Highlights
- Tribeca invests AUD 4m to support Ngami ISCR development activities.
- Funding directed toward well-field work and additional exploration drilling.
- Three other Cobre exploration projects remain partner-funded and independent of Ngami.
Cobre Limited (ASX:CBE) has entered a subscription agreement with Tribeca Investment Partners for a placement of 40 million new shares at AUD 0.10 each, raising AUD 4m. The investment is directed toward advancing the Ngami In-Situ Copper Recovery (ISCR) Project within Botswana’s Kalahari Copper Belt.
The placement follows an extended due-diligence period and will be combined with existing cash resources to initiate well-field development ahead of constructing an ISCR demonstration plant. The company also plans to accelerate additional exploration activities across the Ngami Copper Project area.
Funding Structure and Placement Terms
The placement price of AUD 0.10 per share represents an 8.7% premium to the last closing price on 13 November 2025, as well as premiums to both the 5-day and 10-day VWAPs.
Participants in the placement will also receive a 1-for-1 free attaching option, exercisable at AUD 0.13 and expiring on 15 January 2029. These options are subject to shareholder approval at an Extraordinary General Meeting anticipated in January 2026. All new shares and any shares issued upon option exercise will rank equally with existing ordinary shares. Defender Asset Management acted as Lead Manager for the placement. The indicative timetable includes the announcement and trading halt lift on 17 November 2025, settlement and allotment on 18 November 2025, and the shareholder meeting for option approval in late January 2026.
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Operational Context Across Cobre’s Botswana Portfolio
The Ngami Copper Project hosts sedimentary-hosted, structurally controlled copper-silver mineralisation along the redox boundary between the Ngwako Pan Formation and the overlying D’Kar Formation. Drilling across anticlinal structures has outlined broad zones containing anomalous to moderate copper-silver grades, with localised higher-grade intervals.
Share Performance of CBE
CBE was trading 3.26% higher at AUD 0.095 per share as of 17 November 2025 at the time of writing.
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