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

 

			Year ended 31.12.2025 (Unaudited)			Year ended 31.12.2024 (Audited)
	Before exceptional items	Exceptional  items	Total	Before exceptional items	Exceptional Items	Total
	$m	$m	$m	$m	$m	$m
Revenue	8,620.3	-	8,620.3	6,613.4	-	6,613.4
EBITDA (including share of EBITDA from associates and joint ventures)[1]	5,201.9	-	5,201.9	3,426.8	-	3,426.8
Total operating costs	(5,246.7)	-	(5,246.7)	(4,976.1)	371.4	(4,604.7)
Operating profit from subsidiaries	3,373.6	-	3,373.6	1,637.3	371.4	2,008.7
Net share of results from associates and joint ventures	52.6	-	52.6	76.2	-	76.2
Operating profit from subsidiaries, and share of total results from associates and joint ventures	3,426.2	-	3,426.2	1,713.5	371.4	2,084.9
Net finance (expense) / income	(266.7)	-	(266.7)	(64.8)	51.0	(13.8)
Profit before tax	3,159.5	-	3,159.5	1,648.7	422.4	2,071.1
Income tax expense	(1,142.7)	54.5	(1,088.2)	(628.4)	(126.7)	(755.1)
Profit from continuing operations	2,016.8	54.5	2,071.3	1,020.3	295.7	1,316.0
Profit for the year	2,016.8	54.5	2,071.3	1,020.3	295.7	1,316.0
Attributable to:
Non-controlling interests	742.4	-	742.4	400.8	85.8	486.6
Profit attributable to the owners of the parent	1,274.4	54.5	1,328.9	619.5	209.9	829.4
Basic earnings per share	Cents	Cents	Cents	Cents	Cents	Cents
From continuing operations	129.3	5.5	134.8	62.8	21.3	84.1

 

 

 

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.

 

[1] EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, gains and losses on disposals and impairment charges/reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.

 

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

 

	$m
Profit attributable to the owners of the parent in 2024	829.4
Less: exceptional items - 2024	(209.9)
Profit attributable to the owners of the parent in 2024 (excluding exceptional items)	619.5
Increase in revenue	2,006.9
Increase in total operating costs (excluding exceptional items)	(270.6)
Decrease in net share of results from associates and joint ventures	(23.6)
Increase in net finance expenses (excluding exceptional items)	(201.9)
Increase in income tax expense (excluding exceptional items)	(514.3)
Increase in profit attributable to non-controlling interests (excluding exceptional items)	(341.6)
	654.9
Profit attributable to the owners of the parent in 2025 (excluding exceptional items)	1,274.4
Exceptional items - 2025 (post tax)	54.5
Profit attributable to the owners of the parent in 2025	1,328.9

 

 

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:

	$m
Revenue in 2024	6,613.4
Increase in realised copper price	1,046.5
Increase in copper sales volumes	201.9
Decrease in copper treatment and refining charges	165.0
Increase in gold revenue	341.6
Increase in molybdenum revenue	209.4
Increase in silver revenue	63.9
Decrease in Transport division revenue	(21.4)
	2,006.9
Revenue in 2025	8,620.3

 

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:

	$m
Total operating costs in 2024 (excluding exceptional items)	4,976.1
Increase in mine-site operating costs	150.1
Increase in other mining expenses and closure provision costs	34.0
Increase in corporate costs	26.3
Increase in Mining royalty ad-valorem element	2.3
Increase in exploration and evaluation costs	2.8
Decrease in Transport division operating costs	(16.8)
Increase in depreciation, amortisation and gains and losses on disposals	71.9
	270.6
Total operating costs in 2025 (excluding exceptional items)	5,246.7

 

 

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.

 

	Average market commodity price / average exchange rate during the year ended 31.12.25	Impact of a 10% movement in the commodity price / exchange rate on EBITDA for the year ended 31.12.25
		$m
Copper price	$4.51/lb	662.7
Molybdenum price	$22.2/lb	75.0
Gold price	$3,435.8/oz	72.6
US dollar / Chilean peso exchange rate	907.13	172.0

 

 

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.

                               

	Year ended 31.12.25 $m	Year ended 31.12.24 $m
Investment income	156.2	184.2
Interest expense	(342.1)	(312.2)
Other finance items	(80.8)	63.2
Net finance (expense)/income	(266.7)	(64.8)

 

 

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%).

 

 

		Year ended Excluding exceptional items 31.12.2025			Year ended Including exceptional items 31.12.2025					Year ended Excluding exceptional items 31.12.2024				Year ended Including exceptional items 31.12.2024
		$m	%		$m	%			$m		%			$m	%
Profit before tax		3,159.5			3,159.5				1,648.7				2,071.1
Profit before tax multiplied by Chilean corporate tax rate of 27%		(853.0)	27.0		(853.0)	27.0			(445.1)			27.0	(559.2)			27.0
Mining Tax (royalty)		(301.9)	9.6		(301.9)	9.6			(216.5)			13.1	(216.5)			10.5
Deduction of mining royalty as an allowable expense in determination of first category tax		83.6	(2.6)		83.6	(2.6)			55.8			(3.4)	55.8			(2.7)
Items non-taxable & non-deductible from first category tax		(7.8)	0.2		(7.8)	0.2			(3.9)			0.2	(3.9)			0.2
Adjustment in respect of prior years		2.4	(0.1)		2.4	(0.1)			1.7			(0.1)	1.7			(0.1)
Adjustment to deferred tax in respect of mining royalty		(14.7)	0.4		(14.7)	0.3			67.1			(4.1)	67.1			(3.2)
Withholding tax		(11.4)	0.4		(11.4)	0.4			(29.7)			1.8	(29.7)			1.4
Tax effect of (loss)/ profit of associates and joint ventures		14.2	(0.4)		14.2	(0.4)			20.0			(1.1)	20.0			(1.0)
Impact of unrecognised tax losses		(55.0)	1.7		(55.0)	1.7			(77.8)			4.7	(77.8)			3.8
Reversal of deferred tax on fair value gains (exceptional item)		-	-		54.5	(1.7)			-			-	-			-
Reversal of the provision against carrying value of assets (exceptional items)		-	-		-	-			-			-	(13.7)			0.7
Difference in overseas tax rate		-	-		-	-			-			-	1.1			(0.1)
Net Other items		0.9	-		0.9	-			-			-	-			-
Tax expense and effective tax rate for the Year ended		(1,142.7)	36.2		(1,088.2)	34.4			(628.4)			38.1	(755.1)			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

		Year ended 31.12.25	Year ended 31.12.24
		$ cents	$ cents
Underlying earnings per share (excluding exceptional items)		129.3	62.8
Earnings per share (exceptional items)		5.5	21.3
Earnings per share (including exceptional items)		134.8	84.1

 

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:

 

		Year ended 31.12.25	Year ended 31.12.24
		$ cents	$ cents
Ordinary dividends:
Interim		16.6	7.9
Final		48.0	23.5
Total dividends to ordinary shareholders		64.6	31.4

 

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.

		Year ended 31.12.25	Year ended 31.12.24
		$m	$m
Cash flows from continuing operations		4,252.9	3,276.2
Income tax paid		(708.2)	(666.8)
Net interest paid		(258.7)	(143.1)
Purchases of property, plant and equipment		(3,684.5)	(2,414.9)
Dividends paid to equity holders of the Company		(395.3)	(317.4)
Dividends paid to non-controlling interests		(364.8)	(240.0)
Agreement to acquire non-controlling interest		(80.0)	-
Capital increase from non-controlling interest		186.9	156.7
Proceeds from sale of property plant and equipment		68.0	-
Dividends from associates and joint ventures		22.2	3.5
Other items		(0.1)	0.2
Changes in net debt relating to cash flows		(961.6)	(345.6)
Other non-cash movements		(134.3)	(141.6)
Effects of changes in foreign exchange rates		(24.5)	17.9
Movement in net debt in the period		(1,120.4)	(469.3)
Net debt at the beginning of the year		(1,629.1)	(1,159.8)
Net debt at the end of the year		(2,749.5)	(1,629.1)

 

 

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 31.12.25	At 31.12.24
			$m	$m
Cash, cash equivalents and liquid investments			4,909.9	4,316.3
Total borrowings and other financial liabilities			(7,659.4)	(5,945.4)
Net debt at the end of the period			(2,749.5)	(1,629.1)

 

 

