Arizona Sonoran Copper Co., Inc.

Arizona Sonoran Copper — Technical Presentation (August 2024)

62 slides from Arizona Sonoran Copper's technical presentation, August 2024

1. Slide 1: Cactus Project Preliminary Economic Assessment

   ASCU:TSX ASCUF:OTCQX Cactus Project Preliminary Economic Assessment Developing the Cactus Open Pit Copper Project in Arizona Invest in Sustainability | August 2024

2. Slide 2: Cautionary Information

   2 Cautionary Information Non-IFRS Financial Performance Measures This presentation contains certain non-IFRS measures, including sustaining capital, sustaining costs, EBITDA, C1 cash costs and AISC. The Company believes that these measures, together with measures determined in accordance with IFRS,

3. Slide 3: Cautionary Language

   3 Cautionary Language Forward-Looking Statements This presentation contains “forward-looking statements” and/or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact

4. Slide 4: Strong Organic Growth

   4 Strong Organic Growth Growth since 2021 MainSpring Inferred Mineral Resource: 352% M&I 245 Mst @ 0.39% CuT PEA* 86kstpa 94% Inferred 31 year LOM Pounds of Copper (millions) PFS: * 3,839 Updated MRE:* 55k stpa Updated MRE: * Infill 21 year LOM Parks/Salyer Discovery 2,208 2,208 PEA for IPO:* 28k st

5. Slide 5: Organic Growth Places Cactus as Significant Copper Developer

   5 Organic Growth Places Cactus as Significant Copper Developer Peer Benchmarking – Average Annual production(1)(2) Average Annual production (CuEq Mlbs) | Bubble Size Based on Total Resources (CuEq Mlbs) FS / Construction PFS PEA / Resource 480 Updated PEA transforms Cactus into scalable Josemaria p

6. Slide 6: Open Pit Evolution Improves Executability at Cactus

   6 Open Pit Evolution Improves Executability at Cactus $3.90/lb $4.50/lb NPV8 $2,032B $2,927B Material Source PEA IRR 24% 30% Payback Period 4.9 yrs 4.5 yrs 94% $2.00 /lb Open Pit AISC* NPV:CAPEX 3.0x 4.4x LOM FCF $7,295 $9,777 U/G and Stockpile Open pit Cumulative Stacked Recovered Copper (lbs) 6,00

7. Slide 7: What is the Cactus Mine Project?

   7 What is the Cactus Mine Project? • SXEW / Heap Leach Operation on private land in Arizona • Open pit mining for 94% of mine plan • Parks/Salyer (OP) – 2,211 million short tons moved (Years -1-22) with average annual production of 96 million short tons per active year • Cactus West (OP) – 605 milli

8. Slide 8: What Changed – 172 million pounds per annum over 31 years

   8 What Changed – 172 million pounds per annum over 31 years - Mineralized material impacts – average of 172 million pounds of copper cathodes produced annually o LoM tonnage processed of 889 million short tons (“st”) ▪ 659 million st of oxides and enriched material ▪ Parks/Salyer: 69% ▪ Including ne

9. Slide 9: Cactus: A Meaningful Potential Contributor to the USA's Copper Production

   9 Cactus: A Meaningful Potential Contributor to the USA’s Copper Production Mine County and State Owner Operation Freeport (72%) 1 Morenci Greenlee, Arizona Open Pit Sumitomo (28%) Bingham Long Hole Stoping, 2 Salt Lake, Utah Rio Tinto Canyon Open Pit, SL Stoping 3 Safford Graham, Arizona Freeport-M

10. Slide 10: Open Pit Cactus Mine Highlights

    Open Pit Cactus Mine Highlights $2B NPV8 and 24% IRR Lowered Execution Risk

11. Slide 11: Conventional Heap Leach and SXEW Operation over 31 years

    11 Conventional Heap Leach and SXEW Operation over 31 years Strip ratio overall 2.3:1 Parks/Salyer: 3.2:1 Cactus West: 1.0:1 Total Copper (%) LOM inventory 889.0 Mtons material LOM Grade 0.41% Cu TSol LOM recoveries 73% Overall 92% Oxide 85% Enriched 25% Primary 5,720 ACRES LOM cathode produced 2.7

