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- Last 2026-11-06
- A$0.225
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$292.9M
- EV
- A$225.6M
- Cash
- A$67.3M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Quarterly Activities Report and Appendix 5B, quarter to 30 September 2026 (Q1 FY27)Results
- September 2026 Quarterly Investor Briefing PresentationPresentation
- Cobre Increases Sierra Atacama Interest to 62.86% and Secures ControlTransaction
- Application for quotation of securities, 7 Oct 2026 (option exercises)Corporate Action
- Completion of A$90M Institutional Capital RaiseFinancing
- Application for quotation of securities, 2 Oct 2026 (placement tranche 2)Corporate Action
- Cobre Limited Annual Report 2026 (FY to 30 June 2026)Results
- Completion of First Tranche of A$72.4M of the A$90M Capital RaisingFinancing
- Sierra Atacama Copper Mine Delivers First Positive Cash FlowOperations
- Sierra Atacama Copper Mine Acquisition PresentationTransaction
- Retraction of Scoping Study and Update on Metallurgical Test Results - NgamiStudy
- Scoping Study Reveals Exceptional Economics - Ngami Copper Project (RETRACTED)Study
Event calendar · next 12 months
9 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| November 2026 AGM (effective on close of AGM) | AGM: new Chairman (Philip Mitchell), Managing Director and CEO/Executive Director transition, retirements of Addison and Sissian | Governance | Company Guided | Medium | Board renewal and changed executive roles take effect at the AGM. |
| Mid-November 2026 | Assay results from the first 40,000 m program holes (571 samples) | Exploration | Company Guided | High | First assays from the deepest hole in the mine history; precursor to the JORC conversion. |
| 26 Nov 2026 (creditors meeting) | Creditors meeting on the Sierra Atacama structured debt and trade settlement (single payment at discount) | Financing | Confirmed | High | Outcome sets the net claim against Sierra Atacama and the cash path into the December quarter. |
| December 2026 quarter priorities | Ngami ISCR demonstration plant EIA submission and approval; hydrogeological test work | Permitting | Company Guided | Medium | Gate for the Ngami demonstration program. |
| By end of December 2026 quarter | Stage 1 SX refurbishment and EW recommissioning tender award (c18 ktpa target) | Construction Or Commissioning | Company Guided | High | Starts the first expansion step that the valuation scenarios depend on. |
| By the March 2027 quarter | Maiden JORC-compliant mineral resource for Sierra Atacama | Resource Or Reserve | Company Guided | High | Converts the foreign NI 43-101 estimate; determines whether the 50 ktpa case has a JORC basis. |
| By 31 Jan 2027 (ASX quarterly rule) | December 2026 quarter activities report and Appendix 5B | Results | Inferred | High | First quarter with Sierra Atacama consolidated; tests the EBITDA-to-cash conversion. |
| Q1 2027 | Sierra Atacama ramp to 700 t/month cathode (company target) | Production | Company Guided | High | Production target; 700 t/month is the base case throughput in the valuation. |
| Q1 2027 target submission | Stage 2 DIA submission (second SX line, ~25 ktpa) and the environmental approval path | Permitting | Company Guided | High | Needed before the second expansion can be approved. |
Executive roster
As of 2026-11-04Background checks ▸Executives named in the FY26 annual report and the Oct 2026 quarterly (CEO, CFO, Company Secretary, Executive Chairman and Head of Exploration). Non-executive directors are excluded per schema. Phil Mitchell appointed Chairman from the Nov 2026 AGM (quarterly). Bios are in the management assessment, not in this file.
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile)
CL
Ramping Producer62.86% ownedCopper
Operating under Cobre control from 12 Oct 2026 (62.86%); staged expansion targets; foreign resource not JORC
- Production annualised (attributable)
- 2.1k td
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured+Indicated+Inferred, foreign NI 43-101 (not JORC) | 109.6 Mt | 0.67% CuT | Copper | 2025-08-15 |
| Ore Reserve | Proven and probable ore, foreign NI 43-101 (not JORC) | 43.3 Mt | 0.67% CuT | Copper | 2025-08-15 |
Tenements1
Milestones3
- Stage 1 SX refurbishment and EW recommissioning tender award (c18 ktpa target)
Pending · High materiality
- Maiden JORC-compliant mineral resource from the 40,000 m drilling program
Pending · High materiality
- Ramp to 700 t/month cathode (company target, not guidance)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Declaracion de Impacto Ambiental (DIA) for expanded operation (Stage 2) | Chile | Required | — | Yes |
Material
Ngami copper project (Comet deposit, ISCR demonstration, Kalahari Copper Belt, Botswana)
BW
Resource Stage100% ownedCopperSilver
JORC maiden resource at Comet; ISCR well-field completed; EIA for demonstration SX-EW plant in progress; no compliant study
- Contained metal (attributable)
- 60.3k td
- Resource grade
- 52.0%
- % Measured + Indicated
- 960.0%d
- Resource tonnes
- 11.50 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total (Indicated 1.1 Mt + Inferred 10.4 Mt), JORC 2012, 0.2% Cu cut-off | 11.5 Mt | 0.52% Cu, 11.6 g/t Ag | Copper · Silver | 2025-06-11 |
Tenements1
Milestones1
- Complete hydrogeological test work at Ngami ISCR well-field
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| EIA approval for construction of the ISCR SX-EW demonstration plant | Botswana | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Ngami scoping study (retracted 25 Oct 2024) | Scoping Study | Superseded | 2024-10-17 | Retracted at ASX request: production targets and forecast financial information were based on exploration targets. Not used for valuation. |
Other
Okavango copper project (joint venture with Sinomine, Botswana)
