STRONG END TO YEAR WITH 9% INCREASE IN QUARTERLY COPPER PRODUCTION NET COSTS DECLINE 27% IN FY25 TO FIVE-YEAR LOW

Antofagasta plc CEO, Iván Arriagada said: “We are pleased to deliver a strong Q4, with consistent safety performance and copper production 9% higher in the fourth quarter, driven by higher total output at all four operations. Our continued cash cost discipline and strong by-product revenues helped us to end the year with a 27% reduction in full year net cash costs to $1.19/lb, representing a five-year low.

“Our material growth programme remains on track and on budget. We continue to advance construction at Centinela and Los Pelambres, and in November we were able to demonstrate the significant progress made to date during a site visit to the Centinela Second Concentrator Project. These projects will help to deliver both production growth and lower costs over the medium-term and are advancing towards construction completing in 2027, adding 30% growth in copper volumes over time.

“Copper production in 2026 is expected to be 650,000-700,000 tonnes, which includes an incremental increase in output at Los Pelambres related to higher copper grades. Net cash costs are expected to be maintained at the current robust level. Capital investment in 2026 will reflect a balance of decreasing activity levels at the Centinela Second Concentrator, and a ramp up in construction work across the Los Pelambres Future Growth Enabling Projects, as well as increased mine development activity at the Encuentro Sulphides pit at Centinela.

“Copper’s outlook remains compelling – rising demand is being driven by energy security, electrification and increasing uptake of modern technologies, while supply growth remains constrained. We enter the new year with confidence in our ability to deliver safe production alongside the disciplined execution of our portfolio of growth and development projects.”

 (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 Q4 2025 was 177,000 tonnes, 9% higher quarter-on-quarter, reflecting higher total copper across all four Group operations.
• Copper production in full year 2025 was 653,700 tonnes, representing a result 2% lower year-on-year, principally representing a balance between increased output at Centinela Concentrates and a lower contribution from Centinela Cathodes and Los Pelambres.
• Gold production in Q4 2025 was 66,300 ounces, 23% higher on a quarter-on-quarter basis, following a higher contribution from Centinela Concentrates. Full year 2025 gold production was 13% higher year-on-year at 211,300 ounces, with higher gold production at both Centinela Concentrates and Los Pelambres.
• Molybdenum production in Q4 2025 was 4,400 tonnes, 13% higher on a quarter-on-quarter basis, principally related to a higher contribution from Los Pelambres. Molybdenum production in the full year was 48% higher year-on-year, with an increase in production at both Los Pelambres and Centinela Concentrates.

CASH COSTS

• Cash costs before by-product credits in Q4 2025 were $2.44/lb, 1% above the prior quarter, with similar quarter-on-quarter performances across Los Pelambres, Centinela and Antucoya. Cash costs before by-product credits in full year 2025 were $2.38/lb, which is also in line year-on-year.
• By-product credits in Q4 2025 were $1.39/lb, a 3% increase quarter-on-quarter, following higher by-product output and stronger gold prices. Full year by-product credits rose by 63% to $1.19/lb, representing a record level.
• Net cash costs in Q4 2025 were $1.05/lb, 2% lower on a quarter-on-quarter basis, with an increase in by-product volumes and underlining cash costs remaining broadly in line. Net cash costs for the full year were $1.19/lb, representing a 27% decrease year-on-year, following an increase in the production of gold and molybdenum by-products and stronger gold prices.

GUIDANCE

• As previously announced in the Group’s Q3 2025 Production Report, total full year copper production in 2026¹ is expected to be between 650,000 and 700,000 tonnes, with an incremental gain in production at Los Pelambres. Output of by-products is expected to be 215,000-235,000 ounces of gold and 12.5-14.0tonnes of molybdenum.
• Group cash costs in 2026 before by-product credits are expected to be between $2.30/lb and $2.50/lb.
• Group net cash costs in 2026 are expected to be between $1.15/lb and $1.35/lb, with by-product credits expected to be maintained at the current robust level.
• In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is expected to be $3.4 billion, as development expenditures decrease on the Centinela Second Concentrator Project, construction activities ramp up at Los Pelambres’ Future Growth Enabling Projects and mine development activities increase at the expansion of the Encuentro Sulphides pit at Centinela.

^{(1) Range based on 12 months of copper production from Los Pelambres, Centinela, Antucoya and Zaldívar. Production range provided does not include copper production attributable from the Company’s 19% holding in Compañía de Minas Buenaventura S.A.A. (Buenaventura).}

SAFETY AND SUSTAINABILITY

• The Group concluded 2025 as another fatality-free year (2024: zero), and with the Group-level lost time injury frequency rate remaining below 1.0x.

PROJECT DEVELOPMENT UPDATE

• All major projects remain on track and on budget.
• Centinela Second Concentrator: The project continues to progress in line with expectations; activities during the quarter included early work by pre-commissioning teams to consider the project’s integration following the completion of construction in 2027, and the completion of civil works in the primary crusher area. Work in the coming period will focus on completing construction across several areas of the project and on the energisation of the main substation.
• Los Pelambres’ Growth Enabling Projects:
  • Concentrate pipeline: During Q4, activities continued along both the lower and upper sections of the pipeline route. Tunnel works in the upper section continue. Work in the coming period will include the completion of tunnel sections and the commencement of tie-in work for electrical systems.
  • Desalination plant expansion: Civil works continue to progress at the desalination plant and its associated pumping stations. Work in the coming period will include the installation of additional pumps and the completion of electrical rooms.
• Zaldívar Water Supply: Preparation work for the commencement of construction of the long-term water supply system beyond 2028 continues, and includes the required studies and engineering work for the investment decision, which is expected during 2026.
• Cachorro Exploration Project: In November 2025,the Chilean Environmental Authority approved the Group’s application for a Declaration of Environmental Impact (Spanish acronym: “DIA”) for additional exploration work, which covers the next 7 years of exploration activities, including drill holes and the construction of an exploration adit.

CORPORATE

• During Q4 2025, the Group successfully concluded three separate three-year labour agreements with the supervisors’ union at Los Pelambres, the workers’ union at Antucoya and the supervisors’ union at Antucoya.
• In 2026, the Mining Division has four labour agreements scheduled to expire, comprising of three agreements at Centinela and one at Zaldívar. The Transport Division has six labour agreements due to expire during the course of the year.
• The Group hosted an investor site visit to the Centinela Second Concentrator Project in November 2025, with the associated presentations available on the Group’s website (www.antofagasta.co.uk).

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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