Cobre increases ownership in Sierra Atacama Project

• Cobre has executed amendments to increase its interest in the Sierra Atacama Copper Project through a US$12 million capital raise.
• The transaction allows the company's subsidiary to increase its equity ownership from 45% to an immediate 54.38%, with a pathway to reach 63.5%.
• The restructuring aims to fund the repayment of outstanding indebtedness at the project level to optimise corporate operations.

Cobre (ASX:CBE) has finalised restructured agreements to lift its equity stake in the Chilean-based Sierra Atacama Copper Project via an incoming US$12 million corporate capital raise.

The updated ownership framework advances the company's previous position from a 45% minority interest up to a controlling 54.38% share capital allocation.

The primary objective of the financial restructuring is to deploy the incoming US$12 million capital injection exclusively for liquidating current outstanding liabilities at Sierra Atacama SpA.

The transaction involves issuing new convertible non-voting preference shares that will subsequently transition into standard ordinary shares if the business moves to exercise its project control options prior to Dec. 31.

Following the announcement, the Cobre share price was unchanged at $0.33.

The copper explorer recently transformed its business model from pure-play mineral exploration to emerging resource production through its initial entry into the South American mining sector in early 2026.

The mining group operates a dual-hub development strategy split between production infrastructure assets in Chile and early-stage exploration tenements located within the Kalahari copper belt in Botswana.