Q3 PRODUCTION IN LINE; RECORD BY-PRODUCT CREDIT DRIVES NET COSTS LOWER
2025 NET CASH COST GUIDANCE MID-POINT LOWERED BY 30 CENTS

Antofagasta plc CEO, Iván Arriagada said: “Antofagasta delivered a strong quarter, with Group copper production in line quarter-on-quarter and net cash costs continuing to trend lower. Our two largest mining districts, Los Pelambres and Centinela, maintained strong margins, supported by a record by-product credit of $1.35/lb, which was driven by higher gold production and favourable pricing.

“With one quarter remaining of the full year, we have narrowed our guidance ranges: Copper production for the year is expected at the lower end of our guidance, with increased ore throughput and grades anticipated at Los Pelambres in the final quarter. In light of our continued focus on operational efficiency and strong by-product contribution, we have lowered our net cash cost guidance for 2025 to $1.20–1.30/lb. Group-level capex guidance for 2025 is lowered to $3.6 billion, principally due to depreciation of the Chilean peso.

“The Group’s major construction projects remain on track and on budget, with work advancing at both Centinela and Los Pelambres that will help deliver production growth of 30% in the medium term, and margin growth through additional output of by-products at Centinela.

“Copper continues to demonstrate strong market fundamentals, with rising global demand driven by themes that include energy security, electrification and the development of new technologies, such as AI. On the supply-side, the global copper industry continues to experience elevated levels of disruption, as well as structural factors such as grade decline and rising ore hardness.”

 (1) Cash cost is a non-GAAP measure used by the mining industry to express the cost of production in US dollars per pound of copper produced.

HIGHLIGHTS

PRODUCTION

• Copper production in Q3 2025 was 161,800 tonnes, 1% higher quarter-on-quarter, reflecting in line production from the Group’s two concentrators (Los Pelambres and Centinela Concentrates).
• Copper production in 9M 2025 was 476,600 tonnes, representing a 3% increase year-on-year, with increased production at Centinela Concentrates, and a lower contribution from Centinela Cathodes and Los Pelambres.
• Gold production in Q3 2025 was 53,900 ounces, 12% higher on a quarter-on-quarter basis, which reflects increased gold production at Centinela Concentrates. Year-to-date gold production was 145,000 ounces, 22% higher year-on-year, with higher gold production at both Centinela Concentrates and Los Pelambres.
• Molybdenum production in Q3 2025 was 3,900 tonnes, 11% lower on a quarter-on-quarter basis, corresponding to lower molybdenum grades at Los Pelambres. Molybdenum production in 9M 2025 was 44% higher year-on-year, with 11,400 tonnes produced, with increased production at both Los Pelambres and Centinela Concentrates

CASH COSTS

• Cash costs before by-product credits in Q3 2025 were $2.42/lb, 7% higher quarter-on-quarter, driven by higher costs at Centinela in connection with the utilisation of inventories from prior periods. Cash costs before by-product credits in 9M 2025 were $2.35/lb, representing a level 7% lower year-on-year, principally in relation to a higher contribution by Centinela Concentrates.
• By-product credits in Q3 2025 were $1.35/lb, a 17% increase quarter-on-quarter, following higher gold production and higher by-product pricing.
• Net cash costs in Q3 2025 were $1.07/lb, 4% lower on a quarter-on-quarter basis, with higher by-product credits partially offset by higher underlying cash costs. Year-to-date net cash costs were $1.24/lb, reflecting an increase in by-product credits and lower cash costs.

FULL YEAR (FY) 2025 GUIDANCE

• The Group expects FY 2025 copper production to be at the lower end of the guidance range (660-700Kt).
• Following strong by-product pricing in 2025, the Group has lowered its guidance range for net cash costs in 2025 using updated pricing assumptions.
• The Group has also lowered its guidance for consolidated capital expenditures in FY 2025, primarily as a result of depreciation of the Chilean peso in 2025.
• Guidance ranges for Group-level production of gold and molybdenum remain unchanged.

^{(1) Cash cost is a non-GAAP measure used by the mining industry to express the cost of production in US dollars per pound of copper produced.
(2) Includes updated by-product credits at pricing of gold ($4,000/oz) and molybdenum ($24/lb) for Q4 2025.
(3) Capital expenditure figure excludes Zaldívar.}

FY 2026 GUIDANCE

• Total full-year Group copper production in 2026 is expected to be between 650,000 and 700,000 tonnes, with an incremental year-on-year gain in production expected at Los Pelambres.
• In line with previous years, the Group will provide its 2026 guidance for cash costs and capital expenditure in the Q4 2025 Production Report, due for release in January 2026.

PROJECT DEVELOPMENT UPDATE

• All major projects remain on track and on budget.
• Centinela Second Concentrator: Recent work continues to focus on the assembly of key mining equipment at Esperanza Sur, the continued installation of structural steel for the concentrator and mechanical works for thickeners and ball mills. Following delivery to site, the process to assemble and install the project’s high-pressure grinding rolls is advanced, with associated civil works also now underway.
• Los Pelambres’ Growth Enabling Projects:
  
  • Concentrate pipeline: During Q3 2025, activities continued to focus on trenching, welding and installation works in both the high and low zones of the overall route, with work also now advancing to new areas. Civil works for the 33 kV power line in the high mountain area have commenced.
  • Desalination plant expansion: Civil works at the desalination plant and pumping stations continued to progress during the period. Key developments in Q3 included completion of electrical room pedestals, advancement of structural works for the water processing building and completion of foundations for booster pumps.

SAFETY AND SUSTAINABILITY

• The Group continues to maintain its strong health and safety track record in 2025, with no fatalities and a total recordable injury frequency rate in 9M 2025 of 1.74 (FY 2024: 1.62). 

CORPORATE

• Following the end of the period, the Group concluded two separate three-year labour agreements, one with the supervisors union at Los Pelambres and another with the workers union at Antucoya, which follows an agreement concluded in Q3 2025 with the supervisors union at Zaldívar. The Group has one remaining labour negotiation scheduled to take place in 2025, with the supervisors union at Antucoya.
• The Group will be hosting an investor site visit to the Centinela Second Concentrator Project in November 2025.

Investors – London

Rosario Orchard rorchard@antofagasta.co.uk 

Robert Simmons rsimmons@antofagasta.co.uk

Telephone +44 20 7808 0988 

Media – London

Sara Powell 

Ben Brewerton

Nick Hennis

antofagasta@fticonsulting.com

Telephone +44 20 3727 1000

Media – Santiago

Pablo Orozco porozco@aminerals.cl 

Carolina Pica cpica@aminerals.cl

Telephone +56 2 2798 7000

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