HY RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026

About this update from Antofagasta Plc

[{"type":"text","content":"\n \n HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 \n DISCIPLINED DELIVERY DRIVES 27% EBITDA GROWTH AND MARGIN INCREASE TO 63% \n MAJOR GROWTH AND DEVELOPMENT PROJECTS CONTINUE TO ADVANCE \n Antofagasta plc CEO Iván Arriagada said : \"We are pleased to have delivered strong growth in earnings in the first half, with EBITDA rising 27% and operating cash flow 53% higher, supported by higher realised prices and our continued focus on productivity and cash cost discipline. Having passed peak levels of capital expenditure for our current phase of growth, we remain well positioned for the future with a resilient balance sheet and low levels of net debt. \n \"Safety remains the foundation of our business, and I am pleased to report another period with no fatalities. This performance reflects the commitment of our people and the disciplined approach that underpins our strategy. The resumption of operations at Los Pelambres, following the precautionary shutdown due to exceptional adverse weather conditions, has progressed in a safe and orderly manner - which is a testament to the resilience of the operation, commitment of our team and robust planning processes. As a result, the impact on production has been contained, with the Group now expecting full year copper production to be in the range of 625,000-655,000 tonnes. \n  \"We continue to advance our major projects at Centinela and Los Pelambres towards the completion of commissioning in 2027, which are collectively expected to deliver a 30% increase in copper production and strengthen the long-term resilience of our portfolio. At Zaldívar, we recently announced our investment decision for our transition away from continental water sourcing, which will enhance the long-term sustainability of this operation and enable a potential mine life extension to 2051. Together, these long-term investments position the Group well to benefit from growing copper demand, driven by global trends including energy security, electrification, digital infrastructure and AI.\" \n \n \n \n \n UNAUDITED RESULTS SIX MONTHS ENDED 30 JUNE \n \n \n   \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n % \n \n \n \n \n Revenue \n \n \n $m \n \n \n 4,479.0 \n \n \n 3,799.4 \n \n \n +18% \n \n \n \n \n EBITDA [1] \n \n \n $m \n \n \n 2,840.5 \n \n \n 2,234.2 \n \n \n +27% \n \n \n \n \n EBITDA margin 2 \n \n \n % \n \n \n 63.4 \n \n \n 58.8 \n \n \n +5pp \n \n \n \n \n Profit before tax (including exceptional items) \n \n \n $m \n \n \n 1,995.8 \n \n \n  1,162.0 \n \n \n +72% \n \n \n \n \n Cash flow from operations \n \n \n $m \n \n \n 2,772.9 \n \n \n 1,812.0 \n \n \n +53% \n \n \n \n \n Net debt / EBITDA 1 \n \n \n x \n \n \n 0.68 \n \n \n 0.54 \n \n \n +26% \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n cents \n \n \n 85.9 \n \n \n 52.9 \n \n \n +62% \n \n \n \n \n Underlying earnings per share (excluding exceptional items) 1 \n \n \n cents \n \n \n 85.9 \n \n \n 47.4 \n \n \n +81% \n \n \n \n \n Dividend per share \n \n \n cents \n \n \n 30.1 \n \n \n 16.6 \n \n \n +81% \n \n \n \n \n HIGHLIGHTS \n ●         Strong safety performance recorded in H1 2026, with operations remaining fatality-free and the Group-level lost time injury frequency rate continuing below 1.0 (H1 2026: 0.68). \n ●         EBITDA was $2,840.5 million, 27% higher than in H1 2025, driven by higher revenues, partially offset by an increase in operating costs. \n ●         The Group's EBITDA margin [2] increased by 5 percentage points to 63.4% in H1 2026, maintaining the Group's position towards the top end of global pure-play copper producers. [3] \n ●         Interim dividend of 30.1 cents per share announced, equivalent to a pay-out ratio of 35% of underlying net earnings, in line with the Group's capital allocation framework and dividend policy. \n ●         Cash flow from operations increased by 53% to $2,772.9 million, with the drivers as described above and a decrease in working capital in relation to lower receivables and higher payables. \n ●         The Group's balance sheet remains resilient, with a net debt to EBITDA ratio of 0.68x as at 30 June 2026 \n(0.53x as at 31 December 2025). \n ●         The Competitiveness Programme generated savings and productivity improvements of $67 million in H1 2026 (H1 2025: $60 million), and the Group is on track to meet its full year target of $110 million. \n ●         The Group's major growth projects continue to advance towards the completion of commissioning next year. At the Centinela Second Concentrator Project, pre-commissioning activities continued during H1 2026 alongside key construction milestones. Following detailed geotechnical work, additional works are planned in the flotation cell area of the concentrator, within the overall schedule for the project. At Los Pelambres, progress also advanced on the infrastructure projects to install a new concentrate pipeline and expand the existing desalination plant to 800 litres per second. \n ●         As previously disclosed on 24 July 2026, Los Pelambres has resumed operations following an orderly shutdown in response to extraordinarily severe weather conditions in Chile, during which Coquimbo Region was officially declared as a ' state of catastrophe ' by the Chilean Government. Mining and processing activities have continued to gradually increase, with the level of mine movement ramping up as conditions permit. While there has been no material impact on key equipment and infrastructure, detailed inspections have identified the need for repairs to certain pipeline platforms and water management systems. \n ●         As a result, total Group production for 2026 is expected to be in the range of 625,000-655,000 tonnes, with cash cost and capital expenditure guidance as previously disclosed in the Group's Q2 2026 Production Report. \n ●         As previously disclosed in the Group's Q2 2026 Production Report, Group copper production was 285,000 tonnes in H1 2026, representing a decrease of 9% year-on-year, principally driven by lower output at Los Pelambres and Centinela. Quarterly production is expected to increase sequentially over the remainder of the year. \n ●         As inflationary pressures continue to persist across the mining industry, the Group remains focused on its supply chains to ensure security of sourcing, disciplined cost control, operational excellence and project execution, in addition to the significant benefit provided through by-product credits. During H1 2026, net cash costs were 8% lower on a year-on-year basis at $1.22/lb, following stronger by-product credits and disciplined cost control, with the main offsetting factor being lower production at both Los Pelambres and Centinela, in addition to higher input costs and the settlement of a three-year labour agreement at Centinela. \n ●         The Group announced approval during Q2 2026 of an investment of approximately $0.9 billion in a water pipeline and pumping system for Zaldívar, enabling the transition away from continental water from mid-2028 and supporting a potential mine life extension to 2051. \n   \n A recording and copy of the 2026 Half Year Results presentation is available for download from the Group's website www.antofagasta.co.uk . \n There will be a Q&A video conference call at 2:00 pm (UK) today, hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer, and Alejandra Vial - Vice President Sustainability. Participants can join the conference call via the following link: \n https://antofagasta-2026-hy-results.open-exchange.net/ \n                                                                                                                                                 \n \n \n \n \n Investors - London    \n \n \n   \n \n \n   \n \n \n Media - London \n \n \n   \n \n \n \n \n Juan Esteban Dides    \n \n \n [email protected] \n \n \n   \n \n \n Sara Powell \n \n \n [email protected] \n \n \n \n \n Robert Simmons    \n \n \n [email protected] \n \n \n   \n \n \n Ben Brewerton \n \n \n   \n \n \n \n \n Telephone \n \n \n +44 20 7808 0988        \n \n \n   \n \n \n Nick Hennis \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Telephone    \n \n \n +44 20 7404 5959 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Media - Santiago \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Pablo Orozco \n \n \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Carolina Pica \n \n \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Telephone \n \n \n +56 2 2798 7000 \n \n \n \n \n   \n                                                                                                                                                                                                                                                                                                                         \n   \n Register on our website to receive our email alerts http://www.antofagasta.co.uk/investors/email-alerts/ \n   \n \n \n   \n FINANCIAL AND OPERATING REVIEW \n FINANCIAL HIGHLIGHTS \n Revenue for the first half of 2026 was $4,479.0 million, 18% higher than in the same period last year. This increase was driven by higher realised prices partially offset by lower sales in copper and by-products. \n The Group's average realised copper price rose by 36% year-on-year in H1 2026 to $6.19/lb. In respect of by-products, realised prices for gold rose by 46% during the period to $4,772/oz and for molybdenum by 55% to $32.6/lb. \n EBITDA during the first six months of 2026 was $2,840.5 million, 27% higher than in the same period in 2025, with the main driver in H1 2026 being higher revenue, partially offset by an increase in operating costs. \n The Group's EBITDA margin widened to 63.4% in H1 2026, compared with 58.8% in H1 2025. \n Profit before tax (including exceptional items) was $1,995.8 million, 72% higher than the same period in 2025, reflecting the movements described above, with lower depreciation and amortisation and a higher net share of results from associates and joint ventures. \n Earnings per share for the first half of 2026 (including exceptional items) were 85.9 cents, an increase of 62% compared with H1 2025. \n Cash flow from operations was $2,772.9 million, a 53% increase compared with the same period last year, mainly driven by strong earnings and movements in working capital - primarily in relation to positive movements in debtors and creditors, partially offset by increased inventories. \n The Board of Directors of the Company has declared an interim ordinary dividend of 30.1 cents per share, equal to a 35% pay-out of underlying earnings per share, in line with the Company's dividend policy. \n PRODUCTION AND CASH COSTS (AS PREVIOUSLY ANNOUNCED) \n Copper production in H1 2026 fell to 285,000 tonnes, representing a 9% decrease year-on-year, primarily driven by lower output from Centinela and Los Pelambres, due to lower grades in both concentrates, and the build-up of copper inventories at Los Pelambres as a result of the timing of maintenance on the concentrate pipeline during Q2 2026. \n Gold production in H1 2026 was 92,800 ounces, representing an increase of 2%, with higher output at Centinela Concentrates partially offset by lower output at Los Pelambres. \n Molybdenum production of 6,100 tonnes in H1 2026 was 18% lower, as a result of lower output at both Los Pelambres and Centinela. \n Cash costs before by-product credits in H1 2026 were $2.85/lb, a year-on-year increase of 23%, due to higher input costs, a one-off labour settlement at Centinela and the effects of lower production at both Los Pelambres and Centinela Concentrates. \n COMPETITIVENESS PROGRAMME \n The Competitiveness Programme continues to deliver combined savings and productivity improvements, totalling $67 million during the first half of 2026. The Group has a full year target of $110 million that, if achieved, will represent the equivalent of more than 7c/lb.  \n   \n In line with the implementation of our Operational Excellence Management System (OEMS), various initiatives are underway to further reduce the Group's cost base, with results grouped into the following categories: operational efficiencies and throughput (74% of total) and contract management (26%). \n \n \n   \n EXPLORATION AND EVALUATION COSTS \n Exploration and evaluation costs were $23.3 million in H1 2026 (H1 2025: $25.7 million), with this expenditure primarily related to activities at the Cachorro exploration project in Chile and the Group's development-stage project in the United States (Twin Metals Minnesota). \n TAXATION \n The effective tax rate for H1 2026 was 36.0%, compared to 36.5% in H1 2025. The effective tax rate for H1 2025 was 31.9% if exceptional items are included (being the derecognition of the deferred tax liability in respect of the Group's investment in Buenaventura). \n The ad-valorem element of the royalty in Chile was $18.5 million in H1 2026 (H1 2025: $13.8 million), which is not included in the Group's effective tax rate. \n The income tax expense for H1 2026 was $718.6 million, compared to $370.1 million in H1 2025 (and $424.6 million in H1 2025 excluding exceptional items). \n The Chilean Government has proposed a tax reform package that includes measures that, if enacted, would result in changes to corporate taxation and other less material tax proposals applicable to businesses operating in Chile. This package includes a potential gradual reduction in the corporate tax rate from 27% to 23% over a three-year period. It also includes the possibility to opt for tax stability agreements under certain investment conditions which would benefit mining projects. This reform is expected to be enacted in the coming months. More information is provided on page 42 of this report. \n CAPITAL EXPENDITURE AND DEPRECIATION & AMORTISATION \n Capital expenditure in H1 2026 was $1,672.1 million (H1 2025: $1,620.4 million), including $579.4 million of sustaining capital expenditure, $295.7 million on mine development, $779.1 million of growth expenditure and $17.9 million of capital expenditure within the Transport Division. \n Group capital expenditure guidance for the full year remains unchanged at $3.4 billion. \n During H1 2026, depreciation and amortisation decreased on a year-on-year basis by $124.2 million to $733.5 million, which principally reflects an increase in the amount of depreciation deferred in inventories, following an increase in finished goods inventories at Los Pelambres and Centinela. \n CAPITAL ALLOCATION \n The Group's capital allocation framework is key to the effective allocation of capital for sustaining capital expenditure, development capital expenditure and shareholder returns. The Group remains committed to its focus on profitable growth in copper production and a prudent and consistent approach to capital allocation to generate shareholder returns. \n Cash flow from operations increased to $2,772.9 million in H1 2026, compared with $1,812.0 million in H1 2025. \n Net debt at the end of the period was $3,966.1 million (31 December 2025: $2,749.5 million), reflecting a balance of strong cash flows, capital expenditures, payment of dividends and the recognition of Centinela's new water infrastructure as a new lease, due to this asset commencing operations. \n The net debt to EBITDA ratio at the end of the period was 0.68x (31 December 2025: 0.53x). \n The Board has declared an interim dividend of 30.1 cents per share, equivalent to $296.7 million and a pay-out of 35% of underlying earnings per share, consistent with the Company's dividend policy and previous interim dividends. Any distribution of excess cash for the year, as defined under the dividend policy and the approach outlined in the capital allocation framework, will be made as part of the final dividend. \n LABOUR \n During Q2 2026, the Group successfully concluded a three-year labour agreement with the supervisors' union at Centinela. \n In the Mining Division, a total of three collective bargaining dialogues with workers' unions were scheduled to take place in H2 2026: two at Centinela and one at Zaldívar. The process at Zaldívar was successfully concluded with its workers' union in July 2026. \n In the Transport Division, the Group successfully concluded one collective bargaining agreement in H1 2026. A further three collective bargaining processes with workers' unions are scheduled to take place in H2 2026, with one process successfully concluded during July. \n   \n SUSTAINABILITY \n Health and safety \n The Group is pleased to report another fatality-free period in H1 2026 (FY 2025: zero fatalities). The Group's lost time injury frequency rate remains below 1.0, with a result in H1 2026 of 0.68 (H1 2025: 0.42). The total recordable injury frequency rate remains in line with the prior year, with a result of 1.58 recorded in H1 2026 (H1 2025: 1.60). \n In terms of leading indicators of health and safety performance, the Group recorded a reduction in its high-potential incident frequency rate in H1 2026, down to 0.03 (H1 2025: 0.04). \n The Group also continues to deliver strong safety performance across its pipeline of growth and development projects, which includes the deployment of more than 15,000 external contractors across multiple sites. In particular, the Centinela Second Concentrator Project achieved a further improvement in its safety performance, delivering a half year period with a high-potential incident frequency rate of zero (H1 2025: 0.04). \n Environment \n In line with previous periods, there were no operational events with material environmental consequences recorded during H1 2026 (H1 2025: zero). \n As a key leading indicator of environmental performance, during H1 2026 the Group began the implementation of its critical control strategies for environmental risks that could have a direct impact on the business. \n In respect of permitting, a key milestone is expected to be reached in H2 2026 with respect to the Los Pelambres Development Options Project - which is designed to extend the mine life of this operation to 2051 - with the submission of the second Addendum into the Chilean Government's Environmental Impact Assessment (EIA) system. The original EIA was submitted in December 2024, and the process allows for up to three rounds of queries to be raised, with associated Addenda submitted in response. \n Communities \n The Group maintains a strong commitment to local communities as a central part of its strategy, promoting development and well-being through collaboration and a long-term approach. By using a proactive approach based on transparent dialogue and the implementation of high-impact initiatives, we aim to understand each community's priorities and generate sustainable social value in the areas where we operate. \n During the first half of 2026, Los Pelambres continued to strengthen its engagement with national, regional and sectoral authorities in support of the Los Pelambres Growth Enabling Projects, including introductory meetings with newly appointed authorities following the inauguration of the new government and progress on the actions required to prepare the second Addendum.  \n In water management, Los Pelambres continued to advance its water transition strategy and in July completed the renewal of the Water Scarcity Decree for Choapa Province, which is key to regulate the use of the groundwater resources. In addition, together with the Choapa River Water Users Association ( Junta de Vigilancia del Río Choapa ), the results of the Comprehensive Environmental Monitoring Programme, following more than 14 years of continuous monitoring, confirmed the stability and good quality of surface and groundwater resources across the basin for both human consumption and productive uses.  \n Los Pelambres continues to maintain an active approach to local community engagement, through a focus on strengthening relationships with communities, local organisations and water users throughout the basin. Key recent developments have included extensive community support measures implemented in the area of Los Pelambres following the weather event experienced in July 2026, the continuation of agreements with fishing organisations in the local area and a range of dialogue and participation initiatives aimed at promoting the sustainable development of the territory and collaborative water resource management; and the launch of the second cycle of the Somos Choapa programme.  \n \n \n   \n Community engagement highlights in the north of Chile include: \n ·      The  Dialogues for Development  programme continues to promote community projects through open calls for applications and citizen voting. In May 2026, Antucoya completed the sixth edition of the programme with the inauguration of three community projects in María Elena, supporting culture, sport and the renewal of public spaces. In addition, Centinela initiated a new process in Michilla focused on the implementation of five projects in the areas of solar sustainability, education and health; while in Sierra Gorda, two projects were successfully completed, including improvements to facilities at a local nursery school and the installation of solar-powered lighting for the town.  \n ·      Ongoing engagement with the Indigenous community of Peine, which is located within Zaldívar's area of influence, has focused on strengthening a relationship of trust and laying the foundations for agreements that support the continuity of the environmental and social commitments arising from the Environmental Qualification Resolution (Spanish acronym: RCA ) and the Indigenous Consultation process, which was completed in 2025. In addition, several high-impact social investments have been delivered in health, education and community infrastructure. These include the construction of a dental clinic and healthcare storage facility, architectural planning for a civic centre, the expansion of the scholarship programme, and the establishment of the municipality's first multi-grade school.  \n In the first half of 2026, the Group's Suppliers for a Better Future programme achieved over 48% local employment among local suppliers, more than 15% female participation and 18% of purchases from regional suppliers. Additionally, the Group established a partnership with three financial institutions to support SME suppliers through financial education and capacity-building initiatives: helping to strengthen business management capabilities, promote sustainable growth and increase opportunities for regional suppliers within the mining value chain.  \n Energy efficiency and resilience \n Aligned with the Group's Climate Action Plan, the Group is undertaking a series of initiatives to help increase energy efficiency and resilience through electrification and increased fuel efficiency in the mining fleet. Key projects include the hybrid electric haul trucks and trolley-assist system, both of which are being trialled at Los Pelambres. A hybrid electric haul truck has been in operation since early 2026, with preliminary indications that this technology has the potential to reduce a haul truck's average diesel consumption by approximately 15-20%, relative to diesel-only units. Installation work for the trolley-assist system at Los Pelambres continues, with operational tests expected to begin during H2 2026. \n Water \n The Group's Chilean operations are located in the regions of Antofagasta and Coquimbo, where water availability is a key consideration. \n Water consumption at two of the Group's operations - Centinela and Antucoya - is in the form of raw, unprocessed sea water. The Los Pelambres desalination plant, with a nameplate capacity of 400 litres per second, has helped to increase water availability and reduce reliance on continental sources of water. Group-level water withdrawals from sea water as a proportion of total withdrawals increased to 68% in H1 2026 (H1 2025: 63%), representing a record level for the Group. \n As previously announced, the Group approved an investment decision at Zaldívar in Q2 2026 for the construction of a water pipeline and pumping system, which will enable Zaldívar to transition away from continental water from mid-2028. The planned investment of approximately $0.9 billion over the next two years (100% basis) will allow for a potential extension of the mine life to 2051 and the creation of more than 5,000 local jobs. The mine will utilise reprocessed wastewater from the city of Antofagasta, reflecting the Group's commitment to circular economy solutions. \n \n \n   \n INNOVATION \n Strategic innovation \n ·    Cuprochlor-T®: The design for industrial-scale use of Cuprochlor-T® for particular ore types advanced further during the period. Furthermore, metallurgical tests with third parties continue, with trials ongoing. \n ·    Material handling: A road train pilot project at Centinela has progressed into the execution phase, with a six-month pilot project planned for the 21 km haul route linking different aspects of Centinela Cathodes' operational footprint. \n ·    Tailings management: The monitoring platform for the integrated tailings management system at Los Pelambres is currently in the commissioning phase, along with technologies aimed at further increasing water recovery. \n Digital and operational excellence \n ·    Data and advanced analytics: The Group has deployed an AI-powered autonomous optimisation platform that transforms advanced analytics into real-time operational execution across the SAG grinding process, with the goal of increasing throughput and improving operational consistency. \n 2026 GUIDANCE \n As previously disclosed on 24 July 2026, Los Pelambres has resumed operations following an orderly shutdown in response to extraordinarily severe weather conditions in Chile, during which Coquimbo Region was officially declared as a ' state of catastrophe ' by the Chilean Government. Mining and processing activities have continued to gradually increase, with the level of mine movement ramping up as conditions permit. While there has been no material impact on key equipment and infrastructure, detailed inspections have identified the need for repairs to certain pipeline platforms and water management systems. \n As a result of the above, total Group copper production for 2026 is now expected to be in the range \nof 625,000-655,000 tonnes. \n Group-level cash costs before by-product credits are expected to be in the range of $2.40-2.60/lb. \n Group-level cash costs after by-product credits are expected to be in the range of $1.15-1.35/lb. \n Capital expenditure is expected to be $3.4 billion (excluding Zaldívar). \n   \n \n \n   \n REVIEW OF OPERATIONS AND PROJECTS \n MINING DIVISION \n LOS PELAMBRES \n Financial performance \n EBITDA at Los Pelambres was $1,401.0 million in the first half of 2026, a 30% increase compared with \n$1,077.8 million in the first six months of 2025. This increase was mainly due to higher metal prices (35% higher realised copper prices, 55% higher realised gold price and 54% higher realised molybdenum price) partially offset by lower sales in copper (15% decrease), gold (22% decrease) and molybdenum (6% decrease). \n Production \n Copper production in H1 2026 was 7% lower than the prior year at 133,800 tonnes, with this year-on-year decrease principally related to the accumulation of concentrate inventories as a result of the timing of maintenance on the concentrate pipeline in Q2 2026, lower throughput and grades, partially offset by higher recoveries. \n Molybdenum production for the first six months of the year decreased by 17% to 4,700 tonnes (from 5,700 in H1 2025), and gold production decreased by 8% in H1 2026, reaching 23,800 ounces (from 25,900 ounces in H1 2025), with both movements primarily driven by lower grades. \n Costs \n Cash costs before by-product credits in H1 2026 were 17% higher year-on-year at $2.61/lb, with this movement driven by lower copper production, higher unit costs for key consumables, such as diesel and explosives, and appreciation of the Chilean peso. \n Net cash costs in H1 2026 were 26% lower at $0.76/lb, reflecting stronger realised pricing, partially offset by lower output of by-products. \n Capital expenditure \n Total capital expenditure at Los Pelambres in the first six months of 2026 was $468.5 million, of which \n$415.9 million was sustaining capital expenditure, $31.4 million was on mine development and $21.2 million was on development capital expenditure. \n Compared with H1 2025, total capital expenditure increased by 7%, including a $93.7 million increase in sustaining capital expenditure, $58.0 million decrease in mine development and a $2.6 million decrease in development capital expenditure. \n Other matters \n As previously disclosed on 24 July 2026, Los Pelambres has resumed operations following an orderly shutdown in response to extraordinarily severe weather conditions in Chile, during which Coquimbo Region was officially declared as a ' state of catastrophe ' by the Chilean Government. Mining and processing activities have continued to gradually increase, with the level of mine movement ramping up as conditions permit. While there has been no material impact on key equipment and infrastructure, detailed inspections have identified the need for repairs to certain pipeline platforms and water management systems. \n CENTINELA \n Financial performance \n EBITDA for the first six months of 2026 was $1,025.8 million, an increase of 9% compared with the first half of 2025. This increase was mainly due to higher metal prices (37% higher realised copper prices, 43% higher realised gold price and 60% higher realised molybdenum price) partially offset by lower sales in copper (28% decrease), gold (12% decrease) and molybdenum (18% decrease). \n Production \n Total copper production in H1 2026 decreased by 16% to 97,100 tonnes. Copper in concentrate production in H1 2026 was 13% lower at 69,700 tonnes, which was principally related to copper grades (14% decrease). \n Total cathode production in H1 2026 declined by 24% to 27,400 tonnes on a year-on-year basis, with lower copper recoveries (26% decrease). \n Gold production in H1 2026 was 69,000 ounces, representing a 6% increase compared to the same period last year. This change was primarily the result of higher gold grades in the processed ores. \n Molybdenum production in H1 2026 declined by 18% to 1,400 tonnes (from 1,700 tonnes in H1 2025) mainly driven by lower grades. \n Costs \n Cash costs before by-product credits rose by 33% in H1 2026 to $2.95/lb, with this movement primarily driven by lower copper production, higher unit costs for key consumables, such as diesel and explosives, the conclusion of a three-year agreement with a labour union during the period and appreciation of the Chilean peso. \n Net cash costs of $0.70/lb in H1 2026 were 30% lower than the prior year period, reflecting stronger realised pricing and higher gold production. \n Capital expenditure \n Capital expenditure in the first six months of 2026 was $1,074.8 million, of which $88.2 million was sustaining capital expenditure , $229.0 million was on mine development and $757.6 million was development capital expenditure , of which $444.8 million was on the Centinela Second Concentrator Project (H1 2025: $656.7 million). \n Compared with H1 2025, total capital expenditure at Centinela decreased by 4% in H1 2026, including a $23.5 million decrease in sustaining capital expenditure, $58.3 million decrease in mine development and an increase of $33.8 million in development capital expenditure. \n ANTUCOYA \n Financial performance \n For the first half of the year, EBITDA was $253.8 million, a 61% increase compared to $157.7 million in the same period of 2025, with this movement related to higher realised copper prices partially offset by higher cash costs before by-product credits. \n Production \n Copper production in H1 2026 was 6% lower than the prior year period at 37,000 tonnes, reflecting lower recoveries resulting from elevated sulphide content in treated ores and an increase in leach pad inventory. \n Costs \n Cash costs of $3.12/lb in H1 2026 were 21% higher on a year-on-year basis, reflecting lower copper production, and higher unit costs for key consumables, such as diesel and acid. \n Capital expenditure \n Capital expenditure in the first six months of the year totalled $109.3 million, of which $74.0 million corresponded to sustaining capital expenditure and $35.2 million to mine development. \n Compared to H1 2025, capital expenditure increased by 153% in H1 2026, driven by an $32.8 million rise in mine development and $33.2 million increase in sustaining capital expenditure . \n ZALDÍVAR \n Financial performance \n Attributable EBITDA at Zaldívar was $83.0 million in H1 2026, compared with $48.0 million in H1 2025, mainly driven by higher realised copper prices partially offset by higher cash costs. \n Production \n Total attributable copper production in H1 2026 was 6% higher at 17,000 tonnes, primarily as a result of higher recoveries and grades. \n \n \n   \n Costs \n Cash costs of $3.67/lb in H1 2026 were 14% higher than the prior year period, explained by higher unit costs for key consumables, especially diesel and sulphuric acid, offset by the higher level of production. \n Capital expenditure \n In the first six months of 2026, attributable capital expenditure was $82.7 million, of which $25.7 million was sustaining capital