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MC2
ASX (CDIs), dual listed on TSX as MARI
Marimaca Copper Corp.
v8.1 · mc2-20261031t144555-full- Last 2026-11-06
- A$6.55
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Q3 2026 Management's Discussion & AnalysisLatest Foreign Periodic Financial Reports
- Q3 2026 Condensed Interim Consolidated Financial StatementsLatest Foreign Periodic Financial Reports
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Appointment of Peter Garner-Winship as Chief Financial OfficerLeadership
- Appointment of Nicole Porcile as independent non-executive directorLeadership
- Q2 2026 condensed interim consolidated financial statements (six months to 30 June 2026)Results
- Q2 2026 Management's Discussion and AnalysisResults
- Q1 2026 condensed interim consolidated financial statements (three months to 31 March 2026)Results
- ASX additional information for the 2025 annual report (holders and substantial holders)Governance
- Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives)Results
- Board changes: Zenon Wozniak appointed, Giancarlo Bruno Lagomarsino becomes independent chairLeadership
- Completion of C$409m global bookbuild (February 2026)Financing
- Resignation of General Counsel and Company SecretaryLeadership
- Completion of A$80m bookbuild (September 2025)Financing
- MOD Feasibility Study announcement (25 August 2025 DFS results)Study
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| During 2026 (company guidance) | Pampa Medina maiden delineation drilling completion (2026 guidance) | Exploration | Company Guided | Medium | Could convert exploration targets into a resource and a satellite oxide source. |
| Q4 2026 (company expectation) | Sectorial permit approvals expected | Permitting | Company Guided | High | Gates early site works and construction decision for the MOD. |
| Unscheduled within horizon | Project debt financing terms (no date given; ongoing workstream) | Financing | Company Guided | High | Debt sizing and equity need determine dilution and the FID path. |
Executive roster
As of 2026-10-08Background checks ▸Executives named in the Q4 2025 MD&A (Nico Cookson President from 1 Mar 2026; Joshua Watson Project Director), the 30 Mar 2026 board release, and the 8 Oct 2026 CFO release. Non-executive directors are excluded. The General Counsel and Company Secretary resigned on 10 Nov 2025 and no successor is named in the documents read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Hayden Locke | Chief Executive Officer · Director | Chief Executive · Executive Director | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Nico Cookson | President (from 1 March 2026, previously Head of Corporate Development and Strategy) | Senior Management | — | Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives) |
| Peter Garner-Winship | Chief Financial Officer (promoted from Vice President Finance, March 2026) | Finance | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Jose Antonio Merino | Managing Director (Chile) | Senior Management · Operations | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Joshua Watson | Project Director (MOD project execution) | Senior Management · Operations | — | Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Marimaca Oxide Deposit (MOD)
CL
DFS Unfunded Developer100% ownedCopper
Pre-FID developer. RCA environmental approval received November 2025; sectorial permits (closure plan, open pit method, crushing and leach-pad infrastructure) submitted April 2026 with approvals expected Q4 2026; integration engineering tender and project debt process under way; no FID taken.
- Study
- DFSs
- Post-tax NPV (study prices, attributable)
- US$709.0md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 3,100.0%s
- Initial capex (100%)
- US$587.0ms
- Capital intensity
- US$13,651/(t/yr)d
- LoM AISC
- A$7,771/ts
- Mine life
- 13.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$7098% discount
IRR31%Published return
Initial capexUS$587Published capital estimate
Operating cost1.84US$/lb Cu C1 LOM
Post-tax NPV8 in US$m at US$4.30/lb flat copper; operating cost is C1 cash cost in US$/lb LOM; 100% basis.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured_and_indicated | 213.5K kt | 0.40% CuT | Copper | 2025-08-25 |
| Mineral Resource | inferred | 21.2K kt | 0.29% CuT | Copper | 2025-08-25 |
| Ore Reserve | proven_and_probable | 178.6K kt | 0.42% CuT | Copper | 2025-08-25 |
Tenements1
Milestones2
- Final investment decision on MOD (no date given by the company)
Pending · High materiality
- Sectorial permit approvals (company expects Q4 2026)
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental approval (RCA) for the MOD | Chile | Granted | — | No |
