Slides
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 3Q26 Results VOLCAN COMPAÑÍA MINERA November 2026
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 2 Disclaimer Some statements contained in this presentation or in documents referring to this presentation may contain inaccuracies. No reliance for any purpose whatsoever may be placed on the information or opinions contained in this presentation or on the completeness of this presentation. Volcan Compañía Minera S.A.A. (the Company), its shareholders and its officers make no representation or warranty as to the accuracy or completeness of the information contained in this presentation. Any person who has access to this presentation must evaluate independently all information provided in it and shall not rely on it. Nothing in this presentation is to be construed as a profit forecast. Some statements contained in this presentation or in documents referring to this presentation may include forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Any forward-looking information contained in this presentation was prepared on the basis of a number of assumptions that may prove to be incorrect. Actual results may vary accordingly. This presentation does not constitute, form part of, or contain any invitation or offer to any person to carry out any investment or underwrite, subscribe or otherwise acquire or dispose of any shares in the Company or its subsidiaries; or advise persons to do so in any jurisdiction or under any applicable law. No part of this document shall form the basis of or be relied upon in any connection with or act as an inducement to enter into any contract or commitment. No liability whatsoever is accepted by the Company, its shareholders, its officers or any related parties for any loss howsoever arising from any use of this presentation or its contents in connection therewith. To the maximum extent permitted by law, and, except in case of gross negligence or willful misconduct, the Company and its respective shareholders, officers, employees, agents, contractors or advisers are not liable to any person for any loss or damage incurred as a result of using or relying on this presentation.
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AGENDA Highlights Operational Results Financial ResultsIII II I
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Volcan at a Glance 4Notes: Mines and plants in operation as of September 2026. Resources, reserves and concessions as of December 2025. Installed capacity includes TAG, acquired in January 2026. (1) Source: Ministry of Energy and Mines (MINEM). (2) Source: S&P Global Market Intelligence, production capability +83 years of polymetallic mining. Executing our next growth chapter Operations concentrated in two strategic clusters, with connectivity and logistics synergies enhancing efficiency and control Ag Silver 3rd in Peru 16th worldwide Zn Zinc 2nd in Peru 8th worldwide Pb Lead 1st in Peru 11th worldwide Production ranking 2025: position in Peru (1) and worldwide(2) 8 mines in operation in Peru's central highlands, with 5 concentrator plants and 1 leaching plant 268,000 ha of mining concessions 450.2 MM MT of mineral resources, plus 47.2 MM MT of reserves 42 MW of installed capacity in 13 hydroelectric plants USD 408.3 MM Net sales, 3Q26, +39.6% YoY YTD 2026: USD 1,114.3 MM, +29.5% YoY USD 176.7 MM Adjusted EBITDA, 3Q26, +52.0% YoY YTD 2026: USD 493.9 MM, +45.5% YoY
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Safety First 5 Notes: 2026 figures as of September. LTIFR: Lost Time Injury Frequency Rate. TRIFR: Total Recordable Injury Frequency Rate. D ISR: Disabling Injury Severity Rate. (1) Average of the three 2026 volumes of the Trabajador Seguro program Safety Indicators 1.22 0.62 1.06 1.40 0.88 2.43 1.81 2.35 2.70 1.72 60.4 91.0 598.0 86.0 49.5 2022 2023 2024 2025 2026 LTIFR TRIFR DISR 3Q26 Safety Highlights 84/100 Contractor Performance Index Contractor field assessment Seven-dimension model, calibrated with field audits; up from 80/100 in 2Q26 Safety Culture Pillars Safety as a Core Value Operational Discipline World-Class Practices and End-to-End Risk Visibility 24,000 training man-hours(1) Behavioral safety Trabajador Seguro leads our five behavior management programs 2,686 people surveyed Psychosocial risk control Surveys covering over 80% of the workforce guide where to intervene, improving team dynamics and focus 2,729 critical risk audit hours Risk controls and engineering processes External audits under the ICMM model: rock mass failure completed; energy isolation and electrical safety in progress
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 56.0 60.1 2Q26 3Q26 14.8 17.4 2Q26 3Q26 3.1 3.7 2Q26 3Q26 3.3 3.9 2Q26 3Q26 3.4 3.3 2.8 3.1 3.7 3Q25 4Q25 1Q26 2Q26 3Q26 59.8 59.5 52.6 56.0 60.1 3Q25 4Q25 1Q26 2Q26 3Q26 16.4 15.2 12.8 14.8 17.4 3Q25 4Q25 1Q26 2Q26 3Q26 3.3 3.4 3.0 3.3 3.9 3Q25 4Q25 1Q26 2Q26 3Q26 Year Zn Pb Cu Ag Au (FMT K) (FMT K) (FMT K) (oz MM) (oz K) 2025 235.5 63.7 3.9 13.5 13.7 2026e 235-245 60-65 4.5-5.5 13.5-14.5 11-13 Yauli Chungar Cerro Production Highlights 6 Notes: Production by company: Chungar includes Alpamarca and Romina, and Cerro includes the Oxides plant and the silver conte nt of pyrites sold. Variations calculated on exact figures +0.5% YoY +7.4% QoQ +6.9% YoY +17.9% QoQ +5.9% YoY +17.4% QoQ +20.8% YoY +17.5% QoQ Updated Guidance Zinc (thousand FMT) Silver (MM oz) Lead (thousand FMT) Gold (thousand oz)
