Cobre Limited · ASX:CBE
Cobre — Investor Presentation (November 2026)
27 slides from Cobre's investor presentation, Nov 11, 2026
Slide 1: Investor Presentation November 2026
ASX: CBE · NOVEMBER 2026 rsonal use only COPPER IN CHILE · DISCOVERY IN BOTSWANA Producing now. District-scale next. SIERRA ATACAMA · CHILE Investor Presentation November 2026 Authorised for release by Adam Wooldridge, Chief Executive Officer. Cover: RC drilling at the open-pit oxide resource, Sierr
Slide 2: Investment highlights
INVESTMENT CASE Investment highlights Emerging copper producer with multiple value creation levers rsonal use only 01 02 03 04 PRODUCING COPPER RESOURCE MULTIPLE GROWTH RE-RATING CATALYSTS ASSET FOUNDATION PATHWAYS ~4x 734kt ~50ktpa End-Nov targeted lift in monthly contained copper in the indicative
Slide 3: Corporate overview
CORPORATE Corporate overview Capital structure, major shareholders and leadership A$0.24 ~A$312m SHARE PRICE & VOLUME, 2 YEARS TO 3 NOV 2026 — Share price (A$) ▮ Daily volume rsonal use only Share price (3 Market capitalisation Nov 2026) 1,302.0m ~A$90m Cash (pro forma, incl. Shares on issue Tranche
Slide 4: First-class team supports growth ambitions
LEADERSHIP First-class team supports growth ambitions Experienced board and management across mining, capital markets and M&A rsonal use only INCOMING NON-EXECUTIVE CHAIR EXECUTIVE CHAIR (MD FROM AGM) Philip Mitchell Martin Holland Former Rio Tinto Head of Business Development & Mining executive and
Slide 5: Building a global copper producer
STRATEGY Building a global copper producer A producing Chilean copper asset plus Tier-1 Botswana exploration rsonal use only PRODUCING · 62.86% CONTROLLED EXPLORATION · DEVELOPMENT Sierra Atacama, Chile Kalahari Copper Belt, Botswana Producing asset in the Tier-1 Antofagasta region; 62.86% control L
Slide 6: Growth capex fully funded; EBITDA-positive
BALANCE SHEET Growth capex fully funded; EBITDA-positive ~A$90m pro forma cash; second straight quarter of positive EBITDA; debt down ~38% since acquisition rsonal use only DEBT IN CONTROL STRONG CASH ~A$90m US$32.2m total debt, down ~38% from ~US$51.7m of on-demand debt at acquisition Pro forma cas
Slide 7: September quarter at a glance
SEPTEMBER QUARTER 2026 September quarter at a glance Q1 FY27: a build quarter that sets up a stronger December quarter rsonal use only 78% US$11.8m Copper recovery Record revenue up from 66% in Mar qtr +30% on Mar qtr +US$0.5m 818t EBITDA Cathode production second straight positive qtr; Sep 305t; to
Slide 8: Global copper supply was hit hard in the Sep quarter
COPPER MARKET Global copper supply was hit hard in the Sep quarter Major producers reported lower output and higher costs year on year rsonal use only COPPER OUTPUT, SEPT QUARTER 2026 VS A YEAR EARLIER DIVERSIFIED MAJORS 11 of 13 10 of 13 BHP −18.8% Made less copper Missed consensus Glencore −15.9%
Slide 9: Growth roadmap & key catalysts
ROADMAP Growth roadmap & key catalysts Staged milestones across Chile and Botswana NOW → 6 MONTHS 6 → 12 MONTHS 18 MONTHS + rsonal use only Production Stage 1: ~18,000tpa¹ Optimise and ramp feed Stage 2: ~25,000tpa SX-EW plant and crusher SIERRA 01 Ramp third-party and ENAMI 02 upgrade; tender award
Slide 10: Sierra Atacama
rsonal use only CHILE · ANTOFAGASTA REGION Sierra Atacama Producing copper cathode today, with a staged pathway to scale
Slide 11: In control of a producer in Chile's copper heartland
SIERRA ATACAMA, CHILE In control of a producer in Chile’s copper heartland 62.86% interest and Board control since October 2026, in the world’s leading copper region 62.86% rsonal use only interest in Sierra Atacama, with the right to appoint three of five directors, since October 2026 World’s leadi
Slide 12: Sierra Atacama: a compelling narrative
SIERRA ATACAMA, CHILE Sierra Atacama: a compelling narrative Acquire at a discount, fix what’s broken, unlock exploration upside rsonal use only 01 02 03 Acquire at a discount Fix what’s broken Unlock structural exploration upside 734kt 400 → 1,500t contained Cu in the NI 43-101 foreign estimate¹ pe
Slide 13: Clear path to value creation
SIERRA ATACAMA, CHILE Clear path to value creation A sequenced plan to unlock significant upside rsonal use only RESOURCE OPERATIONS EXPANSION 01 02 03 Convert to JORC- Optimise, stabilise and Staged progression to compliant resource grow a cash-positive starter pits, then large- operation scale ope
Slide 14: Operational turnaround delivering results
