Marimaca Copper (MARI) Company presentation summary

Project overview and development status

• Marimaca is a large-scale copper project in Chile, advancing toward a construction decision with a Definitive Feasibility Study (DFS) targeted for Q3 2024.

• The project features a simple, low strip ratio open pit operation and is located in a Tier 1 mining jurisdiction with proximity to major infrastructure.

• Water supply is secured via a recycled seawater pipeline from Mejillones, eliminating the need for continental or fresh water.

• The project is positioned as a 'green copper' operation, with heap leaching that is 38% less carbon intensive than traditional processing.

• Permitting is being fast-tracked under the DIA route, with the first milestone achieved in February 2024.

Mineral resources and exploration potential

• The 2023 Mineral Resource Estimate (MRE) reports 200Mt at 0.45% CuT (899.7kt contained copper) in Measured & Indicated, and 37.3Mt at 0.38% CuT (141.3kt) in Inferred categories.

• 86% of total resource tonnes are now in Measured and Indicated categories, reflecting significant de-risking.

• Consistent resource growth has been achieved through successive drilling campaigns since 2017.

• District-scale exploration is ongoing, with targets such as Pampa Medina and Madrugador offering both oxide and sulphide expansion potential.

• Exploration targets at Cindy, Roble, Mercedes, Tarso, and Sierra could add significant leachable resources to the MOD production capacity.

Operations, infrastructure, and processing

• The project benefits from close proximity to port, power, water, acid, and workforce, reducing execution risk.

• Simple SX-EW processing flowsheet supports robust project economics and low complexity.

• Extensive metallurgical testing has been completed, underpinning DFS recovery and acid consumption assumptions.

• Heap leach recovery is estimated at 76% of total copper, with a cut-off grade of approximately 0.15% CuT.

• All major consumables for SX-EW operations are accessible within 25km of the site.