Volcan Compania Minera S.a.a. Class A · BVL:VOLCAAC1
Volcan Compania Minera S.a.a. Class A — Volcan Compañía Minera — Q2 2025 Earnings Presentation
23 slides from Volcan Compania Minera S.a.a. Class A's earnings presentation, Aug 1, 2025
Slide 1: Volcan Compañía Minera 2Q25 Results
Volcan Compañía Minera 2Q25 Results August 1st, 2025 Firmado Digitalmente por: LUIS FERNANDO HERRERA Fecha: 01/08/2025 12:53:07 p.m. 0
Slide 2: Disclaimer
Disclaimer Some statements contained in this presentation or in documents referring to this presentation may contain inaccuracies. No reliance for any purpose whatsoever may be placed on the information or opinions contained in this presentation or on the completeness of this presentation. Volcan Co
Slide 3: Schedule
Schedule 1 Highlights 2 Operating Results 3 Financial Results 2
Slide 4: 2Q25 Highlights
2Q25 Highlights Safety Production Results +11.1% YoY +5.5% YoY 3.0 2.8 800.0 2.5 2.4 2.5 598.0 62.9 64.0 3.9 3.8 2.0 600.0 57.4 58.8 1.8 6.5 3.2 3.3 3.4 6.5 0.4 Silver 52.9 6.6 0.6 2.4 Zinc Oz MM 2.0 5.8 0.4 FMT K 5.0 11.1 11.8 0.4 0.4 0.4 1.2 10.6 10.5 0.4 0.5 1.5 1.1 400.0 10.0 0.4 0.8 0.7 0.4 0.9
Slide 5: 2Q25 Highlights
2Q25 Highlights ¹ ² Unit Cost Sales by Metal USD / MT +6.1% YoY 2Q24 Gold 2Q24 On track to meet guidance 2% USD 213.1 MM 53.3 51.7 51.8 49.5 50-53 46.1 Silver 2Q25 consolidated unit cost increase YoY, 34% mainly due to: • Additional plant maintenance and tailings disposal work at Yauli Zinc • Additi
Slide 6: 2Q25 Highlights
2Q25 Highlights EBITDA Debt as of June 2025 ¹ +28% YoY Syndicated Loan Notes 2030 Notes 2026 Prepaids Financial Leases Outstanding Amount: USD 330.2 MM USD 299.9 MM USD 68.0 MM USD 25.0 MM USD 1.5 MM 123.6 126.2 111.7 111.5 Interest Rate: SOFR + 5.00% 8.750% 4.375% 3M SOFR + 4.50% ~5.83% 87.2 Securi
Slide 7: Romina Project status
Romina Project status • Mine development • Pipeline installation • Pumping system • Construction of the Romina • 3 km road from Romina to Substation Alpamarca • of the Rom-Alp access roads • South Waste dump construction • Tailings dam regrowth Stage VI-B • Installation of equipment at the Alpamarca
Slide 8: Schedule: Operating Results
Schedule 1 Highlights 2 Operating Results 3 Financial Results 7
Slide 9: Consolidated Operating Results
Consolidated Operating Results Consolidated Jan-Mar Apr-Jun Apr-Jun Jan-Jun Jan-Jun var % var % Production 2025 2025 2024 2025 2024 Mineral extraction (thousands MT) 2,322 2,395 2,269 5.6 4,717 4,562 3.4 Polymetallic ore 2,087 2,146 2,015 6.5 4,233 4,073 3.9 Oxides ore 236 249 254 -2.0 484 489 -1.0
Slide 10: Quarterly Evolution of Zinc Production
Quarterly Evolution of Zinc Production (thousand FMT) Consolidated San Cristobal - Carahuacra Andaychagua Δ MT Milled: +66 kt Δ MT Milled: +39 kt 62.9 64.0 Δ Grade: -8% Δ Grade: -8% 57.4 58.8 52.9 22.0 21.6 16.2 18.3 17.8 18.4 15.8 16.6 15.1 16.9 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q2
Slide 11: Quarterly Evolution of Silver Production
Quarterly Evolution of Silver Production (MM Oz) Consolidated San Cristobal/Carahuacra Andaychagua Δ MT Milled: +66 kt Δ MT Milled: +39 kt Δ Grade: +8% Δ Grade: - 20% 3.9 3.8 3.2 3.3 3.4 1.3 1.2 1.0 1.2 0.9 0.5 0.5 0.4 0.5 0.4 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q2
Slide 12: Quarterly Evolution of Lead Production
