Marimaca Copper Raises $17.7M to Advance Chile's Largest New Copper Discovery Toward Production

• Marimaca Copper announced a $17.7 million non-brokered private placement with existing cornerstone shareholders Assore International Holdings and Ithaki Limited each subscribing for C$10.35 million.
• The company is progressing its flagship Marimaca Copper Project through a Definitive Feasibility Study targeting completion in Q2 2025 with construction decision expected in H1 2026.
• The Marimaca Oxide Deposit contains 899.7kt of measured and indicated copper resources at 0.45% grade, with 86% of total resource classified in the highest confidence categories.
• Located in Chile's proven Antofagasta Region, the project benefits from proximity to established infrastructure including port access within 25km and renewable energy availability.
• Beyond the main deposit, the company controls extensive exploration properties with multiple satellite targets that could extend the project's operational life significantly.

Marimaca Copper Corp. (TSX:MARI) represents one of Chile's most significant recent copper discoveries, strategically positioned in the world's premier copper-producing region. The company is focused on developing its 100%-owned flagship Marimaca Copper Project located in the Antofagasta Region of northern Chile, which hosts one of the largest new copper discoveries globally in the past decade.

This Vancouver-based copper exploration and development company has established itself as a potential major player in the global copper market through systematic resource expansion and strategic positioning in Chile's premier mining jurisdiction.

Funding Strengthens Development Path

The recently announced US$17.7 million private placement demonstrates strong confidence from Marimaca's cornerstone shareholders in the project's development trajectory. The funding involves the issuance of 5,311,416 common shares at C$4.60 per share, with gross proceeds of approximately US$17.7 million.

Notably, existing insider shareholders Assore International Holdings Limited and Ithaki Limited will each subscribe for 2,250,000 shares, contributing approximately C$10.35 million each. An additional institutional investor will subscribe for the remaining shares on identical terms.

In a news release, President & CEO Hayden Locke commented:

"We are very pleased to have the continued support from two of our cornerstone shareholders, AIH and Ithaki, and welcome new blue chip funds, as we continue to explore and advance the Marimaca Project toward development. Their commitments reflect their confidence in the long-term potential of the Marimaca Project and our ability to deliver sustained value for our shareholders."

The net proceeds will be allocated toward exploration activities, advancing the flagship Marimaca Copper Project, and general corporate purposes. The transaction is expected to close on or about June 6, 2025, subject to regulatory approvals including conditional approval from the Toronto Stock Exchange.

Substantial Resource Foundation

The Marimaca Oxide Deposit represents the cornerstone of the company's development strategy, containing a total mineral resource of 200.3 million tonnes at 0.45% copper for 899.7 thousand tonnes of contained copper in the measured and indicated categories, plus 37.3 million tonnes at 0.38% copper for 141.3 thousand tonnes of contained copper in the inferred category.

The resource estimate demonstrates exceptional confidence levels, with 86% of total resource tonnes classified in the measured and indicated categories. This high-confidence classification significantly de-risks the project for potential financing and development decisions.

The deposit's favorable geometry positions it as an attractive development opportunity. The ore body is exposed at surface with low strip ratios, while high-grade zones are accessible in the early years of potential development. This configuration could support strong project economics through reduced pre-strip requirements and improved early-year cash flows.

Development Timeline

Marimaca is advancing toward a construction decision through a systematic development approach. The company has achieved its first milestone in the permitting process with receipt of ICSARA in February 2024, confirming the project can proceed under the DIA environmental permitting route, which provides a more streamlined approval process.

The Definitive Feasibility Study, led by Ausenco Chile, is targeting completion in Q2 2025. This study will provide the final technical and economic parameters needed for a construction decision, which management targets for H1 2026.

Strategic Infrastructure Advantages

Marimaca's location in Chile's Antofagasta Region provides substantial infrastructure advantages that reduce execution risk compared to greenfield projects in remote locations. The project sits within 25km of the Port of Mejillones, providing direct access to global copper markets.

Critical infrastructure elements are readily available, including a secured recycled seawater supply, access to certified renewable electricity, and proximity to all major consumables required for solvent extraction-electrowinning operations. The project benefits from recycled seawater supply secured from the Bay of Mejillones through a 25km pipeline which de-risks water supply for the Marimaca Project – intake is already permitted with no use of continental or fresh water.

Parallel to the DFS completion, the company is advancing detailed design and engineering work, securing long-lead items, and progressing the project financing process. This parallel approach is designed to minimize the time between feasibility study completion and potential construction commencement.

District Scale Exploration Potential

Beyond the main Marimaca Oxide Deposit, the company controls extensive exploration properties across the Sierra de Medina region, providing significant potential for resource expansion and extended operational life.

The Pampa Medina and Madrugador properties, located approximately 25km from the planned MOD processing plant, represent near-term opportunities for resource additions. Both properties contain historical oxide resources that may complement the main development, with a maiden resource estimate targeting completion in Q1 2025. The company describes these acquisitions as containing high grade, shallow, open-pitable historical oxide resource which may be complementary to the MOD development with maiden resource (upgrade of historical) planned for Q1 2025.

The broader exploration portfolio includes multiple targets with conceptual potential ranging from 20-40 million tonnes at grades of 0.2-0.4% copper, though these remain early-stage prospects requiring additional drilling and evaluation.

For Investors

For investors evaluating Marimaca Copper, several key factors merit consideration. The company has demonstrated consistent resource growth through successive drilling campaigns, establishing one of the largest new copper discoveries globally in recent years. The advanced development stage, with DFS completion targeted for Q2 2025, provides near-term catalysts for potential value realization.

The strategic location in Chile's premier copper jurisdiction, combined with access to existing infrastructure, significantly reduces execution risk compared to greenfield developments in remote locations. Strong financial backing from established mining investors, including Assore International Holdings and Mitsubishi Corporation's 4.6% stake, provides validation of the project's potential.

However, investors should recognize that Marimaca remains a development-stage company subject to commodity price volatility, permitting risks, and execution challenges inherent in advancing large-scale mining projects. The company's success will ultimately depend on completing the DFS with attractive economics, securing project financing, and executing construction on schedule and budget.