Volcan Compañía Minera (VOLCABC1) investor relations material

Executive summary

• Achieved revenue of USD 344.7 MM and adjusted EBITDA of USD 139.2 MM in 2Q26, with year-to-date revenue at USD 706.0 MM and EBITDA at USD 317.2 MM, reflecting strong operational and market performance.

• Total assets increased to US$2,556 million as of June 30, 2026, up from US$2,200 million at year-end 2025, reflecting growth in both current and non-current assets.

• Net profit for the first half of 2026 was US$118.7 million, a 64% increase year-over-year, driven by higher sales and improved margins.

• Silver drove revenue growth, accounting for 47% of 2Q26 sales, up from 33% in 2Q25, while zinc's share declined to 39%.

• Commissioning of the Romina mine began in May 2026, with production ramping up in June, supporting future throughput and growth.

Financial highlights

• Net sales for 2Q26 reached USD 344.7 MM, up 18.8% year-over-year; YTD net sales were USD 706.0 MM, up 24.3%.

• Gross profit rose to US$305 million, a 51% increase from the prior year period.

• Adjusted EBITDA for 2Q26 was USD 139.2 MM, a 24.9% increase year-over-year; YTD adjusted EBITDA was USD 317.2 MM, up 42.1%.

• Net income for 2Q26 was USD 46.9 MM, up 23.3% year-over-year; YTD net income was USD 118.7 MM, up 63.7%.

• Cash and cash equivalents increased to US$493 million as of June 2026, supporting liquidity.

Outlook and guidance

• 2026 production guidance: zinc 260–280 K FMT, lead 65–75 K FMT, copper 4–6 K FMT, silver 14–16 MM oz, gold 8–13 K oz.

• Unit cost guidance for 2026 is USD 60–65/MT, with ongoing cost reduction initiatives targeting structural cost pressures.

• Sustaining capex for 2026 is projected at USD 200–215 MM, with total capex at USD 320–365 MM.

• Management expects continued operational stability and sufficient cash flows to meet obligations for at least the next twelve months.

• Ongoing investments in mining and energy projects are expected to support future growth.