Cobre Limited · ASX:CBE
Cobre — Q1 FY27 Earnings Presentation
20 slides from Cobre's earnings presentation, Oct 30, 2026
Slide 1: Quarterly Investor Briefing September 2026 Quarter
rsonal use only QUARTERLY INVESTOR BRIEFING September 2026 Quarter · Q1 FY27 Adam Wooldridge — Chief Executive Officer · Kaveen Bachoo — Chief Financial Officer 30 October 2026 ASX: CBE, CBEO, This presentation has been approved by the Cobre CEO and CFO
Slide 2: Cautionary Statements and ASX announcements referenced
Cautionary Statements and ASX announcements referenced: This Presentation should be read in conjunction with the Company's Quarterly Activities Report (Quarterly Report) and Appendix 5B lodged with the ASX for the quarter ended 30 September 2026. For full exploration results, Competent Persons State
Slide 3: Agenda
AGENDA September 2026 quarter · Q1 FY27 · ~20 minutes, then Q&A rsonal use only PART 1 · CEO PART 2 · CFO PART 3 Business & Operations Financial Review Outlook & Close Adam Wooldridge Kaveen Bachoo Adam Wooldridge • Quarter at a glance • Financial scorecard • Outlook & December Qtr priorities • Stra
Slide 4: Part One: Business & Operations
rsonal use only PART ONE BUSINESS & OPERATIONS Sierra Atacama · Chile Botswana · Kalahari Copper Belt Adam Wooldridge — Chief Executive Officer ASX: CBE
Slide 5: Quarter at a Glance
QUARTER AT A GLANCE A build quarter — set up for a strong December rsonal use only 4.5 78% US$11.8m +US$0.5m ~A$90m 818t TRIFR (safety) Copper recovery Record revenue Positive EBITDA Cash (pro forma) Cathode production 12-mth rolling, below 5.8 up from 66% in March +30% on March second straight quar
Slide 6: Strategic Milestones
CORPORATE & STRATEGIC STRATEGIC rsonal use only MILESTONES • Control secured — 62.86% of Sierra Atacama (12 Oct); Organic growth to 75% with spend on the project. • Staged expansion pathway defined — ~18 → 25 → 50 ktpa (13 Oct). • Low-cost feed secured ~150kt ENAMI oxide ore within 55km (21 Oct), in
Slide 7: Operational Turnaround
PRODUCTION OPERATIONAL TURNAROUND rsonal use only • Recovery at a 2026 high — 78%, up from 66% (Mar) and 70% (Jun). • 818t cathode (Sept 305t); a geotechnical review briefly paused some faces — surveying is done and they return this quarter. • Cathode quality restored — new plates overhaul completed
Slide 8: Exploration: A Highlight of the Quarter
EXPLORATION A HIGHLIGHT OF THE rsonal use only QUARTER • Capability scaled up — rebuilt core yard, rigs actively drilling, geology team. • 40,000m resource program — ~15,000m RC and ~25,000m diamond. • First diamond hole — 986.9m, the deepest in the mine’s history; visual sulphides at depth (visual
Slide 9: Staged Expansion Pathway
rsonal use only GROWTH STAGED EXPANSION PATHWAY • Stage 1 — ~18 ktpa. Restore & optimise; tender award by December quarter-end. • Stage 2 — ~25 ktpa. Second SX line and additional electrowinning. • Stage 3 — up to ~50 ktpa. Open-pit case, after the 40,000m program. Indicative target capacities only
Slide 10: Kalahari Copper Belt Botswana
rsonal use only KALAHARI COPPER BELT BOTSWANA • Ngami ISCR well-field completed — six production and four monitoring wells; modernised SCADA control room, with Mitchell Group. • Okavango (with Sinomine) — ~1.6km of a ~3km program drilled with the EGR crew. • 163 days no recordable injury; Cobre spon
Slide 11: Part Two: Financial Review
rsonal use only PART TWO FINANCIAL REVIEW Kaveen Bachoo — Chief Financial Officer ASX: CBE
Slide 12: Financial Scorecard: Record Revenue & Positive EBITDA
FINANCIAL SCORECARD rsonal use only RECORD REVENUE & POSITIVE EBITDA • Recovery 66% → 78% — processing fixes holding. • Revenue a record ~US$11.8m (+30% on March). • EBITDA positive +US$0.5m — second straight quarter; September +US$974k, the best month of the year. • ~US$2.3m EBITDA swing from March
Slide 13: Balance Sheet: Strong Cash; Debt in Control
BALANCE SHEET Strong cash; Debt in Control rsonal use only Debt in control At acquisition ~US$51.7m of debt was on-demand. Today it’s US$32.2m — down ~38% — and the shape matters as much as the size: Strong cash ~A$90m pro forma US$16.0m Financing debt — structured, scheduled at ~US$600k/month US$11
Slide 14: Cost Performance by Major Line
COST PERFORMANCE BY MAJOR LINE Share of total and contract position · September 2026 Acid 1,429 US$5.8m rsonal use only Dec 2027 Equipment rentals 984 Jul 2027 Labour 845 Fixed Total cost, Sept 2026 . Acid, equipment & labour ~56% — largely fixed, so unit Energy (gas & gen.) 568 Dec 2026 costs fall
Slide 15: Building Cost Resilience & Improving Margin
BUILDING COST RESILIENCE & IMPROVING MARGIN Margin defended by a falling cost base Price is the one lever we don’t control — but unit cost falls sharply as we scale, cushioning an adverse copper move. Cost reduction vs today’s base: rsonal use only CURRENT 500 t/m 700 t/m 1,500 t/m Base → −17% → −32
Slide 16: If Copper Re-adjusts: Three Levers
IF COPPER RE-ADJUSTS — THREE LEVERS Margin defended by what we control rsonal use only 01 · Volume 02 · Ore-source margin 03 · Cost Economies of scale. Ramping 500 → Prioritise the richest feed. Blend own Drive the cost base. Acid US$450 → 1,500 t/m cuts unit cost. high-grade, third-party toll ore (
Slide 17: Capital Program
CAPITAL PROGRAM Exploration and expansionary capex — funded from the raise rsonal use only ~US$8m Exploration drilling 40,000m resource program in CY2026; a similar program planned for CY2027. ~US$20–25m Expansionary — plant SX-EW refurbishment & expansion; studies being completed. Fully funded from
Slide 18: Part Three: Outlook & Close
rsonal use only PART THREE OUTLOOK & CLOSE Adam Wooldridge — Chief Executive Officer ASX: CBE
Slide 19: Outlook: December 2026 Quarter Priorities & Catalysts
OUTLOOK — DECEMBER 2026 QUARTER (Q2 FY27) Priorities & catalysts rsonal use only DECEMBER PRIORITIES CATALYSTS & NEWSFLOW • Convert EBITDA into positive cash flow • Exploration assays — expected mid-November • Ramp third-party & low-cost feed; restore head grade • Stage 1 tender award — by December
Slide 20: Thank You / Questions
rsonal use only THANK YOU Questions Turnaround proven Control secured (62.86%) Staged growth to ~50 ktpa ~A$90m cash Clear path to growing cash flow Adam Wooldridge, CEO · [email protected] · Kaveen Bachoo, CFO Contains forward-looking statements, a foreign estimate not reported under JORC (20