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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

Narrative and provenance

Research & Sources

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts83
q2fs-cash-2026-06-30Cash and cash equivalents at 30 June 2026

140045000 USD

2026-06-30
q2fs-total-assetsTotal assets at 30 June 2026

268222000 USD

2026-06-30
q2fs-total-liabilitiesTotal liabilities at 30 June 2026

7255000 USD

2026-06-30
q2fs-lease-liabilitiesLease liabilities at 30 June 2026 (current 98k, non-current 779k)

877000 USD

2026-06-30
q2fs-equityTotal shareholders' equity at 30 June 2026

260967000 USD

2026-06-30
q2fs-h1-net-lossNet loss, six months to 30 June 2026

-11772000 USD

2026-06-30
q2fs-h1-operating-cash-flowCash used in operating activities, six months to 30 June 2026

-5887000 USD

2026-06-30
q2fs-h1-investing-cash-flowCash used in investing activities, six months to 30 June 2026

-16608000 USD

2026-06-30
q2fs-h1-capitalised-eeExploration and evaluation assets, capitalised expenditures, six months to 30 June 2026

-16201000 USD

2026-06-30
q2fs-h1-financing-cash-flowCash from financing activities, six months to 30 June 2026

96451000 USD

2026-06-30
q2fs-shares-2026-06-30Common shares outstanding at 30 June 2026 (number of shares)

134980000 shares

2026-06-30
q2fs-shares-2025-12-31Common shares outstanding at 31 December 2025 (number of shares)

119393000 shares

2025-12-31
q2fs-no-borrowingsNo interest-bearing borrowings outstanding (debt nil)

0 USD

2026-06-30
q2fs-dividendsDividends declared in the 12 months to the cutoff

0 USD

2026-06-30
q2mda-shares-outstanding-2026-08-13Common shares outstanding at 13 August 2026

135156928 shares

2026-08-13
q2mda-stock-options-2026-08-13Stock options outstanding at 13 August 2026

1545000 shares

2026-08-13
q2mda-rsus-2026-08-13Restricted share units outstanding at 13 August 2026

3062808 shares

2026-08-13
q2mda-fully-diluted-2026-08-13Common shares plus options and RSUs at 13 August 2026

139764736 shares

2026-08-13
q2mda-contract-obligationsContractual obligations at 30 June 2026: payables 6,378 and leases 877 (98 under one year, 390 one to three years, 389 four to five years)

877000 USD

2026-06-30
q2mda-pampa-option-remainingPampa Medina option remaining payments: 0.5m at 24 months (paid after the reporting date), 1.5m at 36 months, 2.5m at 48 months, 7.0m at 60 months

11500000 USD

2026-06-30
q2mda-madrugador-option-remainingMadrugador option remaining payments: 0.4m at 24 months, 1.2m at 36 months, 3.0m at 48 months, 7.0m at 60 months

11600000 USD

2026-06-30
q2mda-mod-resource-mi2025 MRE Measured and Indicated: 213.49 Mt at 0.40% CuT, 853.8 kt contained copper (inclusive of reserves)

213490000 t

2025-08-25
q2mda-mod-resource-inferred2025 MRE Inferred: 21.193 Mt at 0.29% CuT, 62.2 kt contained copper

21193000 t

2025-08-25
q2mda-mod-reserveMaiden reserve (proven and probable): 178.635 Mt at 0.42% CuT, 747.6 kt contained copper

178635000 t

2025-08-25
q1fs-operating-cash-flowCash used in operating activities, three months to 31 March 2026

-5880000 USD

2026-03-31
q1fs-investing-cash-flowCash used in investing activities, three months to 31 March 2026

-6105000 USD

2026-03-31
q1fs-financing-cash-flowCash from financing activities, three months to 31 March 2026

96525000 USD

2026-03-31
q1fs-cash-2026-03-31Cash at 31 March 2026

149792000 USD

2026-03-31
q1fs-net-lossNet loss, three months to 31 March 2026

-8932000 USD

2026-03-31
q1fs-shares-2026-03-31Common shares outstanding at 31 March 2026

133821000 shares

2026-03-31
q4mda-net-loss-fy2025Net loss, year ended 31 December 2025 (audited comparative)

-26283000 USD

2025-12-31
q4mda-net-loss-fy2024Net loss, year ended 31 December 2024

-13752000 USD

2024-12-31
q4mda-operating-loss-fy2025Operating loss, year ended 31 December 2025

-26236000 USD

2025-12-31
q4mda-cash-2025-12-31Cash on hand at 31 December 2025

66782000 USD

2025-12-31
q4mda-total-assets-2025-12-31Total assets at 31 December 2025

178530000 USD

2025-12-31
q4mda-total-liabilities-2025-12-31Total liabilities at 31 December 2025

5593000 USD

2025-12-31
q4mda-lease-2025-12-31Lease liabilities at 31 December 2025 (current 146k, non-current 788k)

