MARIMACA COPPER CORP. — Investor Presentation 2026

Mar 18, 2026

S O U T H A M E R I C A

MEJILLONES MARIMACA ANTOFAGASTA

SANTIAGO

MARIMACA COPPER

Outstanding Exploration Potential

C H I L E

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TSX: MARI ASX: MC2

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Disclaimer

The following notices and disclaimers apply to this presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation.

This presentation is dated the 18[th] of March 2026 and has been prepared by the Board and management of Marimaca Copper Corp. ARBN 683 017 094 ("Marimaca", "MCC" or the "Company").

Summary information only

The information in this presentation is summary information only and is current as at the 18[th] of March 2026 (unless otherwise indicated), and the information in this presentation remains subject to change without notice. The information in this presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Marimaca, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act or other legislation. It has been prepared by Marimaca with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation by Marimaca or any other party involved in its preparation, except as required by law.

Reliance should not be placed on information or opinions contained in this presentation and, Marimaca does not have any obligation to finalise, correct or update the contents of this presentation, except as required by law.

This presentation should be read in conjunction with Marimaca's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au and lodged with SEDAR, which are available at www.sedarplus.ca.

Forward Looking Statements and Cautionary Statements – Canada

This presentation includes certain forward-looking statements about future events and/or financial results which are forward- looking in nature and subject to risks and uncertainties. Such forward-looking statements or information, including but not limited to those with respect to the development of the Marimaca project, metal prices, metallurgical results and resource estimates, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements include without limitation, statements regarding the Company’s future completion of mine feasibility studies, mine development programs, capital and operating costs, production, potential mineralization, resources and reserves, exploration results and future plans, goals and objectives of Marimaca Copper Corp. (“MCC”) which may or may not be realized. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “ continue” or the negative thereof or variations thereon or similar terminology. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. MCC is a copper exploration company and is subject to risks associated with mining in general and pre-development stage projects in particular, including the risk described under the heading “Risk Factors” in the Annual Information Form filed under MCC’s company profile on SEDAR at www.SEDAR.com

Forward Looking Statements and Cautionary Statements - Australia

This presentation contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, production targets, industry and trend projections, statements about the feasibility of the Marimaca Oxide Deposit (the Project ) and its financial outcomes (including pursuant to the Definitive Feasibility Study for the Project ( DFS ), details of which Marimaca announced in the ASX and SEDAR announcement which this presentation accompanies), future strategies, results and outlook of Marimaca and the opportunities available to Marimaca. Often, but not always, forwardlooking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, "target", “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of Marimaca regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Marimaca to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information.

Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Marimaca and its directors and management. Past performance is not a guide to future performance. Key risk factors (including as associated with the DFS) are detailed (non-exhaustively) in in the DFS announcement released by Marimaca on the ASX and SEDAR announcement. These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated (including in the DFS) to differ materially from those expressed in forward-looking statements and information.

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Disclaimer

Forward-looking statements and information (including Marimaca’s belief that it has a reasonable basis to expect it will be able to fund the costs of the Project for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Marimaca made in light of its perception of trends, current conditions and expected developments, as well as other factors that Marimaca believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Marimaca believes that the assumptions and expectations reflected in such forwardlooking statements and information (including as described throughout this presentation or in the ASX and SEDAR announcement [which it accompanies]) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Marimaca does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws.

Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate, whether production targets will be achieved or whether Marimaca will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Marimaca’s shares. It is also possible that Marimaca could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Risk factors which are set out (non-exhaustively) in in Marimaca's previous ASX and SEDAR announcements (such as the ASX and SEDAR announcement relating to the DFS on 25 August 2025), highlight key factors identified by Marimaca which may cause actual results to differ from the DFS or may otherwise have material detrimental impacts on Marimaca and its business.

Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. Marimaca’s plans, including its mine and infrastructure plans, and timing, for the Project, are also subject to change. Accordingly, no assurances can be given that the production targets, financial forecasts or other forecasts or other forward-looking statements or information will be achieved.

Investors are advised that the assumptions and inputs to the financial model may require review as project development progresses. While the Company considers [all the material assumptions to be based on reasonable grounds], there is no certainty that they will prove to be correct or that the production targets or estimated outcomes indicated by the DFS (such as the financial forecasts) will be achieved. Given the various uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS.

Non-IFRS financial measures

This presentation contains certain financial measures (such as NPV and IRR) that are not recognised under International Financial Reporting Standards ( IFRS ). Although the Company believes these measures provide useful information about the Company's financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures.

JORC Code

It is a requirement for Marimaca to report Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves in compliance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ).

This presentation contains estimates of the Mineral Resources and Ore Reserves estimated for the Project. This information in this presentation that relates to those Mineral Resources and Ore Reserves has been extracted from Marimaca's ASX and SEDAR announcement entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” dated 25[th] of August 2025, a copy of which is available at www.asx.com.au and www.sedraplus.ca. Marimaca confirms that it is not aware of any new information or data that materially affects the information included in that announcement and, in relation to the estimates of Mineral Resources and Ore Reserves, confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Competent Person[s] for the Mineral Resources estimate in the announcement was Luis Oviedo, and the Competent Person[s] for the Ore Reserve estimate in the announcement was Carlos Guzman. Marimaca confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the announcement.

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CHILE’S NEW COPPER DISCOVERY

Advancing Development With District Scale Potential

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Disclaimer

The information in this presentation that relates to the Company's exploration results has been extracted from the Company's previous ASX and SEDAR announcement[s] including: ASX and SEDAR announcement[s] entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” with ASX/JORC info, including JORC Table 1" and dated the 25[th] of August 2025. A copy of this announcement[s] is available at www.asx.com.au and www.sedarplus.ca. The Competent Persons for the announcement were Tomaso Roberto Raponi, Luis Oviedo, Carlos Guzman, Scott C. Elfen and James Millardis. Marimaca confirms that it is not aware of any new information or data that materially affects the information included in the announcement[s] and that the form and context in which the Competent Person's findings are presented have not been materially modified from the announcement[s].

