Cobre Limited Selected for 2024 BHP XPlor Program

23 January 2024 09:50

Cobre Limited (ASX:CBE) has been successful in its application for the 2024 BHP Xplor Program, assisting in its advancement of exploration plans at its Kalahari Copper Belt Projects, located in Botswana.

The BHP Xplor Program

BHP Xplor is a cohort-based world-first accelerator program dedicated to unearthing new critical mineral deposits.

The program aims to unite BHP experts, thought leaders and innovative mineral explorers to offer participants with the opportunity to accelerate their exploration concepts and establish a potential long-term partnership with BHP.

Participants are offered funding, mentorship and coaching, alongside connection into BHP’s extensive network of suppliers and service providers.

The innovative program merges concepts from venture-capital and early-stage accelerators, to establish a fit-for-purpose exploration portfolio of innovative, early-stage mineral exploration companies, with the ultimate goal being to help drive successful applicants’ exploration campaigns.

The head of the BHP Xplor Program, Charlee Johnson, said the diversity and quality of the submissions amongst the applicants was amazing and inspiring.

“We are excited to partner with this cohort and help bring their ideas and passion for their exploration projects to life,” he said.

“We aim to accelerate this process and create disruptive results with new concepts, data and testing opportunities.”

The funding offered to participates comes in the form of a one-off, non-dilutive grant of up to US$500,000.

In return, BHP may retain certain pre-emption rights on the Company’s exploration projects for a 12-month period after the end of the Xplor program.

Cobre Xplor

In the case of Cobre, it plans to use the funding to advance its exploration programs at the Kitlanya West Project, by assessing and progressing targets which have the potential to host tier-one copper-silver deposits.

In November last year, the Company identified fold hinge related trap-sites where mineralisation is expected to be upgraded. Cobre plans to focus its exploration on this discovery, offering an opportunity for larger deposit formation.

Company Comments

Cobre’s Chief Executive Officer Adam Wooldridge commented on the Company’s successful application.

“The Xplor program provides us with a unique opportunity to partner with BHP experts to further our Kalahari Copper Belt targeting criteria and exploration programs,” he said.

“We’re delighted to have successfully made it through the rigorous selection process, which is a great accolade for the technical merits of our team and exploration projects.”

“We’re looking forward to participating in the program and developing priority targets where the Xplor funding will provide further value for our shareholders.”

Additionally, Cobre’s Executive Chairman, Martin Holland expressed his enthusiasm for the Company’s inclusion in the program.

“I attribute this achievement to the dedication and effort of the CEO and the exploration team and look forward to advancing Cobre’s partnership with BHP, capitalising on their extensive experience and knowledge base in finding world class deposits,” he said.

“This gives further validation of Cobre’s vision on the tier 1 potential of the Kalahari Copper Belt.”

CBE’s Australian Securities Exchange share price has risen 117.32% and is currently trading at $0.08 (9.50am UTC+ 8 hours).


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