expenditure, $26.5 million was mine development and $30.5 million was development capital expenditure. \n Compared with H1 2025, capital expenditure was 320% higher, due to a $20.0 million increase in mine development, $16.7 million rise in sustaining capital expenditure and a $26.3 million increase in development capital expenditure . \n Other matters \n During Q2 2026, the Group approved an investment of approximately $0.9 billion (100% basis) to develop a water pipeline and pumping system for Zaldívar. Once operational in mid-2028, the project will replace the use of continental water with reprocessed wastewater from the city of Antofagasta, supporting a potential extension of the mine's life through to 2051 and generating more than 5,000 local jobs at peak construction in 2027 . \n TRANSPORT DIVISION \n Financial performance \n EBITDA at the Transport Division was $26.6 million in the first half of 2026, compared to $36.6 million in the same period last year, primarily due to higher operating costs from higher fuel prices and lower sales reflecting lower mineral transportation due to lower volumes produced by mining clients in the north of Chile. \n Transport volumes \n The total volume transported in H1 2026 was 2.8 million tonnes, representing a 12% decrease year-on-year. \n Capital expenditure \n Capital expenditure for the first half of the year was $17.9 million, an increase of 13% compared with the same period in 2025. \n \n \n \n OPERATIONS - KEY GROWTH PROJECTS AND OPPORTUNITIES \n \n \n \n \n Operation \n \n \n Description \n \n \n Capital \nexpenditure \n \n \n Status (completion) \n \n \n Recent activities \n \n \n \n \n   \n \n \n \n \n \n (Total) \n \n \n (To date [4] ) \n \n \n \n \n \n \n \n Los Pelambres \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Desalination plant expansion \n \n \n Key enabling project for future growth - project to double capacity of existing desalination plant to 800 l/s. \n \n \n Approx. $1bn \n \n \n $0.6bn \n \n \n Underway \n(2027) \n \n \n Activities during the quarter included installation of the external cladding for the sea water reverse osmosis building. \n \n \n \n \n Concentrate pipeline and El Mauro enclosures \n \n \n Key enabling project for future growth - installation of a new concentrate pipeline and development of certain planned enclosures at the El Mauro tailings storage facility. \n \n \n Approx. $1bn \n \n \n $0.5bn \n \n \n Underway \n(2027) \n \n \n Progress continues along both the upper and lower sections of the pipeline route, including the welding of piping sections, installation of road crossings and drainage works. For the electrical power lines, several cable stringing and connection works were completed, alongside the installation of structures and power transformers. \n \n \n \n \n Development Options Project \n \n \n Mine life extension beyond 2035, adding a minimum \nof 15 additional years by increasing El Mauro's capacity (1.2bt). The EIA includes the option to increase throughput to 205ktpd annual average (from 190ktpd) and the option to enable a modular increase, as required, to the enlarged capacity of this operation by up to 800 l/s, after the current expansion. \n \n \n Under study \n (approx. $2bn) \n \n \n N/A \n   \n \n \n Evaluation phase \n   \n \n \n EIA submitted in December 2024. Progress continues on the preparation of Addendum 2, ahead of an expected submission in H2 2026. \n \n \n \n \n Centinela \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Second Concentrator Project \n \n \n Brownfield development to add 170,000 tonnes of copper-equivalent production and lower the Centinela District towards the first quartile of the global cash cost curve. \n \n \n $4.4bn [5] \n \n \n $3.3bn \n \n \n Underway \n \n 2027: \nComplete construction and commissioning \n   \n End 2027: \n Ramp-up \n commencing \n \n \n Key activities during the period included the completion of mill lining activities and the dome structure for the fine ore stockpile. In parallel, pre-commissioning activities have continued to progress across specific subsystems, including testing of the primary crusher motor system and the energisation of the drives and motors for the overland conveyor. Following detailed geotechnical work, additional works are planned in the flotation cell area of the concentrator, within the overall schedule for the project. \n \n \n \n \n Encuentro mine development \n \n \n Mine development work to access sulphide ores below the existing Encuentro oxide pit. \n \n \n Approx. $1bn \n \n \n $0.5bn \n \n \n Underway \n(2028) \n \n \n Pre-stripping activities continue to progress, with the operation utilising up to 16 units of mining equipment. \n \n \n \n \n Zaldívar \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Primary Sulphides and Long Term Water Supply Project \n \n \n Mine life extension to 2051, to realise the full potential of the Zaldívar deposit, including a 3-year water transition period. \n \n \n c. $0.9bn (100% basis) \n \n \n $0.1bn \n \n \n Underway \n(2028) \n \n \n Water supply: Investment approval for pipeline construction during Q2 2026, which will connect this operation with a third-party water supply. The mobilisation of personnel is now underway. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DEVELOPMENT PROJECTS \n Twin Metals Minnesota (USA) \n Twin Metals Minnesota (Twin Metals) is a wholly owned copper, nickel, and platinum group metals (PGMs) underground mining project, which holds a number of deposits in north-eastern Minnesota, United States. \n Twin Metals was advancing a project over a portion of the total resource that envisages mining and processing 18,000 tonnes of ore per day for 25 years to produce three separate concentrates - copper, nickel/cobalt and PGMs. However, further development of that project, as configured, is on hold whilst litigation takes place to challenge several actions taken by the US federal government to deter its development. \n In 2022, Twin Metals filed a lawsuit in the US District Court for the District of Columbia (District Court) challenging the administrative actions resulting in the rejection of Twin Metals' preference right lease applications (PRLAs), the cancellation of its federal mining leases 1352 and 1353, the rejection of its Mine Plan of Operation (MPO), and the dismissal of the administrative appeal of the MPO rejection. Twin Metals claimed that the government's actions were arbitrary and capricious, contrary to the law, and in violation of its rights. In September 2023, the District Court dismissed Twin Metals' suit on motion by the government. In November 2023, Twin Metals appealed the District Court's order to the US Court of Appeals for the District of Columbia Circuit. This action is pending. Oral arguments were held in January 2025 before the appellate court. Twin Metals and the Federal Government filed a motion to stay the decision after the oral argument. The Appellate Court granted a stay that currently extends to 3 October 2026. \n \n \n   \n FINANCIAL REVIEW FOR THE SIX MONTHS ENDED 30 JUNE 2026 \n   \n Results (unaudited) \n \n \n \n \n   \n \n \n Six months ended \n 30.06.2026 \n \n \n \n \n \n \n \n \n Six months ended \n 30.06.2025 \n \n \n \n \n   \n \n \n   \n Total \n   \n \n \n Before exceptional items \n \n \n   \n Exceptional \n Items \n \n \n Total \n   \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 4,479.0 \n \n \n 3,799.4 \n \n \n - \n \n \n 3,799.4 \n \n \n \n \n EBITDA (including share of EBITDA from associates and joint ventures) [6] \n \n \n 2,840.5 \n \n \n 2,234.2 \n \n \n - \n \n \n 2,234.2 \n \n \n \n \n Total operating costs \n \n \n (2,582.5) \n \n \n (2,524.6) \n \n \n - \n \n \n (2,524.6) \n \n \n \n \n Operating profit \n \n \n           1,896.5 \n \n \n 1,274.8 \n \n \n - \n \n \n 1,274.8 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 164.4 \n \n \n 33.3 \n \n \n - \n \n \n 33.3 \n \n \n \n \n Operating profit and share of total results from associates and joint ventures \n \n \n 2,060.9 \n \n \n 1,308.1 \n \n \n - \n \n \n 1,308.1 \n \n \n \n \n Net finance expense \n \n \n (65.1) \n \n \n (146.1) \n \n \n - \n \n \n (146.1) \n \n \n \n \n Profit before tax \n \n \n 1,995.8 \n \n \n 1,162.0 \n \n \n - \n \n \n 1,162.0 \n \n \n \n \n Income tax expense \n \n \n (718.6) \n \n \n (424.6) \n \n \n 54.5 \n \n \n (370.1) \n \n \n \n \n Profit from continuing operations \n \n \n 1,277.2 \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n \n \n Profit for the period \n \n \n 1,277.2 \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n \n \n Attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n 429.9 \n \n \n 270.3 \n \n \n - \n \n \n 270.3 \n \n \n \n \n Profit attributable to the owners of the parent \n \n \n 847.3 \n \n \n 467.1 \n \n \n 54.5 \n \n \n 521.6 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n \n \n From continuing operations \n \n \n 85.9 \n \n \n 47.4 \n \n \n 5.5 \n \n \n 52.9 \n \n \n \n \n   \n   \n The $380.2 million increase in the profit for the financial period attributable to the owners of the parent from $467.1 million (excluding exceptional items) in the first six months of 2025 to $847.3 million in the current period reflected the following factors: \n \n \n \n \n   \n   \n \n \n  $m \n \n \n \n \n Profit for the financial period attributable to the owners of the parent in H1 2025 \n \n \n 521.6 \n \n \n \n \n Less: exceptional items - 2025 \n \n \n 54.5 \n \n \n \n \n Profit attributable to the owners of the parent in H1 2025 (excluding exceptional items) \n \n \n 467.