Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q4 2025 Earnings Presentation
32 slides from Pampa Camarones Spa Class B's earnings presentation, Jan 22, 2026
Slide 1: Pampa Camarones SpA Quarterly Presentation
Quarterly presentation Pampa Camarones SpA Santiago, January 22nd, 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 December 31, 2025)
Quarterly presentation Corporate Structure (As of December 31, 2025) 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 December 31st 2025 53 51 49 7,96% 47 45 43 41 92,04% 39 37 35 ene-24 mar-24 ene-25 mar-25 jun-24 jun-25 dic-23 jul-24 ago-24 sept-24 dic-24 jul-25 ago
Slide 7: Market headwinds: Copper on historical peak
Quarterly presentation Market headwinds: Copper on historical peak 6,50 6,00 5,50 5,00 4,50 4,00 3,50 3,00 2,50 2,00 1,50 ene-2016 ene-2017 ene-2018 ene-2019 ene-2020 ene-2021 ene-2022 ene-2023 ene-2024 ene-2025 ene-2026 Strictly private and confidential 7
Slide 8: Fourth Quarter 2025 Highlights
Quarterly presentation Fourth Quarter 2025 Highlights ◼ Golondrina production ramping up: Low-grade drift production during 4Q25, selective Pampa bench production starting March 26. Camarones ◼ Salamanqueja continues outperforming expectations, steadily over 400t of copper fines. Operation ◼ Process
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: Camarones: Salamanqueja Mine
Quarterly presentation Pampa Camarones: Salamanqueja Mine Salamanqueja production (t contained copper LHS, CuT (%) Production RHS) ◼ Production reached 460 tpm of fine copper in 600 1,40% Contained Copper CuT(%) December, exceeding the mine’s target. 500 1,20% ◼ The investment plan for Salamanqueja
Slide 11: Camarones: Golondrina Mine Developments
Quarterly presentation Pampa Camarones: Golondrina Mine Developments Strictly private and confidential 11
Slide 12: Camarones: Golondrina Mine
Quarterly presentation Pampa Camarones: Golondrina Mine Production Golondrina production (t contained copper LHS, CuT (%) RHS) 160 1,40% ◼ Production: 140 Contained copper (t) 1,20% ◼ Mine development has been focused 120 CuT(%) 1,00% on drift completion, in order to allow 100 0,80% for bench produc
Slide 13: Camarones: Third-Party exploitation on PC/HMC
Quarterly presentation Pampa Camarones: Third-Party exploitation on PC/HMC District overview Mining property with high potential and low exploration is subleased to small miners Sole: 6+ systems of high- grade narrow veins Lorenzo: High grade vein with Salmanqueja-like Lorenzo potential Punta Madrid
Slide 14: 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) ◼ 6 points leased and in exploitation 3,00% ENAMI (CuF) Others (CuF) 350,0 ◼ 3 points at nominal capacity, 3 ramping up HMC (CuF) Total CuF 300 ◼ We’re receivi
Slide 15: Camarones: Fourth Quarter 2025 Operational Update
Quarterly presentation Pampa Camarones: Fourth Quarter 2025 Operational Update Pampa Camarones 4Q-25 at a glance Crusher feed and grade (t cont. copper LHS, CuT (%) RHS) Production Crusher feed (CuF t) ◼ Copper Cathode production reached 1,138 ton 1.700 1,40% 1,18% 1,14% (34.0% q/q), as a result of
Slide 16: Consolidated financials and 2025 financial plan
Quarterly presentation Consolidated financials and 2025 financial plan Net revenues (US$ mn) Adjusted EBITDA (US$ mn, %) Revenues 1S EBITDA FY 53,1 EBITDA FY Margin Revenues FY 41,5 41,4 35,8% 36,4 19,3 19,0% 15,6 6,1 0,1% 20,8 -7,0% 0,0 -2,5 2022 2023 2024 2025 2022 2023 2024 2025 Capex (US$ mn) Ne
Slide 17: Camarones: Budget 2026
Quarterly presentation Pampa Camarones: Budget 2026 Mine Plan (tons of contained copper, monthly) Salamanqueja Golondrina 3rd Party Ore Total Ore Feed: 7,714 CuF (Av. 370 tpm) (Av. 180 tpm) (Av. 90tpm) 800,0 685 675 685 700,0 656 656 620 629 623 629 631 634 591 600,0 500,0 400,0 300,0 200,0 100,0 0,
Slide 18: Camarones: Budget 2026
