCE ESTIMATE Global OPEX curve with modelled NCP Mineral Tonnage Cu Grade Ag Grade Cu Metal Ag Metal OPEX highlighted Resource (Mt) (%) (g/t) (kt) (MOz) MRE and updated Exploration Target Classification demonstrate the potential for a For personal use only Indicated 1.1 0.59 1
Slide 10: Pathway to Development
01 PATHWAY TO DEVELOPMENT Completed For personal use only Maiden Mineral Pilot plant Resource Exploration engineering design Metallurgical drilling demonstrates scale Hydrogeological work completed and potential Engineering test works confirms further Trade-off study test work development upside and
Slide 11: Kitlanya Project: US$25m BHP Partnership
02 Maun For personal use only KITLANYA PROJECT: BHP US$25m BHP Partnership earn-in to JV for Tier 1 “Our partnership with BHP is a major moment… Discoveries Ghanzi enabling a technology-driven work program designed to discover Tier 1 deposits, while preserving Cobre’s balance sheet.” ADAM WOOLDRIDGE
Slide 12: Kitlanya Projects
02 KITLANYA PROJECTS Strategic partnership with BHP to explore for tier-1 copper potential For personal use only BHP Partnership Secures Funding & Expertise BHP provides exploration and corporate overhead funding, along with scale and technical expertise, significantly enhancing Cobre’s potential fo
Slide 13: Kitlanya Project | Geology
02 KITLANYA PROJECT | GEOLOGY Big-scale Exploration for Tier 1 Seismic surveys identify target trap-sites and pathways for large copper-silver deposits Discoveries on the Prospective For personal use only Basin Margins Technology driven 01 exploration Target fold trap-sites with 02 deep fluid pathwa
Slide 14: Okavango Project: Strategic Land Package
03 Strategic land Maun package For personal use only OKAVANGO PROJECT: Proven potential; highly “The geology on this project has always been compelling and its strategic Ghanzi location has become that much more strategic with MMG entering the KCB... ” ADAM WOOLDRIDGE Chief Executive Officer, Cobre
Slide 15: Okavango Copper Project | Geology
03 OKAVANGO COPPER PROJECT | GEOLOGY Strike extension from MMG’s production hub For personal use only 39% of the remaining unexplored prospective contact, NE KCB Anomalous Copper 186km of prospective contact Intersections Comparable gravity signature to Zone 5 area Evidence of sub-basins and intra-b
Slide 16: Okavango Copper Project: Sinomine Strategic Partnership
03 OKAVANGO COPPER PROJECT For personal use only Sinomine Strategic Partnership and Purchase Agreement Diamond drilling at OCP Sinomine Partnership Secures Funding for Strategic Drill Programme Through A$1.5 to A$3m placement at a premium Option for A$7m purchase for 70% stake Sinomine retains optio
Slide 17: Investment Profile
For personal use only PROFILE INVESTMENT
Slide 18: Corporate Structure
CORPORATE STRUCTURE As at 27/5/2025 Capital Structure Shareholder Structure Share Price (as at 25/8/25) A$0.055 For personal use only Strata Investment Holdings Shares on issue (Prior to completion of the second tranche of the capital raising) 443.4M Holland International PTY LTD Market Capitalisati
Slide 19: Multiple Upcoming Value Triggers
MULTIPLE UPCOMING VALUE TRIGGERS Q3 25 Q4 25 Q1 26 INVESTMENT SUMMARY KEY CATALYST STRATEGIC SIGNIFICANCE For personal use only Maiden ISR mineral Provides resource estimate ahead Delivering Copper – right when resource estimate of environmental permitting and pilot plant development the world needs
Slide 20: Contact Us
CONTACT US ASX: CBE WWW.COBRE.COM.AU For personal use only INFO@COBRE.COM.AU 100%-owned ISCR copper project in development BHP-backed discovery program underway Near-mine drilling next to US$2B MMG acquisition De-risked, capital-light, catalyst-rich
Slide 21: Appendix A: In-Situ Copper Recovery
APPENDIX A: IN-SITU COPPER RECOVERY ISCR Process: A Low-impact Mining Method Suitable For Permeable Acid Soluble Orebodies For personal use only Acid + Oxidant / Reagent Copper Cathode Leaching Solution Enriched Electrolyte Pregnant Leach Solution Lean Electrolyte Diagram depicting an in- Pregnant L
Slide 22: Appendix A: Essential Criteria for ISCR
APPENDIX A: ESSENTIAL CRITERIA FOR ISCR Ngami Copper Project (NCP) For personal use only Mineralisation suitable for Ore Body below Suitable Host Acid Leaching: Water Table: Rock Permeability Fine-grained chalcocite ideal for Water table at 130m to 140m below Detailed fracture logging, AI-driven hyd
Slide 23: Appendix A: NCP Hydrogeology Results
APPENDIX A: NCP HYDROGEOLOGY RESULTS Active Pump Tests Prove Hydrogeology For personal use only Drilling of injection and monitoring wells into the primary mineralised fracture zone and less permeable hanging wall and footwall completed Injection of water demonstrates amenable permeability of minera
Slide 24: Appendix A: NCP Hydrogeology Supports ISCR
APPENDIX A: NCP HYDROGEOLOGY SUPPORTS ISCR Injection/Pumping Testing Proves Hydrogeology For personal use only 3 1 2 1 2 3 Simple hydrogeological setting with injection and recovery pump tests demonstrate that a lixiviant can be circulated through the ore body: Aquifer supports injection rates of at
Slide 25: Appendix A: NCP Metallurgy Supports ISCR
APPENDIX A: NCP METALLURGY SUPPORTS ISCR Metallurgical test work returns high copper-silver recoveries For personal use only Bottle roll test recoveries up to 90.7% copper with minimal reagent consumption Long-term leach-box tests designed to simulate in-situ environment return excellent results (up
Slide 26: Appendix A: ISCR Comparisons
APPENDIX A: ISCR COMPARISONS TASEKO MINES LIMITED COPPER FOX VAN DYKE EXCELSIOR GUNNISON THOR MINING ALFORD KAPUNDA MINE URANIUM FLORENCE COPPER DEPOSIT COPPER DEPOSIT For personal use only 363 Mt @ 0.35% Cu (M+I)1 97.6 Mt @ 0.33% Cu (Ind) 911.6 Mt @ 0.29% Cu (M+I)5 125.6 Mt @ 0.14% Cu (Inf) 3 102Mt