MARIMACA COPPER CORP. — Capital/Financing Update 2025

Jul 3, 2025

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News Release

Marimaca Drills Pampa Medina Sulphides – Intersects Exceptional 6m of 12.0% Cu within 26m of 4.1% Cu in dominantly Bornite in SMRD-13, 40m of 2.1% Cu in SMD-02

Vancouver, British Columbia, July 3, 2025 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX:MARI, ASX:MC2) is pleased to announce significant, high grade, sediment-hosted copper sulphide and oxide intersections which materially extend the Pampa Medina deposit in all directions. Pampa Medina is located at low altitude approximately 28km east of the Company’s Marimaca Oxide Deposit (“MOD”) in a flat “pampa” valley within the Atacama Desert (Figure 1). Drilling targeted extensions of the shallow oxide-chalcocite mineralization at Pampa Medina and intersected ultra high-grade, bornite-chalcopyrite, disseminated chalcopyrite and high-grade oxide mineralization, which is hosted in a regionally extensive system of interbedded sedimentary rocks hosting the Pampa Medina deposit.

The Company will host an investor presentation, covering today’s announcement, via the Investor Meet Company (“IMC”) platform on July 8, 2025. Further details can be found below.

Highlights

• Drilling confirms Pampa Medina is part of a significant, flat lying, sediment hosted (stratiform) manto system, unique in Chile, that appears more analogous to the Kupfershiefer or African sediment hosted Cu deposits

• Thick (>15m true thickness), ultra high grade (>5% CuT) zones identified more than 600m apart in the same lithological horizon between SMRD-13 and SMR-01

• High-grade (>1.0% CuT), sedimentary-hosted copper mineralization defined by diamond drilling across a 600m eastwest x 1,000m north-south area, with further drilling intersections indicating potential extensions to 1.4km x 1.2km

• Ultra high-grade bornite and chalcopyrite manto zones east, immediately down-dip, of Pampa Medina Deposit

• Highest grades correspond to interbedded shales, sandstones, conglomerates and tuffs

• Complements previous ultra high-grade zone encountered in SMR-01

• Hole SMRD-13 (true widths estimated to be 95% of reported intersection):

• 6m of 12.0% Cu from 594m downhole within 26m of 4.1% Cu from 580m and a broader 100m of 1.3% Cu from 580m

• Hole SMD-02 (drilled on section in between SMD-12 and SMD-13)

• 40m of 2.1% Cu from 282m downhole within 132m of 1.0% Cu from 278m

• Hole SMD-01 (~600m north-west of SMD-13)

• 68m of 1.2% Cu including 20m of 2.3% Cu from 298m downhole (previously reported)

• 22m of 1.7% Cu from 602m downhole

• Hole SMRD-12 (600m west of SMD-13)

• 56m of 1.4% Cu from 566m downhole

• Hole SMR-01 (adjacent to SMD-01) (previously reported)

• 56m of 2.1% including 18m of 5.0% Cu from 296m downhole within a broader 102m of 1.2% from 250m

• Hole SMD-03

• 42m of 0.72% Cu from 226m

• Primary sedimentary manto confirmed to carry high-grade (>>1% Cu) over significant true thickness (>70m) and area (600m x 1,000m) as demonstrated in SMR-01, SMD-01, SMRD-12, SMRD-13, SMD-02 and SMD-03

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• Sedimentary units are generally flat lying, with a gentle easterly dip, and gentle northerly plunge, and both uplifted and down-dropped in certain blocks via a series of north-south faults

• Similar to the MOD, Pampa Medina’s location is expected to drive significant infrastructure and permitting benefits:

• Proximity to other mines and associated infrastructure (Figure 1): 28km from the MOD, 64km from Sierra Gorda (South32/KGHM), 40km from Mantos Blancos (Capstone Copper), 77km from Spence (BHP), 54km from Antucoya (Antofagasta Minerals)

• Low altitude, flat “pampa” type surface provides sufficient space for future facilities and infrastructure

• Proximity to existing powerlines, water pipelines, major ports and regional populations

