Pampa Camarones Spa Class B · BCS:CAMARONEX
Pampa Camarones Spa Class B — Q3 2026 Earnings Presentation
26 slides from Pampa Camarones Spa Class B's earnings presentation, Oct 19, 2026
Slide 1: Quarterly presentation · 3Q26
Quarterly presentation · 3Q26 Third quarter 2026 results and operational update · BCS: CAMARONEX Santiago · October 19, 2026
Slide 2: Speaker
QUARTERLY PRESENTATION Speaker Education Mining Engineering degree from Universidad de Chile and an MBA from Universidad Católica del Norte. Experience More than 30 years leading strategic planning and operations teams at mid-size mines. Rodrigo Ramírez Chief Executive Officer, Pampa Camarones Previ
Slide 3: Important notice
QUARTERLY PRESENTATION Important notice FORWARD-LOOKING INFORMATION 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 inf
Slide 4: Corporate structure
OVERVIEW Corporate structure As of September 30, 2026 Minería Activa funds Minority shareholders 92.0% 8.0% Pampa Camarones SpA BCS: CAMARONEX Pampa Camarones operation Ciclón Exploradora Copper cathode producer · Arica y Parinacota High-grade polymetallic project Cu Cu Zn Pb Ag Au Quarterly present
Slide 5: Content
QUARTERLY PRESENTATION · 3Q26 Content Chapter I Overview Chapter II Pampa Camarones operation Chapter III Ciclón Exploradora Chapter IV Financials Quarterly presentation · 3Q26 · Pampa Camarones SpA (BCS: CAMARONEX) 5
Slide 6: Share information (BCS: CAMARONEX)
OVERVIEW Share information (BCS: CAMARONEX) Share price performance on the Santiago Stock Exchange US$/share Shareholders as of September 30, 2026 55 50 92.0% 45 Minería Activa funds 40 35 30 8.0% Minority shareholders 25 20 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Board of dir
Slide 7: Copper averaged US$6.53/lb in 3Q26
MARKETS Copper averaged US$6.53/lb in 3Q26 Copper extended its rally through the quarter, averaging US$6.53/lb, 6% above 2Q26 and 34% above 3Q25, and closing September at US$6.62/lb. Copper price since 2019 US$/lb, daily US$6.53/lb 3Q26 average · +6% q/q, +34% y/y 7,0 6,0 US$6.62/lb Close, September
Slide 8: Third quarter 2026 highlights
OVERVIEW Third quarter 2026 highlights • Salamanqueja production averaged 365t of copper fines. Blackouts and roadblocks due to weather conditions had a significant impact. Pampa Camarones • Golondrina is producing at budget levels: ~140t of CuF per month in the quarter. operation • Exploration camp
Slide 9: Content
QUARTERLY PRESENTATION · 3Q26 Content Chapter I Overview Chapter II Pampa Camarones operation Chapter III Ciclón Exploradora Chapter IV Financials Quarterly presentation · 3Q26 · Pampa Camarones SpA (BCS: CAMARONEX) 9
Slide 10: Salamanqueja mine
PAMPA CAMARONES OPERATION Salamanqueja mine Salamanqueja production t contained copper LHS, CuT % RHS 365 t 0.87% 462 m Contained copper (t) CuT (%) contained copper per average CuT grade, 3Q26 developments per month, month, 3Q26 3Q26 600 1,4% 500 1,2% PRODUCTION · 3Q26 400 1,0% 300 0,8% • Productio
Slide 11: Golondrina mine
PAMPA CAMARONES OPERATION Golondrina mine Golondrina production t contained copper LHS, CuT % RHS 136 t 0.84% 338 m Contained copper (t) CuT (%) contained copper per average CuT grade, 3Q26 developments per month, month, 3Q26 3Q26 160 1,2% 140 1,0% 120 PRODUCTION · 3Q26 0,8% 100 • Ore production ave
Slide 12: Golondrina mine developments
PAMPA CAMARONES OPERATION Golondrina mine developments MINE DESIGN MODEL Designed stopes Drifts Ramps Golon dr i n a block mode l – Re achi n g the highe s t grade zone Quarterly presentation · 3Q26 · Pampa Camarones SpA (BCS: CAMARONEX) 12
Slide 13: Third-party exploitation on PC/HMC property
PAMPA CAMARONES OPERATION Third-party exploitation on PC/HMC property 6 → 12 points Targeting more than 20% of plant ore feed OPERATING CdV 1 CdV 2 • Lorenzo • Quebrada CdV 3 C VIII • Punta Madrid • Aida G. Norte Lorenzo • CdV 1 & 2 Quebrada Aida PERMITTING / RAMPING UP Pampita • CdV 3 • C VIII • Go
Slide 14: Third-party ore
