Marimaca Copper (MARI) Company presentation summary

Project overview and development status

• Marimaca Copper Project is a low strip ratio, open pit operation with conventional heap leach, located in Chile's Coastal Copper Belt, adjacent to major infrastructure and existing operations.

• The Definitive Feasibility Study (DFS) is complete, confirming robust economics, low execution risk, and rapid advancement toward a construction decision.

• The project targets steady-state production of 50ktpa copper cathode over a 13-year mine life, with a 2.2-year payback period and a post-tax NPV8% of $1.1bn at $5.05/lb Cu.

• 93% of total resource tonnes are now in Measured and Indicated categories, with 88% conversion of M&I resources to reserves.

• Water supply is secured via recycled seawater from Mejillones, and the project is positioned as a 'green copper' operation with low carbon intensity.

Financial highlights and capital intensity

• Initial pre-production capex is $587m, with an industry-leading capital intensity of $11,700/t of Cu production capacity.

• All-in sustaining cost (AISC) is $2.09/lb (2nd quartile), and C1 cash cost is $1.69/lb.

• Average annual EBITDA is $241m over the life of mine, with a 31% post-tax IRR and a 2.5-year payback period.

• The project ranks among the lowest capital cost copper developments globally and stands out for its profitability index and capital efficiency.

Mining, processing, and technical details

• Mining is a conventional truck and shovel operation through 8 phases, with a life-of-mine strip ratio of 0.8:1.

• Proven and probable reserves total 179Mt at 0.42% CuT for 748kt contained copper.

• Processing uses simple SX-EW flowsheet with 3-stage crushing, heap leach, and a 142-cell EW plant, designed for 50ktpa copper cathode.

• Extensive metallurgical testing underpins recovery and acid consumption assumptions, with average recoveries of 72%.