chile’s new copper discovery
TRANSCRIPT
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.
Introduction: Marimaca Copper Project 3
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Source: S&P Global Market Intelligence – As of 1 June 2020
Marimaca is the only discovery globally in five years +
7
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Low Upfront Capital Cost1
› US$285m among the lowest in the copper development peer group
Bottom 15% of AISC curve2
› Average LOM AISC US$1.29/lb› Well positioned to make money through
the copper cycle
Further advanced than typical PEA› Met recoveries (76%) are supported by
four phases of met testing› Many numbers are budget quotes from
equipment suppliers
10+ Yr Mine Life with Potential Extension› 12 yr mine life› Ave. production of 40ktpa grade A
cathode yrs 1-6 › Average LOM production of nearly 36ktpa
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2.75 3.00 3.25 3.50
Post
Tax
IRR
(%)
NPV
8 (U
S$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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
Marimaca Oxide Deposit: Why is it unique? 12
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
Marimaca Oxide Deposit: Why is it unique? 13
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Industry leading capital intensity among greenfield projects
Source: Tamesis Partners
Marimaca Oxide Deposit: Why is it unique? 14
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Expected to be in the lowest 15% of the AISC curve
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
AISC
(US$
/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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Source: Raymond James, PEA metrics
Marimaca Oxides provides industry leading ROIC in the development peer universe
16
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Marimaca PEA flowsheet
Marimaca Oxides: Extensive Met Work Completed 21
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
17-hole drill program complete
12-hole drill program complete
Marimaca Repetition: Cindy Target 23
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Marimaca Repetition: Cindy Target 24CIR-03
CIR-01
Cindy
Mititus
Emilia
Mercedes
Antena
~ 2 km
Marimaca Repetition: Cindy Target 25
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
Marimaca Repetition: Cindy Target 26
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Marimaca Repetition: Roble Target Scout Drilling 29
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Experienced Board 32
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
Non-Executive Director
Clive Newall
› Co-founder of First Quantum› Geologist by training› Broad experience in exploration,
construction and production in copper
Non-Executive Director
Experienced Management 33
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
0
100,000
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600,000
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800,000
C$0.00
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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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
Same structural controls (flat sheeted veining) and host rocks as Marimaca
Mineral Resource Estimate 36
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential
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
CHILE’S NEW COPPER DISCOVERYAdvancing Development With Further Growth Potential