Slide 1: Cobre: Unlocking Copper at Scale
South America For personal use only COBRE UNLOCKING COPPER AT SCALE View across the Sierra Atacama Mine INVESTOR PRESENTATION May 2026 ASX: CBE | May 2026 THIS PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO
Slide 2: Disclaimer
DISCLAIMER For personal use only Not for release to US wire services or distribution in the United States. Cobre does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as ma
Slide 3: Corporate Structure
CORPORATE STRUCTURE COBRE CORPORATE STRUCTURE As at 28/04/26 Capital Structure For personal use only Shareholder Structure Share Price (as at 28/04/26) A$0.22 Shares on issue 959.1m Tribeca Investment Partners Market Capitalisation A$211m Strata Investment Holdings Cash Position (as at 31/03/26)* A$
Slide 4: Game-Changing M&A in Chile
GAME-CHANGING M&A IN CHILE Transforms Cobre from explorer to 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 Distric
Slide 5: We've Come a Long Way in a Short Time
WE’VE COME A LONG WAY IN A SHORT TIME SIERRA ATACAMA ACQUISITION UPDATE For personal use only TRANSACTION TIMELINE CAPITAL RAISE 12 FEB A$60M Acquisition Announced Placement Completed Conditions precedent substantially satisfied, Oversubscribed; book anchored by top-tier acquisition now complete ins
Slide 6: Cobre: A Simple, but Powerful Thesis
COBRE: A SIMPLE, BUT POWERFUL THESIS For personal use only 01 Sierra Atacama was a private, capital- starved but geologically sound operating Acquire at a discount copper mine. Intrinsic value discount due to 734kt contained Cu(NI 43-101) operational, not geological, impairments. 02 Well-understood
Slide 7: Clear Path to Re-Valuation
CLEAR PATH TO RE-VALUATION Legacy issues prior to Cobre’s acquisition use only Limitations on current value For personal 01 02 03 04 05 Non-JORC Underground- Financial Exploration Private Ownership Resource Constrained Plan Legacy Untested Value drivers Convert to JORC- Transition to open pit Refina
Slide 8: Operational Turnaround
OPERATIONAL TURNAROUND Targeting higher grades, Practical, near-term better recoveries, operational throughput, and lower costs improvements MINING & GRADE INFRASTRUCTURE & PROCESSING COMMERCIAL& COST For personal use only CONTROL THROUGHPUT OPTIMISATION EFFICIENCY Expanded grade control Ventilation
Slide 9: Execution Underway Across All Fronts
EXECUTION UNDERWAY ACROSS ALL FRONTS COMPLETED For personal use only NI 43-101 resource and reserve independently validated DATA AND RESOURCE UNDERWAY Verification re-assay programme underway COMPLETED Mine plan refocused on grade Execution MINE & progress OPERATIONS UNDERWAY Design for starter open
Slide 10: De-Risking & Upgrading the Resource
DE-RISKING & UPGRADING THE RESOURCE Underpinning value with a compliant open pit resource Phase 1 Phase 2 For personal use only RESOURCE JORC OPEN PIT VALIDATION RESOURCE Re-assay and validation of historic data 1 Resource and exploration drill programme 1 underway ready to commence 2 Geological map
Slide 11: 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 For personal use only whittle shell with 0.4% CuT% cut-off totalling 734kt contained copper. Classification Tonnes (mt) CuT (%) CuS (%) Measured 13.986 0.78 0.65 Indicated 44.097 0.67
Slide 12: Exploration Opportunity: District Scale in a Proven Copper Trend
EXPLORATION OPPORTUNITY District Scale in a Proven Copper Trend For personal use only Exploration ground remains highly unexplored with modern methods despite location along strike of Mantos Blancos. Extensive shallow gravel cover = 01 blind targets Multiple discovery types (Manto, 02 IOCG vein host
Slide 13: Exploration Opportunity: 40,000m Drill Programme
