Slides
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CAPITAL MARKETS DAY 2025
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01. Grupo CAP at a glance 04. ESG 02. Financial Performance 05. Financial Strategy 03. CAP Portfolio Mining & Non-Mining 06. Closing Remarks Agenda
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This information material may include certain forward - looking statements and projections provided by CAP S . A . (the “Company“) with respect to the financial condition, results of operations, cash flows, plans, objectives, future performance, and business of the Company . Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results and are based on the Company’s expectations and beliefs concerning future events and, therefore, involve risks and uncertainties . Such statements and projections are neither predictions nor guarantees of future events or circumstances, which may never occur, and actual results may differ materially from those contemplated (expressed or implied) by such forward - looking statements and projections . No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections . Whether or not any such forward looking - statements or projections are in fact achieved will depend upon future events, some of which are not within the control of the Company . Accordingly, the recipient of this material should not place undue reliance on such statements . Any such statements and projections speak only as of the date on which they are made, and the Company does not undertake any obligation, and expressly disclaims any obligation, to update or revise any such statements or projections as a result of new information, future events, or otherwise . Forward looking statements
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01. Grupo CAP at a Glance
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PURPOSE We create well - being and shared progress, transforming resources with Chile and the world
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6 STRATEGY 2030 We aim to be a leading provider of decarbonization materials through an integrated portfolio of businesses, developing innovative and sustainable solutions
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We are a key player in Chile’s economy, and are committed to have a positive impact in our society st 1 Largest port operator in Chile Of our suppliers are local Of our workforce is local Filtered tailing deposit in Chile Iron ore produced in Chile Largest owner of mining concessions in Chile Carbon emissions reduction by 2030 in Dow Jones Sustainability Index for Mining & Steel 3 64% 85% 98% 3 31% 4 As of October 2025 rd rd th 7
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CAP S.A. is listed on the Santiago Stock Exchange ~US$ 1 billion Market CAP It is one of the 30 stocks that make up the S&P/CLX IPSA 2025 index Book Value / Market CAP ~1,8x As of October 2025 We have a stable ownership structure with liquidity and growth opportunities for institutional investors 1. International rating issued by S&P and Fitch. Local issued by Fitch. 2. Invercap is 39% owned by Inversiones Hierro Viejo SpA and 12% by South Pacific Investment S.A. BB+ International Credit Rating1 and A+ local1 Invercap (2) Free Float 12,5% 43,3% 44,2% Brokers Funds Others Pension funds 27.7% 2.0% 10.7% 3.8% 2023 2024 Sept 25 0% 1.6% 3.8% Mitsubishi Corporation (M.C. Inversiones) 4th most sustainable company in the Dow Jones sustainability index for Mining and Metals
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MINING Ownership 75% 100% 78% INDUSTRIAL 99% Ownership Ownership Ownership INFRASTRUCTURE 100% 51% 100% Ownership Ownership Ownership We have operations in critical sectors of the economy 10% Ownership Resources TSX HSLP 100% Ownership REE Uno Modulo Penco 20% Ownership
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We have valuable assets in Chile, Perú, Argentina and Brazil Steel solutions (tubes) Argentina Construction solutions Modular solutions Perú Mining Iron ore Rare earth deposits Chile Infrastructure Ports Desalinization plant Transmission line Housing & Modular Construction solutions Modular solutions Rare earth deposits Brazil
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During this year we strengthened our position in our 3 business segments MINING INDUSTRIAL INFRASTRUCTURE • Closed the acquisition of the remaining 49% of Aguas CAP, financed through Chile’s first blue loan • Progressing conversations with potential new clients • New vehicle - CAP Puertos Multiproposito - consolidating Huachipato and PLL ports operations under a dedicated management team • Turnaround execution: Improved EBITDA by 59% YoY • Progressing in the divestment plan of non - core assets to reduce debt • Awarded the first 2 projects to build modular housings DS49 • Positive free cash flow in Limestone and port activities • Execution of the Huachipato 2.0 plan underway • Huachipato Servicios Logísticos y Portuarios SpA (HSLP) created to strengthen port and logistics operations • Implemented cost reduction measures to mitigate MLC Phase 5 MLC impact • Progressing full speed in MLC Phase 6 development • Early works at Romeral underground started on July 01 and progressing according to plan • Continued to progress in organic growth projects design • Subscribed to a 10.2% capital increase of Aclara Resources (TSX) at CAD$ 0.7 per share • Progressing with the Penco Module environmental permit – currently under Adenda 2 review • Carina Project advancing through environmental permitting process (EIA 1 stage) • Progressing conversations with new clients
