Analyst Report Highlights Major Upside in Cobre’s Botswana Copper Play

Description

Cobre Limited (ASX:CBE) is gaining attention for its expansive exploration efforts across highly prospective copper and quartz tenements in Botswana and Western Australia. A recent report by Independent Investment Research (IIR) highlights Cobre’s growing potential in the copper sector, especially within the underexplored yet mineral-rich Kalahari Copper Belt.

Key Highlights from the IIR report:

Botswana: High-grade Copper in Elephant Country

At the core of Cobre’s portfolio is its 100 percent owned Kalahari copper project (KCP) in northwestern Botswana, an emerging global copper hotspot. The project spans 5,393 sq km across four key tenement blocks – Ngami, Okavango, Kitlanya East and Kitlanya West. It sits adjacent to major producing assets owned by Sandfire Resources and MMG, which together hold 7 million tonnes of copper and nearly 300 million ounces of silver in resources.

• BHP Joint Venture: A US$25 million, 8-year earn-in agreement gives BHP up to 75% of the Kitlanya East and West projects, with Cobre retaining operatorship during the earn-in phase.
• Ngami ISCL Opportunity: At Ngami, Cobre is targeting an in-situ copper leach (ISCL) development. Testwork has returned copper recoveries of up to 82 percent, with exploration targets of up to 167 Mt @ 0.45 percent copper.
• Okavango Upside: Limited drilling has shown promising signs, along strike from MMG’s Khoemacau operation.

Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Transaction, dark grey licenses will be run, and are owned, independently by Cobre.

Western Australia: High-purity Quartz (HPQ) for the Energy Transition

At Perrinvale, Cobre is exploring a quartz unit with grades up to 99.6 percent silica, which is critical for electronics, solar photovoltaics and semiconductors. A published exploration target of up to 28.3 Mt and encouraging metallurgical results have attracted early interest from potential partners, including Malaysian group GK Silica.

Strategic Position and Financial Snapshot

Cobre remains well-positioned financially, with approximately AU$3 million in cash and investments as of March 2025. The company’s shareholder base is tightly held, with insiders owning over 7 percent and cornerstone investor Strata Investment Holdings controlling nearly 20 percent.

For the full analyst report, click here.

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