BW
Early ExplorerCopper
Partner-funded target drilling; Cobre share not stated as a percentage in documents read
- Ownership
- —
- Commodity
- Cur
- Country
- BWr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Milestones1
- Complete target drilling (about 1.6 km of ~3 km completed)
Pending · Low materiality
Other
Kitlanya East and West (BHP earn-in, Kalahari Copper Belt, Botswana)
BW
Early Explorer100% ownedCopper
BHP can earn 75% of Kitlanya Pty Ltd by spending up to US$25m; earn-in amounts received are a A$7.14m liability
- Ownership
- 10,000.0%
- Commodity
- Cur
- Country
- BWr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Other
Perrinvale (Australia, exploration licences held by Toucan Gold)
AU
Early Explorer100% ownedOthers
No substantive work in FY26 or the September quarter
- Ownership
- 10,000.0%
- Commodity
- —
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements2
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares fully paid | Ordinary Share | 1.3B | — | — |
| Options on issue at 30 June 2026 (CBEO listed and unlisted; not reconciled after exercises in Oct 2026) | Option | 283.6M | — | — |
| Performance rights on issue at 30 June 2026 | Performance Right | 56M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25A | FY26A |
|---|---|---|---|---|
| Operations | ||||
| Sierra Atacama cathode production (100%) | t | — | 1,650 | |
| Profit and loss | ||||
| Revenue (Sierra Atacama from control, 100%) | AUDm | 0.0 | 0.0 | |
| Operating costs (Sierra operations plus corporate overhead) | AUDm | 2.1 | 3.4 | |
| EBITDA (operating, before SBP and equity-accounted losses) | AUDm | (2.1) | (3.4) | |
| Net profit after tax (reported) | AUDm | (2.1) | (15.6) | |
| Cash flow | ||||
| Income tax paid | AUDm | 0.0 | 0.0 | |
| Operating cash flow (EBITDA less tax) | AUDm | (2.0) | (3.9) | |
| Capex (total, PP&E and E&E) | AUDm | 5.8 | 9.6 | |
| Free cash flow (operating cash flow less capex) | AUDm | (7.8) | (13.5) | |
| Balance sheet | ||||
| Cash and cash equivalents (Cobre, pre-consolidated Sierra) | AUDm | 4.6 | 19.8 | |
| Interest-bearing debt (Cobre) | AUDm | 0.0 | 0.0 | |
| Net debt (debt less cash) | AUDm | (4.6) | (19.8) | |
| Per share | ||||
| Ordinary shares (year-end; FY27 at cutoff) | m shares | 443.4 | 965.5 | |
| Basic earnings per share (reported) | AUD/share | (0.53) | (2.55) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (110.0) | (65.7) | |
| P / E (x, current market cap) | x | (137.9) | (18.8) | |
| FCF yield (current market cap) | % | -2.7% | -4.6% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 2.2 | 5.8 | |
KPI history
Operating metrics · Sierra Atacama copper project (SX-EW plant, underground mine, Antofagasta Chile)
| Metric | Unit | Trend | Quarter 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 cathode | 771 | 879 | 818 | |
| Copper recovery (%) | pct | 66 | 70 | 78 | |
| Revenue (US$, 100% Sierra Atacama, unaudited) | USD | 9,100,000 | 11,700,000 | 11,800,000 | |
| EBITDA (US$, 100% Sierra Atacama, unaudited) | USD | (1,790,000) | 240,000 | 496,000 |
Operating metric source table15
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cathode production (100% Sierra Atacama, management accounts) | Sierra Atacama | Quarter to 31 Mar 2026 (Q3 FY26) | Quarter | 771 t cathode | Reported |
| Cathode production (100% Sierra Atacama, management accounts) | Sierra Atacama | Quarter to 30 Jun 2026 (Q4 FY26) | Quarter | 879 t cathode | Reported |
| Cathode production (100% Sierra Atacama, management accounts) | Sierra Atacama | Quarter to 30 Sep 2026 (Q1 FY27) | Quarter | 818 t cathode | Reported |
| Copper recovery (%) | Sierra Atacama | Quarter to 31 Mar 2026 | Quarter | 66 pct | Reported |
| Copper recovery (%) | Sierra Atacama | Quarter to 30 Jun 2026 | Quarter | 70 pct | Reported |
| Copper recovery (%) | Sierra Atacama | Quarter to 30 Sep 2026 | Quarter | 78 pct | Reported |
| Revenue (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 31 Mar 2026 | Quarter | 9,100,000 USD | Reported |
| Revenue (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 30 Jun 2026 | Quarter | 11,700,000 USD | Reported |
| Revenue (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 30 Sep 2026 | Quarter | 11,800,000 USD | Reported |
| EBITDA (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 31 Mar 2026 | Quarter | -1,790,000 USD | Reported |
| EBITDA (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 30 Jun 2026 | Quarter | 240,000 USD | Reported |
| EBITDA (US$, 100% Sierra Atacama, unaudited) | Sierra Atacama | Quarter to 30 Sep 2026 | Quarter | 496,000 USD | Reported |
| Cash and cash equivalents (Cobre consolidated, pre-control) | Company | As at 30 Jun 2026 | Point In Time | 19,759,474 AUD | Reported |
| Cash and cash equivalents (Cobre, equity-accounted Sierra Atacama) | Company | As at 30 Sep 2026 | Point In Time | 67,301,000 AUD | Reported |
| Free cash flow proxy: operating cash flow less PP&E and E&E payments (FY26, corporate) | Company | Year to 30 Jun 2026 (FY26) | Year | -13,518,134 AUD | Source Derived |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Cathode Output Run Rate (Company Target, Not Guidance) | sierra-atacama | Q1 2027 | 8,400 | 8,400 t/yr | Current |
| Throughput Target 1,500 T/Month With Us$8 10M Monthly Operating Cash Flow (Company Target) | sierra-atacama | Dec 2027 | 18,000 | 18,000 t/yr | Current |
| Staged Cathode Capacity Pathway ~18 Ktpa, ~25 Ktpa, Up To ~50 Ktpa (Indicative, Not Production Guidance) | sierra-atacama | 2027-2029 (indicative) | 18,000 | 50,000 t/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-02Ann. 2026-07-09 | Raising | A$90M | 300.4M | — | Completed | — |
| 2026-03-30Ann. 2026-02-12 | Raising | A$54.3M | 377.1M | — | 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.