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 35% 39% 15% 5% 160.3 200.0 210-215 60-7044.1 80-85 2024 2025 2026e Sustaining Catch-Up Growth Other 41% 20% 20% 12% 48.3 83.4 Updated Guidance 63-68 2026e 54.5 58.6 60.5 65.1 70.0 3Q25 4Q25 1Q26 2Q26 3Q26 350-370 248.9 167.2 3Q26 YTD 2026 Total Capex 119.8 266.9 Cost and Capex Highlights 7Notes: 2Q26 unit cost restated under the new classification of costs, for comparability. Variation by driver as a percentage of the 3Q25 unit cost. Totals may not add up due to rounding. (1) Unit cost includes infill drilling. (2) Corporate, energy and other businesses, not included in the 2026e guidance Production Unit Cost (USD/MT)(1) +USD 35.1 MM +72.8% YoY Local Exploration Development Plants and Tailings Facilities Mine and Infrastructure Electrical InfrastructureSupport and Others Total Capex (USD MM) +15.5 USD/MT, +28.5% YoY Sustaining Capex (USD MM) 3Q25 3Q26 Unit Cost Variation by Driver, 3Q26 vs 3Q25 +25.3% Services: Contractor rates amid industry-wide demand for skilled labor, and higher-grade zone preparation +6.8% Supplies: Fuel and materials for new operations +1.3% Labor: Workforce for new operations +1.0% FX: Sol appreciation +0.9% Energy: Higher consumption, mainly at Chungar -6.7% Volume: Higher ore treated diluted fixed costs Updated Guidance USD 183.7 MM Sustaining + Catch-Up YTD In line with 270-285 guidance +280 tpd Andaychagua Expansion Expected in 4Q26 USD 71.6 MM Growth YTD 3.3x YTD 2025, with Romina and fast-track projects (2)
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 116.2 107.0 178.1 139.2 176.7 3Q25 4Q25 1Q26 2Q26 3Q26 Revenue and Adjusted EBITDA Highlights 8 Notes: (1) Adjusted EBITDA: EBITDA excluding non-recurring items, gains or losses on the sale of property other than in the ordi nary course of business, other non-cash items, and foreign exchange gains or losses on loans, foreign currency translation adjustments and bank charges. (2) Initial invoice prices, provisional and subject to adjustments upon final settlements. (3) Sales before the settlement of prior period adjustments, adjustments for open positions and hedging results, which totaled -USD 31.6 MM in 3Q26 and -USD 8.7 MM in 3Q25 36% 48% 11% 45% 40% 8% Net Sales and Adjusted EBITDA(1) USD 408.3 MM Net sales, 3Q26 +39.6% YoY USD 1,114.3 MM Net sales, YTD 2026 +29.5% YoY USD 176.7 MM Adjusted EBITDA, 3Q26 +52.0% YoY USD 493.9 MM Adjusted EBITDA, YTD 2026 +45.5% YoY Adjusted EBITDA (USD MM) +USD 60.4 MM, +52.0% YoY Prices and Sales Variation by Metal(2) Metal 3Q26 3Q25 Δ (%) Δ Sales (USD MM) Zn (USD/MT) 3,686 2,841 +29.8% +32.5 Pb (USD/MT) 1,887 1,968 -4.1% +2.7 Cu (USD/MT) 14,112 9,794 +44.1% +8.5 Ag (USD/oz) 65.8 37.4 +75.8% +90.4 Au (USD/oz) 4,283 3,442 +24.4% +4.6 Total +138.7 Silver Drives Revenue Growth(3) 3Q25 301.2 3Q26 439.9+USD 138.7 MM +46.1% YoY Silver Zinc Lead Copper Gold Sales before adjustments, USD MM
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Solvency Highlights 9 Note: Debt excludes operating leases under IFRS 16 and accrued interest Net debt (USD MM) Net debt / Adjusted EBITDA LTM (x) 515.3 544.5 514.7 533.4 508.7 1.1x 1.2x 1.0x 1.0x 0.8x 3Q25 4Q25 1Q26 2Q26 3Q26 2.6 9.4 9.5 0.9 – 970.0 2026 2027 2028 2029 2030 2031 2032 2032 Notes Commercial Prepaids Financial Leases 2030 Notes (redeemed) June 2026 USD 220 MM Re-Tap Completed Priced at 7.750% and oversubscribed with 60+ accounts; ratings upgraded to B1 / B+ by Moody's and Fitch September 10, 2026 2030 Notes Fully Redeemed Remaining USD 35.3 MM repaid in full; the 2032 Notes are now the only bond outstanding September 2026 2032 Notes Now Senior Unsecured Collateral fully released after the redemption; B1 / B+ ratings reaffirmed by Moody's and Fitch Debt Maturity Profile as of September 2026 (USD MM) Net Debt and Leverage (USD MM, x) No major maturities until 2032 following the 2030 Notes redemption
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Growth Platform: Key Levers 10 Note: (1) TAG: Transmisión Andina de Generación S.A.C. Organic Growth Levers +280 tpd Andaychagua Plant Expansion Expansion of both plants, with completion expected in 4Q26 1,200 tpd San Expedito Reactivation Initial capacity at Cerro de Pasco, with restart expected in 1Q27 568 thousand oz Silver Pyrites Sold in 3Q26 Monetizing a ~17 MM MT legacy stockpile at Cerro de Pasco 14 projects Pipeline Within Concessions Including Río Pallanga, a fast-track project near existing plants M&A: Power Generation and Mining Contractor Power Generation TAG(1): La Oroya and Pachachaca 25.7 GWh in 3Q26, 41% of Volcan's energy production ESG Reinforcement TAG: 100% renewable Hydro generation that supports decarbonization Own Mining Contractor Inmac: acquired in August 2026 Operates a mine fleet, reducing reliance on external contractors Balance Sheet Capacity Leverage at 0.8x in 3Q26 Below 1.0x after the TAG and Inmac acquisitions Today: Romina Ramp-Up Producing since June 2026, with a 13-year mine life Next Wave: Cluster Expansion Romina II (Santa) and Esperanza, in studies and permitting Optionality: District-Scale Pipeline Copper, gold and antimony across 268,000 ha
