Marimaca Copper (TSX:MARI) - 'Undervalued?' Investment Series, with Hayden Locke

Interview with Hayden Locke, President & CEO of Marimaca Copper Corp. Our previous interview: https://www.cruxinvestor.com/posts/ma... Recording date: 13th July 2026 Marimaca Copper Corp. (TSX:MARI) is a Chile-focused copper developer whose flagship asset, the Marimaca Oxide Deposit (MOD), has reached Definitive Feasibility Study (DFS) completion and holds its key environmental approval (the RCA, received November 2025). Located in the Antofagasta region, the heart of the world's largest copper-producing jurisdiction, the MOD benefits from low-altitude, low-execution-risk positioning within 25 kilometres of the Port of Mejillones. The DFS outlines a 13-year mine life on 179 million tonnes of Proved and Probable reserves at 0.42% CuT, supporting roughly 50,000 tonnes per annum of copper cathode production via conventional heap leach and SX-EW processing. At a three-month average copper price of US$5.05/lb, the project delivers a post-tax NPV (8%) of US$1.1 billion and a 39% IRR with a 2.2-year payback; at the DFS's more conservative long-term price assumption of US$4.30/lb, post-tax NPV is US$709 million at a 31% IRR. Initial capital intensity of approximately US$11,700 per tonne of annual production ranks among the most capital-efficient greenfield copper developments globally. President and CEO Hayden Locke argued that Marimaca's current share price roughly reflects the standalone value of the MOD alone as the market is attaching little value to the Company's second asset, Pampa Medina. Located approximately 28 kilometres from the MOD, Pampa Medina is a sediment-hosted copper-silver system that Locke compares directly to the Kakula selective mining zone within the world-class Kamoa-Kakula complex in the Democratic Republic of Congo. Six drill rigs are currently active at Pampa Medina, running step-out and infill programmes. The company's most recent results extended the central high-grade bornite-chalcocite zone 300 metres south with hole SPRD-07 (including 6 metres at 6.11% copper and 24.0 g/t silver), while SPRD-08B intersected mineralisation in basement metasediments for the first time, reaching a total depth of 1,052 metres. Locke separately estimates that identified oxide extensions at Pampa Medina could add 20,000-25,000 tonnes a year of additional cathode production without further exploration success, complementing the existing MOD plant. Execution risk is a key focus for management. The board was recently strengthened with the addition of Chairman Giancarlo Bruno, former CEO of Mantos Copper, and non-executive director Zenon Wozniak, who spent 23 years as First Quantum Minerals' director of projects. Project Director Josh Watson leads an in-country execution team based in Santiago. Key near-term catalysts include: Sectorial Permit approvals expected in Q4 2026 following an on-schedule April 2026 submission; a project financing announcement, led by advisor Endeavour Financial, also expected by Q4 2026; continued Pampa Medina step-out drilling results; and a maiden Pampa Medina sulphide mineral resource estimate targeted for early 2027. Construction is targeted to begin in 2027, with first copper cathode guided for 2029. Investors should weigh the permitting, financing and execution risks inherent to any pre-production developer against a de-risked flagship asset and a exploration program that management believes offers substantial, currently unpriced upside. View Marimaca Copper's company profile: https://www.cruxinvestor.com/companie... Sign up for Crux Investor: https://cruxinvestor.com