Marimaca Copper (MARI) Corporate 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) underway and targeted for release in Q2 2024.

• The project features a simple, low strip ratio open pit operation with rapid progress toward permitting and low execution risk due to proximity to major infrastructure.

• Water supply is de-risked through a secured, permitted recycled seawater pipeline from Mejillones, eliminating the need for continental or fresh water.

• The project is located in a Tier 1 mining jurisdiction, adjacent to established operations and within 25–40 km of key utilities, ports, and workforce centers.

• Marimaca is positioned as a low capital intensity, high margin copper producer with strong ESG credentials, including low carbon intensity and minimal environmental impact.

Mineral resources and exploration potential

• The 2023 Mineral Resource Estimate (MRE) reports 200.3 Mt at 0.45% CuT (899.7 kt contained copper) in Measured & Indicated, and 37.3 Mt at 0.38% CuT (141.3 kt) in Inferred categories.

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

• The deposit has shown consistent resource growth through successive drilling campaigns since 2017.

• District-scale exploration is ongoing, with targets such as Pampa Medina and Sierra de Medina offering potential for additional leachable resources.

• Exploration targets include Cindy, Roble, Mercedes, Tarso, and Sierra, with conceptual tonnage and grade ranges, though not yet classified as Mineral Resources.

Mining, processing, and infrastructure

• The ore body’s favorable geometry allows for a low strip ratio, with high-grade zones accessible early in mine life, supporting robust project economics.

• Processing will use a simple SX-EW flowsheet, leveraging recycled seawater and heap leaching, which is 38% less carbon intensive than traditional methods.

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

• The project is within close proximity to all major consumables and infrastructure, including acid, power, water, ports, and highways.