| Sectorial (auxiliary) permits including closure plan, open pit method and crushing/leach pad infrastructure | Chile | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| MOD Definitive Feasibility Study (Ausenco-led; NCL mining) | DFS | Current | 2025-08-25 | 50ktpa Cu cathode target, 13-year reserve life, initial capex US$587m, LOM AISC US$2.29/lb, post-tax NPV8 US$709m at US$4.30/lb and 31% IRR. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Common shares outstanding (quoted on TSX, settled as CDIs on ASX, 1 CDI = 1 common share) | Ordinary Share | 135.2M | — | — |
| Stock options, exercise prices C$3.69 to C$7.93, expiring December 2026 to March 2031 | Option | 1.5M | — | 2031-03-31 |
| Restricted share units | Performance Right | 3.1M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Operations | ||||
| Cathode production (copper) | t | 0.00 | 0.00 | |
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating costs (actual: operating loss incl. exploration and share-based pay; forecast: DFS operating cost) | AUDm | (16.3) | (37.8) | |
| EBITDA (revenue less operating costs; actuals are the operating loss, D&A of US$0.2m not added back) | AUDm | (16.3) | (37.8) | |
| NPAT (actual: net loss; forecast: project EBITDA less tax, excludes interest and corporate cost) | AUDm | (19.8) | (37.9) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (8.3) | (27.1) | |
| Capex (actual: investing cash flows; forecast: initial, expansion and sustaining) | AUDm | (17.3) | (23.6) | |
| Free cash flow (operating cash flow less capex) | AUDm | (25.6) | (50.8) | |
| Balance sheet | ||||
| Cash (year end) | AUDm | 32.6 | 96.2 | |
| Debt (year end) | AUDm | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (32.6) | (96.2) | |
| Per share | ||||
| Shares (actual: basic at year end; forecast: fully diluted) | m shares | 101.0 | 119.4 | |
| EPS (NPAT / shares) | AUD/share | (0.20) | (0.32) | |
| Dividends per share (declared in the 12 months to the cutoff) | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (45.7) | (19.7) | |
| P / E (x, current market cap) | x | (47.8) | (25.0) | |
| FCF yield (current market cap) | % | -2.7% | -5.4% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 2.0 | 2.5 | |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-02-26Ann. 2026-02-18 | Raising | US$99.7M | 13.6M | — | Completed | — |
| 2025-09-12Ann. 2025-09-05 | Raising | A$80M | 8.2M | — | Completed | — |
| 2025-09-11Ann. 2025-09-05 | Raising | US$52.7M | 8.2M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Option and royalty terms on Pampa Medina and Madrugador from the Q2 2026 MD&A; the sulphuric acid plant option and the Rayrock receivable assignment from the Q4 2025 MD&A. The DFS royalty and BOOT terms are not in the local documents read.
Pampa Medina option and royalty burden, not modelled in the MOD valuation.
Royalty · Active- Counterparties
- Pampa Medina vendors
- Applies to
- Marimaca Oxide Deposit (MOD) · Copper
- Economic direction
- Burden
- Period
- 2024-10-01 to 2029-10-01
- Key terms
- Option consideration remaining: 14.5 US$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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The team combines reported project, copper exploration, Chilean permitting, finance and legal experience. A technical report credits two current managers with exploration work, while the CEO chairs a separate company whose Moroccan project suffered a permitting setback and remains in arbitration. The project is still being advanced toward development; published plans are not operating delivery.
Decision-relevant facts
Material summary
Hayden Locke
Chief Executive Officer and Director
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca says he joined as president in July 2020 and became CEO in April 2021; earlier positions include Emmerson CEO, Papillon corporate head, and Highfield corporate and technical services.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Hayden Locke management page · Hayden Locke biography
FailureDocumented · High materiality
Emmerson Khemisset permit refusal and arbitration
Emmerson, where Locke is chairman, reported the project environmental approval was refused in October 2024 and recorded a US$21.1 million impairment for 2024. Its subsidiaries seek US$1.215 billion in arbitration against Morocco. In July 2026 the tribunal refused a separate preliminary phase for jurisdiction; this was procedural, not a merits decision. An August report records a 2028 hearing timetable.
Role overlaps event; causation unproven · Locke is chair; the sources do not establish personal culpability or determine the parties’ disputed claims.
Hayden Locke management page · biography and chair role
2024 annual results and arbitration · 2024 results, impairment and permit refusal
2025 audited financial results · 2025 results, arbitration claim
Khemisset arbitration procedural timetable · 26 August 2026 report and tribunal timetable
GovernanceIssuer Reported · Medium materiality
Concurrent Emmerson arbitration incentive
Emmerson’s 2025 annual results disclosed a plan allocating 6% of any arbitration compensation to a pool, of which Locke was allocated 22%, conditional on a recovery.
