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TSX: MARI ASX: MC2 C H I L E MEJILLONES MARIMACA ANTOFAGASTA SANTIAGO S O U T H A M E R I C A Exceptional Development Project, Outstanding Exploration Potential August 2025 MARIMACA COPPER MOD DFS PRESENTATION For personal use only
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Disclaimer The following notices and disclaimers apply to this presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation is dated the 25th of August 2025 and has been prepared by the Board and management of Marimaca Copper Corp. ARBN 683 017 094 ("Marimaca", "MCC" or the "Company"). Summary information only The information in this presentation is summary information only and is current as at the 25th of August 2025 (unless otherwise indicated), and the information in this presentation remains subject to change without notice. The information in this presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Marimaca, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act or other legislation. It has been prepared by Marimaca with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation by Marimaca or any other party involved in its preparation, except as required by law. Reliance should not be placed on information or opinions contained in this presentation and, Marimaca does not have any obligation to finalise, correct or update the contents of this presentation, except as required by law. This presentation should be read in conjunction with Marimaca's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au and lodged with SEDAR, which are available at www.sedarplus.ca. Forward Looking Statements and Cautionary Statements – Canada This presentation includes certain forward-looking statements about future events and/or financial results which are forward- looking in nature and subject to risks and uncertainties. Such forward-looking statements or information, including but not limited to those with respect to the development of the Marimaca project, metal prices, metallurgical results and resource estimates, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements include without limitation, statements regarding the Company’s future completion of mine feasibility studies, mine development programs, capital and operating costs, production, potential mineralization, resources and reserves, exploration results and future plans, goals and objectives of Marimaca Copper Corp. (“MCC”) which may or may not be realized. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “ continue” or the negative thereof or variations thereon or similar terminology. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. MCC is a copper exploration company and is subject to risks associated with mining in general and pre-development stage projects in particular, including the risk described under the heading “Risk Factors” in the Annual Information Form filed under MCC’s company profile on SEDAR at www.SEDAR.com Forward Looking Statements and Cautionary Statements - Australia This presentation contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, production targets, industry and trend projections, statements about the feasibility of the Marimaca Oxide Deposit (the Project) and its financial outcomes (including pursuant to the Definitive Feasibility Study for the Project (DFS), details of which Marimaca announced in the ASX and SEDAR announcement which this presentation accompanies), future strategies, results and outlook of Marimaca and the opportunities available to Marimaca. Often, but not always, forward- looking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, "target", “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of Marimaca regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Marimaca to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information. Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Marimaca and its directors and management. Past performance is not a guide to future performance. Key risk factors (including as associated with the DFS) are detailed (non-exhaustively) in in the DFS announcement released by Marimaca on the ASX and SEDAR announcement. These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated (including in the DFS) to differ materially from those expressed in forward-looking statements and information. CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential2 For personal use only
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Disclaimer Forward-looking statements and information (including Marimaca’s belief that it has a reasonable basis to expect it will be able to fund the costs of the Project for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Marimaca made in light of its perception of trends, current conditions and expected developments, as well as other factors that Marimaca believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Marimaca believes that the assumptions and expectations reflected in such forward- looking statements and information (including as described throughout this presentation or in the ASX and SEDAR announcement [which it accompanies]) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Marimaca does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws. Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate, whether production targets will be achieved or whether Marimaca will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Marimaca’s shares. It is also possible that Marimaca could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Risk factors which are set out (non-exhaustively) in in Marimaca's previous ASX and SEDAR announcements (such as the ASX and SEDAR announcement relating to the DFS on 25 August 2025), highlight key factors identified by Marimaca which may cause actual results to differ from the DFS or may otherwise have material detrimental impacts on Marimaca and its business. Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. Marimaca’s plans, including its mine and infrastructure plans, and timing, for the Project, are also subject to change. Accordingly, no assurances can be given that the production targets, financial forecasts or other forecasts or other forward-looking statements or information will be achieved. Investors are advised that the assumptions and inputs to the financial model may require review as project development progresses. While the Company considers [all the material assumptions to be based on reasonable grounds], there is no certainty that they will prove to be correct or that the production targets or estimated outcomes indicated by the DFS (such as the financial forecasts) will be achieved. Given the various uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS. Non-IFRS financial measures This presentation contains certain financial measures (such as NPV and IRR) that are not recognised under International Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the Company's financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures. JORC Code It is a requirement for Marimaca to report Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves in compliance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). This presentation contains estimates of the Mineral Resources and Ore Reserves estimated for the Project. This information in this presentation that relates to those Mineral Resources and Ore Reserves has been extracted from Marimaca's ASX and SEDAR announcement entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” dated 25th of August 2025, a copy of which is available at www.asx.com.au and www.sedraplus.ca. Marimaca confirms that it is not aware of any new information or data that materially affects the information included in that announcement and, in relation to the estimates of Mineral Resources and Ore Reserves, confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Competent Person[s] for the Mineral Resources estimate in the announcement was Luis Oviedo, and the Competent Person[s] for the Ore Reserve estimate in the announcement was Carlos Guzman. Marimaca confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the announcement. CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential3 For personal use only
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Disclaimer The information in this presentation that relates to the Company's exploration results has been extracted from the Company's previous ASX and SEDAR announcement[s] including: ASX and SEDAR announcement[s] entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” with ASX/JORC info, including JORC Table 1" and dated the 25th of August 2025. A copy of this announcement[s] is available at www.asx.com.au and www.sedarplus.ca. The Competent Persons for the announcement were Tomaso Roberto Raponi, Luis Oviedo, Carlos Guzman, Scott C. Elfen and James Millardis. Marimaca confirms that it is not aware of any new information or data that materially affects the information included in the announcement[s] and that the form and context in which the Competent Person's findings are presented have not been materially modified from the announcement[s]. The information in this presentation that relates to exploration targets is based on, and fairly represents, information and supporting documentation compiled by Sergio Rivera, a Competent Person who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code. Sergio Rivera is VP Exploration of Marimaca Copper Corp. and is a geologist with more than 40 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 and a Competent Person for the purposes of JORC, and is responsible for the design and execution of the drilling program. Sergio Rivera consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Production Targets and Financial Forecasts derived from the Production Targets This presentation contains production targets for the Project, which are: 52% underpinned by the Proved category Ore Reserves estimated at the Project] pursuant to the JORC Code; and 48% underpinned by the Probable category Ore Reserves estimated at the Project] pursuant to the JORC Code. The estimated Ore Reserves underpinning the production targets have been prepared by a competent person in accordance with the JORC Code. The Inferred category Mineral Resource estimates at the Project have not been included in the Ore Reserves or production targets and have not been included when determining the forecast financial information detailed in this presentation. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation. The production targets for the Project and forecast financial information in this presentation have been extracted from Marimaca's ASX and SEDAR announcement entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” dated 25 August 2024, a copy of which is available at www.asx.com.au and www.sedarplus.ca. Marimaca confirms that all the material assumptions underpinning the production targets for the Project, and forecast financial information derived from the production targets, in that announcement continue to apply and have not materially changed. The production targets for the Project and the financial forecasts disclosed in this presentation (including as derived from those production targets) are based on the material assumptions outlined in this presentation or in the ASX and SEDAR announcement which it accompanies and are subject to various risk factors, such as those (non-exhaustively) outlined, or referred to, in in the ASX and SEDAR announcement. These include assumptions and risk factors about the availability of funding. While Marimaca considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the Mineral Resource and Ore Reserve estimates are accurate or that the production targets or financial forecasts as indicated in this presentation will be achieved. CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential4 For personal use only
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Disclaimer Not financial product advice This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Marimaca. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Marimaca is not licensed to provide financial product advice in respect of an investment in securities or otherwise. Past performance Any information regarding past performance included in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Marimaca’s views, or that of any other party involved in its preparation, on Marimaca’s future performance or condition or prospects. Not an offer This presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Marimaca, or any other financial products or securities, in any place or jurisdiction. No liability The information contained in this presentation has been prepared in good faith by Marimaca. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Marimaca and its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation, except as required by law. To the maximum extent permitted by law, Marimaca and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. Statements in this presentation are made only as of the [date of] this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. No responsibility or liability is assumed by Marimaca or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this presentation or to inform any recipient of any new or more accurate information or any errors or omissions of which Marimaca or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law. Release authorised by: Marimaca Board of Directors. CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential5 For personal use only