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.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Research now establishes useful career and qualification evidence for the four rostered executives. Cobre’s exploration team delivered a Comet maiden resource during the period, and Adam Wooldridge’s technical competence is directly documented for the February 2026 acquisition presentation. Martin Holland has an issuer-reported LPI fundraising and DFS-stage record. Person-level adverse-record coverage remains limited, so this is a preliminary, low-confidence assessment rather than assurance of conduct.
Decision-relevant facts
Material summary
Martin C Holland
Executive Chairman
Company SuccessIssuer Reported · Medium materiality
LPI advanced through listing and feasibility work during Holland’s CEO tenure
LPI’s 2016 annual report says Holland was CEO from the company’s establishment in July 2015; LPI completed its ASX IPO in June 2016 and secured lithium tenements. A 2026 issuer notice says that during his 2015–2018 tenure he raised more than A$70m to progress projects from acquisition and exploration to DFS. These are issuer-reported outcomes; the source does not quantify realized shareholder returns.
Individual involvement documented · He was founder and CEO during the period; the fundraising and project progression are linked to his tenure, although team contributions and commodity-market effects are not separated.
Lithium Power International Annual Report 2016 · Directors’ Report, p. 11
Notice of Annual General Meeting · Information about Martin C Holland
Role FitAnalyst Inference · Medium materiality
Corporate finance and listed-company experience; exploration delivery remains unproven
Holland co-founded Cobre and has mining M&A and corporate-finance experience; the issuer identifies him as founder and former CEO of LPI. His career is relevant to capital formation and transactions, but the reviewed evidence does not show a mine construction or operating record personally delivered.
Responsibility not applicable · Role-fit judgment draws on issuer biographies and disclosed LPI experience; no causal claim beyond his documented CEO role.
Cobre Limited Annual Report 2025 · Directors’ Report, p. 10
Notice of Annual General Meeting · Information about Martin C Holland
Evidence gaps · 4
- Holland’s degrees and professional memberships were not established.
- Full director and company-outcome history beyond LPI, Cobre and disclosed concurrent roles remains incomplete.
- No benchmark-adjusted shareholder-return analysis was completed for LPI.
- Adverse-topic research is open-web and name-based; formal court, ASIC, sanctions and professional-register checks were not exhaustive.
Adam Wooldridge
Chief Executive Officer
Company SuccessIssuer Reported · Medium materiality
Ngami Comet maiden resource delivered during CEO tenure
Cobre’s FY2025 report records a maiden Comet mineral resource of 11.5 Mt at 0.52% Cu and 11.6 g/t Ag, including 60.3 kt contained copper and 4.3 Moz silver. Wooldridge’s February 2026 Competent Person statement establishes that he compiled exploration results for that separate Sierra Atacama acquisition presentation, but the reviewed sources do not identify him as sole author of the Comet resource. The resource is therefore attributed to role overlap, not sole personal causation.
Role overlaps event; causation unproven · Wooldridge was CEO during project advancement; no individual link to the Comet estimate itself is established in the reviewed source.
Cobre Limited Annual Report 2025 · Review of Operations, pp. 6–8
Personal SuccessDocumented · Medium materiality
Named Competent Person for exploration information
Cobre’s February 2026 acquisition presentation names Wooldridge as the compiler of exploration results, states he meets JORC 2012 Competent Person experience requirements, identifies his South African Council for Natural Scientific Professions membership, and records his consent.
Individual involvement documented · The issuer presentation directly attributes compilation and consent to him.
Sierra Atacama Copper Mine Acquisition Presentation · Competent Person Statement, p. 2
Evidence gaps · 4
- Exact dates for KML, New Resolution Geophysics and prior consulting roles were not verified.
- Degree certificates and ASEG status were not checked against source registers; the issuer reports them.
- No person-level finding links Wooldridge to the Comet MRE calculation.
- Adverse-topic searches are open-web and not exhaustive formal legal, regulator, sanctions or safety-register checks.
Kaveen Bachoo
Chief Financial Officer
Personal SuccessIssuer Reported · Medium materiality
Finance leadership across major mining operators and mine life cycle
AIB reports senior finance roles at BHP, Xstrata and Glencore and experience spanning greenfield start-up, brownfield expansion, M&A, optimisation and closure; Business News Australia’s 2021 profile says he led finance for Glencore’s Australian zinc business before becoming Nathan River CFO. These are profile statements, not quantified personal outcomes.