Individual involvement documented · The contingent award is disclosed; it is not itself evidence of misconduct.
2025 audited financial results · note 19 events after the reporting date, management incentive plan
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Nico Cookson
President
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports that Cookson joined in 2021, after mining private-equity and investment-banking roles with Appian and RBC.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Nico Cookson management page · Nico Cookson biography
GovernanceIssuer Reported · Medium materiality
President appointment and prior capital role
On 2 March 2026 Marimaca announced Cookson’s appointment as president effective 1 March, retaining responsibility for strategy, corporate development and investor relations.
Individual involvement documented · The release identifies his stated responsibility, not an individual allocation of capital-raising success.
Senior management updates · management changes
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Peter Garner-Winship
Chief Financial Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca says Garner-Winship spent 17 years at Anglo American, including as financial controller for Quellaveco through construction and transition into operations.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Peter Garner Winship management page · Peter Garner-Winship biography
Personal SuccessIssuer Reported · Medium materiality
Quellaveco financial-controller experience
Marimaca reports Garner-Winship helped establish the finance function for the US$5.5 billion Quellaveco project during construction and transition to operations. His appointment as Marimaca CFO was announced on 8 October 2026.
Individual involvement documented · The issuer reports finance-function involvement; project outcomes cannot be attributed to him alone.
CFO appointment · page 1
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Jose Antonio Merino
Managing Director, Chile
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer reports prior business-development and M&A leadership at SQM and continued Chilean operating and permitting responsibilities.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Jose Antonio Merino management page · Jose Antonio Merino biography
Company SuccessDocumented · Medium materiality
Chile project environmental approval
Chile’s environmental service named Merino as the project company’s legal representative in its August 2025 clarification request. Marimaca announced the project environmental approval in November 2025, while noting additional sectoral permits were still required.
Role overlaps event; causation unproven · His formal representative role is evidenced; project approval reflects work by a wider team and authorities.
Environmental regulator request for clarification · page 1, legal representative and clarification request
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Joshua Watson
Project Director
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports senior project roles at Teck, Barrick, Vale and Rio Tinto, including project studies, sustaining capital and Oyu Tolgoi infrastructure.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Joshua Watson management page · Joshua Watson biography
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Sergio Rivera
Vice President of Exploration
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer reports Rivera joined in November 2011 and assumed full exploration responsibility in June 2018.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Sergio Rivera management page · Sergio Rivera biography
Personal SuccessDocumented · Medium materiality
Documented exploration contribution
The independent 2023 NCL technical report credits Rivera and Kovacic with significant contributions to project exploration and report implementation. It estimates mineral resources; these do not establish actual production or independently attribute the whole discovery to one individual.
Individual involvement documented · NCL credits both as members of a wider technical effort.
Updated mineral resource technical report · page 25 section 3
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Paola Kovacic
Senior Manager Exploration
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports Kovacic joined in December 2017 after exploration roles with Codelco and technical/operations management with IMG.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Paola Kovacic management page · Paola Kovacic biography
Personal SuccessDocumented · Medium materiality
Documented exploration contribution
The independent 2023 NCL technical report credits Rivera and Kovacic with significant contributions to project exploration and report implementation. It estimates mineral resources; these do not establish actual production or independently attribute the whole discovery to one individual.
Individual involvement documented · NCL credits both as members of a wider technical effort.
Updated mineral resource technical report · page 25 section 3
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Flora Lo
Corporate Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer says Lo joined in July 2026 after governance roles across Silvercorp-related public companies and prior Hong Kong legal practice.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Flora Lo management page · Flora Lo biography
Personal SuccessDocumented · Medium materiality
Silvercorp secretarial work
A 2022 SEC-hosted Silvercorp voting-results filing is signed by Flora Lo as assistant corporate secretary.
Individual involvement documented · The filing directly identifies her role, but does not evaluate broader performance.
Silvercorp 2022 voting results · signature at foot of voting results
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Pabla Perelló Carvallo
General Counsel, Chile
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer says Perelló joined in March 2026 after in-house project legal work for Antofagasta Minerals and work on BHP projects.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Pabla Perello Carvallo management page · Pabla Perelló Carvallo biography
Personal SuccessSelf Reported · Medium materiality
Mining project legal experience
A law-magazine interview records Perelló describing prior work at Codelco, BHP and Antofagasta Minerals; the issuer identifies legal work on Nueva Centinela and the Spence Growth Option.
