Arizona Sonoran Copper Co., Inc.
Arizona Sonoran Copper — Technical Presentation (October 2025)
55 slides from Arizona Sonoran Copper's technical presentation, Oct 20, 2025
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
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
Slide 3: Cautionary Statements: Forward-Looking 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
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 $
Slide 5: Participants Today's Call
5 Participants Today’s Call 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 North American executive mining fin
Slide 6: Arizona Produces 70% of Copper Needs in the USA
6 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
Slide 7: Compelling PFS Economics
Compelling PFS Economics Industry leading Capital Intensity
Slide 8: Optimized Open Pits, Low Execution Risk and Strong NPV
8 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
Slide 9: Conventional Technology: Surface Mine, Heap Leach and SX/EW
9 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
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
Slide 11: Key PFS Advancements
11 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
Slide 12: Cactus Would Rank as Third Largest Cathode Producer in the USA
12 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
Slide 13: High Margin Copper Project
13 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
Slide 14: Compelling Free Cash Flow Generation and Annual EBITDA Margins
14 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
Slide 15: Average Annual Revenues of an estimated $962 million over first 10 years
15 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
Slide 16: Production Profile: Tons and Costs
16 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 $1.72
Slide 17: ASCU is poised to be a low-cost copper producer
17 ASCU is poised to be a low-cost copper producer LoM OPERATING AND PRODUCTION COST ESTIMATES LoM (US$) 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,
Slide 18: Strategic Capital Deployment for Strong Copper Returns
18 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
Slide 19: Cactus Presents a Low Cost and High Return NPV/Capex Ratio
19 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
Slide 20: Leading Capital Intensity – Greater Value for Capital Deployed
20 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
Slide 21: Leverage to the Copper Price
Leverage to the Copper Price PFS: Superior Returns at a Variety of Copper Prices
Slide 22: Compelling Copper Price Sensitivities and Leverage to Copper Price
22 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 2,3
Slide 23: Open Pit Cactus Project Highlights
Open Pit Cactus Project Highlights PFS Optimized Mine Plan
Slide 24: Simple and Efficient General Plan Arrangement on 7,348 Acres
24 Simple and Efficient General Plan Arrangement on 7,348 Acres ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM 24
Slide 25: Strategically Located with No Offsite Infrastructure Requirements
25 Strategically Located with No Offsite Infrastructure Requirements Commercial Operation from 1974-1984 – Available in Place and Nearby Infrastructure Site Requirements Current and Available Infrastructure • Truck shop with integrated mine engineering offices, fuel stations • Onsite administration
Slide 26: Cathodes Produced Onsite and Ready for End User
26 Cathodes Produced Onsite and Ready for End User Simplified and Optimized Flow Sheet SIMPLE HEAP LEACH PROCESS: • Truck and shovel • Truck placement (years 1-3) • Conventional stacking (years 4-20) • Two-stage crushing and screening of all material types with crushing size of minus ¾” P80 size for
Slide 27: 65% Conversion of Leachable M&I Mineral Resources into Mineral Reserves
27 65% Conversion of Leachable M&I Mineral Resources into Mineral Reserves MINERAL RESOURCES Grade Contained Contained Contained Contained Material Tons Grade Cu Tsol Total Cu (k Cu Tsol (k Total Cu Total Cu Type kt CuT % % lbs) lbs) Short Tons Tonnes Ore Feed Grades have Total M&I 1,142,800 0.48 0.
Slide 28: Parks/Salyer Pit - Conventional open pit mining
28 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
Slide 29: Cactus Pit Layback - Conventional Open Pit Mining
29 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
Slide 30: Optimization from Successful Testing Programs
30 Optimization from Successful Testing Programs METALLURGY WATER USAGE • Metallurgical testwork used for the PFS • Benefit from closed water system to recycle all shows good metallurgical recoveries from all water used deposits with no deleterious elements • Increased water flow to 3,300 ac ft/yr,
Slide 31: Next Steps
Next Steps
Slide 32: Clear Next Steps at the Cactus Project
32 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
Slide 33: Known Permitting Process and Supportive Social License
33 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
Slide 34: Disciplined Financing Strategy to Minimize Cost of Capital
34 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
Slide 35: Future Opportunities
Future Opportunities
Slide 36: Future Opportunities
36 Future Opportunities • Mine Expansion • Exploration opportunities at Cactus West, Cactus East, Northeast Extension and Gap Zone • North, Southwest and beneath the Cactus West pit between Cactus East and Cactus West • Options for Cactus East development • Options for late stage LoM primary sulphid
Slide 37: Exploration Upside in the Casa Grande District
37 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
Slide 38: Valuation Metrics
Valuation Metrics
Slide 39: Benchmarking ASCU Relative to Americas Copper Development Projects
39 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
Slide 40: Capital Structure & Ownership
40 Capital Structure & Ownership CAPITAL STRUCTURE OWNERSHIP 9.9% Hudbay Market Capitalization C$560M 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 Sai
Slide 41: Clear Path to Final Investment Decision as early as Q4 26
41 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
Slide 42: Questions
Questions
Slide 43: Contact: Investor Relations and CEO
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
Slide 44: Appendix
Appendix
Slide 45: Copper Cathode Production Contributes to the Onshore Supply Gap
45 Copper Cathode Production Contributes to the Onshore Supply Gap BENEFITS OF CATHODE PRODUCTION VIA HEAP LEACH INCLUDE - LME Grade A Cathodes produced locally Cactus is one of five development - For sale directly into the domestic market projects in the USA currently - Lower capital intensity rela
Slide 46: Momentum and Accumulation as Cactus Advances from PEA to PFS
ASCU Value: +121% YoY +135% YTD 46 Momentum and Accumulation as Cactus Advances from PEA to PFS $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 Financial Advisor $2.50 9.9% HBM SHARE
Slide 47: Benchmarking: Junior Copper M&I and Grade vs. EV/lb
47 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
Slide 48: Copper Producer Benchmarking (Enterprise Value and Production)
48 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 $0 0 Capstone Copper Hudbay Minerals Sandfir
Slide 49: Lower Capital Intensity Provides a Lower Risk Path to Copper Production
49 Lower Capital Intensity Provides a Lower Risk Path to Copper Production Peer Benchmarking – Capital Intensity (Based on Average Annual Copper Equivalent Production)(1) Capital Intensity (US$/t) | Bubble Size Based on Annual Production Milling Avg. Annual Capital Intensity: $15,410/t SX/EW Avg. An
Slide 50: Cactus Presents a Low Cost – High Return Copper NPV/Capex Ratio
50 Cactus Presents a Low Cost – High Return Copper NPV/Capex Ratio Peer Benchmarking – After-Tax NPV8% / Initial Capex Ratio | Initial Capex (US$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 L
Slide 51: Efficient Open Pit Development at the Cactus Project
51 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
Slide 52: Key Builders in Place for Continued Development of Cactus
52 Key Builders in Place for Continued Development of Cactus Projects Engineering Permitting Geology • Bernie Loyer, • Steve Dixon, • Travis Snider, • Chris White, SVP Projects Chief VP Manager • Alan Metallurgist Sustainability Geology Hernandez, • Victor Moraila, and External • Anthony Bottrill, P
Slide 53: Cactus Project Mineral Reserve Estimate
53 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
Slide 54: Cactus Project Mineral Resource Estimate
54 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
Slide 55: Technical Notes
55 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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