Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q3 2025 Earnings Presentation
34 slides from Pampa Camarones Spa Class B's earnings presentation, Nov 21, 2025
Slide 1: Pampa Camarones SpA Quarterly presentation
Quarterly presentation Pampa Camarones SpA Santiago, November 21st, 2025 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 September 30, 2025)
Quarterly presentation Corporate Structure (As of September 30, 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$/share) Shareholder Breakdown as of September 30th 2025 53 0,43% 51 0,82% 49 6,71% 47 45 43 92,04% 41 39 37 35 ene-24 mar-24 ene-25 mar-25 jun-24 jun-25 dic-23 jul-24 ago-24 sept-24 dic-
Slide 7: Market headwinds: Copper reaching historical prices
Quarterly presentation Market headwinds: Copper reaching historical prices 5,50 5,00 4,50 4,00 3,50 3,00 2,50 2,00 1,50 nov-2015 nov-2016 nov-2017 nov-2018 nov-2019 nov-2020 nov-2021 nov-2022 nov-2023 nov-2024 nov-2025 US$ 345/t Strictly private and confidential 7
Slide 8: Third Quarter 2025 Highlights
Quarterly presentation Third Quarter 2025 Highlights ◼ Golondrina opening completed; drift production started in August, benches begin in Pampa January. Camarones ◼ Salamanqueja outperforming expectations, confirming positive investment impact. Operation ◼ Processing plant recovery stable above 70%
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: Salamanqueja Mine
Quarterly presentation Pampa Camarones: Salamanqueja Mine Salamanqueja production (t contained copper LHS, CuT (%) Production RHS) ◼ Production reached 458 tpm of fine copper in 600 1,40% Contained Copper CuT(%) September, exceeding the mine’s target. 500 1,20% ◼ Recent equipment investments improve
Slide 11: Golondrina Mine Developments
Quarterly presentation Pampa Camarones: Golondrina Mine Developments South Tunnel North Tunnel South Tunnel Block Model Strictly private and confidential 11
Slide 12: Golondrina Mine Drifts Channel Sampling
Quarterly presentation Pampa Camarones: Golondrina Mine Drifts Channel Sampling 18m Strictly private and confidential 12
Slide 13: Golondrina Mine Drifts
Quarterly presentation Pampa Camarones: Golondrina Mine Drifts Strictly private and confidential 13
Slide 14: Golondrina Mine Production
Quarterly presentation Pampa Camarones: Golondrina Mine Production Golondrina production (t contained copper LHS, CuT (%) RHS) 180 1,60% ◼ Drift mine production first achieved in 160 Contained copper (t) 1,40% August. 140 CuT(%) 1,20% ◼ Mine development began in June, 120 1,00% focusing on tunneling
Slide 15: 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 16: 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) ◼ 5 points leased and in exploitation 350 25.000 ◼ 3 points on nominal capacity, 2 ramping up Contained Copper ◼ We’re receiving 2,500-3,000tpm of ore, with a
Slide 17: Third Quarter 2025 Operational Update
Quarterly presentation Pampa Camarones: Third Quarter 2025 Operational Update Pampa Camarones historical plant recovery %Rec month % Rec cummulative % Sol 90,0 100 80,0 90 80 70,0 70 60,0 % Recuperación CuT 60 Solubilidad (%) 50,0 50 40,0 40 30,0 30 20,0 20 10,0 10 0,0 0 Strictly private and confide
Slide 18: Cathode Production
Quarterly presentation Pampa Camarones: Cathode Production Cathodes Quality – 2025 average <5 <15 <10 2025 Shipments: 29 Pb ppm S ppm Fe ppm Average 0,8 9 2,0 Pb ppm S ppm Fe ppm *1 Shipment (100t) was VR Strictly private and confidential 18
Slide 19: Third Quarter 2025 Operational Update
Quarterly presentation Pampa Camarones: Third Quarter 2025 Operational Update Pampa Camarones 3Q-25 at a glance Crusher feed and grade (t cont. copper LHS, CuT (%) RHS) Production Crusher feed (CuF t) ◼ Copper Cathode production reached 843 ton (6.3% 1.700 1,22% 1,40% 1,16% q/q), as a result of the
Slide 20: Consolidated financials and 2025 financial plan
Quarterly presentation Consolidated financials and 2025 financial plan Net revenues (US$ mn) Adjusted EBITDA (US$ mn, %) Revenues FY (25E) EBITDA FY (25E) EBITDA 3Q YTD 53,1 EBITDA FY Margin Revenues 3Q YTD 41,5 41,4 35,8% 37,0 19,3 19,0% 43,3 6,1 0,1% 0,0% 34,5 32,7 15,9 26,5 0,0 8,3 0,0 -0,1 -3,3
Slide 21: 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 22: Exploration
Quarterly presentation Pampa Camarones: Exploration Short Term Targets: Aida ◼ A new exploration team was formed to lead short-term geology, with the goal Lorenzo of identifying the next mine to be opened within the next two years. ◼ Tomás Swaneck, a geologist with over 30 years of exploration exper
Slide 23: Exploration - Aída
Quarterly presentation Pampa Camarones: Exploration - Aída Strictly private and confidential 23
Slide 24: Exploration – Aida ready to drill
Quarterly presentation Pampa Camarones: Exploration – Aida ready to drill First stage: 12 short DDH drillholes, totaling 485m Strictly private and confidential 24
Slide 25: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 25
Slide 26: Corporate Structure (As of September 30, 2025)
Quarterly presentation Corporate Structure (As of September 30, 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 26
Slide 27: Ciclón Exploradora: EIA – RCA to be issued late December
Quarterly Presentation Ciclón Exploradora: EIA – RCA to be issued late December Environmental Impact Study: Processing ◼ The third Addendum was submitted on October 17. Following that, of the relevant authorities with observations over the second Addendum - namely Road Administration, SAG, GORE, DGA
Slide 28: CIEX Sale Process
Quarterly presentation CIEX Sale Process Advancing towards indicative offers ◼ Contacted +100 potentially interested parties ◼ 6 parties actively reviewing the information ◼ +10 technical meetings ◼ Two site visits completed ◼ Counterparties waiting for EIA outcome to assess offers Strictly private
Slide 29: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Arica Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 29
Slide 30: Corporate Structure (As of September 30, 2025)
Quarterly presentation Corporate Structure (As of September 30, 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 30
Slide 31: Financial Situation (As of September 30th)
Quarterly Presentation Financial Situation (As of September 30th) • 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: Since May 2023 • Confirming • US$1.3 MM of capital remaining • US$
Slide 32: 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 Open Process with a focus on mining financing ◼ +
Slide 33: Reporting Schedule and Topics
Quarterly presentation Reporting Schedule and Topics Timeline Key dates 2025E 2026E ◼ 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
Slide 34: Pampa Camarones SpA Q&A
Quarterly presentation Pampa Camarones SpA Santiago, November 21st, 2025 Q&A Strictly private and confidential