Cobre Limited (CBE.AX) Sierra Atacama Operational Update

Sydney, July 16, 2026 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) advises that its Sierra Atacama Copper Project, in the Antofagasta Region of northern Chile, is continuing normal operations and lies well outside the path of the severe winter storm and atmospheric river system currently affecting central and southern Chile. The operational turnaround announced to ASX on 6 July 2026 remains on track(1).

HIGHLIGHTS

- Sierra Atacama outside the storm's path. The Project lies in the hyperarid Atacama Desert, more than 600 kilometres north of the northern limit of the forecast rainfall (the Coquimbo Region), with the entire Atacama Region separating it from the affected central and southern Chilean districts.

- Operations continuing as normal. The underground mine and fully commissioned SX-EW processing plant continue to operate at normal rates, unaffected by the weather event.

- Operational turnaround on track. The turnaround and return to positive operating cash flow announced to ASX on 6 July 2026 remain unchanged, with the planned ramp-up of copper cathode announced therein continuing as planned.

Sierra Atacama Copper Project (Chile)

Sierra Atacama is located in the Antofagasta Region (II Region) of northern Chile, within the Atacama Desert, approximately 50 kilometres northeast of the city of Antofagasta. The forecast rainfall is concentrated in the Maule, Nuble and Biobio regions of central-southern Chile - more than 1,300 kilometres south of the Project - while the system's northern extent reaches only as far as the Coquimbo Region, where accumulations are minor. The entire Atacama Region separates the affected area from Sierra Atacama, and the Project is not within the forecast path of the system.

Operations at Sierra Atacama, including the underground mine and fully commissioned SX-EW processing plant, are continuing at normal rates and have not been affected by the weather event. The Project's location in the hyperarid Atacama Desert - with average annual precipitation of approximately 2 mm - means the operation is structurally insulated from the winter rainfall systems that periodically disrupt operations in central and southern Chile. The on-site team maintains its established safety, drainage and contingency procedures and continues to monitor conditions closely.

Cobre will provide a further update should conditions change in a manner that could affect the Project or its operations. The operational turnaround at Sierra Atacama, including the return to positive operating cash flow reported on 6 July 2026, remains on track and unchanged.

(1) Full details of the Company's announcement of 6 July, 2026 titled "Sierra Atacama Copper Mine Delivers First Positive Cash Flow" including a Cautionary Statement can be found in the announcement link below. The Company is not aware of any new information since the announcement of 6 July 2026 that materially affects the results and operational turnround reported therein.

https://announcements.asx.com.au/asxpdf/20260706/pdf/071dnwrgzhqx70.pdf

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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