FY Results For The Year Ended 31 December 2025

FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025

OPERATIONAL DISCIPLINE AND ROBUST PRICING UNDERPINS 52% INCREASE IN EBITDA TO RECORD LEVEL AND FINAL DIVIDEND OF 48¢ PER SHARE RECOMMENDED

OPERATIONS - KEY GROWTH PROJECTS AND OPPORTUNITIES

DEVELOPMENT PROJECTS

Twin Metals Minnesota (USA)

Twin Metals Minnesota (Twin Metals) is a wholly owned copper, nickel, and platinum group metals (PGMs) underground mining project, which holds copper, nickel/cobalt, and PGM deposits in north-eastern Minnesota, United States (US).

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.

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 6 April 2026.

 FINANCIAL REVIEW FOR THE YEAR ENDED 31 DECEMBER 2025

The profit for the financial year attributable to the owners of the parent (including exceptional items) increased from $829.4 million in 2024 to $1,328.9 million in the current year. Excluding exceptional items, the profit attributable to the owners of the parent increased by $654.9 million to $1,274.4 million.

The full reconciliation of the profit attributable to the owners of the parent between 2024 and 2025, including exceptional items, is as follows:  

Revenue

The $2,006.9 million increase in revenue from $6,613.4 million in 2024 to $8,620.3 million in the current year reflected the following factors:

Revenue from the Mining division

Revenue from the Mining division increased by $2,028.3 million, or 31.6%, to $8,446.8 million, compared with $6,418.5 million in 2024. The increase reflected a $1,413.4 million increase in copper sales and a $614.9 million increase in by-product revenue.

Revenue from copper sales

Revenue from copper concentrate and copper cathode sales increased by $1,413.4 million, or 26.1%, to $6,818.7 million, compared with $5,405.3 million in 2024. The increase reflected the impact of $1,046.5 million from higher realised prices, a $201.9 million increase due to higher sales volumes and a $165.0 million increase in revenue from lower treatment and refining charges.

(i) Realised copper price

The average realised copper price increased by 18.1% to $4.93/lb in 2025 (2024 - $4.18/lb), resulting in a $1,046.5 million increase in revenue. This was largely due to the higher LME average market price, which increased by 8.8% to $4.51/lb in 2025 (2024 - $4.15/lb). In 2025 there was a $551.0 million positive impact from provisional pricing adjustments, mainly as a result of the positive impact in the average mark to market price (31 December 2025 $5.65/lb vs 31 December 2024 $3.95/lb) and the positive impact of the settlement of sales invoiced in the previous and current periods.

Realised copper prices are determined by comparing revenue (after adding back 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).

Further details of provisional pricing adjustments are given in Note 5 to the Full-year results announcement.

(ii) Copper volumes

Copper sales volumes reflected within revenue increased by 3.6% from 607,100 tonnes in 2024 to 629,000 tonnes in 2025, increasing revenue by $201.9 million. This increase was mainly due to higher production at Centinela Concentrates, primarily due to higher copper grades as well as increased ore throughput rates and recoveries, partly offset by lower production at Los Pelambres, reflecting reduced ore throughput due to higher maintenance activity, harder ore types and lower copper grades during the year.

(iii) Treatment and refining charges

Treatment and refining charges (TC/RCs) for copper concentrate decreased by $165.0 million to $20.3 million in 2025, compared with $185.3 million in 2024 reflecting lower average TC/RC rates.

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 reflects 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.

Accordingly, the decrease in these charges has had a positive impact on revenue in the year.

Revenue from molybdenum, gold and other by-product sales

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 $614.9 million or 60.7% to $1,628.1 million in 2025, compared with $1,013.2 million in 2024. This increase was mainly due to stronger gold prices and sales volumes, as well as molybdenum sales volumes.

