Quarterly Activities/Appendix 5B Cash Flow Report

• Positive operating cash flow achieved for the first time in each month of the quarter.
• Copper cathode production reached 879 tonnes, with leach recovery improving to 76%.
• Financing liabilities reduced by approximately US$9.4 million.
• Secured additional exploration concessions adjacent to Sierra Atacama.
• Collaboration agreement with Equinor for the Ngami Copper Project.

Cobre Ltd's Quarterly Activities Report for the three months ended 30 June 2026 highlights several key achievements. The Sierra Atacama Copper Project in Chile delivered its first consecutive months of positive operating cash flow, totaling US$1.618 million for the quarter. Copper cathode production reached 879 tonnes, with leach recovery improving to 76%. The company also reduced its financing liabilities by approximately US$9.4 million. Additionally, Cobre secured 25 mining exploration concessions adjacent to Sierra Atacama, expanding its district-scale footprint to over 22,000 hectares. The company also signed a collaboration agreement with Equinor for the Ngami Copper Project in Botswana.

Positive operating cash flow of US$1.618 million for the quarter

Cobre plans to continue improving operations at Sierra Atacama and expand its exploration efforts in Chile and Botswana.