Slide 1: Copper. Growth. Delivery. Full year 2025 results
COPPER. GROWTH. DELIVERY. Full year 2025 results London, February 2026
Slide 2: Safety-first approach
Investment Case Financial Performance Growth Pipeline Appendix Health and safety SAFETY-FIRST APPROACH Key safety metrics Continued performance ahead of industry benchmarks 0 Fatality-free year 1.5 3 3 0.58 LTIFR continues below 1.0 1 4 years Four consecutive years below TRIFR LTIFR 1.5 1.5 publishe
Slide 3: Focused on copper
Investment Case Financial Performance Growth Pipeline Appendix Investment case FOCUSED ON COPPER Pure-play copper producer ✓ Structural tailwinds (energy security, modern technologies) driving rising demand Attractive attributes ✓ High margins: Towards top-end of copper peer group ✓ Strong growth: 3
Slide 4: Key highlights for 2025
Investment Case Financial Performance Growth Pipeline Appendix Key highlights for 2025 DELIVERING SHAREHOLDER VALUE Revenue growth Record EBITDA Margins expanded +30% Delivering a 30% increase in revenue, driven by $5.2 Bn Highest level recorded, rising by 52% year-on-year 60% Growth in margins by 9
Slide 5: Platform to deliver high-margin growth
Investment Case Financial Performance Growth Pipeline Appendix Investment case: Attractive attributes PLATFORM TO DELIVER HIGH-MARGIN GROWTH Pure play copper: Top 10 global copper producer Portfolio includes two globally significant mining districts1 2025 copper production: Mineral Resource estimate
Slide 6: Chile: reforms targeting growth
Investment Case Financial Performance Growth Pipeline Appendix Investment case: Established jurisdiction CHILE: REFORMS TARGETING GROWTH #1 Chile: Top copper jurisdiction (23% of global supply)1 A Investment grade rated jurisdiction2 Mining represents 13% of Chile’s GDP, making it a 13% major compon
Slide 7: Integrated sustainability leadership
Investment Case Financial Performance Growth Pipeline Appendix Investment case: Leaders in sustainability INTEGRATED SUSTAINABILITY LEADERSHIP HEALTH AND SAFETY PIVOT TO WATER WORKFORCE LONG-TERM SUSTAINABLE ENERGY UNDERWAY BALANCE COMMUNITY FOCUS TRANSITION Fatality-free year and Expansion of Los C
Slide 8: Compelling market fundamentals
Investment Case Financial Performance Growth Pipeline Appendix Investment case: Focused on copper COMPELLING MARKET FUNDAMENTALS Supply-demand factors Global top 10 copper producers by copper revenue4 Market balance shifting towards deficits Antofagasta: The purest large-scale copper play BBB+ BBB A
Slide 9: Financial performance
Investment Case Financial Performance Growth Pipeline Appendix FINANCIAL PERFORMANCE MAURICIO ORTIZ CHIEF FINANCIAL OFFICER Financial highlights 10 Summary of performance 11 Capital allocation framework 14 Antofagasta plc | 2025 Full Year Results Presentation Image: Crusher installation works, Centi
Slide 10: Margin growth driving performance
Investment Case Financial Performance Growth Pipeline Appendix Financial performance: Key highlights 2025 MARGIN GROWTH DRIVING PERFORMANCE Revenue +30% Revenue increased to $8.6Bn, reflecting higher sales volumes and market pricing EBITDA +52% EBITDA reaching $5.2Bn in 2025 EBITDA margins increasin
Slide 11: Robust cash cost discipline
Investment Case Financial Performance Growth Pipeline Appendix Financial performance: Production and cash costs ROBUST CASH COST DISCIPLINE Copper production 14.8 664.0 6.2 653.7 (29.0) (1.3) (1.0) FY 2024 Grades Throughput Recoveries Work in progress ROM / Others FY 2025 and inventories External: $
Slide 12: EBITDA rises to record level
Investment Case Financial Performance Growth Pipeline Appendix Financial performance: Income statement EBITDA RISES TO RECORD LEVEL EBITDA margin 51.8% 60.3% +$1.8Bn +52% 667 5,202 (150) (33) (60) (10) 1,361 3,427 Key factors: Copper sales: +3.2% Key factors: Gold sales: +19.4% Copper price: +17.9%
Slide 13: Strong balance sheet maintained
Investment Case Financial Performance Growth Pipeline Appendix Financial performance: Balance sheet STRONG BALANCE SHEET MAINTAINED Net debt / EBITDA ratio 0.48x 0.53x -$1.1Bn +69% 5,019 (766) Key factors: (708) Centinela Second Concentrator Project Key factors: Los Pelambres Growth Enabling Project
Slide 14: Delivering growth and shareholder returns
Investment Case Financial Performance Growth Pipeline Appendix Capital allocation framework DELIVERING GROWTH AND SHAREHOLDER RETURNS CONSISTENT APPROACH TO CAPITAL ALLOCATION Operating cash flow ($Bn) OPERATING CASH FLOW STRONG OPERATING CASH FLOW 4.5 BY-PRODUCTS REVENUE STREAM 3.3 4.3 2.7 3.0 OPER
Slide 15: Growth pipeline
Investment Case Financial Performance Growth Pipeline Appendix GROWTH PIPELINE IVAN ARRIAGADA, CEO Near-term production outlook 16 Construction: Photo updates 17 Organic growth: Significant optionality 19 Exploration and investments 21 Antofagasta plc | 2025 Full Year Results Presentation Image: Con
Slide 16: Near-term production outlook
