Cobre Limited · ASX:CBE
Cobre — Investor Presentation (July 2026)
43 slides from Cobre's investor presentation, Jul 14, 2026
Slide 1: Equity Raising Presentation July 2026
South America For personal use only COBRE PRODUCING NOW. DISTRICT-SCALE NEXT. Not for release to US wire services or distribution in the United States View across the Sierra Atacama Mine This presentation has been approved by Cobre’s CEO EQUITY RAISING PRESENTATION JULY 2026 ASX: CBE | July 2026 THI
Slide 2: Investment Highlights
INVESTMENT HIGHLIGHTS Emerging copper producer with multiple value creation levers SIERRA ATACAMA ACQUISITION UPDATE PRODUCING COPPER ASSET RESOURCE FOUNDATION For personal use only • Existing copper cathode production • Foreign Estimate of 109.6Mt @ 0.67% CuT1 • Established underground mining opera
Slide 3: A$90 Million Placement De-Risks the Next 18 Months
A$90 MILLION PLACEMENT DE-RISKS THE NEXT 18 MONTHS Increases ownership in Sierra Atacama, accelerates cash flows and removes key execution risks For personal use only 01 02 03 04 05 JORC & INCREASE ACCELERATE FUND ELIMINATE RESOURCE OWNERSHIP DEVELOPMENT GROWTH LEGACY DEBT GROWTH • Pathway to increa
Slide 4: Pathway to Materially Expand Ownership Interest
PATHWAY TO MATERIALLY EXPAND OWNERSHIP INTEREST Cobre is pursuing a pathway to increase their ownership interest in the Sierra Atacama Project For personal use only CURRENT POSITION INCREASE TO ~75% • Cobre to fund US$12M capital increase at project level • Cobre currently owns approximately 45% of
Slide 5: Building a Global Copper Producer
BUILDING A GLOBAL COPPER PRODUCER SIERRA ATACAMA (CHILE) BOTSWANA For personal use only • Acquired April ’26. Producing copper asset in Tier-1 • Large-scale tenure in Kalahari Copper Belt Antofagasta region • Exposure to Tier-1 sediment-hosted copper systems • Current ~400t/month copper cathode prod
Slide 6: First Class Team Supports Growth Ambitions
FIRST CLASS TEAM SUPPORTS GROWTH AMBITIONS Strengthens with recent hires BOARD OF DIRECTORS For personal use only Adam Wooldridge Kaveen Bachoo CEO Michael McNeilly CFO NON-EXECUTIVE DIRECTOR Geophysicist and mining executive Mining finance executive with 20+ Experienced corporate financier, with 30
Slide 7: Corporate Overview
CORPORATE OVERVIEW COBRE CORPORATE STRUCTURE As at 30/06/26 Capital Structure For personal use only Shareholder Structure Share Price (as at 01/07/26) A$0.33 Shares on issue 966.4m Tribeca Investment Partners Market Capitalisation A$318.9m Strata Investment Holdings Cash Position (as at 30/06/26) A$
Slide 8: Equity Raising
South America For personal use only Equity Raising View across the Sierra Atacama Mine ASX: CBE | July 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 9: Equity Raising Overview
EQUITY RAISING OVERVIEW A$90 million Equity Raising by way of a two-tranche institutional Placement COBRE CORPORATE STRUCTURE • Cobre Limited (“Cobre”, the “Company”, or “CBE”) has successfully completed a A$90 million two-tranche institutional placement For personal use only via the issue of 300 mi
Slide 10: Sources and Uses of Funds
SOURCES AND USES OF FUNDS Sources of Funds (US$m)1 (A$m) For personal use only Gross proceeds from the Equity Raising 63 90 Cash and cash equivalents (as at 30 June 2026) 21 30 Total Sources of Funds 84 120 Use of Funds (US$m)1 (A$m) Payment as part of Project level capital increase to increase 12 1
Slide 11: Indicative Equity Raising Timetable
INDICATIVE EQUITY RAISING TIMETABLE COBRE CORPORATE STRUCTURE For personal use only Event Date (2026)1 Placement announced, trading halt lifted and recommencement of trading Thursday, 9 July 2026 Settlement of New Shares issued under Tranche 1 Wednesday, 15 July 2026 Allotment, quotation and trading
Slide 12: Sierra Atacama
South America For personal use only Sierra Atacama View across the Sierra Atacama Mine ASX: CBE | July 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 13: M&A in Chile
M&A IN CHILE A producer in the world’s top Copper jurisdiction For personal use only Northern Chile - world’s leading copper producing region Along strike from major deposits (Mantos Blancos, Marimaca) Producing asset with existing infrastructure District-scale exploration upside enhanced by the rec
Slide 14: Proposed Path to Re-Valuation
PROPOSED PATH TO RE-VALUATION 6 step plan to unlock significant upside For personal use only 01 02 03 04 05 06 Optimise, Staged Convert to stabilize and progression to Test extent of Unlock District Refinance and JORC-compliant grow cash supplementary significant high- Scale Exploration clean debt r
