Marimaca Copper

MARIMACA COPPER CORP. 

Company Summary

Marimaca Copper Corp. (TSX: MARI, ASX: MC2) is a copper development and exploration company focused on its 100%-owned assets in Chile's Antofagasta region. Its strategy is centered on developing its flagship, near-production Marimaca Oxide Deposit (MOD) while aggressively exploring the high-grade, newly discovered Pampa Medina project, positioning it to become a significant mid-tier copper producer.

Management

An experienced team led by President & CEO Hayden Locke, with deep expertise in mine development, operations, and finance. Key members include VP Exploration Sergio Rivera, credited with the MOD discovery, and a board featuring industry veterans from First Quantum Minerals and Greenstone Resources.

Flagship Project: Marimaca Oxide Deposit (MOD)

Status: Permitting and financing advanced, construction targeted for 2026.

Production: 50 ktpa copper cathode (LOM avg.)

Mine Life: 13 years based on current reserves.

Economics (DFS): Post-Tax NPV₈ of US$709M (at $4.30/lb Cu), IRR of 31%, with a 2.5-year payback.

Advantages: Exceptionally low strip ratio (0.8:1), second-quartile AISC, and simple SX-EW processing.

High-Grade Discovery: Pampa Medina Project

A potential "Tier 1" sediment-hosted copper discovery 28km from the MOD.

Recent drilling highlights include 6m of 12.0% Cu.

Represents significant, near-surface oxide and high-grade sulphide resource growth potential.

Benefits from some infrastructure advantages and low permitting risk as the MOD.

Financial Status (as of Dec 2024)

Cash Position: US$23 million (debt-free).

Recent Financing: Completed placements in 2025 totalling ~US$90M to fund development and exploration.

Cash Runway: Approximately 15 months as of Dec 2024; significantly extended by recent financings.

Next Major Milestone: Securing project debt financing.

Strategic Plans

Short-Term (0-24 months): Secure permits and project financing for MOD; advance construction readiness; complete initial Pampa Medina resource assessment.

Long-Term (3-5+ years): Achieve first production at MOD; expand production to 70ktpa+ via Pampa Medina; evaluate sulphide potential beneath existing deposits.

ESG Highlights

Environmental: SX-EW processing eliminates smelting emissions; planned use of seawater minimizes freshwater impact; low-strip ratio reduces energy intensity.

Social: Located in an arid region with no local communities, minimizing social impact; will generate regional employment.

Governance: Experienced board with independent representation; transparent reporting on TSX and ASX.

SUMMARY

Marimaca Copper offers a unique value proposition: a near-term, low-capital-intensity copper development project (MOD) with robust economics, complemented by a potentially company-making, high-grade new discovery (Pampa Medina). Its projects are in a top-tier mining jurisdiction with excellent infrastructure. With a strong, experienced management team, a solid financial position following recent fundraisings, and a clear path to production, the company is well-positioned to become a mid-tier copper producer. The significant exploration upside at Pampa Medina provides a potential catalyst for substantial resource and production growth beyond the already valuable MOD project, offering leverage to strong long-term copper market fundamentals.