Key Highlights

• Marimaca Copper reported net Working Capital of US$135.5 million as at 30 September 2026

• The company's principal asset is the 100%-owned Marimaca Copper Project in the Antofagasta Region of Chile

• The company is dual-listed on the TSX (MARI) and ASX (MC2)

• Cash position increased from US$62.7 million at December 2025, reflecting capital raised during the period

Marimaca Copper Corp (ASX:MC2), a copper exploration and development company dual-listed on the Toronto Stock Exchange and Australian Securities Exchange, filed its condensed interim consolidated financial statements for the three and nine months ended 30 September 2026. The unaudited financial statements provide an update on the company's financial position as it continues to advance its flagship copper project in northern Chile.

Financial Position and Liquidity

As at 30 September 2026, Marimaca Copper reported net working capital (excluding current Lease liabilities) including cash of US$135.5 million, a significant increase from US$62.7 million at 31 December 2025. This increase reflects capital raising activity undertaken during the period to fund ongoing development work. The company's management stated that this cash position is sufficient to meet property option payments, obligations and to continue funding operations for at least the next twelve months. However, the company noted that beyond the next 12 months, its ability to continue as a Going Concern and advance the Marimaca Project will depend on its ability to obtain additional financing.

The Marimaca Copper Project

The company's principal asset is the Marimaca Copper Project, located in the Antofagasta Region of northern Chile. The project comprises a set of concessions known as the 1-23 Claims, which are 100% owned by the company, combined with the adjacent La Atómica and Atahualpa claims over which Marimaca Copper holds the right to explore and exploit resources. Together, these properties form what the company refers to as the Marimaca District. As an exploration and development stage company, Marimaca Copper does not currently generate operational Revenue from its assets, and the financial statements reflect ongoing Investment in the project rather than production-related activity.

Corporate Structure and Listing

Marimaca Copper was incorporated under the Business Corporations Act of British Columbia, with its registered office located in Vancouver, Canada. The company maintains a dual listing, trading on the Toronto Stock Exchange under the symbol MARI and on the Australian Securities Exchange under MC2. This dual-listing structure provides the company with access to both North American and Australian capital markets, which is particularly relevant given the capital-intensive nature of copper project development. The Antofagasta Region where the project is located is one of the world's most prolific copper-producing areas, hosting operations from several of the global Mining industry's largest companies.

About Marimaca Copper

Marimaca Copper Corp is a copper-focused exploration and development company with its flagship Marimaca Copper Project in Chile's Antofagasta Region. The company is led by a management team with experience in Chilean copper development and is focused on advancing the Marimaca District through systematic exploration and feasibility work. The dual TSX-ASX listing provides access to diverse investor bases across two major mining capital markets.

Sector Context

The copper market continues to draw attention from investors and developers as the metal's role in electrification and energy transition infrastructure supports long-term Demand projections. Chilean copper projects benefit from the country's established mining regulatory framework and existing infrastructure, though they also face considerations around water availability, permitting timelines and community engagement. Development-stage copper projects with adequate funding and advanced resource definitions are positioned to progress through feasibility and permitting stages.

Risks to Consider

Marimaca Copper is a pre-revenue company that relies on external financing to fund its operations and project development. There is no assurance that the company will obtain adequate financing on favourable terms. The Marimaca Project faces the typical risks associated with copper development in Chile, including permitting, environmental approvals, water access and community relations. Copper price fluctuations directly affect the project's economic viability. The company's going concern commentary, while noting sufficient near-term funding, highlights longer-term financing uncertainty.

Catalysts on Watch

Progress on feasibility studies or development milestones at the Marimaca Copper Project would be material catalysts. Any additional resource estimate updates or metallurgical test results could influence the project's development trajectory. Capital raising activity or strategic partnerships with larger mining companies would address the financing risk highlighted in the financial statements. Broader copper market developments, including Supply disruptions or demand growth from electrification, could also affect the company's valuation.

The Road Ahead

Marimaca Copper's Q3 2026 financial statements show a company that has materially improved its Liquidity position through capital raising, with US$135.5 million in working capital to fund near-term development activities. The flagship project in Chile's Antofagasta Region sits in one of the world's premier copper provinces. The key question remains whether the company can convert its financial resources and geological potential into a defined development pathway before additional financing is required.