Cobre Limited has secured $5.5 million in strategic placements to advance copper exploration and development in Botswana, highlighted by encouraging drilling results at the Cosmos Target and new seismic surveys funded by BHP.
- Raised $5.5M through placements to Sinomine and Tribecca
- Positive diamond drilling results at Cosmos Target in Ngami Project
- BHP-funded seismic surveys completed to identify new copper targets
- Environmental Impact Assessment scope approved for Ngami ISCR pilot plant
- Drilling commenced at Okavango Copper Project with assays pending
Strategic Capital Raises Fuel Exploration Momentum
Cobre Limited has made significant strides in its Botswana copper projects during the December 2025 quarter, underpinned by two strategic capital raisings totalling $5.5 million. The $1.5 million placement to Sinomine International Exploration (Hong Kong) Co., Limited supports a follow-up diamond drilling campaign at the Okavango Copper Project, while a $4 million placement to Tribecca Investment Partners Pty Ltd is earmarked for accelerating development of the Ngami In-Situ Copper Recovery (ISCR) Project.
Encouraging Drilling Results at Cosmos Target
Diamond drilling at the Cosmos Target, part of the Ngami Copper Project, has returned promising copper and silver intersections, including visually estimated higher-grade zones. Notably, drill hole NCP55 intersected 10 metres at 1.32% copper and 27.7 grams per tonne silver, with subsequent step-out holes confirming mineralisation continuity. These results suggest potential for underground mining and align with the broader NCP Exploration Target, which is estimated between 205 and 308 million tonnes at 0.31 to 0.46% copper.
BHP-Backed Seismic Surveys Enhance Exploration
In a collaborative effort, BHP funded seismic surveys across the Kitlanya West, East, and Ngami projects, completing 234 kilometres of data acquisition. These surveys aim to characterise geological structures and identify buried trap sites that could host blind copper deposits. The seismic data, expected to be fully processed soon, will deepen understanding of the Kalahari Copper Belt’s structural controls and potentially reveal new exploration targets.
Regulatory Progress and Environmental Approvals
The Botswana Department of Environmental Protection has approved the scope of work for an Environmental Impact Assessment related to the Ngami ISCR pilot plant. This approval provides a clear pathway for permitting the pilot plant and advancing towards commercial development, marking a critical milestone for Cobre’s in-situ copper recovery ambitions.
Okavango Drilling Campaign Underway
Drilling has commenced at the Okavango Copper Project under the partnership with Sinomine, targeting extensions of mineralisation identified in previous campaigns. Assay results from the initial three holes are anticipated in February 2026, which will be closely watched for confirmation of copper-silver mineralisation along strike from MMG’s neighbouring deposits.
Financial and Corporate Updates
Exploration expenditure for the quarter totalled $3.16 million, focused predominantly on Botswana projects. The company maintained a strong cash position, bolstered by capital raisings and proceeds from the BHP earn-in agreement. The 2025 Annual General Meeting saw all resolutions passed, including the re-election of director Michael McNeilly, reflecting stable governance as Cobre advances its development agenda.
Bottom Line?
With promising drill results and strategic funding in place, Cobre is poised to unlock value in Botswana’s copper belt, but upcoming assay results and regulatory milestones will be key to watch.
Questions in the middle?
- Will Sinomine exercise its option to invest further and acquire a majority interest in the Okavango Project?
- How will the seismic survey data influence the identification of new copper targets and exploration strategy?
- What timeline is expected for the Ngami ISCR pilot plant to move from environmental approval to operational status?