Chairman’s Letter

Dear Shareholder,

On behalf of the Board of Directors of Cobre Limited (Cobre or Company) it is with great pleasure that I present to you Cobre’s Annual Report for the 2022 Financial Year (FY22). FY22 was a transformational year for the Company with our new large scale copper discovery in Botswana, providing a clear pathway to unlocking a whole new copper district in one of the most highly regarded, yet significantly underexplored, copper locations in the world, the Kalahari Copper Belt (KCB).

Cobre’s Botswana Projects remains a key focus and the Company has achieved significant milestones over the last financial year to advance its strategy in the KCB. In particular, Cobre secured the right to acquire 100% ownership of Kalahari Metals Limited (KML), which owns the extensive ~5000km2 land package in Botswana (with 4,303km2 owned 100% and 723km2 held via joint venture arrangements), while aligning all the key elements of the Cobre technical and operational teams in country. These strategic appointments included new in-country CEO of ML, Adam Wooldridge and the appointment of Dr. Ross McGowan as a Non-Executive Director on the Board of Cobre, both immediately post the end of FY22.

The Company also undertook a successful capital raise of A$7 million in August 2022 via a two-tranche placement. The first tranche of A$5.5M was successfully completed, with the second tranche of A$1.5M still to be invested by the Company’s largest shareholder, Metal Tiger plc (MTR) and also one of Cobre’s directors, Andrew Sissian, subject to the approval of Cobre shareholders at the Company’s upcoming Extraordinary General Meeting (EGM) in October.

As part of the capital raise, Cobre also aligned with its Botswana-based drilling company, Mitchells Drilling, who has subscribed for US$300K into the placement for a drilling for equity swap, the details of which are outlined in the Company’s ASX announcement of 4 August 2022.

Cobre’s vision is to explore and discover new copper deposits to fuel the decarbonisation revolution the world is currently encountering. Without significant capital and new greenfield discoveries, the world would not be able to keep up with the raw metals required to drive this significant and necessary paradigm shift. The Company has a clear pathway to discovering critical new age metal deposits through its copper assets.

The new copper discovery in Botswana, together with the district scale opportunity that this extensive project package presents, has significantly broadened our project portfolio and increased our global exposure to copper – a metal with strong global demand fundamentals. As Cobre continues its advanced exploration and ongoing drilling in Botswana, we hope to unlock our major discovery which we believe has the potential to generate significant value to our shareholders.

I would like to take this opportunity to thank the Company’s loyal shareholders and key stakeholders for their ongoing support, and who have all contributed to establishing and supporting Cobre on its path towards delivering success, with the ultimate aim of making a major copper discovery. I would also like to thank my fellow directors, technical and operations teams on the ground for their tremendous efforts during what has been Cobre’s most rewarding year to date. We look forward to another year of continued exploration success.

Yours faithfully,

Martin Holland

Co-Founder, Executive Chairman, Managing Director

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