Slide 15: Sierra Atacama – A Simple but Compelling Narrative
SIERRA ATACAMA – A SIMPLE BUT COMPELLING NARRATIVE For personal use only 01 • Capital-constrained copper mine with value held back by operational, not geological, issues. Acquire at a discount • Acquired at an attractive valuation with 734kt contained Cu(NI 43-101) significant re-rating potential. •
Slide 16: Step Change in Cash Generation Is Approaching
STEP CHANGE IN CASH GENERATION IS APPROACHING Indicative production ramp-up & operating cash flow1,2 For personal use only ~US$8-10M / Month Copper cathode ()t / month ~US$3-4M / Month 1,500t/m ~US$0-0.5M / Month 700t/m 400t/m Current (Existing UG) Dec-26 (Optimised UG) Dec-27 (UG + Open Pit) Produc
Slide 17: Operational Turnaround Delivering Results
OPERATIONAL TURNAROUND DELIVERING RESULTS Rapid operational improvements have restored Sierra Atacama to positive cash flow For personal use only FIRST CONSECUTIVE CASH-FLOW POSITIVE MONTHS DRIVERS OF THE TURNAROUND • April 2026 operating cash flow: US$644k • May 2026 operating cash flow: US$601k •
Slide 18: 40,000m Drill Program Underway
40,000M DRILL PROGRAM UNDERWAY Key drivers over the next 6–12 months For personal use only Announced in April ’26, a 40,000m drill program to expand and develop a world class resource • High-grade sulphide mineralisation identified below oxide zones • Geophysical surveys Step 4 mapping conductive St
Slide 19: Advancing Towards a JORC-Compliant Resource
ADVANCING TOWARDS A JORC-COMPLIANT RESOURCE Advancing validation work to support delivery of a JORC-compliant Mineral Resource Estimate For personal use only Database review Geological interpretation COMPLETED Structural modelling QAQC review Validation drilling Density sampling Workstreams IN PROGR
Slide 20: Opportunity for Large-Scale Open Pit Expansion
OPPORTUNITY FOR LARGE-SCALE OPEN PIT EXPANSION The following 2025 NI43-101 estimate was calculated using an open-pit whittle shell with 0.4% CuT% cut-off totalling 734kt1 contained copper. For personal use only Classification Tonnes (mt) CuT (%) CuS (%) Measured 13.986 0.78 0.65 Indicated 44.097 0.6
Slide 21: Resource Growth Supports Open Pit Expansion
RESOURCE GROWTH SUPPORTS OPEN PIT EXPANSION Broader Practical,mineralised corridors areimprovements near-term operational emerging, supporting the potential for larger-scale open pit development Recent work indicates: Development Pathway For personal use only UNDERGROUND STARTER PITS LARGER OPEN PIT
Slide 22: Near-Mine Resource Growth – Short Term Upside
NEAR-MINE RESOURCE GROWTH – SHORT TERM UPSIDE For personal use only Valentina-Triunfo corridor identified as priority target Multiple historical drill intercepts including: • 46m @ 0.73% Cu • 36m @ 0.61% Cu • 32m @ 0.80% • 16m @ 1.56% Cu • Located adjacent to existing operations • Historical permit
Slide 23: Sulphide Opportunity
SULPHIDE OPPORTUNITY High-grade sulphide mineralisation confirmed beneath existing oxide resources and remains open at depth Chalcocite, bornite and oxide mineralisation, Cecelia Norte Mine, Bornite sample from base of 1070 level Roxana Norte 1 KEY OBSERVATIONS For personal use only • Bornite and ch
Slide 24: Building Control of the Sierra Atacama District
BUILDING CONTROL OF THE SIERRA ATACAMA DISTRICT WHAT WE SECURED For personal use only WHAT IT UNLOCKS DISTRICT CONSOLIDATION 22,000HA+ TOTAL LAND POSITION 25 new mining concessions Pipeline of new discovery ~6,820ha secured across 25 adjoining opportunities concessions, including key extensions of t
Slide 25: Botswana
South America For personal use only Botswana View across the Sierra Atacama Mine ASX: CBE | July 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 26: Botswana Growth Path Retained
BOTSWANA GROWTH PATH RETAINED For personal use only DEVELOPMENT TIER 1 STRATEGIC 1 2 3 OPPORTUNITY EXPLORATION TARGET DRILLING Ngami in-situ copper-silver US$25M BHP partnership earn- Strategically located Okavango recovery project in to joint venture on basin- Copper Project margin projects ASX: CB
Slide 27: Botswana; Development + Discovery Momentum
BOTSWANA; DEVELOPMENT + DISCOVERY MOMENTUM NGAMI COPPER PROJECT (100%) — ISCR EXPLORATION UPSIDE + PARTNER- For personal use only DEVELOPMENT1 FUNDED GROWTH • 40km of mineralised strike tested with 20,000m of diamond drilling Okavango Copper Project: • Fracture hosted chalcocite mineralisation below