• No private land ownership, limited human impact (no nearby local or indigenous population), extremely arid location indicates low permitting risks (comparable or superior to the MOD) associated with potential development

• The Company has added a second diamond drill rig at Pampa Medina and has budgeted a 14-hole follow up program targeting extensions and delineation of the mineralized manto (Figure 2)

• The previously announced Preliminary Economic Assessment (“PEA”) for Pampa Medina will be paused as the Company assesses what these drilling results may mean for the scale and development strategy of Pampa Medina

• Definitive Feasibility Study (DFS) for the MOD is near-complete, undergoing final review and will be released to the market in the near-term

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“Pampa Medina appears to be a Tier 1 prospect. Our exploration model, which is unconventional in Chile, has been proven correct. Firstly, the sedimentary units, which host Pampa Medina, are extensive and mineralized over many square kilometers and, secondly, the potential is confirmed for significant, very high grade, sulphide mineralization in these units. This is the first time in my 40-year career that I have seen stratiform, sediment hosted, ultra high-grade copper in Chile of this potential scale. The intensity of bornite and chalcopyrite mineralization is truly remarkable. Between holes SMR-01, SMD-01, SMD-12, SMD-02, and now SMRD-13, we have defined an area of over 1,000m x 600m where we see continuity of the high-grade mineralization, well above 1% CuT, with some exceptionally high-grade areas as seen in SMRD-13 and SMR-01.

We are completing 10,000m of drilling across 14 diamond holes in the next phase. Our objective is to try to define the limits of the prospective sedimentary units, to understand the full potential of the Pampa Medina opportunity. We look forward to updating the market as we progress exploration on this exciting discovery.”

Hayden Locke, President & CEO of Marimaca Copper, commented:

“These results add a new dimension to our strategy and, we believe, strengthens our potential to be a globally significant copper producer intime. Our assessment is that the Pampa Medina and Madrugador oxide deposits already give us the potential to expand our copper cathode production profile and extend our mine life meaningfully from the nominal rates we are contemplating in the MOD DFS. With these thick, high-grade, sulphide intersections we now see the potential for a much larger scale copper system. Importantly, the location of Pampa Medina means it benefits from the same characteristics as our flagship MOD, such as access to first class infrastructure, proximity to workforces, lower permitting risk, and therefore any new discovery brought into development should be extremely competitive on a capital intensity basis.

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Our primary objective remains to bring the MOD into production as quickly as is feasible and, in this respect, our DFS is largely complete and undergoing final peer reviews in preparation for release. Additionally, our permitting is progressing well with encouraging interactions across all of our stakeholder groups in Chile.

“Our exploration portfolio is vast and virtually untested. This extensional discovery highlights the ongoing opportunity for copper discoveries on a district scale. Our strategy remains two-fold: we will continue to advance the exciting exploration potential, both at Pampa Medina and other targets, whilst also transitioning, in the near-term, into a copper cathode producer.”

Investor Presentation

Marimaca will host an investor presentation via the IMC platform on Tuesday, July 8 2025, covering today’s announcement.

The online event will take place at 07:00 a.m. (local time in Vancouver, British Columbia) / 15:00 p.m. (local time in London, UK) with Hayden Locke (President & CEO) and Sergio Rivera (VP Exploration) presenting from the Company.

The presentation is open to all existing and potential shareholders. Questions can be submitted prior to this presentation via the IMC dashboard up until Monday, July 7 2025, 01:00 a.m. (local time in Vancouver, British Columbia) / 09:00 a.m. (local time in London, UK) or at any time during the live presentation.

Investors can sign up to IMC for free and add to meet Marimaca Copper via:

https://www.investormeetcompany.com/marimaca-copper-corp/register-investor

Investors who already follow Marimaca Copper on the IMC platform will be automatically invited.

