Culico Metals Inc. · TSXV:CLCO
Culico Metals — Merger or Acquisition (September 2026)
23 slides from Culico Metals's merger presentation, Sep 9, 2026
Slide 1: Merger with Kharrouba Copper Company Inc. ("KCC")
Merger with Kharrouba Copper Company Inc. (“KCC”) Building one of the world’s highest grade copper companies September 9, 2026
Slide 2: Disclaimers & Warnings
Disclaimers & Warnings General This presentation has been prepared by Culico Metals Inc. (“Culico” or the “Corporation”) solely for informational purposes in connection with a proposed merger transaction (the "Proposed Transaction") between the Corporation and Kharrouba Copper Company Inc. (“KCC”).
Slide 3: Presenters
Presenters Paul Andre Huet Culico CEO & Director Scott Hand KCC Founder and Executive Chairman Chad Peters Culico Technical Advisor 3
Slide 4: Transaction Highlights
Transaction Highlights ✓ Potential to delineate one of the highest-grade copper deposits in the world with district scale High-grade Cu ✓ Historical drilling has intersected copper-rich veins grading from 15% to 25% Cu over core lengths opportunity at Koudiat El ranging from 3 to 5 metres(1) Harcha
Slide 5: Transaction Highlights (continued)
Transaction Highlights (continued) ✓ Strong board led by experienced mining and business leaders ✓ Continued leadership and management strength from the existing Culico team with a track record of Leadership built on transforming vision into value (examples: Americas Gold and Silver, Arizona Sonoran
Slide 6: Key Transaction Terms
Key Transaction Terms ● Culico to merge with KCC via a plan of arrangement of KCC under the Business Corporations Act (Ontario) (the “Merger”) Transaction ● Culico and KCC shareholders to own approximately 44% and 56% of the combined company, respectively (1) Consideration ● 0.389 Culico shares per
Slide 7: Combined Company Leadership Team
Combined Company Leadership Team Paul Andre Huet Scott Hand Frank Marzoli Executive Vice Chairman Director & Chairman President Management Jeffrey Lindhorst Chad Peters Oliver Turner Team / Executive VP, Exploration Technical Advisor EVP, Corporate Development Directors Carl Gernandt Sidi Mohamed El
Slide 8: Morocco is a Premier Mining Jurisdiction
Morocco is a Premier Mining Jurisdiction Significant first mover advantage as the first non-local copper company of scale operating in Morocco • Skilled workforce: Morocco’s mining tradition and employment provides Select Moroccan Mining Companies efficient & experienced personnel • Growing importan
Slide 9: Morocco is a Premier Mining Jurisdiction (continued)
Morocco is a Premier Mining Jurisdiction (continued) Established mining jurisdiction with local operators (e.g. Managem) and international (e.g. Aya Gold & Silver) Select base metal projects / operations Kharrouba Select silver projects / operations City (Operating | Cu) Railroad Casablanca Imiter D
Slide 10: Established Footprint & Operations in Potential Tier 1 Belt
Established Footprint & Operations in Potential Tier 1 Belt Located in Jebilet Mountain Range Spain • KCC is a privately owned copper mining operation in the Kingdom of Morocco with a large property NE of Marrakech in the Jebilet Mountains Morocco • KCC’s property is along strike from Draa Sfar, Nor
Slide 11: Kharrouba Geology and Mineralization
Kharrouba Geology and Mineralization • The Kharrouba and Smaha deposits are comprised of Shaft #1 copper rich quartz-carbonate veins hosted in sheared/deformed quartzites, shales and sandstones Shaft #3 Shaft #2 • Multiple veins showing at surface and in trenches • East-West striking vein system (wi
Slide 12: Koudiat El Harcha ‒ High-Grade and District-Scale
