Slide 1: MOD DFS Presentation: Exceptional Development Project, Outstanding Exploration Potential
S OUTH AME R IC A MEJILLONES MARIMACA ANTOFAGASTA SANTIAGO For personal use only MARIMACA C H IL E COPPER MOD DFS PRESENTATION Exceptional Development Project, Outstanding Exploration Potential August 2025 TSX: MARI ASX: MC2
Slide 2: Disclaimer
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 b
Slide 3: Disclaimer
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 opinion
Slide 4: Disclaimer
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
Slide 5: Disclaimer
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.
Slide 6: Introduction: Marimaca Copper Project
Introduction: Marimaca Copper Project MEJILLONES MARIMACA For personal use only ANTOFAGASTA D FS c o m p l e te SANTIAGO Continuous growth of Low strip ratio open pit oxide copper resources operation with CHILE conventional heap leach Rapidly advancing Low execution risk CHUQUICAMATA MANTOS DE LA LU
Slide 7: Marimaca Oxide Deposit: 2025 DFS Results
Marimaca Oxide Deposit: 2025 DFS Results Low Strip Ratio, High Margin Project with Industry Leading Capital Intensity For personal use only US$1.1bn US$2.09/lb US$587m Post-Tax NPV8(1) 2nd Quartile AISC(2) Pre-Production Capex 39% IRR with 2.2-year payback period C1 cash cost of US$1.69/lb Initial c
Slide 8: Marimaca: Green Copper
Marimaca: Green Copper Mining Project of the Future WATER – recycled seawater supply secured from the Bay of Mejillones For personal use only POWER – certified renewable electricity supply available COMMUNITIES – no community land overlap, skilled local workforce IMPACT – limited flora & fauna
Slide 9: Marimaca Projects: 2025 / 2026 Work Programs
Marimaca Projects: 2025 / 2026 Work Programs Exploration and Development in Parallel 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 For personalMODuse only ✓ DFS complete, delivering long life open pit with MOD DFS robust economics and significant upside potential Permitting Approval Process ✓ First milestone un
Slide 10: Marimaca Oxide Deposit: 2025 DFS Consultants
Marimaca Oxide Deposit: 2025 DFS Consultants Specialist consultants with significant experience in the region 2025 DFS prepared by Marimaca team → in conjunction with Ausenco and NCL Processing Metallurgical ▪ Led by Ausenco and NCL – two For personal use only prominent engineering Carlos Garcia con
Slide 11: Marimaca Oxide Deposit: 2025 DFS Results
Marimaca Oxide Deposit: 2025 DFS Results Simple mining & processing support robust margins First 5 Years of Metric Unit Steady State(1) LOM Simple open pit mining with LOM strip ratio of 0.8:1 Mining Summary → (including pre-stripped material) Total Ore Mined kt 80,683 178,635 ▪ P&P Mineral Reserve
Slide 12: MOD DFS: Capital Cost in Detail
MOD DFS: Capital Cost in Detail Strong technical fundamentals supporting globally competitive capital intensity Metric Unit Total % of Total Capital costs are within AACE Class 3 guidelines; expected Initial Capital Cost US$m $587 - → accuracy of -20% to +25% Mine US$m $24 4% ▪ Budget quotes obtaine
Slide 13: MOD DFS: Global Cu Project Benchmarking
MOD DFS: Global Cu Project Benchmarking Low initial capex and robust NPV reinforces MOD’s position among global peers Profability Index (NPV8% / Initial Capex) for Global Copper Projects Near Term Production (Pre 2028) Long Term Production (Post 2028) Marimaca 5.0 MOD positioned as one of the 4.0 Fo
Slide 14: MOD DFS: Significant EBITDA and Free Cash Flow
MOD DFS: Significant EBITDA and Free Cash Flow Significant cash flow generation underpins compelling 2.5-year payback EBITDA and Margin (US$m) EBITDA EBITDA Margin 68% 68% 69% 67% 63% 63% For personal use only 58% 57% 53% 53% 33% $332 $330 $335 $328 27% $307 $282 25% $277 $225 $236 $229 $85 $51 $39
Slide 15: MOD DFS: Mining & Processing Profile
MOD DFS: Mining & Processing Profile Mine expansion in year 5 to accommodate increase in crushing capacity Waste Mined (Mt) Ore Mined (Mt) Strip Ratio 1.23 1.15 1.23 1.04 0.96 0.72 0.83 0.70 0.55 0.53 For personal use only 0.46 35 35 35 35 35 0.24 33 28 25 25 25 9 6 Year -1 Year 1 Year 2 Year 3 Year
