23 Jan Resources Top 5: Cobre surges on BHP Xplor funding; copper having a moment
- Copper hunter Cobre rears up +110% after selection for BHP’s Xplor program
- Hamelin Gold also joins the BHP program based on its nickel-copper-PGE activities
- Meanwhile True North Copper has only gone and signed a huge offtake deal with Glencore
Here are some of the biggest resources winners in early trade, Tuesday January 23.
Cobre (ASX:CBE)
Pure-play copper explorer Cobre, hunting for the red metal in the Botswana Kalahari Copper Belt and in Western Australia, has surged ahead of the ressie pack so far today with a stupendous 110% gain.
We checked CBE’s market cap just now and it was around $18m. We refreshed the page and it’s now $26.4m and climbing.
There’s a very clear reason for this – it’s one of six companies (just two are listed on the ASX) selected to take part in the 2024 BHP (ASX:BHP) Xplor cohort.
What’s that? It’s an accelerator program designed to support early-stage mineral exploration companies in their hunt for critical resources, in particular those that are fuelling the energy transition.
In Cobre’s case, the program will assist in its advancement of exploration plans on its Kalahari Copper Belt projects.
BHP will provide Cobre with US$500k in non-dilutive funding to push its exploration plans and operations for the course of the Xplor Program period, as well as provide full access to BHP’s expertise and global partnerships.
Cobre joins the cohort, selected from a pool of more than 500 applicants, so needless to say, this is a very big deal for the low cap copper hunter.
Commenting on Cobre’s selection, Cobre CEO Adam Wooldridge said: “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.”
Read the Stockhead article: https://stockhead.com.au/resources/resources-top-5-cobre-surges-on-bhp-xplor-funding-copper-having-a-moment/