The information in this presentation that relates to exploration targets is based on, and fairly represents, information and supporting documentation compiled by Sergio Rivera, a Competent Person who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code. Sergio Rivera is VP Exploration of Marimaca Copper Corp. and is 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 and a Competent Person for the purposes of JORC, and is responsible for the design and execution of the drilling program. Sergio Rivera consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Production Targets and Financial Forecasts derived from the Production Targets

This presentation contains production targets for the Project, which are: 52% underpinned by the Proved category Ore Reserves estimated at the Project pursuant to the JORC Code; and

48% underpinned by the Probable category Ore Reserves estimated at the Project pursuant to the JORC Code.

The estimated Ore Reserves underpinning the production targets have been prepared by a competent person in accordance with the JORC Code.

The Inferred category Mineral Resource estimates at the Project have not been included in the Ore Reserves or production targets and have not been included when determining the forecast financial information detailed in this presentation. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation.

The production targets for the Project and forecast financial information in this presentation have been extracted from Marimaca's ASX and SEDAR announcement entitled “MOD Feasibility Study Confirms Robust Capital Intensity and 30%+ IRR” dated 25 August 2024, a copy of which is available at www.asx.com.au and www.sedarplus.ca. Marimaca confirms that all the material assumptions underpinning the production targets for the Project, and forecast financial information derived from the production targets, in that announcement continue to apply and have not materially changed.

The production targets for the Project and the financial forecasts disclosed in this presentation (including as derived from those production targets) are based on the material assumptions outlined in this presentation or in the ASX and SEDAR announcement which it accompanies and are subject to various risk factors, such as those (non-exhaustively) outlined, or referred to, in in the ASX and SEDAR announcement. These include assumptions and risk factors about the availability of funding. While Marimaca considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the Mineral Resource and Ore Reserve estimates are accurate or that the production targets or financial forecasts as indicated in this presentation will be achieved.

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Disclaimer

Not financial product advice

This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Marimaca. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Marimaca is not licensed to provide financial product advice in respect of an investment in securities or otherwise.

Past performance

Any information regarding past performance included in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Marimaca’s views, or that of any other party involved in its preparation, on Marimaca’s future performance or condition or prospects.

Not an offer

This presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Marimaca, or any other financial products or securities, in any place or jurisdiction.

No liability

The information contained in this presentation has been prepared in good faith by Marimaca. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Marimaca and its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this presentation, except as required by law.

To the maximum extent permitted by law, Marimaca and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. Statements in this presentation are made only as of the [date of] this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. No responsibility or liability is assumed by Marimaca or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this presentation or to inform any recipient of any new or more accurate information or any errors or omissions of which Marimaca or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law.

Release authorised by:

Marimaca Board of Directors.

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Introduction: Marimaca Copper

Three core value pillars

MOD: Near Term → Production

Pampa Medina: Game → Changing Growth

Exploration: Complementary → Opportunities

 DFS Complete – 50ktpa run rate production

• Leading capital intensity, high ROIC demonstrated in 2025 DFS led by Ausenco

Environmental Approval Received



• DIA approval received in Q4 2025

Advancing toward FID



• Detailed design and engineering underway

• Project financing process underway

Tier 1 discovery opportunity



• Drilling has demonstrated an extensive oxide and sulphide sedimentary copper system

 30,000m drilling program underway

• Step-out and delineation program to test extent of Pampa mineralized system

Significant synergy potential with  MOD

• 25km from the MOD infrastructure as outlined in the 2025 DFS

Near-mine oxide potential



• Underexplored oxide targets in immediate proximity to the MOD – Mercedes, Robles, Cindy

Marimaca Sulphides 

• Marimaca sulphide target remains largely untested

Regional Opportunities



• Leading landholder in emerging tier 1 discovery belt in Chile – Cachorrro (Antofagasta Minerals), Pampa Medina

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Where? Antofagasta Region, Chile

Clear regional scale synergies – low altitude, close to all major infrastructure

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Introduction: Marimaca Copper Project

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MEJILLONES
MARIMACA
ANTOFAGASTA
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SANTIAGO
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CHILE

CHUQUICAMATA

MANTOS DE LA LUNA

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CALAMA
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MICHILLA

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SPENCE
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EL TESORO

MEJILLONES

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MARIMACA
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MANTOS LOMAS BAYAS BLANCOS

ANTOFAGASTA

Marimaca has the potential to be a low capital intensity, high margin, copper company

C O A S T A L C O P P E R B E L T

ZALDIVAR

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MOD Environmental Approval Received

Formal Resolución de Calificación Ambiental (“RCA”) acquired in November

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Key Environmental Approval for the MOD Project

• Marks the formal approval of the Company’s DIA submission made in December 2024

• Strong relationships developed with local and national regulators

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Rigorous preparation and engagement process

• Multiple years of environmental baseline studies and voluntary stakeholder engagement sessions

• Supported by various technical and engineering studies presented in the DIA submission

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Significant de-risking milestone

• Marks another strategic step closer to being construction-ready at the MOD

• Marimaca is well advanced in its next phase of permitting activities, known as the Sectorial Permits (auxiliary permits required for various stages of construction and operation)

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Marimaca: Green Copper

WATER – recycled seawater supply secured from the Bay of Mejillones 

Mining Project of the Future

POWER – certified renewable electricity supply available 

COMMUNITIES – no community land overlap, skilled local workforce 

IMPACT – limited flora & fauna impact expected in the coastal Atacama Desert 

Targeting leading ESG positioning across all aspects of operations

CARBON INTENSITY[1] – heap leaching 38% less carbon intensive than traditional processing 

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Key Workstreams in 2026

MOD Project Advancement

▪ MOD Detailed ▪ Site Early Design + Works pre-FID Engineering identified for with execution 2026 strategy to be ▪ Long-lead defined Items (>50 ▪ Sectorial weeks (Auxiliary) delivery) to be Permits in line secured with master schedule

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Exploration

▪ Project Financing workstreams underway ▪ Positive market conditions support competitive process

▪ Pampa Medina 100,000m drill program in 2026 ▪ MOD sulphide target test program

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Marimaca Oxide Deposit: 2025 DFS Results

Low Strip Ratio, High Margin Project with Industry Leading Capital Intensity

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US$1.1bn (1) Post-Tax NPV 8 39% IRR with 2.2-year payback period At COMEX 3-month Avg. Cu price of US$5.05/lb Post-Tax NPV8 of US$709m and 31% IRR at US$4.30/lb

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US$2.09/lb US$587m 2[nd] Quartile AISC[(2)] Pre-Production Capex C1 cash cost of US$1.69/lb Initial capital intensity of US$11,700/t of Cu