Overview of Pampa Medina

Pampa Medina is a manto-style copper deposit dominantly hosted in Jurassic-Triassic sedimentary units (sandstones, conglomerates, tuffs and black shales) overlain by andesitic volcanics and underlain by a Upper Paleozoic complex of metasediments and intrusions. Copper was originally identified in near-surface oxide mineralization dominated by atacamite, chrysocolla and both secondary and primary chalcocite, and has now been identified in high-grade zones of chalcopyrite and bornite which extend laterally down-dip beyond the oxide-primary transition.

Following Marimaca’s consolidation of the project area and surrounding land packages in 2024, the Company reinterpreted all available geological information (for the first time as one) and developed an updated geological model for Pampa Medina, which identified the lower sedimentary units of interbedded sandstones, shales and conglomerates as the productive horizons for future drill targeting. Oxide copper mineralization was logged in historical drilling in nearsurface, uplifted blocks, with the model of continuity in the intact lithological sequence in deeper blocks for primary mineralization to be tested by Marimaca’s 2025 drilling campaign.

Hole SMRD-13 was collared 300m east from hole SMD-02, and 600m east on section from hole SMRD-12 to a total drilled depth of 800m (Figure 2). The hole intercepted the volcanic-sedimentary contact at 248m, where a lower-grade upper chalcopyrite manto was observed from 392m to 428m hosted by the tuff unit. Lower grade chalcopyrite mineralization was observed in the underlying shales and lesser sandstones up to 516m where a post-mineral diorite dyke intrudes the sediments. Beneath this, the main bornite-rich manto was intercepted from 580 to 606m. Mineralization transitioned form chalcopyrite>bornite into semi-massive bornite with fracture-fill and replacement textures. Highest-grade

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mineralization corresponded to a unit of heavily altered black shales stratabound between two sandstone units. Beneath this, weakly mineralized chalcopyrite and pyrite mineralized conglomerates and black shales were mapped to the bottom of hole (Figure 3).

Hole SMD-01 was drilled approximately 400m north of the northern margin of the known deposit at Pampa Medina. SMD01 was collared at Azimuth 270°, Dip -60° and drilled to a total depth of 950m (Figures 2 and 4). The collar was located 12m SE from SMR-01 but further deviated, reaching approximately 70m at the 650m depth. High grade copper oxide mineralization was intersected from 252m-494m downhole depth in an upper unit of sandstones and shales. Rhyolitic tuff, intruded by late dykes was intersected below the upper sediments from 492m to 564m and below that another more clastic rich unit extends up to the bottom of the hole. Metasediment basement was not reached at depth in hole SMD-01, meaning that the productive sedimentary unit increases in thickness towards the north. Mineralization transitioned to primary chalcopyrite and bornite mineralization at 550m. SMD-01 confirms the sediment-hosted oxide mineralization encountered in SMR-01, which is largely interpreted as the extension of the sediment-hosted manto deposits of Pampa Medina main. Historical drilling at Pampa Medina was generally limited to a depth of 400m, potentially too shallow to intersect the chalcopyrite-bornite dominant manto mineralization found in SMR-01, SMD-01 and now SMRD-13.

Holes SMD-02 and SMRD-12 and SMRD-13, were drilled at 300m spacings along an EW section N7440800, located 600m south from the SMR-01 & SMD-01 section (Figures 2, 3 and 4). The holes were designed to test the extension of the upper oxidized manto and the potential for a lower sulphide manto, as encountered in SMD-01. SMRD-02 intercepted mineralized sediments from 242m, consisting of shales and minor interbedded sandstones. The upper oxidized manto was intercepted from 282 to 324m. At depth, two consecutive mineralized mantos were encountered from 348m to 366m, with mixed mineralization, hosted in tuffs and from 376m to 410m of primary mineralization hosted by sandstones.

SMRD-12 intercepted weakly mineralized sandstones from 414m, increasing in intensity until the main chalcocite-bornite mineralized manto was intercepted from 566 to 620m hosted by lower sandstone units (Figure 4). At depth, a late diorite dyke intruded the sediments carrying trace pyrite and chalcopyrite. Hole SMD-03 was designed to test the continuity of the mineralization through a NW trending dyke corridor. The upper manto was intercepted with oxide mineralization from 226m to 268m, hosted by sandstones. The hole confirmed the previously interpreted WNW orientation of most of the post-mineral dykes.

