Marimaca Copper (MARI) Corporate presentation summary

Project overview and development status

• Marimaca Copper Project is advancing rapidly with a completed Definitive Feasibility Study (DFS) and a low strip ratio open pit operation using conventional heap leach processing.

• The project is located in a Tier 1 mining jurisdiction in Chile, adjacent to major existing operations and first-class infrastructure.

• DFS confirms robust economics: US$1.1bn post-tax NPV8%, 39% IRR, and a 2.2-year payback at US$5.05/lb Cu; 13-year mine life with 50ktpa steady-state copper production.

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

• Permitting is progressing, with the first milestone achieved in February 2025; detailed engineering and financing processes are ongoing.

Resource, reserve, and production profile

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

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

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

• Production targets are underpinned by 52% Proved and 48% Probable Ore Reserves.

• First 10 years average 48ktpa Grade A copper cathode production, with a life-of-mine strip ratio of 0.8:1.

Financials and capital intensity

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

• Average annual EBITDA of US$241m and post-tax annual free cash flow of US$160m over the mine life.

• C1 cash cost of US$1.69/lb and AISC of US$2.09/lb (2nd quartile globally).

• Project ranks among the lowest capital cost copper developments globally, with a profitability index >1.5x and capex <US$1bn.

• Payback period is 2.2–2.5 years, with a 31–39% post-tax IRR depending on copper price scenarios.