COBRE LIMITED — Investor Presentation 2021

Aug 31, 2021

This presentation has been approved by the Board of Cobre Limited

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Explore…Discover

Africa Downunder Conference 2021

ASX: CBE September 2021

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Disclaimer

Not for release to US wire services or distribution in the United States.

This investor presentation has been prepared by Cobre Limited (ACN 626 241 067).

This presentation is for information purposes only. This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and in summary form, has not been independently verified and does not contain all information necessary for investment decisions. This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons.

The information contained in this presentation has been prepared in good faith by Cobre Limited, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. Cobre Limited is not responsible for providing updated information and assumes no responsibility to do so. Recipients should conduct their own investigations, perform their own analysis and consult their own legal, business and/or financial advisers in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

To the maximum extent permitted by law, Cobre Limited, its related bodies corporate, and each of their directors, officers, employees, and advisers disclaim all liabilities (however caused, including negligence) for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted in this presentation.

Certain information in this presentation refers to the intentions of Cobre Limited, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the corporations act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Cobre Limited’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Cobre Limited, its related bodies corporate, and each of their ~~its~~ directors, officers, employees, agents and advisers do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

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Cobre Capital Structure

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Share Price
(As of 27 August 2021)	16 cps
Shares on issue	156,649,877
Market capitalisation	$25.064m
Cash at bank as at 30 June*	$8.146m
Options on Issue –exercise price 20cps	13,249,000
Options on Issue – exercise price 30cps	2,000,000
Options on Issue – exercise price 33.5cps	11,500,000
Fully diluted shares	183,398,877

• Cobre is still yet to receive $1.4m from Metal Tiger Plc which is not included in the cash balance. The $1.4m is subject to AGM approval to be held November 2021 and is comprised of the second tranche of a recent A$6.7m placement

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Board of Directors – Strong Leadership

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Martin C Holland

Michael McNeilly Non-Executive Director

Michael Addison

Andrew Sissian

Executive Chairman & Managing Director

Finance Director

Non-Executive Director

Mr Sissian has experience in corporate finance as a technology and finance executive, advisor and investor. He has worked with Wilson’s and the National Australia Bank, in both Australia and Shanghai, focused on institutional banking and acquisition finance. Mr Sissian is currently the CEO of ‘Internet of Things’, Procon Telematics Pty Ltd. Mr Sissian is a CPA and holds a Masters of Accounting and a Bachelor of Commerce

Mr McNeily is an experienced corporate financier having advised several private, Main Market listed, AIM quoted and ISDX listed during his tenure at Arden Partners (AIM:ARDN) and Allenby Capital respectively.

Mr Addison has a long history of involvement in the Australian and international mining industry, having been instrumental in the founding of two former ASX-listed Australian mining companies: Endocoal Limited (formerly Atlas Coal Limited) and Carabella Resources Limited.

Mr Holland is a mining executive with over 12 years experience in M&A and corporate finance. Mr Holland was the founder and CEO of Lithium Power International (LPI:ASX) from 2015 to 2018. During this period, Mr Holland raised in excess of A$70m of new equity to progress LPI’s projects from acquisition and further exploration to Definitive Feasibility Study (DFS).

• Currently CEO of Metal Tiger Plc.

Most recently he was the founding director of ASXlisted Genex Power Limited, a company focused on electricity generation and storage solutions

• Nominee Non-Executive Director appointed by Metal Tiger.

Mr Holland is an executive Director of OzAurum Resources Limited (ASX: OZM) and is the Chairman of Sydney based investment company Holland International Pty Ltd, which has strong working relationships with leading institutions and banks across the globe.

• Non-Executive Director - Connemara Mining Company plc (2018)

• Non-Executive Director of MOD Resources Limited (2018)

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Diversified 29 ~~Cu~~ Copper 63.546

• Clear Growth Strategy

• Strong Fundamentals

• Set for Growth

• Experienced Board & Management Team

• Strategic Land Package

• 3 Exploration Projects with Potential to Deliver Significant Copper Rich Resources

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Cu Focused Explorer

High quality exploration and development pipeline to underpin Copper’s future growth in the electric vehicle and renewable energy sector

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Copper’s Path to $15,000/t

Annual consumption growth estimated at 1.8% and has averaged 2.5% over last 40 years

5 Mt deficit projected

Copper to trade up to $15,000/t by mid-decade to mitigate depletion risks Historical and forecast Copper price

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Why Copper is the New Oil

• No Decarbonization without copper (Cu)

