Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q2 2025 Earnings Presentation
23 slides from Pampa Camarones Spa Class B's earnings presentation, Jul 18, 2025
Slide 1: Pampa Camarones SpA Quarterly presentation
Quarterly presentation Pampa Camarones SpA Santiago, July 18th, 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 June 30, 2025)
Quarterly presentation Corporate Structure (As of June 30, 2025) Minería Activa Funds Minority Shareholders* 90.3% 9.7% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 4 *Minority Shareholders
Slide 5: Corporate Structure (BCS:CAMARONEX)
Quarterly presentation Corporate Structure (BCS:CAMARONEX) Share Price Performance on Santiago Stock Exchange (US$/share) Shareholder Breakdown as of June 30th 2025 53 0,61% 51 1,17% 49 7,88% 47 45 43 41 90,34% 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 no
Slide 6: Second Quarter 2025 Highlights
Quarterly presentation Second Quarter 2025 Highlights ◼ Golondrina Mine initial developments underway, with the portals 100% completed and Pampa 170m of tunnels already developed. Drift production expected for September Camarones ◼ Presented mining equipment investment plan to improve availability O
Slide 7: Pampa Camarones: Salamanqueja Operation
Quarterly presentation Pampa Camarones: Salamanqueja Operation Salamanqueja under budget: Main considerations Jumbo and Roboshot ◼ Salamanqueja resource model has been validated by current drifts and benches under exploitation ◼ Key factors impacting production underperformance: ◼ Geotechnical condi
Slide 8: Pampa Camarones: Golondrina opening
Quarterly presentation Pampa Camarones: Golondrina opening Golondrina Update ◼ Preparation of both portals was completed on May North Tunnel ◼ South tunnel already completed developments 170/350m before drift ore started on July ◼ North tunnel started on July. 120m 16th required to reach drift ore D
Slide 9: Pampa Camarones: Third-party Subleased Mining Property
Quarterly presentation Pampa Camarones: Third-party Subleased Mining Property District Overview Providing high- potential mining Sole ore stockpile properties to small-scale miners Sole: 6+ high-grade narrow veins systems Lorenzo: High grade vein with “Salamanqueja like” potential Chungungo deposit
Slide 10: 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) ◼ 8 points leased, 6 in exploitation 160 8.000 ◼ 3 points on nominal capacity, 3 ramping up Contained Copper ◼ Exploitation has unveiled key geological knowled
Slide 11: Second Quarter 2025 Operational Update
Quarterly presentation Pampa Camarones: Second Quarter 2025 Operational Update Pampa Camarones 2Q-25 at a glance Cathode production (000 Tons) Production 3Q 24 4Q 24 1Q 25 2Q 25 ◼ Copper Cathode production reached 793 ton (-8.7% q/q), affected by low availability of mining equipment. ◼ Higher copper
Slide 12: 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) Revenues 1S EBITDA FY (25E) EBITDA 1H EBITDA Margin 53,1 41,5 41,4 41,3 36,4% 19,3 14,8% 10,4% 6,1 0,1% 4,3 30,3 23,7 23,3 15,5 0,0 3 3 0 -2,8 2022 2023 2024 202
Slide 13: Pampa Camarones: Growth plan
Quarterly presentation Pampa Camarones: Growth plan 5 “drill-ready” targets ◼ A drilling plan was prepared in 2023 to evaluate the vein potential on the ENAMI-Pampa Camarones property, not including HMC yet A´ ◼ The potential targets included are: Salamanqueja (deep, CHACOTA north and south), Golond
Slide 14: Corporate Structure (As of June 30, 2025)
Quarterly presentation Corporate Structure (As of June 30, 2025) Minería Activa Funds Minority Shareholders* 90.3% 9.7% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 14 *Minority Shareholder
Slide 15: Ciclón Exploradora: New Purchase Option with Mirasol Resources
Quarterly presentation Ciclón Exploradora: New Purchase Option with Mirasol Resources ◼ Signed a Purchase Option to acquire Nord Oeste (384ha of epithermal targets) and Mirasol Resources Nord Este (1,564ha of porphyry targets) Purchase ◼ Concessions includes key mining property to build the infrastr
Slide 16: Ciclón Exploradora EIA: Gantt Chart
Quarterly presentation Ciclón Exploradora EIA: Gantt Chart 2023 2024E 2025E Month: Oct Nov Dec Jan Feb Mar Apr May Jul Jun Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Admission for processing Admission Institutional review Phase 1 Q&A Answering process Phase 2 Q&A Approval RCA Work Plan
Slide 17: Ciclón Exploradora: Sectoral Permits Masterplan
Quarterly presentation Ciclón Exploradora: Sectoral Permits Masterplan ◼ Sectoral permits are required to start construction and production Sectoral ◼ Consultants (GAC) concluded that 270 permits are required before constructing, creating a Permitting Masterplan masterplan to be able to start constr
Slide 18: CIEX Sale Process
Quarterly presentation CIEX Sale Process Advancing towards indicative offers ◼ Contacted over 100 potentially interested parties ◼ 8 parties actively reviewing the information ◼ 1 revieweing preliminary data ◼ +10 technical meetings ◼ One site visit completed, second one arranged for next week Stric
Slide 19: Corporate Structure (As of June 30, 2025)
Quarterly presentation Corporate Structure (As of June 30, 2025) Minería Activa Funds Minority Shareholders* 90.3% 9.7% Pampa Camarones SpA High-grade polymetallic project Copper operation Pampa Camarones Ciclón Exploradora Cu Cu Zn Pb Ag Au Strictly private and confidential 19 *Minority Shareholder
Slide 20: Discussing with financial advisors to raise additional financing
Quarterly Presentation Financial Situation • Banco Estado & Itaú Loans • Shareholder Loan 3: Oct 2024 • US$1.2 MM • US$2.5 MM (Equipments as Collateral) • Bullet, Maturity October 2030 with prepayment • Offtake Mitsui: Since May 2023 • Confirming • US$2.3 MM of capital remaining • US$1.5 MM • Monthl
Slide 21: Capital Increase to be discussed on July 21st EGM
Quarterly Presentation Capital Increase to be discussed on July 21st EGM ◼ EGM of June 24th approved a minimun price of US$18.5/share, which did not gathered enough market interest in current market conditions ◼ There was significant interest to complete 100% of the increase at a US$12.5/share price
Slide 22: 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 04/17 04/30 10/17 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 23: Pampa Camarones SpA Q&A
Quarterly presentation Pampa Camarones SpA Santiago, July 18th, 2025 Q&A Strictly private and confidential