Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q1 2026 Earnings Presentation
25 slides from Pampa Camarones Spa Class B's earnings presentation, Apr 20, 2026
Slide 1: Pampa Camarones SpA Quarterly Presentation
Quarterly presentation Pampa Camarones SpA Santiago, April 20th, 2026 Strictly private and confidential
Slide 2: Speaker
Quarterly presentation Speaker Rodrigo Ramírez CEO Pampa Camarones ▪ Mr. Ramírez holds a degree in Mining Engineer from Universidad de Chile, and an MBA from Universidad Católica del Norte ▪ +30 years of experience leading teams of strategic planning and operations of mid- size mines ▪ His previous
Slide 3: Disclaimer
Quarterly presentation Disclaimer ◼ This presentation contains forward-looking information. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by th
Slide 4: Corporate Structure (As of March 31, 2026)
Quarterly presentation Corporate Structure (As of March 31, 2026) Minería Activa Funds Minority Shareholders* 92.0% 8.0% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 4
Slide 5: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 5
Slide 6: Corporate Structure (BCS:CAMARONEX)
Quarterly presentation Corporate Structure (BCS:CAMARONEX) Share Price Performance on Santiago Stock Exchange (US$/share) Shareholder Breakdown as of March 31st 2026 53 51 49 7,96% 47 45 43 41 92,04% 39 37 35 ene-24 mar-24 ene-25 mar-25 ene-26 mar-26 jun-24 jun-25 dic-23 jul-24 ago-24 sept-24 dic-24
Slide 7: Markets: Copper in historical highs against market headwinds
Quarterly presentation Markets: Copper in historical highs against market headwinds 6,5 6 5,5 5 (US$/lb) 4,5 4 3,5 3 2,5 2 Strictly private and confidential 7
Slide 8: First Quarter 2026 Highlights
Quarterly presentation First Quarter 2026 Highlights ◼ Golondrina under final stage of preparation: Increasing grade from drift throughout 1Q25, Pampa selective bench production started April 26. Camarones ◼ Salamanqueja averaged 333t of copper fines, due to lower equipment availability. Operation ◼
Slide 9: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 9
Slide 10: Pampa Camarones: Salamanqueja Mine
Quarterly presentation Pampa Camarones: Salamanqueja Mine Salamanqueja production (t contained copper LHS, CuT (%) Production RHS) ◼ Production averaged 333 tpm of contained copper 600 1,40% Contained Copper CuT(%) during 1Q26. 500 1,20% ◼ Salamanqueja’s development and production was 400 1,00% hamp
Slide 11: Pampa Camarones: Golondrina Mine
Quarterly presentation Pampa Camarones: Golondrina Mine Production Golondrina production (t contained copper LHS, CuT (%) RHS) 160 1,20% ◼ Production: 140 Contained copper (t) 1,00% ◼ Mine development started focusing 120 CuT(%) on drifts over ramps, ramping up 100 0,80% production up to ~14ktpm dur
Slide 12: Golondrina Mine Developments – Ready to bench
Quarterly presentation Pampa Camarones: Golondrina Mine Developments – Ready to bench Designed stopes Drifts Ramps Strictly private and confidential 12
Slide 13: Third-Party exploitation on PC/HMC
Quarterly presentation Pampa Camarones: Third-Party exploitation on PC/HMC District overview Expanding from 3 points to 8: Targeting to provide >20% of ore feed Sole 1 Sole 2 Lorenzo-Quebrada-Punta Madrid: At nominal capacity Lorenzo Quebrada Aida Sole 1-Sole 2-Aida- Natacha- Pampita: Processing/Ram
Slide 14: Pampa Camarones: Third-Party Ore
Quarterly presentation Pampa Camarones: Third-Party Ore Third Parties on HMC/PC property Third-Party Ore (t contained copper LHS, t ore RHS) ◼ 3 points in production and 5 being prepared to ENAMI (CuF) Others (CuF) 3,00% 350,0 produce HMC (CuF) CuT(%) ◼ We’re receiving >2,500tpm of high-grade ore 30
Slide 15: Operational Update: 1Q-26 at a glance
Quarterly presentation Pampa Camarones: Fourth Quarter 2025 Operational Update Pampa Camarones 1Q-26 at a glance Crusher feed and grade (t cont. copper LHS, CuT (%) RHS) Production Crusher feed (CuF t) ◼ Copper Cathode production reached 1, 018 ton 1.700 1,22% 1,40% 1,18% 1,05% (17.1% y/y), as a res
Slide 16: Consolidated financials 1Q26 and plan
Quarterly presentation Consolidated financials 1Q26 and plan Net revenues (US$ mn) Adjusted EBITDA (US$ mn, %) EBITDA FY Revenues FY 1Q 1Q 64,3 7,9 EBITDA Margin 7,8 41,5 41,4 36,4 0,5 0,3 3,5 0,3 13,9 -0,2 11,6 10,9 8,1 -2,5 2023 2024 2025 2026 2023 2024 2025 2026E Capex (US$ mn) Net debt (US$ mn)
Slide 17: Pampa Camarones Operation: 2026-2029 LOM
Quarterly Presentation Pampa Camarones Operation: 2026-2029 LOM Pampa Camarones Mining Operation 1 2 3 Salamanqueja Golondrina Other Ore Sources Producers in PC Mining Property, Description Main Vein Secondary Vein External Producers ◼ 39,700 tpm @ 0.9% CuT ◼ 9,800 tpm @ 1.4% CuT ◼ 3,800 tons @ 2.5
Slide 18: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 18
Slide 19: Corporate Structure (As of March 31, 2026)
Quarterly presentation Corporate Structure (As of March 31, 2026) Minería Activa Funds Minority Shareholders* 92.0% 8.0% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 19
Slide 20: CIEX Sale Process: Agreement to Sale to ASX-listed Norfolk
Quarterly presentation CIEX Sale Process: Agreement to Sale to ASX-listed Norfolk Expecting to close the transaction in 3Q26 ◼ Signed an SPA with Norfolk for the sale of the Ciclón-Exploradora Project ◼ Norfolk to acquire 100% of Eco Earth Elements SpA and Don Gabriel SpA ◼ Total transaction value U
Slide 21: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 21
Slide 22: Corporate Structure (As of March 31, 2026)
Quarterly presentation Corporate Structure (As of March 31, 2026) Minería Activa Funds Minority Shareholders* 92.0% 8.0% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 22
Slide 23: Financial Debt Situation (As of December 31st, 2025)
Quarterly Presentation Financial Debt Situation (As of December 31st, 2025) • Banco Estado Loan • Shareholder Loan 3: Oct 2024 • US$0.1 MM • US$2.5 MM (Equipments as Collateral) • Bullet, Maturity October 2030 with prepayment • Offtake Mitsui: • Confirming • Fully paid in January 2026 • US$2.1 MM •
Slide 24: Reporting Schedule and Topics
Quarterly presentation Reporting Schedule and Topics Timeline Key dates 2026 2027 ◼ 1Q26 preliminary ◼ 3Q26 preliminary results results release and ◼ 2025 FS and ScaleX release and presentation (LV) presentation business report 11/19 04/27 04/30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 01
Slide 25: Pampa Camarones SpA Q&A
Quarterly presentation Pampa Camarones SpA Santiago, April 20th, 2026 Q&A Strictly private and confidential