• The green transition will support a surge in Cu demand

• The copper market is unprepared for this critical role

• Sticky supply threatens to deplete Cu stocks by mid-decade

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Unlocking The Prolific Kalahari Copper Belt In Botswana…

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B O T S W A N A
G a b o r o n e
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Botswana: Kalahari Metals Ltd JV

• The Kalahari Copper Belt ( KCB ) is regarded as one of the world’s JOINT VENTURE most prospective areas for yet-to-be-discovered sediment-hosted copper deposits by the US Geological Survey[1]

• With shareholders’ approval, in April 2021 Cobre and Metal Tiger plc commenced operating Kalahari Metals Ltd ( KML ) as a JV, approving 7,000m of drilling to commence the JV’s exploration in Botswana

• KML’s landholdings are along strike and adjacent to two major development projects: Cupric Canyon’s high-grade Zone 5 Cu-Ag deposit and Sandfire’s (ASX: SFR) T3 Motheo Cu-Ag deposit

• Strong investment from both the business sector (in mine development) and government (in power infrastructure) aimed at opening up the KCB area of Botswana

• Diamond and RC drilling is underway on KML’s Kitlanya projects

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The Future of the KCB

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Could there be a tier-one discovery left to be found?
Belt still largely under-explored, KCB remains immature in
terms of discovered metal endowment
Most deposit types are traditional limb hosted on the main
redox contact – with T3/A4 presenting a newer category
not traditional limb hosted deposits
Advancements in geophysical techniques and geological
understanding and particularly structural interpretation
could be the key to unlocking the full metal endowment of
the KCB
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KCB Development Projects & Mineralisation Styles

Permitted Motheo Production Hub[1] (Structurally controlled examples)

• T3: 53.3Mt @ 0.9%Cu & 13g/t Ag

• • A4: 6.5Mt @ 1.5%Cu & 24g/t Ag • T1: 2.7Mt @ 2%Cu & 50g/t Ag

• 5.2 Mtpa throughput

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Limb-hosted deposits = typically require underground exploitation

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• Khoemacau Expansion Project[2] (Limb hosted examples)

• • 168Mt @ 2.1% Cu & 27 g/t Ag • 4.5 Mtpa throughput

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Structurally controlled deposits = often shallow, open pit mineable

NOTE: Projects & resources shown on the plan are NOT owned by KML. As detailed on Sandfire Resource Ltd website. 2. As detailed on Khoemacau Copper Mining website

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Kalahari Metals Overview

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 KML, together with its subsidiaries Kitlanya (Proprietary) Limited (Kitlanya) (100%) and Triprop Holdings (Proprietary) Limited (51%) hold 8,100 km[2] in proximity to, and along strike from, known deposits in the Kalahari Copper Belt, Botswana.

2[nd] BIGGEST LICENSE HOLDER IN THE DISTRICT AFTER SANDFIRE (ASX: SFR)

KML Kalahari Copper Belt Tenure Position and significant deposits

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Kalahari Metals Overview

• KML is targeting sediment hosted copper–silver deposits similar to those being developed by neighbours Sandfire and Cupric Canyon Capital

• Tenure consists of four Project Areas: Okavango (2,720 km[2] ), Kitlanya East (2,750 km[2] ) , Kitlanya West (1,900 km[2] ), and Ngami (720 km[2] )

• Total exploration spend to date circa A$5.7m on geophysical surveys, soil sampling, drill target development, successful proof of concept drilling, and current drill programmes

• The exploration programme for 2021 focusses on first pass drill testing of selected structural targets on the Kitlanya East and Kitlanya West project areas

• Drilling testing is ongoing with multiple rigs currently drilling our project areas

2021 approved exploration

Exploration Target May June July August Progression Kitlanya East RC and Endurance Target RC drilling RC drilling RC drilling Diamond drilling Diamond Diamond Diamond Diamond Perseverance drilling drilling drilling drilling Kitlanya West Diamond Diamond Trouvaille Targets drilling drilling

Kitlanya East

Kitlanya West

KML Technical meeting completed 31 August 2021 with ongoing exploration plan agreed and awaiting board approval

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Kitlan a East Pro ect tar etin Endurance and Perseverance y j g g