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Introduction: Marimaca Copper Project Marimaca has the potential to be a low capital intensity, high margin, copper company Continuous growth of oxide copper resources Rapidly advancing toward a construction decision Compelling near -mine and satellite resource expansion opportunity Outstanding location, Tier 1 mining jurisdiction adjacent to proven, existing operations Low execution risk with proximity to first class infrastructure DFS complete Low strip ratio open pit operation with conventional heap leach MANTOS BLANCOS LOMAS BAYAS MICHILLA SPENCE MANTOS DE LA LUNA EL TESORO CALAMA CHUQUICAMATA C O A S T A L C O P P E R B E L T ZALDIVAR ANTOFAGASTA MEJILLONES MARIMACA CHILE CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MEJILLONES MARIMACA ANTOFAGASTA SANTIAGO 6 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential 0.8:1 LOM Strip Ratio First 4-years average strip ratio of 0.6 Includes pre-stripped material Mine Life P&P Reserve of 179Mt @ 0.42% CuT for 748kt Contained Cu US$2.09/lb Steady State Production First 10-years average 48ktpa of Grade A Cu Cathode production, including 1-year ramp-up period Production Target of 50ktpa Cu13-year 2nd Quartile AISC(2) C1 cash cost of US$1.69/lb US$587m Pre-Production Capex Initial capital intensity of US$11,700/t of Cu production capacity US$1.1bn Post-Tax NPV8 (1) 39% IRR with 2.2-year payback period At COMEX 3-month Avg. Cu price of US$5.05/lb Post-Tax NPV8 of US$709m and 31% IRR at US$4.30/lb Note: 1. At 3-month average COMEX spot price US$5.05/lb Cu, US$0.10/lb Cu cathode premium 2. Steady state AISC (years 2 – 10) at US$5.05/lb Cu 7 Marimaca Oxide Deposit: 2025 DFS Results Low Strip Ratio, High Margin Project with Industry Leading Capital Intensity For personal use only
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IMPACT – limited flora & fauna impact expected in the coastal Atacama Desert WATER – recycled seawater supply secured from the Bay of Mejillones POWER – certified renewable electricity supply available COMMUNITIES – no community land overlap, skilled local workforce CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential CARBON INTENSITY 1 – heap leaching 38% less carbon intensive than traditional processing Marimaca: Green Copper Mining Project of the Future Targeting leading ESG positioning across all aspects of operations 8 1) Refer TSX announcement “Marimaca Targeting Industry-Leading Low-Carbon Emissions” 4 November 2021 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Project Advancement Near-mine Exploration District Exploration District Exploration Marimaca Projects: 2025 / 2026 Work Programs MODMOD Project Advancement Near-mine Exploration Sierra de Medina Exploration and Development in Parallel Q4 ✓ First milestone under permitting process achieved in February 2024; receipt of ICSARA MOD DFS Permitting Approval Process Detailed Design and Engineering Construction Sulphide & Local Target Drill Campaigns Pampa Oxide Drilling Pampa Medina Sulphide Drilling 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ✓ DFS complete, delivering long life open pit with robust economics and significant upside potential 9 FinancingProcess Long Lead Items Project For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Marimaca Oxide Deposit: 2025 DFS Consultants Specialist consultants with significant experience in the region 10 Carlos Garcia Processing Geotechnical Mining Environment Metallurgical Hydrogeology Water Supply Lab Testwork → 2025 DFS prepared by Marimaca team in conjunction with Ausenco and NCL ▪ Led by Ausenco and NCL – two prominent engineering consultants in the region ▪ Ausenco utilized in key copper projects in the region, including Mantoverde and Santo Domingo Leveraged wider group of world-class consultants with deep experience in copper heap leach projects in Chile → For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Metric Unit First 5 Years of Steady State(1) LOM Mining Summary Total Ore Mined kt 80,683 178,635 Total Waste Mined kt 73,803 145,889 Strip Ratio w:o 0.91x 0.82x Production Summary Avg. Annual Processing Rate Mtpa 12.4 14.1 Head Grade % Cu 0.52% 0.42% Recovery % Cu 77% 72% Avg. Annual Cu Recovered ktpa Cu 50 43 Operating Costs Total Operating Costs US$/t processed $12.3 $11.9 C1 Cash Costs(2) US$/lb Cu $1.45 $1.84 AISC(3) US$/lb Cu $1.97 $2.29 Capital Expenditures Initial Capex US$m $587 Total LOM Capex US$m $1,198 Financials Long Term Copper Price US$/lb Cu $4.30 Avg. Annual EBITDA US$m $326 $241 Post-Tax Avg. Annual FCF(4) US$m $222 $160 Post-Tax NPV8% US$m $709 Post-Tax IRR % 31% Payback Period Years 2.5 → → Simple open pit mining with LOM strip ratio of 0.8:1 (including pre-stripped material) ▪ P&P Mineral Reserve of 179Mt @ 0.42% Cu for 750kt of contained copper ▪ Steady state (years 2 – 8) production target of 50ktpa of copper cathode ▪ Drives competitive 2nd quartile C1 Cash Cost High margin project drives significant returns (31% IRR) and attractive 2.5-year payback period ▪ Exceptional EBITDA margin of 58% underpinned by low operating costs ✓ Opportunity to lower operating cost through owner-operated sulfuric acid plant ▪ Low execution risk with proximity to first class infrastructure at low altitude (1,100m above sea level) 11 Marimaca Oxide Deposit: 2025 DFS Results Simple mining & processing support robust margins LT Copper Price 20% 10% -- (10%) (20%) OPEX (20.0%) 43% 39% 34% 30% 24% (10.0%) 42% 37% 33% 28% 22% -- 40% 36% 31% 26% 20% 10.0% 39% 34% 29% 24% 18% 20.0% 37% 32% 27% 22% 15% Post-Tax IRR Sensitivity Note: 1. First 5 years of steady state (Years 2-6) 2. C1 Cash Costs includes the mining, processing, G&A, marketing & sales, and royalty costs. These are Non -GAAP performance measures. . 