Revenue from gold sales (net of treatment and refining charges) was $788.4 million (2024 - $446.8 million), an increase of $341.6 million which reflected a higher realised price and a higher sales volume. The realised gold price was $3,734.9/oz in 2025 compared with $2,528.3/oz in 2024, reflecting the average market price for 2025 of $3,435.8/oz (2024 - $2,387.1/oz) and a positive provisional pricing adjustment of $45.3 million. Gold sales volumes increased by 19.4% from 177,000 ounces in 2024 to 211,400 ounces in 2025, reflecting higher gold production at both Centinela Concentrates and Los Pelambres.

Revenue from molybdenum sales (net of treatment and refining charges) was $697.6 million (2024 - $488.2 million), an increase of $209.4 million. The increase was mainly due to the higher sales volumes of 15,300 tonnes (2024 - 10,900 tonnes) reflecting an increase in production at both Los Pelambres and Centinela Concentrates.

Revenue from silver sales increased by $63.9 million to $142.1 million (2024 - $78.2 million). The increase was due to the higher realised silver price of $43.7/oz in 2025 compared with $30.0/oz in 2024, and a higher sales volume of 3.3 million ounces (2024 - 2.6 million ounces).

Revenue from the Transport division

Revenue from the Transport division (FCAB) decreased by $21.4 million or 11.0% to $173.5 million (2024 - $194.9 million), mainly due to the lower transported volumes, driven by reduced operational plans from the Chilean and Bolivian mining clients, as well as the weakening of the Chilean peso compared with the prior year.

Total operating costs

The $270.6 million increases in total operating costs from $4,976.1 million in 2024 to $5,246.7 million in the current year reflected the following factors:

Operating costs (excluding depreciation, amortisation and gains and losses on disposals and exceptional items) at the Mining division

Operating costs (excluding depreciation, amortisation, gains and losses on disposals and exceptional items) at the Mining division increased by $215.5 million to $3,492.2 million in 2025, an increase of 6.6%.

Of this increase, $150.1 million was attributable to higher mine-site operating costs. This increase in mine-site costs reflected the impact of the higher sales volumes and general inflation, partially offset by cost savings from the Group's Competitiveness Programme.

On a unit cost basis, weighted average cash costs excluding treatment and refining charges and by-product revenues increased from $2.22/lb in 2024 to $2.32/lb in 2025. As detailed in the alternative performance measures section, for accounting purposes by-product credits and treatment and refining charges both impact revenue and don't therefore affect operating expenses.

The Competitiveness Programme was implemented to reinforce the operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During 2025, the programme achieved benefits of $115.2 million in the mining division, of which $95.2 million reflected cost savings and $20.0 million represented the value of productivity improvements. Of the $95.2 million of cost savings, $91.3 million related to Los Pelambres, Centinela and Antucoya, and therefore impacted the Group's operating costs, and $3.9 million related to Zaldívar (on a 100% basis) and impacted the share of results from associates and joint ventures.

Other mining expenses and closure provision costs increased by $34.0 million, mainly reflecting increased other mining division costs related to community projects at Centinela and additional closure provision costs at Los Pelambres.

Corporate costs increased by $26.3 million to $99.1 million (2024 - $72.8 million), due to increased labour costs and higher mining property licence fees as a result of recent relevant regulatory changes.

Operating costs at the Mining division include $31.0 million (2024 - $28.7m) 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.

Exploration and evaluation costs increased by $2.8 million to $55.5 million (2024 - $52.7 million), reflecting increased exploration and evaluation expenditure principally in respect of international explorations. 

Operating costs (excluding depreciation, amortisation and gains and losses on disposals) at the Transport division

Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division decreased by $16.8 million to $108.8 million (2024 - $125.6 million), primarily due to lower variable costs resulting from reduced transported volumes, as well as cost optimization initiatives and efficiency improvements.

