TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

DATE: 24 April 2019

Further results from the detailed magnetotelluric (MT) survey over the Horse Well area delineate an additional possible “feeder” zone

Highlights:

Further results from the data interpretation and 2D modelling of the magnetotelluric survey results over the Horse Well area show the presence of an additional potential “feeder” zone in the eastern part of the Horse Well area.

The additional potential “feeder” zone is coincident with a moderate amplitude magnetic anomaly that was identified from previous regional magnetic surveys.

The additional potential “feeder” zone extends to depth and shows lateral continuity which supports the theory of a deep basement conductive zone associated with IOCG mineralisation.

Cohiba Minerals Limited (‘Cohiba’ or ‘the Company’) is pleased to announce further very encouraging results from the detailed magnetotelluric (MT) survey over the Horse Well Project area (Figures 1A & 1B).

The detailed MT survey conducted by Zonge Australia (“Zonge”) already identified a major potential “feeder” zone in the central part of the Horse Well area and has now identified an additional potential “feeder” zone in the eastern part of the area (Figures 1A & 1B; Figure 2).

This additional potential “feeder” zone is coincident with a moderate amplitude magnetic anomaly which was identified from previous regional magnetic surveying and earmarked as a potential drilling target.

The additional zone shows both depth and lateral continuity (“conductive trend” in a NE direction) which further build into the theory surrounding the role of deep basement conductive zones in Iron Oxide Copper Gold (IOCG) environments.

ASX CODE: CHK

Market Cap

approx $14M at 13.5c per share

Cash

DIRECTORS$3.5M

Mr Mordechai Benedikt (Chairman)

Issued Capital

Dr Bob Beeson (Director)

106,421,094 ordinary shares

Mr Nachum Labkowski (Director)

Unlisted Options

1,416,666 at 10c

REGISTERED OFFICE AND

1,366,666 at 15c

PRINCIPAL1,366,666 atPLACE20c OF BUSINESS

Total 4,149,998

Level 4

100 Albert Road

Substantial shareholders

South1. VermarMelbourne,Pty Ltd 12Victoria.755% 3205

2. Bell IXL Investments Ltd 6.816%

3. Polarity B Pty Ltd 5.898%

CONTACT

P +61Directors3 9692 7222

F +61Mr Patrick3 9077Volpe9233(Chairman)

Mr Massimo Cellante

(Non-executive Director)

Dr Paul Woolrich

(Non-executive Director)

www.botswanametals.com.au

Registered Office

Suite 5.10, Level 5, Pacific Tower

737 Burwood Road

Hawthorn, Victoria, 3122

P +61 3 9813 5888

F +61 3 9813 2668

Contact

Pat Volpe

M +61 488 071 025

P +61 3 9813 5888

Media Relations

Rudi Michelson

Monsoon Communications

Level 1, 350 Collins Street

Melbourne, Victoria, 3000

P +61 3 9620 3333

P +61 3 9620 3200

ABN 96 122 995 073

The detailed MT survey conducted by Zonge continues to show very good correlation with the previous regional MT survey in terms of the size and shape of the conductive zones and confirms lateral continuity (“conductive trend”).

The results from the remaining MT modelling work will be interpreted in relation to the existing gravity and magnetic targets, to enable Cohiba to select specific drill hole locations as part of its next stage of exploration work.

Cohiba’s Executive Chairman Mordechai Benedikt, said, “The company is pleased to see that the ongoing results from the detailed magnetotelluric survey in the Horse Well area have identified another potential “feeder” system in the eastern part of the area. The discovery of this potential “feeder” system, which also shows lateral continuity and is coincident with a magnetic anomaly has provided additional drilling targets for Cohiba’s next program of work. Data from additional lines in the Horse Well area are still being processed and will be released to the market when available. These data will provide a two-dimensional picture of the conductive zones at depth and alongside other magnetic and gravity data, will enable Cohiba to specifically target drill hole locations. The company is also pleased that its exploration efforts have culminated in numerous approaches from major resource companies that have expressed an interest in forging a working relationship with Cohiba, particularly in relation to the Horse Well project.”

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Line 2

Line 3

Figure 1A: Plan of the Horse Well area showing magnetotelluric survey lines with red lines (centre and east) denoting location of potential “feeder” systems/zones. Background shows high amplitude magnetic anomalies coincident with central and eastern “feeder” zones. Black contours represent gravity anomalies.

Line 1

Line 2

Line 3

Figure 1B: Magnetotelluric (MT) cross-sections from a recent survey over the Horse Tell area. The black lines correspond with the red lines in the plan view in Figure 1A. The two potential “feeder” zones are shown in the central and eastern parts of the cross-sections.

Figure 2: An isometric, cross-sectional view of the first three lines of the magnetotelluric (MT) survey conducted over the Horse well area. The central potential “feeder” zone is evident in centre of the cross section while the eastern potential “feeder” zone can be seen on the right-hand side of the figure.

Ends.

For Further information, please contact:

Mr Mordechai Benedikt

Executive Chairman

Competent Persons Statement

The information in this report / ASX release that relates to Exploration Targets and Exploration Results is based on information either compiled or reviewed by Mr Andrew Graham, who is an employee of Mineral Strategies Pty Ltd. Mr Graham is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Graham consents to the inclusion in this report / ASX release of the matters based on information in the form and context in which it appears.

JORC Code, 2012 Edition – Table

The following table is provided to ensure compliance with the JORC Code (2012 Edition) for the reporting of Exploration Results

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)