Marimaca Copper (MARI) Corporate presentation summary

Project overview and development status

• Definitive Feasibility Study (DFS) completed, confirming robust economics and low execution risk for a 13-year open pit copper operation with conventional heap leach processing.

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

• Project is located in a Tier 1 mining jurisdiction in Chile, adjacent to major infrastructure and existing operations.

• Rapidly advancing toward a construction decision, with detailed engineering and sectorial permitting underway.

• Strong relationships established with local and national regulators through multi-year engagement.

DFS results and financial metrics

• Post-tax NPV (8%) of US$1.1bn and IRR of 39% at US$5.05/lb Cu; US$709m NPV and 31% IRR at US$4.30/lb Cu.

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

• 13-year mine life with a production target of 50ktpa copper cathode (first 10 years average 48ktpa).

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

• Payback period of 2.2 years, with EBITDA margin of 58% and average annual EBITDA of US$326m (first 5 years).

Mineral resources and reserves

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

• 2025 Ore Reserve: 179Mt at 0.42% CuT for 748kt contained copper (Proved & Probable), with 88% M&I conversion to reserves.

• 93% of total resource tonnes now in Measured and Indicated categories, reflecting high confidence in resource base.

• Resource growth supported by over 135km of drilling since 2016 and ongoing conversion of inferred to indicated resources.