Initial capital intensity of US$11,700/t of Cu production capacity

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13-year

Mine Life

P&P Reserve of 179Mt @ 0.42% CuT for 748kt Contained Cu

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Production Target of 50ktpa Cu

Steady State Production

First 10-years average 48ktpa of Grade A Cu Cathode production, including 1-year ramp-up period

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0.8:1

LOM Strip Ratio First 4-years average strip ratio of 0.6 Includes pre-stripped material

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Note: 1. At 3-month average COMEX spot price US$5.05/lb Cu as of August 25, 2025, US$0.10/lb Cu cathode premium 2. Steady state AISC (years 2 – 10) at US$5.05/lb Cu

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MOD 2025 DFS Consultants

Specialist consultants with significant experience in the region

→

2025 DFS prepared by Marimaca team in conjunction with Ausenco and NCL

▪ Led by Ausenco and NCL – two prominent engineering consultants in the region

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Processing
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Metallurgical
Carlos Garcia
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• Ausenco utilized in key copper projects in the region, including Mantoverde and Santo Domingo

Leveraged wider group of world-class consultants with deep experience in copper heap leach projects in Chile

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Geotechnical
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Mining
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Environment
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Hydrogeology
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Water Supply
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Lab Testwork
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MOD DFS: Results

Simple mining & processing support robust margins

		First 5 Years of
Metric Mining Summary	Unit	Steady State(1)	LOM
Total Ore Mined	kt	80,683	178,635
Total Waste Mined	kt	73,803	145,889
Strip Ratio	w:o	0.91x	0.82x
Production Summary
Avg. Annual Processing Rate	Mtpa	12.4	14.1
Head Grade Recovery	% Cu % Cu	0.52% 77%	0.42% 72%
Avg. Annual Cu Recovered	ktpa Cu	50	43
Operating Costs
Total Operating Costs	US$/t processed	$12.3	$11.9
C1 Cash Costs(2)	US$/lb Cu	$1.45	$1.84
AISC(3)	US$/lb Cu	$1.97	$2.29
Capital Expenditures
Initial Capex Total LOM Capex	US$m US$m	$587 $1,198
Financials
Long Term Copper Price	US$/lb Cu	$4.30
Avg. Annual EBITDA	US$m	$326	$241
Post-Tax Avg. Annual FCF(4) Post-Tax NPV8%	US$m US$m	$222 $709	$160
Post-Tax IRR	%	31%
Payback Period	Years	2.5

Simple open pit mining with LOM strip ratio of 0.8:1 (including pre-stripped material)

→

• P&P Mineral Reserve of 179Mt @ 0.42% Cu for 750kt of contained copper

• Steady state (years 2 – 8) production target of 50ktpa of copper cathode

• Drives competitive 2[nd] quartile C1 Cash Cost

High margin project drives significant returns (31% IRR) and attractive 2.5-year payback period

→

• Exceptional EBITDA margin of 58% underpinned by low operating costs

• ✓ Opportunity to lower operating cost through owner-operated sulfuric acid plant

• Low execution risk with proximity to first class infrastructure at low altitude (1,100m above sea level)

Post-Tax IRR Sensitivity

	LT Copper Price
	20% 10% -- (10%) (20%)
	(20.0%) 43% 39% 34% 30% 24% (10.0%) 42% 37% 33% 28% 22%
X
PE	-- 40% 36% 31% 26% 20%
O	10.0% 39% 34% 29% 24% 18% 20.0% 37% 32% 27% 22% 15%

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Note: 1. First 5 years of steady state (Years 2-6)

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

2. C1 Cash Costs includes the mining, processing, G&A, marketing & sales, and royalty costs. These are Non-GAAP performance measures.

3. AISC includes sustaining capex, closure capex, and salvage value

4. Average Annual Free Cash Flow is unlevered, during operating years only (years 1-23)

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MOD DFS: Capital Cost in Detail

Strong technical fundamentals supporting globally competitive capital intensity

Metric Initial Capital Cost	Unit US$m	Total $587	% of Total -			→
Mine	US$m	$24	4%
Crushing	US$m	$141	24%
Heap Leach & SX-EW	US$m	$223	38%
Infrastructure Total Direct Costs	US$m US$m	$49 $437	8% 74%			→
Indirect costs	US$m	$80	14%
Owner costs Contingency(1) Expansion Capital Cost	US$m US$m US$m	$17 $53 $77	3% 9% -			→
Direct costs	US$m	$61	79%
Indirect costs	US$m	$6	8%
Owner costs	US$m	$1	2%			Capit
Contingency(1)	US$m	$9	11%
Sustaining Capital Cost	US$m	$529	-
Processing Deferred stripping	US$m US$m	$29 $64	4% 10%			$9
Infrastructure	US$m	$259	59%
Equipment lease payments	US$m	$176	27%
Closure Cost	US$m	$47	-			El P

Capital costs are within AACE Class 3 guidelines; expected accuracy of -20% to +25%

• Budget quotes obtained for 80% of mechanical equipment

• Contingency of 10% applied on direct and indirect capital costs

Oversized key equipment and infrastructure for cost effective future production expansions

• Primary and secondary crusher oversized for cost effective expansion in year 6

• Ripios dump capacity sufficient for mine life extensions

• Industry leading capital intensity of US$11,700/tpa Cu production among North and South American peers

• Ranks as one of the lowest capital cost copper development projects globally

Capital Intensity Benchmarking ($’000/tpa Cu Production)[(2)]

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North American Project South American Project
$21.8
$17.1
$15.0
$13.4
$11.7
$9.4
El Pilar MOD Costa Fuego Vizcachitas Santa Cruz Santo Domingo
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Note: 1. Contingency capital cost shown as % of total capital; contingency cost is 10% of total direct, indirect, and owner’s cost

2. Capital Intensity metrics based on Company Presentations and WoodMac Q1 2025 project database. Copper production based on anticipated steady state period

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MOD DFS: Global Cu Project Benchmarking

