HIGHLIGHTS
- Tribeca to invest $4.0 million at $0.10/share;
- 1 for 1 option exercisable at $0.13 each;
- Tribeca, as a strategic shareholder, is investing these funds to initiate well development and further exploration of the Ngami ISCR project;
- Three other Cobre Botswana projects are fully funded by partners, BHP and Sinomine, and are separate from the Ngami project, with ongoing exploration; And
- Tribeca appointed as strategic advisor to advise Cobre on copper offtake and debt financing requirements for the Ngami ISCR project.
Tribeca’s strategic investment is a significant milestone for the company as it seeks to advance the development of an In-Situ Copper Recovery (ISCR) demonstration plant at the Ngami Copper Project (Ngami or NCP) in the Kalahari Copper Belt (KCB), Botswana. The investment follows an extensive due diligence process whereby proceeds from the placement, together with existing funds, will be allocated for well development prior to the construction of the demonstration plant, and to accelerate further exploration of the NCP.
The demonstration plant is expected to be financed with copper and silver offtake and debt. Tribeca has expressed their support for this project and the future copper offtake and debt financing of the Ngami development plant. Tribeca has entered into a consulting agreement to support this project for copper offtake and debt financing.
Construction of the demonstration plant is expected to begin following the completion and approval of an environmental impact assessment currently underway (to see ASX announcement October 15, 2025).
In addition to NCP, work programs are underway for Cobre’s three other projects, which are fully funded by partners BHP and Sinomine.see ASX announcements dated March 10, 2025 and September 2, 2025).
Martin Holland, Executive Chairman of Cobre, welcomed Tribeca as a strategic investor in Cobre and said:
“Every now and then a great opportunity comes along to bring in a strategically aligned shareholder. Today we are pleased to have it with Tribeca. Not only did Tribeca do their homework in the extensive due diligence before agreeing to be our strategic investor and advisor for the Ngami ISCR project; they bring solid gravity to the resources sector as a reliable long-term partner to help build and deliver mining projects.
As a follow-up to today’s strategic equity investment, Tribeca has entered into an advisory agreement support the Ngami ISCR copper offtake and debt financing project.”
Tribeca, commenting on their investment in Cobre, said Ben Cleary, Tribeca’s Prime Minister of the Global Natural Resource Fund:
“We are very impressed with Cobre’s management team and the range of copper projects Cobre has developed in the Kalahari Copper Belt. We know that Sandfire Resources and MMG have built impressive copper production in the Kalahari Copper Belt. Botswana is a solid jurisdiction in Africa with good people, infrastructure, government and history of mining project development.
Tribeca follows the recent ISCR project, Florence Copper, owned by Taseko Mines, and their recent financing of a $173 million investment with a market cap of $1.5 billion. With the aim of becoming the next emerging ISCR copper producer, we believe this is an important market benchmark for Cobre.
Tribeca is pleased to have made a strategic investment in Cobre, which will be used to accelerate the exploration and development of Cobre’s ISCR Ngami project in Botswana’s Kalahari Copper Belt and, in particular, to help deliver this next copper producer.”
PLACING DETAILS
The placement took place at a price of A$0.10 per New Share, which represents a premium of:
- 8.7% premium over the last closing price of $0.092 on November 13, 2025;
- 7.8% premium over the 5-day volume weighted average price (VWAP) of $0.093; And
- 11.4% premium on the 10-day VWAP of $0.090.
The Placing also includes a 1 for 1 free seizure option, exercisable at $0.13 each and expiring on January 15, 2029 (Add options) with the Attachment Options subject to shareholder approval at an Extraordinary General Meeting of the Company expected to be held in January 2026 (EGM).
All New Shares issued under the Placing, together with any new shares issued upon the exercise of the Attached Options, will rank pari passu with the existing ordinary shares upon issuance in the capital of the Company.
Defender Asset Management acted as lead manager of the placement.
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