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in revenue \n \n \n 679.6 \n \n \n \n \n Increase in total operating costs \n \n \n (57.9) \n \n \n \n \n Increase in net share of results from associates and joint ventures \n \n \n 131.1 \n \n \n \n \n Decrease in net finance expenses \n \n \n 81.0 \n \n \n \n \n Increase in income tax expense \n \n \n (294.0) \n \n \n \n \n Increase in non-controlling interests \n \n \n (159.6) \n \n \n \n \n \n \n \n 380.2 \n \n \n \n \n Profit for the financial period attributable to the owners of the parent in H1 2026 \n \n \n                    847.3 \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n   \n The $679.6 million increase in revenue from $3,799.4 million in the first six months of 2025 to $4,479.0 million in the current period reflected the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Revenue in the first six months of 2025 \n \n \n 3,799.4 \n \n \n \n \n   \n \n \n   \n \n \n \n \n Increase in realised copper price \n \n \n 903.8 \n \n \n \n \n Decrease in copper treatment and refining charges \n \n \n 48.4 \n \n \n \n \n Decrease in copper sales volumes \n \n \n (566.0) \n \n \n \n \n Increase in molybdenum revenue \n \n \n 138.0 \n \n \n \n \n Increase in gold revenue \n \n \n 74.9 \n \n \n \n \n Increase in silver revenue \n \n \n 81.6 \n \n \n \n \n Decrease in transport division revenue \n \n \n (1.1) \n \n \n \n \n \n \n \n 679.6 \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue in the first six months of 2026 \n \n \n 4,479.0 \n \n \n \n \n   \n   \n Revenue from the Mining division \n   \n Revenue in the first half of 2026 from the Mining division increased by $680.7 million, or 18.3%, to $4,394.2 million, compared with $3,713.5 million in the first six months of 2025. The increase comprised a $386.2 million increase in copper sales and a $294.5 million increase in by-product revenues. \n   \n   \n Revenue from copper sales \n   \n Revenue from copper concentrate and copper cathode sales increased by $386.2 million, or 12.7%, to $3,436.7 million, compared with $3,050.5 million in the first six months of 2025. The increase reflected the impact of $903.8 million increase due to higher realised prices and a $48.4 million increase in revenue from lower treatment and refining charges, partly offset by the $566.0 million impact of lower sales volumes. \n   \n (i) Realised copper price \n   \n The average realised price increased by 36.0% to $6.19/lb in the first six months of 2026 (first half of 2025 - $4.55/lb), resulting in a $903.8 million increase in revenue. The LME average market price increased by 38.6% in H1 2026 to $5.93/lb (first half of 2025 - $4.28/lb). In the first half of 2026, there was a $131.1 million positive impact from provisional pricing adjustments, mainly as a result of the increase in the average mark-to-market price from $5.65/lb at 31 December 2025 to $6.07/lb at 30 June 2026. \n   \n Realised copper prices are determined by comparing revenue (before treatment and refining charges for concentrate sales) with sales volumes in the period. Realised copper prices differ from market prices mainly because, in line with industry practice, concentrate and cathode sales agreements generally provide for provisional pricing at the time of shipment with final pricing based on the average market price in future periods (normally around one month after delivery to the customer in the case of cathode sales and four months after delivery to the customer in the case of concentrate sales). \n   \n Further details of provisional pricing adjustments are given in Note 5 to the condensed consolidated interim financial statements. \n   \n   \n \n \n   \n (ii) Treatment and refining charges \n   \n Treatment and refining \"charges\" (TC/RCs) for copper concentrate were actually a credit of $18.7 million in the first half of 2026, resulting in a positive change of $48.4 million compared with the expense of $29.7 million in the first six months of 2025, reflecting the positive effects of trade agreements, mainly at Los Pelambres. \n   \n With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \"treatment and refining charge\" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount reflects the invoiced price (which is based on the net of the market value of fully refined metal less the treatment and refining charges). However, under the standard industry definition of unit cash costs, treatment and refining charges are regarded as part of cash costs. \n   \n Accordingly, the decrease in these charges has had a positive impact on revenue in the period. \n   \n (iii)  Copper volumes \n   \n Copper sales volumes included within revenue decreased by 18.4% from 306,900 tonnes in 2025 to 250,500 tonnes in 2026, reducing revenue by $566.0 million. This decrease was largely due to lower production at Centinela Concentrates (a decrease of 10,700 tonnes, as a result of lower grades in line with the mine plan) and Centinela Cathodes (a decrease of 8,400 tonnes, following lower recoveries, offset in part by an increase in ore processing rates and higher copper grades), as well as lower production at Los Pelambres (9,400 tonnes decrease due to lower grades and throughput, largely reflecting the extended concentrate pipeline maintenance completed in the period, partially offset by higher recoveries). Approximately 7,000 tonnes of copper processed at Los Pelambres during the period remained in plant inventory at 30 June 2026 as a result of the concentrate pipeline maintenance, and will be recognised as filtered production in the second half of 2026. In addition, period-end shipments at Los Pelambres and Centinela were temporarily delayed due to adverse weather conditions at the ports. \n   \n Revenue from molybdenum, gold and other by-product sales \n   \n Revenue from by-product sales (net of tolling charges) at Los Pelambres and Centinela relate mainly to molybdenum and gold and, to a lesser extent, silver. Revenue from by-products increased by $294.5 million or 44.4% to $957.5 million in the first half of 2026, compared with $663.0 million in the first six months of 2025. This increase was mainly due to the higher molybdenum, gold and silver realised prices, slightly offset by a decrease in the gold sales volumes and molybdenum sales volumes. \n   \n Revenue from molybdenum sales (net of treatment and refining charges) was $449.2 million (first half of 2025 - $311.2 million), an increase of $138.0 million. The increase was due to the higher realised price of $32.6/lb (first half of 2025 - $21.1/lb), partially offset by lower sales volumes of 6,600 tonnes (first half of 2025 - 7,200 tonnes). \n   \n Revenue from gold sales (net of treatment and refining charges) was $379.3 million (first half of 2025 - $304.4 million), an increase of $74.9 million, due to a higher realised price, partly offset by a decrease in sales volumes. The realised gold price was $4,771.8/oz in the first half of 2026 compared with $3,263.4/oz in the first six months of 2025, reflecting the average market price for 2026 of $4,693.5/oz (first half of 2025 - $3,071.8/oz), partially offset by a negative provisional pricing adjustment of $9.1 million. The gold sales volumes decreased by 14.8% from 93,400 ounces in the first half of 2025 to 79,600 ounces in the first six months of 2026, with lower sales at both Los Pelambres and Centinela, reflecting shipment delays as the result of adverse weather conditions at the ports towards the end of the period. \n   \n Revenue from silver sales increased by $81.6 million to $129.0 million (first six months of 2025 - $47.4 million). The increase was due to higher realised silver price of $92.5/oz (first six months of 2025 - $33.1/oz), slightly offset by lower sales volumes of 1.3 million ounces (first half of 2025 - 1.4 million ounces). \n   \n   \n Revenue from the Transport division \n   \n Revenue from the Transport division (FCAB) decreased by $1.1 million or 1.3% to $84.8 million (first six months of 2025 - $85.9 million), mainly due to lower transport volumes in the rail and road businesses. \n   \n   \n Total operating costs \n   \n The $57.9 million increase in total operating costs from $2,524.6 million in the first half of 2025 to $2,582.5 million in the first six months of 2026 was due to the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total operating costs in the first half of 2025 \n \n \n 2,524.6 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in mine-site operating costs \n \n \n 101.8 \n \n \n \n \n Increase in other mining expenses and closure provision costs \n \n \n 67.2 \n \n \n \n \n Increase in corporate costs \n \n \n 5.1 \n \n \n \n \n Increase in mining royalty ad-valorem element \n \n \n 4.7 \n \n \n \n \n Decrease in exploration and evaluation costs \n \n \n (2.4) \n \n \n \n \n Increase in Transport division operating costs \n \n \n 8.4 \n \n \n \n \n Decrease in depreciation, amortisation and loss on disposals \n \n \n               (126.9) \n \n \n \n \n \n \n \n 57.9 \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating costs in the first six months of 2026 \n \n \n 2,582.5 \n \n \n \n \n   \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Mining division \n   \n Operating costs (excluding depreciation, amortisation, loss on disposals and impairments) at the Mining division increased by $176.4 million to $1,788.9 million in the first half of 2026, an increase of 10.9%. \n   \n Of this increase, $101.8 million was attributable to higher mine-site operating costs. This increase in mine-site costs was due to higher input costs, the labour agreement settlement costs and the effects of lower production at both Los Pelambres and Centinela Concentrates. \n   \n On a unit cost basis, weighted average cash costs excluding treatment and refining charges and by-product revenues increased from $2.24/lb in the first six months of 2025 to $2.85/lb in the first six months of 2026. As detailed in the alternative performance measures section on page 56 of the half-year results announcement, by-product credits and treatment and refining charges, for accounting purposes, both impact revenue and do not therefore affect operating expenses. \n   \n The Competitiveness Programme was implemented to reinforce operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During the first half of 2026, the programme achieved benefits of $67.3 million in the mining division, of which $64.9 million reflected cost savings and $2.4 million represented the value of productivity improvements.  Of the $64.9 million of cost savings, $64.3 million related to Los Pelambres, Centinela and Antucoya, and therefore impacted the Group's operating costs, and $0.6 million related to Zaldívar (on a 100% basis) and impacted the share of results from associates and joint ventures. \n   \n Other mining expenses and closure provision costs increased by $67.2 million, mainly due to increased medium and long-term drilling and evaluation costs at the mining operations, related to studies of new sites principally at Los Pelambres and additionally an increase in other mining division costs related to support for the communities at Centinela . \n   \n Corporate costs increased by $5.1 million, due to increased labour costs. \n   \n Operating costs at the Mining division include $18.5 million (first six months of 2025 - $13.8m) in respect of the \"ad valorem\" element of the mining royalty at Los Pelambres. As the ad valorem element is based on revenue rather than profit, it does not meet the IAS 12 Income Taxes definition of a tax expense, and is therefore recorded as an operating expense. From a unit cash cost perspective, the ad valorem expense is included within \"C3\" cash costs, and is not included within the net cash cost and cash cost before by-product credits amounts, which are the Group's principal cash cost metrics. \n   \n Exploration and evaluation costs decreased by $2.4 million to $23.3 million (2025 - $25.7 million), reflecting decreased exploration and evaluation expenditure principally in respect of Chile exploration, partially offset by increased expenditure on the International Prefeasibility stage explorations at Twin Metals. \n   \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division increased by $8.4 million to $60.5 million (first half of 2025 - $52.1 million), mainly due to higher diesel prices. \n   \n   \n Depreciation, amortisation and disposals \n   \n The depreciation and amortisation charge decreased by $126.9 million in the first half of 2026 to $733.1 million (first half of 2025 - $860.0 million). This decrease mainly reflected an increase in the amount of depreciation deferred in inventories, mainly due to an increase in finished goods inventories at Los Pelambres and Centinela, due to shipment delays at 30 June 2026 due to bad weather