Low initial capex and robust NPV reinforces MOD’s position among global peers

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Profability Index (NPV8% / Initial Capex) for Global Copper Projects
Near Term Production (Pre 2028) Long Term Production (Post 2028) Marimaca
5.0
MOD positioned as one of the
4.0
top projects with Capex <$1bn
and Profitability Index >1.5x…
3.0
2.0
1.0
-
- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000
Initial Capex (US$ m)
Capital Intensity for Global Copper Projects
Near Term Production (Pre 2028) Long Term Production (Post 2028) Marimaca
$40,000
…and stands out as a
capital-efficient project in
the global copper universe
$30,000
$20,000
$10,000
-
- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000
Initial Capex (US$ m)
Source: WoodMac Q1 2025 Global Cu Projects CHILE’S NEW COPPER DISCOVERY
Note: Projects with initial capital >$300m. Capital Intensity graph includes only Greenfields projects
16
Advancing Development With District Scale Potential
Profitability Index
Capital Intensity (US$/t Cu Production)
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MOD DFS: Unique Access to Critical Infrastructure Location & access to infrastructure / utilities deliver lower execution risk

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----- Start of picture text -----

Port of Mejillones – 25 km
Power Spur and Line
Seawater Pipeline
Ripios Norte
Open Pit
Route 1 – National
Highway
Heap Leach &
Antofagasta & Airport – 40km SX-EW
Waste Dump
Ore Stockpile Ripios Sur
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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Note: Marimaca Copper Project infrastructure shown per 2025 DFS layout

17

MOD DFS: Simple Open Pit Mining

Conventional truck and shovel operation through 8 phases of pit development

DFS considers 8 phases of pit development to provide consistent ore feed to the heap leach

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→
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----- Start of picture text -----

Plan view of pit phases & final pit shell
N N
Phase 4 →
Phase 6 Phase 8
Phase 2
Phase 3
1,800m
Phase 5 Phase 1
Phase 7
1,000m
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• Mine sequence developed to achieve a consistent, steady state production of 50ktpa of Cu cathode

• Overall pit slope angles between 37[o] -45[o] , defined from purpose built geotechnical domain model

• Inferred resource included as waste in mine plan

Initial production capacity of 25Mtpa, expanding to peak production of 35Mtpa in year 4 to facilitate crusher expansion

• Conventional truck and shovel operation utilizing 220t haul trucks and 29m[3] hydraulic shovels

• Initial truck fleet of 7 expanding to 13 by year 7

• Ancillary equipment requirements are fully integrated into the DFS

2025 Mineral Reserves (0.10% CuT cut off grade)

					Contained
	Reserve Category	Tonnage	Copper	Grades	Copper
		kt	_CuT (%) _	CuS (%)	CuT (kt)
	Proved	94,297	0.46	0.28	433
	Probable	84,339	0.37	0.21	314
	Total Mineral Reserves	178,635	0.42	0.25	748

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Mineral Reserves are reported as constrained within Measured and Indicated pit design and supported by a mine plan featuring a constant copper cathodes production rate. The pit design and mine plan were optimized with average overall slopes angles varying from 37° to 45°, ore and waste mining average cost of $2.0/t, average $6.25/t for process, $0.25/t for G&A, $0.26 for sustaining capital, $0.25/lb for SX-EW, $3.6/t-cathodes for logistics and average $0.06/lb for royalties, copper price used was $4.25/lb and cathode premium of $100/t-cathodes , as well as a variable recovery as function of solubility ratio. The average processing recovery is 72% and for this average, the cut-off is 0.10%CuT. Mineral Reserves considers a fully diluted Resource model, representing 1% of mining dilution. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. %CuT corresponds to total copper grade, %CuS to acid soluble copper grade.Tonnage,grade measurementsand containedcopperare in metricunits.

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

18

MOD DFS: Resource Update

93% of total resource tonnes now in Measured and Indicated categories

3D View of Marimaca Oxide Blanket

→

Continued conversion of Inferred tonnage and contained metal over the 2023 MRE

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----- Start of picture text -----

500m
1,800m
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→

• Updated recoveries from Phase 7 metallurgical testing now underpins geometallurgical model

• Increased confidence in the recovery assumptions in MRE

• Over 135km of drilling since 2016 supports the strong M&I resource base

Establishes Marimaca as one of the largest copper discoveries globally in the last decade

• Opportunities for large production scale supported by resource growth

2025 Mineral Resources (0.10% CuT cut off grade)

				Contained
Resource Category	Tonnage	Copper	Grades	Copper
	kt	_CuT (%) _	CuS (%)	CuT (kt)
Measured	103,258	0.45	0.27	466
Indicated	110,118	0.35	0.19	387
Total M&I Resources	213,490	0.40	0.23	854
Inferred	21,193	0.29	0.14	62

• Notes: 1. The independent and qualified person for the mineral resource estimate, as defined by

• 19 NI 43-101, is Luis Oviedo, P.Geo. and the effective date is 25 August 2025. 2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM and JORC definitions and guidelines. 3. The results are presented undiluted and are considered to have reasonable prospects of economic extraction. 4. Reported inclusive of declared Ore Reserves

→ M&I Resource Ratio

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93%
86%
67%
65%
59%
2017 2019 2022 2023 2025
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

Water Supply: De-risked and sustainable

Recycled seawater from Mejillones to supply the Marimaca Copper Project

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----- Start of picture text -----

• Water option secured from the Bay of
Mejilllones – recycled seawater
―
De-risks water supply for the
MARIMACA COPPER Marimaca Project – intake is already
PROJECT permitted
~32km ―
No use of continental or fresh water
―
with ~32km pipeline at 208L/s
required
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• Water option secured from the Bay of Mejilllones – recycled seawater

• De-risks water supply for the Marimaca Project – intake is already permitted

• No use of continental or fresh water

• Straightforward infrastructure solution with ~32km pipeline at 208L/s capacity to site – one pumping station required

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20
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

MOD Processing: Simple SX-EW Processing Low complexity processing supports robust project economics

DFS Processing Flowsheet

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3-stage crushing to achieve P80 passing 12.5mm (1/2”)

→

• Crushed ore agglomerated and acid cured with variable dose based on mineral sub-domain

• Ore stacked on 4m high dynamic heap leach pads

Initial construction of 12 heap leach cells

→

• Crushed ore irrigated with 10 g/L sulfuric acid and seawater at a maximum rate of 10L/h/m[2]

• Two-phase irrigation time ranges from 62-83 days depending on mineral subdomain

SX-EW facility designed for nominal production of 50ktpa copper cathode

→

• Three-stage SX configuration with 1 stripping and 2 washing stages

• ▪ 142 cell EW plant

Phase 2 expansion in DFS increases tertiary crushing circuit and adds 2 heap leach cells

→

• Tertiary circuit crushing rate increased from 2,009tph to 2,679tph

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Note: Marimaca Copper Project infrastructure shown per 2025 Definite Feasibility Study

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

21

Marimaca Oxides: Extensive Met Work Completed

Marimaca has completed rigorous met testing on materials across the deposit

Tests completed on materials from across the full extent of the deposit and addressed all defined mineral subzones

Addressed all key operating parameters for heap 1. leach operations

→

Seven extensive phases of met testing complete

• Agglomeration characteristics

• Granulometry

• Column height

• Irrigation rates

→

• Acid consumptions

2.

