Arizona Sonoran Copper Co., Inc.
Arizona Sonoran Copper — Investor Presentation (February 2026)
46 slides from Arizona Sonoran Copper's investor presentation, February 2026
Slide 1: Advancing Cactus, a Long-Life, Low-Cost Copper Project in Arizona
ASCU:TSX ASCUF:OTCQX Advancing Cactus, a Long-Life, Low- Cost Copper Project in Arizona Invest in Sustainability | February 2026
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: Arizona Sonoran Investment Highlights
4 Arizona Sonoran Investment Highlights Low-risk development Past producing copper mine, with 22-year project mine life in Arizona Tier 1 location - ARIZONA Focus on Simplicity Strong social license and Conventional Mining Methods and Heap Leaching known State-led permitting process Compelling econo
Slide 5: Tight Capital Structure & Quality Ownership
5 Tight Capital Structure & Quality Ownership CAPITAL STRUCTURE OWNERSHIP 9.9% Hudbay Market Capitalization C$1.4 B 21% 5% Nuton Shares Outstanding (M) 208.7 Institutional Options (M) 7.8 Management 3% RSU’s (M)(1) 1.0 Float DSU’s (M) 0.7 Index Inclusions: S&P/TSX Small Cap Fully Diluted Share Capit
Slide 6: Efficient Open Pit Development at the Cactus Project
6 Efficient Open Pit Development at the Cactus Project 100% Owned Cactus Project on Private Land in Casa Grande, AZ Water Power Roads / Adjacent to Social Cactus West •Onsite •Opportunity to Railroad the Industrial Support for area the Project and East permitted use 100% •Easy access water access cl
Slide 7: Cactus PFS: Conventional Technology, Focusing on Simplicity and Execution
7 Cactus PFS: Conventional Technology, Focusing on Simplicity and Execution Surface Mine, Heap Leach and SX/EW 513 million tons 0.52% CuT 5.3 billion pounds Industry Leading Capital Intensity LoM Material Mined LoM Grade Mineral Reserve Estimate $10,894 per tonne* Capital Intensity 75% 3,988 million
Slide 8: Cactus PFS: Low Execution Risk and Strong Economics
8 Cactus PFS: Low Execution Risk and Strong Economics $4.25/lb $6.00/lb NPV8% after-tax $2,301 M $4,711 M Cactus IRR after-tax 22.8% 35.9% West Deposit Payback Period 5.3 yrs 3.8 yrs Initial CAPEX* $977 M $977 M Parks/Salyer Deposit LOM FCF* $7,162 M $12,479 M Copper Cathodes Recovered over 22 year
Slide 9: Optimized Mine Plan to Deliver Consistent Production and Cash Flows
9 Optimized Mine Plan to Deliver 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 millio
Slide 10: Compelling Copper Price Sensitivities and Leverage to Copper Price
10 Compelling Copper Price Sensitivities and Leverage to Copper Price Each 10% increase to the Copper Price, increases NPV after-tax by ~$600 million Project Metrics COPPER PRICE BASE CASE COMEX 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,
Slide 11: Leading Profitability Index at the Cactus Project
11 Leading Profitability Index at the Cactus Project Capex, NPV and Annual Production $3,000 150,000 Annual Production (Cu tonnes) Top 10 Copper Developers – North America PFS $2,500 Yrs 1-10 +50ktpa Developers In Millions of US$ $2,000 100,000 $1,500 NPV (after-tax) $1,000 50,000 Initial Capital Ex
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: Disciplined Financing Strategy to Minimize Cost of Capital
13 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 ~15 financial groups: Favourable economics • Commercial banks supportive of initial capital debt financing: • Traditional project
Slide 14: High Margin Copper Project at $4.25/lb Copper
14 High Margin Copper Project at $4.25/lb Copper Annual Revenue, EBITDA and Free Cash Flow Profile $16.9 billion $1,500 LoM Revenue $1,000 $840 million US$ (in millions) $783 $662 $694 $755 $580 $619 $591 $649 $543 $500 $429 $494 Average Annual Revenue $293 $239 $282 $259 $190 $202 $181 $86 $0 $12 -
Slide 15: Supportive Social License and Known State-led Permitting Process
