Cobre Limited provided an exploration update on the Ngami Copper Project (NCP) and KITW projects following a recent technical review of results. At NCP, several new targets are emerging in close proximity to the 4km strike-length Comet target which has already returned several significant downhole copper intersections including 12.2m @ 2.7% Cueq in drill hole NCP20A and 10.7m @ 1.5% Cueq in NCP081. A total of nine targets have now been identified from the recently completed soil sampling dataset including Comet.

Recent drill results, combined with historical holes, have returned positive intersections in several of the newly tested targets highlighting the success of the exploration methodology. To date, the exploration drill results have demonstrated that three of the five drill tested targets have anomalous copper-silver mineralisation- typical of halos surrounding KCB deposits, providing a significant boost to the regional potential of this emerging district. Importantly, these are early-stage results into large new developing targets with ongoing drilling expected to discover further high-grade zones.

The next phase of work will include a ~5,000m diamond drill program designed to: Continue targeting high-grade copper-silver zones within drill tested targets with proven copper-silver mineralisation; and Identify anomalous copper-silver mineralisation related to deposit halos in the three untested targets. At KITW, interpretation of recently completed assay data for over 8,500 samples is ongoing in preparation for a 10,000m AC programme scheduled to commence towards the end of March. The drill program at NCP has been designed to intersect sedimentary-hosted, structurally controlled, copper-silver (Cu-Ag) mineralisation associated with the redox contact between oxidised Ngwako Pan Formation red beds and overlying reduced marine sedimentary rocks of the D'Kar Formation on the moderate to steeply dipping limbs of a large anticlinal structure which extends across the southern portion of the project area under 50 to 80m of Kalahari Group cover.

To date, 33 drill holes, targeted off partial digest low detection limit soil sampling, have intersected the mineralised contact along both limbs of the anticline with almost all of the holes returning anomalous copper intersections for the KCB, demonstrating the prospectivity of the ~80 km of contact associated with the anticline. Results to date are analogous to other portions of the KCB where economic deposits are surrounded by halos of moderate grade copper-silver mineralisation which may extend several kilometers along strike.