Kalahari Copperbelt - RC drilling commences

The Company is pleased to report that reverse circulation ("RC") drilling has commenced on geochemical and geological targets on 100% owned prospecting licence PL253 in the Kalahari Copperbelt ("KCB").

Highlights

• A programme of four RC holes has commenced to test two geochemical and geological/structural targets on PL253 in the northwestern part of the KCB.
• The BHP Group Ltd ("BHP"), under a recent transaction with Cobre, is investing up to US$25 million for exploration expenditure on Cobre's Kitlanya Copper Projects, including Kitlanya West, contiguous with PL253.
• The transaction underscores Cobre's and BHP's confidence in the potential for these projects to host Tier 1 copper-silver deposits on this part of the KCB.
• The Galileo target zone lies in the vicinity of the prospective D'Kar/Ngwako Pan contact with an accompanying soil anomaly and an interpreted thrust fault along strike from the BHP/Cobre Tlou prospect.
• Recent analysis by the Company using a hand-held pXRF instrument on rock chips from an RC drilling programme in 2022 highlighted a zone of consistent downhole copper anomalism in hole QTRC006 which will be further tested in the current programme.

Colin Bird Chairman & CEO said: "Our drilling programme now underway on PL253 is being carried out in an area with a highly prospective address. Significant exploration commitment by BHP and others has placed the spotlight on this underexplored northwestern limb of the KCB and provides considerable encouragement for our programme. We look forward to the outcome and will keep shareholders informed as results are received."

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