Marimaca Oxide Drilling Encounters Higher than Expected Grades at Marimaca North; intersects 30m at 2.18% CuT from 46m, 464m at 0.45% from 4m

News Release

Marimaca Oxide Drilling Encounters Higher than Expected Grades at Marimaca North;

intersects 30m at 2.18% CuT from 46m, 464m at 0.45% from 4m

Vancouver, British Columbia, November 21, 202 2 – Marimaca Copper Corp. (“Marimaca Copper” or the “Company”)

(TSX: MARI) is pleased to announce further results from the 2022 infill and extensional drilling campaign at the Marimaca Oxide

Deposit (the “MOD”). Results reported are for a total of 7,102m across 35 reverse circulation (“RC”) drill holes.

The drilling intersected two higher grade green oxide zones located in the northern, Atahualpa, sector of the Marimaca Oxide

Deposit (the “MOD”). Green oxides typically have higher acid solubilities and expected higher recoveries based on the results

of the various phases of comprehensive metallurgical testing completed. Results from the 7,102m released today were received

post the data cut-off for the 2022 Interim Mineral Resource Estimate (“MRE”) (see press release dated October 13, 2022) and

will be captured in the updated MRE planned for Q1 2023.

The Atahualpa sector, forming the northern extent of the MOD, was previously considered to be host to dominantly lower grade

green and black oxide mineralization and today’s results highlight the potential for the definition of additional high -grade

centers, similar to that found in the south-central MOD (see Figure 2).

Marimaca will host an Exploration Webinar and Live Q&A with Sergio Rivera, Vice President Exploration and Hayden Locke,

President & CEO to discuss the takeaways of the 2022 exploration campaign on December 5th, 2022 at 11:00am EST / 4:00pm

GMT / 1:00pm CLST / 8:00am PST. A webinar link will be available at marimaca.com/webinars and sign up is available via

Investor Meet Company.

Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am the day before the meeting

or at any time during the live presentation.

Highlights

• Results from holes ATR-121, ATR-126, ATR-127, ATR-129 and ATR-132 demonstrate potential for a new, shallow, high-

grade centre located in the north and north-eastern areas of the MOD

o Grades significantly above interpolated grades in this area from previous MREs

o ATR-132 intersected 118m at 0.78% CuT from 24m, including 62m at 1.23% CuT from 38m and 30m at 2.18% CuT from

46m

o ATR-127 intersected 80m at 0.62% CuT from 2m within a broader intersection of 268m at 0.34% CuT from 2m

o ATR-121 intersected 82m at 0.53% CuT from 16m, including 38m at 0.71% CuT from 16m

• Results from ATR-116, ATR-120, ATR-122, ATR-124, ATR-130, ATR-135 and ATR-137 confirm extensions of higher-grade

green oxide mineralization toward the northeast margins of the MOD

o ATR-122 intersected 96m at 0.63% CuT from 8m including 60m at 0.89% CuT from 44m

o ATR-116 intersected 32m at 1.09% CuT from 22m within 84m at 0.49% CuT from 8m

o ATR-120 intersected 22m at 0.98% CuT from 2m

o ATR-135 intersected 18m at 0.94% CuT from 172m

• MAR-174, drilled in the central zone of the MOD, intersected shallow green oxide mineralization extending into higher

grade MAMIX mineralization at depth

o Highlight intercepts include 464m at 0.45% CuT from 4m, including 58m at 0.73% CuT from 72m, and 108m at 0.87%

CuT from 292m

• Drilling results from this release will be captured in the updated MRE, targeting conversion of Inferred Resources to

Measured and Indicated categories, planned for early 2023

o New higher grade centre expected to have positive implications for average grade in northern area of the deposit for

the next MRE update and for the 2023 DFS mine-planning

o Additional infill RC and diamond drilling to be released ahead of the planned Q1 2023 MRE

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“As with previous infill drilling campaigns at the MOD, we have been pleasantly surprised by this set of results, located towards

the northern end of the MOD. Drilling has intersected broad zones of high-grade oxide mineralization, in most cases near or at

surface. The grades are signific antly above those interpolated for the northern area in previous MREs and, as such, we expect

this drilling to have positive implications for the average grade of our Q1 2023 MRE update, which is targeting 90% of resources

in the Measured and Indicated Categories.