Depreciation, amortisation and gains and losses on disposals (excluding exceptional items)

The net expense for depreciation, amortisation and gains and losses on disposals increased by $71.9 million from $1,573.8 million in 2024 to $1,645.7 million. This increase was mainly due to higher depreciation as a result of the increased sales volumes and additional depreciation of new assets, partly offset by $49.7 million of profits on disposal of assets, predominantly relating to Los Pelambres' disposal of its electricity transmission line assets.

Operating profit from subsidiaries (excluding exceptional items)

As a result of the above factors, operating profit from subsidiaries increased by $1,736.3 million or 106.0% in 2025 to $3,373.6 million (2024 - $1,637.3 million).

Share of results from associates and joint ventures

The Group's share of results from associates and joint ventures decreased by $23.6 million to a gain of $52.6 million in 2025, compared with a gain of $76.2 million in 2024. This was mainly due to the lower profit from Zaldívar (reflecting increased operating expenses), partially offset by a higher contribution from Compañía de Minas Buenaventura S.A.A.

EBITDA

EBITDA (earnings before interest, tax, depreciation and amortisation, and impairments) increased by $1,775.1 million or 51.8% to $5,201.9 million (2024 - $3,426.8 million). EBITDA includes the Group's proportional share of EBITDA from associates and joint ventures.

EBITDA from the Mining division increased by $1,781.3 million or 53.2% from $3,350.9 million in 2024 to $5,132.2

 million this year. This reflected the higher revenue explained above, slightly offset by higher mine-site operating costs and a lower EBITDA from associates and joint ventures.

EBITDA at the Transport division decreased by $6.2 million to $69.7 million in 2025 (2024 - $75.9 million), due to lower revenues from reduced transport volumes. Although operating costs declined due to lower variable costs and efficiency initiatives, the division's fixed cost structure limited the ability to fully offset the revenue decline, and EBITDA was also affected by lower contributions from associates and joint ventures.

Commodity price and exchange rate sensitivities

The following sensitivities show the estimated approximate impact on EBITDA for 2025 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.

The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during 2025, and the impact of the movement in the average exchange rate indicates the estimated impact on Chilean peso denominated operating costs during the year. These estimates do not incorporate 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 year-end.

Net finance income / (expense) (excluding exceptional items)

Net finance expense (excluding exceptional items) of $266.7 million reflected a variance of $201.9 million compared with the $64.8 million expense in 2024.

Interest income decreased from $184.2 million in 2024 to $156.2 million in 2025, mainly due to lower average interest rates, partially offset by a higher average cash and liquid investment balance.

Interest expense increased from $312.2 million in 2024 to $342.1 million in 2025, primarily due to the additional interest expense relating to Centinela's water transportation agreement during the current period, and in the comparative period, the partial capitalisation of the financing costs relating to Los Pelambres' Phase 1 Expansion Project, partially offset by lower average interest rates.

Other finance items were a net loss of $80.8 million, compared with a net gain of $63.2 million in 2024, a variance of $144.0 million. This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted in a $52.0 million loss in 2025, reflecting the strengthening of the peso during the year, compared with a $82.1 million gain in 2024, reflecting the weakening of the peso during that period.  In addition, there was an expense of $28.7 million in respect of the unwinding of the discounting of provisions (2024 - expense of $18.8 million).

Profit before tax (excluding exceptional items)

As a result of the factors set out above, profit before tax (excluding exceptional items) increased by 91.6% to $3,159.5 million (2024 - $1,648.7 million).

Income tax expense

The tax charge for 2025 excluding exceptional items increased by $514.3 million to $1,142.7 million (2024 - $628.4 million) and the effective tax rate for the year was 36.2% (2024 - 38.1%). Including exceptional items, the tax charge for 2025 was $1,088.2 million and the effective tax rate was 34.4% (2024 - 36.5%).

The effective tax rate (excluding exceptional items) of 36.2% varied from the statutory rate principally due to:

· The mining tax (royalty) (net impact of $218.3 million / 7.0% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax);

· The impact of unrecognised tax losses (impact of $55.0 million / 1.7%);

· Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 million / 0.4%).

