Antofagasta Plc · LSE:ANTO
Antofagasta — H1 2025 Earnings Presentation
32 slides from Antofagasta's earnings presentation, Aug 14, 2025
Slide 1: Focused on Copper: 2025 Half Year Results
Focused on Copper 2025 Half Year Results 14 August 2025
Slide 2: Antofagasta: Investment case
Antofagasta: Investment case Delivering on our purpose PURE-PLAY COPPER • HIGH MARGINS ATTRACTIVE • GROWTH FOCUS ATTRIBUTES • LOWER RISK PROFILE SOLID • LEADERSHIP IN SUSTAINABILITY FOUNDATIONS • STRONG BALANCE SHEET • DIVIDEND COMMITMENT OUR PURPOSE: DEVELOPING MINING FOR A BETTER FUTURE 2 Antofaga
Slide 3: Key highlights: Half year 2025
Key highlights: Half year 2025 Robust financial performance Strong safety record continues Operations remain fatality-free and injury frequency rates in line YoY Growth programme on track Expansion programme to lift copper production +30% Revenue growth and cost discipline Revenue increased by 29% a
Slide 4: Supportive copper market fundamentals
Supportive copper market fundamentals Investment case remains strong 2 COPPER DEMAND OUTLOOK1 MINE SUPPLY OUTLOOK +1.6% p.a. (1.5)% p.a. Key drivers: Key drivers: • Energy security and increasing grid investment • Grade decline, ore hardness and elevated disruption rates • Electrification, with acce
Slide 5: Chile: Established jurisdiction
Chile: Established jurisdiction Lower risk portfolio Global #1 copper producer 5.3Mt mined copper produced in 20241 Investment grade credit rating Maintained since 1992 Strong government framework Elections November 2025 Single-term Presidential limit under Constitution Permitting reforms passed Jul
Slide 6: Financial review
2 Financial review H1 2025 Results Mauricio Ortiz Chief Financial Officer Image: Centinela Second Concentrator Project, main concentrator site (June 2025) 6 Antofagasta plc | 2025 Half Year Results
Slide 7: Financial highlights: Half year 2025
Financial highlights: Half year 2025 Revenue and margin growth Revenue +29% to $3.8Bn Operating cash flow +22% to $1.8Bn Key drivers: +17% copper sales and +53% gold sales, in Key drivers: strong earnings, offset by debtors and addition to higher realised pricing creditors balances EBITDA +60% to $2
Slide 8: Production and cash costs
Production and cash costs Rising production drives lower costs Copper production 20.6 0.2 314.9 kt 16.2 6.1 284.7 kt (12.9) Relates to increased maintenance during period H1 2024 Grades Throughput Recovery Work-in-progress ROM/Others H1 2025 & inventories Cash costs YoY increase in by-product credit
Slide 9: EBITDA and margins
EBITDA and margins Highest margins since 2021 EBITDA margin 47.2% 58.8% +$840m +60% (63) 23 (5) $2,234m 1 28 172 Mining cost movement principally driven by increase in volume mined 684 Driven by higher output from the $1,394m Group’s two concentrators H1 2024 Sales volumes Realised prices Mining cos
Slide 10: Balance sheet: Funding our growth projects
Balance sheet Funding our growth projects 0.48x Net debt/EBITDA ratio 0.54x $(659)m (323) (421) 2,135 Working capital movement (1,620) relates to movements in both creditors and debtor balances $(1,629)m (135) (154) (272) 15 116 $(2,288)m Net Debt EBITDA from Working Tax Capex Net Interest Dividends
Slide 11: Capital allocation framework
Capital allocation framework Creating sustainable value CONSISTENT APPROACH TO CAPITAL ALLOCATION Sustaining capex and mine development capex OPERATING CASH FLOW 379 Mine dev. 35% 202 COMMITTED OUTFLOW Sustaining CAPITAL SUSTAINING CAPEX & MINE DEVELOPMENT 341 476 DIVIDEND H1 2024 H1 2025 COMMITTED
Slide 12: Sustainability performance
3 Sustainability performance H1 2025 Results Alejandra Vial Vice President of Sustainability Image: inauguration ceremony for restoration of Tambo de Camar archaeological site, a collaboration between the Atacameña community and Zaldívar (April 2025) 12 Antofagasta plc | 2025 Half Year Results
Slide 13: Sustainability highlights
Sustainability highlights Responsibly delivering our purpose Safety Emissions Water Communities Workforce balance 1.60 Total injury frequency rate (H1 2025) 50% Reduction planned in absolute emissions 63% Sea water sourcing (H1 2025) 45% Local employment at Los Pelambres 26.7% Female representation
Slide 14: Zaldívar: Mine life extension and water transition
Zaldívar: Mine life extension and water transition EIA permit received Prospective geology in an attractive district 1 • Mineral Resource of 1.1 billion tonnes (0.37% Cu) 1 • 80kt copper production in 2024 EIA allows mine life extension to 2051 • Low capital intensity project maintaining production
Slide 15: Growth pipeline
4 Growth pipeline H1 2025 Results IVÁN ARRIAGADA Chief Executive Officer Image: mining equipment assembly, Centinela Second Concentrator Project (June 2025) 15 Antofagasta plc | 2025 Half Year Results
Slide 16: Growth pipeline: Delivering peer-group leading growth
Growth pipeline Delivering peer-group leading growth +30% Copper production expected to increase1 by: Through lower-risk brownfields projects: Los Pelambres Centinela Second grades Concentrator Returning to previous Increasing processing grades from 2026 capacity from 2027 16 Antofagasta plc | 2025
