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 Q4 2025, advancing the project toward a final investment decision (FID) with detailed engineering and project financing underway.

• MOD is located in Chile's Antofagasta region, close to major infrastructure, with recycled seawater supply secured and certified renewable power available.

• The project is positioned as a low capital intensity, high margin operation with industry-leading ESG credentials, including low carbon intensity and minimal community or environmental impact.

• Board and management have deep experience in copper mining, project execution, and Chilean operations.

Financial highlights and capital structure

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

• Initial pre-production capex of US$587m, with capital intensity of US$11,700/t of copper production capacity, ranking among the lowest globally.

• C1 cash cost of US$1.69/lb and AISC of US$2.09/lb (steady state), supporting robust EBITDA margins of 58%.

• Market capitalization of C$1.24bn as of March 2026, with no debt and US$165.6m in cash.

• Major shareholders include Assore (19.9%), Ithaki Limited (15%), Greenstone (6.4%), and Mitsubishi Corp. (3.5%).

Resource and reserve base

• 2025 Mineral Resource Estimate: 213.5Mt at 0.40% CuT (Measured & Indicated), with 21.2Mt at 0.29% CuT (Inferred), at a 0.10% CuT cut-off.

• 2025 Ore Reserve: 179Mt at 0.42% CuT (Proved & Probable), containing 748kt copper, with 93% of resource tonnes in Measured and Indicated categories.

• Resource and reserve estimates are compliant with JORC and NI 43-101 standards, with ongoing drilling supporting further growth.