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25km
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Figure 1: Regional Map – Marimaca, Pampa Medina and Regional Infrastructure

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Figure 2 – Pampa Medina Deposit and Step-out Drilling Locations

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Figure 3 – Pampa Medina Lithology – SMRD-13 Downhole Sequence

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Figure 4 – Long Section Looking West – Pampa Medina

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Figure 5 – Cross Section Looking North – Pampa Medina SMRD-12 to SMRD-13

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Hole	Total Depth(m)		From (m)	To (m)	Intersection (m)	% CuT
SMD-01	952		252	494	242	0.65
		Including	298	366	68	1.20
		Including	298	318	20	2.25
		And	332	364	32	1.03
		And	420	494	74	0.84
		Including	420	460	40	1.07
		Including	420	452	32	1.32
		And	472	494	22	0.84
			604	626	22	1.70
SMD-02	750		278	410	132	0.99
		Including	282	322	40	2.06
SMD-03	650		226	268	42	0.72
SMRD- 12	750		566	622	56	1.37
		Including	582	590	8	2.00
SMRD- 13	800		580	680	100	1.28
		Including	580	648	68	1.65
		Including	580	606	26	4.07
		Including	594	600	6	11.98

Table 1: Table of Intersections

Hole	Easting	Northing	Elevation	Azimuth	Inclination	Depth
SMD-01 407071.42 7441265.92 1270.04 270 -60 950 SMD-02 407103.09 7440800.85 1268.64 270 -60 750 SMD-03 407146.04 7440627.56 1268.32 240 -50 650 SMRD-12 406786.97 7440797.22 1274.92 270 -60 750 SMRD-13 407395.34 7440801.29 1267.63 270 -60 800

Table 2: Drill Collars

Sampling and Assay Protocols

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True widths are estimated as 95% of reported intervals, based on down-hole bedding and structural measurements. DDH holes were sampled on a 2m continuous basis, halved by a conventional core splitter on site with one half sent to the Andes Analytical Assay preparation laboratory in Copiapó and the pulps then sent to the same company laboratory in Santiago for assaying. Samples were prepared using the following standard protocol: drying; crushing all sample to -1/4” and passing through a secondary crusher to better than 80% passing -10#; homogenizing; splitting; pulverizing a 400-600g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for %CuT (total copper); %CuS (acid soluble copper). A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future reference.

Qualified Person / Competent Person

The technical information in this news release, including the information that relates to geology, drilling and mineralization was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 40 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

The information in this announcement which relates to exploration results for the Pampa Medina Project is based on, and fairly reflects, information and supporting documentation prepared by Sergio Rivera, VP Exploration of Marimaca, a Competent Person who is a member of the Comision Minera (Chilean Mining Commission), Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile. Mr. Rivera has sufficient experience that is relevant to the style of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Rivera consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock

+44 (0) 207 920 3150

Emily Moss / Ruairi Millar marimaca@tavistock.co.uk

Forward Looking Statements

This news release includes certain “forward-looking statements” under (without limitation) applicable Canadian securities legislation, including, without limitation, statements regarding the development of activities at Pampa Medina, the potential growth of Pampa Medina, and the discovery’s potential to complement the MOD. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that,

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while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks that the development activities at Pampa Medina will not progress as anticipated, or at all, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, uncertainties relating to regulatory procedure and timing for permitting submissions and reviews, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 27, 2025 and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

None of the TSX, ASX or the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.

This announcement was authorised for release to the ASX by the Board of Directors of the Company.