15 Supportive Social License and Known State-led Permitting Process Permits Casa Grande and Maricopa Counties • Received Dust Permit from Pinal County in January 2026 Social Licence • Permit amendments to include Parks/Salyer; the 2021 PEA is fully Somewhat Support permitted (Stockpile, CW, CE) (air
Slide 16: Fully-funded to Deliver Major Catalysts in 2026
16 Fully-funded to Deliver Major Catalysts in 2026 2026 Workstreams US$105M cash balance – US$75M Budget Activity Q1 2026 Q2 2026 Q3 2026 Q4 2026 Early Development Activities APS Engineering Geological and Geotechnical Infill to Measured Geotechnical / Hydrological Condemnation Operational Readiness
Slide 17: Clear Next Steps at the Cactus Project
17 CLEAR NEXT STEPS AT THE CACTUS PROJECT Path to Near Term Construction Decision and Onsite Cathode Production 2027- 2024 2025 2026 2028 Early Development 2029 Buy-down Royalties 24 month MRE Update Activities construction* First Cathode Appoint H&P Debt Project 2024 PEA Finalize Permits Production
Slide 18: ASCU Value: +256% Year-over-Year
ASCU Value: +256% Year-over-Year 18 Momentum and Accumulation Building as ASCU advances the Cactus Project $8.00 5,000 THOUSANDS HBM/Nuton $21.6M PP Closes ($1.68/share) C$86.3M PP 2026 Work 4,500 $7.00 Financing Closed Jan 31, 2025 Plan C$51.75 M (2.00/sh) Dec 2 Dust Jan 14 4,000 Bought Deal Closes
Slide 19: Few Quality Developers Filling the Copper Supply Gap
19 Few Quality Developers Filling the Copper Supply Gap Consensus P/NAV & Estimated Start Date Ratio | Estimated Production Date ~0.13x Gap to Average PFS Valuation ~0.20x Gap to Average FS Valuation Construction FS PFS PEA / Resource 2026 2030 2028 2030 2034 2028 2032 2029 2027 n.a. n.a. n.a. 2030
Slide 20: Arizona Sonoran Valuation Waterfall
20 Arizona Sonoran Valuation Waterfall Valuation Waterfall – Base Case $4.25/lb Cu 2,500 2,000 $2 million US$ Millions US$2,301 million 1,500 ~US$1.5 billion gap 1,000 500 US$850 million 0 Cactus NPV (after-tax 8%) Net Debt Market Capitalization Valuation Waterfall – Comex Pricing - $6.00/lb Cu 5,00
Slide 21: Benchmarking ASCU Relative to Americas Copper Development Projects
21 Benchmarking ASCU Relative to Americas Copper Development Projects Arizona Developers Americas Developers Other Arizona Projects Market Capitalization (US$M)(1) $887 $2,839 $607 $1,121 $1,026 $718 $500 $9,213 $2,704 P/NAV Multiple(2) 0.5x 1.1x 0.8x 0.7x 1.1x 0.4x 0.5x 1.4x 1.1x Cactus Santa Cruz
Slide 22: Clear Path to Final Investment Decision as early as Q4 26
22 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 23: Contact
Alison Dwoskin, CPIR George Ogilvie, P.Eng Vice President, 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 24: Appendix
Appendix
Slide 25: Parks/Salyer – Heap Leach and SXEW Processing of Copper Cathodes
25 Parks/Salyer – Heap Leach and SXEW Processing of Copper Cathodes PARKS/SALYER MINERAL RESERVES Conventional mining and premium copper grades Grade Grade Contained Contained Contained Contained Material Tons Cu Total Cu • Greenfield open pit Type kt CuT Tsol Total Cu Cu Tsol Short Total Cu % (k lb
Slide 26: Cactus Layback - Heap Leach and SXEW Processing of Copper Cathodes
26 Cactus Layback - Heap Leach and SXEW Processing of Copper Cathodes CACTUS WEST MINERAL RESERVES Conventional Mining Grade Grade Contained Contained Contained Contained Material Tons Cu Total Cu • Brownfield, open pit layback Type kt CuT Tsol Total Cu Cu Tsol Short Total Cu % (k lbs) (k lbs) Tonne
Slide 27: Exploration Upside in the Casa Grande District
27 Exploration Upside in the Casa Grande District A A’ Cactus Property W. Maricopa- Santa Cruz Casa Grande Gap Zone Hwy (approx.) A’ Exploration Opportunity A For further details on the Project, refer to the 2025 PFS Technical Report available on the Company’s website and on www.sedarplus.ca. See al
Slide 28: Key PFS Advancements
28 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 29: Three Sophisticated Large Cap Corporate Endorsements