conditions at the ports, and an increase in work in progress inventories at Los Pelambres due to the concentrate pipeline maintenance. \n   \n Operating profit from subsidiaries \n   \n As a result of the above factors, operating profit from subsidiaries increased by $621.7 million or 48.8% in 2026 to $1,896.5 million (first half of 2025 - $1,274.8 million). \n   \n   \n Share of results from associates and joint ventures \n   \n The Group's share of results from associates and joint ventures increased by $131.1 million to $164.4 million in the first six months of 2026, compared with $33.3 million in the first half of 2025. This was mainly due to a higher contribution from Compañía de Minas Buenaventura S.A.A. \n   \n   \n EBITDA \n   \n EBITDA (earnings before interest, tax, depreciation and amortisation) increased by $606.3 million or 27.1% to $2,840.5 million (first half of 2025 - $2,234.2 million). EBITDA includes the Group's proportional share of EBITDA from associates and joint ventures. \n   \n EBITDA from the Mining division increased by $616.3 million or 29% from $2,197.6 million in the first six months of 2025 to $2,813.9 million this half year. This reflected the higher revenue explained above and higher EBITDA from associates and joint ventures, slightly offset by higher mine-site costs. \n   \n EBITDA at the Transport division decreased by $10.0 million to $26.6 million in 2026 ($36.6 million - first half of 2025), mainly due to lower transport volumes and higher operating costs, primarily driven by higher diesel prices. \n   \n     \n Commodity price and exchange rate sensitivities \n   \n The following sensitivities show the estimated approximate impact on EBITDA for the first six months of 2026 of a 10% movement in the average copper, molybdenum and gold prices and a 10% movement in the average US dollar / Chilean peso exchange rate. \n   \n The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during the first six months of 2026, and the impact of the movement in the average exchange rate shows the estimated impact on Chilean peso denominated operating costs during the period. These estimates do not reflect any impact in respect of provisional pricing or hedging instruments, any potential inter-relationship between commodity price and exchange rate movements, or any impact from the retranslation or changes in valuations of assets or liabilities held on the balance sheet at the period-end. \n   \n \n \n \n \n \n \n \n Average market commodity price / average exchange rate during the six months ended 30.06.26 \n \n \n Impact of a 10% movement in the commodity price / exchange rate on EBITDA \nfor the six months ended 30.06.26 \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Copper price \n \n \n $5.93/lb \n \n \n 350.3 \n \n \n \n \n Molybdenum price \n \n \n $27.7/lb \n \n \n 40.1 \n \n \n \n \n Gold price \n \n \n $4,693.5/oz \n \n \n 37.4 \n \n \n \n \n US dollar / Chilean peso exchange rate \n \n \n 922.21 \n \n \n 86 \n \n \n \n \n   \n   \n Net finance expense \n   \n Net finance expense of $65.1 million reflected a decrease of $81.0 million compared with the $146.1 million of expenses in H1 2025. \n                                 \n \n \n \n \n \n \n \n Six months ended 30.06.26 \n $m \n \n \n Six months ended 30.06.25 \n $m \n \n \n \n \n Investment income \n \n \n 80.5 \n \n \n 84.6 \n \n \n \n \n Interest expense \n \n \n (159.4) \n \n \n (177.8) \n \n \n \n \n Other finance items \n \n \n 13.8 \n \n \n (52.9) \n \n \n \n \n Net finance expense \n \n \n (65.1) \n \n \n (146.1) \n \n \n \n \n   \n   \n Investment income decreased from $84.6 million in the first six months of 2025 to $80.5 million in H1 2026, mainly due to a decrease in the average interest rates. \n   \n Interest expense decreased from $177.8 million in the first six months of 2025 to $159.4 million in H1 2026, primarily reflecting a decrease in the average interest rates.  \n   \n Other finance items were a net gain of $13.8 million, compared with a net loss of $52.9 million in 2025, a variance of $66.7 million. This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted in a $29.2 million gain in H1 2026 compared with a $39.4 million loss in H1 2025. In addition, there was an expense of $15.3 million in respect of the unwinding of the discounting of provisions (first half of 2025 - expense of $13.4 million). \n   \n   \n Profit before tax \n   \n As a result of the factors set out above, profit before tax increased by 71.8% to $1,995.8 million in the first half of 2026 (first half of 2025 - $1,162.0 million). \n   \n Income tax expense \n   \n The tax charge in the first half of 2026 increased by $294.0 million to $718.6 million (first half of 2025 - $424.6 million) and the effective tax rate for the period was 36.0% (first half of 2025 - 36.5%). \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Six months ended \n 30.06.2026 \n   \n \n \n   \n \n \n Six months ended \n 30.06.2025 excluding exceptional items \n \n \n \n \n \n Six months ended \n 30.06.2025 Including exceptional \n  items \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n % \n \n \n   \n \n \n $m \n \n \n % \n \n \n   \n \n \n $m \n \n \n % \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n 1,995.8 \n \n \n   \n \n \n   \n \n \n 1,162.0 \n \n \n \n \n \n \n \n \n 1,162.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax multiplied by Chilean corporate tax rate of 27% \n \n \n (538.9) \n \n \n 27.0 \n \n \n   \n \n \n (313.7) \n \n \n 27.0 \n \n \n \n \n \n (313.7) \n \n \n 27.0 \n \n \n \n \n \n \n \n \n \n \n Mining Tax (royalty) \n \n \n (230.5) \n \n \n 11.5 \n \n \n   \n \n \n (97.3) \n \n \n 8.4 \n \n \n \n \n \n (97.3) \n \n \n 8.4 \n \n \n \n \n \n \n \n \n \n \n Deduction of mining royalty as an allowable expense in determination of first category tax \n \n \n 64.7 \n \n \n (3.2) \n \n \n   \n \n \n 25.8 \n \n \n (2.2) \n \n \n \n \n \n 25.8 \n \n \n (2.2) \n \n \n \n \n \n \n \n \n \n \n Withholding tax \n \n \n (51.7) \n \n \n 2.6 \n \n \n   \n \n \n (23.3) \n \n \n 2.0 \n \n \n \n \n \n (23.3) \n \n \n 2.0 \n \n \n \n \n \n \n \n \n \n \n Items non-taxable and non-deductible from first category tax \n \n \n (1.7) \n \n \n 0.1 \n \n \n   \n \n \n (23.0) \n \n \n 2.0 \n \n \n \n \n \n (23.0) \n \n \n 2.0 \n \n \n \n \n \n \n \n \n \n \n Impact of unrecognised tax losses on current tax \n \n \n (11.0) \n \n \n 0.6 \n \n \n   \n \n \n (7.0) \n \n \n 0.6 \n \n \n \n \n \n (7.0) \n \n \n 0.6 \n \n \n \n \n \n \n \n \n \n \n Reversal of deferred tax on fair value gains (exceptional item) \n \n \n - \n \n \n - \n \n \n   \n \n \n - \n \n \n - \n \n \n \n \n \n 54.5 \n \n \n (4.6) \n \n \n \n \n \n \n \n \n \n \n Tax effect of share of profit of associates and joint ventures \n \n \n 47.4 \n \n \n (2.4) \n \n \n   \n \n \n 9.8 \n \n \n (0.9) \n \n \n \n \n \n 9.8 \n \n \n (0.9) \n \n \n \n \n \n \n \n \n \n \n Adjustment in respect of prior years \n \n \n 3.3 \n \n \n (0.2) \n \n \n   \n \n \n 4.1 \n \n \n (0.4) \n \n \n \n \n \n 4.1 \n \n \n (0.4) \n \n \n \n \n \n \n \n \n \n \n Net other items \n \n \n (0.2) \n \n \n - \n \n \n   \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n Tax expense and effective tax rate for the period \n \n \n (718.6) \n \n \n 36.0 \n \n \n   \n \n \n (424.6) \n \n \n 36.5 \n \n \n \n \n \n (370.1) \n \n \n 31.9 \n \n \n   \n \n \n \n \n   \n   \n The reconciliation between the effective tax rate and the statutory tax rate reflects the following points: \n   \n ·    the mining tax (royalty) (net impact of $165.8 million / 8.3% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax); \n ·    the withholding tax relating to the remittance of profits from Chile (impact of $51.7 million / 2.6%); \n ·    items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $1.7 million / 0.1%); \n ·    the impact of unrecognised tax losses (impact of $11.0 million / 0.6%); \n ·    an offsetting impact of the recognition of the Group's share of results from associates and joint ventures, which are included in the Group's profit before tax net of their respective tax charges (impact of $47.4 million / 2.4%); and \n ·    adjustments in respect of prior years (impact of $3.3 million / 0.2%). \n   \n   \n Exceptional items \n   \n Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the underlying earnings generated by the ongoing businesses of the Group. \n Compañía de Minas Buenaventura S.A.A. \n During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Buenaventura. \n During the first six months of 2025, an exceptional deferred tax credit of $54.5 million was recognised in the income statement, due to the derecognition of a deferred tax liability which had been previously recognised through the income statement in relation to the agreement, as the requirements of the UK Substantial shareholdings exemption were met during the period. A further deferred tax credit of $44.7 million was recognised in Other Comprehensive Income, due to the derecognition of the deferred tax liability which had been previously recognised through Other Comprehensive Income in relation to the Group's existing shareholding in Buenaventura. \n   \n   \n Non-controlling interests \n   \n Profit for the first half of the year attributable to non-controlling interests was $429.9 million, compared with $270.3 million in the first half of 2025, an increase of $159.6 million. This reflected the increase in earnings analysed above. \n   \n   \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n Six months ended 30.06.26 \n \n \n Six months ended \n 30.06.25 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Underlying earnings per share (excluding exceptional items) \n \n \n \n \n \n 85.9 \n \n \n 47.4 \n \n \n \n \n Earnings per share (exceptional items) \n \n \n \n \n \n - \n \n \n 5.5 \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n \n \n \n 85.9 \n \n \n  52.9 \n \n \n \n \n   \n   \n Earnings per share calculations are based on 985,856,695 ordinary shares.  \n   \n As a result of the factors set out above, profit attributable to equity shareholders of the Company was $847.3 million, compared with $467.1 million in the first half of 2025 (excluding exceptional items), and underlying earnings per share were 85.9 cents for the first half of 2026 (first half of 2025 - 47.4 cents per share, excluding exceptional items). \n   \n   \n Dividends \n   \n Dividends per share declared in relation to the period are as follows: \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended 30.06.25 \n \n \n Six months ended \n 30.06.24 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n Ordinary dividends: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Interim \n \n \n \n \n \n 30.1 \n \n \n 16.6 \n \n \n \n \n Total dividends to ordinary shareholders \n \n \n \n \n \n 30.1 \n \n \n 16.6 \n \n \n \n \n   \n   \n The Board determines the appropriate dividend each year based on consideration of the Group's cash balance, the level of free cash flow and underlying earnings generated during the year and significant known or expected funding commitments. It is expected that the total annual dividend for each year would represent a payout ratio based on underlying net earnings for that year of at least 35%. \n   \n The Board has declared an interim dividend for the first half of 2026 of 30.1 cents per ordinary share, which amounts to $296.7 million. The interim dividend will be paid on 30 September 2026 to ordinary shareholders that are on the register at the close of business on 4 September 2026. \n   \n   \n Capital expenditure \n   \n Capital expenditure increased by $51.7 million from $1,620.4 million in the first half of 2025 to $1,672.1 million in the current period, mainly due to the Encuentro Sulphides Project (Prestripping) at Centinela and sustaining capex at Los Pelambres and Antucoya, as well as a slight increase in expenditure on the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, partly offset by a decrease in expenditure on the Second Concentrator Project at Centinela, as well as a decrease in IFRIC 20 mine development at Centinela and Los Pelambres. \n   \n Capital expenditure figures quoted in this report are on a cash flow basis, unless stated otherwise. \n   \n   \n Derivative financial instruments \n   \n The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. At 30 June 2026, there were no derivative financial instruments in place (30 June 2025 - negative fair value $1.4 million). \n   \n   \n Cash flows \n   \n The key features of the cash flow statement are summarised in the following table. \n \n \n \n \n \n \n \n \n \n \n   \n Six months ended 30.06.26 \n \n \n   \n Six months ended 30.06.25 \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Cash flows from continuing operations \n \n \n \n \n \n 2,772.8 \n \n \n 1,812.0 \n \n \n \n \n Income tax paid \n \n \n \n \n \n (926.8) \n \n \n (421.4) \n \n \n \n \n Net interest paid \n \n \n \n \n \n (163.8) \n \n \n (134.9) \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (1,672.1) \n \n \n (1,620.4) \n \n \n \n \n Dividends paid to equity holders of the Company \n \n \n \n \n \n (473.3) \n \n \n (231.7) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n (160.0) \n \n \n (40.0) \n \n \n \n \n Dividends from associates and joint ventures \n \n \n \n \n \n 47.6 \n \n \n 14.5 \n \n \n \n \n Agreement to acquire non-controlling interest \n \n \n \n \n \n - \n \n \n (80.0) \n \n \n \n \n Capital increase from non-controlling interest \n \n \n \n \n \n - \n \n \n 115.8 \n \n \n \n \n Proceeds from sale of property plant and equipment \n \n \n \n \n \n 1.0 \n \n \n - \n \n \n \n \n Other items \n \n \n \n \n \n - \n \n \n (0.1) \n \n \n \n \n Changes in net debt relating to cash flows \n \n \n \n \n \n (574.6) \n \n \n (586.2) \n \n \n \n \n Other non-cash movements \n \n \n \n \n \n (645.6) \n \n \n (68.4) \n \n \n \n \n Effects of changes in foreign exchange rates \n \n \n \n \n \n 3.6 \n \n \n (4.0) \n \n \n \n \n Movement in net debt in the period \n \n \n \n \n \n (1,216.6) \n \n \n (658.6) \n \n \n \n \n Net debt at the beginning of the year \n \n \n \n \n \n (2,749.5) \n \n \n (1,629.1) \n \n \n \n \n Net debt at the end of the period \n \n \n \n \n \n (3,966.1) \n \n \n (2,287.7) \n \n \n \n \n   \n   \n Cash flows from continuing operations were $2,772.8 million in the first half of 2026 compared with $1,812.0 million in the first half of 2025.  This comprised EBITDA from subsidiaries for the period of $2,629.6 million (first half of 2025 - $2,134.8 million) adjusted for the positive impact of a net working capital decrease of $150.0 million (first half of 2025 - negative impact of $319.4 million from a net working capital increase), and the negative impact of a decrease in provisions of $6.8 million (first half of 2025 - negative impact of a decrease in provisions of $3.4 million). \n   \n The $150.0 million decrease in working capital in the first six months of 2026 was driven by a reduction in accounts receivable at 30 June 2026 compared with 31 December 2025, reflecting lower sales volumes. This was partly offset by an increase in inventories, mainly due to higher finished goods inventories at Los Pelambres and Centinela, resulting from shipment delays caused by adverse weather conditions at the ports at 30 June 2026, and higher work-in-progress inventories at Los Pelambres following the concentrate pipeline maintenance. \n   \n The net cash outflow in respect of tax in the first half of 2026 was $926.8 million (first half of 2025 - $421.4 million). This amount differs from the current tax charge in the consolidated income statement of $790.9 million (first half of 2025 - $358.2 million) mainly because cash tax payments for corporate tax and the mining tax include payments on account for the current year (based on prior periods' profit levels) of $456.4 million (first half of 2025 - $350.8 million), withholding tax payments of $9.9 million (first half of 2025 - $30.5 million), the settlement of outstanding balances in respect of the previous year's tax charge of $466.5 million (first half of 2025 - $40.1 million), partly offset by the recovery of $6.0 million relating to prior years ( first half of 2025 - nil). \n   \n Capital expenditure in the first half of 2026 was $1,672.1 million compared with $1,620.4 million in the first half of 2025.  This included expenditure of $1,074.8 million at Centinela (first half of 2025 - $1,122.9 million), $468.5 million at Los Pelambres (first half of 2025 - $436.0 million), $109.3 million at Antucoya (first half of 2025 - $43.2 million), $1.6 million at the corporate centre (first half of 2025 - $2.5 million) and $17.9 million at the Transport division (first half of 2025 - $15.8 million). The increase in capital expenditure was mainly due to an increase in expenditure on the Encuentro Sulphides Project (Prestripping) at Centinela and sustaining capex at Los Pelambres and Antucoya, partly offset by a decrease in IFRIC 20 mine development expenditure and decreased expenditure on the Second Concentrator Project at Centinela. \n   \n Dividends paid to equity holders of the Company in the first half of 2026 were $473.3 million (first half of 2025 - $231.7 million), related to the payment of the final dividend declared in respect of 2025. \n   \n Dividends paid by subsidiaries to non-controlling shareholders were $160.0 million ( first half of 2025 - $40.0 million). \n   \n Dividends received from associates and joint ventures of $47.6 million (first half of 2025 - $14.5 million), related to a dividend received from Compañía de Minas Buenaventura S.A.A. \n   \n There was no acquisition of non-controlling interests in the first half of 2026 (first half of 2025 - $80.0 million). \n   \n There was no capital increase of non-controlling interests in the first half of 2026 (first half of 2025 - $115.8 million). \n   \n Proceeds from sale of property plant and equipment of $1.0 million (first half of 2025 - nil). \n   \n   \n Financial position \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 30.06.26 \n \n \n At 31.12.25 \n \n \n \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Cash, cash equivalents and liquid investments \n \n \n \n \n \n \n \n \n 4,160.1 \n \n \n 4,909.9 \n \n \n \n \n Total borrowings \n \n \n \n \n \n \n \n \n (8,126.2) \n \n \n (7,659.4) \n \n \n \n \n Net debt at the end of the period \n \n \n \n \n \n \n \n \n (3,966.1) \n \n \n (2,749.5) \n \n \n \n \n   \n   \n At 30 June 2026, the Group had combined cash, cash equivalents and liquid investments of $4,160.1 million (31 December 2025 - $4,909.9). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of cash, cash equivalents and liquid investments was $3,378.9 million (31 December 2025 - $ 3,936.8 million). \n   \n Total Group borrowings and other financial liabilities at 30 June 2026 were $8,126.2 million, an increase of $466.8 million during the period (at 31 December 2025 - $ 7,659.4 million). The increase was mainly due to $509.3 million in respect of the SIAM II issued by Centinela as part of a water infrastructure, partly offset by repayments of the senior loans at Los Pelambres ($76.3 million), and Antucoya ($25.0 million). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of the borrowings was $6,090.7 million (31 December 2025 - $ 5,759.3 million). \n   \n This resulted in net debt at 30 June 2026 of $3,966.1 million (31 December 2025 - net debt $ 2,749.5 million). Excluding the non-controlling interest share in each partly-owned operation, the Group had an attributable net debt position of $2,711.8 million (31 December 2025 - net debt $ 1,822.5 million). \n   \n Going concern \n   \n The financial information contained in this half-year financial report has been prepared on the going concern basis. Details of the factors which have been taken into account in assessing the Group's going concern status are set out in Note 1 to the half-year results announcement. \n   \n   \n Principal risks and uncertainties \n   \n There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties which were disclosed in the 2025 Annual Report are as follows: \n   \n Health and safety \n Environmental management \n Community relations \n Ethical conduct \n Operations \n Tailing storage \n Cyber security \n Liquidity \n Project development and execution \n   \n There have been no changes to the above categories of key risks in the first six months of 2026. \n   \n A detailed explanation of the risks summarised above can be found in the Risk Management section of the 2025 Annual Report, which is available at www.antofagasta.co.uk. \n   \n   \n Cautionary Statement \n   \n This announcement contains certain forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Examples of forward-looking statements include those regarding the Group's strategy, plans, objectives or future operating or financial performance, reserve and resource estimates, commodity demand and trends in commodity prices, growth opportunities, and any assumptions underlying or relating to any of the foregoing. Words such as 'may', 'will', 'should', 'aim', 'expect', 'continue', 'progress', 'estimate', 'anticipate', 'intend', 'look', 'believe', 'vision', 'ambition', 'target', 'seek', 'goal', 'plan', 'potential', 'try', 'work towards', 'future', 'become', 'introduce', 'transform', 'outcome', 'project', 'projections', 'deliver', 'evolve', 'develop', 'forward', 'medium-term', 'long-term', 'objective', 'achievement' or the negative of these terms and other similar expressions of future actions or results, and their negatives identify forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the climate and sustainability ambitions, targets and strategy of the Company or Group. \n   \n These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. \n   \n Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that are beyond the Group's control. Given these risks, uncertainties and assumptions, actual results could differ materially from any future results expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ from those in the forward-looking statements include: global economic conditions, demand, supply and prices for copper and other long-term commodity price assumptions (as they materially affect the timing and feasibility of future projects and developments), trends in the copper mining industry and conditions of the international copper