OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor CBE ASX

Cobre Limited

Ramping Producer · Copper · CL · BW · AU Rating locked: sign in to view v8.1 · cbe-20261104t223127-full
Last 2026-11-06
A$0.225
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$292.9M
EV
A$225.6M
Cash
A$67.3M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$67.3M2026-06-30: 19,759,474 A$2026-09-30: 67,301,000 A$ Finite
Debt A$0 Net cash A$67.3M
Basic shares 1.3B 2026-10-07
Runway 22 quarters Appendix 5B item 8.7: cash A$67.3m over quarterly operating and exploration outflows (A$0.891m + A$2.106m). Excludes Sierra consolidation, the US$12m control payment (after quarter end) and creditor settlement; the A$18m tranche 2 is in committed_funding.

Liquidity

Financial position

Liquidity improved to about A$85m bank balance on 1 Oct 2026 plus A$6m Sierra cash on consolidation, but claims of about A$17m control payment, US$32.2m creditor exposure at Sierra Atacama and the A$7.1m BHP earn-in liability sit against it.

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.6B

Basic: 965,507,951 at 30 Jun 2026 (AR26 note 14) + A$72.4m placement tranche 1 (~241.3m at A$0.30) + option exercises Jul-Sep to 1,235,562,896 at 25 Sep 2026 (AR26 register) + 59,061,907 placement tranche 2 (2 Oct 2026) + 7,270,025 option exercises (7 Oct 2026) = 1,301,894,828. Fully diluted: basic + 283,552,723 options + 56,000,000 rights at 30 Jun 2026; upper bound, not treasury-method and not reconciled after Oct exercises.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary shares fully paidOrdinary Share1.3B——
Options on issue at 30 June 2026 (CBEO listed and unlisted; not reconciled after exercises in Oct 2026)Option283.6M——
Performance rights on issue at 30 June 2026Performance Right56M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AFY26A
Operations
Sierra Atacama cathode production (100%)t—1,650
Profit and loss
Revenue (Sierra Atacama from control, 100%)AUDm0.00.0
Operating costs (Sierra operations plus corporate overhead)AUDmFY25: 2,051,000 AUDFY26: 3,432,000 AUD2.13.4
EBITDA (operating, before SBP and equity-accounted losses)AUDmFY25: -2,051,000 AUDFY26: -3,432,000 AUD(2.1)(3.4)
Net profit after tax (reported)AUDmFY25: -2,123,532 AUDFY26: -15,568,397 AUD(2.1)(15.6)
Cash flow
Income tax paidAUDm0.00.0
Operating cash flow (EBITDA less tax)AUDmFY25: -2,009,080 AUDFY26: -3,901,092 AUD(2.0)(3.9)
Capex (total, PP&E and E&E)AUDmFY25: 5,771,428 AUDFY26: 9,617,042 AUD5.89.6
Free cash flow (operating cash flow less capex)AUDmFY25: -7,780,508 AUDFY26: -13,518,134 AUD(7.8)(13.5)
Balance sheet
Cash and cash equivalents (Cobre, pre-consolidated Sierra)AUDmFY25: 4,591,195 AUDFY26: 19,759,474 AUD4.619.8
Interest-bearing debt (Cobre)AUDm0.00.0
Net debt (debt less cash)AUDmFY25: -4,591,195 AUDFY26: -19,759,474 AUD(4.6)(19.8)
Per share
Ordinary shares (year-end; FY27 at cutoff)m sharesFY25: 443,389,952 sharesFY26: 965,507,951 shares443.4965.5
Basic earnings per share (reported)AUD/shareFY25: -0.53 AUD/shareFY26: -2.55 AUD/share(0.53)(2.55)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25: -110 xFY26: -65.74 x(110.0)(65.7)
P / E (x, current market cap)xFY25: -138 xFY26: -18.82 x(137.9)(18.8)
FCF yield (current market cap)%FY25: -0.03 fractionFY26: -0.05 fraction-2.7%-4.6%
EBITDA margin%——
Net debt / EBITDA (x)xFY25: 2.24 xFY26: 5.76 x2.25.8

KPI history

Operating metrics · Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile)