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

				Year ended 31.12.2025 (Unaudited)			Year ended 31.12.2024 (Audited)
		Excluding exceptional items	Exceptional items note 3	Total	Excluding exceptional items	Exceptional items note 3	Total
	Notes	$m	$m	$m	$m	$m	$m
Revenue	4,5	8,620.3	-	8,620.3	6,613.4	-	6,613.4
Total operating costs	2,3	(5,246.7)	-	(5,246.7)	(4,976.1)	371.4	(4,604.7)
Operating profit from subsidiaries	2,4	3,373.6	-	3,373.6	1,637.3	371.4	2,008.7
Net share of results from associates and joint ventures	2,4	52.6	-	52.6	76.2	-	76.2
Operating profit and share of total results from associates and joint ventures		3,426.2	-	3,426.2	1,713.5	371.4	2,084.9
Investment income	6	156.2	-	156.2	184.2	-	184.2
Interest expense	6	(342.1)	-	(342.1)	(312.2)	-	(312.2)
Other finance ítems	3,6	(80.8)	-	(80.8)	63.2	51.0	114.2
Net finance (expense)/income	6	(266.7)	-	(266.7)	(64.8)	51.0	(13.8)
Profit before tax		3,159.5	-	3,159.5	1,648.7	422.4	2,071.1
Income tax expense	7	(1,142.7)	54.5	(1,088.2)	(628.4)	(126.7)	(755.1)
Profit for the year		2,016.8	54.5	2,071.3	1,020.3	295.7	1,316.0
Attributable to:
Non-controlling interests		742.4	-	742.4	400.8	85.8	486.6
Owners of the parent		1,274.4	54.5	1,328.9	619.5	209.9	829.4
		US cents	US cents	US cents	US cents	US cents	US cents
Basic and diluted EPS	8	129.3	5.5	134.8	62.8	21.3	84.1

 

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

Consolidated Statement of Comprehensive Income

	Notes	Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024 (Audited)
		$m	$m
Profit for the year	4	2,071.3	1,316.0
Items that may be or were subsequently reclassified to profit or loss:
Gains/(losses) on cash flow hedging (including cost of hedging)	15	26.2	(25.5)
Tax effects arising on cash flow hedges deferred in reserves		(7.1)	6.9
Currency translation adjustment		1.3	(1.2)
Total items that may be or were subsequently reclassified to profit or loss		20.4	(19.8)
Items that will not be subsequently reclassified to profit or loss:
Actuarial losses on defined benefit plans	16	(11.0)	(12.2)
Gains on fair value of equity investments	12	1.6	29.7
Tax on items recognised directly in other comprehensive income	18	3.0	1.8
Deferred tax credit/(charge) on equity investment1	3	44.7	(7.7)
Share of other comprehensive losses of associates and joint ventures, net of tax		(0.6)	(1.4)
Total items that will not be subsequently reclassified to profit or loss		37.7	10.2
Total other comprehensive income/(expense)		58.1	(9.6)
Total comprehensive income for the year		2,129.4	1,306.4
Attributable to:
Non-controlling interests		746.2	478.7
Owners of the parent		1,383.2	827.7

 

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)

 

	Share       capital	Share premium	Other reserves (Note 20)	Retained earnings (Note 20)	Equity attributable to owners of the parent	Non- controlling interests	Total equity
	$m	$m	$m	$m	$m	$m	$m
Balance at 1 January 2025	89.8	199.2	(18.2)	9,191.4	9,462.2	3,492.0	12,954.2
Profit for the year	-	-	-	1,328.9	1,328.9	742.4	2,071.3
Other comprehensive income/(expense) for the year	-	-	14.7	39.6	54.3	3.8	58.1
Total comprehensive income for the year	-	-	14.7	1,368.5	1,383.2	746.2	2,129.4
Acquisition of non-controlling 1	-	-	-	(80.0)	(80.0)	-	(80.0)
Capital increase2	-	-	-	-	-	186.9	186.9
Dividends	-	-	-	(395.3)	(395.3)	(364.8)	(760.1)
Balance at 31 December 2025	89.8	199.2	(3.5)	10,084.6	10,370.1	4,060.3	14,430.4

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)

 

	Share       capital	Share premium	Other reserves (Note 20)	Retained earnings (Note 20)	Equity attributable to owners of the parent	Non- controlling interests	Total equity
	$m	$m	$m	$m	$m	$m	$m
Balance at 1 January 2024	89.8	199.2	104.5	8,558.4	8,951.9	3,096.5	12,048.4
Profit for the year	-	-	-	829.4	829.4	486.6	1,316.0
Other comprehensive income/(expense) for the year	-	-	7.7	(9.4)	(1.7)	(7.9)	(9.6)
Total comprehensive income for the year	-	-	7.7	820.0	827.7	478.7	1,306.4
Reclassification1	-	-	(130.4)	130.4	-	-	-
Capital increase2	-	-	-	-	-	156.8	156.8
Dividends	-	-	-	(317.4)	(317.4)	(240.0)	(557.4)
Balance at 31 December 2024	89.8	199.2	(18.2)	9,191.4	9,462.2	3,492.0	12,954.2

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

 

			At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
Non-current assets	Notes		$m	$m
Property, plant and equipment	10		16,653.3	13,917.0
Inventories	13		702.3	707.8
Investments in associates and joint ventures	11		1,806.3	1,776.1
Trade and other receivables	15		91.7	54.4
Equity investments	12		15.8	11.6
Deferred tax assets	18		2.2	9.7
			19,271.6	16,476.6
Current assets
Inventories	13		754.1	925.1
Trade and other receivables	15		1,468.1	899.5
Derivative financial instruments	15		0.7	-
Current tax assets			14.0	17.4
Liquid investments	22		2,193.3	2,127.1
Cash and cash equivalents	22		2,716.6	2,189.2
			7,146.8	6,158.3
Total assets			26,418.4	22,634.9
Current liabilities
Short-term borrowings and other financial liabilities	14		(501.2)	(1,322.5)
Trade and other payables	15		(1,404.5)	(1,320.3)
Derivative financial instruments	15		-	(20.4)
Short-term decommissioning and restoration provisions	17		(11.5)	(5.9)
Current tax liabilities			(546.0)	(106.4)
			(2,463.2)	(2,775.5)
Non-current liabilities
Medium and long-term borrowings and other financial liabilities	14		(7,158.2)	(4,622.9)
Trade and other payables	15		(15.8)	(10.2)
Derivative financial instruments	15		-	(5.1)
Post-employment benefit obligations	16		(194.9)	(152.2)
Decommissioning and restoration provisions	17		(544.4)	(422.1)
Deferred tax liabilities	18		(1,611.5)	(1,692.7)
			(9,524.8)	(6,905.2)
Total liabilities			(11,988.0)	(9,680.7)
Net assets			14,430.4	12,954.2
Equity
Share capital	20		89.8	89.8
Share premium	20		199.2	199.2
Other reserves	20		(3.5)	(18.2)
Retained earnings	20		10,084.6	9,191.4
Equity attributable to owners of the parent			10,370.1	9,462.2
Non-controlling interests			4,060.3	3,492.0
Total equity			14,430.4	12,954.2

 

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

 

 Consolidated Cash Flow Statement

			At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	Notes		$m	$m
Cash flows from operations	21,22		4,252.9	3,276.2
Interest paid			(473.1)	(324.1)
Income tax paid			(708.2)	(666.8)
Net cash from operating activities			3,071.6	2,285.3
Investing activities
Dividends from associates and joint ventures	23		22.2	3.5
Proceeds from sale of property plant and equipment	10		68.0	0.3
Purchases of property, plant and equipment	4		(3,684.5)	(2,414.9)
Net decrease in liquid investments	22		(70.0)	148.5
Interest received			214.4	181.0
Net cash used in investing activities			(3,449.9)	(2,081.6)
Financing activities
Dividends paid to owners of the parent	9		(395.3)	(317.4)
Dividends paid to preference shareholders of the Company			(0.1)	(0.1)
Capital increase from non-controlling interest1			186.9	156.7
Acquisition of non-controlling interest	23		(80.0)	-
Dividends paid to non-controlling interests			(364.8)	(240.0)
Proceeds from other financial liabilities	22		-	598.6
Proceeds from issue of new borrowings	22		3,318.6	2,222.9
Repayment of borrowings	22		(1,635.5)	(917.0)
Principal elements of lease payments	22		(106.3)	(152.7)
Repayment of other financial liabilities	22		(10.7)	(4.6)
Net cash from financing activities			912.8	1,346.4
Net increase in cash and cash equivalents	22		534.5	1,550.1
Cash and cash equivalents at beginning of the year			2,189.2	644.7
Net increase in cash and cash equivalents	22		534.5	1,550.1
Effect of foreign exchange rate changes	22		(7.1)	(5.6)
Cash and cash equivalents at end of the year	22		2,716.6	2,189.2

 

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

 

 

Notes

1.   General information and accounting policies

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:

 

Amendments	Effective date
Lack of Exchangeability (Amendments to IAS 21)	Annual periods beginning on or after 1 January 2025.