Individual involvement documented · Her experience is self- or issuer-reported; full tenure and outcomes were not independently corroborated.
Pabla Perello Carvallo management page · career biography
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 18.66%Issued shares | 2026-05-25 | |
| 14.88%Issued shares | 2026-05-25 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The issuer’s combined top-20 table mixes common shares with CHESS depositary interests and does not establish a precise measurement date; the current snapshot schema has no class field for this mixed register, so it is withheld.
- The information circular covers persons known to own or control 10% or more, not all holders above Australian substantial-holder thresholds. No implication of a complete substantial-holder view.
- The reported figures are historical and can change. The issuer’s May ASX information reports a lower, earlier share count and different percentage base; it is not relabelled as current.
- CDI holders’ voting instructions pass through the depository; registered names and beneficial interests can overlap.
Sources
- Management information circular and notice of annual meeting
Marimaca Copper Corp. via ASX · Published 2026-06-09 · Accessed 2026-10-31
Circular states information as at 25 May 2026 and names holders of 10% or more.
downloads/MC2/2026/2026-06-09_Notice of Annual General Meeting_7e0e4eb1c949ec2c.pdf, pages 2 and 7
- ASX additional information for annual reports
Marimaca Copper Corp. via ASX · Published 2026-05-04 · Accessed 2026-10-31
Common share and CDI arrangements, combined top-20 table, and issuer disclosure limitations.
downloads/MC2/2026/2026-05-04_ASX Additional Information for Annual Report_76adaadaf5712d62.pdf, pages 1–3
Disclosed activity
Insider transactions
Trading activity4 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-09-11 | Ithaki Ltd.
Details & evidence for Ithaki Ltd. on 2025-09-11Ithaki Ltd subscribed for 1,226,805 CDIs. No holder-specific before/after position or cash total is stated. As disclosed: Ithaki Ltd subscribed for 1,226,805 CDIs at A$9.70 each.
Marimaca Copper Announces Closing of A$80,000,000 Placement ↗ | SubscriptionCHESS Depositary Interests (CDIs) | 1,226,805 | — | AUD 9.7Disclosed price | — |
| 2025-09-11 | Assore International Holdings Ltd
Details & evidence for Assore International Holdings Ltd on 2025-09-11Assore International Holdings Limited subscribed for 1,376,289 CDIs. No holder-specific before/after position or cash total is stated. As disclosed: Assore International Holdings Limited subscribed for 1,376,289 CDIs at A$9.70 each.
Marimaca Copper Announces Closing of A$80,000,000 Placement ↗ | SubscriptionCHESS Depositary Interests (CDIs) | 1,376,289 | — | AUD 9.7Disclosed price | — |
| 2025-06-11 | Ithaki Ltd.
Details & evidence for Ithaki Ltd. on 2025-06-11Ithaki Ltd subscribed directly for 2,250,000 common shares. No holder-specific before/after position or total cash amount is stated. As disclosed: Ithaki Ltd subscribed for 2,250,000 common shares at C$4.60 per share.
Closing of First Tranche of US$17.7M Private Placement ↗ | Subscriptioncommon shares | 2,250,000 | — | CAD 4.6Disclosed price | — |
| 2025-06-11 | Assore International Holdings Ltd
Details & evidence for Assore International Holdings Ltd on 2025-06-11Assore International Holdings Limited subscribed directly for 2,250,000 common shares. No holder-specific before/after position or total cash amount is stated. As disclosed: Assore International Holdings Limited subscribed for 2,250,000 common shares at C$4.60 per share.
Closing of First Tranche of US$17.7M Private Placement ↗ | Subscriptioncommon shares | 2,250,000 | — | CAD 4.6Disclosed price | — |
Disclosed holding observations8 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-05-04 | Assore International Holdings Ltd
Details & evidence for Assore International Holdings Ltd on 2026-05-04The annual-report supplement lists 25,181,405 shares and 18.83% for Assore. Its table gives no common/CDI class split or separate snapshot date; report date is used. The issuer says the information comes from shareholder filings and cannot be verified with complete certainty. A reviewed 15 Oct 2025 notice reports 22,387,694 shares/CDIs but states no exact position date.
