Marimaca Copper Corp. announced the final diamond drilling (‘DDH') results from the 2022 geological and geotechnical drilling campaign. Results reported in this release comprise 2,762m of drilling across 12 drill holes located in the central Marimaca Oxide Deposit (‘MOD') and target pit-wall areas (for geotechnical purposes) around the perimeter of the MOD.

These results are the final assays of the 2022 reverse circulation and DDH program. Marimaca has finalized plans for the First Quarter 2023 exploration program, which will follow-up on previously-released DDH hole MAD-22, which intersected primary sulphides (dominantly chalcopyrite) down-dip of the MOD (92m at 2.11% CuT from 140m including 22m at 5.27% CuT). Highlights: Geological drilling focused on the central zone of the MOD and was orientated at 220° azimuth – targeting cross-cutting intersections of the north-west and west-north-west fault structures that are a dominant control of mineralization at the MOD: 2022 geological diamond drilling totaled 1,600m across six drill holes (MAD-18, MAD-17, LAD-10, ATD-15, MAD-21, ATD-14).

Geotechnical drill holes were focused on the periphery of the MOD and were drilled to gather geotechnical information on the MOD pit wall zones: Notwithstanding this, all holes intersected significant, near surface, mineralized zones with grades at or well above the average for the October 2022 Mineral Resource Estimate, 2022 geotechnical diamond drilling totaled 1,402m across seven drill holes including previously released MAD-22 (ATD-16, ATD-17, ATD-18, MAD-20, LAD-11, MAD-19). Highlights from reported results include: MAD-18 intersected 346m at 0.71% CuT from 4m, including 90m at 1.22% CuT from 54m and 74m at 1.17% CuT from 276m, MAD-17 intersected 140m at 0.50% CuT from 12m, including 12m at 1.89% CuT from 140m, ATD-15 intersected 110m at 0.49% CuT from 18m, including 30m at 1.07% CuT from 26m, ATD-14 intersected 62m at 0.78% CuT from 102m, including 10m at 1.76% CuT from 154m, LAD-10 intersected 176m at 0.46% CuT from 114m, MAD-19 intersected 46m at 0.49% CuT from 40m including 24m at 0.77% CuT from 62m, and MAD-21 intersected 36m at 0.47% CuT from surface. Results from the geological drilling campaign will be incorporated in the updated 2023 geological model supporting the planned 2023 MRE, while rock quality information from geotechnical drilling will be utilized in the 2023 development workstreams Overview of Drilling Campaign Objectives: Marimaca's 2022 drilling campaign consisted of over 41,500m of RC and diamond drilling between the MOD infill and the MAMIX zone, the depth extension of the MOD.

The 2022 MRE, announced on October 13, 2022 incorporates 19,580m of the approximate 41,500m of drilling completed in 2022 for a total of over 110,000m of drilling completed since 2016. The balance of the 2022 infill drilling program will be included in the 2023 MRE planned for early second quarter with the objective of converting Inferred Resources to the Measured and Indicated Categories to underpin a Definitive Feasibility Study (‘DFS').