Slide 28: Outlook
South America For personal use only Outlook View across the Sierra Atacama Mine ASX: CBE | July 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 29: Clear Growth Strategy
CLEAR GROWTH STRATEGY 0-6 Months. Optimise the existing operation and For personal use only 01 stabilise production at 6000t/a. Restore to profitability. 6-MONTH GOAL 12-MONTH GOAL 02 6-12 months. Expand operations. SX-EW plant & crusher circuit to increase run rate capacity to 18,000t/a copper cath
Slide 30: Growth Roadmap & Key Catalysts
GROWTH ROADMAP & KEY CATALYSTS H2 2026 H1 2027 H2 2027+ For personal use only PRODUCTION DEVELOPMENT SCALE Production Optimisation Starter Pit Studies Open Pit Expansion Throughput Improvements Sulphide Drilling Resource Growth Debt Restructuring Open Pit Planning Botswana Demo Plant RESOURCE EXPLOR
Slide 31: Cobre and Copper Fundamentals
COBRE AND COPPER FUNDAMENTALS 8Mt+ A$85M ~3.1× For personal use only Projected deficit by 2035 Revenue today → A$334M potential Discount to nearest comparable Demand forecast to reach 36Mt+ by 2035 driven by Sierra Atacama produces 400t/month copper cathode Cobre at ~A$435/t vs Marimaca ~A$1,333/t.
Slide 32: Appendices
South America For personal use only Appendices View across the Sierra Atacama Mine ASX: CBE | July 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 33: Risk Factors
RISK FACTORS Company Risk Factors For personal use only Exploration and Development Proposed exploration programs may not result in exploration success. Mineral exploration, by its nature, is a high-risk endeavour and consequently, there can be no assurance that exploration of any of the Company's c
Slide 34: Risk Factors
RISK FACTORS Legacy Debt and Financial Obligations For personal use only The Sierra Atacama project carries legacy supplier debt obligations inherited from the previous owners. The Company intends to restructure or settle these obligations, including through the use of proceeds from the Offer. Howev
Slide 35: Risk Factors
RISK FACTORS Vision Concession Acquisition Risk For personal use only The Company has entered into a staged option arrangement to acquire 25 additional mining concessions adjoining the Sierra Atacama project (the Vision acquisition), at a total option cost of US$2.1 million payable over three years.
Slide 36: Risk Factors
RISK FACTORS Reliance on key personnel The responsibility of overseeing the day-to-day operations and the strategic management of the Company depends substantially on the efforts and ability of senior management, executive officers and the Directors. For personal use only Investors must be willing t
Slide 37: Risk Factors
RISK FACTORS Economic For personal use only General economic conditions, movements in interest and inflation rates and currency exchange rates may have an adverse effect on the Company's activities, as well as on its ability to fund those activities. Currency Risk The Company is domiciled in Austral
Slide 38: Risk Factors
RISK FACTORS Climate Change For personal use only There are a number of risks related to climate change which may affect the Company, including: • the changes which may occur to the climate of the area in which the projects are situated are not able to be predicted. The climate may change in a way w
Slide 39: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS INTERNATIONAL OFFER RESTRICTIONS International Offer Restrictions For personal use only This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may
Slide 40: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS INTERNATIONAL OFFER RESTRICTIONS Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New For personal use only
Slide 41: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS New Zealand For personal use only This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allot
Slide 42: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS INTERNATIONAL OFFER RESTRICTIONS United Kingdom For personal use only This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions
Slide 43: Disclaimer
DISCLAIMER Not for release to US wire services or distribution in the United States. foreign estimate will be able to be reported as a mineral resource under the JORC Code 2012. Cobre confirms that it is not in possession of any new information or data relating to the foreign estimate that materiall