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Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.7.1)

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or
techniques	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma	All current drilling conducted at Sierra Medina (including Pampa Medina, Pampa Norte Extension and Pampa West) was completed under the
	sondes, or handheld XRF instruments, etc). These examples should	supervision of a registered professional geologist as a Competent
	not be taken as limiting the broad meaning of sampling.	Person/Qualified Person (QP) who is responsible and accountable for the
	• Include reference to measures taken to ensure sample representivity	planning, execution, and supervision of all exploration activity as well as
	and the appropriate calibration of any measurement tools or systems	the implementation of quality assurance programs and reporting.
	used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	•All drilling reported is Diamond Drilling (“DDH”) drilling •Assay samples were prepared at a laboratory site in Copiapó and assayed by Andes Analytical Assay Ltd. (AAA) in Santiago. •Sierra Medina´s DDH holes are drilled and sampled on a continuous 2-meter basis, halved by a conventional core splitter on site, with one half sent to the Andes Analytical Assay preparation laboratory in Copiapó and the pulps then sent to the same company laboratory in Santiago for assaying. •Marimaca staff supervised all the drilling and sampling. •Recoveries were controlled by accurate core recovery measurement
		control was extended toward the division process realized in the drill
		location.
		•The recoveries were measured by core length measurement and
		compared with the effective core run. Marimaca technical staff
		checked all data.
		•Measured recoveries are over 95% for DDH drilling, without
		significant variations and unrelated to copper grades.

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Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•SMRD-02 and SMRD-13 were collared with a multi-purpose Reverse
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	Circulation (“RC”) /Diamond Drill (“DD”) and transitioned to DD when
	or standard tube, depth of diamond tails, face-sampling bit or other	the target horizon was intersected and sampling began
	type, whether core is oriented and if so, by what method, etc).	•All other drilling reported is diamond (“DD”) drilling drilled in HQ and
		NQ standard core diameters
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Sierra Medina´s DDH holes are drilled and sampled on a continuous
recovery	and results assessed.	2-meter basis, halved by a conventional core splitter on site, with one
	• Measures taken to maximise sample recovery and ensure	half sent to the Andes Analytical Assay preparation laboratory in
	representative nature of the samples.	Copiapó and the pulps then sent to the same company laboratory in
	• Whether a relationship exists between sample recovery and grade	Santiago for assaying.
	and whether sample bias may have occurred due to preferential	•Marimaca staff supervised all the drilling and sampling.
	loss/gain of fine/coarse material.	•Recoveries were controlled by accurate core recovery measurement
		control was extended toward the division process realized in the drill
		location.
		•The recoveries were measured by core length measurement and
		compared with the effective core run. Marimaca technical staff
		checked all data.
		Measured recoveries are over 95% for DDH drilling, without
		significant variations and unrelated to copper
Logging	• Whether core and chip samples have been geologically and	•All holes were geologically logged on digital data capture.
	geotechnically logged to a level of detail to support appropriate	•The data collected are rock, structure, alteration and mineralization
	Mineral Resource estimation, mining studies and metallurgical	based on drilling intervals, recoveries and analytical results.
	studies.	•After validation, the mineral and alteration zones were defined.
	• Whether logging is qualitative or quantitative in nature. Core (or	•The results were entered in the database as a table with all mapped
	costean, channel, etc) photography.	data and a consolidated log of the drill was prepared.
	• The total length and percentage of the relevant intersections logged.	•Most of this work was done by experienced senior consultant
		geologist supported by consultant junior geologist.
		•In addition to measuringdeviations,most of the holes were surveyed

