-The meeting was attended by more than 40 attendees, who participated in the quarterly review presented by Robert Mayne Nicholls and Martín Marquardt.

-The company, whose production grew by 23% compared to the fourth quarter, expects to continue a positive operational ramp-up, with expectations of producing about 650 tons per month in the second semester.

-The Drilling Campaign at Ciclón Exploradora was successfully completed, revealing significant mineralized deposits in the San Carlos and Portezuelo sectors. The final report is expected to be published by the end of May.

Santiago, April 19, 2024.-

Pampa Camarones, the mining company controlled by Minería Activa, held its second quarterly presentation for investors today, attracting more than 40 people to a virtual meeting via Zoom. The presentation aimed to update investors on both the operation at Pampa Camarones and the drilling campaign at Ciclón Exploradora.

Robert Mayne Nicholls, CEO of Pampa Camarones, led the first part of the presentation, summarizing the company’s key milestones for the quarter and outlining expectations for the rest of the year. Regarding production, the executive emphasized that despite a significant 23% increase compared to the last quarter of 2023, this was below the administration’s expectations, which presented a comprehensive plan of improvements to achieve a production of more than 650 tons per month during the second semester. Regarding the plan, Mayne Nicholls stated that optimizations will be carried out both in the Mine and in the Plant, detailing the reduction of drift distance, construction of pillars, and improvements in pile handling as the main elements to achieve potential production.

The company shared its financial projections for the year with investors, expecting to sell nearly US$60 million and achieve an EBITDA of US$18.1 million, all calculated at a copper price of US$4 per pound. Regarding the metal price, Robert stated that there are positive market expectations to sustain a high level throughout the year, so he showed a sensitization of results under different price scenarios, stating that a US$0.1/lb movement implies a US$1.2 million movement in the company’s EBITDA for this year.

To begin the analysis of the Ciclón Exploradora drilling campaign, Robert gave way to Martín Marquardt, Chief Geologist of the project and leader of the exploration campaign. Describing the campaign as a success, Martín commented that they finally managed to drill 2,647 meters in 9 drillings, exceeding expectations and staying within the committed budget, while highlighting that no accidents occurred. The exploration efforts, which initially focused exclusively on the San Carlos area, were expanded to the Portezuelo area, projecting the Exploradora deposit southward towards the Ciclón deposit.

Regarding the results in San Carlos, Martín revealed that the drillings not only confirmed the hypothesis of resource existence but also opened up the potential of the deposit with new extensions to the Northeast and East. Interesting segments were presented, such as the 1.9m with 843g/t of silver equivalent in DDH-SC-07. With the information to date, Martín estimated the potential at more than 9 million tons of polymetallic resources. The geology team is awaiting the latest assay results from drillings 11 and 12, after which they will focus on modeling and geological mapping of the area.

The campaign in Portezuelo was deemed a success, discovering a new area with mineralization that starts at the Exploradora resources and extends over a length of 1,300 meters towards Ciclón. Through drillings like the DDH-PO-01 (5.0% CuEq in 2.9 m), it was estimated that the deposit contains deep polymetallic and copper sulfides, as well as shallower copper oxide and silver mineralization, all in a column of at least about 600 meters deep. Regarding this area, the team estimated a potential of more than 4 million tons of resources.

Thanking Martín and his team for their excellent management, Robert resumed speaking to address the progress in the Environmental Impact Study of Ciclón Exploradora. First, he highlighted that the deadline for requesting early termination of the permit processing expired in March, which paved the way for the publication of the first questionnaire from the authorities, known as ICSARA. In this questionnaire, 283 questions were asked, which Robert deemed a normal number in the context of permit processing for projects like Ciclón Exploradora. The initial deadline to respond to the authorities’ questions would be until August 30, so processing would be progressing according to the administration’s estimates.

To conclude the session, the General Manager updated the company’s reporting plan, having already completed its first two quarterly reports and published an exploration progress report. Thus, Robert reaffirmed the company’s commitment to communication with its investors, inviting them to continue participating and being part of the advances of Pampa Camarones.

A recording of the presentation can be found at the following link courtesy of LarrainVial.

For more information, visit https://www.pampacamarones.cl/relaciones-inversionistas/

About Pampa Camarones:

Pampa Camarones is the first copper operation developed in the Arica and Parinacota Region. The entire operation runs 100% with seawater and renewable energy from a photovoltaic plant, with an annual production capacity of 8,400 tons per year of cathode copper. In 2016, Minería Activa took control of the company’s management to restart its operations in 2019. Likewise, in 2022, through a reorganization, Pampa Camarones SpA acquired full ownership of the Ciclón-Exploradora project.

About Minería Activa:

Minería Activa is a partnership between Activa Alternative Assets, the private equity arm of LarrainVial, and a team of managing partners with extensive and recognized experience in the mining industry. The company has been dedicated for more than 15 years to the development of mining projects at all stages, from early exploration to production, always with the purpose of contributing to the energy transition through sustainable mining projects.