3. AISC includes sustaining capex, closure cape x, and salvage value 4. Average Annual Free Cash Flow is unlevered, during operating years only (years 1 -23) For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Note: 1. Contingency capital cost shown as % of total capital; contingency cost is 10% of total direct, indirect, and owner’s cost 2. Capital Intensity metrics based on Company Presentations and WoodMac Q1 2025 project database. Copper production based on anticipated steady xx state period Metric Unit Total % of Total Initial Capital Cost US$m $587 - Mine US$m $24 4% Crushing US$m $141 24% Heap Leach & SX-EW US$m $223 38% Infrastructure US$m $49 8% Total Direct Costs US$m $437 74% Indirect costs US$m $80 14% Owner costs US$m $17 3% Contingency(1) US$m $53 9% Expansion Capital Cost US$m $77 - Direct costs US$m $61 79% Indirect costs US$m $6 8% Owner costs US$m $1 2% Contingency(1) US$m $9 11% Sustaining Capital Cost US$m $529 - Processing US$m $29 4% Deferred stripping US$m $64 10% Infrastructure US$m $259 59% Equipment lease payments US$m $176 27% Closure Cost US$m $47 - → → Capital costs are within AACE Class 3 guidelines; expected accuracy of -20% to +25% ▪ Budget quotes obtained for 80% of mechanical equipment ▪ Contingency of 10% applied on direct and indirect capital costs Oversized key equipment and infrastructure for cost effective future production expansions ▪ Primary and secondary crusher oversized for cost effective expansion in year 6 ▪ Ripios dump capacity sufficient for mine life extensions 12 MOD DFS: Capital Cost in Detail Strong technical fundamentals supporting globally competitive capital intensity $9.4 $11.7 $13.4 $15.0 $17.1 $21.8 El Pilar MOD Costa Fuego Vizcachitas Santa Cruz Santo Domingo Capital Intensity Benchmarking ($’000/tpa Cu Production)(2) North American Project South American Project → Industry leading capital intensity of US$11,700/tpa Cu production among North and South American peers ▪ Ranks as one of the lowest capital cost copper development projects globally For personal use only
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- 1.0 2.0 3.0 4.0 5.0 - $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Profitability Index Initial Capex (US$ m) Near Term Production (Pre 2028) Long Term Production (Post 2028) Marimaca Profability Index (NPV8% / Initial Capex) for Global Copper Projects - $10,000 $20,000 $30,000 $40,000 - $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Capital Intensity (US$/t Cu Production) Initial Capex (US$ m) Near Term Production (Pre 2028) Long Term Production (Post 2028) Marimaca Capital Intensity for Global Copper Projects CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD DFS: Global Cu Project Benchmarking Low initial capex and robust NPV reinforces MOD’s position among global peers 13 Source: WoodMac Q1 2025 Global Cu Projects Note: Projects with initial capital >$300m. Capital Intensity graph includes only Greenfields projects MOD positioned as one of the top projects with Capex <$1bn and Profitability Index >1.5x… …and stands out as a capital-efficient project in the global copper universe For personal use only
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$225 $332 $330 $335 $328 $307 $282 $277 $236 $229 $85 $51 $39 63% 68% 68% 69% 67% 63% 58% 57% 53% 53% 33% 25% 27% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 EBITDA EBITDA Margin EBITDA and Margin (US$m) $225 $332 $330 $335 $328 $307 $282 $277 $236 $229 - ($253) ($268) ($136) ($43) ($42) ($58) ($124) ($93) ($51) ($43) ($14) ($10) ($233) ($268) $70 $277 $283 $234 $148 $170 $186 $179 $173 $165 $76 $33 $34 ($48) Year -2 Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 EBITDA Capex Taxes and NWC Free Cash Flow Post-Tax Unlevered Free Cash Flow (US$m) CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential14 MOD DFS: Significant EBITDA and Free Cash Flow Significant cash flow generation underpins compelling 2.5-year payback For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD DFS: Mining & Processing Profile Mine expansion in year 5 to accommodate increase in crushing capacity 9 25 25 25 35 35 35 35 33 35 28 6 1.04 0.70 0.55 0.46 1.23 1.15 1.23 0.72 0.96 0.83 0.53 0.24 Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Waste Mined (Mt) Ore Mined (Mt) Strip Ratio 9,600 12,000 12,000 12,000 12,000 14,000 16,000 16,000 16,000 16,000 16,000 16,000 11,035 0.50% 0.53% 0.53% 0.54% 0.54% 0.48% 0.44% 0.48% 0.42% 0.45% 0.26% 0.18% 0.18% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Ore Processed from Pit (kt) Ore Processed from Stockpile (kt) Head Grade (% Cu) 15 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD DFS: Unique Access to Critical Infrastructure Location & access to infrastructure / utilities deliver lower execution risk Note: Marimaca Copper Project infrastructure shown per 2025 DFS layout Antofagasta – 40km Mejillones – 25km Seawater Pipeline Power Spur and Line Open Pit Waste Dump Route 1 – National Highway Ripios Norte Ripios SurOre Stockpile Heap Leach & SX-EW 16 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD DFS: Simple Open Pit Mining Conventional truck and shovel operation through 8 phases of pit development N 1,800 m 17 MineralReservesare reportedas constrainedwithinMeasuredand Indicatedpit designand supportedby a mineplan featuringa constantcoppercathodesproductionrate. The pit designand mine plan wereoptimizedwithaverageoverallslopesanglesvaryingfrom37° to 45°, ore and wasteminingaveragecostof $2.0/t, average$6.25/t forprocess, $0.25/t for G&A, $0.26 for sustainingcapital,$0.25/lb for SX-EW, $3.6/t-cathodesfor logisticsand average$0.06/lb for royalties,copperpriceused was $4.25/lb and cathodepremiumof $100/t-cathodes, as wellas a variablerecoveryas functionof solubility ratio. The averageprocessingrecoveryis 72% and for this average,the cut-off is 0.10%CuT. MineralReservesconsidersa fully dilutedResourcemodel, representing1% of mining dilution. Rounding as requiredby reportingguidelinesmay resultin apparentsummationdifferencesbetweentonnes, grade and containedmetalcontent. %CuT correspondsto totalcoppergrade,%CuS to acid solublecopper grade. Tonnage,grademeasurementsand containedcopperarein metricunits. → → DFS considers 8 phases of pit development to provide consistent ore feed to the heap leach ▪ Mine sequence developed to achieve a consistent, steady state production of 50ktpa of Cu cathode ▪ Overall pit slope angles between 37o-45o, defined from purpose built geotechnical domain model ▪ Inferred resource included as waste in mine plan Initial production capacity of 25Mtpa, expanding to peak production of 35Mtpa in year 4 to facilitate crusher expansion ▪ Conventional truck and shovel operation utilizing 220t haul trucks and 29m3 hydraulic shovels ▪ Initial truck fleet of 7 expanding to 13 by year 7 ▪ Ancillary equipment requirements are fully integrated into the DFS 1,800 m 1,000 m Reserve Category Tonnage Copper Grades Contained Copper kt CuT (%) CuS (%) CuT (kt) Proved 94,297 0.46 0.28 433 Probable 84,339 0.37 0.21 314 Total Mineral Reserves 178,635 0.42 0.25 748 202 5 Mineral Reserves (0.10% CuT cut off grade) Plan view of pit phases & final pit shell N Phase 1 Phase 2Phase 3 Phase 6 Phase 4 Phase 8 Phase 5 Phase 7 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD DFS: Resource Update 93 % of total resource tonnes now in Measured and Indicated categories 3D View of Marimaca Oxide Blanket 59% 65% 67% 86% 2017 2019 2022 2023 Notes: 1. The independent and qualified person for the mineral resource estimate, as defined by NI 43-101, is Luis Oviedo, P.Geo. and the effective date is 25 August 2025. 