Hayden Locke

We have an existing oxide resource which we have very high confidence in.

The start of the MOD project is about 700 m above sea level. Pamp Medina is about 1,000 m above sea level.

before we start transitioning into the financing and then detailed design and engineering for the Marramaca oxide deposit.

the sulfide is a very different beast and it it almost certainly is a standalone. You know, you you would piggy back from the infrastructure at the mod

we have a very strong view that this can without any expiration success add 20 to 25,000 tons a year of additional copper cathode to our 50,000 ton plan

we have this potentially tier one sulfide discovery which will go into detail from show some comparables as to why we're so excited about it

it really underpins our growth strategy which we're now growing in confidence will deliver at least an additional 25,000 tons of copper peranom to our uh mod base case of 50,000 tons peranom.

I remember I was saying to you that the reason we acquired Pamper Medina was because we thought it added 20,000 tons of additional incremental copper for at least 10 years at Mine Life. We're now forming a view that it's going to be significantly more than that.

We're seeing is very consistent zones of more than 20 m at more than 1% copper in just about every drill hole that we're intersecting.

The first is that oxide intersection, which was nearly 50 m at 2% in a broader zone of 160 m at 1%.

there were certainly some zones that were north of 20 m at 1 and a half%.

add 20 to 25,000 tons a year of additional copper cathode to our 50,000 ton plan at the Marimaca oxide deposit

will deliver at least an additional 25,000 tons of copper peranom to our uh mod base case of 50,000 tons peranom.

extend that mine life to well beyond the 13-year reserve life that we had in the DFS

If we apply that multiple to our DFS you get to an implied valuation for just the MOD of about $8.60 a share.

We ran at a $430 a pound copper, which seems, you know, awfully low now that the copper market has moved.

the um pre-production capital cost is just sub600 million US and I think I've said previously I think I see some opportunities where we can reduce that

the equipment that we're going to use and the input costs that we're going to be using are very prevalent in the Chilean mining industry and so we have the ability to look at what actual costs are occurring on local mines

Marimaca is financed financeable, and we have a significant amount of cash in our balance sheet to continue to push our projects forward

We raised 80 million uh Canadian uh from Australian and Canadian investor, Australian and US investors.

at some point during the course of this year we expect to be fully financed to start building the MOD

in the early part of 2027, we will be putting out an our initial maiden resource on the Pampa sulfides with the Pampa oxides

Sergio is going to do a presentation in the in the next couple of days just talking through his geological interpretation

When do you expect to be kind of build ready as it were? We're targeting end of 2026.

I hope we'll have some out before the end of the year.

we've got our environmental approval which is a huge milestone. It's really positions us uh to be in a position to start construction sometime during the course of 2026.

It's really positions us uh to be in a position to start construction sometime during the course of 2026.

We're permitted. We have deep board and management experience

we're now permitted. So we've got our environmental approval which is a huge milestone.

we are here to talk about the environmental approval we've just received, which really means we are a seriously well positioned new copper developer with a permit in hand

we are in a Tier 1 jurisdiction, and in reality, we have a commodity tailwind, uh which I think everyone's expecting copper

We are developing the Marramaca oxide project and exploring in the northern region of Chile.

we are in one of the best copper jurisdictions in the world. And this is uh the Antofagasta region in Chile

We are developing the Marramaca oxide project and exploring in the northern region of Chile.

we are probably the best located asset in one of the best copper jurisdictions in the world. And we're 25 km from a port.

It is a fairly simple project on a mining perspective. It's not a simple project and we're not diminishing the risk associated with it, but it is a simple open pit. Um, the MET is relatively good.

Our previous interpretation of the mineralization was that the dikes were completely barren. U, but we've just reviewed all of that information and we're now seeing that the dikes aren't completely barren.

I'm looking for things that are 20 m true thickness at north of 1% to be all grade in an eventual mine.

it looks like the sedimentary horizon is on average north of 200 m thick and is fairly consistently mineralized.

we do see an element of risk as a first-time builder.

we're realizing now that the postmineral dyking is very important for, you know, how this deposit is formed.

There are a few hiccups in terms of timing on our DFS.

obviously we would like our drill results to be coming a little bit faster than they are