ASX Additional Information for Annual Report ↗ Management Information Circular - Notice of AGM - VIF ↗ Substantial Holder Notice ↗ Closing of First Tranche of US$17.7M Private Placement ↗ Marimaca Copper Announces Closing of A$80,000,000 Placement ↗ | Positionshares (class not disclosed; common/CDI split unknown) | 25,181,405 | 18.83%Issued Shares |
| 2026-05-04 | Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P.
Details & evidence for Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. on 2026-05-04The annual-report supplement lists Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. together at 8,607,004 shares and 6.43%, without an individual split or class. The aggregate numerically matches the bookbuild release's conditional full-subscription post-offering sum (2,255,198 Common Shares plus 6,351,806 CDIs); this match does not establish a class-specific closing position. No sale event is inferred. The issuer says the annual-report information comes from shareholder filings and cannot be verified with complete certainty.
ASX Additional Information for Annual Report ↗ Marimaca Copper Completes Bookbuild for A$423 Million ↗ | Positionshares (class not disclosed; common/CDI split unknown) | 8,607,004 | 6.43%Issued Shares |
| 2026-05-04 | Ithaki Ltd.
Details & evidence for Ithaki Ltd. on 2026-05-04The annual-report supplement lists 20,087,576 shares and 15.01% for Ithaki. Its table gives no common/CDI class split or separate snapshot date; report date is used. The issuer says the information comes from shareholder filings and cannot be verified with complete certainty.
ASX Additional Information for Annual Report ↗ | Positionshares (class not disclosed; common/CDI split unknown) | 20,087,576 | 15.01%Issued Shares |
| 2026-02-19 | Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P.
Details & evidence for Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. on 2026-02-19The release reports an 8,000,000 CDI position immediately before the Global Offering; no separate holding snapshot date is provided and the announcement date is used. No after-offer position is inferred from the conditional scenario.
Marimaca Copper Completes Bookbuild for A$423 Million ↗ | PositionCHESS Depositary Interests (CDIs) | 8,000,000 | — |
| 2026-02-19 | Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P.
Details & evidence for Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. on 2026-02-19The release reports a 14,304,285 Common Share position immediately before the Global Offering; no separate holding snapshot date is provided and the announcement date is used. The group is defined as Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P.
Marimaca Copper Completes Bookbuild for A$423 Million ↗ | Positioncommon shares | 14,304,285 | — |
| 2025-10-15 | Assore International Holdings Ltd
Details & evidence for Assore International Holdings Ltd on 2025-10-15Issuer update published 15 October 2025; exact as-of date of updated holding is not stated. Combined activity is not decomposed into trades.
Substantial Holder Notice ↗ | PositionCDIs / shares | 22,387,694 | 18.89%Issued Shares |
| 2025-04-29 | Assore International Holdings Ltd
Details & evidence for Assore International Holdings Ltd on 2025-04-29The circular reports 15,142,210 common shares (14.99%) for Assore International Holdings Ltd as of the circular date.
Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 15,142,210 | 14.99%Issued Shares |
| 2025-04-29 | Greenstone Resources L.P. and affiliates Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P.
Details & evidence for Greenstone Resources L.P. and affiliates Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. on 2025-04-29The circular reports 25,565,822 common shares (25.27%) for Greenstone Resources L.P. and affiliates Greenstone Resources II L.P. and Greenstone Co-Investment No. 1 (Coro) L.P. The reported group scope is broader than the Greenstone entities combined in the 2026 annual-report supplement; no split by affiliate is given.
Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 25,565,822 | 25.27%Issued Shares |
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Sign in or enter a guest codeChronological evidenceSource-document inventory16 documents
ASX MC2 daily close, 30 October 2026 (local eligible close)Market Data · HighMetadata Only
Reference price selected by miners.reference_price for the 31 Oct 2026 valuation date: close A$7.00 on 30 Oct 2026 (open, high, low and close all A$7.00), one ASX MC2 CDI (one CDI equals one common share), price freshness 1 day, status fresh, provider market data provider via the local collector (data/asx_mining_companies.db). Reported volume for that session is zero; the 20-session average traded value is A$0.20m per the market snapshot. 52-week range A$7.00 to A$13.00. Source URL is the public market data provider history page the collector pulls from.
- Document ID
- mc2-market-price-2026-10-30
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
AUD/USD exchange rate, 30 October 2026 (RBA F11.1 series in local FX table)Market Data · MediumMetadata Only
AUD/USD 0.6941 (A$1 = US$0.6941), i.e. US$1 = A$1.4407, from the Reserve Bank of Australia F11.1 series as stored in data/metal_prices.db (collected 30 Oct 2026). The market snapshot uses the same 1.4407 conversion. Used to convert the US$ project values and cash into A$.
- Document ID
- mc2-fx-aud-usd-2026-10-30
- Published UTC
- 2026-10-30T06:40:15Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Copper and developer peer metrics from the stock database (30 Oct 2026)Market Data · MediumMetadata Only
Peer rows from miners.v8db.market_snapshot for MC2 (cut-off 31 Oct 2026): market cap, EV, net cash, P/NAV, EV per attributable resource, 12-month return and 20-day traded value for copper peers including 29Metals (29M), AIC Mines (A1M), Cyprium (CYM), KGL Resources (KGL), Solstice (SLS), Develop Global (DVP), Capstone (CSC), Sandfire (SFR) and BHP. Values come from published research rows in data/miners_v8.db (stock_daily) and are cross-checked for the subject's own row only. Selected peers are listed in valuation.peer_comparison with their basis.
- Document ID
- mc2-peer-snapshot-2026-10-30
- Published UTC
- 2026-10-30T04:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Copper daily average price, US$ per lb, 29 October 2026 (local commodity database)Commodity Data · HighMetadata Only
Copper daily average US$6.61/lb (published 29 Oct 2026, collected 30 Oct 2026, from the local metal price table in data/metal_prices.db, statistics source Gold API). Trailing 12-month average US$5.96/lb, 12-month low US$4.85/lb, high US$6.70/lb. The DFS long-term price is US$4.30/lb and the valuation deck uses that flat price in the base case; this spot observation is used only for the spot-price case and the implied-price reading.
- Document ID
- mc2-copper-price-2026-10-29
- Published UTC
- 2026-10-29T12:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Appointment of Peter Garner-Winship as Chief Financial OfficerLeadership · MediumExtracted
Peter Garner-Winship promoted to Chief Financial Officer effective 8 October 2026 (joined March 2026 as Vice President Finance; 17 years at Anglo American in corporate finance and capital allocation; Financial Controller at Quellaveco). José Antonio Merino continues as Managing Director (Chile).
- Document ID
- mc2-cfo-appointment-oct-2026
- Published UTC
- 2026-10-08T21:18:18Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Appointment of Nicole Porcile as independent non-executive directorLeadership · LowExtracted
Nicole Porcile, founder of ANAGEA and former Vice President Corporate Affairs and Sustainability at Codelco, appointed independent non-executive director (announced 1 September 2026). Background in permitting, community relations and socio-environmental risk.
- Document ID
- mc2-porcile-board-sep-2026
- Published UTC
- 2026-09-01T22:24:59Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q2 2026 condensed interim consolidated financial statements (six months to 30 June 2026)Results · HighExtracted
Unaudited IFRS interim statements in US dollars. Cash and cash equivalents US$140.0m at 30 June 2026 (31 Dec 2025: US$66.8m); total assets US$268.2m; total liabilities US$7.3m of which lease liabilities US$0.9m and no borrowings; equity US$261.0m. H1 2026 net loss US$11.8m, cash used in operations US$5.9m, cash used in investing US$16.6m (PP&E US$0.4m and capitalised exploration and evaluation US$16.2m), financing inflow US$96.5m (Canadian treasury offering US$94.4m net and warrant exercises US$2.1m). Shares issued and outstanding 134,980 thousand at 30 June 2026. Statement of financial position, loss, equity and cash flow are image pages in the cache and were read visually.
- Document ID
- mc2-q2-2026-fs
- Published UTC
- 2026-08-14T01:07:24Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q2 2026 Management's Discussion and AnalysisResults · HighExtracted
MD&A for the quarter to 30 June 2026. Restates the MOD DFS summary (Table 1), the 2025 resource (Table 2) and reserve (Table 3) tables, and the Pampa Medina and Madrugador option schedules. Reports cash of US$140.0m, total liabilities US$7.3m, a Q2 net loss of US$2.8m and an H1 net loss of US$11.8m. Outstanding shares 135,156,928, stock options 1,545,000 and RSUs 3,062,808 at 13 August 2026. Contractual obligations at 30 June 2026: payables US$6.4m and leases US$0.9m. Sectorial permits to be approved in Q4 2026 per management; project debt financing process started. Quarterly table shows cash by quarter; its flow rows for Q4 2025 and Q3 2025 are full-year and cumulative figures, so flows are taken from the statements instead.