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 High-potential Mineral Discoveries Improved Geological Confidence Reserve Replacement and Growth Life of Mine Extension Exploration Pipeline and Targeted Expansion, Fueling Growth 11Notes: (1) The Santa project is part of Romina II. (2) As of October 2026 for Santa Bárbara, Santa and Palma, and as of Septe mber 2026 for Esperanza. Historical drilling at Palma targeted zinc, while 2026 drilling targets copper. (3) Includes capex and exploration expenses Drilling and Investment in Key Projects Exploration Key Criteria Progress of Exploration Projects Prospects Resource Delineation Pre-Feasibility 36 other prospects Santa(1) Esperanza de Iray Carhua- cayan Colqui- huarmi Oyama Puy Puy Romina Central Cerro Enargita 4 copper and gold projects Minas- cancha Río Pallanga Palma Resurgidora Zoraida Esperanza Santa Bárbara Copper Gold Zinc Lead Silver Antimony 70.4 73.3 8.3 9.1 8.3 6.5 11.9 21.2 Esperanza Palma Santa Santa Bárbara 4.2 2.2 2.5 1.1 Investment YTD 2026 (USD MM)(3) km(2) Historical2026
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AGENDA Highlights Operational Results Financial ResultsIII II I
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Company Hydroelectric Plant Generation Capacity (MW) Chungar 10 Baños- Chungar 22.0 Tingo Tingo 1.3 TAG Pachachaca 9.9 La Oroya 9.1 Notes: Plant capacity (tpd) refers to permitted capacity. (1) Expansion adding 280 tpd, expected in 4Q26. (2) Romina undergro und mine is in ramp-up phase 13 Mining Units Overview UG: Underground OP: Open Pit Volcan Mine Main National Road Train Road Mining projects Volcan Leaching Plant Volcan Concentrator Plant Suspended Active Ticlio Alpamarca Oxides Peru Cerro de Pasco Callao Port Animon Andaychagua San Cristóbal Carahuacra Palma Zoraida Carhuacayan Romina Raúl Rojas Esperanza Lima Peru Oroya Pachachaca Unit (Region) Mines Plants Exploration and exploitation concessions Name Type State Name Tpd State N° Hectares (000) Yauli (Junín) Andaychagua UG Andaychagua 3,450(1) - - San Cristóbal- Carahuacra UG Victoria 5,200 25 45 Ticlio UG Mahr Túnel 2,750 - - Chungar (Pasco) Animon UG Animon 5,500 10 14 Islay UG Alpamarca (Junín) Alpamarca OP Alpamarca 2,500 1 35 Romina(2) UG / OP Cerro de Pasco (Pasco) Underground Mine (Paragsha) UG Paragsha - Ocroyoc 12,500 - - Raúl Rojas OP San Expedito 1,800 1 12 Vinchos UG Óxidos de Pasco 2,500 27 5
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 14 Consolidated Operational Results Consolidated Production Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Ore Mined (thousand MT) 2,161 2,395 2,476 2,448 1.1 7,032 7,166 (1.9) Polymetallic Ore 1,937 2,151 2,219 2,194 1.1 6,307 6,427 (1.9) Oxides Ore 224 244 257 254 1.1 726 739 (1.8) Ore Treated (thousand MT) 2,142 2,368 2,565 2,434 5.4 7,075 7,107 (0.5) Concentrator Plants 1,913 2,104 2,226 2,180 2.1 6,243 6,369 (2.0) Oxides Plant 224 244 257 254 1.1 726 739 (1.8) Pyrites 5 19 82 0 n.m. 107 0 n.m. Contained Metal(1) Zinc (thousand FMT)(2) 52.6 56.0 60.1 59.8 0.5 168.7 176.0 (4.1) Lead (thousand FMT) 12.8 14.8 17.4 16.4 5.9 44.9 48.6 (7.5) Copper (thousand FMT) 1.1 1.5 1.4 0.8 66.1 4.0 2.9 39.1 Silver (million oz) 2.8 3.1 3.7 3.4 6.9 9.6 10.1 (5.1) Gold (thousand oz) 3.0 3.3 3.9 3.3 20.8 10.3 10.3 0.1 Antimony (thousand FMT) 0.0 0.1 0.2 0.0 n.m. 0.3 0.0 n.m. Notes: n.m.: not meaningful. (1) Since 2026, the market recognizes and values additional metal content in our concentrates. A s of 1Q26, contained metal includes these metals, which are now part of their sales value. (2) 2Q26 zinc was updated to 56.0 thousand FMT to incorporate final Romina production information 3Q26 vs 3Q25: • Yauli: Higher throughput driven by the SARC bulk mining method at Ticlio and new orebodies at Andaychagua. Copper and gold increased from higher-content zones, while lower head grades reduced zinc, lead and silver • Chungar: Higher extraction and processing driven by the incorporation of new mineralized structures, supporting higher silver, copper and gold production • Alpamarca: In its final stage of operation, processing remaining stockpiles, while the Alpamarca plant continues the expansion and conditioning project that supports Romina's ramp-up • Romina: First full quarter of operation following the start of commissioning in May 2026, with the ramp-up progressing toward design capacity • Cerro de Pasco: Higher copper and gold output from new zones and blending optimization, despite scheduled mill maintenance. Cerro Underground operations and the concentrator expansion support future growth • Oxides: Pyrite sales drove higher silver production, while plant process improvements increased throughput