· The withholding tax relating to the remittance of profits from Chile (impact of $11.4 million / 0.4%);

· Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $7.8 million / 0.2%);

· 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 $14.2 million / 0.4%);

· Adjustments in respect of prior years (impact of $2.4 million / 0.1%).

The new Chilean mining royalty has taken effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26% applied to the ''Mining Operating Margin'', depending on each mining operation's level of profitability, as well as a 1% ad valorem royalty on copper sales. 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. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense.

Los Pelambres has been subject to the new royalty since 1 January 2024. The impact of the new royalty for Los Pelambres in 2025 included the recognition of a $31.0 million expense within operating expenses in respect of the ad valorem element. Zaldívar (which as a joint venture is equity accounted for, and so its tax expense is not consolidated within the above Group tax expense line) was also subjected to the new royalty from 1 January 2024.

Centinela and Antucoya have tax stability agreements in place, thus the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate from 5% to 14% of taxable operating profit, depending on the level of operating profit margin.

Exceptional items

Exceptional items are material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are typically non-cash, including impairments and gains and losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group.

Compañía de Minas Buenaventura S.A.A.

During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Buenaventura. Prior to completion, this agreement was accounted for at fair value through profit and loss. From March 2024 onwards, the Group was considered to have significant influence over Buenaventura (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition). Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that date.

An exceptional fair value gain of $51.0 million was recognised during 2024 in respect of this agreement. A deferred tax expense of $12.7 million was recognised in respect of this gain, resulting in a post-tax impact of $38.3 million.

During 2025, an exceptional deferred tax credit of $54.5 million was recognised in the income statement, due to the derecognition of the 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 has been 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.

Antucoya impairment reversal

During 2024, an exceptional pre-tax gain of $371.4 million (post-tax impact of $257.4 million) was recognised in respect of the reversal of previous impairments recognised in respect of the Antucoya operation.

Non-controlling interests

Profit for 2025 attributable to non-controlling interests (excluding exceptional items) was $742.4 million, compared with $400.8 million in 2024, an increase of $341.6 million. This reflected the increase in earnings analysed above.

Earnings per share

Earnings per share calculations are based on 985,856,695 ordinary shares. 

As a result of the factors set out above, the underlying profit attributable to equity shareholders of the Company (excluding exceptional items) was $1,274.4 million compared with $619.5 million in 2024, giving underlying earnings per share of 129.3 cents per share (2024 - 62.8 cents per share). The profit attributable to equity shareholders (including exceptional items) was $1,328.9 million (2024 - $829.4 million), resulting in earnings per share of 134.8 cents per share (2024 - 84.1 cents per share). 

Dividends

Dividends per share proposed in relation to the period are as follows:

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%.

The Board has recommended a final dividend for 2025 of 48.0 cents per ordinary share, which amounts to $473.2 million and will be paid on 11 May 2026 to shareholders on the share register at the close of business on 17 April 2026.

The Board declared an interim dividend for the first half of 2025 of 16.6 cents per ordinary share, which amounted to $163.7 million.

This gives total dividends proposed in relation to 2025 (including the interim dividend) of 64.6 cents per share or $636.9 million (2024 - 31.4 cents per ordinary share or $309.8 million in total) equivalent to a payout ratio of 50% of underlying earnings.

Capital expenditure

Capital expenditure increased by $1,269.6 million from $2,414.9 million in 2024 to $3,684.5 million in the current year, mainly due to an increase in expenditure on the Second Concentrator Project and the Encuentro Sulphides Project at Centinela and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and higher IFRIC 20 mine development expenditures.

Capital expenditure figures quoted in this report are on a cash flow basis, unless stated otherwise.

Derivative financial instruments

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 31 December 2025, there were foreign exchange derivative financial instruments in place in respect of the Centinela Second Concentrator Project capital expenditure, with a positive fair value at that point of $0.7 million (2024 - negative fair value of $25.5 million).