- Document ID
- mc2-q2-2026-mdna
- Published UTC
- 2026-08-14T01:10:09Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q1 2026 condensed interim consolidated financial statements (three months to 31 March 2026)Results · MediumExtracted
Q1 2026 statements in US dollars: three-month operating cash outflow US$5.9m, investing outflow US$6.1m (PP&E US$0.2m, capitalised exploration US$5.9m), financing inflow US$96.5m from the February 2026 treasury offering, closing cash US$149.8m. Net loss for the quarter US$8.9m. Shares on issue 133,821 thousand at 31 March 2026. Used with the H1 statements to derive the Q2 2026 quarter, because the quarterly MD&A table repeats six-month flows in its 2026 columns.
- Document ID
- mc2-q1-2026-fs
- Published UTC
- 2026-05-13T01:17:09Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
ASX additional information for the 2025 annual report (holders and substantial holders)Governance · MediumExtracted
Substantial holders at May 2026: Assore International Holdings 25,181,405 shares (18.83%), Ithaki 20,087,576 (15.01%) and the Greenstone group 8,607,004 (6.43%). Holder counts: 85,976,362 common shares and 47,844,616 CDIs (133,820,978 in total) with 154 CDI holders and 31 common holders; options and RSUs as listed.
- Document ID
- mc2-additional-info-2026
- Published UTC
- 2026-05-04T02:36:44Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives)Results · HighExtracted
Year-end MD&A with audited FY2025 and FY2024 comparatives (the audited statements themselves are not in the local package). FY2025 net loss US$26.3m (FY2024 US$13.8m), operating loss US$26.2m, exploration expensed US$2.0m, salaries and corporate US$11.4m, share-based compensation US$10.7m. Cash US$66.8m, working capital US$62.7m, total assets US$178.5m, liabilities US$5.6m. Quarterly table gives the 2025 cash flows used for FY2025 operating (-18.8m) and investing (-16.4m) sums. Shares outstanding 133,820,979 at 30 March 2026, with 2,414,715 options and 3,500,000 RSUs. February 2026 global offering gross C$409m (US$298.5m) including a treasury component of C$136.5m (US$99.7m). Chilean VAT recoverable US$14.6m recognised in 2025. Sulphuric acid plant option paid US$2.5m. Rayrock receivable of US$2.4m net assigned in January 2026 for US$2.0m consideration with contingent upside.
- Document ID
- mc2-q4-2025-mdna
- Published UTC
- 2026-03-31T01:49:40Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Board changes: Zenon Wozniak appointed, Giancarlo Bruno Lagomarsino becomes independent chairLeadership · MediumExtracted
Zenon Wozniak (former Director, Projects at First Quantum Minerals; Cobre Panama and Kansanshi delivery) joined the board on 27 March 2026 and chairs the Project Steering and Technical Committee. Giancarlo Bruno Lagomarsino (former CEO of Mantos Copper) became independent non-executive chair with immediate effect; Michael Haworth steps down as chair and becomes non-executive director and audit committee chair. Alan Stephens and Clive Newall retire from the board on 27 March 2026.
- Document ID
- mc2-board-changes-mar-2026
- Published UTC
- 2026-03-30T21:17:59Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Completion of C$409m global bookbuild (February 2026)Financing · HighExtracted
Global offering of C$409m: treasury C$136.5m (13,650,000 shares at C$10.00) and secondary C$272.5m. Pro forma cash before costs C$227m at 17 February 2026. Greenstone group retained 6.44% after the offering and is subject to a 90-day lock-up. Treasury proceeds used for the MOD pre-construction engineering and early works, Pampa Medina drilling and general purposes.
- Document ID
- mc2-bookbuild-feb-2026
- Published UTC
- 2026-02-18T22:24:42Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Resignation of General Counsel and Company SecretaryLeadership · LowExtracted
General Counsel and Company Secretary Solange González resigned (announced 10 November 2025).
- Document ID
- mc2-co-sec-resignation-nov-2025
- Published UTC
- 2025-11-10T08:54:31Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Completion of A$80m bookbuild (September 2025)Financing · HighExtracted
Brokered placement of 8,247,423 CDIs at A$9.70 for gross proceeds of about A$80m, for exploration at Pampa Medina, detailed design and engineering for the MOD and general corporate purposes. Closing expected 11 September 2025.
