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Cobre Limited (ASX:CBE) Quarterly Activities Report

on 1/30/2023
Cobre Limited (ASX:CBE) is pleased to provide the following update on its activities for the quarter ended 31 December 2022, a quarter in which the Company secured 100% ownership of KML and accelerated advanced exploration in the KCB.

During the quarter, Cobre secured its position as the second largest landholder in the KCB by acquiring the remaining 49% interest and moving to 100% ownership of KML. This acquisition enables Cobre to fully exploit the exploration potential of the extensive 5,384km2 license ASX package in Botswana which the Company believes will continue to unlock considerable value for Cobre shareholders (refer announcement on 30 November 2022).

The most significant result from the quarter was the intersection of high-grade copper-silver mineralisation in drill hole NCP20A at the Comet target (refer ASX announcements of 28 October and 5 December 2022 respectively). The intersected high-grade zone appears to extend from drillhole NCP08 (10.7m @ 1.5% Cueq) through recently completed NCP25 to NCP20A (12.2m @ 2.68% Cueq) over a distance of more than 250m. Importantly, the expectation is for several similar structurally controlled high-grade zones to occur within the greater 4km Comet target, a typical feature in KCB deposits.

During the quarter, drilling of the first batch of new targets delineated from ~6600 partial leach soil sample results commenced with positive copper intersections reported at the first target, 'Nova' (refer ASX announcement of 24 October 2022). Results provide further evidence for Cobre's current exploration model and demonstrate the potential for NCP (and neighbouring KITW) to host multiple, district-scale discoveries in this relatively unexplored portion of the KCB.

The December Quarter took the Company to new heights in terms of both its exploration success in Botswana and significant achievements on the corporate front. Cobre announced the appointment of Adam Wooldridge as the new Chief Executive Officer of Cobre, complementing his existing role as a founder and CEO of KML, and adding his proven track-record of exploration success in Africa to the senior management team of Cobre.

On 14 December 2022, Cobre announced a strategic collaboration agreement with Sandfire to conduct a joint AGG survey that will provide detailed coverage over Cobre's Ngami, KITW and KITE Copper Projects in Botswana. Sandfire will contribute 50% towards the total cost of the survey.

Finally, at the end of the quarter, and as a result of continued exploration success at the NCP, Cobre successfully raised A$5 million (before costs) at $0.15 per share to sophisticated and institutional investors, via a placement, together with a Share Purchase Plan (SPP) to existing shareholders to raise A$1 million, to fast-track advanced exploration on the Botswana tenements (refer ASX announcement on 19 December 2022). Subsequent to the end of the quarter, the SPP closed oversubscribed raising just under $3 million, almost three times the targeted amount.

*To view the full quarterly report, please visit:

Cobre Limited
Martin Holland

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