11:16 AM EDT, 08/26/2025 (MT Newswires) -- (Adds investment bank comment and updates shares.)

Marimaca Copper ( MARIF ) reported overnight Monday the results of a definitive feasibility study for its Marimaca oxide deposit in Chile.

The study outlined a post-tax net present value of US$709 million based on an 8% discount rate, with a 31% internal rate of return and a 2.5-year payback period. Initial capital costs were estimated at US$587 million.

The project is expected to produce 43,000 tonnes per year of copper over the 13-year life of mine.

The study also outlined maiden proven and probable reserves for the project, estimating 178.6 million tonnes with an average grade of 0.42% total copper for 750,000 of contained copper.

"There are very few copper projects with lower capital intensity, and our competitive operating cost profile, positioned in the second quartile of Wood Mackenzie-benchmarked copper projects globally on an all-in-cost basis, drives superior return on invested capital metrics at virtually any copper price," chief executive Hayden Locke said.

Marimaca said its debt financing workstreams are underway, aiming to identify preferred financing partners by year-end.

National Bank of Canada maintained its outperform rating and $11.00 price target following the release.

The bank said the outperform rating is supported by Marimaca's peer-leading capital intensity, aided by near-surface oxides resulting in low life of mine strip and proximity to existing infrastructure.

National Bank also sees further upside at Pampa Medina from the ongoing drill program, which expands the size of the defined area where they see high-grade mineralization.

Marimaca shares were last seen down $1.38 to $10.06 on the Toronto Stock Exchange.

Price: 10.10, Change: -1.34, Percent Change: -11.71