2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM and JORC definitions and guidelines. 3. The results are presented undiluted and are considered to have reasonable prospects of economic extraction. 4. Reported inclusive of declared Ore Reserves 202 5 Mineral Resources (0.10% CuT cut off grade) M&IResource Ratio → → 2025 93% 18 Resource Category Tonnage Copper Grades Contained Copper kt CuT (%) CuS (%) CuT (kt) Measured 103,258 0.45 0.27 466 Indicated 110,118 0.35 0.19 387 Total M&I Resources 213,490 0.40 0.23 854 Inferred 21,193 0.29 0.14 62 500 m 1,800 m Continued conversion of Inferred tonnage and contained metal over the 2023 MRE ▪ Updated recoveries from Phase 7 metallurgical testing now underpins geometallurgicalmodel ▪ Increased confidence in the recovery assumptions in MRE ▪ Over 135km of drilling since 2016 supports the strong M&I resource base → Establishes Marimaca as one of the largest copper discoveries globally in the last decade ▪ Opportunities for large production scale supported by resource growth For personal use only
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Maiden Ore Reserves(6): - 433.4kt Cu Proved - 314.2kt Cu Probable - Converted 88% of M&I Resource into Reserves 2019 MRE(3): - 419.9kt Cu M&I - 224.5kt Cu Inferred - M&I+45% from2018 - Inferred +585% from2018 Consistent Resource growth underpinned by strong M&I conversion to Reserves Marimaca: Mineral Resource Growth at the MOD (1) See disclosure from press release dated January 12, 2017 “Coro Reports Maiden Resource Estimate for the Marimaca Project”, NI 43 -101 “Technical Report for the Marimaca Copper Project, AntofagastaProvince, Region II, Chile” February 2017; (2) See disclosure from press release dated April 12, 2018 “Coro Reports a Significantly Increased Resource Estimate for the Marimaca Claim”, NI 43 -101 Technical Report “Updated Resource Estimate for the Marimaca Copper Project, AntofagastaProvince Region II, Chile” May 2018 (3) See disclosure from press release dated December 2, 2019 “Coro Announces Substantial Increase in Resources; Development Studies Underway”, NI 43-101 Technical Report “Updated and Expanded Resource Estimate for the Marimaca Copper Project, AntofagastaProvince Region II, Chile” January 2020 (4) See disclosure from press release dated October 13, 2022 “MarimacaAnnounces Significant Increase in Mineral Resources at the Marimaca Copper Project”, NI 43-101 Technical Report “Updated and Expanded Resource Estimate for the Marimaca Copper Project, AntofagastaProvince Region II, Chile” November 2022. (5) See the 2023 MRE press release dated May 18, 2023 and also the independenttechnical expert’s report in Marimaca’s prospectus released on ASX on 31 March 2025. The 2023 MRE was prepared in accordance with National Instrument 43-101 and the 2012 Edition of the JORC Code. (6) The 2025 MRE and Mineral Reserves Estimate is summarized in the ASX/TSX release date 25 August 2025. The full 43-101 report will be lodged on SEDAR at www.sedar.com under the Company’s profile within 45 days of the market release. Maiden Mineral Resource Estimate at Marimaca Claim(1): - 145.5kt Cu M&I - 99.3kt Cu Inferred 2018 MRE(2): - 290.5kt Cu M&I - 32.7kt Cu Inferred - M&I+100% from2017 - Inferred converted from2017 2022 MRE(4): - 669.9kt Cu M&I - 322.4kt Cu Inferred - M&I+58% from2019 - Inferred +44% from 2019 2017 2018 2019 2022 2023 2025 MRE 2025 Reserves M&I (MOD) Inferred (MOD) Proven (MOD) Probable (MOD) 245kt 323kt 644kt 992kt 1,041kt 916kt 748kt +32% +99% +54% +5% 88% Conversion of M&I into P&P 2023 MRE(5): - 899.7kt Cu M&I - 141.3kt Cu Inferred - 86% of total resource tonnesnow in M&I category 2025 MRE(6): - 846.4kt Cu M&I - 59.1kt Cu Inferred - Reflects Phase 7 metallurgical study with greater confidence in recoveries 19 For personal use only
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Water Supply: De-risked and sustainable Recycled seawater from Mejillones will supply the Marimaca Copper Project ~32km MARIMACA COPPER PROJECT • Water option secured from the Bay of Mejilllones – recycled seawater ― De-risks water supply for the Marimaca Project – intake is already permitted ― No use of continental or fresh water ― Straightforwardinfrastructuresolution with ~32km pipeline at 208l/s capacity to site – one pumping station required CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential20 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential MOD Processing: Simple SX-EW Processing Low complexity processing supports robust project economics Note: Marimaca Copper Project infrastructure shown per 2025 Definite Feasibility Study DFS Processing Flowsheet → → → → 3-stage crushing to achieve P80 passing 12.5mm (1/2”) ▪ Crushed ore agglomerated and acid cured with variable dose based on mineral sub-domain ▪ Ore stacked on 4m high dynamic heap leach pads Initial construction of 12 heap leach cells ▪ Crushed ore irrigated with 10 g/L sulfuric acid and seawater at a maximum rate of 10L/h/m2 ▪ Two-phase irrigation time ranges from 62-83 days depending on mineral sub- domain SX-EW facility designed for nominal production of 50ktpa copper cathode ▪ Three-stage SX configuration with 1 stripping and 2 washing stages ▪ 142 cell EW plant Phase 2 expansion in DFS increases tertiary crushing circuit and adds 2 heap leach cells ▪ Tertiary circuit crushing rate increased from 2,009tph to 2,679tph 21 For personal use only