Cathode production (100% Sierra Atacama, management accounts) shown
0246492738984Quarter to 31 Mar 2026 (Q3 FY26): 771 t cathodeQuarter to 31 Mar 2026 (Q3 FY26)Quarter to 30 Jun 2026 (Q4 FY26): 879 t cathodeQuarter to 30 Jun 2026 (Q4 FY26)Quarter to 30 Sep 2026 (Q1 FY27): 818 t cathodeQuarter to 30 Sep 2026 (Q1 FY27)
MetricUnitTrendQuarter to 31 Mar 2026 (Q3 FY26)Quarter to 30 Jun 2026 (Q4 FY26)Quarter to 30 Sep 2026 (Q1 FY27)
Cathode production (100% Sierra Atacama, management accounts)t cathodeQuarter to 31 Mar 2026 (Q3 FY26): 771 t cathodeQuarter to 30 Jun 2026 (Q4 FY26): 879 t cathodeQuarter to 30 Sep 2026 (Q1 FY27): 818 t cathode771879818
Copper recovery (%)pctQuarter to 31 Mar 2026 (Q3 FY26): 66.00 pctQuarter to 30 Jun 2026 (Q4 FY26): 70.00 pctQuarter to 30 Sep 2026 (Q1 FY27): 78.00 pct667078
Revenue (US$, 100% Sierra Atacama, unaudited)USDQuarter to 31 Mar 2026 (Q3 FY26): 9,100,000 USDQuarter to 30 Jun 2026 (Q4 FY26): 11,700,000 USDQuarter to 30 Sep 2026 (Q1 FY27): 11,800,000 USD9,100,00011,700,00011,800,000
EBITDA (US$, 100% Sierra Atacama, unaudited)USDQuarter to 31 Mar 2026 (Q3 FY26): -1,790,000 USDQuarter to 30 Jun 2026 (Q4 FY26): 240,000 USDQuarter to 30 Sep 2026 (Q1 FY27): 496,000 USD(1,790,000)240,000496,000
Operating metric source table15
MetricProjectPeriodPeriod typeValueStatus
Cathode production (100% Sierra Atacama, management accounts)Sierra AtacamaQuarter to 31 Mar 2026 (Q3 FY26)Quarter771 t cathodeReported
Cathode production (100% Sierra Atacama, management accounts)Sierra AtacamaQuarter to 30 Jun 2026 (Q4 FY26)Quarter879 t cathodeReported
Cathode production (100% Sierra Atacama, management accounts)Sierra AtacamaQuarter to 30 Sep 2026 (Q1 FY27)Quarter818 t cathodeReported
Copper recovery (%)Sierra AtacamaQuarter to 31 Mar 2026Quarter66 pctReported
Copper recovery (%)Sierra AtacamaQuarter to 30 Jun 2026Quarter70 pctReported
Copper recovery (%)Sierra AtacamaQuarter to 30 Sep 2026Quarter78 pctReported
Revenue (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 31 Mar 2026Quarter9,100,000 USDReported
Revenue (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 30 Jun 2026Quarter11,700,000 USDReported
Revenue (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 30 Sep 2026Quarter11,800,000 USDReported
EBITDA (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 31 Mar 2026Quarter-1,790,000 USDReported
EBITDA (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 30 Jun 2026Quarter240,000 USDReported
EBITDA (US$, 100% Sierra Atacama, unaudited)Sierra AtacamaQuarter to 30 Sep 2026Quarter496,000 USDReported
Cash and cash equivalents (Cobre consolidated, pre-control)CompanyAs at 30 Jun 2026Point In Time19,759,474 AUDReported
Cash and cash equivalents (Cobre, equity-accounted Sierra Atacama)CompanyAs at 30 Sep 2026Point In Time67,301,000 AUDReported
Free cash flow proxy: operating cash flow less PP&E and E&E payments (FY26, corporate)CompanyYear to 30 Jun 2026 (FY26)Year-13,518,134 AUDSource Derived
Company guidance3
MetricProjectPeriodLowHighStatus
Cathode Output Run Rate (Company Target, Not Guidance)sierra-atacamaQ1 20278,4008,400 t/yrCurrent
Throughput Target 1,500 T/Month With Us$8 10M Monthly Operating Cash Flow (Company Target)sierra-atacamaDec 202718,00018,000 t/yrCurrent
Staged Cathode Capacity Pathway ~18 Ktpa, ~25 Ktpa, Up To ~50 Ktpa (Indicative, Not Production Guidance)sierra-atacama2027-2029 (indicative)18,00050,000 t/yrCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-02Ann. 2026-07-09RaisingA$90M300.4M—Completed—
2026-03-30Ann. 2026-02-12RaisingA$54.3M377.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-04