Quarterly presentation Pampa Camarones: Budget 2026 Plant Production Plan (t of cathodes) Salamanqueja Golondrina 3rd Party Ore Remining CC PLS Total Cathodes: (Av. 250 tpm) (Av. 140 tpm) (Av. 70tpm) (Av. 30tpm) (Av. 30tpm) 6,121 t 600,0 531 537 523 518 517 500 498 503 506 505 499 484 500,0 400,0 30
Slide 19: Consolidated financials and 2025 financial plan
Quarterly presentation Consolidated financials and 2025 financial plan Net revenues (US$ mn) Adjusted EBITDA (US$ mn, %) EBITDA FY Revenues FY 68,5 EBITDA FY Margin 53,1 35,8% 41,5 41,4 16,7% 19,3 36,4 19,0% 11,4 6,1 0,1% -7,0% 0,0 -2,5 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E Capex (US$
Slide 20: Pampa Camarones Operation: 2026-2028 Strategy Update
Pampa Camarones Operations Pampa Camarones Operation: 2026-2028 Strategy Update Pampa Camarones Mining Operation 1 2 3 Salamanqueja Golondrina – New Mine Other Ore Sources PC Mining Property Third Parties, Descripción Main Vein Secondary Veins External Thrid Parties ◼ 32,000 tpm @ 1.2% CuT ◼ 14,800
Slide 21: Camarones: Exploration
Quarterly presentation Pampa Camarones: Exploration Short Term Targets: Recategorization and New Mine ◼ Infill: Salamanqueja & Golondrina ◼ Pampa’s Sandvik Onram 1000 will be used to recategorize resources at Salamanqueja and Golondrina ◼ Plan involves drilling ~5,000m per year in order to derisk pr
Slide 22: Camarones: Exploration – Aída Drillings
Quarterly presentation Pampa Camarones: Exploration – Aída Drillings Strictly private and confidential 22
Slide 23: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 23
Slide 24: Corporate Structure (As of December 31, 2025)
Quarterly presentation Corporate Structure (As of December 31, 2025) 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 24
Slide 25: Ciclón Exploradora: EIA Approved on December 19th
Quarterly Presentation Ciclón Exploradora: EIA Approved on December 19th Environmental Impact Study: Processing ◼ The EIA, which was submitted on December 29 of 2023, underwent a comprehensive multi-agency review process that lasted nearly two years. ◼ The approval and subsequent RCA was issued on D
Slide 26: CIEX Sale Process
Quarterly presentation CIEX Sale Process Expecting to close a transaction in 2Q ◼ Process advancing according to expectations after EIA was approved ◼ 4 parties actively reviewing the information ◼ New site visit being arranged ◼ Indicative offers reafirm our expectations to close the transaction du
Slide 27: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 27
Slide 28: Corporate Structure (As of December 31, 2025)
Quarterly presentation Corporate Structure (As of December 31, 2025) 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 28
Slide 29: Financial Situation (As of December 31st, 2025)
Quarterly Presentation Financial Situation (As of December 31st, 2025) • Banco Estado Loan • Shareholder Loan 3: Oct 2024 • US$0.3 MM • US$2.5 MM (Equipments as Collateral) • Bullet, Maturity October 2030 with prepayment • Offtake Mitsui: • Confirming • US$0.3 MM of capital remaining • US$1.9 MM • L
Slide 30: Offtake Tender
Quarterly Presentation Offtake Tender ◼ Tender process started early November, looking for a new offtaker after current offtaker advance payment is completely payed for. ◼ Process is supported by Red Capital Partners, US headquartered investment bank with a focus on mining financing Open Process ◼ +
Slide 31: Reporting Schedule and Topics
Quarterly presentation Reporting Schedule and Topics Timeline Key dates 2025 2026 ◼ 1Q25 preliminary ◼ 3Q25 preliminary results results release and ◼ 2024 FS and ScaleX release and presentation (LV) presentation business report 11/21 04/17 04/30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 07
Slide 32: Pampa Camarones SpA Q&A
Quarterly presentation Pampa Camarones SpA Santiago, January 22nd, 2026 Q&A Strictly private and confidential