Cobre Reaffirms 308Mt Copper Target in Botswana Eyeing Lower Cost ISCR Path
Cobre reaffirms Ngami Copper Project exploration target of up to 308Mt
Cobre Limited (ASX: CBE) has issued an addendum reaffirming the Exploration Target for its Ngami Copper Project (NCP) in Botswana, originally released 4 August 2025. The update incorporates these target figures into the company’s 23 July 2026 “Botswana Development, Exploration and Collaboration Update”. The reaffirmed Exploration Target ranges from 205Mt to 308Mt, with copper grades between 0.31% and 0.46% Cu and silver credits of 5.5–8.3 g/t Ag, stated at relevant cut-off grades as per the 4 August 2025 announcement. Cobre is targeting an In-Situ Copper Recovery (ISCR) development pathway analogous to Taseko Mines’ Florence Copper Deposit. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
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Breaking down the exploration target numbers
Cobre states no new information materially affects the figures announced 4 August 2025, and all material assumptions and technical parameters underpinning the Exploration Target continue to apply. The table below details the reaffirmed tonnage and grade estimates:
| Metric | Low estimate | High estimate |
|---|---|---|
| Tonnage (Mt) | 205 | 308 |
| Cu Grade (%) | 0.31 | 0.46 |
| Ag Grade (g/t) | 5.5 | 8.3 |
Key takeaways from the reaffirmed target:
- Copper grade range: 0.31%–0.46% Cu
- Silver credit range: 5.5–8.3 g/t Ag
- Tonnage upside toward 308Mt at the upper estimate
What is In-Situ Copper Recovery (ISCR) and why it matters
In-Situ Copper Recovery (ISCR) is a process that extracts copper by circulating solution through the orebody underground, rather than using conventional open-pit or underground mining and milling. The solution dissolves the copper, which is then pumped to the surface for recovery.
For investors, ISCR presents potential advantages over traditional mining methods, including lower capital intensity, a smaller surface footprint, and reduced environmental disturbance. However, these benefits remain contingent on technical and commercial viability. Cobre is aiming to replicate the ISCR process used at Taseko Mines’ (TSX:TKO, NYSE:TGB) Florence Copper Deposit (320Mt @ 0.36% Cu) in the United States. The Florence deposit serves as Cobre’s real-world benchmark for the development pathway it is pursuing at NCP.
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Why this matters for Cobre investors
An Exploration Target of up to 308Mt combined with an ISCR development pathway positions the Ngami Copper Project as a potentially lower-cost, scalable copper play in Botswana. The silver credits, ranging from 5.5 to 8.3 g/t Ag, provide a secondary value driver. The reaffirmed figures are supported by a Competent Person’s Statement under the JORC Code 2012, adding technical credibility to the target.
Competent Person’s Statement
The information in this announcement that relates to exploration results is based on information compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David is the principal geologist at Tulia Blueclay Limited and a consultant to Kalahari Metals Limited. David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation. The information in this report which relates to the Comet Mineral Resource and NCP Exploration Target is based on and fairly represents the MRE report and announcement released on 4 August 2025. Mr Catterall has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which they are undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Catterall consents to the inclusion in the release of the matters based on the information they have compiled in the form and context in which it appears.
Readers seeking full detail should refer to the 23 July 2026 Botswana Development, Exploration and Collaboration Update and the 4 August 2025 announcement. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
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