Overview
The Marimaca Copper Project is the Company’s flagship project location in Antofagasta, Chile – one of the world’s premier mining jurisdictions.
The Project is rapidly moving forward with it’s sustainable development plan to produce high-quality copper cathode. Following our 2025 Definitive Feasibility Study the Project is now rapidly advancing towards a final investment decision in the second half 2026, with the intention of becoming Chile’s newest green copper mine.
At a Glance
2025 Definitive Feasibility Study Highlights
Summary of MOD DFS Production Target and Financial Metrics
Notes: (1) First 5 years of steady state (Years 2-6). (2) First 10 Years production includes material moved for pre-stripping in Year -1 and ramp-up period in Year 1. (3) C1 Cash Costs includes the mining, processing, G&A, marketing & sales, and royalty costs. These are Non-GAAP performance measures. (4) AISC includes sustaining capex, closure capex, and salvage value. (5) Average Annual Unlevered Free Cash Flow during operating years only (years 1-13).
2025 MOD Mineral Resource Estimate
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.
2025 MOD Ore Reserve Estimate
Mineral Reserves have an effective date of August 25, 2025 and the Qualified Person responsible for the estimate is Carlos Guzmán, FAusIMM, an employee of NCL. 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 %CuTcorresponds to total copper grade, %CuSto acid soluble copper grade and %CuCNto cyanide soluble copper grade Tonnage, grade measurements and contained copper are in metric units.
The Mining Project of the Future
Focusing on the development of a sustainable green copper mine, Marimaca is targeting leading ESG positioning across all aspects of operations
For more information please visit Marimaca’s Sustainability Page.
Location and Infrastructure
Marimaca is located in the prolific mining region of Antofagasta, Chile. Excellent access to key regional infrastructure delivers a strong execution risk profile for the Project.
Marimaca Oxide Deposit
Overview Location & access to infrastructure/utilities deliver lower
execution risk
Close proximity to first class utilities and infrastructure
• Water
• Power
• Transport
• Communications
Land predominantly
government owned or controlled
• No local land owner negotiations
Within 25km of Port of Mejillones
• One of the primary import ports for H2SO4 to Chile
• Access to skilled workforce
Within 40km of Antofagasta
• Major regional center
• No requirement for site accommodation / housing
• Airport with good connections
Geology
The Marimaca Deposit is an IOCG-type deposit hosted in the Chiliean Coastal Cordillera. The Coastal Cordillera is dominated by the occurrence of Cu-Ag “manto-type” and IOGC type deposits.
The dominant rock types at Marimaca are intrusives from the “Naguayán Plutonic Complex” defined by Cortes et al. (2007). In Marimaca, the country rock is an equigranular to porphyritic monzodiorite intruded by a Dyke Swarm System consisting of various bimodal dyke episodes ranging in composition from gabbro to rhyodacite oriented NS to NE, NW and WNW and dipping 45-50° to 60-75° towards east and south-east.
The main Naguayán’ structural fabric, consists of a NS to NNE oriented sheeted-like fractures zone, including faults and dykes, controls the mineralization at Marimaca and can be observed for kilometers beyond the project area limits. Intense, extensive and pervasive events of supergene oxidation have produced the actual copper oxide blanket that forms the mineral deposit at Marimaca. The surface data show that the copper oxides are controlled by a very strongly fractured host rock creating a high permeability background generated by the superposition of several events of fracturing and dikes intrusions. The oxidation resulted from the alteration of a previous secondary sulfide enriched blanket that produces zonation from brochantite-atacamite at cores immediately surrounding the secondary sulfides remnant patches and successive external haloes of predominant chrysocolla and further external wad.
As compared with other deposits of the belt, Marimaca is fully hosted by intrusive, rock units that become extremely permeable thanks to intense fracturing.
Exploration
Marimaca believes there is strong sulphide potential associated with the well-defined oxide deposit of the Project. Down-dip drilling, from the oxides, has indicated strong chalcopyrite-dominated mineralization which Marimaca intends to explore further in the future.
In addition to the sulphide potential, the deposit remains open to the north and south and at depth. Multiple near surface oxide exploration targets have been identified close within close proximity to the Project, and there is also the potential to add near term tonnes to the current mine life. In November 2024, reverse circulation drilling completed at the Mercedes Target, which is located less than 500m to the north of the northern edge of the Marimaca Oxide Deposit, extended the envelope of surface oxide copper mineralization to an area of interest measuring 700m along strike and 400m width continuing to provide clear potential to add to the Company’s leachable resource base. Furthermore, the Handing Wall Alteration (HWA) zone is regionally pervasive, with extension identified more than 10km across the project area, which boasts strong association with copper mineralization.
On a district scale, the structural conduits at the Marimaca Copper Project are regionally extensive. The region is believed to be prospective for additional IOCG and mantos-style deposits. All targets are adjacent to key regional structures which are believed to control mineralization at the Marimaca Copper Project and the regional structure is identified over 25km.
The Company also has interests in the nearby Sierra Medina claims, which boasts high grade, sediment-hosted copper sulphide and oxide intersections offering the Company materially wider exploration potential. Click here to learn more.