Antofagasta (ANTO) investor relations material

Group performance and market environment

• Net cash costs in Q1 2026 were $1.08/lb, down 30% year-on-year, driven by higher by-product credits from gold and molybdenum.

• Copper production was 143,000 tonnes, 8% lower year-on-year due to lower processing rates and grades.

• Gold production increased 8% to 46,500 ounces, while molybdenum output was stable at 3,000 tonnes.

• Cash costs before by-product credits rose 17% to $2.77/lb, mainly from higher input costs.

• Copper prices remained strong, with a market price of $5.83/lb, up 38% year-on-year.

Operational highlights by asset

• Los Pelambres produced 66,300 tonnes of copper, down 5% year-on-year, with net cash costs at $0.72/lb, 47% lower year-on-year.

• Centinela produced 48,700 tonnes of copper, 12% lower year-on-year, with net cash costs at $0.34/lb, down 71% year-on-year.

• Antucoya output was 19,600 tonnes, 3% lower year-on-year, with cash costs up 23% to $3.03/lb.

• Zaldívar produced 8,300 tonnes, down 8% year-on-year, with cash costs up 17% to $3.61/lb.

Growth and development projects

• All major projects are on track and on budget, including Centinela Second Concentrator and Los Pelambres Growth Enabling Projects.

• Pre-commissioning at Centinela Second Concentrator has started, with new water infrastructure tested.

• Los Pelambres projects include pipeline and desalination plant expansion, both progressing as planned.

• Zaldívar water supply options under evaluation, with a decision expected in 2026.