The October 2022 MRE included infill drilling across the central high-grade core of the MOD, which is an important driver of the

Marimaca Project’s strong project economics , with the results only improving our confidenc e in its continuity and grade. This

new discovery complements and extends the high-grade core and, given its near surface nature, it will also likely form part of

the early years of mine life. We, therefore, expect this drilling to lead to further improvement the Project’s already exceptional

economics.

The final 2023 MRE will form the basis the Definitive Feasibility Study, which will be completed in 2023 and will contemplate

production scenarios in the range of 50kt to 60kt of copper cathode per annum.”

Overview of Drilling Campaign Objectives

Marimaca’s 2022 drilling campaign consists 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 ~41,500m of

drilling (reverse circulation (“RC”) + diamond) completed in 2022 for a total of over 110,000m of drilling completed since 2016.

The balance of the 2022 infill drilling program, totalling approximately 28,000m including the 7,102m of drilling announced

today, will be included in a subsequent MRE planned for early 2023 with the objective of conve rting the remaining Inferred

Resources to the Measured and Indicated Categories to underpin the Definitive Feasibility Study (“DFS”) planned for 2023.

Figure 1: Plan View of Infill Drilling Results

Figure 2: Plan View – 2022 MRE plan view with grade distribution

Figure 3: 3D View – Highlight Infill Results with 2022 MRE Pit Shell

Figure 4: 3D View – North-East High Grade Zone with Highlight Infill Results 2022 MRE 0.60% CuT Grade Shell

Table 1. Summary of Drill Results

Hole Depth (m) From (m) To (m) Intercept (m) CuT (%)

