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2026-11-06
◂ Monitor MC2 ASX (CDIs), dual listed on TSX as MARI

Marimaca Copper Corp.

DFS Unfunded Developer · Copper · CL Rating locked: sign in to view v8.1 · mc2-20261031t144555-full
Last 2026-11-06
A$6.55
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$885.3M
EV
A$684.8M
Cash
US$140M
Debt
US$0
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$140MFY2024A: 32,628,974FY2025A: 96,212,827 Construction Funded
Debt US$0 Net cash US$140M
Basic shares 135.2MFY2024A: 101,017,000FY2025A: 119,393,000 2026-08-13
Runway Construction Funded US$140.0m cash at 30 Jun 2026 against a Q2 2026 net cash burn of US$10.5m (operating plus investing). On that rate the cash covers roughly 13 quarters of pre-FID spending, but MOD construction capex of US$587m (initial) is not funded and no project debt or equity is committed beyond reported cash.

Liquidity

Financial position

Cash of US$140.0m at 30 Jun 2026 (US$66.8m at 31 Dec 2025; US$149.8m at 31 Mar 2026), total liabilities of US$7.3m including US$0.9m of leases and no borrowings. Management states liquidity covers twelve months of pre-FID spending. The MOD initial capex is not funded; the company notes it does not have sufficient funding to finance development on a positive FID.

Capital structure

Ownership and dilution

Ordinary shares
135.2M
Fully diluted
139.8M

Basic: 135,156,928 common shares (CDIs included) outstanding at 13 Aug 2026 per the Q2 2026 MD&A. Shares rose from 119,393 thousand at 31 Dec 2025 (Q2 2026 statements) through the February 2026 treasury offering (13,650,000 shares), warrant, option and RSU exercises; 134,980 thousand at 30 Jun 2026. Potentially dilutive: 1,545,000 options and 3,062,808 RSUs, giving 139,764,736 fully diluted shares. The fully diluted count includes all options and RSUs without a treasury-method reduction, which is conservative for the in-the-money tranche.

Security classes3
ClassTypeQuantityStrikeExpiry
Common shares outstanding (quoted on TSX, settled as CDIs on ASX, 1 CDI = 1 common share)Ordinary Share135.2M——
Stock options, exercise prices C$3.69 to C$7.93, expiring December 2026 to March 2031Option1.5M—2031-03-31
Restricted share unitsPerformance Right3.1M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Operations
Cathode production (copper)t0.000.00
Profit and loss
RevenueAUDm0.00.0
Operating costs (actual: operating loss incl. exploration and share-based pay; forecast: DFS operating cost)AUDmFY2024A: -16,302,961 AUDFY2025A: -37,798,205 AUD(16.3)(37.8)
EBITDA (revenue less operating costs; actuals are the operating loss, D&A of US$0.2m not added back)AUDmFY2024A: -16,302,961 AUDFY2025A: -37,798,205 AUD(16.3)(37.8)
NPAT (actual: net loss; forecast: project EBITDA less tax, excludes interest and corporate cost)AUDmFY2024A: -19,812,506 AUDFY2025A: -37,865,918 AUD(19.8)(37.9)
Cash flow
Operating cash flowAUDmFY2024A: -8,265,296 AUDFY2025A: -27,102,448 AUD(8.3)(27.1)
Capex (actual: investing cash flows; forecast: initial, expansion and sustaining)AUDmFY2024A: -17,322,977 AUDFY2025A: -23,647,650 AUD(17.3)(23.6)
Free cash flow (operating cash flow less capex)AUDmFY2024A: -25,588,273 AUDFY2025A: -50,750,098 AUD(25.6)(50.8)
Balance sheet
Cash (year end)AUDmFY2024A: 32,628,974 AUDFY2025A: 96,212,827 AUD32.696.2
Debt (year end)AUDm0.00.0
Net debt (negative is net cash)AUDmFY2024A: -32,628,974 AUDFY2025A: -96,212,827 AUD(32.6)(96.2)
Per share
Shares (actual: basic at year end; forecast: fully diluted)m sharesFY2024A: 101,017,000 sharesFY2025A: 119,393,000 shares101.0119.4
EPS (NPAT / shares)AUD/shareFY2024A: -0.20 AUD/shareFY2025A: -0.32 AUD/share(0.20)(0.32)
Dividends per share (declared in the 12 months to the cutoff)AUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: -45.73 xFY2025A: -19.73 x(45.7)(19.7)
P / E (x, current market cap)xFY2024A: -47.75 xFY2025A: -24.99 x(47.8)(25.0)
FCF yield (current market cap)%FY2024A: -0.03 fractionFY2025A: -0.05 fraction-2.7%-5.4%
EBITDA margin%——
Net debt / EBITDA (x)xFY2024A: 2.00 xFY2025A: 2.55 x2.02.5

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-26Ann. 2026-02-18RaisingUS$99.7M13.6M—Completed—
2025-09-12Ann. 2025-09-05RaisingA$80M8.2M—Completed—
2025-09-11Ann. 2025-09-05RaisingUS$52.7M8.2M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Option and royalty terms on Pampa Medina and Madrugador from the Q2 2026 MD&A; the sulphuric acid plant option and the Rayrock receivable assignment from the Q4 2025 MD&A. The DFS royalty and BOOT terms are not in the local documents read.

Pampa Medina option and royalty burden, not modelled in the MOD valuation.

Royalty · Active
Counterparties
Pampa Medina vendors
Applies to
Marimaca Oxide Deposit (MOD) · Copper
Economic direction
Burden
Period
2024-10-01 to 2029-10-01
Key terms
Option consideration remaining: 14.5 US$m
Net smelter royalty: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding asset purchase option to acquire a used 150 ktpa sulphuric acid plant from CEMIN Holding Minero for US$2.5m (US$1.0m paid August 2025, US$1.5m paid 29 December 2025). Non-binding MoU for a possible acid JV in Mejillones; not in the DFS base case.

Tolling Or Processing · Conditional
Counterparties
CEMIN Holding Minero (asset seller)
Applies to
Marimaca Oxide Deposit (MOD) · Copper
Economic direction
Mixed
Period
From 2025-08-21; no end date stated
Key terms
Acid plant option consideration: 2.5 US$m
How it affects our valuation

No valuation treatment is available for this arrangement.