Cobre Limited (CBE.AX) September 2026 Quarterly Investor Briefing Presentation

Sydney, Oct 30, 2026 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) reported copper recovery of 78%, cathode production of 818t and positive EBITDA of +US$0.5m for the September 2026 quarter in its presentation dated 30 October 2026.

The presentation outlines operating progress at Sierra Atacama in Chile, subsequent steps to secure control and additional feed, and a staged expansion pathway subject to studies, permitting, financing and Board approval.

Sierra Atacama operations and ownership

Copper recovery increased from 66% in March and 70% in June to 78%. September cathode production was 305t. A geotechnical review briefly paused some mining faces; surveying has been completed, with those faces scheduled to return during the December quarter.

A new cathode plates overhaul was completed in August 2026, restoring cathode quality to ~99.98% purity. July production was affected by off-specification cathode.

Third-party ore tolling began in September, with benefits expected to build into December.

Following quarter-end, Cobre secured 62.86% control of Sierra Atacama on 12 October. The presentation outlined organic growth to 75% ownership through spending on the project.

On 21 October, Cobre secured ~150kt of ENAMI oxide ore within 55km, in addition to completed third-party ore transactions. The presentation stated that third-party ore can add ~ 300t of cathode equivalent per month, with leaching taking 60-70 days and benefits expected in the December quarter.

Exploration and staged expansion

Cobre outlined a 40,000m resource programme comprising ~15,000m RC and ~25,000m diamond drilling.

The first diamond hole reached 986.9m. Visual sulphides were observed at depth, qualified as visual estimates only. A total of 571 samples had been submitted, with assays expected in mid-November, towards a maiden JORC resource by the March Quarter.

The expansion pathway comprises Stage 1 restoration and optimisation to ~18 ktpa, Stage 2 installation of a second SX line and additional electrowinning to ~25 ktpa, and a Stage 3 open-pit case of up to ~50 ktpa following the 40,000m programme.

These are indicative target capacities only, subject to studies, permitting, financing and Board approval, and are not production guidance.

In Botswana, the Ngami ISCR well-field was completed, comprising six production and four monitoring wells. At Okavango, with Sinomine, ~1.6km of a ~3km drilling programme had been completed.

Financial position and funding

For Q1 FY27, covering July-September 2026, Cobre reported revenue of ~US$11.8m and positive EBITDA of +US$0.5m, its second consecutive quarter of positive EBITDA. September EBITDA was +US$974k.

The presentation reported pro forma cash of ~A$90m, including A$18m Tranche 2 in early October. It identified ~US$12m to take 62.86% control of Sierra Atacama.

Reported debt was US$32.2m, comprising US$16.0m of financing debt, US$11.0m of trade creditors and US$5.2m of other or legacy obligations. Financing debt was described as structured and scheduled at ~US$600k/month.

Cobre was assessing early repayments, while a discounted settlement was progressing towards a creditors' meeting on 26 November 2026.

The capital programme identifies ~US$8m for exploration drilling and ~US$20-25m for SX-EW refurbishment and expansion, with studies being completed. The presentation describes this capital programme as fully funded from the A$90m capital raise.

The exploration programme comprises 40,000m in CY2026, with a similar programme planned for CY2027.

December-quarter priorities

Priorities include converting EBITDA into positive cash flow, increasing third-party and low-cost feed, restoring head grade, awarding the Stage 1 tender by December quarter-end, submitting the Stage 2 DIA, and advancing open-pit planning and permitting.

*To view Cobre Company Presentation, please visit:
https://abnnewswire.net/lnk/4LFUVKRB

Editorial Note:

This media release has been independently prepared by ABN Newswire editorial staff based on Cobre Limited's Company Presentation. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Cobre's full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.

About Cobre Limited

Cobre Limited (ASX:CBE) is a global copper company focused on high-margin production and tier-1 exploration across two of the world's premier mining jurisdictions: the Atacama region in Chile and the Kalahari Copper Belt (KCB) in Botswana. By combining an operating asset at the Sierra Atacama Mine with a dominant, belt-scale landholding in the KCB, Cobre offers a unique, de-risked investment case that spans the entire copper value chain from near-term cathode production to world-class discovery potential. Cobre's strategic portfolio includes the newly acquired Sierra Atacama Mine in Chile, located in the heart of the world's most prolific copper-producing district, alongside a massive 5,348km2 landholding in Botswana. 
 

   

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