Antofagasta : Financial Reporting Document

Developing mining for a better future

2023

Half Year Results

10 August 2023

• Hello
• I am Iván Arriagada, Chief Executive of Antofagasta.
• Today we published our financial results for the first half of 2023 and so together with our CFO, Mauricio Ortiz, and our VP of Sustainability and Corporate Affairs, René Aguilar, we are going to present the results.
• I will begin with a brief overview of our performance, before handing over to Mauricio and René, who will provide more detail on our financial results and our recent progress in sustainability.

Cautionary statement

This presentation has been prepared by Antofagasta plc. By reviewing and/or attending this presentation you agree to the following conditions:

This presentation contains forward-looking statements. All statements other than historical facts are 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 "intend", "aim", "project", "anticipate", "estimate", "plan", "believe", "expect", "may", "should", "will", "continue" and similar expressions identify 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, which apply only as of the date of this presentation. 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; 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. Except as required by applicable law, rule or regulation, the Group does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Certain statistical and other information about Antofagasta plc included in this presentation is sourced from publicly available third party sources. Such information presents the views of those third parties and may not necessarily correspond to the views held by Antofagasta plc.

This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Antofagasta plc or any other securities in any jurisdiction. Further it does not constitute a recommendation by Antofagasta plc or any other person to buy or sell shares in Antofagasta plc or any other securities.

Past performance cannot be relied on as a guide to future performance.

Antofagasta plc | 2023 Half Year Results	2

• Here we have the usual cautionary statement, which I encourage you to read as it is important.

Agenda

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4

Overview

Financial review

Sustainability performance

Growth opportunities

3

• Our presentation today will cover the four main areas shown here.

Overview

H1 2023 Results

Iván Arriagada | Chief Executive Officer

Image: Los Pelambres' Integrated Remote Operations Centre in Santiago, inaugurated in H1 2023.	4

• Before we begin, I would like to remind you of Antofagasta's purpose: Developing Mining for a Better Future.
• Through this purpose, we put sustainability at the heart of our business. We aim to mine and produce copper in a socially and environmentally responsible manner, with a positive contribution to all of our stakeholders.
• Here we see can a good example of our purpose in action: In the first half of this year, we opened a remote operating centre for Los Pelambres. Through remote operations, we see benefits in safety by removing people from risk environments.

Highlights: H1 2023

Earnings per share increase by 27%

Safety performance	EBITDA
0 Fatalities
$1.3bn
-43% High Potential Incidents
(+8%)
-30% Lost Time Injury Frequency Rate
Copper production	Earnings per share	Revenue
+10%	+27%	$2.9bn
(295.5kt)	(33.5 cents)	(+14%)

160 litres/second

Desalinated water supply Los

Pelambres (June 2023 average, 40% of capacity)

Antofagasta plc | 2023 Half Year Results	5

• Safety remains our priority and I am pleased to report that we had another period of positive safety performance. We continue to operate with no fatal accidents and safety indicators remain at historically low levels.
• However we are not complacent and later René will talk you through some of our initiatives that continue to help embed a safety-first culture across our business.
• On financial performance, revenues rose by 14%, despite a 3% decline in the realised copper price.
• Our EBITDA margins remain resilient, with a margin of 46% in the first half, which is in line year on year.
• We have long maintained a strong balance sheet, with low gearing. As of 30th June, we had net debt of 0.27 times EBITDA.