Interview with Hayden Locke, President & CEO of Marimaca Copper Corp.

Our previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-superior-grades-add-upside-to-december-2025-pea-target-8544

Recording date: 9th January 2026

Marimaca Copper enters 2026 positioned to transition from explorer to developer following three critical achievements in 2025. The company completed its Definitive Feasibility Study for the flagship Marimaca oxide project, demonstrating industry-leading capital costs under $600 million USD and competitive operating metrics. Environmental approval was secured, clearing a major permitting hurdle that often delays mining projects. Most significantly, the company made what CEO Hayden Locke describes as a potential tier-one discovery at Pampa Medina, containing multiple million tons of copper across a 3-kilometer by 1.5-kilometer mineralized area.

The company raised $80 million CAD in oversubscribed financing from Australian and US investors, providing comfortable runway through detailed engineering without near-term dilution concerns. Management plans to pursue construction financing throughout 2026 while prioritising shareholder-friendly structures. This financial cushion allows the team to focus on engineering maturity and robust risk management systems before committing significant capital.

Marimaca's development philosophy emphasises operational simplicity over engineering elegance. As a first-time builder, management is willing to sacrifice marginal capital savings if cost reductions materially increase operational risk. The company plans to spend 2026 increasing engineering detail and implementing monitoring systems capable of tracking daily progress, spending, and budget variances. This measured approach targets build-ready status by late 2026, resisting pressure to rush production despite favorable copper markets.

The Pampa Medina discovery validates a two-pronged growth strategy. The oxide portion offers near-term expansion potential, growing production from 50,000 to 70-75,000 tons of copper cathode annually. Every drill hole across 20-plus attempts has hit mineralised sedimentary horizons, representing an exceptional exploration hit ratio. The broader sulfide resource provides longer-term strategic upside, though development will naturally lag several years behind the main oxide project.

With copper prices strengthening significantly above the DFS assumption of $4.30 per pound, Marimaca benefits from favorable market timing as global electrification drives structural demand growth while new supply remains constrained. The company's disciplined capital approach and focus on execution quality position it to navigate the challenging transition from developer to producer while maintaining the operational robustness necessary for long-term success.

View Marimaca Copper's company profile: https://www.cruxinvestor.com/companies/marimaca-copper

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