Cobre Limited advised that, following a rigorous and thorough selection process, it has been selected to participate in the 2024 BHP Xplor Program, which will assist in its advancement of exploration plans on its Kalahari Copper Belt projects, Botswana. BHP Xplor is a cohort-based world-first accelerator program, dedicated to unearthing new critical mineral deposits by uniting BHP experts, thought leaders and innovative mineral explorers to offer participants with the opportunity to accelerate their exploration concepts and the potential to establish a long-term partnership with BHP. The program offers participants funding, mentorship and coaching, and connection into BHP's network of suppliers and service providers.

BHP Xplor merges concepts from both venture-capital and early-stage accelerators, to establish a fit-for-purpose exploration portfolio of innovative, early-stage mineral exploration companies and helps drive their exploration campaigns. The program provides candidates with a one-off, non-dilutive grant of up to US$500,000, together with in-kind services, mentorship, networking opportunities with industry and investors and connections. The grant is a once off opportunity and there are no obligations or commitments on Cobre beyond the conclusion of the Xplor Program.

BHP may retain certain pre-emption rights on the Kitlanya West Project for a 12-month period after the end of the Xplor program. The Xplor Program is designed to create disruptive results in mineral exploration by identifying new concepts, leveraging new data and testing opportunities at a much faster pace than discoveries to date. Cobre intends to use the USD 500,000 to advance its exploration programs by assessing and progressing targets which have the potential to host tier-one copper-silver deposits.

Exploration will focus on the newly identified fold hinge related trap-sites where mineralisation is expected to be upgraded, offering an opportunity for larger deposit formation.