Cobre Limited · ASX:CBE
Cobre — Merger or Acquisition (February 2026)
24 slides from Cobre's merger presentation, February 2026
Slide 1: Sierra Atacama Copper Mine Acquisition
SIERRA ATACAMA COPPER South America MINE ACQUISITION Cobre is a compelling global Copper play Chile View across the Sierra Atacama Mine February 2026 THIS INVESTOR PRESENTATION HAS BEEN APPROVED BY COBRE’S CEO ASX: CBE February 2026
Slide 2: Disclaimer
DISCLAIMER 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 may be required under ap
Slide 3: Game-Changing M&A
GAME-CHANGING M&A Transforms Cobre from explorer to in the world’s top Copper jurisdiction producer, in a top tier mining jurisdiction Operating underground mine with scope for large-scale open pit expansion. Scope to double production to 12,000t per annum, with further upside potential. First class
Slide 4: Sierra Atacama – District Scale Opportunity
SIERRA ATACAMA – DISTRICT SCALE OPPORTUNITY Ideal Location Already Producing Low Capital Expenditure Positioned in no.1 Copper Currently producing 400 t/m Copper Clear strategy for significant mine producing country in the world cathode (U/G operation), scope to cost optimisation and ramp up immedia
Slide 5: Deal Overview
DEAL OVERVIEW Staged US$30m earn-in to 51% of Sierra Atacama will transform Cobre from an explorer to producer-explorer. Opportunity to acquire 100% of the project over time; friendly vendor keen to unleash project potential. Raise of A$60m @ $0.15/sh will fund the acquisition, optimisation and firs
Slide 6: Investment Opportunity
INVESTMENT OPPORTUNITY Investment is structured as a staged earn-in and acquisition under which Cobre will acquire a 51% interest. Potential to own 100% overtime given motivated vendor. Pre/Post-Raise Market Cap Timetable (indicative) 10th Current shares on issue 523.6m1 Placement closes February 20
Slide 7: Use of Funds
USE OF FUNDS Funds raised will be broadly split 90% Chilean acquisition and optimisation, 10% Botswana. Funds are used in this staged process to allow for mining production optimisation and expansion of production. Uses of Funds raised (US$/A$) Funding item US$ A$ Comments Mine optimisation; UG dril
Slide 8: Timeline
TIMELINE 6 months 12 months 18 months Optimise and expand current Introduce open pit Production mining operation and reserve Production mining Ramp-up JORC Compliant Resource, geological Resource Expansion Expansion and geotechnical model Feasibility Study Geophysics and soil geochemistry Target dri
Slide 9: 3 Stage Plan to Boost Returns
3 STAGE PLAN TO BOOST RETURNS Optimise current operations, reduce costs, exit onerous contracts, boost grade control efforts, extract additional tonnes from waste dumps. Boost production from 400t/m to 1,000 t/m. Develop open pit mine, 43-101 report identifies 4 potential sites. ML allows for open p
Slide 10: Mine Optimisation
MINE OPTIMISATION to return to 1000 t/m copper cathode production Current sub-economic operation producing approximately 400t/month copper cathode Minimal capital required Historical dumps carry grade Balance the feed with open-pit mining to create profitability Circa 10mt of historical dumps proces
Slide 11: Mining Infrastructure Sierra Atacama
MINING INFRASTRUCTURE SIERRA ATACAMA Ore crushing and agglomeration prior to heap leach and copper cathode production extraction ASX: CBE February 2026 11
Slide 12: 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 734 kt contained copper. Classification Tonnes (mt) CuT (%) CuS (%) Measured 13.986 0.78 0.65 Indicated 44.097 0.67 0.56 Inferred 51.519
Slide 13: Exploration Opportunity