Cash flows

The key features of the cash flow statement are summarised in the following table.

Cash flows from continuing operations were $4,252.9 million in 2025 compared with $3,276.2 million in 2024. This reflected EBITDA from subsidiaries for the year of $5,019.3 million (2024 - $3,211.1 million) adjusted for the negative impact of a net working capital increase of $773.6 million (2024 - positive impact of $65.9 million from a net working capital decrease), partly offset by a non-cash increase in provisions of $7.2 million (2024 - negative impact of a decrease in provisions of $0.8 million).

The $773.6 million working capital increase in 2025 was due to an increase in receivables (reflecting the higher copper price and higher volumes included in receivables at 31 December 2025 compared with 31 December 2024) and a decrease in accounts payables, slightly offset by a decrease of work in progress and finished goods inventories at Centinela and Los Pelambres.

The net cash outflow in respect of tax in 2025 was $708.2 million (2024 - $666.8 million). This amount differs from the current tax charge in the consolidated income statement (including exceptional items) of $1,114.1 million (2024 - $662.9 million) as the cash tax payments reflect payments on account for the current year based on prior periods' profit levels of $635.1 million (2024 - $567.8 million), the settlement of outstanding balances in respect of the previous year's tax charge of $40.2 million (2024 - $49.2 million) and withholding tax payments of $34.2 million (2024 - $71.1 million), partly offset by the recovery of $1.3 million relating to prior years (2024 - $21.3 million).

Capital expenditure in 2025 was $3,684.5 million compared with $2,414.9 million in 2024. This included expenditure of $2,478.1 million at Centinela (2024 - $1,414.0 million), $1,070.5 million at Los Pelambres (2024 - $833.0 million), $98.8 million at Antucoya (2024 - $123.4 million), $4.8 million at the corporate centre (2024 - $7.1 million) and $32.3 million at the Transport division (2024 - $37.4 million). The increase in capital expenditure was mainly due to an increase in expenditure on the Second Concentrator Project and the Encuentro Sulphides Project at Centinela and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and higher IFRIC 20 mine development expenditures.

Dividends paid to equity holders of the Company were $395.3 million (2024 - $317.4 million) of which $231.7 million related to the payment of the previous year's final dividend and $163.6 million to the interim dividend declared in respect of the current year.

Dividends paid by subsidiaries to non-controlling shareholders were $364.8 million (2024 - $240.0 million).

Payment in respect of the agreement to acquire non-controlling interest was $80.0 million. In January 2025 the Group entered into an agreement with Mineralinvest to acquire Mineralinvest's 49% interest in Antomin Investors' copper exploration properties in the Centinela District for $80 million. Properties that were held by Antomin Investors that are outside the Centinela District were demerged into a new entity, Antomin Volcanes, held 51% by the Group and 49% by Mineralinvest. The acquisition of the remaining 49% stake in Antomin Investors completed in October 2025. As Antomin Investors is a subsidiary of the Antofagasta plc Group, this agreement to acquire the remaining 49% stake in Antomin Investors constitutes an agreement to acquire own equity instruments in accordance with IAS 32 Financial Instruments: Presentation, resulting in an $80 million reduction in reserves. This transaction further consolidates the Group's mining property interests in the Centinela District providing flexibility for future growth options. This transaction was overseen and approved by a committee of independent Directors who sought and received confirmation from a financial adviser, a major international investment bank with extensive experience in advising UK issuers on such matters, that the terms of the transaction were fair and reasonable as far as the shareholders of the companies were concerned.

A capital contribution of $186.9 million was received from Marubeni, the minority partner at Centinela, in respect of financing for the Centinela Second Concentrator Project.

Proceeds from sale of property plant and equipment were $68.0 million for 2025 (2024 - nil), predominatly relating to Los Pelambres' disposal of its electricity transmission line assets.

Dividends received from associates and joint ventures were $22.2 million for 2025 (2024 - $3.5 million) mainly related to a dividend received from Compañía de Minas Buenaventura S.A.A.

