Antofagasta (ANTO) Trading Update summary

Operating performance and production

• Copper production rose 20% year-on-year to 154,700 tonnes, driven by higher throughput and improved grades at key sites.

• Gold and molybdenum production increased by 29% and 15% respectively, supported by higher grades and improved processing.

• Cash costs before by-product credits fell 11% year-on-year to $2.37/lb, with net cash costs down 20% to $1.54/lb, reflecting higher by-product credits and production efficiency.

• By-product credits rose 12% to $0.83/lb, aided by increased by-product output and higher gold prices.

• Full-year copper production guidance remains at 660,000–700,000 tonnes, assuming uninterrupted operations at Zaldívar.

Growth projects and development

• Centinela Second Concentrator and Los Pelambres Growth Enabling Projects are progressing as planned, with major construction milestones underway.

• Cachorro Exploration Project submitted an environmental impact declaration for expanded drilling and underground access.

• Los Pelambres secured $2 billion in financing for water assets, including long-term notes and a commercial bank loan.

• Zaldívar’s Environmental Impact Assessment is in its final review stages, with a temporary closure plan filed as a regulatory precaution.

Site-specific operational highlights

• Los Pelambres copper output increased 26% year-on-year to 69,900 tonnes, with higher by-product production but slightly higher cash costs due to lower grades.

• Centinela’s total copper production rose 24% to 55,600 tonnes, led by a 56% increase at Centinela Concentrates; net cash costs dropped 51% to $1.18/lb.

• Antucoya’s copper production grew 3% to 20,200 tonnes, with cash costs down 5% year-on-year.

• Zaldívar’s attributable copper production fell 5% to 9,000 tonnes, with cash costs up 4% to $3.09/lb.