Antofagasta (ANTO) Status update summary

Production and financial performance

• Q4 2025 copper production rose 9% quarter-on-quarter to 177,000 tonnes, with all operations contributing to the increase.

• Full year 2025 copper output was 653,700 tonnes, down 2% year-on-year, mainly due to lower production at Centinela Cathodes and Los Pelambres.

• Net cash costs for 2025 fell 27% year-on-year to $1.19/lb, a five-year low, driven by higher by-product revenues and cost discipline.

• By-product credits reached a record $1.19/lb for the year, up 63%, supported by increased gold and molybdenum output and higher gold prices.

• Q4 2025 gold and molybdenum production increased 23% and 13% quarter-on-quarter, respectively.

2026 guidance and outlook

• 2026 copper production is forecast at 650,000–700,000 tonnes, with Los Pelambres expected to see higher grades.

• By-product output in 2026 is projected at 215,000–235,000 ounces of gold and 12.5–14.0 kt of molybdenum.

• Group cash costs before by-product credits are expected at $2.30–$2.50/lb, with net cash costs at $1.15–$1.35/lb.

• Capital expenditure for 2026 is set at $3.4 billion, with a focus on Centinela and Los Pelambres growth projects.

• Major maintenance is scheduled at key operations in Q1 and Q3 2026.

Project development and sustainability

• Centinela Second Concentrator and Los Pelambres Growth Enabling Projects remain on track and on budget, targeting completion in 2027.

• Centinela project saw progress in civil works and pre-commissioning; Los Pelambres advanced pipeline and desalination plant works.

• Zaldívar water supply project is in the preparatory phase, with an investment decision expected in 2026.

• Cachorro exploration project received environmental approval for seven years of additional work.

• 2025 was a fatality-free year, with lost time injury frequency rate below 1.0x.