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Tests completed on materials from across the full extent of the deposit and addressed all defined mineral subzones Addressed all key operating parameters for heap leach operations ▪ Agglomeration characteristics ▪ Granulometry ▪ Column height ▪ Irrigation rates ▪ Acid consumptions ▪ Testing with and without seawater ▪ Extensive variability study ▪ SX Pilot Plant study complete Marimaca Oxides: Extensive Met Work Completed Marimaca has completed rigorous met testing on materials across the deposit CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Seven extensive phases of met testing complete Geometallurgical model underpins the DFS recovery and acid consumption assumptions → → 1. 2. 7 phases of column testing complete ▪ 4m height columns in Phase VII ▪ 1.5m columns at different operating parameters ▪ 30cm “mini” columns 22 For personal use only
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Marimaca Oxide Deposit Stage: DFS completed Pampa Medina & Madrugador Stage: Resource Definition; Drilling Ongoing Marimaca: Overview Infrastructure access lowers execution risk Close to all aspects required to build a mine Proximity to first class utilities and infrastructure Water, Power, Transport, Communications Within 25km of Port of Mejillones Access to all major consumables for a SX-EW operation(Sulfuric Acid, Extractants & Dilutants) Land predominantly government owned/controlled Access to all major consumables for a SX-EW operation(Sulfuric Acid, Extractants & Dilutants) Within 40km of Antofagasta Majorregional center, No site accommodation requirementwith access to skilled labour force, Well connected internationalairport CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential 23 For personal use only
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Marimaca: Multi-Pronged Strategy Developing, exploring and integrating a Tier-1 copper district in Chile Project Advancement Exploration focus on adding complimentary resources to the MOD with parallel de-risking and development of Marimaca Oxide Project as quickly as possible Continued de-risking of the MOD ▪ Project permitsubmitted – targetFID in H2 2026 ▪ Phase 7 metallurgical programcomplete ▪ Water supply engagementcomplete – water option agreementsigned ▪ Strong (88%) resource to reserve conversion ▪ DefinitiveFeasibility Study (DFS) complete, detailed engineering ongoing DISTRICT INTEGRATION Advance ‘hub and spoke’ district development plan to define futuresatellite oxide resource potential Targeting development of Pampa Medina & Madrugador oxides to grow cathode production and increase mine life Explore oxide extensions at depth and along strike, and sulphide potential below oxides at the MOD Exploration Potential DISTRICT SCALE EXPLORATION Sulphide potential at Pampa Medina substantial Satellite oxide deposits across large land package Currently executing a 10,000m extensional drilling program to define Pampa Medina Sulphides CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential24 For personal use only
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Complementary Exploration Targets 1 Strong ‘repetition’style oxide resource discovery potential → Geology Geochemistry Geophysics CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Cindy Exploration Target: 30-40Mt at 0.3-0.4% CuT Merecedes Exploration Target: 30-40Mt at 0.3-0.4% CuT Tarso Exploration Target: 20-30Mt at 0.2-0.3% CuT Sierra E x p l o r a t i o n Target: 20-30Mt at 0.3-0.4% CuT Roble Exploration Target: 20-30Mt at 0.2-0.3% CuT Nepal Pele Olimpo Cedro Sopresa Compelling potential to add leachable resources for future growth 25 The potential quantity and grade presented in the exploration target ranges are conceptual and have insufficient exploration and drill density to define a Mineral Resource. At this stage, it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. The exploration target is not being reported as part of any Mineral Resource or Ore Reserve. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the NI 43-101 and JORC reporting standards. Cautionary Statement: The potential quantity and grade of the above Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It I uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration targets are based on volumetric calculations derived from RC drilling completed at each target, and a density assumption of 2.6g/cm3. Grade ranges were derived from the weighted average grades of mineralizedintervals. Notes: 1. Refer to TSX announcement “Marimaca Announces Exploration Targets for Near-Pit Oxide Satellites and MAMIX Depth Extension” 20 January 2022 For personal use only
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Complementary Resources: Sierra de Medina Region Compelling district scale potential through exploration Cachorro: 3,000kt Contained Cu 300 Mtat 1.0% Cu MantosBlancos: 1,380kt Contained Cu 230 Mtat 0.6% Cu Marimaca Oxide Deposit Pampa Medina & Madrugador Sierra de Medina Claim Block Geological Setting MarimacaOxide Deposit: 708kt Contained Cu 232 Mt at 0.39% Cu (M&I and Inferred Resource) Pampa Medina& Madrugador: Oxide and Sulphide Expansion Potential CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential26 For personal use only
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Complementary Resources: Sierra de Medina Region Clear regional scale synergies – close to all major infrastructure CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential 27 For personal use only
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Complementary Resources: Sierra de Medina Region Compelling district scale potential through exploration Pampa Medina & Madrugador Acquisitions o Both located ~25km from the planned MOD processing plant as definedin the DFS o High grade,shallow, which appears to be open- pitable mineralization and which the Company believes is complementaryto the MOD development o Sulphide potential at depth – first time the entire land package has been consolidated under one operator → CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential → → 28 For personal use only
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Pampa Medina – a Game Changer. Clear oxide synergies with the MOD, but sulphide potential is compelling CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential 29 For personal use only
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Pampa Medina – a Game Changer. Drilling to date has delineated material extensions at depth and along strike CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Long Section E406900 Looking West 30 For personal use only