markets, the effect of currency exchange rates on commodity prices and operating costs, the availability and costs associated with mining inputs and labour, operating or technical difficulties in connection with mining or development activities, employee relations, litigation, and actions and activities of governmental authorities (including changes in laws, regulations or taxation), the availability and cost of technologies and infrastructure required for the Group to achieve its emissions reductions targets and ambitions and changes in the emissions of the Group's suppliers that affect the Scope 3 emissions reported by the Group. \n   \n These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. No assurance can be given that the forward-looking statements in this document will be realised. Past performance cannot be relied on as a guide to future performance. \n   \n Any opinions or views of third parties contained in this document are those of the third parties identified, and not Antofagasta, its affiliates, directors, officers, employees, or agents. Neither Antofagasta nor any of its affiliates, directors, officers, employees, or agents make any representation or warranty as to its quality, accuracy, or completeness, and they accept no responsibility or liability for the contents of this material, including any errors of fact, omission or opinion expressed. \n   \n Some of the information and data in this document may have been obtained from public or other third-party sources and has not been independently verified. Antofagasta makes no representation or warranty regarding its completeness, accuracy, fitness for a particular purpose or non-infringement of such information. \n   \n This document does not contain or comprise profit forecasts, investment, accounting, legal, regulatory or tax advice nor is it an invitation for you to enter into any transaction. You are advised to exercise your own independent judgement (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein. \n \n \n   \n      Condensed Consolidated Income Statement \n \n \n \n \n \n \n \n \n \n \n Six months ended 30.06.2026 \n  (Unaudited) 1 \n \n \n \n \n \n \n \n \n Six months ended 30.06.2025 (Unaudited) \n \n \n \n \n \n \n \n \n \n \n Total \n \n \n Excluding exceptional items \n \n \n Exceptional items \nnote 3 \n \n \n Total \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 5,6 \n \n \n 4,479.0 \n \n \n 3,799.4 \n \n \n - \n \n \n 3,799.4 \n \n \n \n \n Total operating costs \n \n \n \n \n \n (2,582.5) \n \n \n (2,524.6) \n \n \n - \n \n \n (2,524.6) \n \n \n \n \n Operating profit \n \n \n 2,5 \n \n \n 1,896.5 \n \n \n 1,274.8 \n \n \n - \n \n \n 1,274.8 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 2,5 \n \n \n 164.4 \n \n \n 33.3 \n \n \n - \n \n \n 33.3 \n \n \n \n \n Operating profit and share of total results from associates and joint ventures \n \n \n 2 \n \n \n 2,060.9 \n \n \n 1,308.1 \n \n \n - \n \n \n 1,308.1 \n \n \n \n \n Investment income \n \n \n 7 \n \n \n 80.5 \n \n \n 84.6 \n \n \n - \n \n \n 84.6 \n \n \n \n \n Interest expense \n \n \n 7 \n \n \n (159.4) \n \n \n (177.8) \n \n \n - \n \n \n (177.8) \n \n \n \n \n Other finance items \n \n \n 7 \n \n \n 13.8 \n \n \n (52.9) \n \n \n - \n \n \n (52.9) \n \n \n \n \n Net finance expense \n \n \n 7 \n \n \n (65.1) \n \n \n (146.1) \n \n \n - \n \n \n (146.1) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 1,995.8 \n \n \n 1,162.0 \n \n \n - \n \n \n 1,162.0 \n \n \n \n \n Income tax expense \n \n \n 3,8 \n \n \n (718.6) \n \n \n (424.6) \n \n \n 54.5 \n \n \n (370.1) \n \n \n \n \n Profit for the period \n \n \n \n \n \n 1,277.2 \n \n \n 737.4 \n \n \n 54.5 \n \n \n 791.9 \n \n \n \n \n Attributable to: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 429.9 \n \n \n 270.3 \n \n \n - \n \n \n 270.3 \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 847.3 \n \n \n 467.1 \n \n \n 54.5 \n \n \n 521.6 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and diluted earnings per-share 2 \n \n \n 9 \n \n \n 85.9 \n \n \n 47.4 \n \n \n 5.5 \n \n \n 52.9 \n \n \n \n \n   \n 1.        There were no exceptional items in the period. \n 2.        The Group does not have any equity instruments which could potentially dilute earnings per share, and therefore diluted earnings per \n share did not differ from basic earnings per share. \n   \n   \n   \n \n \n   \n Condensed Consolidated Statement of Comprehensive Income \n \n \n \n \n \n \n \n Notes \n \n \n Six months ended 30.06.2026 (Unaudited) \n \n \n Six months ended 30.06.2025 (Unaudited) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Profit for the period \n \n \n 5 \n \n \n 1,277.2 \n \n \n 791.9 \n \n \n \n \n Items that may be or were subsequently reclassified to profit or loss: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n (Loss)/gains on cash flow hedging \n \n \n   \n \n \n (0.8) \n \n \n 24.1 \n \n \n \n \n Tax effects arising on cash flow hedges deferred in reserves \n \n \n   \n \n \n 0.2 \n \n \n (6.5) \n \n \n \n \n Currency translation adjustment \n \n \n   \n \n \n (0.5) \n \n \n 1.3 \n \n \n \n \n Total items that may be or were subsequently reclassified to profit or loss  \n \n \n   \n \n \n (1.1) \n \n \n 18.9 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Items that will not be subsequently reclassified to profit or loss: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Actuarial gains/(loss) on defined benefit plans \n \n \n   \n \n \n 2.4 \n \n \n (0.9) \n \n \n \n \n Gains/(loss) on fair value of equity investments \n \n \n \n \n \n 8.4 \n \n \n (3.1) \n \n \n \n \n Tax on items recognised directly in other comprehensive income \n \n \n   \n \n \n (0.6) \n \n \n 0.4 \n \n \n \n \n Deferred tax credit on equity investment 1 (see note 3) \n \n \n   \n \n \n - \n \n \n 44.7 \n \n \n \n \n Share of other comprehensive losses of associates and joint ventures, net of tax \n \n \n   \n \n \n - \n \n \n (1.9) \n \n \n \n \n Total items that will not be subsequently reclassified to profit or loss \n \n \n   \n \n \n 10.2 \n \n \n 39.2 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total other comprehensive income \n \n \n   \n \n \n 9.1 \n \n \n 58.1 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n   \n \n \n 1,286.3 \n \n \n 850.0 \n \n \n \n \n Attributable to: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n   \n \n \n 430.6 \n \n \n 275.2 \n \n \n \n \n Owners of the parent \n \n \n   \n \n \n 855.7 \n \n \n 574.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income for the period - continuing operations \n \n \n \n \n \n 1,286.3 \n \n \n 850.0 \n \n \n \n \n \n \n \n \n \n \n 1,286.3 \n \n \n 850.0 \n \n \n \n \n   \n 1 During the first six months of 2025, a deferred tax credit of $44.7 million was recognised in reserves due to the derecognition of the deferred tax liability in respect of the Group's investment in Buenaventura. Please refer to Note 3 for further information. \n \n \n   \n Condensed Consolidated Statement of Changes in Equity \n   \n For the six months ended 30.06.2026 \n   \n \n \n \n \n \n \n \n Share       capital \n \n \n Share premium \n \n \n Other reserves \n \n \n Retained earnings   \n \n \n Equity attributable to owners of the parent \n \n \n Non- controlling interests \n \n \n Total equity \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Balance at 1 January 2026 \n \n \n 89.8 \n \n \n 199.2 \n \n \n (3.5) \n \n \n 10,084.6 \n \n \n 10,370.1 \n \n \n 4,060.3 \n \n \n 14,430.4 \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 847.3 \n \n \n 847.3 \n \n \n 429.9 \n \n \n 1,277.2 \n \n \n \n \n Other comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 5.7 \n \n \n 2.7 \n \n \n 8.4 \n \n \n 0.7 \n \n \n 9.1 \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 5.7 \n \n \n 850.0 \n \n \n 855.7 \n \n \n 430.6 \n \n \n 1,286.3 \n \n \n \n \n Dividends \n \n \n - \n \n \n - \n \n \n - \n \n \n (473.3) \n \n \n (473.3) \n \n \n (160.0) \n \n \n (633.3) \n \n \n \n \n Balance at 30 June 2026 (unaudited) \n \n \n 89.8 \n \n \n 199.2 \n \n \n 2.2 \n \n \n 10,461.3 \n \n \n 10,752.5 \n \n \n 4,330.9 \n \n \n 15,083.4 \n \n \n \n \n   \n   \n   \n For the six months ended 30.06.2025 \n   \n \n \n \n \n \n \n \n Share       capital \n \n \n Share premium \n \n \n Other reserves \n \n \n Retained earnings   \n \n \n Equity attributable to owners of the parent \n \n \n Non- controlling interests \n \n \n Total equity \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Balance at 1 January 2025 \n \n \n      89.8 \n \n \n       199.2 \n \n \n 112.2 \n \n \n         9,061.0 \n \n \n           9,462.2 \n \n \n           3,492.0 \n \n \n      12,954.2 \n \n \n \n \n Capital increase 1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 115.8 \n \n \n 115.8 \n \n \n \n \n Agreement to acquire non-controlling interest 2 \n \n \n - \n \n \n - \n \n \n - \n \n \n (80.0) \n \n \n (80.0) \n \n \n - \n \n \n (80.0) \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n 521.6 \n \n \n 521.6 \n \n \n 270.3 \n \n \n 791.9 \n \n \n \n \n Other comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 55.3 \n \n \n (2.1) \n \n \n 53.2 \n \n \n 4.9 \n \n \n 58.1 \n \n \n \n \n Total comprehensive income for the period \n \n \n - \n \n \n - \n \n \n 55.3 \n \n \n 519.5 \n \n \n 574.8 \n \n \n 275.2 \n \n \n 850.0 \n \n \n \n \n Dividends \n \n \n - \n \n \n - \n \n \n - \n \n \n (231.7) \n \n \n (231.7) \n \n \n (40.0) \n \n \n (271.7) \n \n \n \n \n Balance at 30 June 2025 (unaudited) \n \n \n 89.8 \n \n \n 199.2 \n \n \n 167.5 \n \n \n 9,268.8 \n \n \n 9,725.3 \n \n \n 3,843.0 \n \n \n 13,568.3 \n \n \n \n \n   \n 1 Related to Marubeni's capital contribution of $115.8 million in Centinela. \n 2 Related to the agreement to acquire the remaining stake in Antomin Investors Limited. \n   \n \n   \n Condensed Consolidated Balance Sheet \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 30.06.2026 (Unaudited) \n \n \n At 31.12.2025 \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Non-current assets \n \n \n Notes \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Property, plant and equipment \n \n \n 11 \n \n \n \n \n \n 18,316.7 \n \n \n 16,653.3 \n \n \n \n \n Inventories \n \n \n \n \n \n \n \n \n 860.2 \n \n \n 702.3 \n \n \n \n \n Investments in associates and joint ventures \n \n \n 12 \n \n \n \n \n \n 1,923.1 \n \n \n 1,806.3 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n 91.4 \n \n \n 91.7 \n \n \n \n \n Equity investments \n \n \n \n \n \n \n \n \n 23.8 \n \n \n 15.8 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n \n \n \n 3.2 \n \n \n 2.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 21,218.4 \n \n \n 19,271.6 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n \n \n \n 899.0 \n \n \n 754.1 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n 1,109.5 \n \n \n 1,468.1 \n \n \n \n \n Derivative financial instruments \n \n \n 14 \n \n \n \n \n \n - \n \n \n 0.7 \n \n \n \n \n Current tax assets \n \n \n \n \n \n \n \n \n 16.6 \n \n \n 14.0 \n \n \n \n \n Liquid investments \n \n \n 16 \n \n \n \n \n \n 1,714.7 \n \n \n 2,193.3 \n \n \n \n \n Cash and ca...

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