COBRE LIMITED — Capital/Financing Update 2024

Mar 3, 2024

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Cobre Limited A.C.N. 626 241 067 (ASX: CBE) Level 10, Kyle House, 27 Macquarie Place SYDNEY NSW 2000 Tel: + 61 407 123 143 www.cobre.com.au

4 March 2024

COBRE SUCCESSFULLY COMPLETES A$4M PLACEMENT TO ACCELERATE EXPLORATION & DEVELOPMENT OF THE COMPANY’S KALAHARI COPPER BELT PROJECTS IN BOTSWANA

HIGHLIGHTS:

• Successful completion of a A$4.0 million placement which was strongly supported by new and existing shareholders, including a number of high-quality institutional investors based domestically and offshore;

• Strata Investment Holdings Plc, the Company’s largest shareholder, and several of the Company’s Directors subscribed for A$800,000 and A$675,000 (in aggregate), respectively under the placement, which is subject to shareholder approval to be sought at an upcoming extraordinary general meeting; and

• Cobre's drilling service provider, Mitchell Drilling Botswana, and exploration services provider, Remote Exploration Services, subscribed for A$100,000 each under the placement. Additionally, Mitchell Services has subscribed for A$200,000 in Cobre shares as part of a scrip for service arrangement.

Cobre Limited (ASX: CBE , Cobre or Company ) is pleased to announce that the Company has received firm commitments from institutional, sophisticated and professional investors for the placement of approximately 76.9 million new fully paid ordinary shares ( New Shares ) at an issue price of $5.2c per New Share to raise gross proceeds of A$4.0 million ( Placement ). The Placement comprises two tranches:

• Tranche 1 to raise A$2.3 million via the issue of 43.7 million New Shares utilising the Company’s existing placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A[1] .

• Tranche 2 to raise approximately A$1.7 million via the issue of approximately 33.2 million New Shares subject to shareholder approval to be sought at an Extraordinary General Meeting ( EGM ) of the Company expected to be held in April 2024 ( Tranche 2 ).

Proceeds from the Placement, together with existing cash, will be used to accelerate exploration on the Company’s tenement holding in the Kalahari Copper Belt in Botswana.

1. 15.0m New Shares to be issued pursuant to ASX Listing Rule 7.1 and 28.7m New Shares to be issued under Listing Rule 7.1A

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Commenting on the success and level of interest in the Placement, Martin Holland, Cobre’s Executive Chairman, said :

“The Cobre team is pleased to have secured additional funds which will be strategically used to accelerate exploration on the Company’s tenement holding in the Kalahari Copper Belt in Botswana. With the recent positive hydrogeological results from the Ngami Copper Project as well as the new intersection encountered when drilling the PW001 production well, there is strong reason for the Board to believe that there is significant value to be unlocked on the Company’s Botswanan projects. I would like to thank all existing and new shareholders who participated in the Placement for supporting the Board’s strategy to fast track exploration and development in this highly prospective region of southern Africa.”

PLACEMENT DETAILS

The Placement was strongly supported by new and existing shareholders, including Strata Investment Holdings Plc ( Strata ), the Company’s largest shareholder, and the Board of Directors, which subscribed for A$800,000 and A$675,000, respectively. The issue of New Shares to Strata and the Board of Directors is subject to shareholder approval to be sought at an upcoming EGM.

The Placement was conducted at a price of A$5.2c per New Share, which represents a:

• 17.5 % discount to the last close price of 6.30c on 29 February 2024;

• 18.1% discount to the 5-day Volume Weighted Average Price ( VWAP ) of 6.35c; and

• 16.6% discount to the 10- day VWAP of 6.24c.

Participants in the Placement will also be entitled to apply for one (1) free attaching option for every two (2) New Shares allocated under the Placement, which will be exercisable at 7.8c each and have an expiry date that is 3 years after the issue date ( Attaching Options ). The Attaching Options will be unlisted and subject to shareholder approval at the EGM. Placement participants can apply for the Attaching Options under a Prospectus, which is expected to be lodged with ASIC in April 2024.

All New Shares issued under the Placement, as well as any shares issued upon the exercise of the Attaching Options, 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.

1. 15.0m New Shares to be issued pursuant to ASX Listing Rule 7.1 and 28.7m New Shares to be issued under Listing Rule 7.1A

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The Indicative timetable for the Placement is as follows:

	Event		Time / Date
	Placement conducted	Friday, 1	March 2024
	Announcement of results of Placement & Trading	Monday, 4	March 2024
	Halt Lifted
	Settlement of Tranche 1 of the Placement	Friday, 8	March 2024
	Allotment and trading of New Shares issued under	Monday, 11	March 2024
	Tranche 1
	Lodgement of Prospectus in connection with the offer
		Early April 2024
	of Attaching Options
		Late April 2024
	Offer for Attaching Options opens
		Late April 2024
	EGM to approve Tranche 2 and Attaching Options
	Expected Settlement of New Shares Issued under
		April 2024
	Tranche 2
	Expected Allotment and trading of New Shares issued
		April 2024
	under Tranche 2
	Offer for Attaching Options closes	Early May 2024
	Allotment of Attaching Options	Early May 2024

Note: Dates and times are indicative only and subject to change without notice. Cobre reserves the right to alter the dates in this announcement at its discretion and without notice, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth). All times and dates refer to Sydney local time, Australia.

SCRIP FOR SERVICES ARRANGEMENTS

In addition to the Placement, Cobre has entered into Subscription Deed ( Subscription Deeds with Mitchell Drilling Botswana ( Mitchell ) pursuant to which, Mitchell has agreed to subscribe for A$200,000 worth of New Shares at the Placement price of A$5.2c as part of scrip for service arrangements ( Subscription Amount ).

Under the terms of the Subscription Deed, Mitchell may set-off the Subscription Amount payable against 30% of any future invoices (exclusive of VAT) that have been rendered for any diamond drilling or exploration services completed and that become due and payable from the date on which the New Shares are issued to Mitchell.

1. 15.0m New Shares to be issued pursuant to ASX Listing Rule 7.1 and 28.7m New Shares to be issued under Listing Rule 7.1A

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This ASX release was authorised on behalf of the Cobre Board by: Martin C Holland, Executive Chairman.

For more information about this announcement, please contact: Martin C Holland

Executive Chairman

holland@cobre.com.au

1. 15.0m New Shares to be issued pursuant to ASX Listing Rule 7.1 and 28.7m New Shares to be issued under Listing Rule 7.1A