Slide 16: MOD DFS: Unique Access to Critical Infrastructure
MOD DFS: Unique Access to Critical Infrastructure Location & access to infrastructure / utilities deliver lower execution risk Mejillones – 25km For personal use only Power Spur and Line Seawater Pipeline Ripios Norte Open Pit Route 1 – National Highway Heap Leach & Antofagasta – 40km SX-EW Waste Du
Slide 17: MOD DFS: Simple Open Pit Mining
MOD DFS: Simple Open Pit Mining Conventional truck and shovel operation through 8 phases of pit development DFS considers 8 phases of pit development to provide → consistent ore feed to the heap leach Plan view of pit phases & final pit shell ▪ Mine sequence developed to achieve a consistent, steady
Slide 18: MOD DFS: Resource Update
MOD DFS: Resource Update 93% of total resource tonnes now in Measured and Indicated categories 3D View of Marimaca Oxide Blanket Continued conversion of Inferred tonnage and → contained metal over the 2023 MRE ▪ Updated recoveries from Phase 7 metallurgical For personal use only testing now underpin
Slide 19: Marimaca: Mineral Resource Growth at the MOD
Marimaca: Mineral Resource Growth at the MOD Consistent Resource growth underpinned by strong M&I conversion to Reserves M&I (MOD) Inferred (MOD) Proven (MOD) Probable (MOD) +5% 88% Conversion of +54% 1,041kt M&I into P&P 992kt For personal use only 916kt +99% 748kt 644kt +32% 323kt 245kt 2017 2018
Slide 20: Water Supply: De-risked and sustainable
Water Supply: De-risked and sustainable Recycled seawater from Mejillones will supply the Marimaca Copper Project • Water option secured from the Bay of Mejilllones – recycled seawater ― De-risks water supply for the For personal use only MARIMACA COPPER Marimaca Project – intake is already PROJECT
Slide 21: MOD Processing: Simple SX-EW Processing
MOD Processing: Simple SX-EW Processing Low complexity processing supports robust project economics DFS Processing Flowsheet 3-stage crushing to achieve P80 passing → 12.5mm (1/2”) For personal use only ▪ Crushed ore agglomerated and acid cured with variable dose based on mineral sub-domain ▪ Ore st
Slide 22: Marimaca Oxides: Extensive Met Work Completed
Marimaca Oxides: Extensive Met Work Completed Marimaca has completed rigorous met testing on materials across the deposit Tests completed on materials from across the full extent of the deposit and addressed all defined → For personal use only mineral subzones Seven extensive phases of met testing c
Slide 23: Marimaca: Overview
Marimaca: Overview Infrastructure access lowers execution risk Close to all aspects required to build a mine For personal use only 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-
Slide 24: Marimaca: Multi-Pronged Strategy
Marimaca: Multi-Pronged Strategy Developing, exploring and integrating a Tier-1 copper district in Chile Continued de-risking of the MOD ▪ Project permit submitted – target FID in H2 2026 Project ▪ Phase 7 metallurgical program complete For personal use only Advancement ▪ Water supply engagement com
Slide 25: Complementary Exploration Targets
Complementary Exploration Targets 1 Strong ‘repetition’ style oxide resource discovery potential Cindy Exploration Target: Roble Exploration Compelling potential to add leachable 30-40Mt at 0.3-0.4% CuT Target: resources for future growth 20-30Mt at 0.2-0.3% CuT For personal use only Cedro Geophysic
Slide 26: Complementary Resources: Sierra de Medina Region
Complementary Resources: Sierra de Medina Region Compelling district scale potential through exploration Sierra de Medina Claim Block Geological Setting For personal use only Cachorro: 3,000kt Contained Cu 300 Mt at 1.0% Cu Pampa Medina & Madrugador Marimaca Oxide Deposit Pampa Medina & Madrugador:
Slide 27: Complementary Resources: Sierra de Medina Region
Complementary Resources: Sierra de Medina Region Clear regional scale synergies – close to all major infrastructure For personal use only CHILE’S NEW COPPER DISCOVERY 27 Advancing Development With District Scale Potential