12. Slide 12: Open Pit Production Schedule

    12 Open Pit Production Schedule Cactus Production Schedule PEA Production Profile 180,000 20-year Annual Average: 116 kstpa / 232 Mlbs 300 • 5,339 Mlbs over 31 yrs • Key change relates to the 160,000 250 inclusion of MainSpring and 140,000 rescoping of Parks/Salyer as an Recovered Cathodes (kst) ope

13. Slide 13: Annual Revenue, EBITDA and LOM Cash Flow at $3.90/lb Cu

    13 Tons Annual Revenue, EBITDA and LOM Cash Flow at $3.90 /lb Cu $670 million Annual Revenue, EBITDA and Tons Moved Average Annual Revenue 180 $2,500.00 160 $20.8 billion LoM Revenue $2,000.00 140 $7.3 billion Tons Moved (millions) 120 $1,500.00 LoM Free Cash Flow US$ (000’s) 100 80 $1,000.00 60 40

14. Slide 14: Compelling Copper Price Sensitivities

    14 Compelling Copper Price Sensitivities Change to open-pit operation improves cost profile Project Metric COPPER PRICE BASE CASE $3.50/lb $3.90/lb $4.00/lb $4.50/lb $5.00/lb $5.50/lb $6.00/lb NPV Pre-Tax $ millions $2,017 $2,769 $2,957 $3,898 $4,839 $5,780 $6,721 (8% disc) NPV Post Tax $ millions $

15. Slide 15: Clear Next Steps at the Cactus Project

    15 CLEAR NEXT STEPS AT THE CACTUS PROJECT Near Term Copper Cathode Production Decision 2024 2025 2026 2027/2028 Mineral Resource Estimate 1H25 Complete Prefeasibility Construction First Cathode Update Study Decision* Production 3Q24 Preliminary Economic Assessment Early Works Program Project Financi

16. Slide 16: Production

    PRODUCTION

17. Slide 17: Production Profile (Pounds) and Costs

    17 Production Profile (Pounds) and Costs Average C1 $1.82/lb Average AISC $2.00/lb Average AIC $2.23/lb Recovered Copper and Costs 600 $6.00 Recovered Copper Cathodes (Mlbs) 500 $5.00 400 $4.00 US$/lb 300 $3.00 200 $2.00 100 $1.00 0 $- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 2

18. Slide 18: Metallurgy – Known High Recoveries from 4 years of Testing

    18 Metallurgy – Known High Recoveries from 4 years of Testing METALLURGICAL RECOVERIES Overall 73% of Total Copper Grades 92% Oxide (Cu Tsol) 85% Enriched (Cu Tsol) 25% Primary (CuT) *Updated with Cactus Project PEA, as announced August 6, 2024 ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

19. Slide 19: Years -1 – 5 Parks Salyer

    19 Years -1 – 5 Parks Salyer • The mine production schedule is initially focused on the Parks/Salyer pit with Ph1, Ph2 and Ph3. • 10 M tons of feed material from historical stockpiles in year 1 • Target of 24 million tons of feed material per annum • Peak mining rate of 150 million tons in Years 2,

20. Slide 20: Years 6-10

    20 Years 6 - 10 Parks Salyer, Cactus West and Cactus East UG • The mine production schedule is focused on the Parks/Salyer pit with Ph2 through Ph5. • Mining in Cactus West starts in year 7 with Phase 1 • Target of 24 million tons of feed material per annum • At year 9 feed material increases to 31

21. Slide 21: Years 11-15

    21 Years 11-15 Parks Salyer, Cactus West and Cactus East UG • The mine production schedule is focused on the Parks/Salyer pit with Ph3 through Ph6. • Mining in Cactus West continues in Phase 1 • Feed material continues at 31 million tons pa until year 15 • Year 15 hypogene feed material at 7.1 milli

22. Slide 22: Years 16-20

    22 Years 16-20 Parks Salyer, Cactus West and Cactus East UG • The mine production schedule is focused on the Parks/Salyer pit with Ph5 through Ph7. • Mining in Cactus West continues in Phase 1 • Feed material continues at 31 million tons pa • Year 15 hypogene feed material continues at 7.1 million t

23. Slide 23: Years 20-31

    23 Years 20-31 Parks Salyer, Cactus West and Cactus East UG • The mine production schedule is focused on the Parks Salyer pit with Ph5 through Ph7. • Parks Salyer pit completes mining in year 22. • Mining in Cactus West continues with Phase 1 and Phase 2 until completion in year 31. • Feed material

