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Cobre Limited is embarking on an ambitious endeavor to establish an in-situ copper recovery (ISCR) demonstration plant at its Ngami Copper Project in Botswana. The project is set to begin in the latter half of 2027, with the aim of producing copper cathode on-site as the company explores a pathway to full-scale commercial production. This initiative is part of a broader strategy outlined in Cobre’s investor presentation released on 11 November 2026.
The demonstration plant will leverage ISCR technology, a method that involves circulating a solution through copper-bearing rock, allowing for metal recovery without traditional open-pit or underground mining methods. This innovative approach is complemented by solvent extraction and electrowinning (SX-EW) technology to facilitate the production of copper cathode.
Cobre’s development roadmap includes a resource drilling program scheduled for 2027. While specific drilling metrics are not disclosed, the Ngami project boasts an indicated and inferred mineral resource of 11.5 million tonnes with a 0.52% copper grade and 11 grams per tonne of silver. This resource estimate, announced in August 2025, is not a new declaration.
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Additionally, Cobre has identified an exploration target ranging from 205 million to 308 million tonnes with a copper grade between 0.31% and 0.46%, and silver content between 5.5 to 8.3 grams per tonne. However, these figures remain conceptual, requiring further exploration to confirm additional mineral resources.
During the September quarter, Cobre completed the construction of six production and recovery wells, alongside four monitoring wells, all equipped with sensors. Infrastructure installed by Mitchell Group includes essential components such as pipelines, a manifold, a tank farm, a control room, and a supervisory control and data acquisition (SCADA) system. Commissioning activities are ongoing, including water circulation tests to establish connectivity between wells and evaluate parameters for the acid-leaching process.
Cobre’s immediate priorities include completing hydrogeological testing and finalizing the environmental impact assessment for the demonstration plant. A collaboration agreement with Equinor, signed on 23 July 2026, supports evaluation of the ISCR parameters at Ngami.
Apart from the Ngami project, Cobre is actively exploring other projects in Botswana. The Okavango Copper Project, in partnership with Sinomine International, involves a planned three-kilometre drilling program, with 1.6 kilometres already completed. Native copper and copper sulphide mineralization have been identified, although new laboratory assay results are pending.
At the Kitlanya project, Cobre pursues exploration under an earn-in agreement with BHP, offering up to US$25 million in exploration funding. Seismic surveys have been completed, providing valuable geological data to guide future exploration efforts. This arrangement allows Cobre to target large-scale copper deposits while minimizing its direct capital expenditure.
Cobre Limited’s Botswana portfolio reflects a strategic blend of advanced development at Ngami and exploratory activities at Okavango and Kitlanya. The immediate focus is on the successful establishment of the Ngami demonstration plant, contingent upon further technical evaluations and environmental assessments. As Cobre continues to progress, its efforts could significantly contribute to the region’s copper production landscape.
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