Arizona Sonoran Copper Co., Inc.

Arizona Sonoran Copper — Investor Presentation (October 2025)

44 slides from Arizona Sonoran Copper's investor presentation, Oct 20, 2025

  1. Slide 1: Advancing Cactus, a Long-Life, Low-Cost Copper Project in Arizona

    ASCU:TSX ASCUF:OTCQX Cactus Project Pre-feasibility Study Advancing Cactus, a Long-Life, Low- Cost Copper Project in Arizona Invest in Sustainability | October 2025

  2. Slide 2: Cautionary Statements

    2 Cautionary Statements Non- Financial Measures: This presentation contains certain non-IFRS financial measures, including Capex, sustaining capital/capex, sustaining costs, EBITDA, C1 cash costs, free cash flow, AISC and AIC. The Company believes that these measures, together with measures determin

  3. Slide 3: Cautionary Statements

    3 Cautionary Statements Forward-Looking Statements This presentation (including any accompanying commentary from the presenter) contains “forward-looking statements” and/or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislat

  4. Slide 4: Developing a Meaningful Arizona-based Low Risk Cathode Supplier to the USA

    4 Developing a Meaningful Arizona-based Low Risk Cathode Supplier to the USA Compelling economics include Leverage to rising copper prices Focus on Simplicity industry leading capital intensity Conventional Mining Methods $2.3 bn NPV8%; 22.8% IRR and Heap Leaching Base case @ $4.25 (after-tax) and $

  5. Slide 5: Capital Structure & Ownership

    5 Capital Structure & Ownership CAPITAL STRUCTURE OWNERSHIP 9.9% Hudbay Market Capitalization C$540M 21% 6% Nuton Shares Outstanding (M) 179.7 Institutional Options (M) 7.9 Management 4% RSU’s (M)(1) 1.0 Float DSU’s (M) 0.7 Fully Diluted Share Capital (M) 189.4 Including: Cash US$58M 59% Fourth Sail

  6. Slide 6: Optimized Open Pits, Low Execution Risk and Strong NPV

    6 Optimized Open Pits, Low Execution Risk and Strong NPV $4.25/lb COMEX - $5.00/lb NPV8% $2,301 M $3,343 M 22.8% 28.7% 2 open pits IRR Payback Period 5.3 yrs 4.5 yrs Initial CAPEX* $977 M $977 M 20 years mining LOM FCF* $7,162 M $9,451 M 22 years operational Copper Cathodes Recovered Annual and Cumu

  7. Slide 7: Conventional Technology: Surface Mine, Heap Leach and SX/EW

    7 Conventional Technology: Surface Mine, Heap Leach and SX/EW Focus on simplicity and execution 513 million tons 0.52% CuT 3.3:1 Industry Leading Capital Intensity LoM Material Mined LoM Grade Strip Ratio $10,894 per tonne* Capital Intensity 75% 3,988 million pounds 22 years $11,805 million Total Co

  8. Slide 8: Cactus: Leading North American Copper Developer

    8 Cactus: Leading North American Copper Developer Capex, NPV and Annual Production Canada and USA Top 10 (Project NPV on +50ktpa Developers) $3,500 150,000 Cactus Project Capital Intensity $3,000 PFS Yrs 1-10 $10,894/tonne Annual Production (Cu tonnes) $2,500 100,000 In Millions of US$ $2,000 $1,500

  9. Slide 9: Compelling Copper Price Sensitivities and Leverage to Copper Price

    9 Compelling Copper Price Sensitivities and Leverage to Copper Price Each 10% increase to the Copper Price, increases NPV after-tax by ~$600 million Project Metric COPPER PRICE BASE COMEX CASE PRICE $3.75/lb $4.00/lb $4.25/lb $4.50/lb $5.00/lb $5.50/lb $6.00/lb $7.00/lb NPV8% Pre-Tax $ millions 2,36

  10. Slide 10: Optimized Mine Plan Delivers Consistent Production and Cash Flows

    10 Optimized Mine Plan Delivers Consistent Production and Cash Flows Execution plan of the oxides and enriched ores resulting in higher quality ore up front and consistent recoveries and free cash flows over the life of mine Cactus PFS Project Production Schedule PFS Production Profile • 513 million