ATR-114 260

14 40 26 0.21

86 144 58 0.21

including 112 134 22 0.35

ATR-115 52 8 38 30 0.50

ATR-116 250

8 208 200 0.27

including 8 92 84 0.49

including 22 54 32 1.09

172 202 30 0.22

ATR-117 200 146 196 50 0.20

ATR-118 170 including 4 22 18 0.21

ATR-119 240

106 158 52 0.23

including 118 130 12 0.37

ATR-120 250

2 132 130 0.28

including 2 24 22 0.98

and 86 124 38 0.26

ATR-121 250

2 250 248 0.31

including 16 98 82 0.53

including 16 54 38 0.71

and 68 98 30 0.53

136 216 80 0.25

including 136 182 46 0.24

and 200 216 16 0.48

ATR-122 180

8 104 96 0.63

including 12 24 12 0.38

and 44 104 60 0.89

ATR-123 200

2 10 8 0.21

including 106 126 20 0.28

ATR-124 150

2 96 94 0.28

including 2 28 26 0.36

and 54 96 42 0.36

ATR-125 210 including 80 112 32 0.20

ATR-126 200

16 28 12 0.20

100 142 42 0.42

including 112 142 30 0.50

ATR-127 270

2 270 268 0.34

including 2 122 120 0.46

including 2 82 80 0.62

188 270 82 0.39

including 210 270 60 0.49

ATR-128 200

76 120 44 0.25

including 100 120 20 0.36

ATR-129 200

2 26 24 0.73

including 68 84 16 0.30

ATR-130 200

2 84 82 0.30

including 2 46 44 0.46

146 160 14 0.43

ATR-131 160 No significant

intercepts

ATR-132 200

24 142 118 0.78

including 38 100 62 1.23

including 46 76 30 2.18

and 102 138 36 0.41

ATR-133 270

6 70 64 0.32

including 18 46 28 0.48

ATR-134 160 No significant

intercepts

ATR-135 220

4 206 202 0.26

including 4 118 114 0.24

including 4 56 52 0.21

and 62 118 56 0.30

146 206 60 0.38

including 172 190 18 0.94

ATR-137 150

2 112 110 0.27

including 2 28 26 0.42

and 90 112 22 0.58

LAR-97 170 4 18 14 0.26

LAR-98 200 No significant

intercepts

LAR-99 200

4 72 68 0.24

including 32 60 28 0.30

112 124 12 0.25

LAR-100 200

2 14 12 0.20

88 94 6 0.48

164 190 26 0.22

including 164 172 8 0.39

LAR-101 160

6 28 22 0.21

132 160 28 0.25

including 132 144 12 0.47

LAR-102 250

including 16 138 122 0.28

including 16 34 18 0.31

and 64 92 28 0.39

and 98 138 40 0.24

238 250 12 0.28

LAR-103 200

2 104 102 0.31

including 2 38 36 0.41

56 96 40 0.38

including 56 74 18 0.70

LAR-104 90 (*)

2 52 50 0.24

including 28 52 24 0.32

LAR-105 120 (*)

2 96 94 0.37

including 2 16 14 0.38

32 96 64 0.48

including 32 68 36 0.38

and 76 96 20 0.64

LAR-106 200

12 32 20 0.20

68 86 18 0.22

164 174 10 0.23

MAR-173 200

6 18 12 0.32

including 120 138 18 0.20

MAR-174 470

4 468 464 0.45

including 4 130 126 0.45

including 4 64 60 0.24

and 72 130 58 0.73

144 280 136 0.21

222 244 22 0.28

260 468 208 0.64

including 260 280 20 0.68

and 292 400 108 0.87

and 408 468 60 0.43

Table 2. Drill Collars and Survey

Hole Easting Northing Elevation (m) Azimuth Inclination Depth (m)

ATR-114 375119.8 7435963.2 1144.8 310 -60 260

ATR-115* 374879.3 7436016.4 1014.2 310 -60 52

ATR-116 374876.8 7436011.1 1014.5 220 -60 250

ATR-117 375120.0 7435955.2 1144.8 220 -60 200

ATR-118 374756.5 7436140.8 1014.3 310 -60 170

ATR-119 375136.8 7436013.9 1153.7 310 -60 240

ATR-120 374804.4 7436095.8 1016.2 220 -60 250

ATR-121 375160.5 7436046.5 1150.6 310 -60 250

ATR-122 374888.0 7436181.3 1028.7 310 -60 180

ATR-123 375165.0 7436036.6 1151.1 220 -60 200

ATR-124 374886.0 7436169.9 1028.8 220 -60 150

ATR-125 374685.8 7436144.3 990.3 220 -60 210

ATR-126 375106.8 7436067.1 1142.7 220 -60 200

ATR-127 375095.7 7436107.2 1132.6 310 -60 270

ATR-128 374722.6 7436210.8 995.8 220 -60 200

ATR-129 375094.1 7436098.9 1133.0 220 -60 200

ATR-130 374834.6 7436105.7 1028.3 310 -60 200

ATR-131 374724.9 7436341.9 1014.3 220 -60 160

ATR-132 375120.6 7436128.0 1129.8 220 -60 200

ATR-133 374858.7 7435888.1 1020.2 220 -60 270

ATR-134 374742.8 7436282.3 1023.7 310 -60 160

ATR-135 374949.1 7436234.7 1061.5 310 -60 220

ATR-137 374856.3 7436287.4 1060.9 220 -60 150

LAR-97 374522.7 7435811.0 984.6 220 -60 170

LAR-98 374704.1 7435883.0 1019.1 310 -60 200

LAR-99 374692.7 7435932.1 1010.0 310 -60 200

LAR-100 374689.9 7435923.6 1010.7 220 -60 200

LAR-101 374642.2 7435957.6 992.1 220 -60 160

LAR-102 374816.8 7435934.7 1010.8 310 -60 250

LAR-103 374817.9 7435927.3 1011.2 220 -60 200

LAR-104* 374819.0 7435928.8 1011.1 270 -60 90

LAR-105* 374756.9 7435930.3 1021.1 310 -60 120

LAR-106 374667.8 7435994.3 978.2 310 -60 200

MAR-173 375211.8 7436015.1 1149.2 220 -60 200

MAR-174 374950.1 7435617.8 1111.9 270 -60 470

*Target depth not reached