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A4
T1
6.5Mt @ 1.5% Cu, 24g/t Ag CHALCOCITE ZONE
New intersections include: 2.7Mt @ 2% Cu, 50g/t Ag 33Mt @ 0.64% Cu and 6 g/t Ag
22m @ 6.0% Cu & 98.2g/t
12.4m @ 13.3% Cu & 232.8g/t Ag
A
T3
53.3Mt @ 0.9% Cu, 12.7g/t Ag
B
0 Kilometres 20
Endurance Perseverance
NOTE: Resources shown on the plan are NOT owned by KML.
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• Target : Mineralisation in similar structural environment to neighbouring T3 and A4 deposits

• Target Model : Mineralisation above the traditional D’Kar-Ngwako Pan contact in structurally controlled trapsites

• KML data : Soil sampling coverage (6,267 samples), AEM (1,640km), high-resolution magnetic data (1,880km)

• Historical data : High resolution magnetic coverage, Terraleach[TM] soil sample coverage (15,989 samples), diamond (1,020m), RC (918m) and percussion (262m) drilling

• 2020 stratigraphic drilling intersects lower D’Kar Formation, alteration, trace mineralisation on structures

• 2021 target diamond and RC drilling in progress

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Perseverance

2021 Diamond drilling (1,249m completed in 3 holes – drilling ongoing)

• Detailed magnetic and AEM data used to identify folds truncated by low angle shears in the core of the anticline = trap-sites for mineralisation

• Target model includes:

• Mineralisation along the NPF-DKF contact in the main fold hinge

• Structurally controlled mineralisation located higher in the stratigraphy (e.g. T3 and A4 types)

• A diamond drill programme is currently underway to test both target positions

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KITE-D019
Current diamond drilling KITE-D006
KITE-D010
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Perseverance ongoing drilling – target models
Trap-site model above NPF-DKF contact Chalcopyrite
(pXRF 18% Cu)
KITE-019 KITE-010
Galena
Fold hinge target
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Kitlanya East Drilling – Endurance

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2021 Diamond (389 m in 2 holes) and reverse circulation (RC) drilling (1,695 m in 9 holes)

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• Combined RC and diamond drilling programme recently completed over Endurance

• Targeting fold trap-sites identified in AEM inversion modelling, magnetic and structural interpretation now confirmed by drilling

• Stratigraphy confirmed as lower D’Kar

• Several anomalous Cu, Pb and Zn intersections along with hematite and carbonate alteration, pyritepyrrhotite rich dark shale units, crackle breccias and abundant quartz-carbonate veining highlight the presence of an active metal bearing hydrothermal system

Endurance: Historical and recently completed drill positions along with soil sampling on lithostructural interpretation. Quoted anomalous intersections from composite pXRF results

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Kitlanya West Project

• Target model: Structurally controlled mineralisation above the contact, mineralisation on fold limbs and in hinge zones

• KML data : high resolution magnetics and gravity (9,970km), regional AEM (847km) and soil sampling traverses (3,548 samples)

• Historical data : 1990s AEM (Geotem)

• 2021 ongoing drill programme to test AEM anomalies, confirm the position of mineralisation on fold limbs, identify new structurally controlled targets

NPF-DKF redox contacts

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Kitlanya West: Exploration Strategy

• Location of project on basin margin considered prospective for sedimentary copper deposits

• Outcropping Kgwebe Group volcanic basement considered an important regional vector to mineralisation in the KCB

• Recently completed airborne gravity highlights potential for sub-basins whose margins are considered prospective zones for deposit formation

• Detailed magnetic and ongoing drilling confirm the presence of thin DKF across the centre of the licenses highlighting the potential for shallow contact and structural trap-site mineralisation

• Regional soil sampling traverses support the interpretation and position of the DKF-NPF contact

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Cu/Zn anomalies on interpreted contact
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• Sub-basin margins from airborne gravity

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Airborne gravity results:
trend removed Bouguer
Anomaly
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Forward modelling: airborne gravity and magnetics
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Target folds on basin margin
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Schematic: pre-basin inversion
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Technical Team – Botswana

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KML’s technical team includes sediment-hosted copper specialists with significant operational experience

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Adam Wooldridge BSc Hons Pr. Sci. Nat.

Adam Wooldridge is a geophysicist and geologist with over 20 years’ experience in Africa and Europe. In addition to several project generation initiatives, he has worked as a consultant on a variety of commodity-types specialising in large-scale multi-disciplinary target generation. He was a founding partner and executive director for Kalahari Metals and has managed exploration activities to present.

