Ann: Potential for Extensive In-Situ Copper Mining - Botswana, page-2

Highlights:

• Metallurgical viability confirmed: Initial metallurgical test work confirms the feasibility of
employing acid leaching to beneficiate copper mineralisation discovered at the Ngami Copper
Project (NCP);
• Hydrogeological insights: Detailed review of the hydrogeology, including fracture distribution
logging and numerical modelling, demonstrates the laterally extensive mineralisation at NCP
satisfies key criteria required for In-Situ Copper Recovery (ISCR);
• Innovative cost-effective prospect: ISCR, if successful, provides an economically efficient
method for developing several tens of kilometres strike of moderate-grade copper mineralisation
at NCP, with minimal environmental impact and requiring low initial capital and operating
expenditures;
• Following the success of the first phase of metallurgical test work, where copper recovery rates
of 55.7% and 45.4% were achieved from moderate and high-grade composite samples
respectively, Cobre has initiated additional testing to optimise leaching conditions to further
increase copper recoveries;
• Further hydrogeological test work designed to prove the viability of ISCR will include a series of
pumping tests to provide an estimate of hydraulic conductivity and connectivity along the fracture
zones associated with mineralisation; and
• Release of Inferred Resource and Exploration Target Category modelling results, expected within
Q3 2023, will provide further insight into the project’s scale and potential avenues for expansion
at NCP.