Antofagasta Plc · LSE:ANTO
Antofagasta — Shareholder Meeting (May 2026)
15 slides from Antofagasta's shareholder meeting presentation, May 7, 2026
Slide 1: Copper Growth Delivery - Annual General Meeting
COPPER GROWTH DELIVERY Annual General Meeting London, 7 May 2026
Slide 2: Antofagasta's investment case: focused on copper
Antofagasta’s investment case FOCUSED ON COPPER Delivering… Energy security and Pure-play electrification copper with… Attractive High Pure Strong Lower attributes margins growth Copper risk built on… Solid Leaders in Strong balance Dividend foundations sustainability sheet commitment Underpinned by
Slide 3: Health and safety
Health and safety SAFETY-FIRST APPROACH Key safety metrics 0 Fatality-free year 0.58 LTIFR continues below 1.0 4 years Four consecutive years below published ICMM average TRIFR 20 Record-low number of high- potential incidents during 2025 0.47 Major construction project LTIFR1, with +18,000 contract
Slide 4: 2025 Summary: delivering shareholder value
2025 Summary DELIVERING SHAREHOLDER VALUE Operational discipline Record EBITDA Margins expanded 654 kt Copper production with a 27% reduction in full $5.2 Bn Highest level recorded, rising by 52% year-on-year 60% Growth in margins by 9 percentage points to 60% year net cash costs to $1.19/lb. to $5.
Slide 5: Capital allocation framework
Capital allocation framework DELIVERING GROWTH AND SHAREHOLDER RETURNS CONSISTENT APPROACH TO CAPITAL ALLOCATION Operating cash flow ($Bn) OPERATING CASH FLOW STRONG OPERATING CASH FLOW 4.5 BY-PRODUCTS REVENUE STREAM 3.3 4.3 2.7 3.0 OPERATING MODEL OUTFLOW SUSTAINING CAPEX & MINE DEVELOPMENT CAPITAL
Slide 6: Copper market: compelling market fundamentals
Copper market COMPELLING MARKET FUNDAMENTALS Key supply-demand factors Medium term continues to trend towards a deficit Demand growth forecast1 +1.6% p.a. (Global refined copper consumption, 2025-2035) -0.6% p.a. Mine supply growth forecast1 (Global mine production, 2025-2035) 6.2% Disruption rate i
Slide 7: Near-term production outlook (unchanged)
Near-term production outlook (unchanged) GROWTH AT HIGH-MARGIN MINING DISTRICTS FY26 guidance FY27-FY29 650-700kt Indicative (illustrative purposes) Centinela Second Concentrator Project 170kt CuEq of growth, with construction finishing 2027 Copper production (rebased to 2024) 130% 100% 70% 40% 10%
Slide 8: Progress update: Centinela Second Concentrator Project
Progress update | Centinela Second Concentrator Project EXPANSION OF PRODUCTION VOLUMES AND MARGINS Second Concentrator Project (March 2026) Water infrastructure (April 2026) Mechanical installation of ball mills Delivery of first water to Centinela site Antofagasta plc | Annual General Meeting 2026
Slide 9: Progress update: Los Pelambres Growth Enabling Projects
Progress update | Los Pelambres: Growth Enabling Projects KEY INFRASTRUCTURE FOR THE FUTURE Desalination plant expansion (March 2026) New concentrate pipeline (March 2026) Construction of seawater reverse osmosis building Bridging work underway along 120 km route Antofagasta plc | Annual General Mee
Slide 10: Medium- to long-term pipeline
Medium- to long-term pipeline EXPLORATION PORTFOLIO AND INVESTMENTS Cachorro, Chile Encierro, Chile Twin Metals, USA Greenfield exploration Investments: (100% ANTO) (66% ANTO) (100% ANTO) portfolio Buenaventura1 Stage: Exploration Stage: Exploration Stage: Feasibility study Locations: Americas (incl
Slide 11: Innovation highlights
Innovation highlights INNOVATION INCREASING GROWTH OPTIONALITY Cuprochlor-T® Material movement Patented technology, in development for 10 years, designed to unlock leaching of Multiple opportunities to increase efficiencies and operating scale, as district primary sulphides. mining requires increasi
Slide 12: Investment case: Leaders in sustainability
Investment case: Leaders in sustainability INTEGRATED SUSTAINABILITY LEADERSHIP HEALTH AND SAFETY PIVOT TO SEA WATER WORKFORCE LONG-TERM SUSTAINABLE ENERGY UNDERWAY BALANCE COMMUNITY FOCUS TRANSITION Fatality-free year and Expansion of Los Continuing efforts to Second 10-year cycle of Trialling new
Slide 13: Community engagement
Community engagement SUPPORTING LONG-TERM INVESTMENT Image: Reopening ceremony, Plaza Canellilo (Illapel), March 2026 Image: Sierra Gorda Cultural Centre construction, December 2025 Central Zone: Somos Choapa Northern Zone initiatives Long-standing community development programme in areas Mining Div
Slide 14: Year ahead: key priorities for 2026
Year ahead KEY PRIORITIES FOR 2026 • Sustain high standards in safety, sustainability and operational excellence. • Deliver resilient operational performance, with production and cost in line with guidance. • Advance major growth projects into execution, maintaining capital discipline. • Preserve a
Slide 15: Cautionary statement
CAUTIONARY STATEMENT This presentation has been prepared by Antofagasta plc. By reviewing and/or attending this presentation you agree to the following conditions: This presentation contains forward-looking statements. All statements other than historical facts are forward-looking statements. Exampl