Ann: Positive Assays Reveal Large Scale Copper Potential at Ngami, page-2

Highlights:

• Assay results from Cobre's recently completed 5,120m drill programme at the Ngami Copper
Project (NCP) have returned consistent, wide intersections of moderate-grade copper-silver
(Cu-Ag) over extensive strike lengths;
• Results to date point to a potentially large, moderate-grade, copper deposit/s extending over
tens of kilometres on both the northern and southern limbs of the target anticline;
• Cobre is currently reviewing the project and conducting metallurgical test work, along with
resource modelling, to establish potential Inferred and Exploration Target category grade and
tonnage estimates for the larger system, with a target of late August 2023;
• Encouraging, thick copper-silver intersections found in central portion of Comet Target, located
approximately 1200m along strike from discovery hole NCP20A and NCP08 intersections include:
o NCP45: 15.7m @ 0.5% Cu & 15g/t Ag from 188.9 to 204.6m downhole;
o NCP50: 14.1m @ 0.5% Cu & 11g/t Ag from 177.9 to 192.0m downhole;
o NCP49: 12.9m @ 0.5% Cu & 13g/t Ag from 177.8 to 190.7m downhole; and
• Extension of mineralisation at Comet: NCP51 intersection (17.7m @ 0.4% Cu & 12g/t Ag from
221.2 to 238.9m downhole) extends mineralisation 500m southwest, with the target remaining
open-ended.

Commenting on the assays results, Chief Executive Officer, Adam Wooldridge, said:
“Our team has discovered significant lateral continuity to mineralisation intersected at NCP. This provides us
with the potential for larger moderate grade targets that contain structurally controlled high-grade zones. We
are currently assessing our options for advancing the project and have started acid recovery tests on the
unusually dominant fine grained chalcocite mineralisation which we’re optimistic will open up cost effective
options for beneficiation. We are excited to report back to the market once we have completed this important
phase of work.”