Robust Base Case Economics

The Marathon Project delivers strong economics with an after‑tax NPV (6%) of C$1.07 billion, an IRR of 28%, and a 1.9‑year payback period, based on three‑year trailing average metal prices.

High‑Value Critical Mineral Production

During pre‑production and the first three years of commercial operations, expected payable production includes:

• 151 million lbs copper
• 720,000 oz palladium
• 156,000 oz platinum

Initial Capital Cost

• C$992 million

Attractive All‑In Sustaining Costs (AISC)

Life‑of‑mine AISC is estimated at US$2.05 per CuEq lb or US$781 per PdEq oz, supporting strong margins throughout the operation.

Long‑Term Consensus Price Case

Under recent long‑term consensus metal prices, the Project delivers:

• After‑tax NPV (6%) of C$876 million
• IRR of 24%
• 2.2‑year payback period Payable metal revenues are split approximately 41% copper and 41% palladium.

Average Annual Payable Metals (LOM)

Over an approximate 13‑year mine life, average annual production is expected to include:

• 42 million lbs copper
• 168,000 oz palladium
• 38,000 oz platinum
• 12,000 oz gold
• 240,000 oz silver