Cobre Limited Partners with Equinor to Enhance Ngami ISCR Copper Recovery and Advances Botswana Exploration Initiatives

Equinor Partnership Bolsters Ngami ISCR Development Strategy

Cobre has entered a collaboration agreement with Equinor, a Norwegian multinational energy corporation with around 25,000 employees across over 20 countries, to evaluate the in-situ copper recovery potential at the Ngami Copper Project. Equinor will conduct a series of tests to assess lixiviant performance and copper recovery under dynamic flow conditions, a critical step in refining the technical design of Cobre's ISCR development strategy at the wholly owned project.

This research partnership will aid in developing a dynamic flow model for Ngami mineralisation, granting Cobre access to independent expert research to optimise ISCR design parameters and copper recovery. Equinor’s diverse portfolio includes oil and gas, renewables, and low-carbon solutions such as offshore and onshore wind, solar power, and carbon transport and storage. Operating as a major energy supplier across Europe and internationally in markets including the US, Brazil, Angola, the UK, and Canada, Equinor is a key technology partner for advanced resource recovery methods.

Ngami Cosmos Target Drilling Validates Mineralisation Continuity Over 800 Metres

Assay results from five diamond drill holes at Ngami’s Cosmos Target confirm continuous copper-silver mineralisation over an 800-metre strike length, with higher-grade zones exceeding 1% copper intersected in every hole. Notably, hole NCP67 returned 5.84 metres at 0.5% copper and 10.3 g/t silver from 178.16 metres, including a higher-grade interval of 0.79 metres at 1.44% copper and 18.6 g/t silver.

Additional Cosmos Target drill results include: hole NCP68 (5.42 metres at 0.55% copper and 14.1 g/t silver from 198.58 metres, including 2.42 metres at 1.04% copper and 26.7 g/t silver), hole NCP69 (5.09 metres at 0.73% copper and 17.4 g/t silver from 197.92 metres, including 2.09 metres at 1.4% copper and 28.4 g/t silver), hole NCP70 (5.00 metres at 0.61% copper and 16.1 g/t silver from 180.50 metres, including 1.67 metres at 1.15% copper and 27.4 g/t silver), and hole NCP71 (4.74 metres at 0.53% copper and 14.2 g/t silver from 129.26 metres, including 1.00 metre at 1.02% copper and 26.3 g/t silver). The consistent higher-grade zones reinforce confidence in mineralisation continuity within the broader Ngami exploration target.

Integration of Cosmos Target within Ngami Exploration Framework

The Cosmos Target is part of the extensive Ngami Copper Project Exploration Target, estimated between 205 and 308 million tonnes grading 0.31% to 0.46% copper and 5.5 to 8.3 g/t silver. Located just 8 kilometres along strike from the Comet Deposit—which holds indicated and inferred resources of 11.5 million tonnes at 0.52% copper and 11.6 g/t silver—the current drilling confirms mineralisation continuity. This supports both conventional underground mining and the broader ISCR development approach for the Ngami project.

These assay results indicate potential for thicker, higher-grade mineralised zones that could underpin feasibility studies for conventional mining while simultaneously enhancing the investment case for ISCR development. This dual-pathway strategy offers flexibility as further technical data emerges. The Cosmos drilling results reduce uncertainty regarding mineralisation geometry and continuity, advancing the Ngami ISCR demonstration plant toward subsequent development phases.

Ngami Well Field Commissioning and ISCR Demonstration Plant Advancement

Cobre has initiated commissioning of the Ngami Copper Project well field, the first stage of the planned ISCR demonstration plant. Early well field results will support hydrogeological testing and project de-risking before progressing to active copper-silver recovery using the same infrastructure. This demonstration plant is a crucial milestone on the path to potential production and will form the basis for further resource drilling and feasibility studies.

Community engagement regarding the proposed Ngami ISCR demonstration plant has been completed as part of the ongoing Environmental Impact Assessment process, an essential step in securing social licence for project advancement. The well field commissioning, combined with Equinor’s lixiviant and copper recovery research, is expected to generate vital technical data supporting engineering design and economic evaluation of the demonstration plant and future development stages. Initial water-injection and flow-testing programs are underway during commissioning.

Okavango Copper Project Drilling Identifies Multiple Priority Targets

Following successful initial exploration drilling, Cobre and partner Sinomine have commenced follow-up target drilling at the Okavango Copper Project, covering 1,363 square kilometres of prospective Kalahari Copper Belt stratigraphy. Assay results from five of nine completed holes strongly support the presence of newly identified mineralised copper systems along strike from MMG’s Zone 5, Zone 5 North, and Plutus projects. Sinomine has extended its initial A$1.5 million investment to fund a second round of drilling.