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0 2 . Financial Performance 3Q’2025 Financial Results
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Iron ore prices remained stable, with a slight improvement compared to 3Q24 Platts 62% Fe avg Platts 65% Fe avg 3Q24 3Q25 114.2 117.3 +3% 9M24 9M25 111.5 101.1 -9% 9M24 9M25 125.3 114.2 -9% 13.113.815.365%-62% Premium 14.5 0 50 100 150 200 250 300 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 US$/ dmt Iron ore price (CFR China) 65%-62% Premium Platts IO fines 65% Fe Platts IO fines 62% Fe Annual average (65%) 3Q24 3Q25 99.7 101.9 +2% Source: S&P Global Platts
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Chile: investment recovery led by mining, with construction slowly improving Note: (A) is the cumulative total of projects up to Q2-2025 Investment in mining (US$ billions) Source: CChC Source: CBC 2020 2021 2022 2023 2024 2025 (A) 4.9 7.1 7.3 5.0 6.0 8.4 +38% Mining Investment • The Monthly Construction Index (IMACON) has shown signs of stabilization throughout 2025, recording a YoY positive variation for the sixth consecutive month in September • Forecast for mining sector investments in 2025 is US$ 8.4 bn (+38% YoY). The main projects are: 1. Los Bronces Integrado by Anglo American Sur S.A. (US$ 3.5 bn) 2. Operational modifications at Minera Escondida (US$ 2.4bn) 3. Life extension of Minera Los Pelambres (US$ 2 bn) Annual Variation Monthly Construction Index
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Consolidated EBITDA for 3Q25 remained stable YoY, while Net Income decreased due to higher financial expenses in CMP and HTO 1. Excluding MtM, settlements and CFR freight 2. Industrial segment includes Cintac, Tasa and Huachipato 3. Net income attributable to the controlling interest EBITDA (US$ million) Net income3 (US$ million) 127 128 3Q24 3Q25 0% 3Q24 3Q25 -8,4 -15,7 -7,3 • Mining EBITDA remains nearly unchanged, driven by: o -5,5% decrease in average prices1 o -9,7% drop in shipments, primarily driven by lower output in the Huasco Valley o 12,6% increase in C1 cash cost due to reduced production volumes and lower fixed cost absorption o +US$ 59.5m MtM impact (US$32.8m in 3Q25 vs US$ - 26.7m in 3Q24) • The industrial segment2 reported higher EBITDA in 3Q25 (+US$ 1,3m YoY), mainly driven by Cintac’s improved performance (+US$ 1,2m) compared to 3Q24, with an EBITDA margin expanding from 7.8% to 8.6% • The decline in the bottom line is mainly attributable to the mining segment, which posted a loss of US$ 5m, compared to a profit of US$ 1m in 3T24, due to interest expenses, exchange rate and other operating expenses Key 3Q25 highlights (compared to 3Q24) 472 298 9M24 9M25 -37% -359 -72 9M24 9M25 +287
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Consolidated Revenues increased by 15% during 3Q25 YoY, driven by Mining 379 503 114 27 Mining Industrial Infrastructure -17 Intercompany Consolidated Revenues 3Q25 (US$ million) -2727109 438 -34.3%-0.8%15.6%Δ25/24 3Q24 (US$M) 4.6% 14.9% 328 • Mining: Revenue increased by 15.6%, mainly driven by a MtM effect of US$ 32.8m vs US$-26.7m in 3Q24 and by CFR freight of US$ 43M, partially offset by the lower shipments • Industrial: The 4.6% increase in revenues is mainly driven by a 6% increase in Cintac and 21% growth in HTO, partially offset by a 7% decrease in TASA • Infrastructure: Sales decreased slightly due to lower revenue from PLL Key 3Q25 highlights (compared to 3Q24)
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Consolidated EBITDA remained stable in 3Q25 YoY, with very little variation in all business segments 110 128 16 Mining 4 Industrial Infrastructure -2 Intercompanies Consolidated EBITDA 3Q25 (US$ million) 109 3 17 -1 127 +1% -5%Δ25/24 3Q24 (US$M) +50% +0.2% • Mining: EBITDA remained flat, as higher revenue was offset by an increase in C1 cash cost (US$53.6/t vs US$47.6 in 3Q24), explained by lower fixed cost dilution resulting from reduced production volumes • Industrial: Higher EBITDA mainly attributable to Cintac (+US$ 1.2m) driven by improved performance in the modular business in Peru and the hospitality business in Chile • Infrastructure: EBITDA remained stable Key 3Q25 highlights (compared to 3Q24)
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Net Income declined in 3T25 YoY due to mining, which had higher interest expenses coming from higher leverage -5 -16-22 Mining Industrial 7 Infrastructure 5 Interco & Min. Int Consolidated 1 -26 7 10 -8 -5-0-6Δ25/24 (US$M) +4 -7 3Q24 (US$M) • Mining: Slightly negative result due to higher financial expenses, foreign exchange losses and other operating expenses • Industrial: Reduced loss driven by improved efficiencies at Cintac and Huachipato. Includes US$ -11,3m intercompany financial expenses in Huachipato • Infrastructure: Net income remained stable compared to 3Q24 Net income 3Q25 (US$ million) Key 3Q25 highlights (compared to 3Q24) 1. Excluding MtM, settlements and CFR freight 2. Industrial segment includes Cintac, Tasa and Huachipato 3. Net income attributable to the controlling interest
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As of September 2025, consolidated cash position remains strong at US$ 350 million 1. Cash balance includes Cash and cash equivalents plus Other current financial assets 2. Includes Aclara Resources Holding (US$11m) , Modulo Penco & REE Alloys (US$13m) and Promet Chile (US$7m) Consolidated Cash Balance Sep 25 vs Dec 24 (US$ million) 455 350 198 40 Beginning cash balance Dec-24 Operating cash flow Investment cash flow Financing cash flow Other financial assets & exchange rate Ending cash balance Sep-25 -301 -43 • Operating Cash Flow: Collection from goods and services (US$ 1,268) minus payments to suppliers (US$ -953m) and to employees (US$ - 162m) • Investing Cash Flow: Consolidated CAPEX of US$ -246m (91%% at CMP), along with US$ -72m related to Aguas CAP remaining stake (49%) and acquisitions of non-controlling interests (US$ - 31m2), partially offset by other inflows of cash (US$ 38m) and interest received (US$ 10m) • Financing Cash Flow: New net debt of US$149 million, partially offset by US$ -94 million of interest payments Key 9M25 highlights AguasCAP 49% purchase-$80M
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During the quarter we continued to improve the maturity profile of our financial debt 14 15 16 41100 300 143 27 239 50 35 21 21 375 75 47 84 2025 16 2026 2027 2028 2029 2030 2031 2032 2033 … 2036 592 148 114 130 353 315 Total debt, as of December 2024 US$ 1.738 million 15 16 4174 25 300140 33 26 86 50 85 21 21 249190 47 164 75 100 2025 2026 2027 2028 2029 2030 2031 2032 2033 … 2036 222 407 109 324 351 89 315 Bank loans CAP Long term loan Cintac Long term loan CMP Long Term Loan CMP PAE International bonds Leasing Project finance Aguas CAP Total debt, as of September 2025 US$ 1.889 million Total Financial Debt (US$ million) Itau credit loan for AguasCAP acquisition Bladex bank loan, which replaced debt at Hto US$ 115 million in CMP PAE reestructure
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4. Consolidated financial results Gross financial debt remained stable in the third quarter, while NFD/EBITDA increased due to the lower EBITDA in mining Financial debt (US$ million) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1,113 1,408 1,197 1,777 1,223 1,753 1,131 1,705 1,255 1,753 1,284 1,740 1,415 1,874 1,476 1,892 1,539 1,889 Net financial debt (NFD) Gross financial debt 2 4 6 8 10 0 1 2 3 4 5 0 1.6x 6.8x 3Q23 1.4x 8.9x 4Q23 1.6x 7.6x 1.4x 9.0x 2Q24 1.7x 8.0x 3Q24 2.3x 6.2x 4Q24 2.5x 5.8x 1Q25 3.7x 3.6x 2Q25 3.9x 3.5x 3Q251Q24 NFD/EBITDA EBITDA/Net Interest Expense
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Mining Business 1. Realized price does not include MtM effect and final settlements, nor CFR freight Compañía Minera del Pacífico (CMP) is the leading iron ore and pellets producer on the American Pacific coast, with operations in the Atacama and Coquimbo regions in Chile • -9.7% decline in shipments, from 3.9mt in 3Q24 to 3.5mt in 3Q25, mainly due to the operational contingency at MLC and the transition to Phase 6 • 5.5% fall in realized prices1, from US$ 89.4 per ton in 3Q24 to US$84.5 per ton in 3Q25 • Cash cost (C1) increased from US$ 47.6 per ton in 3Q24 to US$ 53.6 per ton in 3Q25, mainly driven by a 34% production drop in Valle del Huasco, affecting fixed costs absorption • MtM registered a positive effect of +US$59.5m YoY (US$32.8m in 3Q25 vs US$ - 26.7m in 3Q24) EBITDA (US$ million) Net income (US$ million) 109 110 3Q24 3Q25 +1% 1 -5 3Q24 3Q25 -6 426 246 9M24 9M25 -42% 91 -57 9M24 9M25 -163% Key 3Q25 highlights
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Product mix shifted towards pellet feed during 3Q25 During 3Q25 CMP optimized its production mix, directing 90% to pellet feed due to low pellet premiums, reflecting its ability to optimize the product mix based on prevailing prices 3.8 4.3 3Q23 5.5 4.6 4Q23 4.0 4.2 1Q24 3.8 3.8 2Q24 3.9 3.9 3Q24 3.6 3.1 4Q24 3.2 3.4 1Q25 3.2 3.4 2Q25 3.5 3.3 3Q25 Shipments Production 21% 23% 18% 14% 10% 10% 6% 7% 73% 82% 83% 12% 4% 7% 8% 6% 7% 6% 6% 1% 3Q23 1% 4Q23 0% 1Q24 2% 2Q24 2% 3Q24 2% 4Q24 2% 1Q25 2Q25 3Q25 74% 69% 78% 86% 88% 90% Pellets Pellet Feed Sinter Feed Other