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Pampa Medina – a Game Changer. 300m step-out holes confirm sulphide mineralization remains open CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Cross Section N7440800 Looking North Volcanics Upper Sediments Lower Manto Faults Basement Tuff Alluvium Pampa Oxide Cu% Shells Oxide Volcanics Hosted Manto Upper Manto Lower Sediments Basement Manto SMRD-16 70m @ 1.03% Cu from 434m Incl. 10m @ 4.2% Cu from 438m 116m @ 0.61% Cu from 516m Incl. 8m @ 1.8% Cu from 528m Incl. 10m @ 1.2% Cu from 568m Incl. 20m @ 1.1% Cu from 612m 50m @ 0.53% Cu from 744m Incl. 10m @ 1.1% Cu from 782m SMRD-15 42m @ 0.51% Cu from 158m 1.6 km SMRD-12 (previously reported) 56m @ 1.4% Cu from 566m SMRD-13 (previously reported) 100m @ 1.3% Cu from 580m Incl. 26m @ 4.1% Cu from 580m Incl. 6m @ 12.0% Cu from 594m SMD-02 (previously reported) 132m @ 1.0% Cu from 278m Incl. 40m @ 2.1% Cu from 282m 31 For personal use only
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Pampa Medina – a Game Changer. Sediment-hosted copper, at this scale, potentially unique to Chile CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Drill Hole SMRD-13 32 For personal use only
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‘Green copper’ development project with leading carbon emissions targets • First quartile of global copper mine site emissions intensity • Recycled seawater plant permit secured Low execution risk given Tier 1 location and access to infrastructure • Chile is consistently rated highly amongst other key copper producing countries • Close proximity to first-class utilities and infrastructure, and ~25km from port Marimaca: Summary Advancing Development & Outstanding Potential → → → → Tier 1 Location District Scale Vision CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Green Copper Low Execution Risk 33 A unique development stage copper asset with a clear development pathway to near-term production ▪ MOD DFS delivers strong US$[1bn] NPV8% with industry leading capital intensity(1) ▪ Confirmation of permitting under the DIA route, fast-tracking the permitting process for the project Note: 1. At 3-month average COMEX spot price US$5.00/lb Cu, US$0.10/lb Cu cathode premium Outstanding exploration and resource growth potential both at the MOD and on a district scale ▪ Targeting an increase in project scale through resource and district scale growth ▪ Pampa Medina sulphides displaying significant resource indicating future growth For personal use only
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20 Appendices CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential For personal use only
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Experienced and invested Board and management team Deep experience in copper and Chile Leading explorational, regional and financial experience Michael Haworth Non-Executive Chairman › Nearly 30 years in resources across advisory and investment › Co-founder of Greenstone Resources Alan Stephens Non-Executive Director › Co-founded MCC in 2005 › Explorationgeologist, former VP of Explorationfor First Quantum Tim Petterson Non-Executive Director › Deep mining industryexperience spanningresearch, finance and corporate › Founder and Exec-Chair of Minera Cobre Hayden Locke CEO, President & Director › Over 15 years’ experience in mining and finance › Former Head of Corporate for PapillonResources,CEO of Emmerson Plc Colin Kinley Non-Executive Director › Internationallyrespected explorationist › Currently CEO Kinley& Exploration and Founder and COO of Eco Atlantic Clive Newall Non-Executive Director › Co-founder of First Quantum › Geologist by training › Broad experience in exploration, constructionand productionin copper Giancarlo Bruno Non-Executive Director › Significant operatingexperience in Chile › Former CEO of Mantos Copper SA and VP Chile for Capstone Copper Kieran Daly Non-Executive Director › 25+ years in various executive, commercialand operationalroles in the mining industry › Currently Managing Director of Assore InternationalHoldings Experienced Board CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential35 For personal use only
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Experienced and invested Board and management team Deep experience in copper and Chile Leading explorational, regional and financial experience Hayden Locke CEO, President & Director › Nearly 20 years’experience as a senior executivein miningand finance › FormerHead of Corporate Developmentfor Papillon Resources, CEO of Emmerson Plc Jose Antonio Merino ManagingDirector, Chile and CFO › 15 years of internationaland in- countryexperience across finance and M&Ain naturalresources › FormerGeneralManagerof Business Developmentand M&A at SQM Sergio Rivera Vice President of Exploration › Over30 years’ experiencein explorationgeology › Creditedwith several largecopper discoveries includingthe Marimaca Deposit Solange Gonzalez General Counsel and Company Secretary › Significantexperiencein Chilean and internationallaw, with a focus on M&A and mining › PreviouslyExecutiveLegal Manager and Falabella and corporatelawyer at Carey and Fasken Nico Cookson Head, Corporate Development & Strategy › Strongbackgroundin corporatefinance, M&Aand privateequity › FormerInvestmentProfessional at Appian Capital Advisoryand Investment Bankingat RBC Capital Markets Oscar Valenzuela Vice President of Projects › Over 35 years’ experiencein senior operationalroles within the mining industry › PreviouslyDirectorof Projects for Capstone Copper at Mantos Blancos and Mantoverde Alexis Munoz Vice President of Project Execution › Nearly 30 years’experiencein managingtheconstructionand executionof large-scale projects › Recently managedconstructionfor Capstone Copper’s Mantoverde project CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Experienced Management 36 For personal use only
