Arizona Sonoran Copper Company (ASCU) Corporate Presentation summary

Project overview and development status

• Advancing a low-risk, brownfield open pit copper project in Arizona with robust infrastructure and permitting advantages.

• 2024 Preliminary Economic Assessment (PEA) outlines after-tax NPV8 of $2B and 24% IRR at $3.90/lb Cu, with a 4.9-year payback and 31-year mine life.

• Project is moving toward a pre-feasibility study (PFS) in the second half of 2025, with construction and first cathode production targeted for 2028/2029.

• Fully permitted as per 2021 PEA, with additional permit applications to begin post-2025 PFS; strong local support with 87% approval in recent polling.

• Onsite water rights secured to 2070, access to clean nuclear energy, and direct rail and road connections support efficient development.

Financials, capital structure, and endorsements

• Market capitalization of C$300M, with 148.5M shares outstanding and US$31M cash as of March 31, 2025.

• Backed by major industry players: Hudbay (9.9% ownership), Royal Gold (2.5% NSR for $55M), and Nuton (Rio Tinto venture, 7.2% ownership and JV option).

• Trading at 0.22x P/NAV and $0.026 EV/lb, offering an attractive entry point relative to peers.

• Capital intensity is among the lowest in peer benchmarking, with initial capex of $668M and NPV:Capex ratio of 3.0x.

• Positioned as a leading North American copper developer by NPV and annual production metrics.

Mineral resources and production profile

• Total measured and indicated (M&I) copper resource of 7,295 Mlbs, with inferred resources of 3,840 Mlbs as of July 2024.

• Significant resource growth since 2021, with a 352% increase in M&I and 94% in inferred resources.

• Average annual copper cathode production projected at 86 kstpa (172 Mlbs) over a 31-year LOM, with 116 kstpa in the first 20 years.

• Life-of-mine (LOM) free cash flow (unlevered) estimated at $7.3B, with AISC of $2.00/lb.

• Heap leach and SX/EW processing with overall LOM recoveries of 73%.