Cobre Acquires Control of Chile Copper Mine for US$12M

• Cobre Ltd now controls 62.86% of the Sierra Atacama copper project
• Cobre Ltd exercises Control Call Option for approximately US$12 million
• Cobre Ltd gains majority shareholder status and board representation

Cobre Ltd, through its subsidiary Sierra Cobre SpA, has exercised the Control Call Option under the Investment Agreement to acquire the Control Option Shares from Minera Salar Blanco SpA (MSB). This transaction has increased Cobre Chile's ownership of the Sierra Atacama copper project to 62.86%. Cobre Chile is now the majority and controlling shareholder, entitled to appoint an additional director to the respective Boards, increasing its representation to three of five directors. This consolidation provides Cobre Chile with economic and governance control as the project advances its next phase of expansion and exploration.