Slide 28: Complementary Resources: Sierra de Medina Region
Complementary Resources: Sierra de Medina Region Compelling district scale potential through exploration Pampa Medina & Madrugador Acquisitions For personal use only →o Both located ~25km from the planned MOD processing plant as defined in the DFS High grade, shallow, which appears to be open- →o pi
Slide 29: Pampa Medina – a Game Changer
Pampa Medina – a Game Changer. Clear oxide synergies with the MOD, but sulphide potential is compelling For personal use only CHILE’S NEW COPPER DISCOVERY 29 Advancing Development With District Scale Potential
Slide 30: Pampa Medina – a Game Changer
Pampa Medina – a Game Changer. Drilling to date has delineated material extensions at depth and along strike Long Section E406900 Looking West For personal use only CHILE’S NEW COPPER DISCOVERY 30 Advancing Development With District Scale Potential
Slide 31: Pampa Medina – a Game Changer
Pampa Medina – a Game Changer. 300m step-out holes confirm sulphide mineralization remains open Cross Section N7440800 Looking North Faults For personal use only Alluvium Pampa Oxide Upper Sediments Cu% Shells SMRD-16 70m @ 1.03% Cu from 434m Incl. 10m @ 4.2% Cu from 438m 116m @ 0.61% Cu from 516m V
Slide 32: Pampa Medina – a Game Changer
Pampa Medina – a Game Changer. Sediment-hosted copper, at this scale, potentially unique to Chile Drill Hole SMRD-13 For personal use only CHILE’S NEW COPPER DISCOVERY 32 Advancing Development With District Scale Potential
Slide 33: Marimaca: Summary
Marimaca: Summary Advancing Development & Outstanding Potential → A unique development stage copper asset with a clear development pathway to near-term production Tier 1 Location ▪ MOD DFS delivers strong US$[1bn] NPV8% with industry leading capital intensity(1) For personal use only ▪ Confirmation
Slide 34: Appendices
For personal use only Appendices CHILE’S NEW COPPER DISCOVERY 20 Advancing Development With District Scale Potential
Slide 35: Experienced Board
Experienced Board Experienced and Leading explorational, invested Board and Deep experience in regional and financial management team copper and Chile experience For personal use only Michael Haworth Hayden Locke Clive Newall Tim Petterson Non-Executive Chairman CEO, President & Director Non-Executi
Slide 36: Experienced Management
Experienced Management Experienced and Leading explorational, invested Board and Deep experience in regional and financial management team copper and Chile experience For personal use only Hayden Locke Sergio Rivera Jose Antonio Merino Nico Cookson CEO, President & Director Vice President of Explora
Slide 37: Corporate Structure
Corporate Structure $12.00 600,000 $10.00 500,000 $8.00 400,000 Share Price (C$/sh) For personal use only Volume $6.00 300,000 $4.00 200,000 $2.00 100,000 - - 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 Capital Structure Board Analyst Coverage Stock Exc
Slide 38: 2025 Mineral Resource Estimate
2025 Mineral Resource Estimate Cut-off Measured Indicated Measured + Indicated Inferred grade (% CuT) Quantity Quantity Quantity Quantity CuT [%] CuS [%] CuT [%] CuS [%] CuT [%] CuS [%] CuT [%] CuS [%] For personal use only kt kt kt kt 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
Slide 39: 2025 Ore Reserve
2025 Ore Reserve Contained Tonnage Copper Grades Reserve Category Ore Type Copper (kt) (%CuT) (%CuS) (%CuCN) (kt) For personal use only BROC 39,456 0.58 0.41 0.08 227.5 CRIS 17,607 0.42 0.30 0.04 73.8 Proved Mineral WAD 17,242 0.26 0.14 0.05 44.8 Mineral Reserves are reported as constrained within M
Slide 40: Marimaca Copper – Commitment to Sustainability
Marimaca Copper – Commitment to Sustainability Health, Safety and Security Constructive Stakeholder The health, safety and wellbeing of our Engagement employees is at the forefront of For personal use only We value the trust and support from our everything we do. We implement the local stakeholders.
Slide 41: For personal use only
For personal use only CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential