Mr. Hayden Locke reports

MARIMACA APPOINTS AUSENCO TO LEAD MARIMACA PROJECT DEFINITIVE FEASIBILITY STUDY

Marimaca Copper Corp. has appointed Ausenco Chile Ltda. to lead the Marimaca project definitive feasibility study (DFS), following a competitive bidding process.

Ausenco is a leading multinational engineering firm with significant experience in Chile, including the current execution of the engineering, procurement and construction contract (EPC) for Capstone Copper's Mantoverde development project.

The firm has a wealth of experience and is already familiar with the Marimaca copper project, having led the 2020 preliminary economic assessment (PEA) and subsequent trade-off studies for the project. Ausenco will lead the DFS engineering workstreams, as well as serve as lead author for the planned National Instrument 43-101 technical report with its professionals acting as qualified persons for core chapters. In addition, Ausenco will also act as the engineering lead for permitting application purposes.

Marimaca Copper and Ausenco will complete a business case optimization leading into the DFS with both workstreams to focus on the following core areas:

• Development of final geo-metallurgical model to optimize leaching conditions for recovery and acid consumption;
• Crush, heap leach and SX-EW (solvent extraction-electrowinning) process plant throughput optimization, layout, design and capex (capital expenditure) estimation;
• Mine plan trade-off to optimize throughput and target production rate;
• Targeting leading sustainability metrics with a focus on carbon intensity per tonne of copper produced, recyclable water and green power use, and associated infrastructure (see press release dated Nov. 7, 2022).

Hayden Locke, president and chief executive officer of Marimaca Copper, commented:

"Ausenco is a world-class engineering and construction firm with a long track record building copper projects in Latin America, most recently in Chile. We have already worked together extensively, and Ausenco has deep familiarity with the project, but is also aligned with our corporate objectives of developing a sustainable project with the highest focus on reducing capital cost and maximizing risk-adjusted return on invested capital.

"We look forward to working together to optimize the approach to building what we believe is an exceptional copper development project, with outstanding sustainability features."

Zimi Meka, co-founder and CEO of Ausenco, commented:

"Marimaca is an excellent fit for Ausenco's market-leading engineering and study expertise in Chile, especially as the company seeks to accelerate towards project execution. We have extensive experience delivering copper projects in the region, including Constancia, Mina Justa (Peru) and, most recently, Mantoverde in Chile. We believe the Marimaca project has all the credentials to be the next mine developed in Chile and we're excited to be part of the current phase of its development.

"Like Marimaca, we are focused on minimizing costs without compromising on quality and risk management to deliver exceptional results for our stakeholders. We look forward to a long-term partnership with Marimaca as we work together to develop this unique copper project."

About Marimaca Copper Corp.

Marimaca Copper is a Canadian exploration and development company focused on developing the Marimaca project, an oxide, open-pit, heap leach copper project located in the Antofagasta region of northern Chile.

We seek Safe Harbor.