24. Slide 24: Cactus East Underground Sublevel Cave - Years 8-21

    24 Cactus East Underground Sublevel Cave - Years 8-21 Cactus East – Year 8 (looking Northwest) Cactus East –Year 9 (looking Northwest) Cactus East –Year 12 (looking Northwest) Cactus East –Year 21 (looking Northwest) ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

25. Slide 25: Costs

    COSTS

26. Slide 26: PEA Key Metrics

    26 PEA Key Metrics 2024 PEA Valuation Metrics (Unlevered) Unit $3.90/lb Cu Net Present Value @ 8% (pre-tax) $ millions 2,769 Net Present Value @ 8% (after-tax) $ millions 2,032 Internal Rate of Return (after-tax) % 24.0 Payback Period (after-tax) # years 4.9 Project Metrics (Imperial) Unit Construct

27. Slide 27: Cost Breakdown – First Quartile Capital Intensity

    27 Cost Breakdown – First Quartile Capital Intensity Initial Capital Sustaining Capital LoM OPERATING AND PRODUCTION COSTS LoM (US$) Cost Elements Total Cost $ / st $ / lb ($M) Processed Copper $668M $1.2B Mine Operating Cost $7,252 $8.16 $1.36 Process Plant Operating Cost $2,039 $2.29 $0.38 G&A $50

28. Slide 28: LOM Free Cash Flows and Cumulative Cash Flows

    28 LOM – Free Cash Flows and Cumulative Cash Flows @ $3.90 / lb Cu Cumulative Free Cash Flow $2,500.00 $8,500 Cumulative Free Cash Flow (US$000’s) $2,000.00 $6,500 $1,500.00 $4,500 US$ (000’s) $1,000.00 $2,500 $500.00 $500 $- -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

29. Slide 29: Finance Discussions

    29 Finance Discussions • Favourable economics supportive of debt financing for initial capital • Industry leading NPV:CAPEX: 3.0x • Strong IRR: 24% • Robust Cash Flows After Tax (Years 1-10)-$2.0B • Long life asset of 30+ years with LOM cash flows After Tax-$7.3B • PEA economics provide strong platf

30. Slide 30: Location Advantage

    Location Advantage Arizona copper operation infrastructure is world class Brownfield property, 100% owned

31. Slide 31: Social License

    31 Social License • ASCU has a strong social license • Dedicated to protecting the water source in Arizona • Dedicated to leaving the site better than it was found • Potential to reactivate a generational mine upon an already established site • Potential for enormous economic benefit to the communit

32. Slide 32: Brownfield and Private Land Advantage

    32 Brownfield and Private Land Advantage Casa Grande and Maricopa Counties In place Infrastructure, environmentally conscious Social Licence Probably Support Don't Know, Refused Definitely 82.6% Oppose Probably Support Oppose Definitely Support Water Power Roads/ Heap • Onsite wells • Opportunity Ra

33. Slide 33: Permitting - Streamlined

    33 Permitting - Streamlined • Brownfield asset, purchased from the ADEQ and ASARCO Multistate Environmental Trust in 2020 • Property was formerly a taxpayer liability • Now on track to be a top 10 US copper operation • No federal nexus • Private land / fee simple land requires permits from the state

34. Slide 34: Proven and Streamlined Permitting Schedule

    34 Proven and Streamlined Permitting Schedule Permit Office Approved Amendment Amendment Air Quality Dust Permit Pinal County Complete – 2021 PEA Annual reapplication Arizona Pollution Discharge Elimination Complete ADEQ System (402) (SWPPP) Water Rights ADWR Complete – 3,800 acre ft/yr Major Permit

35. Slide 35: Valuation Metrics

    Valuation Metrics

36. Slide 36: Benchmarking ASCU to Copper Developers

    36 Benchmarking ASCU to Copper Developers Arizona Assets Other Relevant Assets Market Capitalization (US$M) $123 $1,224 $119 $3,210(1) $1,129 $998(2) $315 P/NAV Multiple 0.3x 0.6x 0.3x 0.8x(1) 0.8x n/a 0.4x Cactus Santa Cruz Copper Creek Filo del Sol McIlvenna Bay Los Azules Marimaca Asset Name Brow