Every arrangement disclosed in the FY26 annual report notes 13, 21 and 25 and the Oct 2026 quarterly; Sierra staged acquisition, ENAMI and third-party ore, BHP Kitlanya earn-in, Sinomine Okavango JV, Strata and FMG royalties. Terminated or expired arrangements: none identified.

Staged acquisition of Sierra Atacama from 25% (Mar 2026) to 45% (Jul 2026), 54.38% (non-voting subscription, Aug 2026) and 62.86% control (Oct 2026). Valued at project level; consideration is not double counted in the project value.

Earn In · Active
Counterparties
Minera Salar Blanco SpA (MSB) · Sierra Atacama shareholders
Applies to
Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile) · Copper
Economic direction
Benefit
Period
2026-03-25 to 2026-12-31
Key terms
Cobre Chile interest after control call option (12 Oct 2026): 62.86 pct
Control call option consideration (approx.): 12,000,000 USD
Investment consideration to 30 Jun 2026 (initial 25% US$18m; subsequent 20% US$10m): 28,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Oxide ore from ENAMI within 55 km; column test recovery 58% (50% assumed at industrial scale). Feed contributes to the production ramp; not separately valued beyond the production path.

Tolling Or Processing · Active
Counterparties
ENAMI
Applies to
Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile) · Copper
Economic direction
Benefit
Period
From 2026-10-21; no end date stated
Key terms
Ore purchased and delivered: 150,000 t
Purchase and delivery cost (estimated): 9 USD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Ore purchase and tolling agreements signed September 2026; adds about 300 t of cathode per month at full rate (company). Included in the production path.

Tolling Or Processing · Active
Counterparties
Two third-party copper oxide miners (unnamed)
Applies to
Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile) · Copper
Economic direction
Benefit
Period
From 2026-09-09; no end date stated
Key terms
Ore delivered in quarter to Sep 2026: 31,820 t
How it affects our valuation

No valuation treatment is available for this arrangement.

BHP funds up to US$25m of exploration on Kitlanya for 75% of the holding company; 2% NSR to BHP if US$20m is spent and BHP opts out (AR note 21). Treated as a bridge liability (cash received, obligation to fund).

Earn In · Active
Counterparties
BHP Billiton
Applies to
Kitlanya East and West (BHP earn-in, Kalahari Copper Belt, Botswana) · Copper
Economic direction
Burden
Period
From 2025-03-10; no end date stated
Key terms
BHP exploration expenditure to earn 75% of Kitlanya Pty Ltd: 25,000,000 USD
Amounts earned-in by BHP (liability, 30 June 2026): 7,140,553 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Sinomine investment agreement executed Sept 2025; Okavango target drilling is partner-funded. Cobre share of the joint venture not quantified in documents read.

Joint Venture · Active
Counterparties
Sinomine International Exploration (Hong Kong) Co Ltd
Applies to
Okavango copper project (joint venture with Sinomine, Botswana) · Copper
Economic direction
Mixed
Period
From 2025-09-01; no end date stated
Key terms
Sinomine investment (25,000,000 shares at A$0.06, Oct 2025): 1,500,000 AUD
Okavango exploration funded by partner: —
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR on six licences (AR note 21). Not material to a sized Comet case; treated as a deduction in any future royalty stack.

Royalty · Active
Counterparties
Strata Investment Holdings plc
Applies to
Ngami copper project (Comet deposit, ISCR demonstration, Kalahari Copper Belt, Botswana) · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter royalty on six Kalahari copper licences held by KML: 2 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR retained by FMG on E29/938 (AR note 21 and tenement schedule). No production, so no value.

Royalty · Active
Counterparties
FMG Resources Pty Ltd
Applies to
Perrinvale (Australia, exploration licences held by Toucan Gold) · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter royalty on future metal production, tenement E29/938: 2 pct
How it affects our valuation

No valuation treatment is available for this arrangement.