Conceptual economics
- Stage
- Drill-tested gold exploration
- Gold price assumption
- US$3,850/oz
- Conceptual NPV (8%)
- US$650M – US$850M
- Conceptual IRR
- 45% – 70%
- Payback period
- ~2 years
- Target valuation
- US$180M – US$320M
INVESTOR INFORMATION
Partner with MariGoldX
Staged exploration funding or a project partnership to advance the next phase of CAUR exploration.
BASIS FOR DISCUSSION
A technical programme.
Clear decision points.
We welcome discussions with investors and mining partners to fund the next phase of CAUR exploration.
Joining MariGoldX means helping advance CAUR and sharing our long-term objective: to identify Chile’s next major copper deposit.
Agree a technical work programme, budget, milestones and a suitable investment or joint-venture structure.
MARICUNGA GOLD BELT
CAUR positioning in the district
Regional gold estimates are shown by reserve and resource category. CAUR remains at exploration stage with no mineral resource or reserve.
COMPANY DISCLOSURES · CHECKED 7 NOVEMBER 2026
Regional peer comparison
Gold is reported in million ounces of gold (Moz Au). Each quantity retains its reserve or resource classification, effective date and ownership basis.
Swipe horizontally to see all categories and sources.
| Project | P&P reserves | M&I resources | Inferred resources | Resource basis | Estimate date | Source |
|---|---|---|---|---|---|---|
| Salares NorteGold Fields | 3.136 | 0.241 | 0.009 | M&I excludes reserves100% project | 31 Dec 2025 | Disclosure ↗ |
| La CoipaKinross | 0.436 | 2.128 | 0.188 | M&I excludes reservesKinross reported share | 31 Dec 2025 | Disclosure ↗ |
| Fenix GoldRio2 | 1.772 | 4.757 | 0.959 | M&I includes reserves100% project | 2023 FS¹ | Disclosure ↗ |
| Lobo-MarteKinross | 6.733 | 2.752 | 0.670 | M&I excludes reserves100% project | 31 Dec 2025 | Disclosure ↗ |
| VolcanTiernan Gold | — | 9.804 | 1.246 | No reserves declared100% project | 22 Jul 2022² | Disclosure ↗ |
| Maricunga / RefugioKinross | — | 7.140 | 4.876 | M&I excludes reserves100% project | 31 Dec 2025 | Disclosure ↗ |
| Norte AbiertoNewmont / Barrick | 21.600 | 20.200 | 10.600 | M&I excludes reserves100% JV³ | 31 Dec 2025 | Disclosure ↗ |
P&P means Proved/Proven and Probable reserves. M&I means Measured and Indicated resources. A dash means no reserve figure is reported in the selected disclosure. Resources and reserves have different levels of confidence and economic assessment.
¹ Fenix resources are effective 1 April 2023 and reserves 11 May 2023. Its M&I resources include its reserves. ² Volcan uses the 22 July 2022 estimate retained in the 2025 PEA. ³ Norte Abierto combines Caspiche and Cerro Casale. Each displayed JV quantity is twice Newmont’s reported 50% share. La Coipa follows Kinross’s reported interests in its deposits.
Disclosures checked 7 November 2026. Dates and reporting bases vary. Peer estimates are not attributable to CAUR.
Explore the historical discovery comparison and the work needed to test CAUR’s geological model.
View the exploration comparison ↗HISTORICAL ANDEAN COMPARISON
Regional mines grew beyond their initial reserves
Discovery begins the delineation process. Continued drilling can expand the mineralised footprint and establish grade continuity.
This historical comparison brings initial reserves together with subsequent production and reported remaining inventories. Gold Fields published this historical comparison in April 2019. Most remaining inventories are dated December 2015; the marked Salares Norte row uses its December 2018 maiden reserve.
Swipe horizontally to see all columns.
| Mine | Initial reserves Moz AuEq | Produced Moz AuEq | Remaining inventory Moz AuEq, except marked row | Growth multiple |
|---|---|---|---|---|
| El Indio | 2.5 | 7.2 | Closed 2002 | 2.9× |
| La Coipa | 3.7 | 7.6 | Care & maintenance | 2.1× |
| Yanacocha | 4.0 | 36.2 | 11.3 | 11.9× |
| Pierina | 6.1 | 8.2 | Closed 2014 | 1.3× |
| Lagunas Norte | 6.9 | 9.1 | 5.7 | 2.1× |
| Veladero | 8.4 | 7.1 | 10.9 | 2.1× |
| Salares Norte¹ | 3.47 Au | — | 3.47 Au | Not applicable |
Growth multiple = (production + reported remaining inventory) ÷ initial reserves. Closed or care-and-maintenance rows use production only. Inventory growth may reflect drilling, prices and technical assumptions as well as changes in reserves.
¹ The Salares Norte row is 3.47 Moz Au in December 2018 maiden reserves, plus 39.2 Moz Ag reported separately. It is gold-only; the other rows are gold equivalents. No growth multiple is calculated.
Historical source: Gold Fields, Salares Norte presentation, 10 April 2019 ↗. These historical peers do not predict CAUR results. CAUR has no mineral resource or reserve.
CAUR · CONCEPTUAL EXPLORATION
Conceptual exploration scenarios and milestones
CAUR comprises 7 exploration concessions covering 2,100 ha, with expansion opportunities under evaluation.