  11. Slide 11: High Margin Copper Project

    11 High Margin Copper Project Annual Revenue, EBITDA and Free Cash Flow Profile $1,500 $840 million $1,000 Average Annual Revenue $662 $694 $755 $783 $16.9 billion $649 $580 $619 $591 $543 LoM Revenue US$ (in millions) $500 $494 $429 $293 $239 $282 $259 $7.2 billion (after tax) $190 $202 $181 $86 Lo

  12. Slide 12: Parks/Salyer Pit - Conventional open pit mining

    12 Parks/Salyer Pit - Conventional open pit mining MINERAL RESERVES Grade Contained Conventional Open Pit Mining Material Tons Grade Cu Contained Contained Total Cu Contained CuT Total Cu Cu Tsol Total Cu • A total of 373.8 million tons of ore feed reporting Type kt % Tsol (k lbs) (k lbs) Short Tonn

  13. Slide 13: Cactus Pit Layback - Conventional Open Pit Mining

    13 Cactus Pit Layback - Conventional Open Pit Mining MINERAL RESERVES Grade Contained Grade Contained Contained Contained Material Tons Cu Total Cu Conventional Open Pit Mining Type kt CuT Tsol Total Cu Cu Tsol Short Total Cu % (k lbs) (k lbs) Tonnes • A total of 139.1 million tons of ore feed repor

  14. Slide 14: Cactus Would Rank as Third Largest Cathode Producer in the USA

    14 Cactus Would Rank as Third Largest Cathode Producer in the USA Mine County and State Owner Operation Processing Freeport (72%) 1 Morenci Greenlee, AZ Open Pit SX/EW & Conc Sumitomo (28%) Bingham 2 Salt Lake, UT Rio Tinto Open Pit Concentrator Canyon 3 Safford Graham, AZ Freeport-McMoRan Open Pit

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

    15 CLEAR NEXT STEPS AT THE CACTUS PROJECT Path to Near Term Construction Decision and Onsite Cathode Production 2027- 2024 2025 2026 2028 2029 Buy-down Royalties 2026 Definitive 24 month MRE Update First Cathode Appoint H&P Debt Project Feasibility Study construction* 2024 PEA Production Financial A

  16. Slide 16: Known Permitting Process and Supportive Social License

    16 Known Permitting Process and Supportive Social License Permits Casa Grande and Maricopa Counties Social Licence • 2021 PEA fully permitted (Stockpile, CW, CE) Somewhat Support • Permit applications to include Parks/Salyer Don't Know, Refused 87% Support • Amendments anticipated by H2 2026 Somewha

  17. Slide 17: Disciplined Financing Strategy to Minimize Cost of Capital

    17 Disciplined Financing Strategy to Minimize Cost of Capital PFS economics provide strong platform for project financing based on DFS in 2H 2026 Currently engaging with Favourable economics supportive approximately 15 financial groups: of initial capital debt financing: • Commercial banks • Industr

  18. Slide 18: Benchmarking ASCU Relative to Americas Copper Development Projects

    18 Benchmarking ASCU Relative to Americas Copper Development Projects Arizona Developers Americas Developers Other Arizona Projects Market Capitalization (US$M)(1) $449 $2,541 $382 $1,898 $1,120 $492 $6,878 $1,439 P/NAV Multiple(2) 0.4x 1.1x 0.7x 2.7x 0.8x 0.5x 1.3x 1.0x Cactus Santa Cruz Copper Cre

  19. Slide 19: ASCU Value: Momentum and Accumulation Building

    ASCU Value: +115% YoY +142% YTD 19 Momentum and Accumulation Building as ASCU advances the Cactus Project PFS Issued Oct 20 $4.00 5,000 THOUSANDS C$51.75 M (2.00/sh) 4,500 $3.50 Bought Deal Closes Jun 20 4,000 RGLD buys Existing $3.00 2.5% NSR For US$55M Appoint Debt Project 3,500 Feb 13 9.9% HBM Fi

  20. Slide 20: Clear Path to Final Investment Decision as early as Q4 26

    20 Clear Path to Final Investment Decision as early as Q4 2026 VALUE QUALITY • Average annual production of LOW RISK 103,000 tonnes over first 10 Large Copper Porphyry Project years, would make Cactus the Brownfield (Low Capital) Management third largest copper cathode Open Pit Tier 1 Location produ

