Cobre Limited (CBE.AX) Outlines Sierra Atacama Operating Progress and Staged Copper Expansion Plans

Sydney, Nov 11, 2026 AEST (ABN Newswire) - Cobre Limited (ASX:CBE) has outlined operating progress at Sierra Atacama in Chile, including September-quarter revenue of US$11.8m and a second consecutive quarter of positive EBITDA, together with its resource drilling programme and staged expansion plans.

The Company's November 2026 investor presentation reports a 62.86% interest and Board control at Sierra Atacama since October 2026, with the right to appoint three of five directors. The operation comprises an underground mine and an existing SX-EW processing plant in Chile's Antofagasta region.

Sierra Atacama Operations

For Q1 FY27, covering Jul-Sep 2026, Sierra Atacama produced 818t of copper cathode, compared with 771t for Q3 FY26, covering Jan-Mar 2026. Copper recovery increased from 66% to 78% across those comparison periods.

September-quarter revenue was US$11.8m, compared with US$9.1m in the March quarter. EBITDA was +US$0.50m, compared with -US$1.79m in the March quarter. These operating results are based on unaudited management accounts and precede the stated October 2026 commencement of Cobre's Board control.

The presentation reports that key supplier and commercial agreements have been renegotiated and critical processing and infrastructure bottlenecks addressed.

New stainless-steel cathode plates, at a total cost of US$700k, allow Cobre to achieve full payability under the offtake with Mitsui. Copper purity is reported at 99.98%, consistently meeting customer specifications.

Staged Expansion and Resource Evaluation

Stage 1 proposes restoration and optimisation of the SX-EW plant and crusher circuit to an indicative copper cathode capacity of ~18 ktpa, with tender award targeted by Jan 2027. The roadmap specifies that 18,000tpa run rate capacity relates to the October 2026 to December 2027 (15 months) timeframe.

Stage 2 proposes a second SX line and additional electrowinning to reach indicative capacity of ~25 ktpa, with DIA submission targeted end-2026.

The Stage 3 open-pit case contemplates capacity of up to ~50 ktpa following the 40,000m drilling programme and a maiden JORC resource. The roadmap also identifies a subsequent Reserve step before the Stage 3 open-pit case.

These capacities are indicative targets only, subject to studies, permitting, financing and Board approval. They are not production guidance.

The 40,000m resource programme is fully mobilised, with four rigs operating, comprising ~15,000m RC and ~25,000m diamond drilling. The first diamond hole reached 986.9m, with 571 samples submitted and assays due end-November. A maiden JORC resource is targeted for end Mar qtr 2027.

Financial Position and Funding

The presentation reports ~A$90m pro forma cash, comprising A$67m at 30 Sep, A$18m Tranche 2 proceeds in early October and ~A$6m at Sierra Atacama.

Planned drilling and plant capital expenditure of ~US$28-33m combined is described as funded from the A$90m capital raise. Plant refurbishment and expansion studies are being completed.

Total debt is US$32.2m, comprising US$16.0m financing debt, US$11.0m trade creditors and US$5.2m other or legacy obligations. Discounted settlement of legacy creditors is progressing towards the creditors' meeting on 26 November 2026.
These financial-position and funding disclosures are from Cobre's September 2026 Quarterly Investor Briefing (30 October 2026) and are unaudited.

Operating and total cash flow remained negative in the September quarter, reflecting debt service, working-capital build and growth capital expenditure.

Botswana Development

At the 100%-owned Ngami Copper Project, the in-situ copper recovery well field is built and commissioning is underway.

September-quarter progress included completion of 6 production-recovery wells and 4 monitoring wells, together with pipelines, a manifold, tank farm, control room and SCADA infrastructure.

Next steps are to complete hydrogeological test work and finalise the EIA for the ISCR SX-EW demonstration plant. The demonstration plant is targeted for H2 2027.

*To view the Company Presentation, please visit:
https://abnnewswire.net/lnk/GRF4EBRC

Editorial Note:

This media release has been independently prepared by ABN Newswire editorial staff based on Cobre Limited Company Presentation. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Cobre Limited full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.

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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