Cobre November 2026 Investor Presentation: Record US$11.8m Revenue, 40,000m Drill Program and Staged Capacity Target

Mukul

11 November 2026 12:32 PM AEDT

Cobre November 2026 Investor Presentation: Record US$11.8m Revenue, 40,000m Drill Program and Staged Capacity Target

Image Source: Krish Capital Pty Ltd

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Cobre (ASX:CBE) has released its November 2026 investor presentation, disclosing record revenue of approximately US$11.8 million in the September quarter from its Sierra Atacama copper operation in Chile, alongside a pro forma cash position of approximately A$90 million and a targeted lift in monthly cathode output from approximately 400 tonnes to 1,500 tonnes by December 2027.

Key Points

Record revenue of approximately US$11.8 million recorded in the September 2026 quarter, up 30% on the March quarter, with EBITDA positive at US$0.5 million for a second consecutive quarter.
Sierra Atacama produced 818 tonnes of cathode in the September quarter, with a copper recovery rate of 78%, up from 66% in the March quarter.
A 40,000-metre drilling program is under way in CY2026, with first assays due by end of November 2026 and a maiden JORC resource targeted for the March quarter 2027.
Total debt stood at US$32.2 million at the reporting date, described as down approximately 38% from approximately US$51.7 million of on-demand debt at acquisition.
Board changes include Philip Mitchell joining as incoming Non-Executive Chair and Adam Wooldridge joining the Board as CEO at the upcoming AGM.

Sierra Atacama September Quarter Operations

The Sierra Atacama operation in Chile's Antofagasta region produced 818 tonnes of cathode during the September 2026 quarter, with September alone contributing 305 tonnes as tolling ramped into the December quarter. Copper recovery reached 78%, compared with 66% in the March quarter. The company reported a 12-month rolling Total Recordable Injury Frequency Rate of 4.5, below its target of 5.8. According to the filing, operating and total cash flow remained negative in the quarter due to debt service, working-capital build and growth capital expenditure, with the company describing the period as a build quarter ahead of a stronger December quarter.

Balance Sheet and Capital Expenditure

Cobre disclosed pro forma cash of approximately A$90 million, comprising A$67 million at 30 September, A$18 million from Tranche 2 received in early October, and approximately A$6 million at Sierra Atacama. Total debt of US$32.2 million includes US$16.0 million in financing debt scheduled at approximately US$600,000 per month, US$11.0 million in trade creditors and US$5.2 million in other and legacy payables. Planned exploration drilling of approximately US$8 million and expansionary plant capital expenditure of approximately US$20–25 million are described as fully funded from the A$90 million capital raise.

Resource Base and Near-Term Catalysts

The filing references a foreign estimate of 109.6 million tonnes at 0.67% total copper, containing 734,000 tonnes of copper, prepared under Canadian NI 43-101 and not reported in accordance with JORC 2012. A 40,000-metre program is under way to convert this to a JORC resource, with first assays due by end of November 2026, a Stage 1 tender award targeted by January 2027 and a maiden JORC resource targeted for the March quarter 2027. The company also disclosed a Botswana exploration portfolio on the Kalahari Copper Belt, including a BHP earn-in at Kitlanya and a Sinomine joint venture, with a demonstration plant targeted.

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