 

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.

Standards	Effective date
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information	Annual periods beginning on or after 1 January 2026.
IFRS S2 Climate-related Disclosures	Annual periods beginning on or after 1 January 2026.
IFRS 18 Presentation and Disclosures in Financial Statements	Annual periods beginning on or after 1 January 2027.
IFRS 19 Subsidiaries without Public Accountability: Disclosures)1	Annual periods beginning on or after 1 January 2027.
Amendments to IFRS	Effective date
Classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7)	Annual periods beginning on or after 1 January 2026.
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)	Annual periods beginning on or after 1 January 2026.

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

		Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024 (Audited)
		$m	$m
Revenue		8,620.3	6,613.4
Cost of sales		(4,316.6)	(4,109.0)
Gross profit		4,303.7	2,504.4
Administrative and distribution expenses		(665.9)	(575.7)
Gain/(loss) on disposals 2		49.7	(5.6)
Other operating income		57.8	48.2
Other operating expenses 1		(371.7)	(334.0)
Operating profit from subsidiaries		3,373.6	1,637.3
Net share of results from associates and joint ventures		52.6	76.2
Total operating profit from subsidiaries, and share of profit from associates and joint ventures		3,426.2	1,713.5

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)

 

	Los Pelambres	Centinela	Antucoya	Zaldívar	Exploration and evaluation2	Corporate and other items	Total Mining	Transport division	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m
Revenue	4,131.0	3,478.5	837.3	-	-	-	8,446.8	173.5	8,620.3
Operating costs excluding depreciation and gain/(loss) on disposals2	(1,583.0)	(1,244.3)	(510.3)	-	(55.5)	(99.1)	(3,492.2)	(108.8)	(3,601.0)
Depreciation	(609.5)	(880.7)	(158.2)	-	-	(10.1)	(1,658.5)	(36.9)	(1,695.4)
Gain/(loss) on disposals	52.6	(2.8)	-	-	-	(0.1)	49.7	-	49.7
Operating profit/(loss)	1,991.1	1,350.7	168.8	-	(55.5)	(109.3)	3,345.8	27.8	3,373.6
Net share of results from associates and joint ventures	-	-	-	(30.4)	-	82.6	52.2	0.4	52.6
Total operating profit from subsidiaries, and share of total results from associates and joint ventures	1,991.1	1,350.7	168.8	(30.4)	(55.5)	(26.7)	3,398.0	28.2	3,426.2
Investment income	28.5	55.1	8.5	-	-	62.1	154.2	2.0	156.2
Interest expense	(159.2)	(86.1)	(25.9)	-	-	(70.5)	(341.7)	(0.4)	(342.1)
Other finance items	(36.6)	(32.1)	(7.0)	-	-	(6.1)	(81.8)	1.0	(80.8)
Profit/(loss) before tax	1,823.8	1,287.6	144.4	(30.4)	(55.5)	(41.2)	3,128.7	30.8	3,159.5
Tax - excluding exceptional items	(685.7)	(381.7)	(37.2)	-	-	(25.2)	(1,129.8)	(12.9)	(1,142.7)
Tax - exceptional items	-	-	-	-	-	54.5	54.5	-	54.5
Profit/(loss) for the year	1,138.1	905.9	107.2	(30.4)	(55.5)	(11.9)	2,053.4	17.9	2,071.3
Non-controlling interests	456.1	265.5	21.1	-	-	(0.3)	742.4	-	742.4
Profit/(losses) attributable to the owners of the parent	682.0	640.4	86.1	(30.4)	(55.5)	(11.6)	1,311.0	17.9	1,328.9
EBITDA1	2,548.0	2,234.2	327.0	61.8	(55.5)	16.7	5,132.2	69.7	5,201.9
Capital Expenditure (cash basis)	1,070.5	2,478.1	98.8	-	-	4.8	3,652.2	32.3	3,684.5
Segment assets and liabilities
Segment assets	8,953.5	10,835.3	2,166.3	-	-	2,223.0	24,178.1	434.0	24,612.1
Investments in associates and joint ventures	-	-	-	864.1	-	933.6	1,797.7	8.6	1,806.3
Segment liabilities	(4,931.8)	(3,877.6)	(592.3)	-	-	(2,521.9)	(11,923.6)	(64.4)	(11,988.0)

 

¹ EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposal and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.

² Operating cash outflows in the exploration and evaluation segment was $43.0 million.

 

For the year ended 31.12.2024 (Audited)

 

	Los Pelambres	Centinela	Antucoya	Zaldívar	Exploration and evaluation2	Corporate and other items	Total Mining	Transport division	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m
Revenue	3,326.7	2,359.2	732.6	-	-	-	6,418.5	194.9	6,613.4
Operating costs excluding depreciation and loss on disposals2	(1,465.5)	(1,228.9)	(456.8)	-	(52.7)	(72.8)	(3,276.7)	(125.6)	(3,402.3)
Depreciation	(544.1)	(854.9)	(117.7)	-	-	(10.2)	(1,526.9)	(41.3)	(1,568.2)
Loss on disposals	(3.6)	(1.9)	-	-	-	(0.1)	(5.6)	-	(5.6)
Reversal of the provision against carrying value of assets (exceptional items)	-	-	371.4	-	-	-	371.4	-	371.4
Operating profit/(loss)	1,313.5	273.5	529.5	-	(52.7)	(83.1)	1,980.7	28.0	2,008.7
Net share of results from associates and joint ventures	-	-	-	15.1	-	61.4	76.5	(0.3)	76.2
Total operating profit from subsidiaries, and share of total results from associates and joint ventures	1,313.5	273.5	529.5	15.1	(52.7)	(21.7)	2,057.2	27.7	2,084.9
Investment income	46.7	40.1	11.0	-	-	85.3	183.1	1.1	184.2
Interest expense	(138.0)	(75.0)	(30.3)	-	-	(68.4)	(311.7)	(0.5)	(312.2)
Other finance items (excluding exceptional items)	23.5	30.2	7.9	-	-	4.2	65.8	(2.6)	63.2
Fair value gain on other financial assets - exceptional items 3	-	-	-	-	-	51.0	51.0	-	51.0
Profit/(loss) before tax	1,245.7	268.8	518.1	15.1	(52.7)	50.4	2,045.4	25.7	2,071.1
Tax	(432.0)	(67.1)	(30.9)	-	-	(91.8)	(621.8)	(6.6)	(628.4)
Tax - exceptional items	-	-	(114.0)	-	-	(12.7)	(126.7)	-	(126.7)
Profit/(loss) for the year	813.7	201.7	373.2	15.1	(52.7)	(54.1)	1,296.9	19.1	1,316.0
Non-controlling interests	327.8	52.1	108.0	-	-	(1.3)	486.6	-	486.6
Profit/(losses) attributable to the owners of the parent	485.9	149.6	265.2	15.1	(52.7)	(52.8)	810.3	19.1	829.4
EBITDA1	1,861.2	1,130.3	275.8	99.9	(52.7)	36.4	3,350.9	75.9	3,426.8
Capital Expenditure (cash basis)	833.0	1,414.0	123.4	-	-	7.1	2,377.5	37.4	2,414.9
Segment assets and liabilities
Segment assets	7,886.3	8,145.7	2,281.2	-	-	2,110.5	20,423.7	435.1	20,858.8
Investments in associates and joint ventures	-	-	-	895.1	-	872.0	1,767.1	9.0	1,776.1
Segment liabilities	(4,076.8)	(2,877.1)	(591.9)	-	-	(2,064.3)	(9,610.1)	(70.6)	(9,680.7)

 

¹ EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposal and impairment charges and reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.

² Operating cash outflow in the exploration and evaluation segment was $51.3 million.

³ An exceptional fair value gain of $51.0 million has been recognised in respect of an agreement under which the Group has now acquired 30 million shares in Compañia de Minas Buenaventura S.A.A.

 

b)     Group wide disclosures

 

Consolidated sales revenue by geographic destination is based on the customer's country of location.

