Australian-listed Cobre Limited has completed a 10-well programme at its Ngami copper project in Botswana’s Kalahari Copper Belt, while drilling at its neighbouring Okavango project has reached approximately 1,600 metres as the company progresses two exploration programmes in the country.
In an investor briefing released on 30 October 2026, Cobre said the Ngami programme involved six production wells and four monitoring wells, alongside the modernisation of a control room used to manage and monitor the well-field operations.
The work was undertaken with the Mitchell Group and forms part of the company’s preparations to investigate the potential recovery of copper using in-situ copper recovery (ISCR) technology.
At Okavango, where Cobre is working with Chinese mining group Sinomine, drilling has reached approximately 1,600 metres of a planned 3,000-metre programme.
The two developments represent separate stages in Cobre’s Botswana exploration strategy, with Ngami progressing work associated with a proposed copper recovery method while Okavango remains focused on drilling.
Ten wells completed at Ngami
The completion of the Ngami well-field represents a significant technical milestone for Cobre’s plans to investigate copper extraction without relying exclusively on conventional open-pit or underground mining.
In-situ copper recovery involves circulating a solution through suitable copper-bearing geological formations and recovering dissolved copper through wells.
The method requires an understanding of groundwater movement, the permeability of the mineralised rocks and the ability to control the movement of solutions within the targeted formation.
The six production wells at Ngami are intended to support the proposed recovery process, while the four monitoring wells provide infrastructure for assessing conditions within the well-field.
Cobre also reported that its supervisory control and data acquisition system, commonly known as SCADA, had been modernised. Such systems allow operators to monitor and control equipment and processes from a central location.
The company’s October presentation does not disclose copper production from the completed well-field or confirm that commercial recovery operations have begun.
It also does not provide new recovery test results, meaning the completion of the wells should be regarded as progress in project preparation rather than confirmation that the proposed mining method has been commercially demonstrated.
Okavango drilling passes halfway mark
Cobre’s second Botswana development concerns the Okavango project, where drilling is being undertaken in partnership with Sinomine.
The company reported that approximately 1,600 metres had been completed out of the planned 3,000-metre programme, representing slightly more than half the scheduled drilling.
The work is being conducted with the EGR drilling crew.
Although the update confirms progress on the drilling programme, it does not disclose new copper grades, mineralised intersections or assay results from the Okavango holes.
The programme therefore remains an exploration activity, with its significance dependent on the geological information and analytical results obtained from drilling.
Both Ngami and Okavango form part of Cobre’s broader interests in Botswana’s Kalahari Copper Belt, a region that has attracted exploration investment because of its copper-bearing geological formations.
Chile operations dominate financial performance
The Botswana update formed part of Cobre’s September-quarter investor briefing, which concentrated heavily on the company’s expanding copper operations in Chile.
Cobre reported record quarterly revenue of approximately US$11.8 million from its Sierra Atacama operations, alongside production of 818 tonnes of copper cathode.
Copper recovery improved to 78%, compared with 66% in March, while the company recorded positive earnings before interest, tax, depreciation and amortisation of approximately US$500,000.
The result marked the second consecutive quarter of positive EBITDA, although the company said converting operating earnings into positive cash flow remained a priority.
Cobre also reported approximately A$90 million in pro forma cash following its capital raising and subsequent funding receipts. The company said the funds would support exploration, processing plant improvements and expansion activities.
Its planned Chilean expansion envisages increasing annual copper production capacity in stages from approximately 18,000 tonnes to 25,000 tonnes and eventually as much as 50,000 tonnes, subject to further studies, permitting, financing and board approval.
Those production ambitions relate to Sierra Atacama in Chile and should not be confused with Cobre’s Botswana projects, which have not been presented as commercial copper producers.
Botswana exploration remains on the agenda
Cobre identified further Botswana hydrogeological work and Okavango drilling among the developments investors should watch during the December 2026 quarter.
Hydrogeological investigations will be particularly important at Ngami because the proposed in-situ recovery method depends on the behaviour of groundwater and the geological characteristics of the copper-bearing formations.
At Okavango, the immediate task is to progress the remaining drilling and assess the results.
The company also reported 163 days without a recordable injury across its Botswana activities.
While Cobre’s recent financial and operational improvements have been driven primarily by its Chilean copper business, the completion of the Ngami well-field and continued drilling at Okavango show that its Botswana exploration programme remains active.
The next significant developments will be the results of the ongoing technical investigations at Ngami and the geological findings from the Okavango drilling programme.