37. Slide 37: Enterprise Value to M&I Resource

    37 Enterprise Value to M&I Resource Peer Benchmarking – Enterprise Value / M&I Copper Equivalent Resources(1) (US$/lb) (2) $0.508 Updated MRE lowers ASCU execution risk $0.406 Total Mineral Resource: M&I 7,295 Mlbs $0.185 Inf 3,840 Mlbs Avg. EV / M&I CuEq: $0.0950 $0.127 $0.053 $0.045 $0.043 $0.026

38. Slide 38: Few Developers Filling the Copper Supply Gap

    38 Few Developers Filling the Copper Supply Gap Peer Benchmarking – P/NAV & Estimated Start Date Ratio | Estimated Production Date FS / Construction PFS PEA / Resource 2034 2026 2029 2034 2029 2028 2026 2030 2027 2030 2028 2028 2027 n.a. (1) FS / Construction P/NAV Avg.: 0.43x 0.8x 0.8x PFS P/NAV Av

39. Slide 39: Junior Copper Producer Benchmarking

    39 Junior Copper Producer Benchmarking (Enterprise Value and Production) 510 $7,000 $6,227 2024 PEA 180 $6,000 150 Annual Production (Mlbs CuEq) $5,000 $4,010 120 $4,000 EV (US$M) 90 $3,000 $2,000 60 $992 $1,000 30 $613 $487 $213 $106 $0 0 Capstone Copper Hudbay Minerals Taseko Mines Atalaya Mining

40. Slide 40: Lower Capital Intensity Provides a Lower Risk Path to Copper Production

    40 Lower Capital Intensity Provides a Lower Risk Path to Copper Production Peer Benchmarking – Capital Intensity (Based on Average Annual Copper Equivalent Production)(1) Capital Intensity (US$/t) | Bubble Size Based on Annual Production Milling Avg. Annual Capital Intensity: $13,378/t SX/EW Avg. An

41. Slide 41: First Quartile Capital Intensity

    First Quartile Capital Intensity 41 Brownfield Benefit: Lower Capital Intensity and Short Window to Production Peer Benchmarking – Mine Life vs Capital Intensity (Based on Average Annual Copper Equivalent Production)(1) Years | Avg. Annual Capital Intensity | Bubble Size Based on Annual Production M

42. Slide 42: First Quartile NPV:CAPEX

    42 First Quartile NPV:CAPEX Peer Benchmarking – After-Tax NPV8% / Initial Capex Ratio | Initial Capex (US$M) | Bubble Size Based on Annual Production Milling SX/EW SX/EW & Milling Cactus ASCU 3.0x 2.5x Marimaca Marimaca 2.0x Santa Cruz Marathon Los Azules Cascabel Ivanhoe Electric 1.5x SolGold Gener

43. Slide 43: Lower Risk Development Asset in Top Location

    43 Lower Risk Development Asset in Top Location N Brownfield Project, c.$30 million infrastructure savings • Flat land at low altitude • Water (onsite permitted access to non- potable water source) • Access to labour (no camp required) • Power (affordable Palo Verde Nuclear Power Plant nearby with p

44. Slide 44: Future Opportunities

    Future Opportunities

45. Slide 45: Future PFS Opportunities

    45 Future PFS Opportunities • In pit crushing and conveying • Moving Parks/Salyer open pit centroid north • Primary sulphides • Nuton • Exploration drilling • Cactus West expansion • Gap Zone • NE Extension ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

46. Slide 46: Nuton Potential Ownership and Timeline Fits in ASCU Timeline

    46 Nuton Potential Ownership and Timeline Fits in ASCU Timeline 2026- 2024 2025 2028 • Work program with Nuton • PFS to include MainSpring and • Completion of Nuton BFS and final • Infill drilling at Cactus West Nuton investment decision • Phase 2 metallurgical program • Potential exercise of option

47. Slide 47: Next Level Production Decision in the Near Term

    47 Next Level Production Decision in the Near Term GENERATIONAL MINE QUALITY • 86 kstpa Copper Cathodes LOW RISK 172 Mlbspa Large Copper Porphyry Project 31 years LOM production Brownfield (Low Capital) Management Open Pit • NPV8 $2,032 million Tier 1 Location Permitting Future Opportunities • IRR 2

48. Slide 48: Questions

    Questions

49. Slide 49: Alison Dwoskin and George Ogilvie contacts

    Alison Dwoskin, CPIR George Ogilvie, P.Eng Director, Investor Relations President, CEO & Director adwoskin@arizonasonoran.com gogilvie@arizonasonoran.com +1 (647) 233-4348 (cell) +1 (416) 723-0458 (cell) www.arizonasonoran.com | www.cactusmine.com