 

Revenue by product

	Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024 (Audited)
	$m	$m
Copper
-  Los Pelambres	3,248.9	2,710.0
-  Centinela concentrates	1,903.6	970.5
-  Centinela cathodes	728.2	896.1
-  Antucoya	831.9	726.0
Provision of shipping services
-  Los Pelambres	61.0	64.4
-  Centinela concentrates	35.0	24.3
-  Centinela cathodes	4.7	7.4
-  Antucoya	5.4	6.6
Gold
-  Los Pelambres	192.4	110.3
-  Centinela concentrates	596.0	336.5
Molybdenum
-  Los Pelambres	536.9	387.4
-  Centinela concentrates	160.7	100.8
Silver
-  Los Pelambres	91.9	54.6
-  Centinela concentrates	50.2	23.6
Total Mining	8,446.8	6,418.5
Transport division	173.5	194.9
	8,620.3	6,613.4

 

 

 

Revenue by location of customer

	Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024  (Audited)
	$m	$m
Europe
-  United Kingdom	39.1	23.8
-  Switzerland	979.3	367.8
-  Spain	31.0	82.9
-  Germany	498.3	160.8
-  Rest of Europe	113.9	170.7
Latin America
-  Chile	440.8	366.9
-  Rest of Latin America	444.6	289.7
North America
-  United States	793.2	470.1
Asia Pacific
-  Japan	1,765.8	1,961.4
-  China	1,715.7	1,292.2
-  Singapore	533.5	336.2
-  South Korea	467.8	436.7
-  Hong Kong	302.3	236.2
-  Rest of Asia	495.0	418.0
	8,620.3	6,613.4

 

Information about major customers

 

In the year ended 31 December 2025, the Group´s mining revenue included $1,091.8 million related to one large customer that individually accounted for more than 10% of the Group's revenue (year ended 31 December 2024 - one large customer representing $860.5 million). The revenue from this customer relates to the Los Pelambres and Centinela segments, with the majority relating to the Los Pelambres segment.

5.   Revenue

Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss. Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the limited futures market for that commodity.

 

With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) represents the market value of the fully refined metal less a "treatment and refining charge" (TC/RC) deduction, to reflect the lower value of this partially processed material compared with the fully refined metal.

 

The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. The shipping service represents a separate performance obligation and is recognised separately from the sale of the material over time as the shipping service is provided.

 

The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode sales is as follows:

	Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024  (Audited)
	$m	$m
Revenue from contracts with customers
Sale of products	7,739.0	6,306.4
Provision of shipping services associated with the sale of products	106.1	102.7
Transport division 1	173.5	194.9
Provisional pricing adjustments in respect of copper, gold, silver and molybdenum	601.7	9.4
Total revenue	8,620.3	6,613.4

¹The transport division provides rail and road cargo transport together with a number of ancillary services.

 

The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of revenue by product is set out in Note 4(b).

 

The following tables set out the impact of provisional pricing adjustments, and treatment and refining charges for the more significant products. The revenue from these products, which includes, for the sale of copper, revenue associated with the provision of shipping services, is reconciled to total revenue in Note 4(b).

 

 

For the year ended 31 December 2025 (Unaudited)

 

	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
	Los Pelambres	Centinela	Centinela	Antucoya	Los Pelambres	Centinela	Los Pelambres	Centinela	Los Pelambres	Centinela	Total
	Copper concentrate	Copper concentrate	Copper cathodes	Copper cathodes	Gold in concentrate	Gold in concentrate	Molybdenum concentrate	Molybdenum concentrate	Silver concentrate	Silver concentrate
Provisionally priced sales of products	2,914.2	1,732.2	716.7	819.0	184.1	559.9	581.6	170.5	87.8	49.1	7,815.1
Revenue from freight services	61.0	35.0	4.7	5.4	-	-	-	-	-	-	106.1
	2,975.2	1,767.2	721.4	824.4	184.1	559.9	581.6	170.5	87.8	49.1	7,921.2
Effects of pricing adjustments to previous year invoices
Reversal of mark-to-market adjustments at the end of the previous year	40.1	22.0	1.4	1.4	-	0.4	4.0	0.5	-	-	69.8
Settlement of sales invoiced in the previous year	22.8	9.7	0.5	0.4	2.0	1.3	(8.8)	2.6	(0.3)	(0.4)	29.8
Total effect of adjustments to previous year invoices in the current year	62.9	31.7	1.9	1.8	2.0	1.7	(4.8)	3.1	(0.3)	(0.4)	99.6
Effects of pricing adjustments to current year invoices
Settlement of sales invoiced in the current year	157.8	86.9	8.3	8.1	6.5	30.9	12.7	2.3	5.0	1.9	320.4
Mark-to-market adjustments at the end of the current year	114.5	72.8	1.3	3.0	-	4.2	(10.8)	(3.3)	-	-	181.7
Total effect of adjustments to current year invoices	272.3	159.7	9.6	11.1	6.5	35.1	1.9	(1.0)	5.0	1.9	502.1
Total pricing adjustments	335.2	191.4	11.5	12.9	8.5	36.8	(2.9)	2.1	4.7	1.5	601.7
Revenue before deducting treatment & refining charges	3,310.4	1,958.6	732.9	837.3	192.6	596.7	578.7	172.6	92.5	50.6	8,522.9
Treatment and refining charges	(0.5)	(20.0)	-	-	(0.2)	(0.7)	(41.8)	(11.9)	(0.6)	(0.4)	(76.1)
Revenue net of tolling charges
	3,309.9	1,938.6	732.9	837.3	192.4	596.0	536.9	160.7	91.9	50.2	8,446.8

 

 

 

For the year ended 31 December 2024 (Audited)

 

	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
	Los Pelambres	Centinela	Centinela	Antucoya	Los Pelambres	Centinela	Los Pelambres	Centinela	Los Pelambres	Centinela	Total
	Copper concentrate	Copper concentrate	Copper cathodes	Copper cathodes	Gold in concentrate	Gold in concentrate	Molybdenum concentrate	Molybdenum concentrate	Silver concentrate	Silver concentrate
Provisionally priced sales of products	2,851.1	1,023.1	899.7	725.9	106.3	330.0	408.8	104.0	54.7	23.4	6,527.0
Revenue from freight services	64.4	24.3	7.4	6.6	-	-	-	-	-	-	102.7
	2,915.5	1,047.4	907.1	732.5	106.3	330.0	408.8	104.0	54.7	23.4	6,629.7
Effects of pricing adjustments to previous year invoices
Reversal of mark-to-market adjustments at the end of the previous year	(45.1)	(16.2)	(0.3)	(0.2)	-	(2.6)	1.0	0.4	-	-	(63.0)
Settlement of sales invoiced in the previous year	62.5	27.0	(1.0)	(0.9)	(0.3)	1.6	3.4	0.7	(0.6)	-	92.4
Total effect of adjustments to previous year invoices in the current year	17.4	10.8	(1.3)	(1.1)	(0.3)	(1.0)	4.4	1.1	(0.6)	-	29.4
Effects of pricing adjustments to current year invoices
Settlement of sales invoiced in the current year	10.8	14.7	(0.9)	2.6	4.5	8.5	2.8	5.1	1.1	0.6	49.8
Mark-to-market adjustments at the end of the current year	(40.1)	(22.0)	(1.4)	(1.4)	-	(0.4)	(4.0)	(0.5)	-	-	(69.8)
Total effect of adjustments to current year invoices	(29.3)	(7.3)	(2.3)	1.2	4.5	8.1	(1.2)	4.6	1.1	0.6	(20.0)
Total pricing adjustments	(11.9)	3.5	(3.6)	0.1	4.2	7.1	3.2	5.7	0.5	0.6	9.4
Revenue before deducting treatment & refining charges	2,903.6	1,050.9	903.5	732.6	110.5	337.1	412.0	109.7	55.2	24.0	6,639.1
Treatment and refining charges	(129.2)	(56.1)	-	-	(0.2)	(0.6)	(24.6)	(8.9)	(0.6)	(0.4)	(220.6)
Revenue net of tolling charges
	2,774.4	994.8	903.5	732.6	110.3	336.5	387.4	100.8	54.6	23.6	6,418.5

 

 

(i)      Copper concentrate

 

The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date.

		At 31.12.2025	At 31.12.2024
Sales provisionally priced at the balance sheet date	Tonnes	134,100	157,300
Average mark-to-market price	$/lb	5.65	3.96
Average provisional invoice price	$/lb	5.00	4.14

 

 

(ii)     Copper cathodes

 

The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date.