Koudiat El Harcha ‒ High-Grade and District-Scale 47km2 land package located ~50km from the Kharrouba Complex. While the Kharrouba Complex offers near-term cash flow potential, Koudiat El Harcha represents a substantial exploration opportunity, offering district-scale tonnage with high-grade copper
Slide 13: Koudiat El Harcha Exploration Targets
Koudiat El Harcha Exploration Targets Aouinet Feddah Bulk Sample 1,400t @ 1.7% Cu 5-10m wide Sidi Makhlouf Aouinet Feddah French Workings High-Grade Vein Shear Zone 1950s (up to 35% Cu) 7-10m wide Bulk Sample Stanton-Craig Shear Zone 5-30m wide 0 500m 13
Slide 14: Koudiat El Harcha Exploration Targets (continued)
Koudiat El Harcha Exploration Targets (continued) Aouinet Feddah Target Sidi Makhlouf (Iron Hat) Stanton-Craig • 4km of outcropping shear zone • Area known for small scale Cu-Zn • Stanton quartz veins show strong production (French govt. 1940-50’s) evidence of epithermal overprinting, • Historic Rom
Slide 15: Koudiat El Harcha Work Plan
Koudiat El Harcha Work Plan ~4 months ~6 months ~8 months Phase 1A Phase 1B Phase 1C Geological studies / targeting Maiden drill campaign Follow-up drill campaign Baseline geology & target • 4,000m maiden drill campaign • 6,000m follow-up drill generation including: to test the highest priority camp
Slide 16: Kharrouba Complex Mining Infrastructure
Kharrouba Complex Mining Infrastructure Kharrouba Complex Map Shaft #1 Shaft #2 Shaft #3 T112 Open-Cast Mine Draa Touil Smaha Ras Regba Portal 16
Slide 17: Kharrouba Complex Plant Infrastructure
Kharrouba Complex Plant Infrastructure Kharrouba Complex Plant Ball Mill Water Storage Concentrate Complex Water Ponds Office Buildings New Processing Plant Ore Storage Facility Maintenance & Warehouse Complex 17
Slide 18: Kharrouba Complex Plant Infrastructure (continued)
Kharrouba Complex Plant Infrastructure (continued) Kharrouba Complex Plant Flow Sheet Elevator Hopper Screen Feeder Silo Jaw Crusher Gyratory Crusher Cyclone Sulfide Conditioner Ball Mill 1 Scavenger Rougher Scavenger Rougher Ball Mill 2 Oxide conditioner Cleaner Cleaner Oxide concentrate Sulfide co
Slide 19: Immediate Cash Flow Generation from Processing
Immediate Cash Flow Generation from Processing Ability to leverage in-house processing facilities to generate near-term cash flow to fund operating expenses, exploration and capital investments. • KCC currently has a facility Processing Model capable of processing ~400tpd of copper, gold, and antimo
Slide 20: High-grade Copper Development Project Benchmarking
High-grade Copper Development Project Benchmarking VMS-style deposit(s) Porphyry-style deposit(s) Other deposit(s) 4.0% 6.0% 2,134 M&I Resource (MMlbs CuEq) 5.42% 3.5% 5.5% 3.0% 2,047 1,249 2.40% 2.37% 2.5% 2.5% Historical Range of 1.50 % - 2.00% 2.0% 2.0% 7,214 1.5% 1.5% 1,451 4,912 9,322 1.00% 43,
Slide 21: KCC Investment Program
KCC Investment Program KCC Investment Program Phase 1 Exploration Program (US$mm, unless noted) Geophysical work $0.5 Power upgrade $1.5 Mapping $0.3 Phase 1 Exploration Program $4.2 Drill program $3.0 Building site upgrades $0.5 Resource modelling $0.1 Total $6.2 Analysis / reports $0.3 Total $4.2
Slide 22: Pro Forma Capital Structure and Ownership
Pro Forma Capital Structure and Ownership Pro forma fully diluted shares outstanding of approximately 299 million. (1)(2)(3) Pro Forma Ownership (TSM Diluted Basis) Concurrent Financing 4% (12mm) Other KCC Shareholders Culico Shareholders 24% (68mm) 44% (125mm) Hand Family 28% (81mm) (1) Pro forma c
Slide 23: Thank You
Thank You
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