Cobre (ASX:CBE) has completed its $90 million capital raise following shareholder approval at an extraordinary general meeting.
The company issued shares under the second tranche of the capital raise to its two largest shareholders, Tribeca Investment Partners and Strata Investment Holdings, as well as company directors for approximately $17.7 million. The capital raise was priced at $0.30 per share.
Cobre announced the capital raise on 9 July 2026, with shareholders approving the transaction at an extraordinary general meeting held on 28 September 2026.
The company intends to use the funds to increase its ownership in the Sierra Atacama Copper Mine in Chile’s Antofagasta Region through project-level capital payments. Additional funds will also support debt repayment, plant upgrades, and development costs at Sierra Atacama.
Exploration activities will receive significant funding, including resource drilling, near-mine exploration, and ‘high-grade’ sulphide drilling at Sierra Atacama.
The company also plans regional exploration at the Chilean asset and activities at its Botswana projects.
Executive Chairman Martin Holland says the capital raise enables Cobre to fast-track the execution of value-creating activities across both Chile and Botswana.
“We are appreciative of the strong support from our shareholders in this capital raise, which allows the company to fast-track the execution of activities in both Chile and Botswana that the board believes will deliver significant value for shareholders in the future,” Holland says.
“Since taking control of the Sierra Atacama Mine in March, we believe that this asset presents a company-making opportunity for Cobre as we have shown in recent months, in the solid transition from explorer to copper producer.”
Cobre says its strengthened balance sheet positions the company to execute on near-term catalysts across its portfolio.
Cobre is focused on copper production in Chile and tier-one copper exploration in Botswana.
Write to Paula Fabe at Mining.com.au
Main image: Cobre