The ranges below are unverified management scenarios. Tonnage, grade and economic potential remain unestablished. CAUR has no mineral resource or reserve.
Read the illustrative scenario figures
| Scenario | Illustrative contained gold (Moz Au) |
|---|---|
| Conservative | 1–3 |
| Base case | 3–7 |
| Upside case | 7–12+ |
CAUR value creation roadmap
Each later stage depends on exploration results, funding, permits and the appropriate technical studies.
The proposed first phase combines high-sulphidation Au–Ag modelling, ASTER/HSI targeting, geological and alteration mapping, geochemical sampling for gold and pathfinder elements, and targeted ground magnetics and CSAMT/IP surveys. Early validation will guide drill-target selection, supported by persistent, systematic work, supportive management, consistent budgets and local technical autonomy.
- Data compilation and geological modelling
- Geophysics, SWIR and alteration mapping
- 3D geological model and target definition
- Drill testing and mineralised footprint
- Maiden mineral resource estimate (NI 43-101)
- Resource expansion
- PEA or scoping study
- Development pathway
View the original roadmap graphic
DEVELOPMENT CONCEPT & ECONOMIC MILESTONES
Evidence before economics
CAUR’s immediate objective is a drill-tested geological model. Development options depend on discovery, resource definition and metallurgical results.
A shallow oxide gold opportunity could support an open-pit, heap-leach concept if grade, continuity and recoveries prove suitable. Oxide depth, mineable geometry and processing performance remain to be established.
Evidence required for economics
- Resource estimate and mine design
- Metallurgical recovery and process selection
- Capital, operating costs and infrastructure
- Permitting, water supply and funding
Production, NPV, IRR, payback and project valuation require supporting technical and economic studies.
INVESTOR INFORMATION · CONCEPTUAL ECONOMICS
Conceptual investment snapshot
Earlier illustrative economics and development assumptions for investor discussion.
Development concept
- Production target
- ~100,000 oz/year
- Initial capex
- ~US$200M
- LOM AISC
- ~US$1,400/oz
- Development model
- Open-pit, heap leach
- Resource target
- 1 – 2+ Moz Au
These figures are conceptual, preliminary and for investor discussion only. CAUR does not yet have a mineral resource or reserve estimate; all valuation and development assumptions remain subject to drilling, metallurgy, permitting, funding and independent verification.
IMPORTANT TECHNICAL INFORMATION
Read the project in context
CAUR has no mineral resource or reserve. Potential remains unquantified and conceptual.
Historical exploration and gold results
Historical exploration results are company-reported and subject to verification against original logs, assays and QA/QC records. Drill interval lengths do not establish true widths. Rock-chip samples are selective and may not represent the wider property.
The reported gold intervals and rock-chip grades are management-supplied historical information. The 6 October 2021 release documents the drill programme and alteration but does not state those gold intervals.
Exploration stage and regional analogues
No CAUR mineral resource or reserve estimate is presented. Exploration concepts, alteration footprints and nearby deposits do not establish an economic deposit at CAUR. There is no certainty that exploration will define a mineral resource.
Regional deposits provide geological context only. Their resources, grades, production and economics are not attributable to CAUR. Hyperspectral imagery identifies surface minerals and does not establish gold grade or continuity.
Property information and confidentiality
The stated 2,100 ha across 7 exploration concessions, with expansion opportunities under evaluation, reflects management’s update. Current title records, boundaries and any transfer arrangements require confirmation during due diligence.
This site excludes sensitive coordinate listings and raw location datasets. Map outlines are indicative, and historical sample and drill positions must be checked against current CAUR titles.
Forward-looking information
Planned work depends on funding, access, permits and results. Scope and timing may change. The proposed 3,000–6,000 m drilling programme will be refined after Phase 1. Resource definition and development studies follow only if results justify them.
This site is for discussion and does not set investment terms. The CAUR exploration scenarios are unverified management scenarios, not a mineral resource, reserve or formally defined exploration target. No supporting tonnage-and-grade basis is presented. The financial snapshot reproduces earlier conceptual assumptions, not an independently verified project valuation.
Sources and presentation material
Historical drilling and alteration: Historical drilling release, 6 October 2021 ↗. Management-supplied grades remain subject to original-record verification.
Hyperspectral mapping and interpretation: Geostein, September–October 2026. Visit Geostein ↗.
The presentation and detailed technical information can be requested from the team for controlled review.
Forward-Looking Statement & Competent Person
This Presentation contains "forward-looking statements". These forward-looking statements are made as of the date of this Presentation and MariGoldX does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of estimated future exploration, success of exploration activities, expenditures, permitting and requirements for additional capital and access to data to include historical data made available in the public domain utilised for this presentation.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; the ability to enter into joint ventures or to acquire or dispose of property interests; future prices of mineral resources; accidents, labour disputes and other risks of the mining industry; ability to obtain financing; and delays in obtaining governmental approvals or financing.
Competent Person: Ariel Navarro
Master’s Degree in Economic Geology
Ariel Navarro is the Qualified Geologist and has reviewed the scientific and technical information contained in this presentation. Ariel Navarro is the President of the company with extensive knowledge of the Maricunga Gold Belt, Chile.