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3Q24 1.5 Labor and general expenses 2.6 Materials 0.5 Energy 1.7 Services 0.5 Others -0.8 Exchange rate 3Q25 47.6 53.6 CMP cash costs increase during 3Q25 YoY due to fixed cost dilution • Higher unit costs due to lower production (3.296kt vs 3.942kt in 3Q24) which results in a reduced absorption of fixed costs at MLC Key highlights YoY • Lower cash cost compared to the previous quarter, driven by product mix optimization (no pellet production) and the implementation of cost reduction initiatives Key Highlights QoQ 2Q25 0.0 Labor and general expenses -1.4 Materials -1.9 Energy -0.6 Services -0.1 Others -0.4 Exchange rate 3Q25 58.0 53.6 C1 Cash Cost 3Q24-25 (US$/t) C1 Cash cost QoQ 3Q25 (US$/t) 18% 27% 15% 32% 7% Cash Cost Distribution 3Q25 Labor & General Expenses Materials Energy Services Others
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Industrial business 1. Industrial business net income includes intercompany interest expenses related to the loan between HTO and CAP, which during 9m25 reached US$ 32 million With operations in Chile, Peru, and Argentina, the Industrial business comprises the Cintac Group, Tubos Argentinos (TASA), and the ongoing operations at Huachipato EBITDA (US$ million) Net income1 (US$ million) 3 4 3Q24 3Q25 +50% -26 -22 3Q24 3Q25 +3 4 13 9M24 9M25 +261% -461 -60 9M24 9M25 -401 Key 3Q25 highlights • Cintac’s EBITDA rose 17%, from US$7m to US$8m, driven by higher revenues in the modular business in Peru and the hospitality sector in Chile. Net income also improved but remains negative due to financial expenses • HTO’s EBITDA was US$-3.5 million, representing an improvement of US$0.5 million YoY driven by higher revenues • TASA’s EBITDA fell to US$ -1 million due a decline in gross margins caused by lower market prices following reduced import tariffs and higher distribution costs
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Infrastructure business Includes port, water and energy assets that provide services to our mining businesses and other customers located in the area of operation • Cleanairtech produced 2.0 million cubic meters of desalinated water in 3Q25, versus 2.0 million cubic meters in 3Q24 • Tecnocap reported a power transmission of 60 GWh during 2Q25 compared to 67 GWh reported in 2Q24 Key 3Q25 highlights EBITDA (US$ million) 17 16 3Q24 3Q25 -5% 3Q24 3Q25 7 7 -6% 48 46 9M24 9M25 -4% 9M24 9M25 19 22 +16% Net income1 (US$ million)
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03. Guidance 2026
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Production 2026: 15.1 to 15.6 Mt 16.8 CMP’s Iron ore production - Mt 2026 Portfolio Fe 66% – 69% 2023 2024 2025 Guidance 2026 Guidance 15.1 – 15.6 15.0 – 15.5 14.4 16.8 Phase VI prestripping underway to access core ore by 4Q26 Includes the - 0.4Mt lower production from Phase V declared on June 25 2 nd Pleito plant scheduled for commissioning during 2H26
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Cash Costs C1: is 50 - 53 US$/t CMP’s C1 cash cost production – US$/t 2023 2024 2025 Guidance 2026 Guidance 4 9 - 53 52 – 57 51 52 Considers impact of: • New energy contract that starts on January 01, 2026 • Operational and cost improvement measures
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Consolidated Capex of ~US$300 m for 2026 Grupo CAP Capex 1 – US$ m 2023 2024 2025 Guidance 2026 Guidance ~300 ~275 301 Growth CAPEX in CMP and Cintac ~1 2 0 m 516 Sustaining CAPEX ~180 m ~275 Mining ~ 15 Industrial ~1 0 Infrastructure 1. Capex estimate +- 10%. Does not include potential capex associated with potential new clients or contracts during the year (E x: Aguas Cap, PLL)
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03. Mining Strengthen high grade iron ore and advance our rare earth s position Critical minerals f or decarbonization
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Fe Iron 26 Transition Metals
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CMP’s strategy is to become a relevant player in the ‘high purity 1 ’ iron ore market 1. Source: Wood Mackenzie 3Q2025 , CAP estimates 2. High purity = high grade (>65%) and low impurities (<5.5%) 3. Gangue is a measure of iron ore impurities based on Alumina and Silica concentrations 403 1.771 2.174 Global iron ore supply 2025 1 Millions of tons High purity iron ore supply 2025 1 Millions of tons 290 403113 > 65% grade low gangue DRI quality > 67.5% High purity iron ore supply Low purity High purity Global iron ore supply ~19%
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0 2 4 6 8 10 12 56 59 62 65 68 ROW Australia Brazil Canada High grade Low gangue zone High purity iron ore pellet feed specification 1 Industry iron grade and gangue summary 1 Gangue Content (Alumina + Silica (%) Iron grade (Fe%) > 65% Fe < 5.5% Gangue < 0.1% Phosphorus < 1.4% Impurities CMP has world class high purity deposits to compete in the market 1. Source: Wood Mackenzie 3Q2025 , CAP estimates
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High purity iron ore premiums should increase in the future as steel making transitions to greener technologies, particularly in the DRI quality ~ 67.5% DRI Pellet Price Why does premium exist? Resource and deposit scarcity of high – grade products for DRI M agnetite PF have properties that can generate energy savings for pelletizers over hematite Increased energy efficiency as lower impurity content 3 Reduced carbon emissions on steel making producers2025 2026 2027 2028 2029 2030 2035 Platts 62% Price Pellet DRI Price ~67.5% ~US$ 60 per ton in 2025 High grade demand and long term premium outlook (1)(2) Platts 62% Price ~US$ 80 per ton in 2035 1. Source: Wood Mackenzie 3Q2025 , CAP estimates 2. Computed over Platts 62 for simplicity. BF Premium already considers Platts 65 – Platts 62 spread. 3. Alumina and silica <2.5%
