Marimaca Copper Corp. (MC2.ASX) reported a net loss of $2.249 million for the three months ended March 31, 2025, compared to a net loss of $2.724 million for the same period in 2024. The loss per share was $0.02, down from $0.03 in Q1 2024. The company’s condensed interim consolidated financial statements, which have not been reviewed by an auditor, highlight increased exploration expenditures of $762,000, a sharp increase from $47,000 year-over-year, along with a decrease in share-based compensation from $1.509 million to $639,000. These figures reflect ongoing exploration and development activities at the Marimaca Copper Project in Chile.
As of March 31, 2025, Marimaca Copper held $14.399 million in cash, a decrease from $22.648 million at the end of 2024. Working capital stood at $15.2 million, which management believes is sufficient to fund operations for at least the next twelve months. Total assets amounted to $109.993 million, slightly down from $112.382 million at the end of the previous year. Exploration and evaluation assets constitute a significant portion of the asset base, valued at $90.096 million.
Marimaca Copper achieved a significant milestone during the quarter with its admission to the official list of the Australian Securities Exchange (ASX) under the ticker “MC2”. The company’s shares are now settled on the ASX in the form of CHESS Depositary Interests (CDIs), expanding its investor base and providing increased liquidity.
The company continues to advance the Marimaca Project and explore additional properties within the Marimaca District, including the Pampa Medina and Madrugador Project option agreements. These agreements involve staged payments over several years to acquire the properties, subject to certain conditions and royalties. The focus remains on de-risking the Marimaca Copper project and defining future exploration targets.
The sale of Minera Rayrock Limitada continues to present challenges, with an outstanding receivable of $4.8 million. The company has initiated a liquidation process due to non-payment and has recognized an impairment of $2.3 million. The company expects to recover most of the receivable as the liquidation process advances.