Quarterly Evolution of Lead Production (thousand FMT) Consolidated San Cristobal/Carahuacra Andaychagua Δ MT Milled: +66 kt Δ MT Milled: +39 kt Δ Grade -2% Δ Grade: -9% 15.1 15.9 16.1 16.1 12.4 2.3 2.8 2.8 2.3 2.8 3.1 3.6 3.2 3.7 3.3 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1
Slide 13: Quarterly Evolution of Gold Production
Quarterly Evolution of Gold Lead Production Production (thousand (thousand Oz) FMT) Consolidated Oxidos Andaychagua Δ MT Milled: +66 kt 3.7 Δ Grade -2% 3.6 3.6 3.4 2.9 1.8 2.2 2.1 2.2 2.2 0.2 0.3 0.2 0.3 0.3 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Ticlio Chungar Sa
Slide 14: Consolidated Production Costs and Unit Costs
Consolidated Production Costs and Unit Costs Production Cost (USD MM) Production Cost (USD MM) 2Q24 2Q25 15% 15% USD 20.7 MM (+20.1%) Mine cost Mine cost Plant and Other Cost 103.0 123.7 Plant and Other Cost 28% 57% 25% Others Others 60% 2Q25 vs 2Q24: Higher absolute cost driven by: • Increase extra
Slide 15: Production Unit Cost per Unit
Production Unit Cost per Unit Consolidated San Cristobal-Carahuacra Andaychagua 53.3 51.7 51.8 49.5 89.6 75.8 46.1 75.2 81.3 82.2 91.7 74.9 75.0 74.5 73.7 ¹ 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Ticlio Chungar Alpamarca 111.1 115.1 116.7 31.7 99.6 104.0 117.2 108
Slide 16: Evolution of Mining Investments
Evolution of Mining Investments 70.0 70.0 53.9 50.3 60.0 46.5 39.7 50.0 32.9 50.0 30.0 40.0 10.0 30.0 51.0 -10.0 44.9 42.4 20.0 36.0 31.3 10.0 6.6 -30.0 2.8 3.6 1.3 0.3 0.0 1.5 0.1 0.0 0.1 0.0 0.0 0.0 1.3 0.1 - -50.0 2Q24 3Q24 4Q24 1Q25 2Q25 Sustaining Capex Growth Corporate Energy and Others Total
Slide 17: Schedule: Financial Results
Schedule 1 Highlights 2 Operating Results 3 Financial Results 16
Slide 18: Sales and prices evolution
Sales and prices evolution Jan-Mar Apr-Jun Apr-Jun Jan-Jun Jan-Jun Fines Sales var % var % 2025 2025 2024 2025 2024 Spot Zinc Prices(USD/TM) Zinc (thousands FMT) 63.4 68.4 54.4 25.7 131.8 107.0 23.2 Lead (thousands FMT) 16.6 16.1 12.4 29.7 32.6 24.1 35.0 3,048 Copper (thousands FMT) 1.4 1.1 0.9 14.8
Slide 19: P&L and EBITDA
P&L and EBITDA Income Statement Jan-Mar Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2Q25 vs 2Q24: var % var % (MM USD) 2025 2025 2024 2025 2024 Sales before adjustments 279.4 291.0 213.1 36.6 570.4 393.1 45.1 Cost of goods sold: Increase mainly due to higher volume sold, higher Sett. of prior periods adjustment
Slide 20: 2Q25 EBITDA Bridge
2Q25 EBITDA Bridge EBITDA Bridge 2Q25 USD +24.2 MM YoY 71.9 1.6 111.5 -32.0 -8.1 87.3 -3.4 -5.9 EBITDA 2Q24 Sales effect COGS effect Administrative expenses Sales expenses Exploration expenses Other income/expenses EBITDA 2Q25 EBITDA Bridge 2Q25 USD +91.2 MM YoY 173.1 2.1 223.2 -54.6 -13.5 -4.1 -11.
Slide 21: 2Q25 Cash Balance
2Q25 Cash Balance 2Q25 Cash Flow Generation Variations ¹ Mar-25 Jun-25 Accounts receivable -16.2 19.2 111.5 Accounts payable -19.5 -23.1 ¹ Variations compared to Dec-24 -50.2 -1.7 -22.9 -22.9 -11.6 -9.1 -6.9 Sustaining, Sustaining, … expansionary Mine closureand Taxes Workingcapital and Financing Ca
Slide 22: Debt Profile and Evolution of Net Debt to EBITDA Ratio
Debt Profile and Evolution of Net Debt to EBITDA Ratio Debt Maturity Profile (USD MM)¹ Net Debt to EBITDA ratio 1500 2.8 300 2.4 2.1 2.3 245 1300 1.6 1.8 1100 1.3 97 300 1.2 245 1.3 8 43 900 33 765 793 6 68 8 748 737 725 0.8 8 5 20 25 35 700 0.3 2025 2026 2027 2028 2029 2030 473 500 449 382 -0.2 Syn
Slide 23: Q&A
Q&A 22
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