chile’s new copper discovery

TSX: MARIInvestor presentation | November 2021

CHILE’S NEW

Exceptional Development Project, Outstanding Exploration Potential

COPPER DISCOVERY

Disclaimer 2

CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential

This presentation includes certain forward-looking statements about future events and/or financial results which are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements or information, including but not limited to those with respect to the development of the Marimaca project, metal prices, metallurgical results and resource estimates, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements include without limitation, statements regarding the company’s plans, goal or objectives and future completion of mine feasibility studies, mine development programs, capital and operating costs, production, potential mineralization, resources and reserves, exploration results and future plans and objectives of Marimaca Copper Corp. (“MCC”) Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “ continue” or the negative thereof or variations thereon or similar terminology. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. MCC is a copper exploration company and is subject to risks associated with mining in general and pre-development stage projects in particular, including the risk described under the heading “Risk Factors” in the Annual Information Form filed under MCC’s company profile on SEDAR at www.SEDAR.com

Unless otherwise indicated, MCC has prepared the technical information in this presentation (“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under MCC’s company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For readers to fully understand the information in this presentation, they should read the Technical Report for the Marimaca Project dated August 4, 2020 (available on www.sedar.com) in its entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this presentation which qualifies the Technical Information. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents. All Dollar amounts in this presentations are US Dollars unless otherwise stated. All maps and diagrams are for illustrative purposes only and not to scale.

Sergio Rivera VP Exploration of Marimaca Copper Corp, a geologist with more than 35 years of experience is the Qualified Person for the purposes of NI 43-101 and has approved this written disclosure.

http://www.sedar.com/

Introduction: Marimaca Copper Project 3


Marimaca has the potential to be a low capital cost, high margin, copper development

Significant oxide copper resource

Simple, low strip ratio, open pit mining oxide copper resource

Likely low cost, SX-EW processing

Outstanding location, tier 1 mining jurisdiction

Identified near mine exploration potential

Substantial district scale exploration potential

Marimaca Copper – Commitment to Sustainability 4


Marimaca is committed to creating long-term value for all our stakeholders through integrating ESG best practice into the ongoing development of the Company

Transparency & AccountabilityTransparent corporate governance ensures we are accountable to all our stakeholders. We strive to ensure that appropriate checks and balances are carried out to safeguard ownership at all levels of the business.

Health, Safety and SecurityThe health, safety and wellbeing of our employees is at the forefront of everything we do. We implement the highest standards of safety to mitigate risks.

Environmental StewardshipWe operate in an environmentally responsible manner, minimizing the impact of our activities and, where possible, aiming to improve and enhance the environment in which we operate.

Constructive Stakeholder EngagementWe value the trust and support from our local stakeholders. We endeavor to work collaboratively with them to deliver shared value.

Our PeopleWe are committed to employing locally, upskilling our workforce, respecting all cultures and promoting diversity and inclusion.

Sustainable DevelopmentIn exploration, development and eventual production, sustainable practices are of paramount importance.

Marimaca: Green Copper 5


Outstanding ESG positioning with leading carbon-intensity targets

• The Marimaca Oxide Deposit (“MOD”) benchmarks in the 1st quartile of global copper mine site emissions intensity

― When Scope 3 emissions are included (transportation and smelting) the MOD’s carbon intensity per tonne of refined copper is expected to be in the lowest 10% of all copper projects globally

• Positioned as a leading ‘green copper’ development project

― Early engagement with large scale energy utilities has confirmed potential to source 100% renewable energy from the national electricity grid in northern Chile

• SX-EW processing is, on average, ~38% less carbon intensive relative to traditional concentrate refining and smelting

― MOD demonstrates high scarcity value in the context of ‘green copper’ given SX-EW accounts for only ~16% of world primary copper supply

Source: Wood Mackenzie, International Copper Study Group World Copper Factbook 2021

880 604

1,413 1,853

1,640

3,933

2,457

Concentrates SX-EW Cathode

Scope I Emissions Scope II Emissions Smelting and Refining

(38%)

Average emission intensity by product, Kg CO2-e / t CuEq – Concentrates vs. SX-EW