		At 31.12.2025	At 31.12.2024
Sales provisionally priced at the balance sheet date	Tonnes	14,300	11,600
Average mark-to-market price	$/lb	5.65	3.94
Average provisional invoice price	$/lb	5.52	4.05

 

 

(iii)    Gold in concentrate

 

The typical period for which sales of gold in concentrate remain open until settlement is approximately one month from shipment date.

		At 31.12.2025	At 31.12.2024
Sales provisionally priced at the balance sheet date	Ounces	24,600	25,400
Average mark-to-market price	$/oz	4,346	2,634
Average provisional invoice price	$/oz	4,174	2,650

 

 

(iv)    Molybdenum concentrate

 

The typical period for which sales of molybdenum remain open until settlement is approximately two months from shipment date.

 

		At 31.12.2025	At 31.12.2024
Sales provisionally priced at the balance sheet date	Tonnes	3,600	2,700
Average mark-to-market price	$/lb	21.50	21.40
Average provisional invoice price	$/lb	23.37	22.00

 

 

As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The effect of mark-to-market adjustments on the balance sheet at the end of each period are as follows.

		Effect on debtors of year end mark-to-market adjustments
		Year ended  31.12.2025	Year  Ended  31.12.2024
		$m	$m
Los Pelambres - copper concentrate		114.5	(40.1)
Los Pelambres - molybdenum concentrate		(10.8)	(4.0)
Centinela - copper concentrate		72.8	(22.0)
Centinela - molybdenum concentrate		(3.3)	(0.5)
Centinela - gold in concentrate		4.2	(0.4)
Centinela - copper cathodes		1.3	(1.4)
Antucoya - copper cathodes		3.0	(1.4)
		181.7	(69.8)

 

6.   Net finance (expense)/income

	Year ended 31.12.2025  (Unaudited)	Year ended 31.12.2024 (Audited)
	$m	$m
Investment income
Interest income	122.0	73.0
Gains on liquid investments held at fair value through profit or loss	34.2	111.2
	156.2	184.2
Interest expense
Interest expense	(342.1)	(312.2)
	(342.1)	(312.2)
Other finance items
Unwinding of discount on provisions and adjustment to provision discount rates	(28.7)	(18.8)
Exceptional fair value gains (see Note 3)	-	51.0
Effects of changes in foreign exchange rates	(52.0)	82.1
Preference dividends	(0.1)	(0.1)
	(80.8)	114.2
Net finance expense	(266.7)	(13.8)

 

In the year ended 31 December 2025, the amounts of net interest expense capitalised and consequently not included within the above table were as follows: $30.6 million at Los Pelambres (year ended 31 December 2024 - $30.2 million) and $110.4 million at Centinela (year ended 31 December 2024 - $36.9 million).

 

The interest expense shown above includes $10.5 million in respect of leases (year ended 31 December 2024 - $17.1 million) and $73.4 million (year ended 31 December 2024 - $41.6 million) of interest expense in respect of the other financial liability balance relating to the Centinela water transportation agreement, as detailed in Note 14.

7.   Taxation

The tax charge for the period comprised the following:

	Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024  (Audited)
	$m	$m
Current tax charge
Corporate tax (principally first category tax in Chile)	(769.9)	(385.8)
Mining tax (royalty)	(307.7)	(206.0)
Withholding tax	(36.5)	(71.1)
	(1,114.1)	(662.9)
Deferred tax
Corporate tax (principally first category tax in Chile)	(44.3)	(83.3)
Mining tax (royalty)	(9.5)	76.4
Deferred tax on exceptional items (see Note 3)	54.5	(126.7)
Withholding tax	25.2	41.4
	25.9	(92.2)
Total tax charge	(1,088.2)	(755.1)

 

The rate of first category (i.e. corporate) tax in Chile is 27.0% (2024 - 27.0%).

 

In addition to first category tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (i.e. corporation) tax already paid in respect of the profits to which the remittances relate.

 

The Group's mining operations are also subject to a mining tax (royalty). The current Chilean mining royalty has been in effect since 1 January 2024. The 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 royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and a 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 current royalty from 1 January 2024. Centinela and Antucoya have tax stability agreements in place, and so the current royalty will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a progressive rate ranging from 5% to 14% of taxable operating profits, depending on the operating margin.

 

The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax rate and the total tax expense (including both current and deferred tax).

 

		Year ended Excluding exceptional items 31.12.2025 (Unaudited)			Year ended Including exceptional items 31.12.2025 (Unaudited)			Year ended Excluding exceptional items 31.12.2024 (Audited)			Year ended Including exceptional items 31.12.2024 (Audited)
		$m	%		$m	%		$m	%		$m	%
Profit before tax		3,159.5			3,159.5			1,648.7			2,071.1
Profit before tax multiplied by Chilean corporate tax rate of 27%		(853.0)	27.0		(853.0)	27.0		(445.1)	27.0		(559.2)	27.0
Mining Tax (royalty)		(301.9)	9.6		(301.9)	9.6		(216.5)	13.1		(216.5)	10.5
Deduction of mining (royalty) as an allowable expense in determination of first category tax		83.6	(2.6)		83.6	(2.6)		55.8	(3.4)		55.8	(2.7)
Items non-taxable & non-deductible from first category tax		(7.8)	0.2		(7.8)	0.2		(3.9)	0.2		(3.9)	0.2
Adjustment in respect of prior years		2.4	(0.1)		2.4	(0.1)		1.7	(0.1)		1.7	(0.1)
Adjustment to deferred tax in respect of mining royalty		(14.7)	0.4		(14.7)	0.3		67.1	(4.1)		67.1	(3.2)
Withholding tax		(11.4)	0.4		(11.4)	0.4		(29.7)	1.8		(29.7)	1.4
Tax effect of (loss)/ profit of associates and joint ventures		14.2	(0.4)		14.2	(0.4)		20.0	(1.1)		20.0	(1.0)
Impact of unrecognised tax losses		(55.0)	1.7		(55.0)	1.7		(77.8)	4.7		(77.8)	3.8
Reversal of deferred tax on fair value gains (exceptional items)		-	-		54.5	(1.7)		-	-		-	-
Reversal of the provision against carrying value of assets (exceptional items)		-	-		-	-		-	-		(13.7)	0.7
Difference in overseas tax rates		-	-		-	-		-	-		1.1	(0.1)
Net other items		0.9	-		0.9	.		-	-		-	-
Tax expense and effective tax rate for the Year ended		(1,142.7)	36.2		(1,088.2)	34.4		(628.4)	38.1		(755.1)	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 withholding tax relating to the remittance of profits from Chile (impact of $11.4 million / 0.4%);

·      Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 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%);

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

·      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%); and

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

 

The effective tax rate (including exceptional items) of 34.4% varied from the statutory rate due to the factors outlined above, and due to the exceptional deferred tax credit of $54.5 million relating to the derecognition of the deferred tax liability in respect of the Group's investment in Buenaventura, as the requirements of the UK Substantial shareholdings exemption were met during the period (see Note 3).

 

The main factors which could impact the sustainability of the Group's existing effective tax rate are set out below.

 

·      The level of future distributions made by the Group's Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group's dividend policy and the level of potential volatility of the Group's future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level, and the amount of available cash in the Chilean subsidiaries and in  the Antofagasta plc entity.

 

·      Changes in the applicable mining royalty rate, as a result of changes in the mining operations' levels of profitability, or the potential applicability of the mining royalty cap, as described above.

 

·      The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group's effective tax rate will vary depending on the Group's total profit before tax in a particular year.

 

OECD Pillar two model rules

 

The Group falls within the scope of the OECD Pillar Two model rules, which introduce a minimum effective tax rate of 15% for multinational companies.

 

The Pillar Two model rules were substantively enacted in the UK in 2023 and became effective from 1 January 2024. The Antofagasta Group operates in Chile and is subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any profits distributed from Chile. The first tax returns for the accounting period ended 31 December 2024 are due to be filed by 30 June 2026, while the filing date for 2025 is 31 March 2027.

 

The Group applied the mandatory exception to recognising and disclosing information about the deferred tax assets and liabilities related to Pillar Two income taxes in accordance with the amendments to IAS 12 adopted by the UK Endorsement Board on 19 July 2023.

 

In relation to the analysis of the controlling interest and identification of the Group's Ultimate Parent Entity (UPE), management concluded that the 'deemed' consolidation rule in section (b) of the controlling interest definition should apply to the E. Abaroa Foundation. Consequently, the E. Abaroa Foundation should be considered the UPE of the Multinational Enterprises (MNE) Group for Pillar Two purposes.