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Criteria	JORC Code explanation	Commentary
		using an optical tele viewer (OPTV or BHTV), with structures and
		orientation measurements, which continuously and thoroughly
		recorded the holes’ walls and measured structures.
		•The structures were measured in ranks according to their width and
		the results were reported and plotted on stereographic networks and
		rosette diagrams.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•Sierra Medina´s DDH holes are drilled and sampled on a continuous
sampling	taken.	2-meter basis, halved by a conventional core splitter on site, with one
techniques and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	half sent to the Andes Analytical Assay preparation laboratory in Copiapó and the pulps then sent to the same company laboratory in Santiago for assaying •The last split yields “sample A”, which is sent for preparation and
	• Quality control procedures adopted for all sub-sampling stages to	assaying, and “sample B”, which is used to obtain drill cuttings (1 kg)
	maximise representivity of samples.	and coarse/preparation duplicates and then stored in special facilities
	• Measures taken to ensure that the sampling is representative of the in	on site.
	situ material collected, including for instance results for field	•For diamond drillholes (DDH), samples are obtained every 2 meters
	duplicate/second-half sampling.	from a half-core, with the other half stored on site.
	• Whether sample sizes are appropriate to the grain size of the material	•Samples are transferred by laboratory personnel from the project to
	being sampled.	Copiapó, and then the preparation pulps are returned to generate the
		analysis batches. Upon receipt, sample details are logged and
		insertion points for quality control samples in the sample flow are
		determined.
		•Samples were prepared using the following standard protocol: drying;
		crushing all sample to -1/4” and passing through a secondary crusher
		to better than 80% passing -10#; homogenizing; splitting; pulverizing
		a 400-600g subsample to 95% passing -150#; and a 125g split of this
		sent for assaying. All samples were assayed for %CuT (total copper);
		%CuS (acid soluble copper). A full QA/QC program, involving
		insertion of appropriate blanks, standards and duplicates was
		employed with acceptable results. Pulps and sample rejects are
		stored by Marimaca Copper for future
		•Laboratoryresults are loaded directlyfrom digital assaycertificates

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Criteria	JORC Code explanation	Commentary
		into the database, in order to minimize error sources.
Quality of	• The nature, quality and appropriateness of the assaying and	•Samples are prepared at a laboratory site in Copiapó and assayed by
assay data	laboratory procedures used and whether the technique is considered	Andes Analytical Assay Ltd. (AAA) in Santiago.
and	partial or total.	•Samples were prepared using the following standard protocol: drying;
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their	crushing all sample to -1/4” and passing through a secondary crusher to better than 80% passing -10#; homogenizing; splitting; pulverizing a 400-600g subsample to 95% passing -150#; and a 125g split of this
	derivation, etc.	sent for assaying. All samples were assayed for %CuT (total copper);
	• Nature of quality control procedures adopted (eg standards, blanks,	%CuS (acid soluble copper). A full QA/QC program, involving
	duplicates, external laboratory checks) and whether acceptable levels	insertion of appropriate blanks, standards and duplicates was
	of accuracy (ie lack of bias) and precision have been established.	employed with acceptable results. Pulps and sample rejects are
		stored by Marimaca Copper for future
		•All samples are assayed by AAA for total copper (CuT) and soluble
		copper (CuS). The latter was initially obtained from a specific CuS
		test.
		•Laboratory results are loaded directly from digital assay certificates
		into the database, in order to minimize error sources.
		•The analytical quality control programs implemented at Marimaca
		involve the use of coarse/preparation and pulp duplicates for
		precision analyses and standard reference materials (SRM).
		•Marimaca has protocols in place for handling analytical results that
		exceed acceptable limits, which can ultimately trigger re-assays of
		entire or portions of sample batches.
Verification	• The verification of significant intersections by either independent or	•There are no twinned holes in the dataset
of sampling	alternative company personnel.	•All logging data was completed, and logging data was entered directly
and	• The use of twinned holes.	into the deposit database.
assaying	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	•Laboratory results are loaded directly from digital assay certificates into the database to minimize error sources.

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Criteria	JORC Code explanation	Commentary
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Local contractors carried out the supervision of the drilling operation.
data points	down-hole surveys), trenches, mine workings and other locations	•An experienced topographer surveyed the collars.
	used in Mineral Resource estimation.	•WGS84 UTM coordinates are used.
	• Specification of the grid system used.	•Data Well Services carried out the downhole surveys for drill holes.
	• Quality and adequacy of topographic control.	•Data collected is considered adequate for eventual use in mineral
		resource estimation.
Data	• Data spacing for reporting of Exploration Results.	•Due to the nature of mineralisation and the type of exploration
spacing and	• Whether the data spacing and distribution is sufficient to establish the	discovery drilling program the hole spacing is highly variable.
distribution	degree of geological and grade continuity appropriate for the Mineral	•Data spacing is not considered sufficient to establish geological and
	Resource and Ore Reserve estimation procedure(s) and	grade continuities for Mineral Resource Estimation at the Inferred and
	classifications applied.	Indicated category.
	• Whether sample compositing has been applied.	•No sample compositing was applied.
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•Drill hole orientation was generally oriented to be sub perpendicular
of data in	possible structures and the extent to which this is known, considering	to the mineralisation but variable in places given the nature of the
relation to	the deposit type.	exploration program being conducted
geological structure	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•Assays are reported on a downhole basis •True widths are estimated as 95% of reported downhole intersection widths
Sample	• The measures taken to ensure sample security.	•All drilling assay samples are collected by company personnel or
security		under the direct supervision of company personnel.
		•Samples from Marimaca were initially processed at the project site
		and shipped directlyfrom thepropertyto a laboratoryfacilityfor final

