Marimaca Copper Secures C$68 Million Investment from Assore International Holdings

Marimaca Copper Corp., and Assore International Holdings Limited ("AIH") announce a C$68 million equity investment (the "Strategic Investment") by AIH in Marimaca.

The Strategic Investment involves AIH acquiring 9,417,210 common shares of Marimaca ("Common Shares") from an affiliate of Tembo Capital Mining GP Limited, Ndovu Capital XIV B.V. ("Tembo Capital") (the "Tembo Acquisition") at a price of C$4.50 per Common Share, resulting in gross proceeds of C$42,377,445 to Tembo Capital. Additionally, AIH will subscribe to 5,725,000 units ("Units") of the Company through a non-brokered private placement for gross proceeds of C$25,762,500, as per a subscription agreement dated July 15, 2024 (the "AIH Private Placement").

Each Unit comprises one Common Share and one-half of one Common Share purchase warrant ("Warrant") priced at C$4.50 per Unit. Each whole Warrant grants AIH the right to purchase one additional Common Share at an exercise price of C$5.85 within 18 months following the closure of the AIH Private Placement. Upon completion of the Strategic Investment and the Additional Private Placement (as defined later), AIH will possess approximately 14.99% of the issued and outstanding Common Shares on a non-diluted basis, and 18.07% of the Common Shares on a partially diluted basis (assuming full exercise of AIH's Warrants and the Option described below). Prior to the Tembo Acquisition and AIH Private Placement, AIH did not hold any securities of Marimaca.

The subscription price per Unit represents a 15% premium over the 20-day volume-weighted average price of the Common Shares on the Toronto Stock Exchange (TSX) as of July 12, 2024.

Furthermore, another investor will participate in a private placement by subscribing for 1,000,000 Units, following the same pricing terms as the AIH Private Placement, generating gross proceeds of C$4,500,000 (referred to collectively as the "Private Placements").

The funds raised from the Private Placements will be allocated towards advancing the development of the Company's flagship Marimaca Copper Project situated in the Antofagasta region of Chile, as well as funding exploration programs at strategic targets across the Company's regional land holdings, as outlined in more detail below.

Assore International Holdings Limited (AIH) serves as the UK-based subsidiary of Assore Holdings (Pty) Limited, the parent company of the Assore Group. The Assore Group, headquartered in South Africa, is a longstanding private entity with nearly a century of experience in mining, processing, and marketing various ores, minerals, and metals, primarily within South Africa. Established in 2020, AIH consolidates the Assore Group's growing international mining ventures and investment portfolio, which currently includes strategic equity stakes in companies such as Gemfields Group Limited, Atlantic Lithium Limited, and Vision Blue Resources.