 

Additionally, based on FY24 data and adjustments for material changes in FY25, the Group concluded that it qualifies for the Transitional CbCR Safe Harbour (TCSH) regime in most of its key operating jurisdictions, such that no top-up tax arises in the jurisdictions falling within the Safe Harbour regime.

 

However, our review indicates that Bermuda, the United Kingdom and Peru may fail the TCSH tests in 2024, such that full top-up tax calculations are required. In relation to these jurisdictions, and subject to further analysis, the draft workings show the top-up tax for the UK to be $nil in 2024 and 2025 and to be minimal (less than $1 million) in both Peru and Bermuda in these periods. The company is currently working in the complete Global Information Return ahead of the 30 June 2026 filing deadline.

 

On 14 July 2025, the E. Abaroa Foundation, as the UPE of the Antofagasta Group, formally nominated Antofagasta plc as the designated filing member for Pillar Two purposes in the United Kingdom. This designation requires Antofagasta plc to register the group with HMRC and to manage all related filings and communications, including the Globe Information Return or Overseas Return Notification. In accordance with this designation, Antofagasta plc completed the registration with HMRC (HM Revenue and Customs) on 27 June 2025.

 

Minera Centinela tax claims and queries

The Chilean Internal Revenue Service (SII) had previously raised tax settlements against Minera Centinela regarding tax deductions recognised in relation to the amortisation of organisation and start-up expenses associated with the Encuentro pit. The taxes assessed by the IRS amounted to approximately USD$86.6 million (plus interest and penalties). This controversy relates to fiscal years 2020, 2021 and 2022 and is currently at the judicial stage (tax claim procedure) before the Chilean Tax and Customs Court. The Group considers that the tax treatment adopted by Minera Centinela is correct and appropriate, has robust arguments to support its position, and expects its position to be upheld through the judicial process; accordingly, no provision has been recognised for a potential exposure in respect of this matter. In case the Court accepts the SII's position, the amount (plus potential interest and penalties) would become payable.

 

On 23 January 2026, the Group received assessments issued by the SII relating to fiscal year 2023, which contain the formal tax adjustments and determinations related to the matters under dispute. These assessments form part of the ongoing administrative and judicial proceeding and have not changed the Group's evaluation of the case.

 

There are no other significant tax uncertainties which would require critical judgements, estimates or potential provisions.

 

8.   Earnings per share

		Year ended 31.12.2025 (Unaudited)	Year ended   31.12.2024 (Audited)
		$m	$m
Profit for the year attributable to owners of the parent (excluding exceptional items) from operations		1,274.4	619.5
Exceptional Items		54.5	209.9
Profit for the year attributable to owners of the parent (including exceptional items) from operations		1,328.9	829.4
		Number	Number
Ordinary shares in issue throughout each year		985,856,695	985,856,695
		Year ended 31.12.2025 (Unaudited)	Year ended 31.12.2024 (Audited)
		US cent	US cent
Basic earnings per share (excluding exceptional items) from operations		129.3	62.8
Basic earnings per share (exceptional items) from operations		5.5	21.3
Basic earnings per share (including exceptional items) from operations		134.8	84.1

 

Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2024: 985,856,695) ordinary shares.

 

The Group does not have any equity instruments which could potentially dilute earnings per share, and therefore diluted earnings per share did not differ from basic earnings per share as disclosed above.

 

9.   Dividends

The Board has recommended a final dividend of 48.0 cents per ordinary share or $473.2 million in total (2024 - 23.5 cents per ordinary share or $231.7 million in total). The interim dividend of 16.6 cents per ordinary share or $163.7 million in total was paid on 30 September 2025 (2024 interim dividend of 7.9 cents per ordinary share or $77.9 million in total). This gives total dividends proposed in relation to 2025 (including the interim dividend) of 64.6 cents per share or $636.9 million in total (2024 - 31.4 cents per share or $309.6 million in total).

Dividends per share actually paid in the year and recognised as a deduction from net equity under IFRS were 40.1 cents per ordinary share or $395.3 million in total (2024 - 32.2 cents per ordinary share or $317.4 million in total) being the interim dividend for the year and the final dividend proposed in respect of the previous year.

Further details of the currency election timing and process (including the default currency of payment) are available on the Antofagasta plc website (www.antofagasta.co.uk) or from the Company's registrar, Computershare Investor Services PLC on +44 370 702 0159.

 

10. Property, plant and equipment

 

	Mining	Railway and other transport	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m	$m	$m
Balance at the beginning of the year	13,601.1	315.9	13,917.0	12,678.7
Additions	4,059.0	34.9	4,093.9	2,734.9
Additions - depreciation capitalised1	209.4	-	209.4	87.9
Reclassifications	1.2	0.7	1.9	-
Capitalisation of interest	141.0	-	141.0	67.1
Adjustment to capitalised decommissioning provisions	107.2	0.1	107.3	(13.0)
Depreciation expensed in the period	(1,658.5)	(36.9)	(1,695.4)	(1,568.2)
Depreciation capitalised in PP&E 1	(209.4)	-	(209.4)	(87.9)
Depreciation capitalised in inventories	128.1	-	128.1	(338.5)
Asset disposals and others	(40.5)	-	(40.5)	(15.4)
Reversal of the provision against carrying value of assets (exceptional items)	-	-	-	371.4
Balance at the end of the period	16,338.6	314.7	16,653.3	13,917.0

 

¹ Depreciation capitalised in property, plant and equipment of $209.4 million related to the depreciation of assets used in mine development (capitalised as stripping costs) at Centinela, Los Pelambres and Antucoya (year ended 31 December 2024 - $87.9 million).

 

During the year ended 31 December 2025, the total effect of depreciation capitalised within property, plant and equipment and inventories in respect of assets relating to Los Pelambres, Centinela and Antucoya is $81.3 million (year ended 31 December 2024 - $426.4 million) and has accordingly been excluded from the depreciation charge recorded in the income statement as shown in Note 4.

 

On 31 December 2025, the Group had entered contractual commitments for the acquisition of property, plant and equipment amounting to $2,064.9 million (31 December 2024 - $3,773.3 million).

 

In September 2025, Los Pelambres completed the disposal of its electricity transmission line assets, for a disposal price of $67.5 million. The assets had a net book value of $13.7 million, resulting in a profit on disposal of $53.8 million.

 

11. Investments in associates and joint ventures

The investments which are included in the $1,806.3 million balances at 31 December 2025 are set out below:

 

	At 31.12.2025  (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Buenaventura	933.6	872.0
Zaldívar	864.1	895.1
ATI	8.6	9.0
Total	1,806.3	1,776.1

Investments in associates

 

●      Buenaventura - The Group has an 18.94% interest in Buenaventura. Buenaventura is Peru's largest, publicly traded precious and base metals company and a major holder of mining rights in Peru.

 

Taking into account relevant factors including the Group's approximately 19% interest in Buenaventura's issued share capital and the Group's representation on Buenaventura's board, the Group is considered to have significant influence (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition) over Buenaventura. Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that point.

 

·      ATI - The Group has a 30% interest in Antofagasta Terminal Internacional ("ATI"), which operates a concession to manage installations in the port of Antofagasta.

 

Investments in joint ventures

 

·      Zaldívar - The Group has a 50% interest in Minera Zaldívar SpA ("Zaldívar").

 

Summarised financial information for the joint ventures at December 2025 is as follows:

	Minera Zaldívar (Unaudited)	Minera Zaldívar (Audited)
	31.12.2025	31.12.2024
	$m	$m
Revenue	796.5	719.9
Depreciation and amortisation	(191.1)	(181.3)
Other operating costs	(676.1)	(518.8)
Operating (loss)/profit	(70.7)	19.8
Finance (expense)/income	(8.2)	5.1
Income tax	18.0	(0.1)
Profit after tax	(60.9)	24.8
Other comprehensive expense	(5.0)	(3.7)
Total comprehensive (expense)/income	(65.9)	21.1
Non-current assets	1,498.5	1,488.6
Current assets1	710.6	709.5
Current liabilities	(225.9)	(189.3)
Non-current liabilities	(255.1)	(218.6)
Net assets	1,728.1	1,790.2
Assets and liabilities above include:
Cash and cash equivalents	87.3	96.7
Current financial liabilities	(225.9)	(189.3)
Non-current financial liabilities	(255.1)	(218.6)

 

¹ The current assets include cash and cash equivalents.

 

The above summarised financial information is based on the amounts included in the IFRS financial statements of the joint venture (100% of the results or balances of the joint venture, rather than the Group's proportionate share), after the Group's fair value adjustments and applying the Group's accounting policies.

