Marimaca Copper (MARI) investor relations material

Project overview and development status

• Near-term production targeted from the Marimaca Oxide Deposit (MOD) with a completed Definitive Feasibility Study (DFS) outlining a 50ktpa copper cathode operation and a 13-year mine life at low capital intensity and high margins.

• Environmental approval (RCA) received in late 2025, with detailed engineering, project financing, and sectorial permitting underway to advance toward a final investment decision.

• The project benefits from proximity to major infrastructure, including port, power, water, and skilled workforce, reducing execution risk.

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

• The project is positioned as a 'green copper' operation, targeting industry-leading low carbon emissions and minimal environmental impact.

Financial highlights and project economics

• DFS results show a post-tax NPV (8%) of US$1.1bn and a 39% IRR at US$5.05/lb Cu, with a payback period of 2.2 years; at US$4.30/lb Cu, NPV is US$709m and IRR is 31%.

• Initial pre-production capex is US$587m, with capital intensity of US$11,700/t Cu, ranking among the lowest globally.

• Life-of-mine (LOM) strip ratio is 0.8:1, with C1 cash costs of US$1.69/lb and AISC of US$2.09/lb.

• EBITDA margin averages 58%, with strong free cash flow generation supporting a compelling payback profile.

• The project is benchmarked as a top-tier, capital-efficient copper development among global peers.

Resource, reserve, and exploration potential

• 2025 Mineral Resource Estimate: 213.5Mt at 0.40% Cu (M&I), with 178.6Mt at 0.42% Cu in P&P reserves, totaling 748kt contained copper.

• 93% of resource tonnes are in Measured and Indicated categories, with ongoing drilling supporting further resource growth.

• Production targets are underpinned by 52% Proved and 48% Probable Ore Reserves, with robust conversion from resources.

• Significant exploration upside exists at Pampa Medina and Madrugador, with step-out drilling confirming thick, high-grade sulphide and oxide mineralization.

• Multiple near-mine and regional satellite targets (e.g., Mercedes, Robles, Cindy) offer potential for future resource additions and mine life extension.