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 15 Quarterly Evolution of Zinc Production (thousand FMT) San Cristóbal-Carahuacra Δ MT Milled: +5.6 kt Δ Head Grade: -20.2% 18.8 19.8 13.6 15.5 15.4 3Q25 4Q25 1Q26 2Q26 3Q26 Andaychagua Δ MT Milled: +17.9 kt Δ Head Grade: -22.0% 18.1 16.0 16.1 15.8 15.4 3Q25 4Q25 1Q26 2Q26 3Q26 Ticlio Δ MT Milled: +32.9 kt Δ Head Grade: -16.0% 4.2 5.3 5.4 5.4 5.2 3Q25 4Q25 1Q26 2Q26 3Q26 Chungar Δ MT Milled: +81.5 kt Δ Head Grade: -28.9% 10.5 10.6 10.3 9.6 10.4 3Q25 4Q25 1Q26 2Q26 3Q26 Alpamarca Δ MT Milled: -250.1 kt Δ Head Grade: -58.8% 1.2 0.8 0.1 0.1 0.0 3Q25 4Q25 1Q26 2Q26 3Q26 Romina Δ MT Milled: +120.4 kt Δ Head Grade: n.m. 1.5 6.2 3Q25 4Q25 1Q26 2Q26 3Q26 Cerro de Pasco Δ MT Milled: -29.7 kt Δ Head Grade: -2.1% 7.0 7.0 7.0 8.2 7.4 3Q25 4Q25 1Q26 2Q26 3Q26 Notes: Δ MT Milled and Δ Head Grade compare 3Q26 with 3Q25. n.m.: not meaningful. Since 2026, the market recognizes and value s additional metal content in our concentrates. As of 1Q26, contained metal includes these metals, which are now part of their sales value 3Q26 vs 3Q25: • San Cristóbal-Carahuacra: Lower head grades, with new mining zones under preparation to access higher-grade areas • Andaychagua: Higher throughput from new orebodies, offset by lower head grades, with the mining sequence optimized toward higher-grade stopes • Ticlio: Higher production driven by the SARC bulk mining method, partially offset by lower head grades • Chungar: Higher throughput from new mineralized structures, offset by lower zinc grades • Alpamarca: In its final stage of operation, processing remaining stockpiles • Romina: First full quarter of operation, with zinc output rising during the ramp-up • Cerro de Pasco: Higher zinc output, despite lower throughput due to mill maintenance
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 16 Quarterly Evolution of Silver Production (MM oz) San Cristóbal-Carahuacra Δ MT Milled: +5.6 kt Δ Head Grade: -27.9% 1.1 1.0 0.7 0.8 0.8 3Q25 4Q25 1Q26 2Q26 3Q26 Andaychagua Δ MT Milled: +17.9 kt Δ Head Grade: -3.5% 0.4 0.4 0.4 0.4 0.4 3Q25 4Q25 1Q26 2Q26 3Q26 Ticlio Δ MT Milled: +32.9 kt Δ Head Grade: -26.8% 0.1 0.2 0.1 0.1 0.1 3Q25 4Q25 1Q26 2Q26 3Q26 Chungar Δ MT Milled: +81.5 kt Δ Head Grade: -5.9% 0.4 0.5 0.5 0.5 0.5 3Q25 4Q25 1Q26 2Q26 3Q26 Alpamarca Δ MT Milled: -250.1 kt Δ Head Grade: -11.6% 0.2 0.1 0.0 0.0 0.0 3Q25 4Q25 1Q26 2Q26 3Q26 Romina(2) Δ MT Milled: +120.4 kt Δ Head Grade: n.m. 0.0 0.2 3Q25 4Q25 1Q26 2Q26 3Q26 Cerro de Pasco Δ MT Milled: -29.7 kt Δ Head Grade: +12.6% 0.5 0.5 0.5 0.5 0.5 3Q25 4Q25 1Q26 2Q26 3Q26 Oxides(1) Δ MT Treated Oxides: +2.7 kt Δ MT Treated Pyrites: +82.4 kt Δ Head Grade: -7.3% 0.7 0.7 0.6 0.7 1.2 3Q25 4Q25 1Q26 2Q26 3Q26 Notes: Δ MT Milled and Δ Head Grade compare 3Q26 with 3Q25. n.m.: not meaningful. (1) Includes silver from pyrite sales. (2) Romina silver production in 2Q26 was 42.4 thousand oz (0.04 MM oz), shown as 0.0 due to rounding 3Q26 vs 3Q25: • San Cristóbal-Carahuacra: Lower head grades, with new mining zones under preparation • Andaychagua: Higher throughput from new orebodies, offsetting lower head grades • Ticlio: Higher SARC throughput, offsetting lower grades • Chungar: Higher throughput from new mineralized structures • Alpamarca: In its final stage, processing remaining stockpiles • Romina: First full quarter of operation, with rising silver output • Cerro de Pasco: Lower recovery and throughput, despite higher head grades • Oxides: Higher silver production from pyrite sales
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 17 Quarterly Evolution of Lead Production (thousand FMT) San Cristóbal-Carahuacra Δ MT Milled: +5.6 kt Δ Head Grade: -22.5% 2.5 2.1 1.9 1.7 1.9 3Q25 4Q25 1Q26 2Q26 3Q26 Andaychagua Δ MT Milled: +17.9 kt Δ Head Grade: -11.9% 3.4 3.3 3.4 3.6 3.2 3Q25 4Q25 1Q26 2Q26 3Q26 Ticlio Δ MT Milled: +32.9 kt Δ Head Grade: -32.1% 0.5 0.4 0.4 0.5 0.5 3Q25 4Q25 1Q26 2Q26 3Q26 Chungar Δ MT Milled: +81.5 kt Δ Head Grade: -22.9% 5.5 5.8 4.2 5.1 5.5 3Q25 4Q25 1Q26 2Q26 3Q26 Alpamarca Δ MT Milled: -250.1 kt Δ Head Grade: -46.5% 0.8 0.6 0.1 0.1 0.0 3Q25 4Q25 1Q26 2Q26 3Q26 Romina Δ MT Milled: +120.4 kt Δ Head Grade: n.m. 0.9 3.8 3Q25 4Q25 1Q26 2Q26 3Q26 Cerro de Pasco Δ MT Milled: -29.7 kt Δ Head Grade: -7.6% 3.7 2.9 2.7 2.8 2.4 3Q25 4Q25 1Q26 2Q26 3Q26 Notes: Δ MT Milled and Δ Head Grade compare 3Q26 with 3Q25. n.m.: not meaningful 3Q26 vs 3Q25: • San Cristóbal-Carahuacra: Lower head grades, with new mining zones under preparation to access higher grades • Andaychagua: Lower head grades, partially offset by higher throughput from new orebodies • Ticlio: Higher throughput from the SARC bulk mining method, offset by lower head grades • Chungar: In line with 3Q25, as higher throughput from new mineralized structures offset lower head grades • Alpamarca: In its final stage of operation, processing remaining stockpiles • Romina: First full quarter of operation, with lead output rising during the ramp-up • Cerro de Pasco: Lower recovery, head grades and throughput
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 18 Quarterly Evolution of Gold Production (thousand oz) Oxides Δ MT Treated Oxides: +2.7 kt Δ Head Grade: +10.3% 2.1 2.2 1.8 1.7 2.2 3Q25 4Q25 1Q26 2Q26 3Q26 San Cristóbal-Carahuacra Δ MT Milled: +5.6 kt Δ Head Grade: -12.6% 0.4 0.6 0.4 0.6 0.7 3Q25 4Q25 1Q26 2Q26 3Q26 Andaychagua Δ MT Milled: +17.9 kt Δ Head Grade: -21.5% 0.3 0.3 0.4 0.3 0.3 3Q25 4Q25 1Q26 2Q26 3Q26 Ticlio Δ MT Milled: +32.9 kt Δ Head Grade: -13.9% 0.1 0.1 0.1 0.2 0.2 3Q25 4Q25 1Q26 2Q26 3Q26 Chungar Δ MT Milled: +81.5 kt Δ Head Grade: +39.3% 0.2 0.0 0.2 0.3 0.2 3Q25 4Q25 1Q26 2Q26 3Q26 Cerro de Pasco Δ MT Milled: -29.7 kt Δ Head Grade: +72.6% 0.1 0.2 0.2 0.2 0.2 3Q25 4Q25 1Q26 2Q26 3Q26 Note: Δ MT Milled and Δ Head Grade compare 3Q26 with 3Q25 3Q26 vs 3Q25: • Oxides: Higher head grades and throughput from plant process improvements • San Cristóbal-Carahuacra: Higher production from gold-bearing zones, despite lower average head grades • Andaychagua: Lower head grades, partially offset by higher throughput from new orebodies • Ticlio: Higher throughput from the SARC bulk mining method, offsetting lower head grades • Chungar: Higher head grades and throughput from new mineralized structures • Cerro de Pasco: Higher gold output from new zones and blending optimization