 

12. Equity investments

	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Balance at the beginning of the year	11.6	288.6
Non-cash movement	1.8	-
Movements in fair value	1.6	29.7
Reallocation to associates	-	(305.9)
Foreign currency exchange difference	0.8	(0.8)
Balance at the end of the year	15.8	11.6

 

Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. Because the Group intends to hold these investments for long-term strategic purposes, at initial recognition they were designated at Fair Value through Other Comprehensive Income ("FVTOCI"). The fair value of all equity investments is based on quoted market prices.

 

During the year ended 2024, at the date of the reallocation of the equity investment in Buenaventura into the investment in associates balance, the fair value of the equity investment balance was $305.9 million and the accumulated gain on revaluation of this investment within equity was $130.4 million. This amount was transferred from the equity investment revaluation reserve to retained earnings. A fair value gain of $30.7 million was recognised between 1 January 2024 and reallocation to the investment in associates balance in March 2024.

 

13. Inventories

			At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
			$m	$m
Current:
Raw materials and consumables			276.6	266.6
Work in progress			374.8	499.7
Finished goods			102.7	158.8
			754.1	925.1
Non-current:
Work in progress			702.3	707.8
Total current and non-current inventories			1,456.4	1,632.9

During 2025, there were no net realisable value ("NRV") adjustments (2024 - nil). Non-current work-in-progress represents inventory expected to be processed more than 12 months after the balance sheet date.

14. Borrowings and other financial liabilities

 

		At	At
		31.12.2025 (Unaudited)	31.12.2024 (Audited)
		$m	$m
Borrowings
Los Pelambres
-  Senior loans	(i)	(1,491.8)	(1,887.6)
- Other loans		-	(475.0)
Centinela
- Senior loans	(ii)	(1,313.4)	(572.6)
- Other loans		-	(195.0)
Antucoya
- Senior loans	(iii)	(74.8)	(124.6)
- Subordinated debt	(iv)	(176.7)	(205.5)
		(3,056.7)	(3,460.3)
Bonds
Los Pelambres	(v)	(1,527.8)	-
Corporate and other items	(vi)	(2,326.8)	(1,729.0)
		(3,854.6)	(1,729.0)
Other financial liabilities
Centinela	(vii)	(583.3)	(594.0)
		(583.3)	(594.0)
Leases
Los Pelambres	(viii)	(22.4)	(19.2)
Centinela	(ix)	(96.6)	(114.1)
Antucoya	(x)	(33.0)	(13.4)
Corporate and other items	(xi)	(9.5)	(12.1)
Railway and other transport services	(xii)	(0.5)	(0.9)
		(162.0)	(159.7)
Preference shares
Corporate and other items	(xiii)	(2.8)	(2.4)
		(2.8)	(2.4)
Total		(7,659.4)	(5,945.4)

 

At 31 December 2025, $4,602.7 million (December 2024 - $3,155.1 million) of the borrowings and other financial liabilities has fixed rate interest and $3,056.7 million (December 2024 - $2,790.3 million) has floating rate interest.

 

(i) The senior loans at Los Pelambres represent:  

 

An initial $910 million US dollar denominated syndicated loan divided in three tranches were issued in February 2019. Two of those tranches were repaid in March 2025. An outstanding tranche of $175 million has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 1.28%. An additional $185 million US dollar denominated bullet loan was issued in September 2024, with a 2-year remaining duration and an interest rate of Term SOFR six-month rate + 1.40%. The loans are subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period. The outstanding amount at the end of the period is $360 million (2024 - $1,077.6 million).

 

Three US dollar denominated senior loans issued in December 2023.  The loans are comprised of: (i) $200 million bullet loan with a remaining average life of approximately 1.0 year and an interest rate of Term SOFR six-month rate plus 1.60%, (ii) a $200 million bullet loan with a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.69%, (iii) and a $410 million amortizing loan with an outstanding amount of $307.5 million that has a remaining average life of approximately 3.0 years and an interest rate of Term SOFR six-month rate plus 1.70%.  The total outstanding amount is $707.5 million (2024 - $810.0 million).

 

In February 2025, a $450 million 9-year loan with an interest rate of Term SOFR three-month rate plus a current spread of 1.875% was issued. The amount outstanding is $424.3 million, which is net of capitalised transaction costs of US$25.7 million.

 

(ii)        The senior loans at Centinela represent:

 

A US dollar denominated senior loan with an amount outstanding of $299.7 million with a duration of 3.5 years and an interest

rate of Term SOFR six-month rate plus an all-in margin of 1.55%. The loan is subject to financial covenants requiring the maintenance of specified Net Financial Debt/EBITDA and EBITDA/Interest Expense, which have been complied with, with significant headroom, throughout the period. The US dollar denominated senior loan with amount outstanding of $33.3 million as of 31 December 2024 was repaid in February2025.

 

Centinela's project finance in respect of the Second Concentrator Project, which has a committed amount of $2.5 billion. During 2025, there were three debt disbursements totalling $485.8 million. The borrowing has a remaining 10-year duration and is divided into six different tranches with interest rates of Term SOFR six-month rate plus margins of between 0.85% and 1.90%. The amount outstanding is $1,013.7 million (2024 - $539.3 million).

 

 

(iii)       The senior loans at Antucoya represent: a US dollar denominated syndicated loan with an amount outstanding of $75 million (2024 - $125 million). This loan has a remaining average life of 1.5 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require the maintenance of specified Net Financial Debt/EBITDA, EBITDA/Interest Expense and Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) ratios, which have been complied with, with significant headroom, throughout the period.

 

(iv)        Subordinated debt at Antucoya is US dollar denominated and provided to Antucoya by Marubeni Corporation, with a remaining average life of 1.5 years and an interest rate of Term SOFR six-month rate plus an all-in margin of 4.08%.

 

(v) Los Pelambres: A $1,550 million 20-year term private placement bond with a 7.07% coupon rate was issued as of March 6^th, 2025.

 

(vi)        Antofagasta plc in October 2020 issued a corporate bond for $500 million with a 10-year tenor with a coupon of 2.375%. In May 2022, Antofagasta plc issued a corporate bond for $500 million with a 10-year tenor with a coupon of 5.625%. In May 2024, Antofagasta plc issued a corporate bond for $750 million with a 10-year tenor with a coupon of 6.250%. In September 2025, Antofagasta plc issued a corporate bond of $600 million with a coupon of 5.625%.

 

(vii)       In June 2024, Centinela entered into an 18-year water transportation agreement, involving its existing water supply and future water

supply to the Centinela Second Concentrator Project. Under the terms of the agreement, Centinela's existing water transportation

assets have been legally transferred to an international consortium for net cash proceeds of $598.6 million. For accounting purposes,

it has been determined that Centinela continues to control the assets, as it will continue to obtain substantially all the remaining

benefits from the assets. Accordingly, the existing assets remain in Centinela's balance sheet, with the cash receipt resulting in the

recognition of the corresponding other financial liability balance, which will be repaid over the 18-year agreement term.

 

(viii)      Los Pelambres: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento - i.e. inflation-linked Chilean pesos), Chilean pesos and dollars.

 

(ix)        Centinela: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento - i.e. inflation-linked Chilean pesos), Chilean pesos and dollars.

 

(x) Antucoya: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento - i.e. inflation-linked Chilean pesos), Chilean pesos and dollars.

 

(xi)        Financial Leases at Corporate and other: are denominated in UF (Unidad de Fomento - i.e. inflation-linked Chilean pesos) and have a remaining duration of 2.5 years and are at fixed rates with an average interest rate of 5.2%.

 

(xii)       Transport division: equipment leases embedded within wider service contracts, denominated in UF (Unidad de Fomento - i.e. inflation-linked Chilean pesos) and Chilean pesos.

 

(xiii)      The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of £1 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company.

 

	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Short-term borrowings	(501.2)	(1,322.5)
Medium and long-term borrowings	(7,158.2)	(4,622.9)
Total	(7,659.4)	(5,945.4)

  

Antofagasta plc has a revolving credit facility "RCF" of $500 million which expires on 30 December 2028.