EXPLORATION OPPORTUNITY Commencement of 40,000m drill programme A A' For personal use only New discoveries can rapidly provide short term feed-stock for the existing operation Historical working with evidence of 01 advanced alteration Maricama system extends into 02 Mining Licenses Potential for new
Slide 14: Under-Explored Sulphide Zone
UNDER-EXPLORED SULPHIDE ZONE Below the oxide ore bodies For personal use only Chalcocite, bornite and oxide mineralisation, Cecelia Norte Mine, 1070 level Bornite sample from base of Roxana Norte Sample 8106-1: 52.92% CuT, 148.0 g/t Ag & 0.68 g/t Au ASX: CBE | May 2026 14
Slide 15: Clear Growth Strategy
CLEAR GROWTH STRATEGY 0-6 Months. Optimise the existing operation and stabilise For personal use only 01 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 capacity to 12,000t/a copper cathode. +18
Slide 16: Building Out the Bench Strength
BUILDING OUT THE BENCH STRENGTH Strengthens with recent hires Adam Wooldridge BOARD OF DIRECTORS For personal use only CEO Michael McNeilly NON-EXECUTIVE DIRECTOR Geophysicist and mining executive with ~30 years’ experience building and advancing An experienced corporate financier with board roles r
Slide 17: Consultant Support & New Management Team
CONSULTANT SUPPORT & NEW MANAGEMENT TEAM Cobre Support and Turn Around Team For personal use only 01 Operations Cristian Apeleo (QP #0404, Chile) Operating Officer Mining engineer with 30+ years’ 02 Engineering experience in South American copper sector Sierra Unicorn, Novoco Senior leadership roles
Slide 18: 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 19: Belt-Scale Opportunities Alongside Mining Majors
BELT-SCALE OPPORTUNITIES ALONGSIDE MINING MAJORS Khoemacau 100%-ownership For personal use only Kitlanya Maun of highly-prospective copper and silver exploration Ngami tenements in the KCB. Karoo volcanic cover Okavango KCB extents Second largest tenement package in the Botswana KCB 50km consisting
Slide 20: Macro Tailwind Is Real, But Execution Matters
MACRO TAILWIND IS REAL, BUT EXECUTION MATTERS New discoveries have Global Copper Demand Outlook For personal use only become increasingly rare, Mt 40.0 smaller, and lower-grade. 02 30.0 Global copper Grid infrastructure demand is IEA data shows the and the energy discovery pipeline is transition dri
Slide 21: Cobre and Copper Fundamentals
COBRE AND COPPER FUNDAMENTALS 8Mt+ US$48M 13× For personal use only Projected deficit by 2035 Revenue today → US$288M potential Discount to nearest comparable Demand forecast to reach 36Mt+ by 2035 driven by Sierra Atacama produces 400t/month copper cathode Cobre at ~US$102/t vs Marimaca ~US$1,337/t
Slide 22: Global Copper Landscape
GLOBAL COPPER LANDSCAPE COBRE CORPORATE STRUCTURE Global Copper Discoveries since 2006 For personal use only Top 3 Copper Producers 2030 (0.1% cut off) 2.5 Mining Peru, 11% 2.0 Chile, 24% 1.5 Grade (%) 1.0 Sierra Atacama (Chile) DRC, 16% NCP (Botswana) 0.5 Refining Marimaca 0.0 0 1,000 2,000 3,000 4
Slide 23: Cobre: A Superior Way of Playing the Global Copper Thematic
COBRE HAS BEEN A SUPERIOR WAY OF PLAYING THE GLOBAL COPPER COBRETHEMATIC CORPORATE STRUCTURE For personal use only Copper vs. Cobre vs. ASX 200 Resources Index 500 400 300 200 100 0 Copper Cobre ASX 200 Resources ASX: CBE | May 2026 23
Slide 24: Revisiting Our Re-Rating Plan to Boost Returns
REVISITING OUR RE-RATING PLAN TO BOOST RETURNS For personal use only Optimise Underground Operations Cash Positive Operation Resource & Exploration Drilling Underpin Project Value Develop Open Pit Mine Significant Expansion Opportunity Exploration Blue Sky Discoveries ASX: CBE | May 2026 24
Slide 25: Cobre Limited contact details
For personal use only Cobre Limited Level 10, Kyle House, 27 Macquarie Place, Sydney NSW 2000 info@cobre.com.au ASX: CBE | May 2026