Marimaca Copper’s 2024: A Year of Progress & Achievements

Introduction

Marimaca Copper Corp., a leading copper exploration and development company, has solidified its reputation as a major player in the global mining industry. Focused on developing its flagship Marimaca Oxide Deposit (MOD) in northern Chile, the company has achieved significant milestones in 2024, progressing its operations while upholding high standards in environmental, social, and governance (ESG) practices.

Corporate Developments

2024 was a transformative year for Marimaca Copper on the corporate front, as the company took strategic steps to strengthen its market presence and governance framework.

• ASX Dual Listing: In November 2024, Marimaca Copper initiated its dual listing on the Australian Securities Exchange (ASX). This move aimed to enhance the company's growth trajectory by accessing a broader investor base and increasing liquidity. The dual listing marks a significant milestone in the company’s corporate strategy, signaling its readiness to compete in global markets.
• ESG Milestones: The company’s third assessment under the Digbee ESG reporting framework highlighted remarkable progress in its ESG governance. Achieving a BBB rating—an improvement from its previous BB rating in 2021—Marimaca demonstrated its commitment to sustainable and responsible mining practices.

Operational Developments

Operationally, Marimaca Copper made substantial progress in advancing the development of the MOD, exploring new targets, and optimizing its processes.

• Acquisition of Pampa Medina: Marimaca Copper finalized the acquisition of the Pampa Medina property in 2024, enhancing its exploration footprint within the Sierra de Medina (SdM) district. This acquisition is a strategic step towards consolidating its presence in a highly prospective exploration area.
• Binding Option for Madrugador Project: The company also signed a binding option to acquire the Madrugador project, further solidifying its control and development potential in the Sierra de Medina district. These strategic moves underscore Marimaca’s commitment to expanding its resource base and exploration capabilities.
• Definitive Feasibility Study (DFS): The company’s DFS, led by Ausenco Chile, is advancing smoothly and remains on track for completion by late Q4 2024. The study focuses on optimizing the MOD’s development strategy, ensuring the project’s long-term success.
• Permitting and Baseline Studies: Permit engineering, informed by comprehensive baseline studies and an updated project layout, is progressing as scheduled. The permitting submission is set for early Q3 2024, a critical step in moving towards production.
• Exploration Activities: The company initiated geophysical work at the Sierra de Medina property block, located approximately 25 km from the MOD. Exploration trenching and surface sampling commenced at the Mercedes East satellite target, situated 1 km north of the MOD. These activities underscore Marimaca’s commitment to expanding its resource base.

Financial Performance

• ‍Strategic Investment by Assore International Holdings: Marimaca Copper secured a significant C$68 million strategic investment from Assore International Holdings in 2024. This includes a private placement of C$30.3 million, led by Assore. This influx of capital strengthens the company’s financial position, providing the necessary funding to advance the development of the MOD and other key projects.

While the company’s primary focus remains on project development, it has also taken strides to secure its financial footing. The metallurgical advancements, which reduce operating costs, are poised to enhance project economics. Additionally, the dual listing on the ASX is expected to bolster investor confidence and potentially attract new capital, positioning Marimaca for robust financial health in the years to come.

Outlook for 2025

Looking ahead, 2025 promises to be a pivotal year for Marimaca Copper as it transitions from exploration and development to a focus on production readiness. Key objectives include:

• Finalizing the DFS and incorporating its recommendations into the MOD’s development plan.
• Securing necessary permits and advancing pre-construction activities.
• Expanding exploration efforts at satellite targets to uncover additional resources.
• Strengthening ESG initiatives to maintain and improve its Digbee ESG rating.

The company’s strategic focus on operational efficiency, financial stability, and sustainability positions it well for future growth.

Conclusion

Marimaca Copper’s achievements in 2024 reflect its dedication to becoming a leading copper producer while adhering to the highest standards of sustainability and governance. The progress made in corporate strategy, operational advancements, and cost optimization has set a strong foundation for success. As the company prepares for a transformative 2025, it remains a compelling player in the global copper industry, poised to meet the growing demand for this critical resource in a sustainable and responsible manner.