Arizona Sonoran Copper Company (ASCU) Corporate Presentation summary

Project overview and development status

• Cactus Project is a large-scale open pit copper mine in Arizona with 94% of the mine plan as open pit and a 31-year life of mine (LOM).

• Updated PEA outlines average annual production of 172 million pounds of copper cathodes, processing 889 million short tons over LOM.

• Project benefits from brownfield status, streamlined permitting, and proximity to infrastructure, reducing execution risk and capital intensity.

• Management team has a strong track record, with support from major shareholders including Rio Tinto and Tembo Capital.

• Next steps include a prefeasibility study in 2025, with construction and first cathode production targeted for 2027/2028.

Financial highlights and economics

• After-tax NPV8 is $2.03 billion and IRR is 24% at $3.90/lb copper, with a payback period of 4.9 years.

• Initial capital expenditure is $668 million, with sustaining capital of $1.17 billion and LOM unlevered free cash flow of $7.3 billion.

• All-in sustaining cost (AISC) is $2.00/lb, placing the project in the first quartile for capital intensity among peers.

• LOM revenue is projected at $20.8 billion, with average annual revenue of $670 million.

• Project economics are robust across a range of copper prices, with NPV and IRR increasing significantly at higher prices.

Resource and production profile

• Measured and indicated resources total 7.3 billion lbs copper, with an additional 3.8 billion lbs inferred.

• MainSpring inferred resource adds 1.9 billion lbs at 0.39% CuT, supporting the expanded mine plan.

• LOM average copper grade is 0.41% CuT, with overall recoveries of 73% and oxide recoveries at 92%.

• Accelerated production profile delivers 793 million lbs in years 1-5 and 989 million lbs in years 6-10.

• Conventional heap leach and SXEW process flowsheet is used, with 86,000 tons annual copper cathode production.