  21. Slide 21: Investor Relations and CEO 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

  22. Slide 22: Appendix

    Appendix

  23. Slide 23: Exploration Upside in the Casa Grande District

    23 Exploration Upside in the Casa Grande District A A’ Cactus Property W. Maricopa- Santa Cruz Casa Grande Gap Zone Hwy (approx.) A’ Exploration Opportunity For more information on the current MRE for the Cactus Project (including related technical notes), A refer to the Company’s Annual Information

  24. Slide 24: Key PFS Advancements

    24 Key PFS Advancements Operations: • Streamlined mine plan leaches oxides and enriched ore from Parks/Salyer and Cactus West open pits, reducing estimated LOM but improving overall ore grade reporting to the processing circuit and simplifying the execution of the project • Primary Sulphides and Cac

  25. Slide 25: Three Sophisticated Large Cap Corporate Endorsements

    25 Three Sophisticated Large Cap Corporate Endorsements 2025 2025 2022 9.9% ownership Existing NSR purchase 6.0% ownership and Option • Purchased for a 15% premium to • 2.5% NSR for US$55 million to Joint Venture the 5-day VWAP • Subsequent ASCU buy down of • Observer on the Technical • Observer on

  26. Slide 26: Efficient Open Pit Development at the Cactus Project

    26 Efficient Open Pit Development at the Cactus Project 100% Owned Cactus Project on Private Land in Casa Grande, Arizona Water Power Roads / Adjacent to the Social Support • Onsite • Opportunity to Railroad Industrial area for the Project permitted use 100% • Easy access • Access to • Positive wate

  27. Slide 27: Arizona Produces 70% of Copper Needs in the USA

    27 Arizona Produces 70% of Copper Needs in the USA Access road from the State hwy to Cactus Union Pacific Railroad parallel to the highway ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM

  28. Slide 28: Compelling Free Cash Flow Generation and Annual EBITDA Margins

    28 Compelling Free Cash Flow Generation and Annual EBITDA Margins Optimized Mine Plan and Cash Flows in PFS Focus on Leachable Ores with no effect to LOM Free Cash Flow Free Cash Flow 2025 PFS and Cumulative FCF to 2024 PFS $1,000,000 $10,000 US$ millions Cumulative $8,000 US$ (000’s) $500,000 $6,00

  29. Slide 29: Benchmarking: Junior Copper M&I and Grade vs. EV/lb

    29 Benchmarking: Junior Copper M&I and Grade vs. EV/lb M&I Copper Equivalent Mineral Resources, Millions of Tonnes and Grade 0.58% 0.38% 0.46% 0.48% 0.53% 0.49% 0.41% 0.48% 0.59% 0.50% 0.63% 0.75% 0.99% 0.50% 5.30% 0.54% 2.36% 0.40% 1.53% 21.5 9.4 7.0 6.9 6.4 5.7 5.1 5.0 4.7 4.5 3.4 3.2 3.2 2.1 1.9

  30. Slide 30: Few Developers Filling the Copper Supply Gap

    30 Few Developers Filling the Copper Supply Gap Peer Benchmarking – Consensus P/NAV & Estimated Start Date Ratio | Estimated Production Date Construction FS PFS PEA / Resource 2030 2028 2026 2028 2034 2030 n.a. 2027 2030 2029 2032 n.a. n.a. 2030 2029 2.7x 1.1x Construction P/NAV Avg.: 0.87x 0.9x FS

  31. Slide 31: Copper Producer Benchmarking (Enterprise Value and Production)

    31 Copper Producer Benchmarking (Enterprise Value and Production)(1) 600 $9,000 2025 PFS $8,374 $8,000 180 $6,920 Annual Production(1) (Mlbs CuEq) $7,000 150 $6,000 120 EV (US$M) $5,000 $4,807 $4,000 90 $3,075 $3,000 60 $1,954 $2,000 $1,216 30 $1,000 $494 $0 0 Capstone Copper Hudbay Minerals Sandfir

  32. Slide 32: Cactus Presents a Low Cost and High Return NPV/Capex Ratio

    32 Cactus Presents a Low Cost and High Return NPV/Capex Ratio Peer Benchmarking – After-Tax NPV8% / Initial Capex Ratio | Initial Capex (US$M) | Bubble Size Based on Annual Production Milling SX/EW SX/EW & Milling 3.0x Cactus ASCU 2.5x North Island North Isle 2.0x Cascabel Vizcachitas SolGold Los An

