Ngami Copper Project Boasts 11.5Mt at 0.52% Cu; Sinomine Commits A$3m
Cobre Limited has reported a maiden Mineral Resource Estimate for its Ngami Copper Project in Botswana, alongside a significant investment agreement with Sinomine International Exploration. The company also advanced exploration activities with BHP funding and progressed key permitting milestones.
- Maiden Mineral Resource Estimate of 11.5Mt @ 0.52% Cu and 11.6 g/t Ag at Ngami
- Sinomine commits up to A$3m investment and option to acquire 70% of Okavango Project
- BHP provides USD 1.48m for ongoing Kitlanya drilling and seismic surveys
- Successful bench-scale solvent extraction-electrowinning tests confirm copper processing viability
- Relinquishment of non-core Australian licenses and $2.4m exploration expenditure reported
Maiden Resource Marks a Milestone for Ngami Copper Project
Cobre Limited has delivered a landmark update for its Botswana copper assets with the announcement of a maiden Mineral Resource Estimate (MRE) for the Comet Deposit within the Ngami Copper Project. Prepared by WSP Australia, the MRE outlines 11.5 million tonnes grading 0.52% copper and 11.6 grams per tonne silver, translating to approximately 60,300 tonnes of contained copper and 4.3 million ounces of silver. This initial resource classification includes 1.1 million tonnes in the Indicated category and 10.4 million tonnes Inferred, providing a solid foundation for further development.
The resource estimate not only validates the project's potential but also aligns it with comparable sediment-hosted copper projects, such as the Florence Copper Deposit, which is nearing production. Cobre’s CEO, Adam Wooldridge, highlighted the significance of this milestone, emphasizing the resource's role in underpinning the company’s in-situ copper recovery (ISCR) development plans and its considerable upside potential from an expanded exploration target.
Strategic Partnerships Bolster Exploration and Funding
Complementing the resource announcement, Cobre secured a pivotal investment agreement with Sinomine International Exploration (Hong Kong) Co. Under the terms, Sinomine will invest up to A$3 million in Cobre shares and holds an option to acquire a 70% interest in the Okavango Copper Project for A$7 million. This deal, completed shortly after the quarter’s end, provides Cobre with both capital and a strategic partner to advance exploration activities, including a planned diamond drilling program targeting extensions near MMG’s production hub.
Meanwhile, BHP continues to support Cobre’s exploration efforts through its earn-in agreement, contributing USD 1.48 million to fund diamond drilling and seismic surveys at the Kitlanya Projects. These activities aim to delineate tier 1 copper-silver targets within the Kalahari Copper Belt, with a second phase of seismic surveying underway to refine exploration models.
Technical Advances and Permitting Progress
On the metallurgical front, Cobre reported successful bench-scale solvent extraction-electrowinning (SX-EW) tests that produced high-quality copper cathode at approximately 97% current efficiency. These results affirm the technical feasibility of integrating SX-EW processing with the ISCR method, a key step toward scalable copper production.
Permitting also advanced with the Botswana Department of Environmental Protection approving the scope of Cobre’s Environmental Impact Assessment for the pilot ISCR project. This regulatory milestone de-risks the project’s development pathway and sets the stage for subsequent specialist studies and reporting.
Portfolio Rationalisation and Financial Overview
Reflecting a focus on core assets, Cobre relinquished three exploration licenses in Western Australia deemed non-material to its strategic objectives. The company reported exploration expenditure of A$2.4 million for the quarter, primarily directed toward Botswana projects. Despite a net cash decrease during the period, funding was supported by equity raises, including the Sinomine investment and a forthcoming placement subject to shareholder approval.
Corporate developments included the resignation of director Dr Ross McGowan and preparations for the upcoming Annual General Meeting scheduled for late November 2025.
Bottom Line?
With maiden resources confirmed and strategic partnerships in place, Cobre is poised to accelerate its Botswana copper ambitions amid ongoing exploration and permitting progress.
Questions in the middle?
- How will Sinomine’s involvement influence the pace and scale of Okavango Project development?
- Can upcoming drilling at Cosmos and Kitlanya deliver higher-grade zones to enhance project economics?
- What are the timelines and potential challenges for advancing the Environmental Impact Assessment to full permitting?