• Testing with and without seawater

• Extensive variability study

• SX Pilot Plant study complete

7 phases of column testing complete

Geometallurgical model underpins the DFS recovery and acid consumption assumptions

• 4m height columns in Phase VII

• 1.5m columns at different operating parameters

• 30cm “mini” columns

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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22

Marimaca: Overview

Infrastructure access lowers execution risk

Close to all aspects required to build a mine

Marimaca Oxide Deposit Stage: DFS completed

Pampa Medina & Madrugador Stage: Resource Definition ; Drilling Ongoing

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Proximity to first class utilities and infrastructure

Water, Power, Transport, Communications

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Within 25km of Port of Mejillones

Access to all major consumables for a SX-EW operation (Sulfuric Acid, Extractants &Dilutants)

Land predominantly government owned/controlled

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Access to all major consumables for a SX-EW operation (Sulfuric Acid, Extractants &Dilutants)

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Within 40km of Antofagasta

Major regional center, No site accommodation requirement with access to skilled labour force, Well connected international airport

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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

23

Marimaca: Multi-Pronged Strategy

Developing, exploring and integrating a Tier-1 copper district in Chile

Continued de-risking of the MOD

• RCA Approval received – key environmental permit in hand

Project

• Phase 7 metallurgical program complete

• Advancement ▪ Water supply engagement complete – water option agreement signed

• Strong (88%) resource to reserve conversion

• Definitive Feasibility Study (DFS) complete, detailed engineering ongoing

Exploration Potential

PAMPA MEDINA

DISTRICT INTEGRATION

Tier 1 potential – clearly a large copper system across both oxides and sulphides

Advance ‘hub and spoke’ district development plan to define future satellite oxide resource potential

Currently executing a 30,000m extensional drilling program to define deposit footprint

Targeting development of Pampa Medina & Madrugador oxides to grow cathode production and increase mine life Explore oxide extensions at depth and along strike, and sulphide potential below oxides at the MOD

Exploration focus on adding complimentary resources to the MOD with parallel de-risking and development of Marimaca Oxide Project as quickly as possible

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

24

Complementary Exploration Targets[1]

Strong ‘repetition’ style oxide resource discovery potential

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----- Start of picture text -----

Cindy Exploration
Target:
Roble Exploration
30-40Mt at 0.3-0.4% CuT
Target:
20-30Mt at 0.2-0.3% CuT
Cedro
Merecedes Exploration
Target:
30-40Mt at 0.3-0.4% CuT Olimpo Nepal
Pele
→ Tarso Exploration
Target:
20-30Mt at 0.2-0.3% CuT
Sierra Exploration
Target:
20 - 30 Mt at 0.3-0.4% CuT
are
Sopresa
and
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Compelling potential to add leachable resources for future growth

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----- Start of picture text -----

Geophysics
Geochemistry
Geology
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The potential quantity and grade presented in the exploration target ranges are conceptual and have insufficient exploration and drill density to define a Mineral Resource. At this stage, it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. The exploration target is not being reported as part of any Mineral Resource or Ore Reserve. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the NI 43-101 and JORC reporting standards. Cautionary Statement: The potential quantity and grade of the above Exploration Targets is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It I uncertain if further exploration will result in the estimation of a Mineral Resource. Exploration targets are based on volumetric calculations derived from RC drilling completed at each target, and a density assumption of 2.6g/cm3. Grade ranges were derived from the weighted average grades of mineralized intervals.25

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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

Notes: 1. Refer to TSX announcement “Marimaca Announces Exploration Targets for Near-Pit Oxide Satellites and MAMIX Depth Extension” 20 January 2022

Complementary Resources: Sierra de Medina Region Compelling district scale potential through exploration

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----- Start of picture text -----

Sierra de Medina Claim Block
Cachorro: Geological Setting
3,000kt Contained Cu
300 Mtat 1.0% Cu
Pampa Medina &
Madrugador
Marimaca Oxide Deposit Pampa Medina&Madrugador:
Oxide and Sulphide
214Mt at 0.40% Cu (M&I Expansion Potential
179Mt at 0.42% Cu (P&P
Reserve)
MantosBlancos:
1,380kt Contained Cu
230 Mtat 0.6% Cu
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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26

Sierra de Medina Region

Compelling district scale potential through exploration

Pampa Medina & Madrugador Acquisitions

o Both located ~25km from the planned MOD → processing plant as defined in the DFS High grade, shallow, which appears to be open- o pitable mineralization and which the Company → believes is complementary to the MOD development o Sulphide potential at depth – first time the entire → land package has been consolidated under one operator

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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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27

Pampa Medina – a Game Changer.

Potential Tier-1 sulphide discovery with 100,000m drilling program ongoing

District Scale View

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----- Start of picture text -----

SMR-06
SMRD-26 SMRD-23 SMRD-21 SMRD-30 SMR-29
Section 7,441,100-N
SMR-05
SMR-04 SMD-01
SMRD-20 SMRD-17 SMD-04
SMRD-18
SMR-10 SMR-11
1.5km SWRD-03 SWRD-01 SMRD-16 SMRD-13 SMRD-15
Section 7,440,800-N
SMRD-12 SMD-02
SWRD-04 SWRD-02 SMRD-34 SMRD-28 SMR-25
Section 7,440,500-N
SMRD-24 SMRD-22
SMR-03 SMR-08
SMR-32 SMR-19 SMR-31 SMR-27
SMR-07
SMR-02 Long Section 406,900-E
3.0km
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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28

Pampa Medina – a Game Changer.