PAMPA CAMARONES OPERATION Third-party ore THIRD PARTIES ON HMC/PC PROPERTY Third-party ore t contained copper LHS, CuT % RHS • 6 points in production and 6 being prepared to produce. HMC property (t CuF) Others (t CuF) CuT (%) • Existing producers still feeding >2,500 tpm of ore, while new producers
Slide 15: Third quarter 2026 operational update
PAMPA CAMARONES OPERATION Third quarter 2026 operational update PRODUCTION Crusher feed and grade t contained copper LHS, CuT % RHS • Copper cathode production reached 830 t (-1.5% y/y), as a result of lower mine Crusher feed (t CuF) Grade (CuT %) output and longer kinetics due to solubility. 2.000
Slide 16: Consolidated financials 9M26 and plan
FINANCIALS Consolidated financials 9M26 and plan Net revenues US$mn Adjusted EBITDA US$mn LHS, margin RHS Year to date Rest of year Year to date Full year EBITDA margin (FY) 60 12 30% 10 8,3 25% 50 7,9 15,2 8 6,6 20% 40 7,9 8,5 6 15% 3,8 30 12,6 4 10% 2 0,4 5% 20 36,8 0,0 33,6 32,9 0 0% 10 23,8 -2 -
Slide 17: Exploration: oxide and sulphide targets
PAMPA CAMARONES OPERATION Exploration: oxide and sulphide targets Targets internal estimates of potential Target Potential Ore type Owner Dorothy 5–7 Mt @ 1.2% Oxide – sulphide Pampa Camarones Lorenzo 2–4 Mt @ 1.5% Oxide HMC Dorothy Aida 3–4 Mt @ 1.5% Oxide ENAMI Ana Gloria 1–2 Mt @ 1.5% Oxide – sul
Slide 18: Exploration results: Golondrina
PAMPA CAMARONES OPERATION Exploration results: Golondrina Golondrina confirming continuity and new veins • Three “step-out” holes drilled west of Golondrina intersected a new vein system in a blind zone, and also extended the mineralization below the mine’s current deepest level. • Two holes drilled
Slide 19: Content
QUARTERLY PRESENTATION · 3Q26 Content Chapter I Overview Chapter II Pampa Camarones operation Chapter III Ciclón Exploradora Chapter IV Financials Quarterly presentation · 3Q26 · Pampa Camarones SpA (BCS: CAMARONEX) 19
Slide 20: Corporate structure
CICLÓN EXPLORADORA Corporate structure As of September 30, 2026 Minería Activa funds Minority shareholders 92.0% 8.0% Pampa Camarones SpA BCS: CAMARONEX Pampa Camarones operation Ciclón Exploradora Copper cathode producer · Arica y Parinacota High-grade polymetallic project Cu Cu Zn Pb Ag Au Quarter
Slide 21: Sale to ASX-listed Norfolk Metals
CICLÓN EXPLORADORA Sale to ASX-listed Norfolk Metals Transaction terms • SPA with Norfolk Metals for the sale of the Ciclón-Exploradora Project. • Total transaction value of US$50mm: US$45mm in cash plus US$5mm in Norfolk shares. • Shares will have a lock-up of 12 months. SPA amendment requested by
Slide 22: Content
QUARTERLY PRESENTATION · 3Q26 Content Chapter I Overview Chapter II Pampa Camarones operation Chapter III Ciclón Exploradora Chapter IV Financials Quarterly presentation · 3Q26 · Pampa Camarones SpA (BCS: CAMARONEX) 22
Slide 23: Corporate structure
FINANCIALS Corporate structure As of September 30, 2026 Minería Activa funds Minority shareholders 92.0% 8.0% Pampa Camarones SpA BCS: CAMARONEX Pampa Camarones operation Ciclón Exploradora Copper cathode producer · Arica y Parinacota High-grade polymetallic project Cu Cu Zn Pb Ag Au Quarterly prese
Slide 24: Indebtedness
FINANCIALS Indebtedness Consorcio loans Consorcio short-term Shareholder loans facility US$7.0mm US$2.5mm US$2.5mm Plant as collateral · due October 2026 Confirming ENAMI debt recognition Total financial debt US$3.2mm US$1.3mm US$16.5mm drawn as of September 30, 2026 Royalty Minería Activa Investors
Slide 25: Reporting schedule and topics
REPORTING Reporting schedule and topics 2026 2027 Apr 27 · done Oct 19 · today 1Q26 preliminary results 3Q26 preliminary results release release and presentation and presentation (LV) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan 22 · done Apr 27 · done Aug 21 · done Jan 18, 2027 Year 2025
Slide 26: Q&A Pampa Camarones SpA · BCS: CAMARONEX
QUARTERLY PRESENTATION · 3Q26 Q&A Pampa Camarones SpA · BCS: CAMARONEX Santiago · October 19, 2026 www.mineriactiva.com