EXPLORATION OPPORTUNITY Mining licenses DISTRICT SCALE in a Proven Copper Trend Sierra Atacama Exploration ground remains highly unexplored with modern methods despite location along strike of Mantos Blancos: Extensive shallow gravel cover = blind targets Multiple discovery types (Manto, IOCG vein h
Slide 14: Resource Definition and Expansion
RESOURCE DEFINITION AND EXPANSION La Bonita Location & Deposits Nicolasa Trend Sierra Atacama mining area contains multiple structurally controlled copper-bearing vein deposits: Roxana Trend, Rebecca-Chabuca Trend, Nicolasa Trend. Roxana Trend Over 140 km of historical drilling and channel sampling
Slide 15: Unexplored Sulphide Zone
UNEXPLORED SULPHIDE ZONE Below the oxide ore bodies Chalcocite, bornite and oxide mineralisation, Cecelia Norte Mine, 1070 level Bornite sample from base of Roxana Norte ASX: CBE February 2026 15
Slide 16: Unexplored Sulphide Zone Delivers Free Upside
UNEXPLORED SULPHIDE ZONE DELIVERS FREE UPSIDE High grade sulphides intersected in deeper mining levels Sulphide zone largely untested Single deep hole shows higher grades Potential Au–Ag credits historically under-assayed ASX: CBE February 2026 16
Slide 17: Building Out a First-Class Team
BUILDING OUT A FIRST-CLASS TEAM Phil Mitchell joins the Cobre management advisory team Served as Head of Business Development and Strategy at Rio Tinto Previous Chief Financial Officer of Rio Tinto Iron Ore and on the Anglo American executive team Led acquisitions for Robert Friedland’s company, HPX
Slide 18: Current Team Has the Skill Set
CURRENT TEAM HAS THE SKILL SET to turn this around Adam Wooldridge Key on-site team identified Martin Holland CEO and implementing… Executive Chairman Seasoned geophysicist and Expat and local consultants Mining executive with over geologist with 30 years Mining engineers specialising 15 years of co
Slide 19: Why Invest Now?
WHY INVEST NOW? Premium pricing justified by immediate value (production + exploration) Copper market tailwinds (+US$13,000/t current price, forecast by Goldman Sachs US$15,000/t) Join the global copper unlock Multiple Upcoming Value Triggers Expansion and resource drilling (Q1/Q2); Production uplif
Slide 20: About Sierra Atacama
ABOUT SIERRA ATACAMA Sierra Atacama is 100% owned by respected Chilean businessman Martin Borda. Mr Borda is the Founder of Multiexport Foods and Multiexport Pacific Farms.1 Mr Borda has invested in excess of US$40m in the project to date. Cobre Chairman Martin Holland and Mr Borda completed a simil
Slide 21: Impressions from Sierra Atacama
IMPRESSIONS FROM SIERRA ATACAMA “Global demand for copper is at record highs and continues to accelerate. This acquisition marks a transformational opportunity for Cobre in Chile, providing us with an operating copper mine with significant scale potential as an open-pit development. We intend to opt
Slide 22: Sierra Atacama
SIERRA ATACAMA benefits from significant sunk asset base 15,000ha of contiguous mining concessions 25,100ha of exploration concessions 80km of underground infrastructure Underground Fleet including 2 Scoops, Production Drill Rig, Haulage Trucks Crusher Leach Pads and Ponds Onsite Laboratory SXEW cir
Slide 23: Cobre Corporate Structure
COBRE CORPORATE STRUCTURE As at 30/1/26 Capital Structure Shareholder Structure Share Price (as at 6/2/26) A$0.16 Strata Investment Holdings Shares on issue 523m Citicorp Nominees Market Capitalisation A$83.8m UBS Nominees Sinomine Cash Position (as at 31/12/25) A$7.17m BNP Paribas Nominees Options
Slide 24: ASX:CBE – Contact Us
ASX:CBE The next copper producer on the ASX Contact Us WWW.COBRE.COM.AU INFO@COBRE.COM.AU ASX: CBE February 2026