Drilling to date has delineated material extensions at depth and along strike

Long Section E406900 Looking West

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----- Start of picture text -----

800 m
700 m
SMR-29
SMRD-30
SMR-29 162m of 0.61%
SMRD-20 116m of 0.51% Cu SMRD-30 Cu from 220m
SMRD-13 from 204m Incl. 36m of
Incl. 24m of 1.62% 1.04% Cu from
SMRD-13 Cu from 296m 228m
26m of 4.1% Cu from SMRD-20
580m 198m of 0.7% Cu SMR-01
Incl. 6m of 12.0% Cu from 460m 102m of 1.2% Cu from 250m
from 594m Sulphides Incl. 38m of 1.4% Incl. 18m of 5.1% Cu from
Cu from 540m 320m
1,800 m
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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29

Pampa Medina – a Game Changer.

300m step-out holes continue to confirm sulphide mineralization remains open

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----- Start of picture text -----

Cross Section N7441100 Looking North
----- End of picture text -----

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----- Start of picture text -----

Western step-out
holes assays
pending
SMRD-33
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CHILE’S NEW COPPER DISCOVERY
Advancing Development With District Scale Potential
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30

Pampa Medina – a Game Changer.

300m step-out holes continue to confirm sulphide mineralization remains open Cross Section N7440800 Looking North

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----- Start of picture text -----

700m
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

31

Pampa Medina – a Game Changer.

300m step-out holes continue to confirm sulphide mineralization remains open Cross Section N7440500 Looking North

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----- Start of picture text -----

700m
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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32

Pampa Medina – a Game Changer.

High-grade corridor returns consistent grade x thickness intercepts in line with world-class sediment-hosted deposits

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----- Start of picture text -----

High Grade Corridor Pampa
96% Drill Holes > 10 Cu% m
58% Drill Holes > 20 Cu% m
Kupferschiefer(1) (1.6% Cu x 4.5m avg. thickness)
~7 Cu% m High Grade Corridor
>2km [2]
Kamoa-Kakula [(2)] (2.6% Cu x 6m avg.thickness)
~16 Cu% m
Continuous mineralisation across
depth supports consistent mining
conditions
200-400m: 79% Drill Holes > 10 Cu%m
400-600m: 75% Drill Holes > 10 Cu%m
Historical Oxide Drilling
600-800m: 83% Drill Holes > 10 Cu%m
Average 5 Cu%m – 0.2km [2]
----- End of picture text -----

• Notes: 1. Kupferschiefer based on KGHMPOLSKA MIEDŹ S.A. Technical Report as of 31 December 2011 – Rudna Proven & Probable Reserve of grade 1.6% Cu and average reported thickness of 4.5m

2. Kamoa-Kakula based on grades and thickness reported in Resource report as of January 30[th] , 2020

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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33

Pampa Medina – Extraordinarily Thick Sed Hosted Mineralized sediment at Pampa significantly thicker than the Kupferschiefer

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Typical Kupferschiefer sediment hosted deposit [(1)] Pampa Medina – SMRD-13
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----- Start of picture text -----

Cu %
Cp>Bn
Cp-Bn
6m @
12% Cu
Bn
Cp-Bn
Mineralized Zone: 5m Mineralized Zone: 26m
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Kupferschiefer
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CHILE’S NEW COPPER DISCOVERY
Advancing Development With District Scale Potential
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Notes: Scale is illustrative and not indicative of depth of deposit 1. Geological profile of Kupferschiefer deposit provided from KGHM website page ‘Mining and Enrichment’ (https://kghm.com/en/our-business/mining-and-enrichment)

34

Pampa Medina – Oxide Extensions

Recent drilling highlighting the district-scale oxide expansion

Oxide Extension Drilling

New oxide zone discovered near surface approx. 800m from historical oxide mineralization footprint

Section 7,441,400-N

Section 7,440,800-N

Section 7,440,500-N

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35

Pampa Medina – Oxide Extensions

Further proof of oxide mineralization with continuity to the north

Cross Section N7441400 Looking North

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----- Start of picture text -----

700 m
SMR-29
SMR-29
116m of 0.51% Cu
from 204m
SMRD-30
Incl. 24m of 1.62%
Cu from 296m
SMRD-30
162m of 0.61% Cu from 220m
Incl. 36m of 1.04% Cu from 228m
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----- Start of picture text -----

2 km
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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36

Pampa Medina – Oxide Core

Near-surface, high-grade oxide core identified

Cross Section N7440800 Looking North

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----- Start of picture text -----

Faults
Alluvium
SMRD-16
70m @ 1.03% Cu from 434m Upper Sediments
Incl. 10m @ 4.2% Cu from 438m Pampa Oxide
116m @ 0.61% Cu from 516m Cu% Shells
Incl. 8m @ 1.8% Cu from 528m
Incl. 10m @ 1.2% Cu from 568m
Incl. 20m @ 1.1% Cu from 612m Volcanics Tuff
50m @ 0.53% Cu from 744m
Incl. 10m @ 1.1% Cu from 782m SMRD-15
Oxide Volcanics
Hosted Manto 42m @ 0.51% Cu from 158m
Lower Sediments
Upper Manto
Lower Manto
Basement Manto
SMRD-12 SMD-02 SMRD-13
56m @ 1.4% Cu from 566m 132m @ 1.0% Cu from 278m 100m @ 1.3% Cu from 580m
Incl. 40m @ 2.1% Cu from Incl. 26m @ 4.1% Cu from
282m 580m
Incl. 6m @ 12.0% Cu from
594m
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1.6 km
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

37

Pampa Medina – Oxide Core

Proving out near-surface oxide mineralization with high grade intercepts

Cross Section N7440500 Looking North

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----- Start of picture text -----

SMRD-28
SMR-25
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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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38

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----- Start of picture text -----

Tier 1 Location
District Scale
Vision
Green
Copper
Low Execution
Risk
39
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Marimaca: Summary

Advancing Development & Outstanding Potential

→ A unique development stage copper asset with a clear development pathway to near-term production

• MOD DFS delivers strong US$1.1 NPV8% with industry leading capital intensity[(1)]

• Key Environmental Approval (RCA) in hand after rigorous DIA route, fast-tracking the permitting process for the project

→

Outstanding exploration and resource growth potential both at the MOD and on a district scale

• Targeting an increase in project scale through resource and district scale growth

