Arizona Sonoran Copper Company (ASCU) Corporate Presentation summary

Project overview and strategy

• Developing a large-scale open pit copper project in Arizona, targeting sustainable production and leveraging brownfield advantages for lower capital intensity and execution risk.

• Project is located near major infrastructure, with access to water, power, labor, highways, and rail, supporting efficient operations.

• 94% of the mine plan is open pit, with a 31-year life of mine and average annual production of 172 million pounds of copper cathodes.

• The project is positioned as a significant contributor to US copper supply, with robust peer benchmarking.

• Management team has a strong track record, supported by major shareholders including Rio Tinto and Tembo Capital.

Financial highlights and economics

• After-tax NPV8 of $2.0 billion and IRR of 24% at $3.90/lb copper, with a payback period of 4.9 years.

• Initial capital expenditure of $668 million, sustaining capital of $1.17 billion, and all-in sustaining cost (AISC) of $2.00/lb.

• Life of mine unlevered free cash flow after tax totals $7.3 billion, with average annual revenue of $670 million.

• Project demonstrates strong sensitivity to copper prices, with NPV and IRR increasing significantly at higher prices.

• Favorable NPV:CAPEX ratio of 3.0x, supporting attractive financing opportunities.

Resource and production profile

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

• MainSpring inferred resource adds 245 million short tons at 0.39% CuT.

• 889 million short tons processed over LOM, with average copper grade of 0.46% and overall recovery of 73%.

• Production front-loaded: 793 million lbs in years 1-5, 989 million lbs in years 6-10, and 1.5 billion lbs in years 11-15.

• Conventional heap leach and SX/EW flowsheet, with 86,000 short tons annual cathode production.