Marimaca Copper (MARI) investor relations material

Project overview and development status

• Definitive Feasibility Study (DFS) completed for the Marimaca Oxide Deposit (MOD), targeting 50ktpa copper cathode production with a 13-year mine life and low strip ratio open pit operation.

• Environmental approval (RCA) received in November 2025, advancing the project toward construction readiness and de-risking permitting.

• Project benefits from proximity to major infrastructure, including port, power, water, and skilled workforce, reducing execution risk.

• Water supply secured via recycled seawater pipeline from Mejillones, eliminating reliance on continental water sources.

• Project financing and detailed engineering are underway, with sectorial permits and early site works progressing in line with schedule.

Financial highlights and capital intensity

• Post-tax NPV (8%) of $1.1 billion and IRR of 39% at $5.05/lb copper price; payback period of 2.2 years.

• Initial capex of $587 million, with industry-leading capital intensity of $11,700/t of copper production.

• C1 cash cost of $1.69/lb and AISC of $2.09/lb, placing the project in the second quartile of global cost curves.

• EBITDA margin of 58% and average annual free cash flow of $222 million over the mine life.

• Ranks among the lowest capital cost copper development projects globally, with a profitability index above 1.5x.

Resource and reserve base

• 2025 Mineral Resource Estimate: 213.5Mt at 0.40% Cu (Measured & Indicated), with 21.2Mt at 0.29% Cu (Inferred).

• 2025 Ore Reserve: 179Mt at 0.42% Cu (Proved & Probable), containing 748kt copper.

• 93% of total resource tonnes now in Measured and Indicated categories, supporting robust production targets.

• Resource growth supported by over 135km of drilling since 2016 and updated metallurgical recoveries.

• Discovery cost under 2 cents per pound of copper, highlighting exploration efficiency.