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Dr Ross McGowan PhD

Dr Ross McGowan is the founder of the Resource Exploration & Development Group, and has been involved corporately, technically and academically with the mining industry in Africa for over 20 years. He was a member of the original Kamoa (DRC) discovery team, with Ivanhoe Mines, and is a co-recipient of the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery. He conducted his PhD research on the sediment-hosted copper deposits of the Zambian Copperbelt.

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David Catterall

MSc Pr. Sci. Nat.

Dave Catterall is a geologist with over 36 years’ operational and field-based experience in mineral exploration throughout Africa and Europe in a wide range of commodities but specialising in structurally controlled precious and base metals deposits. He has worked extensively on the Copperbelt and Kalahari Copper Belt, both in Namibia and Botswana having gained first-hand experience on several of the known deposits of Boseto and Zone 5 along with belt-scale expertise.

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Thomas Rogers

BSc Hons MSAIMM

Thomas Rogers is the lead generative geologist for the Resource Exploration & Development Group with over 20 years’ of operational multi-commodity experience across Africa. He was also part of the team that generated the Kitlanya East and West project areas prior to their acquisition by Kalahari Metals. He was a member of the original Kamoa (DRC) discovery team, with Ivanhoe Mines, and is a corecipient of the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery.

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Dr Wesley Hall PhD

Dr. Wesley Hall brings nearly 15 years of mineral exploration experience that spans several commodities and deposit classes across the globe. He specializes in basin-hosted mineral systems with emphasis on tectonics and basin development, basin analysis and sequence stratigraphy, and geophysical data interpretation. He is considered an expert on the sedimentary rock-hosted copper-silver deposits of the Kalahari Copperbelt in Botswana and Namibia having completed M.Sc. and Ph.D. studies and publishing several papers related to the metallogenic belt.

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Strategic money in the ground JV budget

2020

Exploration Budget Breakdown

• Completed stratigraphic drilling and soil sampling on South anticline target and KIT-E North anticline target

• Completed soil sampling, AEM and magnetic survey

2021

• Completed detailed targeting programme including structural study

• Completed airborne gravity survey at Kit-W

• Commenced multiple target percussion, RC and Diamond drilling programme

2021 News Flow

• Drill results from KIT-E (Endurance & Perseverance)

• Results from drilling testing of priority targets in KIT-W

• Follow-up percussion, RC and Diamond drilling in KIT-W

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Active investment in:

Belt-scale project focused on magmatic Ni-Cu discovery in Gabon

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Armada Overview

• Cobre Ltd owns 18.5% of Armada- exploring the Nyanga Project

• Portfolio of belt-scale projects covering an area of ~3000km2 focused on Ni-Cu discovery

• First mover advantage targeting untested Ni-Cu (Co-PGM) sulphides in Gabon

• Strong land holding ( 100%-ownership ), with >5-year validity, in a stable country with solid mining code

• Exploration and management team with discovery track record and experience in Africa , including members of the team awarded the 2015 PDAC Thayer Lindsley Award for an international Mineral Discovery (Kamoa)

• Drill ready targets - key surface and sub-surface indicators of magmatic Ni-Cu ore formation

• Belt-scale, multi project opportunity in stable jurisdiction with solid extractive industry

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Global Magmatic Ni-Cu Deposits

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• All deposits are on, or near, craton margins

• The ages and geometries of intrusions varies

• Large deposits form in long-lived fault systems and are strongly controlled by pre-existing structures

• A crustal source of sulphur is important

• Mineralisation is both disseminated and massive

• The Nyanga project is located along the Congo Craton margin

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After Barnes et al. (2015)

It is important to understand the key features and processes for Ni-Cu magmatic systems in new exploration for similar deposits

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References

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Slides
1. Qualitative assessment of selected areas of the world for undiscovered sediment-hosted strata bound copper deposits: U.S. Geological Survey
8 Scientific Investigations Report 2010–5090–Y, 143 p., and spatial data available at http://dx.doi.org/10.3133/sir20105090
2. Announcement to the ASX dated 24 August 2020 available at https://www2.asx.com.au/markets/trade-our-cash-market/announcements.cbe
1. Sandfire Resources Ltd website resources page available at https://www.sandfire.com.au/site/Business/group-mineral-resources-ore-reserves
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2. Khoemacau Copper Mining website expansion project page available at: http://www.khoemacau.com/our-portfolio/expansion-project
1. Barnes, S.J., et al., The mineral system approach applied to magmatic Ni–Cu–PGE sulphide deposits, Ore Geol. Rev. (2015)
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Thank you

For more information contact: www.cobre.com.au info@cobre.com.au