50. Slide 50: Appendix

    Appendix

51. Slide 51: Capital Structure & Ownership

    51 Capital Structure & Ownership CAPITAL STRUCTURE OWNERSHIP Market Capitalization C$185M 7% Nuton (Rio) Shares Outstanding (M) 109.5 25% Tembo Warrants (M) 0.2 Insitutional Options (M) 7.6 31% Management RSU’s (M)(1) 0.9 Retail 5% DSU’s (M) 0.8 Fully Diluted Share Capital (M) 118.9 Including: Beedi

52. Slide 52: Management Team with Track Record of Execution

    52 Management Team with Track Record of Execution STRONG SPONSOR SUPPORT • Global leading diversified George Ogilvie, P.Eng. Bernie Loyer Nick Nikolakakis, BASc, MBA Rita Adiani, LLB Hons PRESIDENT, CEO & DIRECTOR SVP Projects VP FINANCE AND CFO SVP STRATEGY & CORPORATE metals and mining company +30

53. Slide 53: Traditional Heap Leach and SXEW Flowsheet

    53 Traditional Heap Leach and SXEW Flowsheet ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

54. Slide 54: General Plan Arrangement of Heap Leach and SX/EW Operation

    54 General Plan Arrangement of Heap Leach and SX/EW Operation ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

55. Slide 55: 94% Open Pit Mining Operation – Low Execution Risk in Arizona

    55 94% Open Pit Mining Operation – Low Execution Risk in Arizona Ore Processing Chart 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Parks/Salyer Cactus West Stockpile Open Pit Rehandle - Tons Cactus East (UG) ASCU:T

56. Slide 56: Journey Towards Net Zero - Partnership with Minviro

    56 Journey Towards Net Zero - Partnership with Minviro PFS / FS PRODUCTION AND REPORTING Construction • Design parameters used to scope impact • Establishing reporting KPIs • Investment in low carbon technologies and minimizing • GHG inventory assessment (Scope 1, 2 • Reporting to international dire

57. Slide 57: ESG – Setting the Pace for Net Zero Carbon Emissions

    57 ESG – Setting the Pace for Net Zero Carbon Emissions ASCU is actively exploring use of renewable energy for its operations with the goal of becoming a “Net Zero Carbon Emissions” copper producer Ability to also reduce carbon footprint by Arizona Public Service’s transition to renewable resources

58. Slide 58: Copper Consensus Forecast

    58 Copper Consensus Forecast Copper (US$/lb) Date Firm 2024 2025 2026 2027 LT 27-Jul-24 BofA $4.32 - - - $3.86 25-Jul-24 Morgan Stanley $4.48 - - - - 23-Jul-24 Canaccord $4.40 $5.00 $5.50 $5.50 $4.50 22-Jul-24 Raymond James $4.19 $4.25 - - - 22-Jul-24 BMO $4.13 $4.08 $4.20 $4.42 $4.16 2024 2025 2026

59. Slide 59: Parks/Salyer Open Pit

    59 Parks/Salyer Open Pit Parks/Salyer PH-1 and PH-2 Completed Parks/Salyer PH-3 and PH-4 Completed Parks/Salyer PH-5 and PH-6 Completed Parks/Salyer PH-7 Completed ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

60. Slide 60: Cactus West Open Pit

    60 Cactus West Open Pit Cactus West PH-1, PH-2 and PH3 Completed ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

61. Slide 61: Cactus Project Mineral Resource Estimate

    61 Cactus Project Mineral Resource Estimate Material Tons Grade Grade Contained Contained Type kt CuT % Cu Tsol % Total Cu (k lbs) Cu Tsol (k lbs) Measured Total Leachable 55,200 0.94 0.79 1,032,200 873,800 Total Primary 12,300 0.51 0.05 124,400 13,400 Total Measured 67,500 0.86 0.66 1,156,500 887,2

62. Slide 62: Notes to the Mineral Resource Estimate

    62 Notes to the Mineral Resource Estimate NOTES: 1. Total soluble copper grades (Cu TSol) are reported using sequential assaying to calculate the soluble copper grade. Tons are reported as short tons. 2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus mineral resource

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