Highlights

  • Marimaca Copper completes Definitive Feasibility Study for its Marimaca Oxide Deposit in Chile.
  • Company raises approximately AUD 80M through institutional placement to support exploration and development.
  • Environmental approval process for Marimaca Project advancing with final resolution expected in Q4 2025.

Marimaca Copper Corp. (ASX:MC2), a Canadian exploration and development company focused on copper assets in Chile, released results of its Definitive Feasibility Study (DFS) for the Marimaca Oxide Deposit (MOD) on August 25, 2025. The DFS outlines an open pit, truck-and-shovel operation with a reserve life of 13 years and nominal production capacity of 50,000 tonnes of copper per annum.

The study estimates pre-production capital cost of USD 587M and capital intensity of USD 11,700 per tonne of copper capacity. Life-of-mine C1 cash costs are projected at USD 1.84/lb and all-in sustaining costs (AISC) at USD 2.29/lb. The post-tax Net Present Value (NPV) at 8% discount rate is USD 709M, with an internal rate of return (IRR) of 31% and a payback period of 2.5 years.

Capital Raise Strengthens Financial Position

On September 11, 2025, the company announced the closing of an AUD 80M institutional placement, issuing 8,247,423 Chess Depositary Interests (CDIs) at AUD 9.70 each. The proceeds will be used for exploration at the Pampa Medina and Marimaca sulphide targets, detailed engineering at the MOD, and general corporate purposes.

Euroz Hartleys Limited, Beacon Securities Limited, and Macquarie Capital (Australia) Limited acted as joint lead managers for the placement, while Canaccord Genuity (Australia) Limited served as co-manager.

Following the placement, Marimaca reported cash holdings of USD 78.7M as of September 30, 2025, compared with USD 22.6M at the end of 2024. Working capital stood at USD 78.5M, and total assets increased to USD 186.3M.

Environmental Approval and Ongoing Exploration

The permitting process for the MOD is progressing as expected. On October 29, 2025, the Environmental Assessment Service (SEA) issued its Consolidated Evaluation Report recommending approval of the company’s Environmental Approval Resolution (RCA). The RCA is expected in Q4 2025, marking formal environmental clearance for the MOD.

Marimaca has also advanced exploration at its Pampa Medina Project, where drilling continues to expand high-grade sediment-hosted copper sulphide and oxide mineralization. The company is undertaking a 30,000-metre drill campaign following earlier successful drilling that extended mineralization 300 metres to the west.

Outlook

With the DFS completed, Marimaca is moving into detailed design and engineering while preparing for a Final Investment Decision (FID) targeted for the second half of 2026. The company continues to progress exploration across its regional targets in northern Chile and expand its technical team in preparation for potential project development.

Share Performance of MC2

MC2 was trading 4.083% higher at AUD 12.490 per share as of 13 November 2025 at the time of writing.