29 Three Sophisticated Large Cap Corporate Endorsements 2025 2025 2022 9.9% ownership Existing NSR purchase 6.0% ownership • Purchased for a 15% premium to • 2.5% NSR for US$55 million • Innovation venture of leading the 5-day VWAP • Subsequent ASCU buy down of global mining company • Observer on th
Slide 30: Arizona Produces 70% of Copper Needs in the USA
30 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 31: Compelling Free Cash Flow Generation and Annual EBITDA Margins
31 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 32: Benchmarking: Junior Copper M&I and Grade vs. EV/lb
32 Benchmarking: Junior Copper M&I and Grade vs. EV/lb M&I Copper Equivalent Mineral Resources, Millions of Tonnes and Grade 0.60% 0.51% 0.40% 0.50% 0.46% 0.54% 0.51% 0.42% 0.48% 0.60% 0.51% 0.80% 0.62% 1.00% 0.50% 5.39% 0.56% 2.40% 0.40% 1.53% 22.6 12.3 10.0 7.2 7.1 6.5 5.9 5.1 5.0 4.8 4.6 3.5 3.4
Slide 33: Copper Producer Benchmarking (Enterprise Value and Production)
33 Copper Producer Benchmarking (Enterprise Value and Production)(1) Rerate opportunity as Cactus advances to targeted cathode production in 2029 600 $10,000 2025 PFS $9,245 $9,205 $9,000 180 $8,000 Annual Production(1) (Mlbs CuEq) 150 Enterprise Value (US$M) $7,000 $6,050 $6,000 120 $5,000 90 $4,00
Slide 34: Leading Capital Intensity – Greater Value for Capital Deployed
34 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 35: Mining-Savvy Management Team with Track Record of Execution
35 Mining-Savvy Management Team with Track Record of Execution George Ogilvie, P.Eng. Bernie Loyer Nick Nikolakakis, BASc, MBA PRESIDENT, CEO & DIRECTOR SENIOR VICE PRESIDENT, Projects VP FINANCE AND CFO +35 years of management, operating and technical +40 years building and delivering large scale m
Slide 36: Experienced Board of Directors
36 Experienced Board of Directors David Laing, B.Sc. Eng George Ogilvie, P.Eng. Isabella Bertani, FCPA, FCA CHAIR OF THE BOARD OF DIRECTORS PRESIDENT, CEO & DIRECTOR DIRECTOR +40 years experience in the mining industry with roles across +30 years of management, operating and technical experience in
Slide 37: Average Annual Revenues of an estimated $962 million over first 10 years
37 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 38: ASCU is poised to be a low-cost copper producer
38 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 39: Strategic Capital Deployment for Strong Copper Returns
39 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 40: Cathodes Produced Onsite and Ready for End User
40 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 41: Simple and Efficient General Plan Arrangement on 7,348 Acres
41 Simple and Efficient General Plan Arrangement on 7,348 Acres For further details on the Cactus Project, refer to the 2025 PFS Technical Report available on the Company’s website and on www.sedarplus.ca. ASCU:TSX | ASCUF:OTCQX ARIZONASONORAN.COM 41 See also the Cautionary Statements on Slide 3 and
Slide 42: ESG – Setting the Pace for Net Zero Carbon Emissions
42 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
Slide 43: 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 Prod
Slide 44: Cactus Project Mineral Reserve Estimate
44 Cactus Project Mineral Reserve Estimate NOTES to Mineral Reserve Estimate 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 esti
Slide 45: Cactus Project Mineral Resource Estimate
45 Cactus Project Mineral Resource Estimate NOTES to Mineral Resource Estimate table: Contained Contained 1.Mineral Resources are inclusive of Mineral Reserves Material Tons Grade Grade Total Cu (k Cu Tsol (k 2.Total soluble copper grades (Cu TSol) are reported using sequential assaying to calculate
Slide 46: Technical Notes
46 Technical Notes Cactus Project For more information on the Cactus Project, including the 2025 Pre-feasibility Study (the “PFS”) and Mineral Resource Estimates (or MRE) and Mineral Reserve Estimates (collectively, “MRMRE”) referenced in this presentation, refer to the NI 43-101 technical report en
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