Pampa Medina Scout Drilling Delivers Significant Oxide Extensions; Western Deep Sulphide Drilling Pending

The news release dated January 26, 2026, reports significant new scout drilling results from the Phase II campaign at the Pampa Medina project. Drilling intersected substantial oxide copper extensions, with highlights including 162 meters at 0.61% Cu (including high-grade intervals of 36m at 1.04% Cu and 12m at 2.02% Cu) in hole SMRD-30. The program is part of a 30,000-meter campaign on a 300m x 300m grid. The company states it is re-evaluating the scope of the Preliminary Economic Assessment (PEA) for Pampa Medina to capture a potentially larger oxide opportunity. ICP analysis for silver potential is underway, and deep sulphide drilling in the western sector is pending. Management commentary indicates a revised geological understanding, with previously assumed uplifted areas now showing potential for intact mineralization.

This news is materially positive. It confirms the successful expansion of oxide mineralization at Pampa Medina, directly supporting the company's strategy of developing a regional hub around the flagship Marimaca Oxide Deposit (MOD). The decision to re-evaluate the PEA scope indicates the potential for a larger, more valuable project than previously contemplated, which could enhance overall project economics and resource size. In the context of historical news, this is a continuation of consistently positive drilling results since early 2025, which had already caused the company to pause the initial PEA. It reinforces the district-scale potential but does not represent a transformative "game-changer" as it is an expected progression of the ongoing exploration program. The market has previously reacted positively to similar drilling results.

Marimaca Copper Corp. is a copper exploration and development company focused on the Antofagasta Region of Chile. Its flagship asset is the 100%-owned Marimaca Oxide Deposit (MOD), an IOCG-type deposit. A Definitive Feasibility Study (DFS) completed in August 2025 outlined a robust, low-capital-intensity project: 50 ktpa copper cathode production over a 13-year mine life, with initial capex of $587M, post-tax NPV8% of $709M, and IRR of 31% at a $4.30/lb copper price. The project received its key environmental approval (RCA) in November 2025. The company's growth strategy centers on the MOD as a near-term development asset while aggressively exploring the district-scale potential of the Pampa Medina project area, located 25 km away.