Marimaca Copper (MARI) Company presentation summary

Equity raising and capital structure

• Announced a non-underwritten institutional placement to raise A$80 million (~US$52 million) via 8.2 million new CDIs, representing ~7.7% of existing securities, at A$9.70 per CDI, a 14.7% discount to the 5-day VWAP.

• Proceeds will accelerate exploration at Pampa Medina and Marimaca Sulphides, and support MOD project development, including detailed engineering, early site works, and general corporate costs.

• Pro-forma cash post-raise is A$117 million, with no debt, and a market capitalization of A$1.1 billion at the offer price.

• Assore and Mitsubishi retain equity participation rights, with potential for further share issuance.

• Joint lead managers are Euroz Hartleys, Macquarie Capital, and Beacon Securities.

Project overview and development status

• Marimaca Oxide Deposit has completed a Definitive Feasibility Study (DFS), confirming a low strip ratio, high margin, open pit operation with 13-year reserve life.

• DFS highlights US$1.1bn post-tax NPV8, 39% IRR, 2.2-year payback, and initial capex of US$587m, with industry-leading capital intensity of US$11,700/t Cu.

• Steady-state production target is 50ktpa copper cathode, with first 10 years averaging 48ktpa.

• Permitting is advancing, with the first milestone achieved in February 2025; debt financing and strategic alternatives are being explored.

• Water supply is secured via recycled seawater from Mejillones, de-risking a critical input.

Resource and reserve growth

• 2025 Mineral Resource Estimate: 213.5Mt at 0.40% Cu (M&I), 21.2Mt at 0.29% Cu (Inferred), with 88% M&I conversion to reserves.

• 2025 Ore Reserve: 179Mt at 0.42% Cu for 748kt contained copper (Proved and Probable).

• Resource growth has been consistent since 2017, with over 135km of drilling supporting the strong M&I base.

• 93% of total resource tonnes are now in Measured and Indicated categories.