Florence, Arizona – Florence Copper announces the publication and release of an updated Economic and Fiscal Impact Study of the Florence Copper project in central Arizona, prepared by the L. William Seidman Research Institute at Arizona State University (ASU). The study provides a comprehensive overview of future economic benefits and fiscal contributions associated with the Florence Copper project – an innovative and proven in-situ copper recovery operation in Florence, Arizona.

Published in March 2024, The Florence Copper Project: Economic & Fiscal Impact study considers 26 years of project activity, including two years of project construction, 20+ years of copper production and three years of reclamation and closure.

Study authors employed an Arizona-specific econometric model to forecast direct, indirect and induced
economic impacts associated with Florence Copper. The study provides valuable insight into the project’s
future contributions to economic prosperity and sustainable development in Pinal County and throughout the State of Arizona – including annual and cumulative GDP impacts, employment and employment income and government tax revenues.

Key highlights from ASU’s The Florence Copper Project: Economic & Fiscal Impact study include: Florence Copper Economic Impacts Arizona Pinal County
State GDP (Cumulative) $4.3 billion $2.5 billion
Employment (Annual Average) 819 498
Personal Income (Cumulative) $2.2 billion $1.5 billion

Arizona Combined Pinal County
& Town of Florence

Town of Florence
State and Local Tax Revenues (Cumulative) $593.1 million $174.5 million $115.4 million
Note: Dollar values are constant 2024 dollars. Arizona impacts are inclusive of Pinal County and Town of Florence impacts

Florence Copper General Manager John Mays remarked, “We are immensely proud of the meaningful economic impact that our operation has had and increasingly will have in the Town of Florence, in Pinal County and throughout the State of Arizona, as evidenced in the 2024 Economic and Fiscal Impacts Study. These findings underscore Florence Copper’s steadfast commitment to creating value in Arizona – by producing copper and generating significant economic and social benefits for our employees, operating communities, governments and all Arizonans.”

Florence Copper has secured all major development permits and authorizations required from federal and
state regulatory agencies and initiated construction of commercial production facilities in Q1 2024. The first copper cathode to be produced by Florence Copper’s commercial production facility is expected in late 2025.

When fully operational, Florence Copper will have an annual production capacity of 85 million pounds of LME Grade A copper cathode and a mine life of 22 years. This production capacity would represent an expansion of total US annual copper production of nearly 4% over 2023 levels 1 .

1 Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024

2 The full report The Florence Copper Project: Economic & Fiscal Impact is available for download on Florence Copper’s official website.

For media inquiries or further information, please contact:
Sophie Dessart
Manager of Communications & Public Affairs, Florence Copper
Email: info@florencecopper.com

About Florence Copper:
Florence Copper is an in-situ copper recovery project located midway between Phoenix and Tucson in the community of Florence, Arizona. Setting a new standard for conservation and environmental protection in copper mining, Florence Copper will produce LME Grade A copper metal on site with unmatched energy, water and GHG conservation. Florence Copper is currently preparing to construct a commercial production facility, which will expand the project’s smaller-scale Production Test Facility that has produced over one million pounds of copper metal. The first copper cathode produced from the commercial facility is expected in 2025. For more information, please visit www.florencecopper.com.

About L. William Seidman Research Institute:
The L. William Seidman Research Institute serves as a link between the local, national, and international business communities and the W. P. Carey School of Business at Arizona State University (ASU). First established in 1985 to serve as a center for applied business research alongside a consultancy resource for the Arizona business community, Seidman collects, analyzes and disseminates information about local economies, benchmarks industry practices, and identifies emerging issues that affect productivity and competitiveness. Using tools that support sophisticated statistical modeling and planning, supplemented by an extensive understanding of the local, state and national economies, Seidman today offers a host of economic research and consulting services, including economic impact analyses, forecasting, survey
research, attitudinal and qualitative studies, and strategic analyses of economic development opportunities. For more information, please visit https://seidmaninstitute.com/.

Note:
The technical information contained in this The Florence Copper Project: Economic & Fiscal Impact related to the Florence Copper Project is based upon the report entitled: “NI 43-101 Technical Report – Florence Copper Project, Pinal County, Arizona” issued March 30, 2023, with an effective date of March 15, 2023, which is available on SEDAR. The Florence Copper Project Technical Report was prepared under the supervision of Richard Tremblay, P.Eng., MBA, Richard Weymark, P.Eng., MBA, and Robert Rotzinger, P.Eng. Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is Vice President Engineering and Robert Rotzinger is Vice President Capital Projects. All three are Qualified Persons as defined by NI 43–101.