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Capital Structure Stock Exchange TSX “MARI” ; OTCQX “MARIF”; ASX “MC2” MarketCap C$1,218 million (C$11.44 share price) Shares Out 106,485,767 (As of June 30 2025) Options / Warrants 13,787,872 (As of June 30 2025) Cash US$24.3m (June 30 2025) Debt $0.0m Shareholders(August 05 2025) Greenstone 24.0% Assore 16.3% Ithaki Limited 14.0% Mitsubishi Corp. 4.4% Board Analyst Coverage Michael Haworth Non-Executive Chairman Beacon Securities Michael Curran Hayden Locke CEO, President & Director BMO Capital Markets Rene Cartier Colin Kinley Lead Independent Director Tamesis Partners David Butler Paradigm Capital Jeff Woolley Clive Newall Non-Executive Director Canaccord Dalton Baretto Tim Petterson Non-Executive Director Cormark Stefan Ioannou Alan Stephens Non-Executive Director Raymond James Farooq Hamed Kieran Daly Non-Executive Director RBC Capital Markets Sam Crittenden Corporate Structure CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential37 - 100,000 200,000 300,000 400,000 500,000 600,000 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Volume Share Price (C$/sh) For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Discovery cost under US 2 cents/ lb copper Notes: 1. The independent and qualified person for the mineral resource estimate, as defined by NI 43-101, is Luis Oviedo, P.Geo. and the effective date is August 25 2025. 2. These Mineral Resources are not Mineral Reserves. Mineral Resources are reported Inclusive of Mineral Reserves. The mineral resource estimate follows current CIM and JORC definitions and guidelines. 3. The results are presented undiluted and are considered to have reasonable prospects of economic extraction. 3. Mineral Resources are reported at a copper price of US$4.90/lb Cu. Assumes a variable Mining Cost by pit depth averaging US$2.01/t, variable processing cost by mineral subdomain, variable recoveries by mineral subdomain, US$0.31/t G&A, $3.60/t cathode transport cost, US$0.25/lb Cu SX-EW and selling costs. Pit slope angles range from 32-45 degrees. See the August 152025 Press Release “MOD Feasibility Study Confirms Robust Capital Intensity and 31%+ IRR; Maiden Ore Reserve” for more information on the variable processing cost by mineral subdomain and recoveries by mineral subdomain. Cut-off grade (% CuT) Measured Indicated Measured + Indicated Inferred Quantity kt CuT [%] CuS [%] Quantity kt CuT [%] CuS [%] Quantity kt CuT [%] CuS [%] Quantity kt CuT [%] CuS [%] 0.40 44.6 0.73 0.44 31.1 0.65 0.36 75.7 0.70 0.41 4.6 0.56 0.26 0.30 52.6 0.67 0.41 39.3 0.59 0.33 91.9 0.64 0.38 6.0 0.52 0.24 0.22 62.2 0.62 0.38 50.1 0.53 0.30 112.3 0.58 0.34 8.0 0.47 0.22 0.20 72.6 0.57 0.35 63.5 0.48 0.27 136.1 0.53 0.31 10.4 0.42 0.20 0.18 83.9 0.52 0.31 78.9 0.43 0.23 162.8 0.48 0.27 13.2 0.38 0.18 0.15 94.3 0.49 0.29 94.3 0.39 0.21 188.5 0.44 0.25 16.6 0.34 0.16 0.10 103.4 0.45 0.27 110.1 0.35 0.19 213.5 0.40 0.23 21.2 0.29 0.14 0.00 118.4 0.40 0.24 138.4 0.29 0.15 256.8 0.34 0.19 27.8 0.24 0.11 2025 Mineral Resource Estimate The informationin this presentationthat relates to MineralResources is based on informationcompiled by Luis Oviedo,a QualifiedPerson underNI 43-101 and a Competent Person as definedby the JORC Code (2012). Mr Oviedo is a Principal Geologist with NCL and has sufficient experience relevant to the style of mineralisationand type of deposit under consideration. He consents to the inclusion of the informationin the form and context in whichit appears. 38 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Mineral Reserves are reported as constrained within Measured and Indicated pit design and supported by a mine plan featuring a constant copper cathodes production rate. The pit design and mine plan were optimized with average overall slopes angles varying from 37° to 45°, ore and waste mining average cost of $2.0/t, average $6.25/t for process, $0.25/t for G&A, $0.26 for sustaining capital, $0.25/lb for SX-EW, $3.6/t-cathodes for logistics and average $0.06/lb for royalties, copper price used was $4.25/lb and cathode premium of $100/t-cathodes , as well as a variable recovery as function of solubility ratio. The average processing recovery is 72% and for this average, the cut-off is 0.10%CuT.c Mineral Reserves considers a fully diluted Resource model, representing 1% of mining dilution Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content %CuT corresponds to total copper grade, %CuS to acid soluble copper grade and %CuCN to cyanide soluble copper grade Tonnage, grade measurements and contained copper are in metric units. 2025 Ore Reserve The informationin this presentationthat relates to MineralResources is based on informationcompiled by Luis Oviedo,a QualifiedPerson underNI 43-101 and a Competent Person as definedby the JORC Code (2012) for disclosure relatedto the 2023 MRE. MrOviedois a Principal Geologist with NCL and has sufficient experiencerelevantto the style of mineralisationand type of deposit under consideration. He consents to the inclusion of theinformationintheformandcontextinwhich it appears. 39 Reserve Category Ore Type Tonnage Copper Grades Contained Copper (kt) (%CuT) (%CuS) (%CuCN) (kt) Proved Mineral Reserves BROC 39,456 0.58 0.41 0.08 227.5 CRIS 17,607 0.42 0.30 0.04 73.8 WAD 17,242 0.26 0.14 0.05 44.8 MIX 17,298 0.44 0.12 0.19 76.7 ENR 2,693 0.40 0.07 0.19 10.6 Total Proved Mineral Reserves 94,297 0.46 0.28 0.09 433.4 Probable Mineral Reserves BROC 25,617 0.49 0.35 0.06 125.1 CRIS 17,517 0.35 0.24 0.03 61.8 WAD 20,650 0.25 0.13 0.04 51.9 MIX 14,555 0.37 0.10 0.16 53.3 ENR 6,000 0.37 0.07 0.19 22.1 Total Probable Mineral Reserves 84,339 0.37 0.21 0.08 314.2 Total Mineral Reserves (Proved and Probable) BROC 65,073 0.54 0.39 0.07 352.6 CRIS 35,124 0.39 0.27 0.04 135.7 WAD 37,892 0.26 0.14 0.05 96.7 MIX 31,853 0.41 0.11 0.18 130.0 ENR 8,693 0.38 0.07 0.19 32.8 Total Mineral Reserves (Proved and Probable) 178,635 0.42 0.25 0.08 747.6 For personal use only
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Constructive Stakeholder Engagement We value the trust and support from our local stakeholders. We endeavor to work collaboratively with them to deliver shared value. Our People We are committed to employing locally, upskilling our workforce, respecting all cultures and promoting diversity and inclusion. Sustainable Development In exploration, development and eventual production, sustainable practices are of paramount importance. Health, Safety and Security The health, safety and wellbeing of our employees is at the forefront of everything we do. We implement the highest standards of safety to mitigate risks. Transparency & Accountability Transparent corporate governance ensures we are accountable to all our stakeholders. We strive to ensure that appropriate checks and balances are carried out to safeguard ownership at all levels of the business. Environmental Stewardship We operate in an environmentally responsible manner, minimizing the impact of our activities and, where possible, aiming to improve and enhance the environment in which we operate. CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential Marimaca Copper – Commitment to Sustainability 40 For personal use only
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential For personal use only