2025 Scope 1 and 2 emissions intensity by copper mine site, kg CO2e per tonne of CuEq

Marimaca Copper Project

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Marimaca: New, high quality, discoveries are rare! 6


Source: S&P Global Market Intelligence – As of 1 June 2020

Marimaca is the only discovery globally in five years +

7


Marimaca: Exploration and Development in Parallel

Exploration focus on Oxides to Expand Marimaca ProjectParallel de-risking and development of Marimaca Oxide Project as quickly as possible

Project Advancement Exploration Potential

• Detailed Options Study currently underway to identify optimum go forward development strategy

• Phase 5 metallurgical testing well advanced

• Examining potential to fast-track permitting

• Targeting delivery of FS and all permitting in 2022

Continued de-risking of the MOD Numerous Targets for Growth in Resources

NEAR MINE

Oxide extensions at depth and along strike

Ongoing sulphide potential

DISTRICT SCALEMarimaca repetition?

Several targets currently being drilled

Marimaca: Oxide Resource Growth Potential 8

Recent MAMIX drilling encountered broad zones of mixed oxide and secondary sulphidemineralization immediately below the limits of the PEA open pit

Marimaca: Oxide Resource Growth Potential 9

Recent MAMIX drilling encountered broad zones of mixed oxide and secondary sulphidemineralization immediately below the limits of the PEA open pit

Marimaca Oxide Deposit: An Economic Standout 10


Low Upfront Capital Cost1

› US$285m among the lowest in the copper development peer group

Bottom 15% of AISC curve2

› Average LOM AISC US$1.29/lb› Well positioned to make money through

the copper cycle

Further advanced than typical PEA› Met recoveries (76%) are supported by

four phases of met testing› Many numbers are budget quotes from

equipment suppliers

10+ Yr Mine Life with Potential Extension› 12 yr mine life› Ave. production of 40ktpa grade A

cathode yrs 1-6 › Average LOM production of nearly 36ktpa

0.0%

5.0%

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2.75 3.00 3.25 3.50

Post

Tax

IRR

(%)

NPV

8 (U

S$m

)

Copper Price - US$/lb

Marimaca Oxide ProjectNPV8 and IRR at various Copper Prices

Post Tax NPV8 Post Tax IRR

Source: Marimaca 2020 PEA1) Assumes mining fleet is financed through a lease to own contract structure to minimize upfront capital cost.2) All in sustaining costs is defined as cash cost (C1) plus general and administrative expenses, sustaining capital expenditure, deferred stripping, royalties and lease payments and is used by management to evaluate performance inclusive of sustaining expenditure required to maintain current production levels.

Marimaca Oxide Deposit: Why is it unique? 11


Location & access to infrastructure/utilities deliver lower execution risk

Close to all aspects required to build a copper mine

Close proximity to first class utilities and infrastructure› Water› Power› Transport› Communications

Land predominantly government owned or controlled› No local land owner

negotiations

Within 25km of Port of Mejillones

› One of the primary import ports for H2SO4 to Chile

› Access to skilled workforce

Within 40km of Antofagasta› Major regional center› No requirement for

site accommodation / housing

› Airport with good connections



Antofagasta – 40kmRoute 1 – National Highway Port of Mejillones – 25km

Existing 110kV Powerline

Existing Seawater Pipeline

Process Plant

Open Pit

7km

N

Location & access to infrastructure/utilities deliver lower execution risk



Industry leading capital intensity among greenfield projects

Source: Tamesis Partners



Expected to be in the lowest 15% of the AISC curve

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AISC

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/lb C

uEq.