• Pampa Medina sulphides displaying significant resource indicating future growth

→

‘Green copper’ development project with leading carbon emissions targets

• First quartile of global copper mine site emissions intensity

• Recycled seawater plant permit secured

→

Low execution risk given Tier 1 location and access to infrastructure

• Chile is consistently rated highly amongst other key copper producing countries

• Close proximity to first-class utilities and infrastructure, and ~25km from port

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CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

Note: 1. At 3-month average COMEX spot price US$5.05/lbCu, US$0.10/lbCu cathodepremium

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20
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Appendices

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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MOD DFS: Significant EBITDA and Free Cash Flow

Significant cash flow generation underpins compelling 2.5-year payback

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EBITDA and Margin (US$m)
EBITDA EBITDA Margin
68% 68% 69% 67%
63% 63%
58% 57%
53% 53%
33%
$332 $330 $335 $328 $307 25% 27%
$282 $277
$225 $236 $229
$85
$51 $39
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13
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Post-Tax Unlevered Free Cash Flow (US$m)
EBITDA Capex Taxes and NWC Free Cash Flow
$277 $283
$234
$225 $170 $186 $179 $173 $165
$148
$70 $332 $330 $335 $328 $307 $282 $277 $236 $229 $76 $33 $34 -
($43) ($42) ($58) ($93) ($51) ($43) ($14) ($10) ($48)
($136) ($124)
($253) ($268)
($233)
($268)
Year -2 Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14
CHILE’S NEW COPPER DISCOVERY
41
Advancing Development With District Scale Potential
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MOD DFS: Mining & Processing Profile

Mine expansion in year 5 to accommodate increase in crushing capacity

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Waste Mined (Mt) Ore Mined (Mt) Strip Ratio
1.23 1.23
1.15
1.04
0.96
0.83
0.70 0.72
0.55 0.46 0.53
35 35 35 35 35 0.24
33
28
25 25 25
9
6
Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
Ore Processed from Pit (kt) Ore Processed from Stockpile (kt) Head Grade (% Cu)
0.50% 0.53% 0.53% 0.54% 0.54% 0.48% 0.44% 0.48% 0.42% 0.45%
0.26%
0.18% 0.18%
16,000 16,000 16,000 16,000 16,000 16,000
14,000
12,000 12,000 12,000 12,000
11,035
9,600
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13
CHILE’S NEW COPPER DISCOVERY
42
Advancing Development With District Scale Potential
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Experienced Board

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Experienced and invested Board and management team

Deep experience in copper and Chile

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Leading explorational, regional and financial experience

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Michael Haworth

Non-Executive Chairman

• › Nearly 30 years in resources across advisory and investment

• › Co-founder of Greenstone Resources

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Hayden Locke

CEO, President & Director

• › Over 15 years’ experience in mining and finance

• › Former Head of Corporate for Papillon Resources, CEO of Emmerson Plc

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Clive Newall

Non-Executive Director

• › Co-founder of First Quantum

• › Geologist by training

• › Broad experience in exploration, construction and production in copper

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Tim Petterson

Non-Executive Director

• › Deep mining industry experience spanning research, finance and corporate

• › Founder and Exec-Chair of Minera Cobre

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Giancarlo Bruno

Non-Executive Director

• › Significant operating experience in Chile

• › Former CEO of Mantos Copper SA and VP Chile for Capstone Copper

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Alan Stephens Non-Executive Director

• › Co-founded MCC in 2005

• › Exploration geologist, former VP of Exploration for First Quantum

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Kieran Daly

Non-Executive Director

• › 25+ years in various executive, commercial and operational roles in the mining industry

• › Currently Managing Director of Assore International Holdings

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43

Experienced Management

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Experienced and invested Board and management team

Deep experience in copper and Chile

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Leading explorational, regional and financial experience

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Hayden Locke CEO, Director

• › Nearly 20 years’ experience as a senior executive inminingand finance

• › Former Head of Corporate Development for Papillon Resources, CEO of Emmerson Plc

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Nico Cookson

President

• › Strong background in corporate finance, M&Aand private equity

• › Former Investment Professional at Appian Capital Advisory and Investment Banking at RBC Capital Markets

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Jose Antonio Merino Managing Director, Chile and CFO

• › 15 years of internationalandincountry experience across finance and M&Ain naturalresources

• › Former General Managerof Business Development and M&A at SQM

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Sergio Rivera Vice President of Exploration

• › Over 30 years’ experience in exploration geology

• › Credited with several large copper discoveries including the Marimaca Deposit

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Josh Watson Project Director

Alexis Munoz

Vice President of Project Execution

• › 20+ years delivering complex, multibillion-dollar mining projects across Teck, Barrick, Vale, and Rio Tinto

• › Nearly 30 years’ experience in managing the construction and execution of largescale projects

• › Led global project portfolios spanning studies, execution, sustaining capital, and operational readiness across multiple jurisdictions

• › Recently managed construction for Capstone Copper’s Mantoverde project

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44

Corporate Structure

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----- Start of picture text -----

$14.00 1,000,000
900,000
$12.00
800,000
$10.00
700,000
600,000
$8.00
500,000
$6.00
400,000
$4.00 300,000
200,000
$2.00
100,000
- -
Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26
Volume
Share Price (C$/sh)
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	Capital Structure	Capital Structure	Board	Board		Analyst Coverage	Analyst Coverage
	Stock Exchange	TSX “MARI”; ASX “MC2”; OTCQX “MARIF” C$1,238 million (C$9.26 share price) 133,719,374 (As of February 26 2026) 6,114,715 (As of February 26 2026) US$165.6m(1) $0.0m Assore 19.9% Ithaki Limited 15.0% Greenstone 6.4% Mitsubishi Corp. 3.5%	Michael Haworth Hayden Locke Clive Newall Tim Petterson Alan Stephens Kieran Daly	Non-Executive Chairman		Beacon Securities	Michael Curran
	Market Cap			CEO, President & Director		BMO Capital Markets	Rene Cartier
	Shares Out			Non-Executive Director		Tamesis Partners	David Butler
	Options / Warrants / RSUs					Paradigm Capital	Jeff Woolley
				Non-Executive Director
	Cash
						Canaccord	Dalton Baretto
				Non-Executive Director
	Debt
						Cormark	Stefan Ioannou
	Shareholders (February 26 2026)			Non-Executive Director
						Raymond James	Judith Elliott
						RBC Capital Markets	Sam Crittenden