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Criteria	JORC Code explanation	Commentary
		preparation, and later, upon their return, to the laboratory for analysis.
		•Appropriately qualified staff at the laboratories collect assay samples.
		•Security protocols implemented maintain the chain of custody of
		samples to prevent unnoticed contamination or mixing of samples
		and to make active tampering as difficult as possible.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•It is the Competent Persons opinion that these processes met
reviews		acceptable industry standards, and that the information can be
		reported under both JORC and NI43-101 standards and, in the future,
		be used for geological and resource modelling.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•Marimaca Copper Corp. owns a tenement package consisting of
tenement and	agreements or material issues with third parties such as joint	approximately 14,500 hectares at the broader Sierra de Medina
land tenure	ventures, partnerships, overriding royalties, native title interests,	project area and are a mix of mining concessions and exploration
status	historical sites, wilderness or national park and environmental settings.	concessions. •The Sierra de Medina Project are comprising 55 concessions owned
	• The security of the tenure held at the time of reporting along with	by ICAL, a subsidiary of Marimaca Copper Corp.
	any known impediments to obtaining a licence to operate in the	•The Pampa Medina Project comprises 12 concessions owned by
	area.	SCM Elenita over which the Company entered into an option
		agreement to acquire.
		•The Madrugador Project comprises 10 concessions owned by SLM
		Juanita and SLM Madrugador over which the Company entered into
		an option agreement to acquire.
		•There are no known impediments to operating exploration drilling
		campaigns on the project areas.

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Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment and appraisal of exploration by other parties.	1. Pampa Medina Concessions
done by other parties		•Between 1993 and 1996, Compañía Minera Doña Isabel and Rayrock Ltda carried out an extensive exploration program. The program
		included a geochemistry program with short Track Drill wells spaced
		every 50 m along several E–W lines between 2 km and 5 km in
		length, which extend throughout the district, covering the
		southeastern part of the Pampa concessions in an area of
		approximately 460 ha. The aim was to evaluate the rock below the
		caliche layer. In this area, approximately 600 samples were obtained,
		representing 40% of the total samples extracted throughout the
		district, of which 2% of the total have copper anomalies.
		•For 2003 and 2004, the right to exploit the Pampa 81 (1/20 and
		21/40) and Pampa 47 (1/20 and 21/40) concessions by Minera
		Rayrock Ltda was established.
		•In 2008, Rayrock Ltda carried out two RC drilling campaigns. The
		first involved 15,729 m distributed in 38 holes with an approximate
		mesh of 500 m × 500 m and the second campaign involved 14,913 m
		in 35 holes with a mesh of 125 m ×125 m in an area of 1,000 × 350
		m, recognising mainly copper oxides, with some mixed intervals and
		small amounts of primary mineralisation.
		•An exploration campaign was subsequently carried out in 2013,
		consisting of 45 diamond holes for a total of 18,707 m drilled.
		•During 2014, Rayrock Ltda continued with the latest exploration
		campaign, with the completion of 17 diamond drill holes for a total of
		5,264 m drilled.
		2. Madrugador Concessions
		•The Madrugador concessions were previously the subject of limited
		exploration efforts since the 1980s. Most of the exploration on the
		Madrugador concessions was conducted by Rayrock from 1993 to
		1996 and consisted of diamond and reverse circulation drilling. A total
		of 23,502 m of diamond and RC drilling in 223 holes had been
		completed on the property prior to 2005. Proyecta, a Chilean
		engineeringcompany,conducted a short track RC drilling program on