Slide 17: Progress update: Centinela Second Concentrator Project
Progress update: Centinela Second Concentrator Project Major expansion on schedule Image: Installation of high-pressure grinding rolls (HPGRs) Project overview and update • Description: Brownfield development to add 170ktpa of copper- equivalent production and lower Centinela District towards the fi
Slide 18: Progress update: Los Pelambres Growth Enablers
Progress update: Los Pelambres Growth Enablers (2024-2027) Key derisking projects for the future Concentrate pipeline and El Mauro Enclosures Desalination plant expansion • Description: Installation of • Description: Project to a new 125km concentrate double capacity of existing pipeline and develop
Slide 19: Organic growth: Medium-term further growth options
Organic growth Medium-term further growth options Los Pelambres: Development options project Mine life extension to 2051; EIA submitted December 2024 Centinela: Second Concentrator expansion (option to 150ktpd) Potential to further optimise value from 5Bt Mineral Resource Zaldívar: mine life extensi
Slide 20: Beyond our operations: Exploration and investments
Beyond our operations Exploration and investments Cachorro exploration Encierro exploration project, Investment in Compañía de Twin Metals Minnesota, project, Chile (100% ANTO) Chile (61.9% ANTO) Minas Buenaventura S.A.A. United States (100% ANTO) 1.26% Mineral Resource copper grade1 0.65% Mineral R
Slide 21: Antofagasta investment case: Focused on copper
Antofagasta investment case Focused on copper Delivering… Energy security and Pure-play electrification copper with… Pure Attractive High Strong Copper Lower attributes margins growth risk built on… Solid Leaders in Strong balance Dividend foundations sustainability sheet commitment Underpinned by o
Slide 22: Appendices
Appendices H1 2025 Results 22 Image: Rock sample containing copper-bearing minerals Antofagasta plc | 2025 Half Year Results
Slide 23: Cautionary statement
Appendix 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 statement
Slide 24: At a glance
Information to be updated Appendix 1. Los Pelambres At a glance • 60% owned • Copper production1: 319,600 t • Remaining mine life2: 10 years Group • Reserves3: 782 Mt @ 0.58% Cu, 0.02% Mo and • 35% free float 0.05g/t Au • Market cap: £18.6Bn / US$24.4Bn (1 August 2025) 3 2 • FTSE 100 Index constitue
Slide 25: Centinela Second Concentrator Project photo update
Appendix: Photo update (June 2025) Centinela Second Concentrator Project Secondary crusher Coarse stockpile Concentrate thickener Stockpile area Tailings facility under construction Unloading of HPGRs 25 Antofagasta plc | 2025 Half Year Results
Slide 26: Los Pelambres: Growth Enablers photo update
Appendix: Photo update (June 2025) Los Pelambres: Growth Enablers (2024-2027) Pipeline installation Stockyard (Los Vilos) Desalination Plant Pipeline coating process 26
Slide 27: Revenues
Appendix Revenues $ million + $844m (12) $3,799m 163 20 45 61 462 $2,955m 105 1 1 H1 2024 Realised Copper sales Copper sales Molybdenum Silver sales - Gold sales - Transport sales H1 2025 copper - price - volume - TC/RCs sales - volume and volume volume offset price and price by price 27 1 Excludes
Slide 28: Net earnings
Appendix Net earnings $ million + $246m 16 (28) (+111%) (213) (119) 844 (137) $522m (117) $467m 55 $221m H1 2024 Revenues Associates Operating Depreciation Finance Tax Non- H1 2025 Exceptional H1 2025 1 Underlying and JV costs and items controlling Underlying Items Net Earnings 1 net earnings amorti
Slide 29: Cash flow
Appendix Cash flow $ million $262m (323) (421) (135) 116 15 (40) 2,135 (1,620) (232) (74) $4,578m $4,316m 841 Initial cash at 1 EBITDA from Working Tax Net Capital Dividends Dividends to Net capex Net Dividends to Others Final cash at 1 1 January 2025 subsidiaries capital Outflow interest increase f
Slide 30: H1 2025 production cost breakdown
Appendix H1 2025 production cost breakdown $2.80 /lb Sulphuric Acid Fuel and lubricants 5% $2.32 /lb 0.66 7% (0.18) Other Services 8% 29% 1.00 Other inputs 11% $1.32 /lb $1,945m 12% 16% Energy 12% Material and spare parts Labour Net cash By-products Gross cash TC/RC & Mine Production costs H1 credit
Slide 31: Production and metals prices
Appendix Production and metals prices Group production Metal prices 2021 2022 2023 2024 H1 2025 2025E1 2021 2022 2023 FY 2024 H1 2025 Copper ('000 tonnes) Copper ($/lb) Los Pelambres 324.7 275.0 300.3 319.6 143.2 310 - 325 Realised 4.37 3.84 3.89 4.18 4.55 Centinela Concentrates 185.4 149.3 162.6 12
Slide 32: Unit cash costs
Appendix Unit cash costs 1 2021 2022 2023 2024 H1 2025 2025E Group cash costs ($/lb) Los Pelambres 1.59 1.84 1.92 2.09 2.24 2.05 - 2.25 Centinela 1.87 2.44 2.57 2.60 2.21 2.30 - 2.50 Antucoya 2.04 2.50 2.63 2.53 2.58 2.60 - 2.80 Zaldívar 2.39 2.39 2.95 3.02 3.22 2.80 - 3.00 Cash costs before by-prod