Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q2 2026 Earnings Presentation
26 slides from Pampa Camarones Spa Class B's earnings presentation, Aug 21, 2026
Slide 1: Pampa Camarones SpA Quarterly presentation
Quarterly presentation Pampa Camarones SpA Santiago, August 21st, 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 June 30, 2026)
Quarterly presentation Corporate Structure (As of June 30, 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 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 August 21st 2026 55 50 7,96% 45 40 35 92,04% 30 25 ene-25 mar-25 mar-26 ene-26 jun-25 jun-26 ago-24 sept-24 dic-24 jul-25 ago-25 sept-25 dic-25 jul-26
Slide 7: Markets: Copper reaches over US$6.5/lb
(US$/lb) 2,5 3,5 4,5 5,5 6,5 2 3 4 5 6 7 mar-19 jun-19 sept-19 dic-19 Quarterly presentation mar-20 Strictly private and confidential jun-20 sept-20 dic-20 mar-21 jun-21 sept-21 dic-21 mar-22 jun-22 sept-22 7 dic-22 mar-23 Markets: Copper reaches over US$6.5/lb jun-23 sept-23 dic-23 mar-24 jun-24 se
Slide 8: Second Quarter 2026 Highlights
Quarterly presentation Second Quarter 2026 Highlights ◼ Golondrina has already completed 5 drift levels: Production spiked in July after beginning of benching and drifting in high-grade areas. Pampa ◼ Salamanqueja performed above expectations with 445t of copper fines produced. Lower Camarones solub
Slide 9: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones 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 averaged 445 tpm of contained copper 600 1,40% Contained Copper CuT(%) during 2Q26. 500 1,20% ◼ Solubility averaged 48%, below expectations. 400 1,00% ◼ Sal
Slide 11: Camarones: Golondrina Mine
Quarterly presentation Pampa Camarones: Golondrina Mine Production Golondrina production (t contained copper LHS, CuT (%) RHS) 120 0,80% ◼ Production: Contained copper (t) 0,70% 100 ◼ Ore production averaged 12ktpm in 2Q26. CuT(%) 0,60% Focus continued on the development of 80 0,50% drifts, providin
Slide 12: Camarones: 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: Camarones: Third-Party exploitation on PC/HMC
Quarterly presentation Pampa Camarones: Third-Party exploitation on PC/HMC District overview Expanding from 6 points to 12: Targeting >20% of ore feed CdV 1 CdV 2 CdV 3 Lorenzo-Quebrada-Punta C VIII Madrid-Aida-CdV 1 & 2: Operating G. Norte Lorenzo Quebrada Aida CdV 3- C VIII- Golondrina Norte – Pam
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 in production and 6 being prepared to Others (CuF) 2,50% 150,0 produce HMC (CuF) ◼ We are receiving >2,500tpm of high-grade ore CuT(%) 130,0 2,00% ◼
Slide 15: Camarones: Sulfide Leaching Improvements
Quarterly presentation Pampa Camarones: Sulfide Leaching Improvements Sulfide Leaching ◼ As Salamanqueja has increased its sulfide content, Pampa Camarones has been developing improved operational procedures to increase recoveries ◼ Based on both internal developments and external consulting, we’re
Slide 16: Camarones: Second Quarter 2026 Operational Update
Quarterly presentation Pampa Camarones: Second Quarter 2026 Operational Update Pampa Camarones 2Q-26 at a glance Crusher feed and grade (t cont. copper LHS, CuT (%) RHS) Production Crusher feed (CuF t) Grade (CuT %) ◼ Copper Cathode production reached 890 ton (12.2% 1.700 1,40% 1,18% y/y), as a resu
Slide 17: Consolidated financials 2Q26 and plan
Quarterly presentation Consolidated financials 2Q26 and plan Net revenues (US$ mn) Adjusted EBITDA (US$ mn, %) EBITDA 2Q EBITDA FY EBITDA Margin Revenues FY Revenues 2Q 10 9,3 25,00% 57,9 7,9 8 20,00% 41,5 41,4 6 15,00% 36,4 4 10,00% 2 0,0 5,00% 6,8 4,0 0 1,9 0,00% 23,7 23,3 25,7 -2,8 -2 -5,00% 15,5
Slide 18: Camarones: Exploration
Quarterly presentation Pampa Camarones: Exploration Targets: High potential in oxides and sulfides Potential Ore Owner Dorothy 5-7 Mt @1.2% Ox-Sulf PC Dorothy Lorenzo 2-4 Mt @1.5% Ox HMC Aida 3-4 Mt @1.5% Ox ENAMI Ana Gloria Ana Gloria 1-2 Mt @1.5% Ox-Sulf PC Lorenzo Gattavara 0.5-1Mt @1.5% Ox ENAMI
Slide 19: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 19
Slide 20: Corporate Structure (As of June 30, 2026)
Quarterly presentation Corporate Structure (As of June 30, 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 20
Slide 21: CIEX Sale Process: Agreement to Sell to ASX-listed Norfolk
Quarterly presentation CIEX Sale Process: Agreement to Sell to ASX-listed Norfolk Expecting to close the transaction in 3Q26 ◼ SPA with Norfolk for the sale of the Ciclón-Exploradora Project ◼ Total transaction value US$50 MM: US$45 MM in cash + US$5 MM in Norfolk shares ◼ Shares will have a lockup
Slide 22: Content
Quarterly presentation Content Chapter I: Overview Chapter II: Pampa Camarones Operation Chapter III: Ciclón Exploradora Chapter IV: Financials Strictly private and confidential 22
Slide 23: Corporate Structure (As of June 30, 2026)
Quarterly presentation Corporate Structure (As of June 30, 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 23
Slide 24: Indebtedness
Quarterly Presentation Indebtedness • Consorcio Loan • Shareholder Loans • US$5.9 MM (Plant as collateral) • US$3.6 MM • Due October 2026 • Consorcio Short Term Facility • Confirming • US$2.5 MM • US$1.5 MM drawn • ENAMI Debt Recognition • US$1.3 MM • Royalty • 1.42% Revenues 2026+ • To be repaid af
Slide 25: 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 10/16 04/27 04/27 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 01
Slide 26: Pampa Camarones SpA Q&A
Quarterly presentation Pampa Camarones SpA Santiago, August 21st, 2026 Q&A Strictly private and confidential