Volcan Compañía Minera (VOLCABC1) investor relations material

Executive summary

• Achieved improved safety performance in 3Q25, with lower lost-time injury frequency rate and stable total recordable injury frequency rate compared to 2Q25.

• Net profit for the nine months ended September 30, 2025, was US$114.7M, up from US$30.3M year-over-year, driven by higher sales and improved operating performance.

• Total comprehensive income for the period was US$42.3M, reflecting significant unrealized losses on derivatives and investments.

• Launched new safety and risk management programs and advanced the Romina project, which remains on schedule and within budget.

• Major refinancing completed with a new US$750M bond issuance at 8.5% due 2032, repaying prior bonds and syndicated loans.

Financial highlights

• Net sales for the nine months reached US$860.5M, a 28% increase year-over-year.

• Sales before adjustments rose 10.5% year-over-year to USD 301.2 million in 3Q25; sales after adjustments up 6.4% to USD 292.4 million.

• Gross profit increased 17.6% year-over-year to USD 109.3 million in 3Q25, and for the nine months rose to US$310.7M from US$163.9M year-over-year.

• Net profit grew 7.8% year-over-year to USD 42.2 million in 3Q25; basic and diluted EPS for the period was US$0.030, up from US$0.008 year-over-year.

• Cash and cash equivalents increased to US$206.2M at quarter-end, with net debt reduced to US$511.2M.

Outlook and guidance

• 2025 production and cost guidance reaffirmed, with zinc, lead, and copper output expected to increase, and sustaining capex within guidance range.

• Romina project commercial operations expected to begin late 2Q or early 3Q26, with proceeds from the new bond issuance supporting completion and liquidity.

• Management expects continued strong operating cash flows and improved financial flexibility.