Financial position

At 31 December 2025, the Group had combined cash, cash equivalents and liquid investments of $4,909.9 million (31 December 2024 - $4,316.3 million). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of cash, cash equivalents and liquid investments was $3,936.8 million (31 December 2024 - $3,513.5 million).

Total Group borrowings and other financial liabilities at 31 December 2025 were $7,659.4 million, an increase of $1,714.0 million on the prior year (31 December 2024 - $5,945.4 million). The increase was mainly due to $2,122.1 million in respect of the bonds issued at Los Pelambres ($1,527.8 million) and Corporate ($594.3 million), $725.0 million from new senior loans at Los Pelambres ($429.2 million) and Centinela ($295.8 million) and $471.5 million in respect of further draw-downs of the project financing at Centinela, partly offset by $920.5 million of repayments of the senior loans at Los Pelambres ($837.0 million), Centinela ($33.3 million) and Antucoya ($50.0 million), $670.0 million of repayments of the short-term loans at Los Pelambres ($475.0 million) and Centinela ($195.0 million), $45.0 million of repayments of subordinated debt to Marubeni Corporation at Antucoya and payments $10.7 million related to other financial liabilities at Centinela.

Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of the borrowings was $5,759.3 million (31 December 2024 - $4,447.0 million).

These movements resulted in net debt at 31 December 2025 of $2,749.5 million (31 December 2024 - net debt $1,629.1 million). Excluding the non-controlling interest share in each partly-owned operation, the Group had an attributable net debt position of $1,822.5 million (31 December 2024 - net debt $933.5 million).

Going concern

The consolidated financial information contained in this unaudited Full-year results announcement 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 Full-year results announcement.

Cautionary statement about forward-looking statements

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.

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.

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.

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.

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.

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.

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.

Consolidated Income Statement

All earnings in all the periods presented are from continuing operations.

Consolidated Statement of Comprehensive Income

1 During 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.

 Consolidated Statement of Changes in Equity

For the year ended 31.12.2025 (Unaudited)

1 Related to the acquisition of the remaining stake in Antomin Investors Limited, as detailed in Note 23.

2 Related to Marubeni's capital contribution of $186.9 million in Centinela.

For the year ended 31.12.2024 (Audited)

1Relates to the reclassification of the fair value gain relating to the equity investment in Buenaventura from the Equity investment revaluation reserve to Retained earnings, following the completion of the transaction detailed in Notes 11 and 12 in March 2024, which resulted in the derecognition of the equity investment and the Group's interest in Buenaventura being accounted for as an investment in associate from that point.

2 Related to Marubeni's capital contribution of $156.7 million in Centinela and Barrick's capital contribution declared in the previous year and recognised in this year by $0.1 million In Encierro.

Consolidated Balance Sheet

The consolidated financial statements were approved by the Board of Directors on 16 February 2026.

 Consolidated Cash Flow Statement

1 Related to Marubeni's capital contribution of $186.9 million in Centinela (year ended 31 December 2024 - $156.7 million).

Notes

a) General information

While the financial information included in this Full-year results announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS®), this announcement does not itself contain sufficient information to comply with those standards. The Group expects to publish full financial statements that comply with UK adopted international accounting standards in March 2026.

The consolidated financial information has been prepared under the accounting policies as set out in the statutory accounts for the year ended 31 December 2024, subject to the new accounting standards as detailed in note 1(b) below (which as noted had no material impact on the amounts reported in this financial information).

The consolidated financial information has been prepared on the going concern basis.

The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 December 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company's annual general meeting. The auditors have reported on the 2024 accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of the Companies Act 2006.

The information contained in the Alternative performance measures and the Production and sales statistics sections of this consolidated financial information is not derived from the statutory accounts for the years ended 31 December 2025 and 2024 and is accordingly not covered and will not be covered by the auditors' reports.