Individual involvement documented · Sources identify roles and remit, but do not isolate Bachoo’s contribution to employer results.
Kaveen Bachoo profile · Research profile
Kaveen Bachoo profile · Profile and role history
Role FitAnalyst Inference · Medium materiality
Senior mining finance chronology supports CFO fit
His disclosed finance work spans BHP, Glencore and Nathan River, alongside teaching finance/governance. Role dates are partly profile-derived and the reviewed record does not establish Cobre-specific results since his April 2026 appointment.
Responsibility not applicable · Role suitability is inferred from disclosed senior finance remit and reported qualifications.
Kaveen Bachoo profile · Academic staff profile
Kaveen Bachoo profile · Profile and role history
Evidence gaps · 4
- Cobre appointment is recent; no attributable company outcome can yet be assessed.
- Exact role dates and chronology before 2010 are not independently corroborated.
- Degrees, MBA and CPA status rely on professional profiles, not direct credential-register verification.
- Searches did not establish personal adverse outcomes; criminal, court, ASIC, sanctions and CPA disciplinary sources were not comprehensively searched.
Justin Clyne
Company Secretary
EducationIssuer Reported · Medium materiality
Legal and company-secretarial qualifications reported
Cobre’s FY2025 annual report states Clyne was admitted as a NSW and High Court solicitor in 1996 and as a barrister in 1998, is a qualified Chartered Company Secretary and AICD member. A 2013 issuer annual report also records an LLM in International Law from UNSW. Admission and membership were not verified directly with the bodies.
Responsibility not applicable · Issuer disclosures provide credentials and admission dates; no direct professional-register verification was completed.
Cobre Limited Annual Report 2025 · Company Secretary, p. 12
AusTex Oil Annual Report 2013 · Company Secretary profile
Role FitAnalyst Inference · Medium materiality
Legal and listed-company governance background fits company secretary role
Issuer annual reports describe legal practice, corporate advisory and company-secretarial work with familiarity with the Corporations Act and ASX Listing Rules. The documents do not detail current workload across concurrent appointments or Cobre-specific control outcomes.
Responsibility not applicable · Judgment rests on disclosed legal and governance remit; no individual governance breach or success is inferred.
Cobre Limited Annual Report 2025 · Company Secretary, p. 12
AusTex Oil Annual Report 2013 · Company Secretary profile
Evidence gaps · 4
- Full list and dates of concurrent company-secretarial and board appointments were not established.
- Admissions, UNSW degree and current professional memberships were not independently verified against primary registers.
- No Cobre-specific disclosure-control outcome was identified.
- ASIC, court, law-society and sanctions searches were not exhaustive.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-25 · 1,235,562,896 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 18.29% | 225,984,782 | |
| 2 | 11.98% | 148,035,497 | |
| 3 | 7.87% | 97,183,848 | |
| 4 | 5.80% | 71,661,762 | |
| 5 | 4.01% | 49,604,855 | |
| 6 | 2.13% | 26,296,722 | |
| 7 | 2.02% | 25,000,000 | |
| 8 | 1.50% | 18,521,020 | |
| 9 | 1.46% | 17,986,681 | |
| 10 | 1.37% | 16,918,924 | |
| 11 | 1.21% | 14,902,463 | |
| 12 | 1.18% | 14,634,880 | |
| 13 | 1.02% | 12,616,666 | |
| 14 | 0.98% | 12,133,145 | |
| 15 | 0.73% | 9,000,000 | |
| 16 | 0.72% | 8,844,993 | |
| 17 | 0.66% | 8,200,000 | |
| 18 | 0.65% | 8,000,000 | |
| 19 | 0.62% | 7,638,462 | |
| 20 | 0.54% | 6,730,770 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 14.10%Issued shares | 2026-04-01 | |
| 11.16%Issued shares | 2026-03-31 | |
| 7.56%Issued shares | 2026-07-21 | |
| 5.33%Issued shares | 2025-10-23 | |
| 5.03%Issued shares | 2026-10-02 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Issuer substantial-holder figures are reported at the dates of their respective notices and may have changed since then.
- The top-20 table reports registered accounts; nominee accounts do not identify their beneficial owners.
Sources
- Cobre Limited Annual Report 2026
ASX / Cobre Limited · Published 2026-09-30 · Accessed 2026-10-09
Issuer substantial-holder summary and full top-20 ordinary-share register, effective 25 September 2026.
Local PDF downloads/CBE/2026/2026-09-30_Annual Report to shareholders_765ee7988e995e99.pdf, pp. 79 and 83
- Becoming a substantial holder
ASX / Cobre Limited · Published 2026-10-06 · Accessed 2026-10-09
Australian Retirement Trust Pty Ltd as trustee reports 65,128,657 shares and 5.031% on 2 October 2026.
Local PDF downloads/CBE/2026/2026-10-06_Becoming a substantial holder_93e573fc0defa45c.pdf, pp. 1-3
Disclosed activity
Insider transactions
Trading activity7 buys · 2 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-08-06 | David (Michael) McNeilly
Details & evidence for David (Michael) McNeilly on 2025-08-06As disclosed: Participation in Loyalty Options Offer announced 13 June 2025.