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On the global all - quality cost curve of iron ore CMP is close to the 3 rd quartile... Cash Costs C1 US$ per ton Q1 (25%) Q2 (50%) Q3 (75%) Global Iron ore cost curve 2025 1 Total iron ore tons0 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 2.200 0 50 100 150 200 250 1. Source: Wood Mackenzie 3Q2025 , CAP estimates VH VC VE
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...but on the high purity iron ore market CMP is competitively positioned in the 2 nd quartile Cash Costs C1 US$ per tonne Q1 (25%) Q3 (75%) Q2 ( 50 %) High purity iron ore cost curve 2025 1 Total iron ore tonnes ~65% Fe <5.5% Gangue 0 50 100 150 200 250 300 350 400 450 0 50 100 150 1. Source: Wood Mackenzie 3Q2025 , CAP estimates VH VC VE
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CMP goal is to have >4 - 8 % market share in the high purity market 1. Source: Wood Mackenzie 3Q2025 , CAP estimates. 2. Gangue is a measure of iron ore impurities based on Alumina and Silica concentrations CMP in the global iron ore supply 1 Millions of tons Others CMP plays in the > 65% High grade < 5.5% Low gangue 2 Iron ore Market 15.0 - 15.5 ~18,0 ~30,0 2025 2030 2040 ~403 ~400 ~390 4% 8%3%
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40 2023 2024 2025 2026 2027 2028 2029 2030 Starting in 2027 we will recover our normal production levels above 16Mt as we reach the minerals in phase 6 and leave behind the impact of phase 5 ~ 16 ~18 15.1 – 15.6 15.0 – 15.5 14.4 16.8 Iron ore production - Mt CNN 4.9 Optimization CNN 5.7 Opt. MLC Phase VII & Phase V Romeral Underground stage I Portfolio Fe 66% – 69% 2035 ~ 22
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CMP’s C1 cash cost – (US$ /t) 1 As production increases and op. improvement initiatives materialize our C1 should decrease to ~45 $ /t by 2030 Key Drivers: • V olume and fixed cost dilution • 2026 renewable energy contracts • Operational saving 2020 2021 2022 2023 2024 2025 2026 2030 52 - 57 51 52 51 46 43 49 - 53 ~45 1. Average Iron ore ton C1 cash cost by tonne produced (US/t). Considers US$ 930 / CLP by 2030 and annual inflation rate of 3%.
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2025 2030 2035 2040 2045 2050 Copiapo Valley Huasco Valley Elqui Valley Magnetita 1 Pleito Tofo Norte 2030 2031 1. The current contract between the Magnetita plant and Candelaria runs until 2030 2. Underground mining To achieve these production targets CMP has a portfolio of optimization and growth projects CNN opt. Stage I 2026 - 2028 CNN opt Stage II 2029 - 2030 MLC Brownfield Stage I 2026 - 2030 MLC Brownfield Stage II 2031 - 2033 Romeral UG 2 Stage I 2026 - 2027 Romeral UG 2 Stage II 2032 - 2034
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CMP has transformational projects in each one of its valleys for a long term Note: Project updates under board approval CMP’s production growth – million tons ~18 ~22 2026 Mine plan 0.5 Stage I Romeral UG 0.7 Stage I CNN optimization 0.3 Stage I MLC Brownfield 0.4 Stage II CNN optimization 2030 0.4 Stage II CNN optimization 1.1 Stage II Romeral UG 1.5 Stage II MLC Brownfield 2035 15.1 – 15.6 1.1 – 1.5 CNN Optimization MLC Brownfield Romeral Underground 2027 - 2029 2034 - 2035 2031 2030
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CNN optimization consider 2 stages to reach up to 5.7 mt 1 by 2031 Stage 2 CAPEX 2 0.1 bn 2031+ CNN Fe 66% to 2055 C1 Reduction 15 % - 2 0 % by 2031 Project Milestones Started sequential grinding in 4qtr 25 Feasibility & permits - 2026 Start of ops CNN 4.9mt - 2028 Feasibility & permits - 2028 Start of ops CNN 5.7mt – 2030 1. Capacity based on 2023 production wet metric ton 2. Project optimized for financial performance Note: Project updates under board approval Stage 1 from 4.2 to 4.9 mt 1 Stage 2 from 4.9 to 5.7 mt 2 Stage 1 CAPEX 2 0.2 bn
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Progressing in Romeral t o transition from open pit to underground Stage 1 CAPEX 2 0.1 b n Project Milestones Started access tunnel – 2025 Permits and construction stage 1 in 2026 Start of ops stage 1 - 2027 Permits and construction stage 2 – 2032 - 2034 Start of ops stage 2 - 2034 1. Capacity based on 2023 production wet metric ton. 2. Capex considers only Romeral UG growth capex. Includes US $5m CAPEX in 2025 Note: Project updates under board approval VE Fe 68% 2027 onwards Stage 1 ~ 2 .0 to 2 .5 mt 1 until 2034 Stage 2 CAPEX 2 0.3 bn Stage 2 ~ 2.5 to 3 .6 mt 1 from 2035 to 2050
