Cobre Ltd (CBE.AX) Successfully Completes A$90M Placement to Fast Track Production and Exploration at the Sierra Atacama Copper Mine

Sydney, July 9, 2026 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) announces that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of approximately 300 million new fully paid ordinary shares (New Shares) at an issue price of $0.30 per New Share to raise gross proceeds of A$90 million (Placement).

HIGHLIGHTS

- Successful completion of a two-tranche A$90 million placement which was strongly supported by new and existing shareholders, including a number of global resources specialist investors based domestically and offshore;

- The Placement was corner stoned by the Company's two major shareholders, Tribeca Investment Partners and Strata Investment Holdings Plc;

- The Board of Directors are also participating in the Placement for A$200,000 (in aggregate), which is subject to shareholder approval at a forthcoming EGM; and

- Funds raised, together with existing cash, will be applied to increasing ownership in the Sierra Atacama Project, repayment of debt, exploration and development costs, activities at the Botswana Projects, general working capital, corporate costs, contingencies and costs of the Offer.

The Placement comprises two tranches:

- Tranche 1 to raise approximately A$72 million via the issue of approximately 240 million New Shares utilising the Company's existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A (Tranche 1); and

- Tranche 2 to raise approximately A$18 million via the issue of approximately 60 million New Shares subject to shareholder approval to be sought at an Extraordinary General Meeting (EGM) of the Company expected to be held in late August/early September 2026 (Tranche 2).

Proceeds from the Placement, together with existing cash, (Table 1*).

Commenting on the success of the Placement, Martin Holland, Cobre's Executive Chairman, said:

"I would like to say thank you and welcome all existing and new shareholders to Cobre. This $90m capital raise marks a transformational milestone for Cobre as the Company moves toward becoming a mid-tier Copper producer. We are increasing our exposure to what we believe is one of the most exciting emerging copper districts in Chile - in the home of copper, while simultaneously strengthening our balance sheet and funding the next phase of growth. With production, exploration and development all advancing in parallel, Cobre is entering a new phase of value creation."

PLACEMENT DETAILS

The Placement was strongly supported by new and existing shareholders, including by the Company's two major shareholders Tribeca Investment Partners (Tribeca) subscribing for A$20M and Strata Investment Holdings Plc (Strata) for A$8M. Additionally, the Board of Directors are participating in the Placement for A$200,000. The participation of Strata and the Board in the Placement is subject to shareholder approval pursuant to ASX Listing Rule 10.11 at the EGM.

The Placement was conducted at a price of A$0.30 per New Share, which represents a:

- 9.1% discount to the last close price of A$0.33 on 6 July, 2026; and

- 8.6% discount to the 10-day Volume Weighted Average Price (VWAP) of A$0.328.

All New Shares issued under the Placement will rank pari passu with the existing ordinary shares on issue in the capital of the Company.

Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement. Euroz Hartleys Limited acted as Co-Manager to the Placement and CPS Capital Pty Limited acted as Broker to the Offer.

The Indicative timetable for the Placement (Table 2*).

Notes:

1. The Company has on issue 165,125,648 listed options (ASX : CBEO) and 117,592,972 unlisted options with various expiry dates and exercise prices.

2. The Tranche 2 Placement Shares are subject to shareholder approval at the EGM.

3. The Company proposes to issue 31,000,000 performance rights, with vesting hurdles starting at a 25% premium to the Placement price and up to a 100% premium, to Directors, Executives and certain key contractors of the Company, subject to receiving shareholder approval at the EGM. Full terms and conditions of the performance rights will be contained in the EGM Notice.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/05PO8D71

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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