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 19 Consolidated Production Costs and Unit Costs 59%26% 15% 61% 26% 13% 58%27% 15% 62% 25% 13% 54.5 -3.7 +0.5 +0.7 +3.7 +13.8 +0.5 70.0 3Q25 Volume FX Labor Supplies Services Energy 3Q26 Notes: (1) Mine cost includes infill drilling. (2) Severance payments and prior-period expenses, included in production cost. (3) Contribution of each driver to the 28.5% YoY change in unit cost, calculated on exact figures Production Cost (USD MM) 3Q25 133.4 Production Cost (USD MM) 3Q26 176.0+USD 42.6 MM +32.0% YoY Production Unit Cost (USD/MT) 3Q25 54.5 Production Unit Cost (USD/MT) 3Q26 70.0+15.5 USD/MT +28.5% YoY Mine Cost(1) Plant Cost Other Costs(2) 3Q26 vs 3Q25: Higher unit costs explained by(3): • Services (+25.3%): Higher contractor rates amid industry-wide demand for skilled labor, and preparation of higher-grade zones • Supplies (+6.8%): Higher fuel costs and materials for new operations • Labor (+1.3%): Workforce for new operations and retention of skilled personnel • FX (+1.0%): Sol appreciation on local-currency costs • Energy (+0.9%): Higher consumption, mainly at Chungar's plant and mine, to support increased throughput • Volume (-6.7%): Higher ore treated, including the Romina ramp-up, diluted fixed costs Unit Cost Variation by Driver (USD/MT) +15.5 USD/MT YoY
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 20 Production Unit Cost per Unit San Cristóbal-Carahuacra 96.9 93.2 109.1 109.2 120.4 3Q25 4Q25 1Q26 2Q26 3Q26 Andaychagua 79.1 87.0 83.9 89.8 93.0 3Q25 4Q25 1Q26 2Q26 3Q26 Ticlio 152.8 129.3 127.9 125.8 137.1 3Q25 4Q25 1Q26 2Q26 3Q26 Chungar 128.1 130.7 114.8 111.4 111.8 3Q25 4Q25 1Q26 2Q26 3Q26 Alpamarca 19.8 18.9 10.4 32.9 53.3 3Q25 4Q25 1Q26 2Q26 3Q26 Romina 58.1 98.6 3Q25 4Q25 1Q26 2Q26 3Q26 Cerro de Pasco 12.1 13.6 13.7 16.9 15.8 3Q25 4Q25 1Q26 2Q26 3Q26 Oxides 51.4 55.3 54.5 55.4 47.4 3Q25 4Q25 1Q26 2Q26 3Q26 Notes: Unit cost in USD/MT. Variations calculated on exact figures. n.m.: not meaningful. 1Q26 and 2Q26 restated under the ne w classification of costs between mine, plant and other, for comparability. Mine cost includes infill drilling Δ USD/MT: +23.5 Δ YoY: +24.3% Δ USD/MT: +13.9 Δ YoY: +17.5% Δ USD/MT: -15.7 Δ YoY: -10.3% Δ USD/MT: -16.3 Δ YoY: -12.7% Δ USD/MT: +33.5 Δ YoY: +168.7% Δ USD/MT: n.m. Δ YoY: n.m. Δ USD/MT: +3.7 Δ YoY: +30.7% Δ USD/MT: -4.0 Δ YoY: -7.8% 3Q26 vs 3Q25: Across units: Higher salaries to staff mining fleets and sustain production • San Cristóbal-Carahuacra: Preparing new zones to access higher grades • Andaychagua: Stope preparation, partially offset by volume • Ticlio: Volume from SARC bulk mining diluted fixed costs • Chungar: Higher volume more than offset higher total cost • Alpamarca: Final stage, with fixed costs over stockpiles • Romina: Ramp-up stage, set to decline as volume grows • Cerro de Pasco: Underground works and mill maintenance • Oxides: Higher tonnage offset higher reagent consumption
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 21 Evolution of Mining Investments 48.3 73.3 42.1 58.3 83.4 11.5 22.3 18.5 21.8 31.3 1.2 1.9 3.0 3.4 4.90.0 0.3 0.0 0.0 0.2 61.0 97.9 63.6 83.5 119.8 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Units Growth Corporate Energy & Others Total Consolidated Investment (USD MM) Jan-Mar 2026 Apr-Jun 2026(1) Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Operating Units(2) 42.1 58.3 83.4 48.3 72.8 183.7 126.7 45.0 Local Exploration 1.4 2.3 2.4 2.2 12.2 6.2 5.8 6.2 Development 20.3 24.2 28.9 19.9 45.7 73.4 54.1 35.7 Plants and Tailings Facilities 10.3 19.9 32.7 9.4 246.1 62.9 30.5 106.0 Mine and Infrastructure 7.4 7.0 12.1 9.9 22.2 26.5 22.7 16.4 Electrical Infrastructure in Units 0.9 1.7 2.9 1.1 155.6 5.4 2.8 89.6 Support and Others 1.8 3.2 4.4 5.8 (24.2) 9.4 10.6 (12.0) Growth 18.5 21.8 31.3 11.5 171.6 71.6 21.8 228.6 Romina 16.5 16.7 23.4 10.7 119.5 56.6 20.8 171.6 Other Projects 2.0 5.1 7.9 0.9 824.3 15.0 1.0 n.m. Energy and Others(3) 0.0 0.0 0.2 0.0 n.m. 0.2 0.1 156.2 Corporate 3.0 3.4 4.9 1.2 292.2 11.3 2.5 359.4 Total 63.6 83.5 119.8 61.0 96.3 266.9 151.0 76.7 Notes: Investments in USD MM. n.m.: not meaningful. (1) The scope of Other Projects has been expanded. Apr -Jun 2026 figures have been restated under the same scope for comparability purposes. (2) Certain investments associated with the Rumichaca and Ocroyoc tailings facilities and with other projects related to regional exploration have been recategorized. Prior -period figures have been restated under the same classification for comparability purposes. (3) Energy corresponds to the Tingo hydroelectric plant and Others to security and transport services 3Q26 vs 3Q25: Higher total investments explained by: • Operating units: • Development: 8.2 km, 27.1% more than in 3Q25, mainly at San Cristóbal-Carahuacra and Animon • Tailings facilities: USD 23.9 MM, mainly the Rumichaca and Ocroyoc dam raisings • Plants: USD 8.8 MM, mainly the San Expedito reactivation and the Andaychagua plants expansion • Growth: • Romina: Final project works as the ramp-up progresses • Other projects: Including Santa Bárbara, Esperanza and Santa • Corporate: Cybersecurity projects, technology platforms and training simulators
