7% INCREASE IN QUARTERLY COPPER PRODUCTION

2027 PRODUCTION GUIDANCE OF 630,000–690,000 TONNES OF COPPER

Antofagasta plc CEO, Iván Arriagada, said: “During the quarter, we delivered a 7% increase in production to 151,900 tonnes, with Los Pelambres completing the drawdown of inventories accumulated during the prior quarter, and demonstrating resilience following the severe weather event in July. Looking ahead, we have announced 2027 copper production guidance of 630,000–690,000 tonnes, reflecting higher grades at Los Pelambres and lower grades at Centinela Concentrates.

“Construction activities across our major growth projects at Centinela and Los Pelambres are progressing well, and we have entered the final phases of each schedule, ahead of construction and commissioning activities completing in 2027. These projects will deliver significant growth and strengthen the resilience of our portfolio, and we remain focused on completing each project in line with expectations.

“The copper market continues to demonstrate strong fundamentals. Looking ahead, the combination of continued investment in energy infrastructure and digitalisation, together with supply constraints, provides a supportive backdrop, helping to reinforce the long-term outlook.”

_{(1) Cash costs are 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 2026 was 151,900 tonnes, 7% higher on a quarter-on-quarter basis, reflecting higher output at Los Pelambres. Year-to-date copper production of 436,900 tonnes was 8% lower as a result of lower grades at Centinela Concentrates and lower recoveries at Centinela Cathodes.
• Gold production in Q3 2026 was 44,300 ounces, 4% lower than the previous quarter, following lower gold grades at Centinela Concentrates. Year-to-date gold production of 137,100 ounces was 5% lower as a result of lower gold grades at Centinela Concentrates and Los Pelambres.
• Molybdenum production in Q3 2026 was 2,900 tonnes, 6% below the level achieved in the prior period, with lower recoveries and grades at Los Pelambres, partially offset by higher grades recoveries at Centinela Concentrates. Year-to-date molybdenum production was 9,000 tonnes, 21% lower than the first nine months of 2025, with this movement principally related to lower molybdenum grades at Los Pelambres.

CASH COSTS

• Cash costs before by-product credits in Q3 2026 were $2.73/lb, representing a 7% decrease quarter-on-quarter, largely driven by higher production at Los Pelambres, the settlement of a three-year labour agreement at Centinela in the prior period and lower treatment charges. In the first nine months of 2026, cash costs before by-product credits were 20% higher at $2.81/lb, principally driven by the lower level of production and higher unit costs for key consumables, such as diesel and sulphuric acid
• By-product credits in Q3 2026 were $1.35/lb, representing a 15% decrease quarter-on-quarter, with lower output of by-products and lower realised prices for gold. By-product credits in the first nine months of 2026 were 38% higher year-on-year at $1.53/lb, following higher by-product realised prices, partially offset by lower by-product output.
• Net cash costs in Q3 2026 were $1.38/lb, 1% higher on a quarter-on-quarter basis, with lower underlying costs offset by lower by-product credits. Net cash costs in the first nine months of the year were 3% higher at $1.28/lb, with higher underlying cash costs largely offset by stronger by-product credits. As inflationary pressures persist across the global economy, the Group remains focused on supply chain resilience, disciplined cost control, operational excellence and project execution, alongside the benefit derived from by-product credits.

SAFETY AND SUSTAINABILITY

• The Group’s strong health and safety track record continued in the third quarter of 2026, with no fatalities and the Group-level lost-time injury frequency rate remaining below 1.0. The Group has now completed over 5 years without a fatal accident at any of its sites and projects.

GROWTH AND DEVELOPMENT PROJECTS

• Our major growth projects continue to advance towards the completion of commissioning next year, in line with the schedule for each project.
• Centinela Second Concentrator Project: Key activities during Q3 2026 included the initial operation of the primary crusher and the overland conveyor as part of pre-commissioning activities. During the period, the overland conveyor reached its nominal operating speed during testing and integrated no-load tests were completed across key elements of the material handling circuit.
• Los Pelambres’ Growth Enabling Projects:
  • Concentrate pipeline: Progress continued on both the upper and lower sections of the pipeline route, including tunnel sections and civil works, as well as pipeline installation, lining and testing. In the lower section, the first hydraulic tests commenced, while preparations for hydrostatic testing continued in the upper section.
  • Desalination plant expansion: Pre-commissioning activities continued across the main systems, in parallel with the installation of cabling in the electrical room and equipment in the pumping station.
• Zaldívar Water Supply: Camp construction works continued during Q3 2026, in parallel with the receipt of key pipeline construction materials and initial civil works associated with the high-voltage transmission line.

FULL YEAR (FY) 2026 GUIDANCE

• Production guidance for 2026 remains unchanged. Group copper production for the full year is expected to be in the range of 625,000–655,000 tonnes.
• Group-level guidance for cash costs before by-product credits has been raised to $2.60–2.70/lb, reflecting global diesel prices remaining at elevated levels. The previous guidance range was $2.40–2.60/lb.
• Net cash cost guidance remains unchanged at $1.15–1.35/lb.
• Capital expenditure guidance is unchanged at $3.4 billion.¹

FY 2027 GUIDANCE

• Total Group copper production in 2027 is expected to be in the range of 630,000–690,000 tonnes, with higher copper grades at Los Pelambres, partially offset by lower copper grades at Centinela Concentrates.
• In line with previous years, the Group will provide its 2027 guidance for cash costs and capital expenditure in the Q4 2026 Production Report, due for release in January 2027.

CORPORATE UPDATE

• During the quarter, the Group concluded a three-year labour agreement with a workers’ union at Zaldívar. Following the end of the quarter, two workers’ unions at Centinela representing approximately 20% of the own employee workforce declared a strike, and negotiations are continuing.
• As previously announced, Non-Executive Director Juan Claro stepped down from the Board of Directors with effect from 31 August 2026.

¹ Note: Capital expenditure guidance figure excludes Zaldívar, in line with previous years.

Investors – London

Juan Esteban Dides jedides@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