Cobre Limited (ASX: CBE), an Australian-based mineral exploration and development company focused on copper projects in Chile and Botswana, today announced the successful completion of its A$90 million capital raise. The raise, conducted at a price of AUD$0.30 per share (prior to costs), received shareholder approval at an Extraordinary General Meeting held on 28 September 2026. This significant capital injection aims to bolster the company’s financial position and accelerate key project developments. The second tranche of the capital raise, totalling approximately A$17.7 million, saw shares issued to major investors Tribeca Investment Partners and Strata Investment Holdings PLC, as well as Cobre’s directors.
The substantial funds secured through this capital raise are earmarked for several strategic initiatives. A significant portion will be allocated towards increasing Cobre’s ownership in the Sierra Atacama Copper Mine, located in the Antofagasta Region of Northern Chile. The company also plans to utilise funds for debt repayment, plant upgrades, and other development costs at Sierra Atacama. Additionally, the capital will support extensive exploration activities across the Sierra Atacama projects, including resource drilling, near-mine targets, and high-grade sulphide prospects, alongside broader regional exploration efforts. Funds are also allocated for ongoing activities at Cobre’s Botswana Projects, as well as for general working capital and the costs associated with the capital raise.
Martin Holland, Cobre’s Executive Chairman, expressed gratitude for the strong shareholder support, stating, “We are appreciative of the strong support from our shareholders in this Capital Raise which allows the Company to fast track the execution of activities in both Chile and Botswana that the Board believes will deliver significant value for shareholders in the future.” Mr Holland further highlighted the company’s now robust balance sheet, enabling diligent execution on several near-term catalysts. He emphasised that the Sierra Atacama Mine, since Cobre took control in March, presents a “Company making opportunity” as it transitions from an explorer to a copper producer, with significant exploration upside across its Chilean asset package.