Going concern

The Directors have assessed the going concern status of the Group, considering a period of at least 12 months from the expected date of approval of the 31 December 2025 Annual Report and Accounts.

The Group's business activities, together with those factors likely to affect its future performance, are set out in the Financial and Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period-end, are set out in the Financial Review. The consolidated financial statements include details of the Group's cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 14.

When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2025, with combined cash, cash equivalents and liquid investments of $4,909.9 million. Total liabilities from financing activities were $7,659.4 million, resulting in a net debt position of $2,749.5 million. Of the total borrowings, only 7% is repayable within one year, and an additional 8% repayable between one and two years. In addition, the Group has an undrawn revolving credit facility ("RCF") of $500 million which expires in December 2028 and therefore covers all of the going concern review period, which could provide additional liquidity if required.

When assessing the prospects of the Group, the Directors have considered the Group's copper price forecasts, the Group's expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group's budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group's ability to manage the impact of a depressed economic environment. The analysis has only included the drawdown of existing committed borrowing facilities and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust downside sensitivity analyses have been performed, assessing the impact of each of the sensitivities set out below.

● A significant deterioration in the future copper price forecasts by an average of 10% throughout the going concern period.

● An even more pronounced short-term reduction of a further 50 c/lb in the copper price for a period of three months, in addition to the above deterioration of 10% in the copper price throughout the review period.

● The risk of capital expenditure overruns in respect of the Second Concentrator Project and the Encuentro Sulphides Project at Centinela, and the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres. In the case of the Second Concentrator Project and the Encuentro Sulphides Project at Centinela, given the timescale of the projects, we have concluded that this is not likely to result in a significant impact during the going concern review period. In the case of the Desalination Plant Expansion, Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, we have included the impact of a 20% overrun in the downside sensitivity analysis.

● A shutdown of any one of the Group's operations for a period of one month.

The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group's tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis.

The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity.

Based on their assessment of the Group's prospects and viability, the Directors have formed a judgement that there are no material uncertainties that the Directors are aware of that cast doubt on the Group's going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the expected date of approval of the 31 December 2025 Annual Report and Accounts. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements.

b) Adoption of new accounting standards

The following accounting standards, amendments and interpretations became effective in the current reporting period but the application of these standards and interpretations had no material impact on the amounts reported in these consolidated financial statements:

c) Accounting standards issued but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date.

1 These amendments are still subject to UK endorsement.

None of these standards are expected to have a significant impact on the Group, except for IFRS 18.

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in amendments to IFRS Accounting Standards, including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have an impact effect on the presentation and disclosure of certain items such as:

- presenting specified categories and defined subtotals in the statement of profit or loss

- providing disclosures on management-defined performance measures (MPMs) in the notes to the financial statements

- enhancing aggregation and disaggregation.

The Group is currently assessing the impact of IFRS 18, and the preliminary assessment indicates that the presentation of the net share of results from associates and joint ventures is expected to be shown within investing activities, rather than being part of operating profit or loss. Further changes upon the implementation of IFRS 18 may be required, including that the Group may be required to change the presentation for some foreign exchange gains or losses from the financing category into the operating category.

d) Critical accounting judgements and key sources of estimation uncertainty

The critical accounting judgements and key estimates applied in this announcement are set out below.

Judgements

Non-financial assets impairment indicators: The Group reviews the carrying value of its intangible assets and property, plant and equipment, as well as its investments in its associates and joint ventures, to determine whether there are indicators that those assets are impaired. As at 31 December 2025, no such indicators were identified. However, whether or not an impairment indicator exists is considered a critical judgement at 31 December 2025 for Zaldívar. The most relevant factors in the conclusion that there are no impairment indicators for Zaldívar are set out below.

· The positive copper price outlook as at 31 December 2025, with consensus analyst forecasts of the long-term copper price having increased significantly during 2025.

