MARIMACA COPPER CORP. — Capital/Financing Update 2025

May 15, 2025

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News Release

Marimaca Extends Pampa Medina Norte Discovery – Intersects 68m at 1.20% and 40m at 1.07% CuT in Dominantly Oxides with Assays Pending for Deep Sulphide Extension

Vancouver, British Columbia, May 15[th] , 2025 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX:MARI, ASX:MC2) is pleased to announce results of further drilling at Pampa Medina Norte, the recently discovered northern extension of the Pampa Medina Deposit.

The latest result from hole SMD-01, follows news of the discovery hole - SMR-01 on December 30, 2024, which identified this northern extension of the Pampa Medina deposit, located approximately 26km from the Company’s flagship Marimaca Oxide Deposit (“ MOD ”).

Hole SMD-01 is the first diamond drill hole targeting validation and depth-extension of the reverse circulation (“RC”) drilling. SMD-01 was drilled to a final depth of 950m with assays pending from 600m to the bottom of the hole.

Highlights

• Hole SMR-01 and SMD-01 were drilled approximately 400m north of the known northern extent of the Pampa Medina deposit (see Figure 3)

• SMD-01 was drilled to a final depth of 950m to investigate the potential for repeating manto-mineralized units at depth in primary mineralization

• SMD-01 confirms the material extension of the sediment-hosted ‘manto-style’ mineralization

• Confirmation of high-grade, oxide manto in the upper part of the sedimentary horizon consistent with Pampa Medina deposit and SMR-01

• New zone of manto-style sulphide mineralization identified at depth containing dominantly chalcopyritebornite mineralization in deeper, interbedded sandstone and conglomerate units with variable intensity

• Assays pending for 600m-950m will be released to the market when received and validated

• Highlights from the upper section of SMD-01 are below:

• 242m at 0.65% CuT from 252m including:

  • 68m at 1.20% CuT from 298m, including

    • 20m at 2.25% CuT from 298m

    • 32m at 1.03% CuT from 332m

  • 74m at 0.84% CuT from 420m, including

    • 40m at 1.07% CuT from 420m

• Results from the upper zone in SMD-01 validates the previous RC drilling in SMR-01

• Deviation of SMD-01 is approximately 25m north of SMR-01 in the upper oxide manto

• True widths cannot be determined at this time, however SMD-01 was orientated to target perpendicular intersections of the key manto-hosting lithological units

• Two additional deep diamond drill holes remain pending at Pampa Medina exploring the potential for extension of the system at depth (see Figures 2 and 3)

• SMD-02, drilled at Pampa Medina main 650m south of SMD-01, encountered visual copper mineralization in the Pampa Medina upper manto, and polymetallic mineralization at depth, in a lower metasedimentary unit, including galena and sphalerite

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• Indicates the potential presence of other horizons prospective for mineralization and other mineralized bodies not previously considered

• Results will be released to the market when received and validated – sample preparation is underway

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“The scale and intensity of mineralization at Pampa Medina Norte continues to impress us. We now think the system has good potential for stacked mantos which, based on our review of historical drilling data, could be extensive across the broader Sierra De Medina project area.

We are encouraged by the continuation of mineralization at depth, especially the visual bornite and chalcopyrite, These findings also serve to further improve our understanding of the sulphide body which has the potential to be highly accretive to the high-quality overlying oxide leachable manto, where our PEA for the integration into the MOD is progressing. SMD-02, for which we are currently preparing samples to be assayed, presented a surprise intersection of polymetallic mineralization, which we had not previously considered, but further supports our view that this system has significant ongoing exploration potential.

We are looking forward to updating the market in the near-term on the results from the assays at depth, as well as our additional deep drill holes at Pampa Medina main. Our view remains that we are still in the very early days of the Pampa Medina story and the consolidation of the area has allowed, for the first time, the development of our overall thesis that Pampa Medina and its surroundings represents a single, large scale mineralized system which could be highly complementary to the MOD.”

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 underlaying by a Upper Paleozoic complex of metasediments and intrusions. Copper is found predominantly in oxide species dominated by atacamite, chrysocolla and both secondary and primary chalcocite. Primary sulphides encountered to date correspond to variable amounts of chalcopyrite and bornite.

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. 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, with increasing intensity of bornite content at depth. The hole was terminated at 950m.

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 (see Figure 2). Historical drilling at Pampa

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Medina was generally limited to a depth of 400m, potentially too shallow to intersect the chalcopyrite-bornite dominant manto mineralization found in SMR-01, confirmed and potentially extended at depth by SMD-01.

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25km
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Figure 1: Regional Map – Marimaca and Sierra de Medina

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

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Figure 3 – Long Section Looking West – Pampa Medina and Pampa Medina Norte

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Figure 4 – Selected Core Photos from SMD-01 dominant mineralization types. Core size is HQ.

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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

Table 1: Table of Intersections (Pampa Medina Norte)

Hole	Easting	Northing	Elevation	Azimuth	Inclination	Depth
SMD-01 4070781.42 7441265.92 1270.04 270 -60 950

Table 2: Drill Collar (Pampa Medina Norte)

Sampling and Assay Protocols

True widths cannot be determined with the information available at this time. 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

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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, 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

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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 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 sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems 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.

Commentary

All current drilling conducted at Sierra Medina (including Pampa Medina, Pampa Norte Extension and Pampa West) was completed under the supervision of a registered professional geologist as a Competent Person/Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting.

• 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	JORC Code explanation	Commentary	Commentary
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	All drilling reported is diamond (“DD”) drilling drilled in HQ and NQ
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple		standard core diameters
		or standard tube, depth of diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by what method, etc).
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 measuring deviations, most of the holes were surveyed
				usingan optical tele viewer(OPTV or BHTV),with structures and

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Criteria	JORC Code explanation	Commentary
		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 assaying	• The use of twinned holes.	into the deposit database.
	• Documentation of primary data, data entry procedures, data	•Laboratory results are loaded directly from digital assay certificates
	verification, data storage (physical and electronic) protocols.	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 spacing	• Data spacing for reporting of Exploration Results.	•Due to the nature of mineralisation and the type of exploration
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.	•True widths have not been reported but rather assays are reported on a downhole basis.
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 directly from the property to a laboratory facility for final
		preparation,and later,upon their return,to the laboratoryfor analysis.

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Criteria	JORC Code explanation	Commentary
		•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
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	understood/interpreted at the time of drilling
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