What are highlights from drill and metallurgical programs at the Marimaca Oxide Deposit?

In May 2024, we increased the measured and inferred resource 44% to reach 200 million t at 0.45% CuT. 86% of our resources now fall within the measured and indicated category, improving our confidence as we progress towards definitive feasibility. Regarding metallurgical work, our focus was on identifying areas for optimization, primarily targeting acid consumption. We anticipate reductions in acid consumption while maintaining recovery levels.

What is the timeline for the DFS?

We expect to have the results of the DFS available early in the new year. We are actively preparing our permit and environmental approval applications, having recently conducted our first voluntary public consultation.

Can you comment on the regulatory environment in Chile?

President Boric's statements at the CESCO dinner underscore his support for the mining industry. While some permitting processes have faced delays, particularly in initial stages, Chile's overall permitting environment remains robust. Numerous projects, including large-scale ones, have obtained permits or environmental approvals in under 12 months. Although more complex projects may encounter longer timelines, Chile offers transparency, well-regulated processes, and effective communication with the government, making it a favorable environment for mining.

How does your location contribute to the ease of environmental permitting?

Our location in the coastal Atacama region offers an arid climate and sparse vegetation. With the nearest town over 20 km away, our project minimally impacts local landowners and existing land use.

We will utilize recycled seawater and renewable energy sources through power purchase agreements. We are dedicated to responsible land use and comprehensive rehabilitation post-mining to restore the area to its natural state.

What benefits does heap leach processing provide Marimaca Oxide Deposit?

Heap leach processing, though rare in global copper supply due to limited oxide or leachable copper deposits, provides several benefits. It reduces water usage, utilizing approximately 10% of the water that traditional flotation plants use. It is also more efficient in material movement, resulting in lower total carbon intensity. Unlike sulfide flotation projects, which require additional emissions from concentrate processing, we directly ship copper cathode as the final product. Wood Mackenzie estimates a 30-40% higher carbon intensity for concentrate projects compared to cathode projects.

Can you discuss the geological upside of the project?

Marimaca Copper now controls a land package of 25 kilometers. In 2021, we identified three new targets and made three shallow oxide discoveries. Our team aims to unlock further value, particularly in satellite oxide deposits and the Sierra de Medina project, offering significant resource expansion opportunities.

How does Marimaca plan to capitalize on copper’s bullish trend?

Even amidst high inflation and interest rates, demand remains strong, especially from countries investing in electrified infrastructure. This demand, coupled with a slow supply response in the copper industry, sets the stage for significant price increases. Marimaca is strategically positioned to benefit from this trend with its relatively low capital costs and accelerated timeline, aiming to start production within three to four years.

Can you describe Marimaca’s 2024 regional exploration strategy?

We recognized a significant amount of historical data across our property, reducing exploration risk. A significant influence of this strategy, particularly at Sierra de Medinais the Cachorro discovery, made by AMSA, with approximately 300 million t of ore at over 1% CuT. We are analyzing historical data and conducting geophysical work to pinpoint follow-up drilling targets. We aim to commence drilling on these targets in the latter half of 2024.

What are the company’s plans?

We plan to submit our permit application in mid-2024 and would expect to receive environmental approval within 12 months, all going smoothly. Following that, we will secure additional permits, which should take about six months. Ideally, we aim for our final investment decision (FID) by year-end 2025, coinciding with the commencement of construction. We will finalize the DFS by the year's end and initiate discussions with debt financing partners. We are exploring strategic financing options for the period leading up to FID. Once FID is secured, we will seek partners for project construction. Over the next 18 months, these steps will pave the way for the early stages of construction of Chile's newest copper mine by 2026.