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Criteria	JORC Code explanation	Commentary
		the Madrugador claim in 2005.
		•During the period 1994 to 1999, Rayrock conducted geological
		mapping of the property, a stream sediment and soil/road‐cut
		sampling survey, as well as limited diamond drilling.
		•In 2007 and 2008, Apoquindo Minerals Inc. (Apoquindo) completed
		21,177 m of RC drilling in 132 holes and 1,206 m of diamond drilling
		in eight holes.
		•In April 2009, Apoquindo entered into a JV agreement with Minera
		S.A.
Geology	• Deposit type, geological setting and style of mineralisation.	•The Pampa Medina mining district is characterised by
		Jurassic_Triassic volcanic and sediment hosted manto type copper
		mineralization. Characteristics volcanic hosted, such as shallow
		Madrugador mineralization, resembles the typical Coastal Belt copper
		style mineralization and the sediment hosted style is exposed at old
		mine workings along the Sierra de Valenzuela District and at deep
		drilling below covered areas extending around where the host
		sediments are covered by volcanics.
		•Main structural system are a block faulting and a complex of dyke
		swarm.
		•The copper mineralisation observed in the drill holes comprises both
		oxides and sulphides. The predominant oxides correspond to
		atacamite, azurite and chrysocolla. The oxide zone thickness varies
		between few metres up to more than 200 m, and irregular mixed zone
		characterised by a mixture of green copper oxides (mainly atacamite)
		and copper sulphides (mostly chalcocite, and less chalcopyrite and
		pyrite). At depths of more than 300 m primary mineralization was
		observed and consist of chalcopyrite, bornite and variable covellite
		and pyrite.
		•Rock alteration is mostly albitization of sediments and little clay is
		observed in the upper oxidized zones.
Drill hole	• A summary of all information material to the understanding of the	•Drill hole attribute information is included in a table herein.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:

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Criteria	JORC Code explanation	Commentary
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should
	clearly explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,	•Length weighted averages were used to calculate grade over width.
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•No specific grade cap or cut-off was used during grade width
methods	grades) and cut-off grades are usually Material and should be	calculations. The total copper (CuT) weighted average grade of the
	stated.	entire interval is calculated for all intervals over 2m samples lengths.
	• Where aggregate intercepts incorporate short lengths of high grade	Manto-type deposits can be variable in nature resulting in some
	results and longer lengths of low grade results, the procedure used	intervals having a small number of poorly mineralized samples
	for such aggregation should be stated and some typical examples of	(<0.1% CuT) included in the calculation.
	such aggregations should be shown in detail.	•No metal equivalents have been reported.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	•True widths are not known at this time, however drilling generally
between	Exploration Results.	targets subparallel intersections of the mineralized manto units as
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole	understood/interpreted at the time of drilling
n widths and	angle is known, its nature should be reported.	•All intersections are reported on a downhole basis.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true _width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Please refer to the figures contained herein
	intercepts should be included for any significant discovery being
	reported These should include but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All significant results have been reported
reporting	practicable, representative reporting of both low and high grades	•Please refer to the tables herein
	and/or widths should bepracticed to avoid misleading reporting of

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Criteria	JORC Code explanation	Commentary
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be	•Not applicable
substantive	reported including (but not limited to): geological observations;
exploration data	geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•Over the course of 2025, the Company intends to complete further
	extensions or depth extensions or large-scale step-out drilling).	exploration	work at the project area including:
	• Diagrams clearly highlighting the areas of possible extensions,	o	Geophysical surveys
	including the main geological interpretations and future drilling	o	Shallow track mounted drilling
	areas, provided this information is not commercially sensitive.	o	Deeper reverse circulation and diamond core drilling
		•Of particular	focus will be the potential for extensions from the Pampa
		Medina Deposit north to the Pampa Medina Norte Extension