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 22 2026/2027 Productivity and Production Optimization More output with the same resources: Volcan is raising productivity at Ticlio, Andaychagua and Romina through SARC mining, remote and digital operation, and a longer operating window, while new plant and mining capacity supports production in 2026 and 2027 Mining Method: SARC +60.7% YoY increase in Ticlio extraction in 3Q26, where SARC was adopted in 2025 30% of Ticlio extraction mined with SARC in 2026 54% of Andaychagua extraction, applied since 2019 Recovers over 90% of each block without personnel in the stope; Romina begins mining with SARC in November 2026 Mining 4.0: Implementation Progress 100% Ticlio: centralized blasting, gas monitoring, personnel tracking and equipment monitoring 90% Romina: remote operation of scoops and long-hole drills, with two scoops since August 2026 75% Romina integrated operations center Higher output per shift: shift changes on surface, operators outside risk areas and real-time decisions Operating Window at Ticlio 25 min earlier start of underground work, from 9:10 to 8:45 a.m., targeted in the first stage of the project 92.7% mechanical availability of scoop fleet from March to October, above the 85% target 67.9 h average continuous operating time per scoop, above the 40 h target More effective hours underground through the operations center, remote blasting and on-demand ventilation Other initiatives: Note: SARC: sublevel stoping with cemented fill • Plant capacity: Expansion of both Andaychagua plants by 4Q26, adding 280 tpd, and reactivation of the San Expedito plant in 1Q27, with a capacity of 1,200 tpd • Mining capacity: Three new contractors with two fleets each: two already at San Cristóbal-Carahuacra and Romina, a third starting at Cerro de Pasco Underground • Contracts and inputs: Renegotiation of main contracts, reformulation of critical inputs and new lower-cost suppliers that maintain quality and reliability
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 Notes: SNMPE: National Society of Mining, Petroleum and Energy. MTC: Ministry of Transport and Communications. MINEM: Ministr y of Energy and Mines 23 El Niño 2026-27: Preparedness and Operational Continuity Ticlio Alpamarca Oxides Cerro de Pasco Callao Port Animon Andaychagua San Cristóbal Carahuacra Palma Zoraida Carhuacayan Romina Raúl Rojas Esperanza Lima Oroya Pachachaca Keeping concentrate and supplies moving to and from Callao, together with other mining companies and authorities Risks Identified on Access RoutesAccess Routes to CallaoPreparedness Actions 137 actions across seven areas of the Company 24 heavy equipment units staffed 24/7 at six support points along both routes • Seven areas: Maintenance, energy, supply chain, IT, security, environmental affairs and human resources • Support points: Backhoes, loaders and dump trucks at locations approved by the road concessionaires, under agreements being formalized • Canta road: Repair of the only road through the town of Canta, co-funded with three other mining companies, to keep the route open, starting in November 2026 • Back-up stock: Critical inventory at the units to cover potential route closures • Mudslides and rockslides: Mud and rock flows onto the road at ravine crossings • Erosion and undermining: Water flows wearing away the road base and structures • Damage to bridges and crossings: Bridges and fords exposed to extraordinary flows • Road accidents: Reduced visibility and slippery roads • Route closures: Delays in shipping concentrate and in moving supplies and personnel 2 Volcan access routes to Callao, shown on the map 4 alternative routes mapped, one suitable for heavy traffic • Mining companies: SNMPE regional working groups and joint equipment commitments for both routes • Roads and authorities: Concessionaires of both routes, the MTC and MINEM • Specialists: External consultant, weather forecasting services and an insurer's monitoring center Canta road Alpamarca, Romina, Chungar and Cerro de Pasco Carretera Central San Cristóbal, Andaychagua and Ticlio Operating Mine Train Road Mining projects Leaching Plant Concentrator Plant
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AGENDA Highlights Operational Results Financial ResultsIII II I