· The operational performance experienced in 2025, in particular the lower than expected throughput and recovery levels, is not considered to be indicative of future performance levels, with throughput and recovery levels forecast to increase over future years.

· Zaldívar's EIA application, extending the operation's mining and water environmental permits to 2051, and allowing the development of the primary sulphides ore deposit, was approved in May 2025. The permit approval includes a transitional period whereby Zaldívar's existing continental water extraction permit has been extended to 2028, after which time the mine must transition its water supply to either seawater or water from third parties. The conclusion that there are no impairment indicators reflects the plans for an alternative water source to be implemented by 2028, allowing the continued operation of the mine without interruption, and the development of the primary sulphides deposit.

Estimates

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Group has not identified estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months.

2. Operating profit from subsidiaries, and share of profit from associates and joint ventures

1 Other operating expenses comprise $55.5 million of exploration and evaluation expenditure (year ended 31 December 2024 - $52.7 million), $29.0 million in respect of the employee severance provision (year ended 31 December 2024 - $25.4 million), $6.5 million in respect of the closure provision (year ended 31 December 2024 - $0.8 million), and $280.7 million of other expenses, which include Medium-term and long-term drilling costs & evaluation of $97.3 million (year ended 31 December 2024 - $98.9 million), costs of community programmes of $45.8 million (year ended 31 December 2024 - $44.9 million), the "ad valorem" element of the mining royalty of $31.0 million (year ended 31 December 2024 - $28.7 million), Pre-feasibility studies of $15.5 million (year ended 31 December 2024 - $12.0 million), and other expenses of $91.1 million (year ended 31 December 2024 - $70.6 million).

2 Gain / loss on disposals mainly reflecting the profit on sale of fixed assets at Pelambres Transmision on September 2025.

3. Exceptional items

Exceptional items are financially material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are typically non-cash, including impairments and profits or losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group.

Compañía de Minas Buenaventura S.A.A

During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Buenaventura. Prior to completion, this agreement was accounted for at fair value through profit and loss. During 2024, an exceptional fair value gain of $51.0 million and a deferred tax expense of $12.7 million was recognised in respect respect of this agreement in profit or loss (2023: $167.1 million and $41.8m respectively). From March 2024 onwards, the Group was considered to have significant influence over Buenaventura (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition). Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that date.

During 2025, an exceptional deferred tax credit of $54.5 million was recognised in the income statement, due to the derecognition of the 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 has been 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 changes in fair value of the Group's existing 7% investment shareholding in Buenaventura.

Reversal of Antucoya impairment

During 2024, an exceptional pre-tax gain of $371.4 million (post-tax impact of $257.4 million) was recognised in respect of the reversal of previous impairments recognised in respect of the Antucoya operation.

4. Segmental analysis

The Group's reportable segments, which are the same as its operating segments, are set out below.

● Los Pelambres

● Centinela

● Antucoya

● Zaldívar

● Exploration and evaluation

● Corporate and other items

● Transport division

For management purposes, the Group is organised into two business divisions based on their products - Mining and Transport. The mining division is split further for management reporting purposes to show results by mine and exploration activity. Los Pelambres produces primarily copper concentrate, molybdenum, gold and silver as a by-product. Centinela produces copper concentrate containing gold as a by-product, copper cathodes and molybdenum concentrates. Antucoya and Zaldívar produce copper cathodes. The transport division provides rail and road cargo transport together with a number of ancillary services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses. "Corporate and other items" comprises costs incurred by the Company, Antofagasta Minerals S.A., the Group's mining corporate centre and other entities, that are not allocated to any individual business segment. Consistent with its internal management reporting, the Group's corporate and other items are included within the mining division.

The Chief Operating decision-maker (the Group's Chief Executive Officer) monitors the operating results of the business segments separately for the purpose of making decisions about resources to be allocated and assessing performance. Segment performance is evaluated based on the operating profit of each of the segments. 

a) Segment revenues and results

For the year ended 31-12-2025 (Unaudited)