)

Cumulative Percent of Global Production

Source: Wood MackenzieNote: Based on Q3 2020 data; AISC proxied by global C2 pro-rata cash costs

Marimaca

Current LT Consensus Copper Price: US$3.70/lb

~65% Cash Margin

Marimaca Oxides: A standout among developers 15


Source: Raymond James, PEA metrics

Marimaca Oxides provides industry leading ROIC in the development peer universe

16


Marimaca

Filo del Sol

Kamoa-Kakula

Josemaria

Timok

Santo Domingo

Ambler

Skouries

Eva Copper

Casino

Taca Taca

Pumpkin Hollow (OP)

Harper CreekZafranal

Los Helados

Rosemont

Ann MasonCotabambas

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$3.5

$1.20 $1.40 $1.60 $1.80 $2.00 $2.20 $2.40

Initi

al C

apex

(US$

bln)

LOM AISC (US$/lb CuEq.)Source: Wood Mackenzie

Marimaca Oxides: A standout among developersA rare combination of low upfront capital and bottom quartile operating cost

Marimaca Oxides: PEA Based on Oxide Resource 17


Mineral Resource Estimate (MRE) updated in Dec ‘19

Depending on cut-off grade:› Nearly 420kt of contained copper in M&I› Nearly 225kt of contained copper in Inferred

April 2018

December 2019

Mineral Resource Category Mt CuT (%) CuS (%) kt CuT kt CuSMeasured (M) 20.7 0.66 0.44 136.3 91.8Indicated (I) 49.7 0.57 0.37 283.7 183.7M&I 70.4 0.60 0.39 419.9 275.5Inferred 43.0 0.52 0.31 224.5 131.7

Represents approx. 100% increase over maiden MRE released April 2018

Resources contained in single continuous open pittable deposit

Mineralization commencing from surface

All oxide MRE › Significant sulphide resource potential exists

Marimaca Oxides: Simple Open Pit Mining 18


Single continuous pit

Open pit developed over 8 phases

Significant proportion of the Mineral Resource Estimate is captured within the open pit design in the PEA

Virtually no pre-strip

No capitalized cut-backs during life of mine

1,500m

900m

Marimaca Oxides: Simple Open Pit Mining 19


Very low strip ratio of 0.84:1 in PEA mine plan

› Favorable geometry of ore body has further reduced strip from MRE

High grade zones from surface

› First five years grade is 0.78% CuT› Green oxides with met strong recoveries› Improves early years head grade delivered to

leach pads› Shortens payback period› Improves economics

Favorable deposit geometry improves economics

1,500m

High Grade Zones

Plan view, 980m elevation

GRADE% CuT

Marimaca Oxides: Simple SX-EW Processing 20


Marimaca PEA flowsheet

Marimaca Oxides: Extensive Met Work Completed 21


Marimaca has completed rigorous met testing on materials across the deposit

Addressed all key operating parameters for heap leach operations

› Agglomeration characteristics› Granulometry› Column height› Irrigation rates› Acid consumptions› Testing with and without seawater

Tests completed on materials from across the full extent of the deposit and addressed all defined mineral subzones

Two phases of column tests complete

› 30cm “mini” columns› 1.5m columns at different operating parameters

Underpins PEA Assumptions› LOM ave. total copper

recovery of 76% in heap leach

› LOM ave. total copper recovery of 40% in dump leach

Four phases of met testing complete

Fifth phase of met testing underway, expected to be

finalized by Q1 2022

Marimaca Repetition: Testing Multiple Targets 22


17-hole drill program complete

12-hole drill program complete

Marimaca Repetition: Cindy Target 23


Marimaca Repetition: Cindy Target 24CIR-03

CIR-01

Cindy

Mititus

Emilia

Mercedes

Antena

~ 2 km


Roble

Pele

>0.1% interpretedlimit surface Cu oxidemineralization

Gravels

Gravels

800m

Area of Interest800 x 300 m

OPEN

OPEN

OPEN

124m @ 0.22% CuT (incl. 20m @ 0.33% CuT)

70m @ 0.39% CuT (incl. 44m @ 0.51%)

76m @ 0.15% CuT

122m @ 0.23% CuT (incl. 46m @ 0.29% CuT)

100m @ 0.29% CuT (incl. 42m @ 0.46% CuT; incl.

