Arizona Sonoran Copper Co., Inc.
Arizona Sonoran Copper — Investor Presentation (December 2025)
45 slides from Arizona Sonoran Copper's investor presentation, December 2025
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 | December 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
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: Capital Structure & Ownership
5 Capital Structure & Ownership CAPITAL STRUCTURE OWNERSHIP 9.9% Hudbay Market Capitalization C$840M 22% 6% Nuton Shares Outstanding (M) 205.5 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 Capital (M) 215.1 FT
Slide 6: Conventional Technology: Surface Mine, Heap Leach and SX/EW
6 Conventional Technology: Surface Mine, Heap Leach and SX/EW Focus on simplicity and execution 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 pounds 22 year
Slide 7: Optimized Open Pits, Low Execution Risk and Strong NPV
7 Optimized Open Pits, Low Execution Risk and Strong NPV $4.25/lb COMEX - $5.00/lb NPV8% after-tax $2,301 M $3,343 M 22.8% 28.7% 2 open pits IRR after-tax 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 Recov
Slide 8: Compelling Copper Price Sensitivities and Leverage to Copper Price
8 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
Slide 9: High Margin Copper Project at $4.25/lb Copper
9 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 -2
Slide 10: North American Copper Developers: Capex, NPV and Annual Production
10 North American Copper Developers Capex, NPV and Annual Production Canada and USA Top 10 (Project NPV on +50ktpa Developers) $3,500 150,000 Cactus Project $3,000 PFS Capital Intensity Yrs 1-10 Annual Production (Cu tonnes) $2,500 100,000 $10,894/tonne In Millions of US$ $2,000 $1,500 50,000 $1,000
Slide 11: Cactus Presents a High Profitability Ratio in the Americas
11 Cactus Presents a High Profitability Ratio in the Americas Peer Benchmarking – After-Tax NPV8% / Initial Capex Ratio | Initial Capex (US$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 Marimaca Marimaca Santa Cr
Slide 12: Efficient Open Pit Development at the Cactus Project
12 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 • 87% support w
Slide 13: Optimized Mine Plan to Deliver Consistent Production and Cash Flows
13 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 milli
Slide 14: Parks/Salyer – Heap Leach and SXEW Processing of Copper Cathodes
14 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 15: Cactus Layback - Heap Leach and SXEW Processing of Copper Cathodes
15 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 16: Cactus Would Rank as Third Largest Cathode Producer in the USA
16 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 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
Slide 18: Known State-led Permitting Process and Supportive Social License
18 Known State-led 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 20
Slide 19: Clear Next Steps at the Cactus Project
19 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 20: Momentum and Accumulation Building as ASCU advances the Cactus Project
ASCU Value: +194% YTD 20 Momentum and Accumulation Building as ASCU advances the Cactus Project $4.50 5,000 THOUSANDS PFS Issued C$51.75 M (2.00/sh) Oct 20 4,500 $4.00 Bought Deal Closes Jun 20 C$5.8M HBM Cactus MRE 4,000 $3.50 Top up (2.00/sh) Update Jul 10 Sept 16 3,500 $3.00 RGLD buys Existing 2.
Slide 21: Benchmarking ASCU Relative to Americas Copper Development Projects
21 Benchmarking ASCU Relative to Americas Copper Development Projects Arizona Developers Americas Developers Other Arizona Projects Market Capitalization (US$M)(1) $530 $2,152 $391 $945 $775 $464 $510 $6,889 $1,893 P/NAV Multiple(2) 0.3x 0.8x 0.7x 0.8x 0.9x 0.6x 0.3x 1.2x 0.9x Cactus Santa Cruz Copp
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: 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
Slide 24: Appendix
Appendix
Slide 25: Exploration Upside in the Casa Grande District
25 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 26: Key PFS Advancements
26 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 27: Three Sophisticated Large Cap Corporate Endorsements
27 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
Slide 28: Arizona Produces 70% of Copper Needs in the USA
28 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 29: Compelling Free Cash Flow Generation and Annual EBITDA Margins
29 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 30: Benchmarking: Junior Copper M&I and Grade vs. EV/lb
30 Benchmarking: Junior Copper M&I and Grade vs. EV/lb M&I Copper Equivalent Mineral Resources, Millions of Tonnes and Grade 0.59% 0.51% 0.39% 0.46% 0.49% 0.53% 0.50% 0.42% 0.48% 0.59% 0.50% 0.62% 0.77% 0.99% 0.50% 5.33% 0.55% 2.37% 0.40% 1.53% 22.0 12.2 9.7 7.0 7.0 6.4 5.8 5.1 5.0 4.7 4.6 3.4 3.4 3
Slide 31: Few Developers Filling the Copper Supply Gap
31 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 2026 2028 2028 2030 2034 n.a. 2027 2032 n.a. 2030 2029 n.a. 2030 2029 1.0x 0.9x Construction P/NAV Avg.: 0.92x 0.8x 0.8
Slide 32: Copper Producer Benchmarking (Enterprise Value and Production)
32 Copper Producer Benchmarking (Enterprise Value and Production)(1) 600 $9,000 2025 PFS $8,237 $8,000 180 Annual Production(1) (Mlbs CuEq) $7,000 $6,542 150 $6,000 120 EV (US$M) $5,000 $4,674 $4,000 90 $2,856 $3,000 60 $1,954 $2,000 $1,229 30 $1,000 $538 $0 0 Capstone Copper Hudbay Minerals Sandfir
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
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
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
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 $1.72
Slide 37: ASCU is poised to be a low-cost copper producer
37 ASCU is poised to be a low-cost copper producer LoM OPERATING AND PRODUCTION COST ESTIMATES LoM (US$) 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,
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
Slide 39: Cathodes Produced Onsite and Ready for End User
39 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 40: Simple and Efficient General Plan Arrangement on 7,348 Acres
40 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 40 See also the Cautionary Statements on Slide 3 and
Slide 41: ESG – Setting the Pace for Net Zero Carbon Emissions
41 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 42: 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
Slide 43: Cactus Project Mineral Reserve Estimate
43 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 44: Cactus Project Mineral Resource Estimate
44 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 45: Technical Notes
45 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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