Three priority follow-up target areas have been identified: holes OCP15 to OCP21 along strike from Zone 5 North, with OCP15 returning 0.43 metres at 1.42% copper and 0.9 g/t silver from 174.15 metres; hole OCP14 along strike from Zone 5, intersecting 3.40 metres at 0.18% copper and 1.7 g/t silver from 390.00 metres; and holes OCP18 and OCP19 near the Plutus deposit, returning 4.27 metres at 0.42% copper and 0.6 g/t silver from 41.28 metres and 5.22 metres at 0.35% copper and 4.5 g/t silver from 205.00 metres respectively.

Okavango Native Copper Intersections Indicate Deeper Mineralisation Potential

Recent drilling at Okavango has confirmed anomalous copper mineralisation, including native copper—a mineral typically linked to higher-grade zones. Notably, hole OCP21 returned 8.14 metres at 0.15% copper and 1.14 g/t silver from 366.86 metres. These results suggest the presence of copper-silver mineralised systems similar to those operated by MMG in the region. Currently, the anomalous mineralisation is interpreted as part of the mineralising system’s halo rather than the core high-grade zone.

The upcoming drilling phase aims to test this interpretation, delineate the mineralisation footprint, and identify vectors toward higher-grade copper-silver zones. This systematic targeting reflects a professional exploration methodology designed to define mineralising system geometry before resource-definition drilling. Sinomine’s extended funding commitment underscores technical confidence in the exploration model and the district-scale potential of the Okavango project within the Kalahari Copper Belt.

BHP Completes Seismic Survey Across Multiple Botswana Projects

In partnership with earn-in partner BHP, Cobre has completed seismic survey processing, interpretation, and targeting over the Kitlanya West, Kitlanya East, and Ngami Copper Project areas. This geophysical work marks a significant advancement in de-risking exploration methodologies across multiple projects in Cobre’s Kalahari Copper Belt portfolio. Follow-up target drilling is planned based on BHP’s technical team interpretations.

Seismic surveys provide subsurface structural data critical for identifying mineralisation-hosting structures and guiding drilling toward high-probability targets. Completion of processing and interpretation enhances Cobre’s technical foundation for exploration and targeting refinement. BHP’s involvement as an earn-in partner reflects confidence in the Kalahari Copper Belt’s exploration potential and unlocks opportunities for follow-up drilling to test structural and mineralisation targets identified through seismic data.

Strategic Portfolio Exposure to Global Copper Districts and Dual Development Pathways

Cobre’s portfolio offers exposure to two major copper districts: the Iron Oxide Copper Gold (IOCG) Belt in northern Chile and the Kalahari Copper Belt in Botswana. This geographic and geological diversification combines established production at the Sierra Atacama Copper Project in Chile with near-term development and high-impact exploration upside in Botswana. This strategy enables multiple development pathways and mitigates concentration risk across jurisdictions and project stages.

In Botswana, Cobre advances its wholly owned Ngami ISCR production opportunity while leveraging partner-funded research and exploration across its portfolio to generate discovery upside. This tiered approach, combining near-term demonstration with exploration upside, reflects a portfolio management strategy aimed at creating value across various time horizons and development phases. The company’s focus on production activities in Chile alongside development and exploration in Botswana offers investors diversified exposure to different copper project lifecycle stages.

Partner Collaborations Drive Exploration Upside and Technical De-risking

Cobre’s Botswana programs exemplify leveraging partner capital and expertise to progress exploration and development while managing company capital. Sinomine’s initial A$1.5 million investment in Okavango exploration, extended drilling commitment, and BHP’s earn-in arrangement supporting seismic and targeting work highlight the attractiveness of Cobre’s Botswana tenements to major resource companies. These partnerships provide specialist exploration and technical expertise that accelerate project development and de-risking.

The Equinor collaboration similarly demonstrates Cobre’s strategy of integrating industry-leading technical expertise into the Ngami ISCR program. Engaging globally significant energy and resource companies grants access to research capabilities and technical knowledge otherwise cost-prohibitive to develop internally. This approach allows Cobre to maintain operational focus on Sierra Atacama in Chile while systematically advancing technical foundations of its Botswana portfolio. The combination of partner-funded exploration and company-led development creates a balanced portfolio value creation strategy.

Cautionary Note on Exploration Targets and Development Prospects

The Ngami Copper Project Exploration Target of 205 to 308 million tonnes grading 0.31% to 0.46% copper and 5.5 to 8.3 g/t silver is conceptual. Insufficient exploration exists to estimate a mineral resource under the JORC Code, and there is no certainty further work will define a mineral resource. Mineralisation quality and grade remain subject to additional drilling, testing, and evaluation.

Similarly, Okavango exploration remains at an early stage. While anomalous copper and native copper intersections indicate a mineralising system, the location and geometry of higher-grade cores require definition through systematic drilling. Exploration is inherently uncertain, and not all targets will yield economic mineral resources. Further mineral resource details are available in Cobre’s company update dated 4 August 2025.