Director · Start not disclosed Change of Director's Interest Notice ↗ | SubscriptionOptions, exercise price A$0.066 | 608,974 | AUD 4,871.79 | AUD 0.008Disclosed price | — |
| 2024-08-13 | Andrew Sissian
Details & evidence for Andrew Sissian on 2024-08-13Shareholder-approved EGM issue on 6 August 2024. As disclosed: Subscription of 480,770 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Change of Directors' Interest Notices ↗ | SubscriptionOrdinary shares | 480,770 | AUD 25,000.04 | AUD 0.052Disclosed price | — |
| 2024-08-13 | Andrew Sissian
Details & evidence for Andrew Sissian on 2024-08-13As disclosed: Free attaching options exercisable at $0.078, expiring 13 August 2027.
Director · Start not disclosed Change of Directors' Interest Notices ↗ | GrantFree attaching options, exercise price A$0.078 | 240,385 | —Not Disclosed | — | — |
| 2024-08-13 | David (Michael) McNeilly
Details & evidence for David (Michael) McNeilly on 2024-08-13Shareholder-approved EGM issue on 6 August 2024. As disclosed: Subscription of 1,442,308 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Change of Directors' Interest Notices ↗ | SubscriptionOrdinary shares | 1,442,308 | AUD 75,000.02 | AUD 0.052Disclosed price | — |
| 2024-08-13 | David (Michael) McNeilly
Details & evidence for David (Michael) McNeilly on 2024-08-13As disclosed: Free attaching options exercisable at $0.078, expiring 13 August 2027.
Director · Start not disclosed Change of Directors' Interest Notices ↗ | GrantFree attaching options, exercise price A$0.078 | 721,154 | —Not Disclosed | — | — |
| 2024-08-13 | Martin HollandHolland International Pty Ltd <Holland Family A/C>
Details & evidence for Martin Holland on 2024-08-13Shareholder-approved issue; account is Holland International Pty Ltd <Holland Family A/C>. As disclosed: Subscription of 7,692,308 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Holland International Pty Ltd <Holland Family A/C> · Indirect director interest held through Holland International Pty Ltd <Holland Family A/C>. Change of Directors' Interest Notices ↗ | SubscriptionOrdinary shares | 7,692,308 | AUD 400,000.02 | AUD 0.052Disclosed price | — |
| 2024-08-13 | Martin HollandHolland International Pty Ltd <Holland Family A/C>
Details & evidence for Martin Holland on 2024-08-13As disclosed: Off-market sale; bundled consideration not allocated between shares and options.
Director · Start not disclosed Holland International Pty Ltd <Holland Family A/C> · Indirect director interest held through Holland International Pty Ltd <Holland Family A/C>. Change of Directors' Interest Notices ↗ | SaleOptions, exercise price A$0.078 | 961,539 | —Mixed Unallocated | — | — |
| 2024-08-13 | Martin HollandHolland International Pty Ltd <Holland Family A/C>
Details & evidence for Martin Holland on 2024-08-13As disclosed: Off-market sale; bundled consideration not allocated between shares and options.
Director · Start not disclosed Holland International Pty Ltd <Holland Family A/C> · Indirect director interest held through Holland International Pty Ltd <Holland Family A/C>. Change of Directors' Interest Notices ↗ | SaleOrdinary shares | 1,923,077 | —Mixed Unallocated | — | — |
| 2024-08-13 | Martin HollandHolland International Pty Ltd <Holland Family A/C>
Details & evidence for Martin Holland on 2024-08-13As disclosed: Free attaching options exercisable at $0.078, expiring 13 August 2027.
Director · Start not disclosed Holland International Pty Ltd <Holland Family A/C> · Indirect director interest held through Holland International Pty Ltd <Holland Family A/C>. Change of Directors' Interest Notices ↗ | GrantFree attaching options, exercise price A$0.078 | 3,846,154 | —Not Disclosed | — | — |
| 2024-08-13 | Martin HollandHolland International Pty Ltd <Holland Family A/C>
Details & evidence for Martin Holland on 2024-08-13As disclosed: Transfer pursuant to family law settlement; no cash consideration.
Director · Start not disclosed Holland International Pty Ltd <Holland Family A/C> · Indirect director interest held through Holland International Pty Ltd <Holland Family A/C>. Change of Directors' Interest Notices ↗ | Transfer OutOrdinary shares | 4,000,000 | —Non Cash | — | — |
| 2024-08-13 | Michael AddisonDanawa (Inv) Pty Ltd <Danawa Super Fund A/C>
Details & evidence for Michael Addison on 2024-08-13Notice reports total of 3,807,693 shares acquired across shareholder-approved issue and further off-market acquisition; this record separates the two disclosed quantities. As disclosed: Purchase of 923,077 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Danawa (Inv) Pty Ltd <Danawa Super Fund A/C> · Director and beneficiary of Danawa (Inv) Pty Ltd; director interest held through the disclosed super fund account. Change of Directors' Interest Notices ↗ | PurchaseOrdinary shares | 923,077 | AUD 48,000.00 | AUD 0.052Disclosed price | — |
| 2024-08-13 | Michael AddisonDanawa (Inv) Pty Ltd <Danawa Super Fund A/C>
Details & evidence for Michael Addison on 2024-08-13As disclosed: Further acquisition of 461,539 options via off-market acquisition, as described in the director notice.
