Antofagasta (ANTO) Status Update summary

Production and operational performance

• Q3 2025 copper production was 161,800 tonnes, up 1% quarter-on-quarter, with year-to-date output at 476,600 tonnes, a 3% increase year-on-year, mainly due to higher production at Centinela Concentrates.

• Gold production in Q3 2025 rose 12% to 53,900 ounces, and year-to-date gold output increased 22% to 145,000 ounces, driven by higher grades at Centinela and Los Pelambres.

• Molybdenum production in Q3 2025 was 3,900 tonnes, down 11% quarter-on-quarter, but year-to-date output was up 44% to 11,400 tonnes.

• Los Pelambres Q3 copper production was 73,000 tonnes, steady quarter-on-quarter, while Centinela produced 61,100 tonnes, also in line with the previous quarter.

• Antucoya and Zaldívar saw lower year-to-date copper production, with Antucoya down 3% and Zaldívar down 13% year-on-year.

Cost performance and guidance

• Net cash costs in Q3 2025 were $1.07/lb, 4% lower quarter-on-quarter, supported by record by-product credits of $1.35/lb from higher gold output and pricing.

• Year-to-date net cash costs were $1.24/lb, reflecting increased by-product credits and lower underlying costs.

• FY 2025 net cash cost guidance was lowered to $1.20–1.30/lb, and capex guidance reduced to $3.6 billion, mainly due to Chilean peso depreciation.

• FY 2025 copper production is expected at the lower end of the 660–700kt range, with gold and molybdenum guidance unchanged.

• FY 2026 copper production is forecast at 650,000–700,000 tonnes, with further guidance to be provided in January 2026.

Project development and sustainability

• All major construction projects, including Centinela Second Concentrator and Los Pelambres growth projects, are progressing on schedule and within budget.

• Centinela Second Concentrator advanced with key equipment assembly and civil works; Los Pelambres focused on pipeline and desalination plant expansion.

• Maintained strong safety record in 2025, with no fatalities and a total recordable injury frequency rate of 1.74.

• Concluded three-year labour agreements at Los Pelambres, Antucoya, and Zaldívar, with one negotiation remaining in 2025.