PRELIMINARY ECONOMIC ASSESSMENT MARIMACA PROJECT ANTOFAGASTA, II REGION, CHILE NI 43 101 Technical Report. Prepared by: Robin Kalanchey (P. Eng.), Ausenco Francisco Castillo (Member of Chilean Mining Commission), Ausenco Scott Weston (P. Eng.), Ausenco Luis Oviedo (Member of Chilean Mining Commission), NCL Ingeniería y Construcción Carlos Guzman (FAusIMM), NCL Ingeniería y Construcción Marcelo Jo (Member of Chilean Mining Commission), Jo & Loyola Consultores de Procesos Prepared for: Marimaca Copper Report Effective Date: 4 August 2020 Important Notice This report was prepared as National Instrument 43-101 Technical Report for Marimaca Copper Corp (Marimaca Copper) by Ausenco Engineering Canada Inc., Jo & Loyola Consultores de Procesos and NCL Ingeniería y Construcción (collectively, the “Report Authors”). The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in Report Authors’ services, based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Marimaca Copper subject to terms and conditions of its contract with each of the Report Authors. Except for the purposed legislated under Canadian provincial and territorial securities law, any other uses of this report by any third party is at that party’s sole risk. Table of Contents 1 Summary ......................................................................................................................... 1-1 1.1 Introduction ....................................................................................................................... 1-1 1.2 Terms of Reference .......................................................................................................... 1-1 1.3 Project Setting .................................................................................................................. 1-1 1.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements ........................ 1-1 1.5 Geology and Mineralization ............................................................................................... 1-2 1.6 History .............................................................................................................................. 1-3 1.7 Drilling and Sampling ........................................................................................................ 1-3 1.8 Data Verification ............................................................................................................... 1-6 1.9 Metallurgical Testwork ...................................................................................................... 1-6 1.9.1 Crush Heap Leach ............................................................................................................ 1-6 1.9.2 ROM Leach ...................................................................................................................... 1-7 1.10 Mineral Resource Estimation ............................................................................................ 1-7 1.11 Mineral Resource Statement ............................................................................................. 1-8 1.12 Mining Methods .............................................................................................................. 1-11 1.13 Recovery Methods .......................................................................................................... 1-13 1.14 Project Infrastructure....................................................................................................... 1-14 1.15 Environmental, Permitting and Social Considerations ...................................................... 1-15 1.15.1 Environmental Considerations ........................................................................................ 1-15 1.15.2 Closure and Reclamation Planning ................................................................................. 1-16 1.15.3 Social Considerations ..................................................................................................... 1-16 1.16 Markets and Contracts .................................................................................................... 1-16 1.17 Capital Cost Estimates .................................................................................................... 1-16 1.18 Operating Cost Estimates ............................................................................................... 1-17 1.19 Economic Analysis .......................................................................................................... 1-18 1.19.1 Cautionary Statement ..................................................................................................... 1-18 1.19.2 Methodology Used .......................................................................................................... 1-19 1.19.3 Results ........................................................................................................................... 1-20 1.19.4 Sensitivity Analysis ......................................................................................................... 1-20 1.20 Risks and Opportunities .................................................................................................. 1-21 1.21 Interpretation and Conclusions ........................................................................................ 1-22 1.22 Recommendations .......................................................................................................... 1-22 1.22.1 Geology .......................................................................................................................... 1-22 1.22.2 Mining............................................................................................................................. 1-22 1.22.3 Metallurgy ....................................................................................................................... 1-23 1.22.4 Environmental ................................................................................................................. 1-23 2 Introduction................................................................................................................... 2-24 2.1 Introduction ..................................................................................................................... 2-24 2.2 Terms of Reference ........................................................................................................ 2-24 2.3 Qualified Persons ........................................................................................................... 2-24 2.4 Site Visits and Scope of Personal Inspection ................................................................... 2-25 2.5 Effective Dates ............................................................................................................... 2-26 2.6 Information Sources and References .............................................................................. 2-26 2.7 Previous Technical Reports ............................................................................................ 2-26 3 Reliance on Other Experts ........................................................................................... 3-27 3.1 Introduction ..................................................................................................................... 3-27 3.2 Mineral Tenure ............................................................................................................... 3-27 3.3 Markets .......................................................................................................................... 3-27 3.4 Taxation ......................................................................................................................... 3-27 4 Property Description and Location .............................................................................. 4-28 4.1 Introduction ..................................................................................................................... 4-28 4.2 Property and Title in Chile ............................................................................................... 4-28 4.2.1 Mineral Tenure ............................................................................................................... 4-28 4.2.2 Mining Tax ...................................................................................................................... 4-28 4.2.3 Surface Rights ................................................................................................................ 4-29 4.2.4 Rights of Way ................................................................................................................. 4-30 4.2.5 Water Rights ................................................................................................................... 4-30 4.3 Ownership ...................................................................................................................... 4-30 4.4 Agreements and Options ................................................................................................ 4-30 4.4.1 Newco Marimaca ............................................................................................................ 4-30 4.4.2 Inversiones Creciente Limitada ......................................................................................