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 25 3Q26 Markets: Silver and Zinc Spot Prices LBMA Silver Price (USD/oz) USD 62.73 3Q26 average per oz -14.6% vs 2Q26: USD 73.44 +59.3% vs 3Q25: USD 39.38 39.4 54.8 84.4 73.4 62.7 3Q25 4Q25 1Q26 2Q26 3Q26 • Trading range: Low of USD 55.29 on July 17 and high of USD 70.26 on August 28; monthly averages of USD 58.56, 65.16 and 64.47 • Monetary policy: On September 16, the Fed raised the federal funds target range by 25 bp, to a range of 3.75% to 4.00%, its first hike since 2023, lifting Treasury yields and the US dollar • August rebound: +27% from the July low to the August 28 high, on a weaker US dollar and fiscal concerns, after the US Treasury announced larger long-dated bond buybacks and federal debt passed USD 40 trillion • Fundamentals: The Silver Institute expects a sixth consecutive deficit in 2026, of 46.3 Moz, with strong investment demand and a 19% drop in photovoltaic demand from thrifting • Early 4Q26: Higher-than-expected US inflation for September revived expectations of further Fed hikes LME Zinc Price (USD/MT) USD 3,830 3Q26 average per MT +10.6% vs 2Q26: USD 3,463 +35.6% vs 3Q25: USD 2,824 2,824 3,165 3,243 3,463 3,830 3Q25 4Q25 1Q26 2Q26 3Q26 • Prices: Monthly averages of USD 3,596, 3,875 and 4,020/MT, averaging above USD 4,000/MT in September, with a peak of USD 4,186/MT on September 9 • Mine supply: Lower 2026 zinc output guidance at Red Dog and Antamina on lower grades, and the end of mine life at Lady Loretta in late 2025 • Concentrate: Spot treatment charges at record lows, favorable for concentrate producers • Inventories: LME stocks fell to a mid-August low of about 88 kt and the cash premium over three months peaked at USD 215/MT in late August, before Chinese exports rebuilt stocks • Refined market: ILZSG expects an 88 kt deficit in 2026, before a 25 kt surplus in 2027 as mine output rises 3% • Early 4Q26: Vedanta inaugurated Gamsberg Phase II in October, raising the mine's zinc-in-concentrate capacity to about 500 ktpa Note: Quarterly prices are the average of monthly average prices. Sources: London Metal Exchange (LME), London Bullion Market Association (LBMA), US Federal Reserve, US Department of the Treasury, US Bureau of Labor Statistics, The Silver Institute, International Lead and Zinc Study Group (ILZSG), Fastmarkets and company releases
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 26 Sales and Prices Evolution Fine Metal Sales Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Zinc (thousand FMT) 58.3 57.5 61.6 65.6 (6.1) 177.4 197.4 (10.1) Lead (thousand FMT) 13.3 13.6 16.3 16.6 (2.1) 43.2 49.3 (12.2) Copper (thousand FMT) 1.2 1.4 1.4 1.0 44.7 4.0 3.4 17.0 Silver (million oz) 2.9 3.0 3.7 3.5 7.0 9.7 10.3 (6.0) Gold (thousand oz) 2.9 3.2 4.1 3.4 17.9 10.2 10.4 (2.1) Average Sales Prices Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Zinc (USD/MT) 3,218 3,364 3,686 2,841 29.8 3,428 2,825 21.3 Lead (USD/MT) 1,965 1,928 1,887 1,968 (4.1) 1,924 1,965 (2.1) Copper (USD/MT) 12,720 13,344 14,112 9,794 44.1 13,438 9,549 40.7 Silver (USD/oz) 80.3 74.3 65.8 37.4 75.8 72.8 34.1 113.5 Gold (USD/oz) 4,777 4,428 4,283 3,442 24.4 4,470 3,216 39.0 Sales (USD MM) Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Zinc 143.3 149.0 177.1 144.6 22.5 469.4 437.0 7.4 Lead 28.1 28.8 35.0 32.2 8.5 91.8 94.2 (2.5) Copper 10.6 14.9 15.2 6.7 126.1 40.7 23.1 76.4 Silver 191.7 182.5 198.9 108.4 83.4 573.1 290.8 97.1 Gold 10.5 10.8 13.8 9.2 50.4 35.1 26.4 32.9 Antimony(1) 0.1 0.0 0.0 0.0 n.m. 0.1 0.0 n.m. Sales Before Adjustments 384.1 386.1 439.9 301.2 46.1 1,210.2 871.6 38.9 Settlement of Prior Period Adjustments 34.4 1.8 0.7 (2.9) n.m. 37.0 (9.3) n.m. Adjustments for Open Positions (8.0) (8.4) (0.7) 0.5 n.m. (17.1) 4.2 n.m. Hedging Results (49.3) (34.7) (31.7) (6.3) 405.7 (115.8) (6.0) n.m. Sales After Adjustments 361.3 344.7 408.3 292.5 39.6 1,114.3 860.5 29.5 Quarterly Net Sales Bridge, 3Q26 vs 3Q25 (USD MM) Net Sales Bridge, YTD 2026 vs YTD 2025 (USD MM) Notes: n.m.: not meaningful. Average sales prices correspond to provisional invoice prices; differences with final prices are recognized in sales adjustments, which include the settlement of prior period adjustments, adjustments for open positions and hedging results. (1) Corresponds to the payment for the antimony metal content received within a lead concentrate sale 292.5 +132.2 -22.9 +2.7 +3.8 408.3 3Q25 Price Effect Sales Adjustments Sales Volume Commercial Terms 3Q26 +USD 115.8 MM, +39.6% YoY 860.5 +406.8 -84.9 -70.2 +2.0 1,114.3 YTD 2025 Price Effect Sales Adjustments Sales Volume Commercial Terms YTD 2026 +USD 253.8 MM, +29.5% YoY
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 27 P&L and Adjusted EBITDA Consolidated Income Statement (USD MM) Jan-Mar 2026 Apr-Jun 2026 Jul-Sep 2026 Jul-Sep 2025 var % Jan-Sep 2026 Jan-Sep 2025 var % Sales Before Adjustments 384.1 386.1 439.9 301.2 46.1 1,210.2 871.6 38.9 Settlement of Prior Period Adjustments 34.4 1.8 0.7 (2.9) n.m. 37.0 (9.3) n.m. Adjustments for Open Positions (8.0) (8.4) (0.7) 0.5 n.m. (17.1) 4.2 n.m. Hedging Results (49.3) (34.7) (31.7) (6.3) 405.7 (115.8) (6.0) n.m. Sales After Adjustments 361.3 344.7 408.3 292.5 39.6 1,114.3 860.5 29.5 Cost of Goods Sold (COGS) (194.1) (207.2) (229.3) (183.2) 25.2 (630.6) (549.8) 14.7 Gross Profit 167.2 137.5 178.9 109.3 63.7 483.6 310.7 55.6 Gross Margin 46% 40% 44% 37% 6.5 pp 43% 36% 7.3 pp Administrative Expenses (17.1) (22.6) (23.5) (20.5) 14.4 (63.2) (51.6) 22.4 Selling and Distribution Expenses (6.6) (9.3) (13.3) (7.7) 73.2 (29.2) (25.7) 13.5 Exploration Expenses (3.8) (3.9) (5.2) (1.8) 183.9 (13.0) (4.5) 190.5 Other Operating Income and Expenses(1) (4.3) (7.1) (5.8) (2.5) 129.5 (17.3) (11.8) 46.0 Operating Income 135.3 94.5 131.2 76.7 71.0 360.9 217.1 66.3 Operating Margin 37% 27% 32% 26% 5.9 pp 32% 25% 7.2 pp Net Financial Expenses (21.2) (20.4) (28.6) (19.7) 45.2 (70.2) (61.3) 14.5 Foreign Exchange Result (0.9) 0.2 (1.4) 3.8 n.m. (2.1) 4.7 n.m. Royalties (12.8) (10.1) (12.4) (6.2) 99.7 (35.2) (16.7) 110.5 Income Tax(2) (28.6) (17.3) (33.8) (12.4) 172.0 (79.8) (29.0) 