  33. Slide 33: Leading Capital Intensity – Greater Value for Capital Deployed

    33 Leading Capital Intensity – Greater Value for Capital Deployed 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 Milling SX/EW SX/EW & Milling $25,000 Santo Do

  34. Slide 34: Mining-Savvy Management Team with Track Record of Execution

    34 Mining-Savvy Management Team with Track Record of Execution George Ogilvie, P.Eng. Bernie Loyer Nick Nikolakakis, BASc, MBA PRESIDENT, CEO & DIRECTOR SVP Projects VP FINANCE AND CFO +35 years of management, operating and technical +40 years building and delivering large scale mining +30 years of

  35. Slide 35: Average Annual Revenues of an estimated $962 million over first 10 years

    35 Average Annual Revenues of an estimated $962 million over first 10 years TABLE 4: LoM OPERATING COST AND CASH FLOW ESTIMATES ACTIVITY US$ (millions) US$ /ton Processed LOM REVENUE 16,948 - Mining Cost Breakdown Mining 3,518 6.86 Drilling and Blasting 7% Process Plant 1,297 2.53 Operating Cost Est

  36. Slide 36: Production Profile: Tons and Costs

    36 Production Profile: Tons and Costs Average C1 Cost $1.34/lb Average AISC $1.62/lb Production Profile 160 $10.00 $9.17 $9.00 140 $8.00 Recovered Copper Tons (000’s) 120 $7.00 100 Costs (US$/lb) $6.00 $5.40 80 $5.00 $4.00 60 $3.00 40 $2.60 $2.15 $1.91 $2.00 $1.45 $1.44 $1.41 $1.54 $1.58 $1.73 $1.72

  37. Slide 37: 2nd Quartile Costs amongst global mining peers

    37 ASCU is poised to be a low-cost copper producer LoM OPERATING AND PRODUCTION COST ESTIMATES LoM (US$) Cost Elements Total Cost ($M) $ / ton Processed $ / lb Copper $ / ton Mined 2nd Quartile Costs amongst Mine Operating Cost 3,518 6.86 0.88 1.59 global mining peers Process Plant Operating Cost 1,

  38. Slide 38: Strategic Capital Deployment for Strong Copper Returns

    38 Strategic Capital Deployment for Strong Copper Returns Initial Capex driven by expanded tank house capacity, site reconfiguration, and increased haulage capacity Sustaining Capex driven by heap leach pads, land payments and SXEW plant expansion TABLE 5: CAPITAL COST ESTIMATES Initial Capital Brea

  39. Slide 39: Simple and Efficient General Plan Arrangement on 7,348 Acres

    39 Simple and Efficient General Plan Arrangement on 7,348 Acres ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM 39

  40. Slide 40: ESG – Setting the Pace for Net Zero Carbon Emissions

    40 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

  41. Slide 41: Reactivating a Brownfields Property Using New Technologies

    24 Reactivating a Brownfields Property Using New Technologies ASARCO Sacaton ARIZONA SONORAN COPPER COMPANY Production of primary sulphides using US$20M Remediation Heap leach and SXEW operation considered flotation mill Complete 2019 2019- Next 1964 1974 1984 2023 2024 2025 2022 Steps Sacaton Produ

  42. Slide 42: Cactus Project Mineral Reserve Estimate

    42 Cactus Project Mineral Reserve Estimate Notes to accompany Reserves table: Grade Grade Contained Contained Contained Contained 1. Mineral Reserves have an effective date of September 17, 2025. The Qualified Material Tons CuT Cu Total Cu Cu Tsol Total Cu Total Cu Person for the open pit estimates

  43. Slide 43: Cactus Project Mineral Resource Estimate

    43 Cactus Project Mineral Resource Estimate The PFS supersedes all former technical studies and prior MREs in their entirety and such former studies Contained Contained and prior estimates are not, and should not be considered, current or relied upon. Material Tons Grade Grade Total Cu (k Cu Tsol (k

  44. Slide 44: Technical Notes

    44 Technical Notes Quality Assurance and Quality Control Procedures Skyline Labs is accredited in accordance with the recognized International Standard ISO/IEC 17025:2005. Their quality management system has been certified as conforming to the requirements defined in the International Standard ISO 9

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