Marimaca Secures MOD Grid Connection Authorization and Agrees Key Commercial Terms for Power Supply; Provides Project Update

Marimaca Copper Corp. confirmed that the National Electric Coordinator (CEN) upheld the grid connection authorization for the Marimaca Oxide Deposit (MOD) to the 110kV El Lince Line, located approximately 13km from the project area. The company also signed a preliminary Power Purchase Agreement (PPA) framework with a Chilean energy provider, locking in an all-in energy cost of US$93/MWh, which aligns closely with Definitive Feasibility Study (DFS) assumptions. The contract includes a ramp-up period without take-or-pay provisions and a five-year initial term post-construction.

Construction readiness continues to advance, with access road upgrades on track for completion by the end of 2026. Early-works tendering is underway, and key engineering procurement packages for the Dry and Wet Areas are targeted for the first half of 2027. Further key sectorial permits are expected in early October 2026. Additionally, the company commenced conceptual engineering for a sulphuric acid plant (PADA) via a non-binding MOU to mitigate acid price volatility.

Marimaca secured a third consecutive "A" rating in the 2025 Digbee ESG assessment under the stricter Development Phase framework, highlighting recycled seawater usage, no wet TSF requirement, and a 100% renewable energy pathway.

Marimaca Copper Corp. (MARI) received formal upholding of its grid connection authorization in October, confirming a procedural matter previously flagged in May 2026 as being within a 15-day challenge window. The power purchase agreement (PPA) pricing was set at US$93/MWh, matching guidance from the Definitive Feasibility Study (DFS) and indicating no cost overruns on the power supply front.

Construction timelines remain aligned with the H2 2026 construction-ready target. This progression is consistent with expectations following the DFS completion in August 2025 and environmental approval in November 2025. The developments serve to de-risk the power supply and confirm permitting momentum, though they do not introduce new valuation drivers or unexpected upside.

Marimaca Copper Corp. (MARI) is advancing its Marimaca Oxide Deposit (MOD) project, located in the Antofagasta Region of Chile, approximately 25km from the Port of Mejillones. The company has completed a Definitive Feasibility Study (DFS) as of August 2025, moving the pre-construction and permitting-stage asset toward development.

The deposit hosts a measured and indicated resource of 213.5 million tonnes (Mt) grading 0.40% total copper (CuT), with proven and probable reserves totaling 178.6 Mt at a higher grade of 0.42% CuT. Under the DFS base case, the project demonstrates strong economics, yielding a net present value (NPV) of US$1.1 billion at an 8% discount rate, an internal rate of return (IRR) of 39%, and a payback period of 2.2 years.

Production is planned at a steady-state output of 50,000 tonnes per annum (ktpa) of copper cathode over a 13-year mine life. Operating costs are projected to be highly competitive, with C1 cash costs estimated at US$1.69 per pound and all-in sustaining costs (AISC) at US$2.09 per pound, supporting an exceptional 58% EBITDA margin.

The processing methodology utilizes heap leaching with solvent extraction and electrowinning (SX-EW), a approach that eliminates smelting emissions and the need for wet tailings storage facilities (TSF). The operation also incorporates recycled seawater. To potentially expand the resource base and extend mine life, Marimaca is currently delineating exploration targets at Pampa Medina and Madrugador.