Marimaca Copper (MARI) investor relations material

Project overview and development status

• Definitive Feasibility Study (DFS) completed for the Marimaca Oxide Deposit, 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 advancing the project toward construction readiness.

• Project is located in Chile’s Antofagasta region, close to major infrastructure, with recycled seawater supply secured and certified renewable power available.

• Detailed design, engineering, and project financing workstreams are underway, with sectorial permits and early site works progressing in line with the master schedule.

• The project benefits from proximity to skilled labor, utilities, and transport, reducing execution risk and capital intensity.

Financial highlights and capital intensity

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

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

• Average annual EBITDA of US$326 million and free cash flow of US$222 million during steady-state years.

• C1 cash cost of US$1.69/lb and AISC of US$2.09/lb, placing the project in the second quartile of the global cost curve.

• Capital costs benchmarked among the lowest globally for copper development projects, with robust profitability index versus peers.

Resource and reserve base

• 2025 Mineral Resource Estimate: 213.5Mt at 0.40% CuT (Measured & Indicated), with 21.2Mt at 0.29% CuT (Inferred) at a 0.10% cut-off.

• Proven and Probable Ore Reserves total 178.6Mt at 0.42% CuT for 747.6kt contained copper.

• 93% of total resource tonnes are now in Measured and Indicated categories, supported by over 135km of drilling since 2016.

• Resource and reserve estimates prepared in accordance with JORC and NI 43-101 standards, with ongoing conversion of inferred resources.