Director · Start not disclosed Danawa (Inv) Pty Ltd <Danawa Super Fund A/C> · Director and beneficiary of Danawa (Inv) Pty Ltd; director interest held through the disclosed super fund account. Change of Directors' Interest Notices ↗ | OtherUnlisted options, exercise price A$0.078 | 461,539 | —Not Disclosed | — | — |
| 2024-08-13 | Michael AddisonDanawa (Inv) Pty Ltd <Danawa Super Fund A/C>
Details & evidence for Michael Addison on 2024-08-13Notice reports total of 3,807,693 shares acquired across shareholder-approved issue and further off-market acquisition; this record separates the two disclosed quantities. As disclosed: Subscription of 2,884,616 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Danawa (Inv) Pty Ltd <Danawa Super Fund A/C> · Director and beneficiary of Danawa (Inv) Pty Ltd; director interest held through the disclosed super fund account. Change of Directors' Interest Notices ↗ | SubscriptionOrdinary shares | 2,884,616 | AUD 150,000.03 | AUD 0.052Disclosed price | — |
| 2024-08-13 | Michael AddisonDanawa (Inv) Pty Ltd <Danawa Super Fund A/C>
Details & evidence for Michael Addison on 2024-08-13As disclosed: Free attaching options exercisable at $0.078, expiring 13 August 2027.
Director · Start not disclosed Danawa (Inv) Pty Ltd <Danawa Super Fund A/C> · Director and beneficiary of Danawa (Inv) Pty Ltd; director interest held through the disclosed super fund account. Change of Directors' Interest Notices ↗ | GrantUnlisted options, exercise price A$0.078 | 1,442,308 | —Not Disclosed | — | — |
| 2024-06-18 | Michael AddisonDanawa (Inv) Pty Ltd <Danawa Super Fund A/C>
Details & evidence for Michael Addison on 2024-06-18Held through Danawa (Inv) Pty Ltd <Danawa Super Fund A/C>. As disclosed: Purchase of 52,885 Ordinary shares as disclosed in the referenced director notice.
Director · Start not disclosed Danawa (Inv) Pty Ltd <Danawa Super Fund A/C> · Director and beneficiary of Danawa (Inv) Pty Ltd; director interest held through the disclosed super fund account. Change of Director's Interest Notice ↗ | PurchaseOrdinary shares | 52,885 | AUD 4,072.14 | AUD 0.077Disclosed price | 1,115,385 |
Disclosed holding observations2 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2025-09-09 | Dr Ross McGowan
Details & evidence for Dr Ross McGowan on 2025-09-09Indirect holding reported when Dr McGowan ceased to be a director; no change transaction is disclosed.
Director · Start not disclosed Indlovu Capital (formerly RED Capital Limited) · Indirect interest through the disclosed company; its name changed from RED Capital Limited to Indlovu Capital. Final Director's Interest Notice ↗ | FinalOptions, exercise price A$0.066, expiry 21 November 2028 | 500,000 | — |
| 2025-09-09 | Dr Ross McGowan
Details & evidence for Dr Ross McGowan on 2025-09-09Indirect holding reported when Dr McGowan ceased to be a director; no change transaction is disclosed.
Director · Start not disclosed Indlovu Capital (formerly RED Capital Limited) · Indirect interest through the disclosed company; its name changed from RED Capital Limited to Indlovu Capital. Final Director's Interest Notice ↗ | FinalOrdinary shares | 4,000,000 | — |
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory18 documents
CBE ASX close, 4 November 2026 (reference price)Market Data · LowExtracted
Latest eligible local ASX close on the cutoff: A$0.225 (open 0.23, high 0.235, low 0.215, volume 7,870,319), price freshness 0 days, from miners.reference_price over data/asx_mining_companies.db (market data provider source).
- Document ID
- mkt-cbe-close-20261104
- Published UTC
- 2026-11-03T13:00:00Z
- Projects
- sierra-atacama
- Commodities
- —
AUD/USD at cutoff from the local commodity databaseCommodity Data · LowExtracted
AUD per USD 1.4236 at the cutoff (market_snapshot aud_per_usd), i.e. about US$0.7025 per A$1.
- Document ID
- mkt-fx-20261104
- Published UTC
- 2026-11-03T13:00:00Z
- Projects
- —
- Commodities
- —
Copper (HG futures) spot and trailing averages from the local price databaseCommodity Data · MediumExtracted
Copper spot US$14,062.19/t on 3 Nov 2026 (yahoo_futures:hg); 1-year average US$13,317.99/t; 3-year average US$10,921.33/t; 5-year average US$10,054.69/t (market_snapshot Cu).
- Document ID
- mkt-cu-20261103
- Published UTC
- 2026-11-02T13:00:00Z
- Projects
- sierra-atacama
- Commodities
- copper
Quarterly Activities Report and Appendix 5B, quarter to 30 September 2026 (Q1 FY27)Results · HighExtracted
Appendix 5B: operating cash flow A$(891)k, investing A$(22,401)k including the August Sierra Atacama subscription A$16.7m, financing A$70.9m, closing cash A$67.301m at 30 Sep 2026; tranche 2 (~A$18m) received 1 Oct; bank ~A$85m at 1 Oct. Sierra Atacama production 818 t, recovery 78%, revenue ~US$11.8m, EBITDA ~US$0.5m (management accounts), creditors US$32.2m, capex ~US$4.0m, control call option paid after quarter end (~US$12m), staged pathway 18/25/50 ktpa (indicative, not guidance).