22m @ 0.6% CuT)AND

38m @ 0.55% CuT

CIR-03

CIR-02

CIR-09

CIR-08

CIR-01

CIR-03• Drilling intersects broad, near surface,

oxide and mixed oxide mineralization

• Strike extends to approx. 800m and is open to north

• Potential area of interest is 800m by 300m extending to at least 150m subsurface

• Open to east where interpreted surface expression would occur

• Lower grade than MOD, but still well above economic cut-off grade (0.16-0.20% CuT depending on copper price)

Section 2

Section 1


Section 2Section 1

• Similar easterly dipping structural controls as the MOD

• Interpreted to have intersected deeper in the structures presenting opportunity for greater oxides to the east

• Broad intersections highlight amenability to bulk tonnage mining

• Strong potential to add to leachable mineral resource inventory

Marimaca Repetition: Mercedes Target Drilling 27


Significant oxide copper mineralization was intersected from surface, with an initial area of interest measuring 400m along strike and 300m width

Marimaca Repetition: Mercedes Target 28


Marimaca Repetition: Roble Target Scout Drilling 29


Recent discovery drill campaign at Roble defined key follow-up targets to define near-surface oxide resources

Marimaca: Summary 30

High Quality Copper Development Asset in a Tier 1 Location


A unique development stage copper asset with exceptional economics in a Tier 1 jurisdiction

Outstanding exploration and resource growth potential both at the MOD and on a district scale

‘Green copper’ development project with leading carbon emissions targets

Low execution risk given location and access to infrastructure

Appendices


Experienced Board 32


Experienced and invested Board and management team

Deep experience in copper and Chile

Leading explorational, regional and financial experience

Michael Haworth

› Nearly 30 years in resources across advisory and investment

› Co-founder of Greenstone Resources

Non-Executive Chairman

Alan Stephens

› Co-founded MCC in 2005› Exploration geologist, former VP of

Exploration for First Quantum

Non-Executive Director

Tim Petterson

› Deep mining industry experience spanning research, finance and corporate

› Founder and Exec-Chair of Minera Cobre

Non-Executive DirectorHayden Locke

› Over 15 years’ experience in mining and finance

› Former Head of Corporate for Papillon Resources, CEO of Emmerson Plc

CEO, President & Director

Colin Kinley

› Internationally respected explorationist

› Currently CEO Kinley & Exploration and Founder and COO of Eco Atlantic


Clive Newall

› Co-founder of First Quantum› Geologist by training› Broad experience in exploration,

construction and production in copper


Experienced Management 33


Experienced and invested Board and management team

Deep experience in copper and Chile

Leading explorational, regional and financial experience

Luis Albano Tondo

› Mining Engineer› 30 years’ experience in project

development› Project Development for Kinross in

Chile and Rio Tinto in Brazil

Chief Operating OfficerHayden Locke

› Nearly 20 years’ experience as a senior executive in mining and finance

› Former Head of Corporate Development for Papillon Resources, CEO of Emmerson Plc

CEO, President & DirectorPetra Decher

› Strong finance, Co Sec and corporate governance background

› Former VP Finance and Company Secretary for Franco Nevada

Chief Financial Officer

Sergio Rivera

› Over 30 years’ experience in exploration geology

› Credited with several large copper discoveries including the Marimaca Deposit

Vice President of ExplorationLaura Rich

› Significant experience advising on legal, regulatory, corporate governance, corporate development, finance and strategic affairs

› Extensive experience in management of complex business and operational issues relating to ESG and mining

› Former Deputy GC of Acacia Mining

General Counsel and Co Sec.

Corporate Structure 34


Capital Structure

Stock Exchange TSX “MARI”

Market Cap C$351 million (C$4.00 share price)

Shares Out 87,737,316

Options / Warrants 15,466,099

Cash US$41m (30 June 2021)

Debt $0.0m

Shareholders Greenstone 29.0%Tembo 11.5%

Board

Michael Haworth Non-Executive Chairman

Hayden Locke CEO, President & Director

Colin Kinley Lead Independent Director

Clive Newall Non-Executive Director

Tim Petterson Non-Executive Director

Alan Stephens Non-Executive Director

Management

Petra Decher CFO

Luis Tondo COO

Sergio Rivera VP Exploration

Laura Rich General Counsel and Corp. Secretary

LTM share price performance

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Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21

Marimaca Region: Mercedes Target 35


Same structural controls (flat sheeted veining) and host rocks as Marimaca

Mineral Resource Estimate 36


Cut-offgrade

(% CuT)