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Phased MLC Brownfield to stabilize operational contingencies Stage 1 Production ~8.2 to 8.5 mt 1 Stage 2 ~8.5 to 10.0 mt 1 from 2035 to 2050 2026 VH Fe 69% to 2050 Project Milestones Stabilize contingencies - 2025 Modular Plants construction - 2026 Feasibility & permits to 2027 Start of ops s tage 1 – 2030 to 2034 Start of ops stage 2 - 2035 1. Capacity based on 2023 production wet metric ton 2. Includes Phase VII presstiping Note: Project updates under board approval Stage 2 CAPEX 0.9 bn Stage 1 CAPEX 0.5 bn 2
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HUACHIPATO 2.0 Transformando el futuro del Biobío Agosto, 2025 Rare Earths The minerals for the future N d P r 59 & 60 Light Rare Earth D y T b 56 & 66 Heavy Rare Earth
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There are 4 Magnetic rare earths which accounts for 95% of the market size Rare Earths metals Rare earths are a group of 17 minerals d ivided in Light and Heavy 4 magnetic rare earths NdPr : DyTb accounts for 95% of the market size 2 Rare earths are found in Hard Rock or Ionic Clay deposits 1 La Lanthanum 57 Ce Cerium 58 Pr Praseodymium 59 Nd Neodymium 60 Pm Promethium 61 Sm Samarium 62 E u Europium 63 Lights More abundant and less valuable Heavies Less abundant and more valuable Gd Gadolinium Tb Terbium 65 Dy Dysprosium 66 Ho Holmium 67 Er Erbium 68 Tm Thulium 69 Yb Ytterbium 70 Lu Lutetium 71 64 1. Hard rock rare earth extraction involves fracking processes with radioactive materials. 2. Argus Media 2024 Report
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Aclara owns two world class ionic clay deposits with very high heavy rare earth concentration (1/2) Mineral r esources of Rare Earths ionic clay deposits 2 Total rare earths 3 concentration (TREO ppm) NdPr to DyTb ratio (x:1) 0 500 1.000 1.500 2.000 2.500 3.000 3.500 0 5 10 15 20 25 Other Ionic clay deposits Penco Module 3:1 Carina Project 6:1 Full scalable deposits ( Mtons ) High NdPr:DyTb ratio Up to 5 - 7 x s calable deposits 1 ~ 9 % of 2030 DyTb supply gap 1 ~ 225 t estimated production of DyTb per year 1 1. Aclara Corporate presentation Aug - 25 and corporate website to Oct - 25. 2. Graph of tonnage v/s TRO grade for reported M&I MREs of IAC deposits. The size of the sphere relates to the contained metal. References are Pela Ema, PCH, Colossus and Makutu deposits. 3. Total rare earth oxide
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Aclara owns two world class ionic clay deposits with very high heavy rare earth concentration (2/2) Modulo Penco Carina Project 3:1 6:1 ~50 DyTb and 126 NdPr avg tonnes per year +14 years life of mine ~175 DyTb and 1.170 NdPr avg tonnes per year +22 years life of mine 12.9 km of drilling completed De - risked metallurgy MoU signed with the State of Goias and Nova Roma Measured 79% of resources 16.2 km of drilling completed De - risked metallurgy Measured 95% of resources Environmental license 1H26 Source: Aclara Corporate presentation Aug - 25 and corporate website to Oct - 25. Key achievements 16.2 km of drilling completed license 1H26 Key milestones estimates Feasibility estimated 2 H26 Pilot operation completed C onstruction estimated 2027 Start of ops. Mid 2028 Environmental license 1H26 Feasibility estimated 1 H26 C onstruction estimated 2027 Start of ops. Mid 2028 Key milestones estimates Key achievements U.S. government backing
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Key challenges ahead Environmental Permits Penco Module • ICSARA 2 answered at Sept - 25 • Adenda 2 sent in Oct - 25 • Approval is estimated for 1Q26 Carina Project • Environmental permit submitted in May • Preliminary license and installation license are estimated for Dec - 25 and Dec - 26, respectively Plant Development • Pilot Plant testing in Carina Project, Brasil to Sept - 25 • Penco feasibility study by 3Q26 • Carina feasibility study by 2Q26 Offtakes • Early - stage negotiations are underway with prospective off takers in the U.S and Japan
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dic-24 ene-25 feb-25 mar-25 abr-25 may-25 jun-25 jul-25 ago-25 sept-25 oct-25 10.2% at US $0.7 per share + 2 57 % return CAD$ 2.5 as Oct 2025 An industry with strong activity in 2025 Rare Earth main players stock return - base 100 April 2025 Announcement of U.S. tariffs and China's restriction on REE exports July 2025 U.S. federal funding and US$ 110kg NdPr price floor offtake to MP Materials September 2025 U.S. DFC funded US$ 5m to Carina project (FEL1) and set a preferred option to fund the construction Source: Bloomberg as of November 7 of 2025 November 2025 China suspends bans on exports to US of some critical minerals
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In Summary, by 2030 both CMP and Aclara will be in full production Fe CMP 26 High grade iron +18.0 Mt DyTb Aclara 65 & 66 Heavy Rare Earths +225 t NdPr Aclara 59 & 60 Light Rare Earths +1.296 t
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03. Non - Mining Creating the right pathway to capitalize opportunities Existing assets at strategic locations
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US$ 50 m EBITDA Aguas CAP LTM As of Sept 2025 100% CAP ownership Aguas CAP As of Sept 2025 Addressing the m ining needs