- Document ID
- cbe-q1fy27-5b
- Published UTC
- 2026-10-29T05:42:26Z
- Projects
- sierra-atacama · ngami-copper · okavango-copper · perrinvale
- Commodities
- copper · silver
September 2026 Quarterly Investor Briefing PresentationPresentation · MediumExtracted
Briefing slides restating the quarter: ~A$90m pro forma cash, creditor split (structured US$16.0m, trade US$11.0m, other US$5.2m, which conflicts with the quarterly), cost sensitivity at 500, 700 and 1,500 t/m (unit cost -17%, -32%, -40% versus today), expansion capex ~US$20-25m and exploration ~US$8m for CY26, and an explicit foreign-estimate warning.
- Document ID
- cbe-briefing-oct26
- Published UTC
- 2026-10-29T21:11:39Z
- Projects
- sierra-atacama
- Commodities
- copper
Cobre Increases Sierra Atacama Interest to 62.86% and Secures ControlTransaction · HighExtracted
12 Oct 2026: Sierra Cobre SpA exercised the Control Call Option for ~US$12m payable to Minera Salar Blanco SpA, lifting its holding to 62.86% of Sierra Atacama and Bergbau Wagen SpA; three of five project directors.
- Document ID
- cbe-control-oct26
- Published UTC
- 2026-10-11T22:29:07Z
- Projects
- sierra-atacama
- Commodities
- copper
Application for quotation of securities, 7 Oct 2026 (option exercises)Corporate Action · LowExtracted
Appendix 2A: 7,270,025 ordinary fully paid shares issued 7 Oct 2026 on exercise of options.
- Document ID
- cbe-appx2a-oct07
- Published UTC
- 2026-10-07T07:44:21Z
- Projects
- —
- Commodities
- copper
Completion of A$90M Institutional Capital RaiseFinancing · HighExtracted
2 Oct 2026: second tranche of the A$90m placement at A$0.30 completed; approximately A$17.7m issued to Tribeca, Strata and directors; funds for Sierra Atacama control payment, debt repayment, plant upgrade, exploration and Botswana.
- Document ID
- cbe-capcomp-oct26
- Published UTC
- 2026-10-02T01:52:04Z
- Projects
- sierra-atacama · ngami-copper
- Commodities
- copper
Application for quotation of securities, 2 Oct 2026 (placement tranche 2)Corporate Action · MediumExtracted
Appendix 2A: 59,061,907 ordinary fully paid shares issued 2 Oct 2026 (tranche 2 of the A$90m placement).
- Document ID
- cbe-appx2a-oct02
- Published UTC
- 2026-10-02T01:46:29Z
- Projects
- —
- Commodities
- copper
Cobre Limited Annual Report 2026 (FY to 30 June 2026)Results · HighExtracted
Audited FY26 statements (loss A$15.57m, no operating revenue, equity-accounted 42% Sierra Atacama at 30 June 2026), share capital (965,507,951 shares at 30 June 2026; 443,389,952 at 30 June 2025), BHP earn-in liability A$7.14m, post-balance-date control path, Listing Rule 5.21 foreign NI 43-101 resource and reserve for Sierra Atacama (not JORC), directors and executives.
- Document ID
- cbe-ar-2026
- Published UTC
- 2026-09-30T05:03:50Z
- Projects
- sierra-atacama · ngami-copper · okavango-copper · kitlanya-botswana · perrinvale
- Commodities
- copper · silver
Completion of First Tranche of A$72.4M of the A$90M Capital RaisingFinancing · HighExtracted
16 Jul 2026: first tranche A$72.4m completed at A$0.30; planned uses (A$m): control payment 17, debt repayment 26, plant upgrade 29, Sierra exploration 17, regional 7, Botswana 4, working capital and costs 20.
- Document ID
- cbe-tranche1-jul26
- Published UTC
- 2026-07-16T01:49:08Z
- Projects
- sierra-atacama · ngami-copper
- Commodities
- copper
Sierra Atacama Copper Mine Delivers First Positive Cash FlowOperations · HighExtracted
6 Jul 2026: operating cash flow positive in April (US$644k) and May (US$601k) per unaudited accounts; ramp to 700 t/m cathode by Q1 2027; nameplate 20,000 tpa; management target of 1,500 t/m by Dec 2027 with US$8-10m per month operating cash flow (target, not guidance).
- Document ID
- cbe-firstcf-jul26
- Published UTC
- 2026-07-05T23:06:30Z
- Projects
- sierra-atacama
- Commodities
- copper
Metal Nomist: ICSG copper balance surplus 2026-2027 (secondary report)Commodity Data · MediumPartial
Secondary report of the ICSG outlook: refined surplus about 96 kt in 2026 and about 377 kt in 2027, usage growth cut to 1.6% (2026) and 2% (2027). Article date is taken from the URL path (2026-07), not verified against the ICSG bulletin; used for market context only, not as the anchor for the deck.
- Document ID
- ext-icsg-2026
- Published UTC
- 2026-06-30T14:00:00Z
- Projects
- sierra-atacama
- Commodities
- copper
Significant Resource Growth Potential - Chile (foreign NI 43-101 estimate and reserve)Resource Update · HighExtracted
ASX Listing Rule 5.12 disclosure: NI 43-101 foreign resource (Geoinvest, effective 15 Aug 2025): M+I+I 109.602 Mt at 0.67% CuT (Measured 13.986 Mt 0.78%, Indicated 44.097 Mt 0.67%, Inferred 51.519 Mt 0.64%); company states it is not JORC-compliant and not relied upon for a Mineral Resource. Whittle optimisation at revenue factor 1.0 and a foreign reserve table (43.31 Mt ore at 0.67% CuT). Reserve calculation uses Sierra historical costs.
