Marimaca Copper Corp. (TSX: MARI), an exploration and development company primarily focused on base metal projects in Chile, has announced its unaudited consolidated financial statements for the three months ended March 31, 2026. The company’s principal asset is the Marimaca Copper Project, situated in the Antofagasta Region of northern Chile. The report highlights a substantial increase in the company’s cash reserves, primarily driven by a significant capital raising effort during the quarter.
A key financial event was the completion of a global treasury and secondary offering on February 26, 2026, which garnered aggregate gross proceeds of C$409 million (approximately US$298.5 million). This included a Canadian treasury offering and an Australian secondary offering amounting to A$157 million (approximately US$110.7 million). Marimaca Copper Corp. directly received net proceeds of C$129.2 million (approximately US$94.4 million) from the Canadian treasury component, achieved through the issuance of 13,650,000 new common shares. The company confirmed it did not receive proceeds from the secondary offerings, as these involved existing shareholders.
As a result of these activities, Marimaca Copper’s cash net of working capital significantly increased to US$147.7 million by March 31, 2026, up from US$62.7 million at December 31, 2025. This boosted liquidity is projected to be sufficient to cover obligations and fund operations for at least the next twelve months. Other notable items include a US$0.5 million impairment charge on non-current accounts receivable, US$2.0 million in share-based compensation expense, and the Greenstone Group ceasing to be a related party following a reduction in its shareholding. The company anticipates commencing the formal process for Chilean VAT refunds in late 2026, with recovery projected for the first half of 2027.
