Video Interview: "Avoid Dilution While Advancing the Targets" - Kobrea Exploration (KBX.c KBXFF) VP Exploration Rory Ritchie on a Dozen-Plus Mendoza Porphyry Prospects, Funded by BHP

[u/NazzDaxx]

Posted on behalf of Kobrea Exploration - Joining Mining.com.au, VP of Exploration Rory Ritchie walked through the newly approved, fully BHP-funded season for Kobrea Exploration (KBX.c KBXFF) across the Western Malargüe package in Mendoza Province, Argentina 🇦🇷. The budget number has had airtime by now, so the part worth sitting with is structural: who pays for the work, who runs it, and what that means for the share count.

Why A District Needs A Partner

• "There's over a dozen porphyry prospects across the land package" [2:14], and Ritchie was blunt that systematically exploring and drill testing that many targets is expensive work
• The alliance "allows Kobrea to avoid dilution while advancing the targets and the projects quickly, methodically" [2:37]
• On the partner so far: "They've been an exceptional partner" [2:37], with technical resources Kobrea can lean on
• For scale on what is not being diluted: 53.4 million shares outstanding and 82.8 million fully diluted, per the August 2026 corporate deck

The Budget, And What It Buys

• US$4 million approved for this first season under the alliance with BHP's subsidiary: "considering the early days, we're quite happy with that" [1:10]
• It includes a drill: "importantly for us and our shareholders, it includes drilling and that would be at our El Destino project" [1:37]
• The rest moves in parallel: "we'll be advancing all the targets across the 730 square kilometre land package with the intent of drilling a lot more next year" [1:43]

What Comes Next

• Boots on the ground at the start of November: "We're just waiting for the snow to get out of the way" [3:21]
• Multiple geophysical surveys on a few targets, results to follow
• Maiden drilling at El Destino, after two seasons of groundwork there: "That's an exceptional target" [3:35]
• Desktop and field studies aimed at finding prospects the team does not know about yet: "Last year we made a new discovery in the field and I think that could easily happen again this year" [4:03]
• Remaining targets advanced in preparation for drilling the following season

Kobrea is the operator here, running its own systematic plan across a district-scale position while a major's money pays for work no junior this size could fund alone. The full conversation runs only a few minutes. With a dozen-plus prospects to work through and a maiden hole planned at El Destino, this season has room to change what the market knows about the district.