- Document ID
- cbe-chile-res-jul26
- Published UTC
- 2026-06-29T23:00:00Z
- Projects
- sierra-atacama
- Commodities
- copper
Sierra Atacama Copper Mine Acquisition PresentationTransaction · HighExtracted
12 Feb 2026 deal overview: staged earn-in (US$10m for 20%, US$10m for 40%, US$10m to 51%), A$60m placement at A$0.15, 523.6m shares on issue before the placement (pre-dates the 377m issue of 30 March 2026), uses of funds, foreign resource slide.
- Document ID
- cbe-acq-feb26
- Published UTC
- 2026-02-12T02:46:50Z
- Projects
- sierra-atacama
- Commodities
- copper
Maiden MRE Comet and Major Increase to NCP Exploration TargetResource Update · HighExtracted
JORC 2012 maiden MRE for Comet (Ngami Copper Project, Botswana), WSP, 0.2% Cu cut-off: Indicated 1.1 Mt at 0.59% Cu and 12.8 g/t Ag; Inferred 10.4 Mt at 0.52% Cu and 11.5 g/t Ag; total 11.5 Mt at 0.52% Cu, 60.3 kt Cu and 4.3 Moz Ag. The NCP Exploration Target is reported separately and is not a resource.
- Document ID
- cbe-comet-mre-aug25
- Published UTC
- 2025-08-02T23:00:00Z
- Projects
- ngami-copper
- Commodities
- copper · silver
Retraction of Scoping Study and Update on Metallurgical Test Results - NgamiStudy · HighExtracted
25 Oct 2024: at the ASX request the company retracted its 17 Oct 2024 scoping study announcement (Listing Rules 5.15 and 5.17) because production targets and forecast financial information were based on exploration targets; investors told not to rely on it.
- Document ID
- cbe-ngami-retract-oct24
- Published UTC
- 2024-10-24T22:39:52Z
- Projects
- ngami-copper
- Commodities
- copper · silver
Scoping Study Reveals Exceptional Economics - Ngami Copper Project (RETRACTED)Study · MediumExtracted
Retracted 17 Oct 2024 scoping study (pre-tax NPV A$631m-A$1,865m at 10%, IRR 63-133%). Recorded for history only; not used as a valuation input because it was retracted at ASX request. No facts are extracted from it.
- Document ID
- cbe-ngami-scoping-oct24
- Published UTC
- 2024-10-16T21:22:39Z
- Projects
- ngami-copper
- Commodities
- copper · silver
Evidence facts56
965507951 shares
2026-06-30443389952 shares
2025-06-3019759474 AUD
2026-06-30-15568397 AUD
2026-06-30-3901092 AUD
2026-06-30-2009080 AUD
2025-06-307246 AUD
2026-06-309609796 AUD
2026-06-307140553 AUD
2026-06-3042 pct
2026-06-30283552723 shares
2026-06-3056000000 shares
2026-06-30610543482 shares
2026-06-30109.602 Mt
2025-08-1543.31 Mt
2025-08-1567301000 AUD
2026-09-30-891000 AUD
2026-09-30-22401000 AUD
2026-09-302106000 AUD
2026-09-300 AUD
2026-09-3032200000 USD
2026-09-3016000000 USD
2026-09-30818 t
2026-09-3078 pct
2026-09-3011800000 USD
2026-09-30496000 USD
2026-09-3085000000 AUD
2026-10-0112000000 USD
2026-10-1220-25 USD m
2026-10-3062.86 pct
2026-10-1212000000 USD
2026-10-1217700000 AUD
2026-10-0259061907 shares
2026-10-027270025 shares
2026-10-0772400000 AUD
2026-07-1620000 t/yr
2026-07-061500 t/month
2026-07-06644000 USD
2026-04-30601000 USD
2026-05-31109.602 Mt
2025-08-150.67 pct
2025-08-1558.083 Mt
2025-08-15523600000 shares
2026-02-1211.5 Mt
2025-06-110.52 pct
2025-06-1160.3 kt
2025-06-111.1 Mt
2025-06-1110.4 Mt
2025-06-110.225 AUD
2026-11-0414062.1853 USD/t
2026-11-0313317.9891 USD/t
2026-11-0310921.3272 USD/t
2026-11-0310054.6896 USD/t
2026-11-031.4236 AUD/USD
2026-11-0496000 t
2026-07-01377000 t
2026-07-01Conflicts requiring judgment3
- ordinary shares on issue (pre-raise vs 30 June 2026)
The February deck figure (523.6m) predates the 377.1m shares issued on 30 March 2026 and the July-September placements; the audited 30 June 2026 count (965,507,951) is used with a dated bridge to the cutoff.
- Sierra Atacama creditor split at 30 Sep 2026
Total US$32.2m agrees in both; the trade (11.4 vs 11.0) and other (4.8 vs 5.2) split differs. The quarterly report is selected as the primary statement; the difference (US$0.4m) is immaterial to the valuation.
- Ngami scoping study economics
The 2024 scoping study was retracted at the ASX request for reliance on exploration targets; no NPV from it is used anywhere in this run.