175.5 Net Income 71.8 46.9 54.9 42.2 30.1 173.6 114.7 51.3 Net Income Margin 20% 14% 13% 14% (1.0 pp) 16% 13% 2.2 pp Adjusted EBITDA(3) 178.1 139.2 176.7 116.2 52.0 493.9 339.4 45.5 Adjusted EBITDA Margin 49% 40% 43% 40% 3.5 pp 44% 39% 4.9 pp 3Q26 vs 3Q25: • Cost of goods sold: Higher contractor rates and labor costs amid industry-wide demand for skilled personnel, plus higher depreciation and employee profit-sharing • Administrative expenses: External advisory services to improve efficiency and productivity, and higher personnel expenses • Selling expenses: Inland transportation for pyrite sales, higher concentrate transportation rates, and freight and loading costs for bulk shipments • Exploration expenses: Progress of greenfield and brownfield exploration plans • Other income/expenses (net): Operational project evaluation expenses and non-recurring income in 3Q25 from tax refunds and lower closure provisions for non-operating mines, partially offset by a higher contribution from the energy business • Financial expenses: Higher interest from increased debt following the 2032 Notes Re-Tap in June 2026, plus costs associated with the early redemption of the 2030 Notes • Royalties and income tax: Higher pre-tax income, and higher current and deferred taxes Notes: n.m.: not meaningful. (1) Includes sales and COGS of the Energy Division. (2) Includes the contribution to the Complem entary Retirement Fund for Mining, Metallurgic and Steel Activities. (3) Adjusted EBITDA: EBITDA excluding non-recurring items, gains or losses on the sale of property other than in the ordinary course of business, other non -cash items, and foreign exchange gains or losses on loans, foreign currency translation adjustments and bank charges
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 28 Adjusted EBITDA Bridge Adjusted EBITDA Bridge, 3Q26 vs 3Q25 (USD MM) Adjusted EBITDA Bridge, YTD 2026 vs YTD 2025 (USD MM) 116.2 +115.8 -40.6 -2.8 -5.6 -3.4 -3.0 176.7 Adj. EBITDA 3Q25 Sales COGS Administrative Expenses Selling Expenses Exploration Expenses Other Operating Expenses Adj. EBITDA 3Q26 +USD 60.4 MM, +52.0% YoY 339.4 +253.8 -70.9 -11.4 -3.5 -8.6 -4.9 493.9 Adj. EBITDA YTD 2025 Sales COGS Administrative Expenses Selling Expenses Exploration Expenses Other Operating Expenses Adj. EBITDA YTD 2026 +USD 154.5 MM, +45.5% YoY Note: Adjusted EBITDA: EBITDA excluding non-recurring items, gains or losses on the sale of property other than in the ordinary course of business, other non-cash items, and foreign exchange gains or losses on loans, foreign currency translation adjustments and bank charges
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 29 Cash Flow Generation and Balance Cash Flow Generation 3Q26 (USD MM) Cash Balance Bridge YTD 2026 (USD MM) Notes: FCFFO: free cash flow from operations. Sustaining and other capex: operating units, corporate, energy and other busine sses. Other mining projects capex: mining and exploration projects other than Romina, mainly Santa Bárbara, Esperanza and Santa. M&A: acquisitions of Transmisión Andina de Generación (TAG) in January 2026 and Inmac Perú S.A.C. in August 2026 334.7 +493.9 -195.2 -5.8 -115.3 +4.6 -56.6 -15.0 -26.1 +114.6 -50.3 483.5 Cash Balance December 2025 Adj. EBITDA Sustaining and Other Capex Mine Closure and Communities Taxes Working Capital and Others Romina Capex Other Mining Projects Capex M&A Net Financing Interest Cash Balance September 2026 Cash Generation: +USD 148.9 MM FCFFO: +USD 182.2 MM 176.7 -88.5 -3.9 -36.4 +25.2 -23.4 -7.9 -7.0 -34.5 -9.8 -9.6 Adj. EBITDA 3Q26 Sustaining and Other Capex Mine Closure and Communities Taxes Working Capital and Others Romina Capex Other Mining Projects Capex M&A Net Financing Interest Cash Generation 3Q26 FCFFO: +USD 73.1 MM
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16/29/42 166/166/166 216/218/218 111/155/115 0/23/70 255/96/17 255/121/51 242/243/243 232/243/250 66/158/214 30 Debt Profile and Evolution of Net Debt to Adjusted EBITDA Debt Maturity Profile as of September 2026 (USD MM) Net Debt to Adjusted EBITDA LTM Ratio (USD MM, x) 1.1x 1.2x 1.0x 1.0x 0.8x 515.3 544.5 514.7 533.4 508.7465.6 446.5 512.8 540.5 601.0 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 Highlights: • 2032 Notes: Senior unsecured, with collateral fully released after the early redemption of the remaining USD 35.3 MM of 2030 Notes in September • Ratings: Moody's and Fitch confirmed that the collateral release does not affect their B1 and B+ ratings, both with stable outlook Note: Debt excludes operating leases under IFRS 16 and accrued interest 2.6 9.4 9.5 0.9 – 970.0 2026 2027 2028 2029 2030 2031 2032 USD 992.3 MM Total Debt USD 483.5 MM Cash Balance 0.8x Net Debt / Adjusted EBITDA LTM from 1.1x in 3Q25 B1 / B+ Moody's / Fitch, stable outlook 2032 Notes Commercial Prepaids Financial Leases 2030 Notes (redeemed) Net Debt Adjusted EBITDA LTM Net Debt / Adjusted EBITDA LTM (x) Structural Debt 2032 Notes Commercial Prepaids Financial Leases Outstanding Amount USD 970.0 MM USD 18.8 MM USD 3.5 MM Interest Rate 8.50% 3M SOFR + 4.50% 8.45% Security Package N/A N/A Leased Equipment Maturity October 2032 December 2028 September 2029 No major maturities until 2032 following the 2030 Notes redemption
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Q&A 3Q26 RESULTS