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Aguas CAP strategy is to increase operations through third party clients Up to 750 l /s capacity by civil works +400 l/s desalination capacity with environmental permits to expand to + 600 l/s +10 mining projects around our 220km pipeline Prospective Client +23.000 l /s projection of water demand in local copper mining to 2030 1 Magnetita CNN Source: Cochilco 2024
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In 2025 we closed the acquisition of the remaining 49% of Aguas CAP, which we financed through Chile’s first blue loan with Banco Itaú 1 st blue loan financing of Chile to fund the acquisition for US$ 80m +100% ownership after the acquisition of 49% for US$ 79.5m 12.5 x Median EV to EBITDA – Water Utilities 1 Peers
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Puerto Las Losas PLL 51% Ownership Puerto Huachipato HSLP 100% Ownership Connecting the world through multiple terminals Multipropósito
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CAP is the third largest port operator in Chile with two multipurpose ports, and three iron - ore focused ports HSLP 51% Ownership 100% Ownership Punta Totoralillo Port 100% Ownership Guacolda II Port Guayacan Port Note: CMP doesn’t consider Puerto Cruz Grande project
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Puerto las Losas aims to be a key mining dedicated terminal in the north of Chile Prospective Mining Client Copiapo 2 berth sites up to Handymax vessels (Panamax in process) +29Ha land available for support area and logistic activity in Atacama region Permits for +200 ships per year and storage up to 380 kton of iron and copper concentrates +2.0 million tons in current capacity and permits up to 6.0 million tons in total cargoes
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The opportunity: Increasing mining demand in Atacama Region by new iron and copper projects Prospective Mining Client Copiapo 2026 27 28 29 30 31 32 33 34 2035 0.5 1.7 2.7 2.7 3.0 3.0 2.9 2.9 3.2 5.2 Iron Copper Mining project production forecast – million tons Source: Grupo CAP estimates based on public information on each project.
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HSLP, on the other hand, aims to be a key multipurpose terminal in the south of Chile +180Ha land for containers logistic and bulk storage zone in Biobio region 2 berth sites up to Handymax vessels (Panamax feasibility under study) +35km in internal railways logistic system +2.0 Million tons in current capacity HSLP Other ports Bio Bio
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Strategic location • Gas ducts and oil ducts, such as Vaca Muerta from Argentina • Operations in a key industrial zone • Possibility to integrate port, logistics and industrials HSLP prepared to capture Bio Bio cargo Protected bay • San Vicente bay has a natural conditions to assure minimum downtime Large scale operations capacity • Largest storage facility (180ha) for bulk, liquid and general cargoes and container logistics • Private port with large connectivity ( 35km railroad), 5 truck access, 2 railway access
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Shaping 4 Hubs for a profitable business Labor impact mitigated by our transition plan Financial impact already absorbed in P&L and cashflow Reconversion of Huachipato
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Innovation Hub Biodiversity Hub Territorial Master Plan Logistics HUB Industrial Hub Port Business Extra Logistic Internal Railways Limestone Alloys & Metals Industrial know - how Industry 4.0 center Regional R&D Focus +400 ha land Environmental assets Advancing in our new business plan in 4 Hubs
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Innovation Hub Biodiversity Hub Territorial Master Plan Logistics HUB Industrial Hub Limestone Alloys & Metals Industrial know - how Advancing in our new business plan in 4 Hubs
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Industrial HUB pipeline | multiple projects at different stages DRI Steel Azero Industrial land leasing under evaluation 2 3 1 4 Industrial chemical storage prospecting clients Aclara Metals Engineering services for Pilot plant in Huachipato’s site Construct and operate pilot plant for rare earth metallization Partnership with SMS group to develop green iron and green steel Scoping studies in developing pig iron production with green reduction agent Scoping studies in green steel from low grade iron ore and scrap Scoping studies in vanadium recovery from iron ore
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Industrial HUB pipeline | Limestone a key input in several industries Production ~100 k t Mining quality limestone Capacity up to ~1,000 kt 1 Mining limestone +10% 5yr CAGR 3 Leaner operational model Economy of scale [10 - 20] % potential 2 Guarello Milestones New operation model (4 months) - 2026 Agro & i ndustrial limestone - 2026 Mining Feasibility & permits - 2027 Mining limestone - 2028 1. Estimated on current footprint 2. Estimated over current cost 3. Cochilco 2024 and Grupo CAP estimates based on copper and lithum lime demand.
