Antofagasta (ANTO) investor relations material

Operational performance

• Q2 copper production was 142,000 tonnes, 1% lower quarter-on-quarter, mainly due to lower output at Antucoya; year-to-date copper production was 285,000 tonnes, 9% lower year-on-year, but sequential increases are expected for the rest of 2026.

• Gold and molybdenum production in Q2 were stable quarter-on-quarter; gold at 46,300 ounces and molybdenum at 3,100 tonnes.

• Los Pelambres saw a 2% increase in copper production quarter-on-quarter, with 67,500 tonnes, and expects further increases as maintenance is completed and grades improve.

• Centinela's total copper production was 48,300 tonnes in Q2, flat quarter-on-quarter, with a 5% decrease in concentrates and 11% increase in cathodes.

• Antucoya's copper production fell 11% quarter-on-quarter to 17,400 tonnes, while Zaldívar's rose 5% to 8,700 tonnes.

Cost and financial metrics

• Group cash costs before by-product credits in Q2 were $2.94/lb, up 6% quarter-on-quarter due to higher input costs and a one-off labour settlement; H1 cash costs were $2.85/lb, up 23% year-on-year.

• Net cash costs in Q2 were $1.36/lb, 26% higher quarter-on-quarter, but H1 net cash costs were $1.22/lb, 8% lower year-on-year due to higher by-product credits.

• By-product credits in Q2 were $1.58/lb, down 7% quarter-on-quarter, but H1 credits were 64% higher year-on-year at $1.63/lb.

• Realised copper prices in Q2 were $6.57/lb, up 13% quarter-on-quarter, with positive provisional pricing adjustments of $134.9 million.

• H1 2026 depreciation, amortisation, and loss on disposals are estimated at $0.75 billion; effective tax rate expected at 36%.

Guidance and outlook

• Full-year copper production guidance remains at 650,000–700,000 tonnes, with sequential quarterly increases expected.

• Group net cash cost guidance after by-product credits is unchanged at $1.15–1.35/lb, with a reduction expected in H2 as production rises.

• Cash cost before by-product credits is now expected at $2.40–2.60/lb due to persistent high input costs.

• Capital expenditure guidance is unchanged at $3.4 billion, excluding Zaldívar.