Investment Case Financial Performance Growth Pipeline Appendix Near-term production outlook (unchanged) GROWTH AT HIGH-MARGIN MINING DISTRICTS FY26 guidance FY27-FY29 650-700kt Indicative (for illustrative purposes) Copper production (rebased to 2024) Trend: Growth 130% Scale: Approximately two-thir
Slide 17: Centinela Second Concentrator Project
Investment Case Financial Performance Growth Pipeline Appendix Progress update | Construction projects CENTINELA SECOND CONCENTRATOR PROJECT Image: Installation of primary crusher shell Image: Installed feed conveyors for high-pressure grinding rolls Antofagasta plc | 2025 Full Year Results Presenta
Slide 18: Los Pelambres: Growth Enabling Projects
Investment Case Financial Performance Growth Pipeline Appendix Progress update | Construction projects LOS PELAMBRES: GROWTH ENABLING PROJECTS New concentrate pipeline: Installation work along 120 km Desalination plant expansion: Pump installation route (low section) (foreground) and reverse osmosis
Slide 19: Applying our capital allocation framework
Investment Case Financial Performance Growth Pipeline Appendix Organic growth: Significant optionality APPLYING OUR CAPITAL ALLOCATION FRAMEWORK Our process for developing optionality: Project factors Capital allocation framework • Attractive IRRs • Conservative • Lower capital intensities • Consist
Slide 20: Medium- to long-term pipeline
Investment Case Financial Performance Growth Pipeline Appendix 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:
Slide 21: Innovation increasing growth optionality
Investment Case Financial Performance Growth Pipeline Appendix Innovation highlights INNOVATION INCREASING GROWTH OPTIONALITY Innovation case study: Cuprochlor-T® Innovation case study: Material movement Patented technology, in development for 10 years, designed to unlock Multiple opportunities to i
Slide 22: Delivering copper growth
Investment Case Financial Performance Growth Pipeline Appendix Antofagasta’s investment case DELIVERING COPPER GROWTH 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 balan
Slide 23: Appendix
Investment Case Financial Performance Growth Pipeline Appendix APPENDIX Cautionary statement 24 At a glance 25 Financial information 26 Production and cash costs 31 Antofagasta plc | 2025 Full Year Results Presentation 23
Slide 24: Cautionary statement
Investment Case Financial Performance Growth Pipeline 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 oth
Slide 25: At a glance
Investment Case Financial Performance Growth Pipeline Appendix AT A GLANCE 1. Los Pelambres • 60% owned Group • Copper production1: 295,300 t • Remaining mine life2: 11 years • 35% free float • Reserves3: 716 Mt @ 0.58% Cu, 0.02% Mo and 0.05g/t Au • Market cap: $49.2 billion (10 February 2026) • FTS
Slide 26: Revenue
Investment Case Financial Performance Growth Pipeline Appendix REVENUE $ million +$2,007m $8,620m 342 (21) 209 64 202 165 $6,613m 1,046 FY 2024 Realised copper Copper sales - Copper sales - Molybdenum Silver sales – Gold sales – Transport sales FY 2025 - price volume TC/RCs sales (primarily (primari
Slide 27: Net earnings
Investment Case Financial Performance Growth Pipeline Appendix NET EARNINGS $ million $654m (+105%) (150) (72) (49) (23) (202) (515) 2,007 (342) $1,329m $1,274m 55 $830m (210) $620m FY 2024 Net Exceptional FY 2024 Revenues Mining on- Depreciation Other costs Associates Finance items Tax Non- FY 2025
Slide 28: Cash flow
Investment Case Financial Performance Growth Pipeline Appendix CASH FLOW $ million (766) (395) 1,566 (365) 187 (80) 68 22 (708) (259) 5,019 (3,685) $4,910m (10) $4,316m Cash at 1st EBITDA from Working Tax outflow Net Interest Net new Dividends to Dividends Capital Agreement Proceeds Dividends Net Ca
Slide 29: Capital expenditure
Investment Case Financial Performance Growth Pipeline Appendix CAPITAL EXPENDITURE $ million Guidance 3,685 32 $3.4bn 31 1,682 2,415 1,500 2,129 37 1,879 52 1,778 42 59 530 1,122 1,307 676 785 744 1,079 40 897 899 873 61 792 389 31 559 67 279 583 276 144 347 357 503 1,186 1,125 371 352 867 562 755 2
Slide 30: 2025 production cost breakdown
Investment Case Financial Performance Growth Pipeline Appendix 2025 PRODUCTION COST BREAKDOWN 0.73 $2.37/lb 0.08 $2.38/lb Other Labour (0.07) 8% 13% Material and spare parts $1.64/lb 14% Maintenance Services 12% $4,107m Other inputs 10% 5% 19% Sulphuric Acid Other Services 7% Fuel and lubricants 12%
Slide 31: Production and metals prices
Investment Case Financial Performance Growth Pipeline Appendix PRODUCTION AND METALS PRICES Group production Metal prices 2020 2021 2022 2023 2024 2025 2026E1 2020 2021 2022 2023 2024 FY 2025 Copper ('000 tonnes) Copper ($/lb) Los Pelambres 359.6 324.7 275.0 300.3 319.6 295.3 340 - 360 Realised 2.98
Slide 32: Unit cash costs
Investment Case Financial Performance Growth Pipeline Appendix UNIT CASH COSTS Group cash costs 1 2020 2021 2022 2023 2024 FY 2025 2026E Group cash costs ($/lb) Los Pelambres 1.27 1.59 1.84 1.92 2.09 2.21 2.00 - 2.20 Centinela 1.85 1.87 2.44 2.57 2.60 2.27 2.45 - 2.65 Antucoya 1.82 2.04 2.50 2.63 2.