Highlights

  • Cobre shares jumped 34.38% on 12 February 2026, extending one-year returns to 330%.
  • The Company raised AUD 60M via placement at AUD 0.15 per share.
  • Cobre can earn up to 51% in Sierra Atacama Copper Project.
  • The project currently produces about 400t copper cathode per month.
  • Expansion plans target scaling output beyond 1000t per month.

Cobre Ltd (ASX:CBE) shares climbed 34.38% to AUD 0.22 on 12 February 2026 after the Company announced an AUD 60M capital raise and a binding agreement to acquire up to a 51% interest in the Sierra Atacama Copper Project in Chile. The stock has also advanced approximately 330% over the past year, reflecting sustained investor interest.

Cobre received binding commitments to raise AUD 60M (before costs) through a placement of 400,000,000 fully paid ordinary shares at AUD 0.15 per share. The raising includes a AUD 7.4M tranche under existing placement capacity and a AUD 52.6M tranche subject to shareholder approval expected in April 2026.

Major shareholder Tribeca Investment Partners is cornerstoning the placement with an AUD 15M commitment. Funds will support the earn-in and acquisition of the Chilean project, capital expenditure, drilling in Chile and Botswana, exit of certain contracts, and working capital.

Pathway to 51% in Sierra Atacama Copper Project

Cobre has entered a binding and exclusive agreement with Minera Salar Blanco to earn up to a 51% interest in the ~40,000ha Sierra Atacama Copper Project in Chile’s Antofagasta region.

The earn-in structure involves:

  • USD 10M for an initial 20% interest (USD 3M already paid).
  • A further USD 10M within 12 months for an additional 20%.
  • An option to acquire an extra 11% for USD 10M.

The project includes an operating underground mine producing approximately 400t of copper cathode per month through heap leach and SX-EW processing. Installed SX-EW capacity ranges from 1,200–1,400t per month, with expansion capacity up to 2,400t per month.

Staged Expansion Plan Targets Higher Output

Cobre outlined plans to refurbish and scale existing infrastructure, targeting output of 1000t per month with relatively low capital expenditure. An engineering study is underway to define short-term optimisation and staged expansion.

Over the next 18 months, the Company intends to verify historical drilling data, expand operations along strike, and progress underground and surface drilling to support a JORC-compliant resource and feasibility study. The project also includes 15,000ha of mining concessions, 25,100ha of exploration concessions, 80km of underground infrastructure, leach pads, a crusher, onsite laboratory and an operational SX-EW circuit.

Exploration programs, including airborne geophysics, soil sampling, trenching and drilling, are planned to assess deeper sulphide zones and broader concession areas.

What Investors Are Focusing On?

The latest announcement marks a shift from exploration exposure toward an operating copper asset with existing monthly production. With shares up 34.38% on the day and approximately 330% over the past year, investors are assessing how the staged earn-in, expansion plans and capital structure shape Cobre’s transition into a producing asset base. Near-term attention is likely centred on shareholder approvals, completion of transaction conditions, optimisation studies and progress toward higher monthly production targets.

FAQs

Why did Cobre shares rise 34.38% today?

The rally followed an AUD 60M capital raise and agreement to earn up to 51% in the Sierra Atacama Copper Project.

What is the current production at Sierra Atacama?

The operating underground mine produces about 400t of copper cathode per month.

How will Cobre fund the acquisition?

Funding will come from the AUD 60M placement and staged USD earn-in payments.