Investors
Santiago, November 21, 2025.-
Pampa Camarones, the mining company controlled by Minería Activa, presented its third-quarter 2025 results to investors today, marking a pivotal moment for the operation. Over 40 participants joined the live and virtual meeting, where management detailed a quarter that represents a clear inflection point for the Company—both operationally and strategically.
Rodrigo Ramírez, CEO of Pampa Camarones, opened the session by announcing a key milestone for the company: the successful opening and start of production at the Golondrina Mine. After months of intensive development, the mine has begun drift production and is preparing to enter benching in January.
“With Golondrina entering production, Pampa Camarones will operate as a two-mine company for the first time in its history,” Ramírez said. “Starting in January, Golondrina will provide up to 25% of our plant’s total feed, considerably strengthening operational stability.”
The quarter delivered the Company’s best production levels since 2024, supported by rising copper prices and improved mine performance. Production reached 843 tons of cathodes—6.4% higher than 2Q25—while the realized copper price increased 3.4% to US$4.32/lb in average.
Cash Cost fell to US$4.42/lb, an improvement of US$0.86 compared to the previous quarter, driven by higher plant throughput. Importantly, EBITDA for September was positive, and management expects that trend to continue throughout 4Q25.
The Company also reduced its Net Debt to US$4.3 million, supported by the successful US$11 million capital increase, allowing Pampa to advance its investment plan and strengthen its financial position.
Restart of exploration: Identifying the Next Mine program
For the first time since 2022, Pampa Camarones has relaunched an exploration campaign aimed at identifying a new mine to secure long-term feed for the operation.
A new Geology Unit was created and is led by senior geologist Tomás Swaneck, who brings more than 30 years of exploration experience. The team conducted initial mapping and sampling at Aida, Lorenzo, and Punta Madrid—historic areas with strong geological potential.
RAt Aida, early trenching delivered highly encouraging results, including intersections of:
These results support a 12-hole, 485-meter drilling program that begins on November 21, with results expected before year-end. This marks a renewed phase of growth and resource expansion for Pampa Camarones.
Progress at Ciclón-Exploradora: Final Steps Before RCA
The Company also reported continued momentum at the Ciclón-Exploradora Project. On October 17, the final Addendum (No. 3) was submitted in response to outstanding observations in the Environmental Impact Study (EIA).
Most key authorities—including the Road Administration, SAG, Regional Government, DGA, and the Ministry of Environment—have already declared the Addendum conforming. Only the Municipality of Diego de Almagro and the Ministry of Health remain pending.
A positive RCA is expected by late December, opening the way for construction planning on what Pampa Camarones considers a “ready-to-build” asset.
Looking Ahead
Management highlighted that 3Q25 marks a decisive step forward for the Company: completing the opening of Golondrina, reaching positive EBITDA in September, regaining operational momentum, lowering costs, and reactivating exploration efforts to secure medium-term resources.
Ramírez emphasized that these milestones represent “the beginning of a new phase for Pampa Camarones—one in which operational stability and geological growth go hand in hand.”
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.
