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Cobre Limited (CBE.AX) Annual Report to shareholders
Sydney, Australia, Sep 27, 2021 - (ABN Newswire) - FY21 was a year of strategic acquisition growth for Cobre Limited (ASX:CBE) and represented a significant shift in Cobre's strategy to become a global copper explorer.
In particular, Cobre achieved a number of significant milestones to execute on its revised global copper strategy including, finalising the acquisition of 49.99% ownership of Kalahari Metals Limited which owns highly prospective tenements spanning across ~8,100km2 in the Kalahari Copper Belt (KCB) in Botswana, as well as securing a district scale nickel and copper exploration opportunity in Gabon in central West Africa, through its active investment into Armada Metals Limited which is planning a listing on the Australian Securities Exchange (ASX) later this year. In addition, the Company continued field exploration activities at its 100%-owned Perrinvale Project in Western Australia to define new VHMS targets explore.
The Company also undertook a two tranche capital raise of A$6.7 million in April 2021 via a first tranche of A$5.3M which is complete, with the second tranche of A$1.4M to be invested by the Company's largest shareholder, ASX and London AIM listed, Metal Tiger plc (MTR), subject to the approval of Cobre shareholders at the Company's AGM later this year.
Cobre also commenced its maiden JV drilling program in Botswana which is currently ongoing, and has agreed to invest A$1.0M into MTR to show commercial alignment of interest as we jointly pursue exploration opportunities in Africa. Cobre's investment was subject to the approval of MTR shareholders at a meeting of MTR shareholders that is now approved.
Cobre's vision is to explore and discover new copper deposits to fuel the decarbonisation revolution the world is currently encountering. Without significant capital and new greenfield discoveries, the world would not be able to keep up with the raw metals required to drive this significant and necessary paradigm shift.
The Company has a clear pathway to discovering critical new age metal deposits through its copper and base metals assets and will continue to make additional acquisitions where the Board believes that such acquisitions are in alignment with the Company's strategic direction and represent the best opportunities for the Company's shareholders.
Together with our ongoing exploration works at Perrinvale in Western Australia, by adding a stake in the prospective and underexplored KCB in Botswana, and securing an active investment in Armada Metals, we have significantly broadened our project portfolio and increased our global exposure to copper - a metal in strong global demand.
As Cobre continues to advance exploration in Botswana, we believe the Company has the potential to unlock a major discovery that will create a stronger Company poised for international growth.
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About Cobre Limited:
Cobre Limited (ASX:CBE) is a copper and base-metals explorer with projects in Western Australia and Botswana. The Company recently discovered a new high-grade VMS deposit enriched in Copper, Gold, Zinc and Silver in Western Australia, and is currently exploring approximately 8,100 km2 of tenements within the Kalahari Copper Belt (KCB) in Botswana.
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