Arizona Sonoran Copper Company (ASCU) Corporate Presentation summary

Project overview and development status

• Advancing the Cactus Project in Arizona, a large-scale brownfield copper development with robust infrastructure and streamlined permitting on private land.

• 2024 Preliminary Economic Assessment (PEA) outlines a 31-year mine life, 86 kstpa copper cathode production, and low capital intensity.

• All major permits are in place, with water rights secured to 2070 and strong local support (87%).

• Project is progressing through technical studies, with a Prefeasibility Study (PFS) targeted for 2025 and first production expected in 2028/2029.

• Heap leach and SX/EW processing selected for lower capital and water intensity.

Financial highlights and economics

• After-tax NPV8 of $2,032M and IRR of 24% at $3.90/lb copper, with a 4.9-year payback and $7.3B LOM unlevered free cash flow.

• Initial CAPEX of $668M and AISC of $2.00/lb, positioning the project in the first quartile for capital intensity among peers.

• Market capitalization of C$245M and cash post-financing of US$40M; fully diluted share capital of 158M shares.

• Strong institutional and strategic ownership, including Hudbay and Rio Tinto's Nuton.

• Benchmarking shows attractive NPV:CAPEX ratio (3.0x), competitive capital intensity, and low EV/M&I resource valuation.

Resource growth and technical details

• Measured & Indicated resources total 7.3B lbs Cu, with 3.8B lbs Inferred; significant growth since 2021.

• LOM inventory of 889M tons at 0.41% Cu TSol, with 73% overall recovery and 92% oxide recovery.

• Updated MRE and PEA integrate MainSpring and Parks/Salyer discoveries, increasing scale and de-risking execution.

• Ongoing drilling and metallurgical programs, including collaboration with Nuton for sulphide processing optionality.

• Project leverages existing infrastructure, including rail, roads, and access to clean energy.