- Document ID
- mc2-bookbuild-sep-2025
- Published UTC
- 2025-09-07T22:42:36Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
MOD Feasibility Study announcement (25 August 2025 DFS results)Study · HighExtracted
DFS results for the Marimaca Oxide Deposit: 50 ktpa copper cathode, 13-year reserve life, life-of-mine C1 US$1.84/lb and AISC US$2.29/lb, initial capital US$587m, post-tax NPV8 US$709m and post-tax IRR 31% at a flat US$4.30/lb long-term copper price with a US$250/t cathode premium, 8% discount rate. Maiden reserve 178.6 Mt at 0.42% CuT (747.6 kt contained). Resource 213.5 Mt Measured and Indicated at 0.40% CuT and 21.2 Mt Inferred at 0.29% CuT, reported at a US$4.90/lb price and a 0.10% CuT cut-off. Stated values are the study's own (US$, flat price, DFS effective date 25 August 2025).
- Document ID
- mc2-dfs-2025-release
- Published UTC
- 2025-08-25T22:18:06Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Evidence facts83
140045000 USD
2026-06-30268222000 USD
2026-06-307255000 USD
2026-06-30877000 USD
2026-06-30260967000 USD
2026-06-30-11772000 USD
2026-06-30-5887000 USD
2026-06-30-16608000 USD
2026-06-30-16201000 USD
2026-06-3096451000 USD
2026-06-30134980000 shares
2026-06-30119393000 shares
2025-12-310 USD
2026-06-300 USD
2026-06-30135156928 shares
2026-08-131545000 shares
2026-08-133062808 shares
2026-08-13139764736 shares
2026-08-13877000 USD
2026-06-3011500000 USD
2026-06-3011600000 USD
2026-06-30213490000 t
2025-08-2521193000 t
2025-08-25178635000 t
2025-08-25-5880000 USD
2026-03-31-6105000 USD
2026-03-3196525000 USD
2026-03-31149792000 USD
2026-03-31-8932000 USD
2026-03-31133821000 shares
2026-03-31-26283000 USD
2025-12-31-13752000 USD
2024-12-31-26236000 USD
2025-12-3166782000 USD
2025-12-31178530000 USD
2025-12-315593000 USD
2025-12-31934000 USD
2025-12-31-18812000 USD
2025-12-31-16414000 USD
2025-12-3179211000 USD
2025-12-31-5737000 USD
2024-12-31133820979 shares
2026-03-302414715 shares
2026-03-303500000 shares
2026-03-3099700000 USD
2026-02-2614600000 USD
2025-12-312500000 USD
2025-12-292400000 USD
2025-12-31709000000 USD
2025-08-25900000000 USD
2025-08-250.31 fraction
2025-08-25587000000 USD
2025-08-2577000000 USD
2025-08-251.84 USD/lb
2025-08-252.29 USD/lb
2025-08-2543000 t
2025-08-254.3 USD/lb
2025-08-250.08 fraction
2025-08-25178.635 Mt
2025-08-250.42 %
2025-08-25747600 t
2025-08-25213.49 Mt
2025-08-250.4 %
2025-08-25853813 t
2025-08-2521.193 Mt
2025-08-250.29 %
2025-08-2562231 t
2025-08-25250 USD/t
2025-08-25136500000 CAD
2026-02-1813650000 shares
2026-02-18227000000 CAD
2026-02-170.0644 fraction
2026-02-1880000000 AUD
2025-09-058247423 shares
2025-09-051.0 fraction
2025-09-0825181405 shares
2026-05-0420087576 shares
2026-05-04133820978 shares
2026-05-04Giancarlo Bruno Lagomarsino text
2026-03-27Zenon Wozniak text
2026-03-27Nicole Porcile text
2026-09-01Peter Garner-Winship text
2026-10-08Solange González text
2025-11-10Conflicts requiring judgment2
- Q2 2026 operating and investing cash flow (quarter)
The Q2 MD&A quarterly table shows six-month cash flows in its 2026 columns. The quarter is derived as H1 statement minus Q1 statement: operating -7k and investing -10.5m, so quarterly net cash burn is US$10.5m.
- Copper price used for the valuation deck
The base deck stays on the DFS flat US$4.30/lb for the NPV anchor. The 29 Oct 2026 spot of US$6.61/lb is used for the spot-price case only, because a deck change would need a revised study.