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Cobre Restricted (ASX: CBE, Cobre or Firm) is happy to announce that the Firm has executed a subscription settlement with Tribeca Funding Companions Pty Ltd (Tribeca) for the position of 40 million new absolutely paid odd shares (New Shares) at a difficulty worth of $0.10 per New Share to lift gross proceeds of A$4 million1 (Placement).
HIGHLIGHTS
- Tribeca to take a position $4.0m at $0.10/share;
- 1 for 1 possibility exercisable at $0.13 every;
- Tribeca as a strategic shareholder, is investing these funds to begin well-field growth and additional exploration on the Ngami ISCR challenge;
- Three different Cobre Botswana tasks are absolutely funded by companions, BHP and Sinomine, and are separate from the Ngami challenge, with ongoing exploration; and
- Tribeca appointed as strategic advisor to advise Cobre on its copper offtake and debt funding necessities for the Ngami ISCR challenge.
Tribeca’s strategic funding is a crucial milestone for the Firm because it seems to progress growth of an In-Situ Copper Restoration (ISCR) demonstration plant on the Ngami Copper Venture (Ngami or NCP) within the Kalahari Copper Belt (KCB), Botswana. The funding follows an intensive funding due diligence course of with the proceeds from the Placement, along with present money, allotted for well-field growth forward of building of the demonstration plant, and to speed up additional exploration on the NCP.
It’s anticipated that the demonstration plant will likely be funded with copper and silver offtake and debt. Tribeca have indicated their help for this challenge and future copper offtake and debt funding of the Ngami growth plant. Tribeca have entered into an advisory settlement to help this challenge for copper offtake and debt funding.
Development of the demonstration plant is deliberate to begin following completion and approval of an Environmental Influence Evaluation which is at the moment in progress (see ASX announcement 15 October 2025).
Along with NCP, work programmes on Cobre’s three different tasks, that are absolutely funded by companions BHP and Sinomine, are ongoing (see ASX Bulletins 10 March 2025 and a couple of September 2025).
Welcoming Tribeca as a strategic investor to Cobre, Martin Holland, Cobre’s Government Chairman, mentioned:
“Each on occasion alongside comes a tremendous alternative to herald a strategic aligned shareholder. At present, we’re happy to have that with Tribeca. Tribeca not solely did their homework within the in depth due diligence earlier than agreeing to be our strategic investor and advisor for the Ngami ISCR challenge; they convey strong gravitas within the useful resource sector as a dependable long-term companion to assist construct mining tasks and make them a actuality.
Additional to the strategic fairness funding right this moment, Tribeca have entered into an advisory settlement to help the Ngami ISCR challenge for copper offtake and debt funding.”
Tribeca, commenting on their funding in Cobre, Ben Cleary, Tribeca’s PM of the International Pure Useful resource Fund, mentioned:
“We’ve been actually impressed with the Cobre administration crew and the suite of copper tasks that Cobre has been advancing within the Kalahari Copper Belt. We all know that Sandfire Sources and MMG have built-up spectacular copper manufacturing within the Kalahari Copper Belt. Botswana is a strong jurisdiction in Africa with good individuals, infrastructure, Authorities and historical past of mining challenge growth.
Tribeca follows the current ISCR challenge, Florence Copper owned by Taseko Mines, and their current financing of a US$173m funding at a market capitalisation of US$1.5bn. With the aim of turning into the following ISCR upcoming copper producer, we consider this is a crucial market benchmark for Cobre.
Tribeca is happy to have made a strategic funding in Cobre which will likely be used to speed up exploration and growth on Cobre’s ISCR Ngami Venture within the Kalahari Copper Belt in Botswana and, particularly, to help serving to make this subsequent copper producer a actuality.”
PLACEMENT DETAILS
The Placement was performed at a worth of A$0.10 per New Share, which represents a premium of:
- 8.7 % premium to the final shut worth of $0.092 on 13 November 2025;
- 7.8% premium to the 5-day Quantity Weighted Common Worth (VWAP) of $0.093; and
- 11.4% premium to the 10- day VWAP of $0.090.
The Placement additionally contains a 1 for 1 free attaching possibility exercisable at $0.13 every and expiring 15 January, 2029 (Attaching Choices) with the Attaching Choices topic to the approval of shareholders at an Extraordinary Normal Assembly of the Firm anticipated to be held in January 2026 (EGM).
All New Shares issued beneath the Placement, along with any new shares issued upon the train of the Attaching Choices, will rank pari passu with the prevailing odd shares on problem within the capital of the Firm.
Defender Asset Administration acted as Lead Supervisor to the Placement.
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