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Biodiversity Hub Territorial Master Plan Logistics HUB Industrial Hub Advancing in our new business plan in 4 Hubs Industry 4.0 center Regional R&D Focus Innovation Hub
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Advancing in our innovation ecosystem Facilities 7.0 Ha in ex - cafeteria Capacity +5,000 people Memberships Start ups Industrial research Manufacturing & 4.0 Industry innovation center Desing Innovation Center 2025 Secure partnerships 2026 Look up CORFO funds 202 6 Memberships - 202 6 / 2027 Start up - 2027
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Innovation Hub Biodiversity Hub Territorial Master Plan Logistics HUB Industrial Hub Advancing in our new business plan in 4 Hubs
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All this integrated by our territorial master plan among our 4 Hubs + 400 Ha to integrate in a new masterplan 1st territorial forum held in August BIODIVERSITY 2nd territorial forum to be held in November
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US$ 95 m Market cap1 CINTAC - SSE As Oct 2025 78% CAP ownership CINTAC - SSE As Sept 2025 The construction for the future 1. Bloomberg Oct 2025
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Cintac is making progress into its strategy to recover its profitability EBITDA LTM evolution1 (US$m) 2022 2023 2024 3Q 25 LTM 21 21 30 Modular Construction Others -14 Business Efficiency • Award of large-scale modular projects and increase capacity • Cost reduction through higher productivity • Award first social housing projects DS49 Synergies & Savings • Leverage Cintac group structure • Deploy Zero based budget • Optimization of industrial footprint 1. Exclude real estate asset sale in 4Q24 up to US$ 7.4 million 2. Cintac’s Management Report 202 2, 2023, 2024 and 3Q 2025
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We have a plan to reduce debt for the following years Leaner Working Capital Sale of Non core assets Total Proceeds To be executed until 2028 Accelerate receivables Inventory prepayments Delay payables Real estate assets Non operational assets 10 – 30 US$ m 30 – 50 US$ m 40 – 80 US$ m 1. Cintac’s Conference Call 2024 and 2Q 2025
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Cintac was recently awarded its first 2 social housing contracts Doñihue project 156 families Houses from 56 to 64 m 2 Rengo project O’Higgins region 259 families Houses from 51 to 61 m 2 Metropolitan region
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04. ESG Leading provider of decarbonization materials
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Four pillars guide our sustainability strategy Sustainable development o f our business Climate Action Biodiversity Shared Value
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Sizable reduction in CO 2 emissions to consolidate our climate change commitment + 35 % Scope 1 & 2 reduction since 2020 1 2020 2021 2022 2023 2024 2.6 2.4 2.5 2.3 1.7 Total scope 1 and 2 emissions – MMt Co 2eq 100 % renewable electricity contracts from 2026+ at CMP and Aguas CAP 2 Grupo CAP Highlights 1. Mainly explained by Huachipato indefinite suspension 2. Estimated impact of 0.6 MMt Co 2eq reduction We will continue to identify opportunities to further reduce emissions…
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ESG Credentials 10 % most sustainable companies in the Iron Ore & Steel sector worldwide 4 th most sustainable company in the Iron Ore & Steel sector worldwide 8 yr included in DJ Mila pacific index (Chile, Peru, Colombia and Mexico)
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During 2025 Grupo CAP developed its sustainability - linked finance framework in line with best world practices Key features • Built on global principles as ICMA and LMA • Fully integrated with CAP’s strategy • Advised in its elaboration by BNP Paribas • Validated by S&P • Clearly defines • CAPs climate targets and commitments • KPIs to manage and track • ESG governance
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Strong balance sheet Portfolio strengthening Disciplined capital allocation Strategic growth 05. Financial Strategy
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Grupo CAP EBITDA Share – 2025 to 2030 1 Portfoli o strengthening focused on 3 workfronts Industrial Iron ore Infrastructure Rare earths 2020 2025 2030 100%100 100 100 ~60% ~85% ~90% 1. Grupo CAP Management reports. Grupo CAP estimates Development of infrastructure with 3 rd party clients Diversification through growth in rare earth and industrial businesses Stabilization of iron ore production and implementation of expansion projects
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Strategic growth leveraging current capabilities and assets Rare Earths 1 Iron Ore Option of u p to 40% ownership in Modulo Penco for US$ 50m Optio n of u p to 20% ownership in Aclara resources (TSX) Execute growth projects Explore opportunities close to our valleys where we can leverage current assets 2 3 1 4 1. CAP Management report 1Q25. Penco Module option based on fixed investment amount. Aclara Resources TSX option at market price Infrastructure and industrial Strategic partnerships to strengthen and grow the businesses Dedicated management to optimize and grow operations 5 6 Mining Non-Mining Other minerals
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During the coming years we will de - leverage back to Investment Grade levels Consolidated Net Financial Debt ( US$m 1 ) 711 2022 2023 2024 2025 Forecast 2026 2027 2028 2029 2030 1.197 1.284 NFD/ EBITDA LTM BBB - BB - BB+ BB ~1 . 0 x International Credit Rating 1. Net Debt = Gross Debt – (Cash and equivalents + Other short term financial assets). Grupo CAP Conference Call 2024 to 2025.. Gru po CAP estimates 0.8 x 1.2 x 2.3 x 2.9 x
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Grupo CAP’s Future | An integrated portfolio leading critical materials for the energy transition — creating sustainable value and impact for Chile Realize i ndustrial value Leverage resources to build next gen businesses Grow infrastructure to unlock value Ports and water, that enable CAP and the region Strengthen our mining core High - grade iron ore as our leadership engine; advance into rare earths Financial discipline that fuels growth Returns and strategic focus first
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CAPITAL MARKETS DAY 2025