Measured Indicated Measured + Indicated Inferred

Mineralkt

CuT(%)

CuS(%)

Mineralkt

CuT(%)

CuS(%)

Mineralkt

CuT(%)

CuS(%)

Mineralkt

CuT(%)

CuS(%)

0.60 9,272 1.00 0.65 18,375 0.91 0.58 26,727 0.95 0.61 12,182 0.90 0.48

0.50 11,397 0.91 0.61 23,285 0.83 0.53 34,682 0.85 0.56 16,926 0.80 0.44

0.40 14,403 0.81 0.55 30,600 0.74 0.48 45,003 0.76 0.50 23,607 0.70 0.40

0.30 17,865 0.72 0.49 40,253 0.64 0.42 58,118 0.67 0.44 33,410 0.60 0.35

0.22 20,721 0.66 0.44 49,666 0.57 0.37 70,387 0.60 0.39 43,015 0.52 0.31

0.18 22,072 0.63 0.42 54,109 0.54 0.35 76,181 0.57 0.37 47,164 0.49 0.29

0.10 23,087 0.61 0.41 57,619 0.52 0.33 80,706 0.54 0.35 50,641 0.47 0.27

Discovery cost under US 2 cents/ lb copper

CuT means total copper and CuS means acid soluble copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Does not include primary sulphides. Detailed information by mineral type in Appendix. Refer to news release “Coro Announces Substantial Increase in Resources; Development Studies Underway” 2 December 2019. Technical and economic parameters included: copper price US$3.00/lb; mining cost US$2.00/t; HL processing cost including G&A US$9.00/t; ROM processing cost including G&A US$2.50/t; selling cost US$0.07/lb; heap leach recovery 76% of CuT; ROM recovery 40% of CuT; pit slope angle 44-46°.

Mineral Resource Estimate by Mineralization 37


CuT means total copper and CuS means acid soluble copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Does not include primary sulphides. Detailed information by mineral type in Appendix. Refer to news release “Coro Announces Substantial Increase in Resources; Development Studies Underway” 2 December 2019. Technical and economic parameters included: copper price US$3.00/lb; mining cost US$2.00/t; HL processing cost including G&A US$9.00/t; ROM processing cost including G&A US$2.50/t; selling cost US$0.07/lb; heap leach recovery 76% of CuT; ROM recovery 40% of CuT; pit slope angle 44-46°.

Mineral Resource Category Mineral (kt)

CuT (%)

CuS (%)

CuT (t)

CuS (t)

Measured Brochantite 10,890 0.76 0.55 82,418 59,835 Chrysocolla 4,918 0.59 0.45 29,016 22,191 Wad/Black oxides 3,262 0.34 0.20 11,118 6,555 Mixed 475 1.02 0.26 4,865 1,217 Enriched 1,176 0.75 0.17 8,874 1,974 Total Measured 20,721 0.66 0.44 136,283 91,772 Indicated Brochantite 24,719 0.68 0.49 167,463 121,418 Chrysocolla 9,581 0.50 0.37 48,298 35,668 Wad/Black oxides 10,722 0.32 0.18 34,160 19,299 Mixed 1,177 0.86 0.21 10,076 2,457 Enriched 3,468 0.69 0.14 23,769 4,899 Total Indicated 49,666 0.57 0.37 283,654 183,741 Measured and Indicated Brochantite 35,609 0.70 0.51 249,881 181,253 Chrysocolla 14,499 0.53 0.40 77,314 57,859 Wad/Black Oxides 13,984 0.32 0.18 45,281 25,854 Mixed 1,652 0.90 0.22 14,941 3,675 Enriched 4,644 0.70 0.15 32,644 6,873 Total Measured and Indicated 70,387 0.60 0.39 419,937 275,513 Inferred Brochantite 17,618 0.63 0.42 110,712 74,266 Chrysocolla 9,978 0.47 0.33 47,077 32,680 Wad/Black oxides 9,565 0.31 0.17 29,834 16,498 Mixed 3,661 0.63 0.15 23,197 5,525 Enriched 2,193 0.63 0.13 13,786 2,777 Total Inferred 43,015 0.52 0.31 224,471 131,746