SIERRA ATACAMA, CHILE Operational turnaround delivering results Record revenue and a second straight quarter of positive EBITDA; recovery up to 78% rsonal use only ACHIEVEMENTS SINCE ACQUISITION METRIC MAR QTR ’26 SEP QTR ’26 Delivered a second straight quarter of 01 positive EBITDA Recovery 66% → 7
Slide 15: New cathode standard
SIERRA ATACAMA, CHILE New cathode standard Cleaner. Straighter. More valuable. rsonal use only OUTCOME → US$700k TOTAL COST Allows Cobre to achieve full payability under the offtake with Mitsui, adding to sale price and revenues. BEFORE Cathode plates when Cobre took over AFTER New stainless-steel p
Slide 16: New ore sources, existing infrastructure
SIERRA ATACAMA, CHILE New ore sources, existing infrastructure Three new feed sources plus third-party ore, all through existing infrastructure rsonal use only Establishing Sierra Atacama as Antofagasta’s regional copper processing hub 300t/month ~US$9/t Minimal capital cathode equivalent from third
Slide 17: Step change in production is approaching
SIERRA ATACAMA, CHILE Step change in production is approaching Indicative cathode output as underground optimisation and third-party ore ramp up INDICATIVE COPPER CATHODE OUTPUT (T / MONTH) rsonal use only Underground Third-party ore 2027 ramp-up 1,500 1,000 PRODUCTION GROWTH PATHWAY 400t / month to
Slide 18: Building cost resilience & improving margin
SIERRA ATACAMA, CHILE Building cost resilience & improving margin Unit cost falls sharply as volume ramps, cushioning an adverse copper move UNIT COST VS TODAY, AS MONTHLY CATHODE OUTPUT RAMPS rsonal use only CURRENT 500 T/MONTH 700 T/MONTH 1,500 T/MONTH Base → –17% → –32% → –40% today’s unit cost l
Slide 19: Staged expansion pathway
SIERRA ATACAMA, CHILE Staged expansion pathway ~18 → 25 → up to ~50 ktpa copper cathode capacity, each stage de-risking the next INDICATIVE COPPER CATHODE CAPACITY (KTPA) rsonal use only STAGE 1 Restore & optimise ~18 SX-EW plant and crusher circuit; tender award targeted by ktpa Jan 2027. STAGE 2 E
Slide 20: Sierra Atacama: world-class potential
SIERRA ATACAMA, CHILE Sierra Atacama: world-class potential Grade vs resource scale against benchmark copper assets GRADE VS RESOURCE SCALE · BENCHMARK COPPER ASSETS rsonal use only SIERRA ATACAMA Sierra Atacama Producing Non-producing 0.67% Cu on 110 Mt, for 734 kt contained copper (NI 43-101 forei
Slide 21: Drilling accelerating resource growth
SIERRA ATACAMA, CHILE Drilling accelerating resource growth 40,000m resource program fully mobilised, with four rigs operating 40,000m rsonal use only resource program, fully 4 rigs 986.9m first diamond hole: the deepest in the mobilised: ~15,000m RC and operating on site mine’s history ~25,000m dia
Slide 22: Resource growth supports open pit expansion
SIERRA ATACAMA, CHILE Resource growth supports open pit expansion Broader mineralised corridors support larger-scale open pit potential DEVELOPMENT PATHWAY rsonal use only 01 Underground 02 Starter pits 03 Larger open pit EXISTING OPERATIONS NEAR-TERM GROWTH LONG-TERM OPPORTUNITY Underground mining
Slide 23: US tariffs provide strong tailwinds
COPPER MARKET US tariffs provide strong tailwinds US trade policy has reshaped copper supply routes, leaving Sierra Atacama well positioned Cobre’s refined cathode currently retains tariff-free access to the US market rsonal use only TODAY 01 · MARKET SHIFT 02 · POLICY 03 · FLOWS China has displaced
Slide 24: Botswana
rsonal use only BOTSWANA · KALAHARI COPPER BELT Botswana Ngami ISCR development and partner-funded Tier-1 exploration
Slide 25: Ngami: ISCR well field built and commissioning
BOTSWANA · NGAMI COPPER PROJECT Ngami: ISCR well field built and commissioning 100%-owned; demonstrating in-situ copper recovery ahead of an SX-EW demonstration plant JORC (2012) MINERAL RESOURCE¹ rsonal use only 11.5Mt @ 0.52% Cu & 11 g/t Ag · Indicated and Inferred · 40km strike tested SEPTEMBER Q
Slide 26: Botswana: development + discovery momentum
BOTSWANA Botswana: development + discovery momentum Near-term ISCR development plus partner-funded Tier-1 exploration 100% OWNED · ISCR DEVELOPMENT PARTNER-FUNDED EXPLORATION rsonal use only Ngami Copper Project Exploration upside 11.5Mt @ 0.52% Cu Okavango Copper Project (Sinomine) Along strike fro
Slide 27: Thank you
ASX: CBE · NOVEMBER 2026 THANK YOU Cobre Limited Producing now. District-scale next. Level 10, Kyle House, 27 Macquarie Place, Sydney NSW 2000 info@cobre.com.au · www.cobre.com.au rsonal use only IMPORTANT INFORMATION Not for release to US wire services or distribution in the United States. This inv