Marimaca Copper (MARI) Corporate presentation summary

Project overview and development status

• Definitive Feasibility Study (DFS) completed for the Marimaca Oxide Deposit (MOD), targeting 50ktpa copper cathode production with a 13-year mine life and low strip ratio open pit operation.

• Environmental approval (RCA) received in November 2025, marking a key permitting milestone and de-risking the project.

• Project is advancing toward a final investment decision, with detailed engineering and project financing underway.

• MOD is located in Chile’s Antofagasta region, close to major infrastructure, port, power, and recycled seawater supply.

• Low execution risk due to proximity to utilities, skilled workforce, and government-owned land.

Financial highlights and project economics

• Post-tax NPV (8%) of US$1.1bn and IRR of 39% at US$5.05/lb copper price; payback period of 2.2 years.

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

• C1 cash cost of US$1.69/lb and AISC of US$2.09/lb (steady state years 2–10).

• Exceptional EBITDA margin of 58% and average annual EBITDA of US$241m over LOM.

• 88% conversion of measured and indicated resources to reserves, supporting robust financial forecasts.

Resource and reserve growth

• 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 (proven + probable).

• Over 135km of drilling since 2016, with 93% of resource tonnes now in measured and indicated categories.

• Consistent resource growth and high conversion rates from resource to reserve.