934000 USD

2025-12-31
q4mda-operating-cash-fy2025Cash used in operating activities, year 2025 (sum of four quarters)

-18812000 USD

2025-12-31
q4mda-investing-cash-fy2025Cash from investing activities, year 2025 (sum of four quarters)

-16414000 USD

2025-12-31
q4mda-financing-cash-fy2025Cash from financing activities, year 2025 (sum of four quarters)

79211000 USD

2025-12-31
q4mda-operating-cash-fy2024Cash used in operating activities, year 2024 (sum of four quarters)

-5737000 USD

2024-12-31
q4mda-shares-2026-03-30Common shares outstanding at 30 March 2026

133820979 shares

2026-03-30
q4mda-options-2026-03-30Stock options outstanding at 30 March 2026

2414715 shares

2026-03-30
q4mda-rsu-2026-03-30Restricted share units outstanding at 30 March 2026

3500000 shares

2026-03-30
q4mda-feb-2026-offering-treasuryFebruary 2026 treasury offering gross proceeds (C$136.5m, US$99.7m)

99700000 USD

2026-02-26
q4mda-vat-recoverable-2025Chilean VAT recoverable recognised in 2025 (refund expected H1 2027 if eligible)

14600000 USD

2025-12-31
q4mda-acid-plant-optionSulphuric acid plant option consideration (US$1.0m paid August 2025, US$1.5m paid 29 December 2025)

2500000 USD

2025-12-29
q4mda-rayrock-receivableRayrock receivable net of ECL at 31 December 2025 (nominal US$9.8m) assigned January 2026 for US$2.0m

2400000 USD

2025-12-31
dfs-npv-post-taxPost-tax NPV8 at US$4.30/lb flat long-term price

709000000 USD

2025-08-25
dfs-npv-pre-taxPre-tax NPV8

900000000 USD

2025-08-25
dfs-irr-post-taxPost-tax IRR

0.31 fraction

2025-08-25
dfs-initial-capexInitial capital cost

587000000 USD

2025-08-25
dfs-expansion-capexExpansion capital (second phase)

77000000 USD

2025-08-25
dfs-c1-lomC1 cash cost, life of mine

1.84 USD/lb

2025-08-25
dfs-aisc-lomAISC, life of mine

2.29 USD/lb

2025-08-25
dfs-production-lomAverage annual copper recovered, life of mine

43000 t

2025-08-25
dfs-price-ltLong-term copper price assumption (flat)

4.3 USD/lb

2025-08-25
dfs-discount-rateDiscount rate used for NPV

0.08 fraction

2025-08-25
dfs-reserve-tonnesMaiden proven and probable reserve tonnes

178.635 Mt

2025-08-25
dfs-reserve-gradeReserve copper grade (total CuT)

0.42 %

2025-08-25
dfs-reserve-containedReserve contained copper

747600 t

2025-08-25
dfs-mi-tonnesResource Measured and Indicated tonnes

213.49 Mt

2025-08-25
dfs-mi-gradeResource Measured and Indicated grade (total CuT)

0.4 %

2025-08-25
dfs-mi-containedResource Measured and Indicated contained copper

853813 t

2025-08-25
dfs-inf-tonnesResource Inferred tonnes

21.193 Mt

2025-08-25
dfs-inf-gradeResource Inferred grade (total CuT)

0.29 %

2025-08-25
dfs-inf-containedResource Inferred contained copper

62231 t

2025-08-25
dfs-cathode-premiumCathode premium included in cash flow

250 USD/t

2025-08-25
feb26-treasury-grossCanadian treasury offering gross proceeds

136500000 CAD

2026-02-18
feb26-treasury-sharesTreasury shares issued in the offering

13650000 shares

2026-02-18
feb26-pro-forma-cashPro forma cash before transaction costs at 17 February 2026

227000000 CAD

2026-02-17
feb26-greenstone-retainedGreenstone group retained interest after the offering

0.0644 fraction

2026-02-18
sep25-placement-grossPlacement gross proceeds

80000000 AUD

2025-09-05
sep25-placement-cdisCDIs issued in the placement

8247423 shares

2025-09-05
sep25-ownershipCompany described as 100% owned flagship project

1.0 fraction

2025-09-08
asx-assoreAssore International Holdings substantial holding

25181405 shares

2026-05-04
asx-ithakiIthaki substantial holding

20087576 shares

2026-05-04
asx-common-plus-cdiCommon shares plus CDIs on issue

133820978 shares

2026-05-04
brd-chair-changeIndependent non-executive chair appointed

Giancarlo Bruno Lagomarsino text

2026-03-27
brd-wozniakNon-executive director appointed effective

Zenon Wozniak text

2026-03-27
porcile-appointmentIndependent non-executive director appointed

Nicole Porcile text

2026-09-01
cfo-appointmentChief Financial Officer appointed

Peter Garner-Winship text

2026-10-08
cosec-resignationGeneral Counsel and Company Secretary resigned

Solange González text

2025-11-10
Conflicts 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.