Note: Share price and volume from Factset as at 17-Mar-2026

1. Cash at February 17, 2026 plus gross proceeds from the Canadian Offering. Assuming CADUSD rate of 0.7295.

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45

2025 Mineral Resource Estimate

Cut-off grade (% CuT)		Measured	Measured	Measured	Indicated	Indicated	Indicated	Measured + Indicated	Measured + Indicated	Measured + Indicated	Inferred	Inferred	Inferred
		Quantity Mt	CuT [%]	CuS [%]	Quantity kt	CuT [%]	CuS [%]	Quantity kt	CuT [%]	CuS [%]	Quantity kt	CuT [%]	CuS [%]
0.40		44.6	0.73	0.44	31.1	0.65	0.36	75.7	0.70	0.41	4.6	0.56	0.26
0.30		52.6	0.67	0.41	39.3	0.59	0.33	91.9	0.64	0.38	6.0	0.52	0.24
0.22		62.2	0.62	0.38	50.1	0.53	0.30	112.3	0.58	0.34	8.0	0.47	0.22
0.20		72.6	0.57	0.35	63.5	0.48	0.27	136.1	0.53	0.31	10.4	0.42	0.20
0.18		83.9	0.52	0.31	78.9	0.43	0.23	162.8	0.48	0.27	13.2	0.38	0.18
0.15		94.3	0.49	0.29	94.3	0.39	0.21	188.5	0.44	0.25	16.6	0.34	0.16
0.10		103.4	0.45	0.27	110.1	0.35	0.19	213.5	0.40	0.23	21.2	0.29	0.14
0.00		118.4	0.40	0.24	138.4	0.29	0.15	256.8	0.34	0.19	27.8	0.24	0.11

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Discovery cost under US 2 cents/ lb copper

Notes: 1. The independent and qualified person for the mineral resource estimate, as defined by NI 43-101, is Luis Oviedo, P.Geo. and the effective date is August 25 2025. 2. These Mineral Resources are not Mineral Reserves. Mineral Resources are reported Inclusive of Mineral Reserves. The mineral resource estimate follows current CIM and JORC definitions and guidelines. 3. The results are presented undiluted and are considered to have reasonable prospects of economic extraction. 3. Mineral Resources are reported at a copper price of US$4.90/lb Cu. Assumes a variable Mining Cost by pit depth averaging US$2.01/t, variable processing cost by mineral subdomain, variable recoveries by mineral subdomain, US$0.31/t G&A, $3.60/t cathode transport cost, US$0.25/lb Cu SX-EW and selling costs. Pit slope angles range from 32-45 degrees.

See the August 15 2025 Press Release “MOD Feasibility Study Confirms Robust Capital Intensity and 31%+ IRR; Maiden Ore Reserve” for more information on the variable processing cost by mineral subdomain and recoveries by mineral subdomain.

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The information in this presentation that relates to Mineral Resources is based on information compiled by Luis Oviedo, a Qualified Person under NI 43-101 and a Competent Person as defined by the JORC Code (2012). Mr Oviedo is a Principal Geologist with NCL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration. He consents to the inclusion of the information in the form and context in whichit appears.

46

2025 Ore Reserve

Reserve Category	Ore Type	Tonnage	Copper Grades	Copper Grades	Copper Grades	Contained Copper	Mineral Reserves are reported as constrained within Measured and Indicated pit design and supported by a mine plan featuring a constant copper cathodes production rate. The pit design and mine plan were optimized with average overall slopes angles varying from 37° to 45°, ore and waste mining average cost of $2.0/t, average $6.25/t for process, $0.25/t for G&A, $0.26 for sustaining capital, $0.25/lb for SX-EW, $3.6/t-cathodes for logistics and average $0.06/lb for royalties, copper price used was $4.25/lb and cathode premium of $100/t-cathodes , as well as a variable recovery as function of solubility ratio. The average processing recovery is 72% and for this average, the cut-off is 0.10%CuT.c Mineral Reserves considers a fully diluted Resource model, representing 1% of mining dilution Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content %CuT corresponds to total copper grade, %CuS to acid soluble copper grade and %CuCN to cyanide soluble copper grade Tonnage, grade measurements and contained copper are in metric units.
		(kt)	(%CuT)	(%CuS)	(%CuCN)	(kt)
Proved Mineral Reserves	BROC	39,456	0.58	0.41	0.08	227.5
	CRIS	17,607	0.42	0.30	0.04	73.8
	WAD	17,242	0.26	0.14	0.05	44.8
	MIX	17,298	0.44	0.12	0.19	76.7
	ENR	2,693	0.40	0.07	0.19	10.6
Total Proved Mineral Reserves		94,297	0.46	0.28	0.09	433.4
Probable Mineral Reserves	BROC	25,617	0.49	0.35	0.06	125.1
	CRIS	17,517	0.35	0.24	0.03	61.8
	WAD	20,650	0.25	0.13	0.04	51.9
	MIX	14,555	0.37	0.10	0.16	53.3
	ENR	6,000	0.37	0.07	0.19	22.1
Total Probable Mineral	Reserves	84,339	0.37	0.21	0.08	314.2
Total Mineral Reserves (Proved and Probable)	BROC	65,073	0.54	0.39	0.07	352.6
	CRIS	35,124	0.39	0.27	0.04	135.7
	WAD	37,892	0.26	0.14	0.05	96.7
	MIX	31,853	0.41	0.11	0.18	130.0
	ENR	8,693	0.38	0.07	0.19	32.8
Total Mineral Reserves (Proved and Probable)		178,635	0.42	0.25	0.08	747.6

The information in this presentation that relates to Mineral Resources is based on information compiled by Luis Oviedo, a Qualified Person under NI 43-101 and a Competent Person as defined by the JORC Code (2012) for disclosure related to the 2023 MRE. MrOviedo is a Principal Geologist with NCL and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration. He consents to the inclusion of theinformationin theformandcontextinwhichit appears.

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47

Marimaca Copper – Commitment to Sustainability

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Health, Safety and Security

Transparency & Accountability

Environmental Stewardship

Constructive Stakeholder Engagement

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Our People

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Sustainable Development

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48

CHILE’S NEW COPPER DISCOVERY Advancing Development With District Scale Potential

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