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 a low strip ratio open pit operation using conventional heap leach processing.

• Environmental approval (RCA) received in November 2025, marking a key permitting milestone and advancing the project toward a final investment decision (FID).

• Project is located in Chile’s Antofagasta region, close to major infrastructure, including port, power, and recycled seawater supply, reducing execution risk.

• Detailed design, engineering, and project financing workstreams are underway, with sectorial permits and early site works identified for 2026.

Financial highlights and capital intensity

• Post-tax NPV (8%) of US$1.1 billion and IRR of 39% 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.

• 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.

• EBITDA margin of 58% and average annual free cash flow of US$160–222 million during operating years.

• Ranks among the lowest capital cost copper development projects globally, with a profitability index >1.5x.

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.

• 2025 Ore Reserve: 179Mt at 0.42% CuT (Proved & Probable), containing 748kt copper.

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

• Production targets underpinned by 52% Proved and 48% Probable Ore Reserves, with Inferred resources excluded from financial forecasts.