 

	Facility available			Drawn			Undrawn
	31 December 2025	31 December 2024		31 December 2025	31 December 2024		31 December 2025	31 December 2024
	$m	$m		$m	$m		$m	$m
Revolving credit facility	500.0	500.0		-	-		500.0	500.0

 

 

The maturity profile of the Group's borrowings is as follows:

 

At 31 December 2025	Within 1 year	Between 1-2 years	Between 2-5 years	After 5 years	2025 Total
	$m	$m	$m	$m	$m
Senior loans	(398.5)	(359.6)	(808.6)	(1,313.3)	(2,880.0)
Bond	-	-	(497.7)	(3,356.9)	(3,854.6)
Other loans	-	(176.7)	-	-	(176.7)
Other financial liabilities	(13.2)	(13.9)	(53.6)	(502.6)	(583.3)
Leases	(89.5)	(35.7)	(36.8)	-	(162.0)
Preference shares	-	-	-	(2.8)	(2.8)
	(501.2)	(585.9)	(1,396.7)	(5,175.6)	(7,659.4)

 

 

 

At 31 December 2024	Within 1 year	Between 1-2 years	Between 2-5 years	After 5 years	2024 Total
	$m	$m	$m	$m	$m
Senior loans	(549.9)	(596.9)	(908.1)	(529.9)	(2,584.8)
Bond	-	-	-	(1,729.0)	(1,729.0)
Other loans	(670.0)	-	(205.5)	-	(875.5)
Other financial liabilities	(6.1)	(12.2)	(47.3)	(528.4)	(594.0)
Leases	(96.5)	(28.5)	(34.5)	(0.2)	(159.7)
Preference shares	-	-	-	(2.4)	(2.4)
	(1,322.5)	(637.6)	(1,195.4)	(2,789.9)	(5,945.4)

  

15. Financial instruments and financial risk management

a)             Categories of financial instruments

The carrying value of financial assets and financial liabilities is shown below:

 

		For the year ended 31.12.2025 (Unaudited)
	At fair value through profit and loss	At fair value through other comprehensive income	Derivative instruments at fair value, designated as hedges	Held at amortised cost	Total
	$m	$m	$m	$m	$m
Financial assets
Equity investments	-	15.8	-	-	15.8
Trade and other receivables	1,166.1	-	-	156.9	1,323.0
Derivative financial instruments	-	-	0.7	-	0.7
Cash and cash equivalents	153.2	-	-	2,563.4	2,716.6
Liquid investments	2,193.3	-	-	-	2,193.3
	3,512.6	15.8	0.7	2,720.3	6,249.4
Financial liabilities
Trade and other payables	-	-	-	(1,216.7)	(1,216.7)
Borrowings and other financial liabilities	-	-	-	(7,659.4)	(7,659.4)
	-	-	-	(8,876.1)	(8,876.1)
		For the year ended 31.12.2024 (Audited)
	At fair value through profit and loss	At fair value through other comprehensive income	Derivative instruments at fair value, designated as hedges	Held at amortised cost	Total
	$m	$m	$m	$m	$m
Financial assets
Equity investments	-	11.6	-	-	11.6
Trade and other receivables	669.1	-	-	129.3	798.4
Cash and cash equivalents	124.3	-	-	2,064.9	2,189.2
Liquid investments	2,127.1	-	-	-	2,127.1
	2,920.5	11.6	-	2,194.2	5,126.3
Financial liabilities
Derivative financial instruments	-	-	(25.5)	-	(25.5)
Trade and other payables	-	-	-	(1,177.4)	(1,177.4)
Borrowings and other financial liabilities	-	-	-	(5,945.4)	(5,945.4)
	-	-	(25.5)	(7,122.8)	(7,148.3)

 

The following tables reconcile between the total trade and other receivables, and trade and other payables balances on the balance sheet with the financial instrument amounts included in this note.

 

	Year ended 31.12.2025 (Unaudited)	Year ended  31.12.2024 (Audited)
Financial assets
Trade and other receivables (non-current) per the balance sheet	91.7	54.4
Trade and other receivables (current) per the balance sheet	1,468.1	899.5
Total trade and other receivables per the balance sheet	1,559.8	953.9
Less: non-financial assets (including prepayments and VAT receivables)	(236.8)	(155.5)
Total trade and other receivables	1,323.0	798.4
Financial liabilities
Trade and other payables (current) per the balance sheet	(1,404.5)	(1,320.3)
Trade and other payables (non-current) per the balance sheet	(15.8)	(10.2)
Total trade and other payables per the balance sheet	(1,420.3)	(1,330.5)
Less: non-financial liabilities (including VAT payables)	203.6	153.1
Total trade and other payables	(1,216.7)	(1,177.4)

 

 

Fair value of financial instruments

An analysis of financial assets and financial liabilities measured at fair value is presented below:

 

	For the year ended 31.12.2025 (Unaudited)
	Level 1	Level 2	Level 3	Total
	$m	$m	$m	$m
Financial assets
Equity investments (a)	15.8	-	-	15.8
Trade and other receivables (b)	-	1,166.1	-	1,166.1
Derivative financial instruments (e)	-	0.7	-	0.7
Cash and cash equivalents (c)	153.2	-	-	153.2
Liquid investments (d)	-	2,193.3	-	2,193.3
	169.0	3,360.1	-	3,529.1
Financial liabilities
Derivatives financial instruments (e)	-	-	-	-
	-	-	-	-

 

	For the year ended 31.12.2024 (Audited)
	Level 1	Level 2	Level 3	Total
	$m	$m	$m	$m
Financial assets
Equity investments (a)	11.6	-	-	11.6
Trade and other receivables (b)	-	669.1	-	669.1
Cash and cash equivalents (c)	124.3	-	-	124.3
Liquid investments (d)	-	2,127.1	-	2,127.1
	135.9	2,796.2	-	2,932.1
Financial liabilities
Derivatives financial instruments (e)	-	(25.5)	-	(25.5)
	-	(25.5)	-	(25.5)

 

Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting period.

a)     Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below.

b)     Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below.

c)     The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below.

d)     Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below.

e)     Derivatives are valued using a discounted cash flow analysis valuation model, which includes observable credit spreads and using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. These are level 2 inputs as described below. As at 31 December 2025, derivatives relate to foreign exchange option contracts.

 

The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs):

·      Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities,

·      Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly, and

·      Level 3 fair value measurement inputs are unobservable inputs for the asset or liability.

The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2025 and 31 December 2024, there were no transfers between levels in the hierarchy.

Except for certain items included within the borrowing line (see below), the carrying amount all other financial assets and financial liabilities measured at amortised cost approximates their fair value.

 

	Carrying Value At 31.12.2025 (Unaudited)	Fair Value At 31.12.2025 (Unaudited)	Carrying Value At 31.12.2024 (Audited)	Fair Value At 31.12.2024 (Audited)
	$m	$m	$m	$m
Fixed rate bonds	3,854.6	4,165.9	1,729.0	1,630.5
Fixed rate borrowings	-	-	670.0	700.5
Other financial liabilities	583.3	780.7	594.0	756.9

 

The fair value amounts in the above table were calculated using observable market data and therefore would be treated as Level 2 in the fair value hierarchy.

 

Derivative financial instruments

The Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. For non-financial hedged items, the amount is removed directly from equity and included as an adjustment to the initial cost of the hedged item. Any ineffective portion is recognised immediately in profit or loss. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. For non-financial hedged items, on initial recognition of the hedged item, the time value is removed from equity and included as an adjustment to the initial cost of the hedged item.

For the year ended 31 December 2025 (Unaudited):

 

	Nominal	Carrying amount		Line item in the statement of financial position where the hedging instrument is included	Change in the value of hedging instrument recognised in OCI	Costs of hedging recognised in OCI	Amount removed from hedging reserve to initial cost of hedged item	Amount removed from cost of hedging reserve to initial cost of hedged item	Line item in balance sheet affected by the removal
	Amount	Assets	Liabilities
	$m	$m	$m		$m	$m	$m	$m
Foreign currency risk
Foreign exchange option contract	163.5	0.7	-	Derivative financial Instruments (assets)	26.2	-	-	-	-

 

This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put rate of Ch$850/$1 and an average call rate of Ch$1,010.2/$1.

 

For the year ended 31 December 2024 (Audited):

	Nominal	Carrying amount		Line item in the statement of financial position where the hedging instrument is included	Change in the value of hedging instrument recognised in OCI	Costs of hedging recognised in OCI	Amount removed from hedging reserve to initial cost of hedged item	Amount removed from cost of hedging reserve to initial cost of hedged item	Line item in balance sheet affected by the removal
	Amount	Assets	Liabilities
	$m	$m	$m		$m	$m	$m	$m
Foreign currency risk
Foreign exchange option contract	847.0		(25.5)	Derivative financial Instruments (liabilities)	25.5	-	-	-	Property, plant and equipment

 

This relates to hedging of Chilean-peso-denominated costs associated with the Second Concentrator Project at Centinela, which relates to the construction of new property, plant and equipment. The hedging instruments are for the period up to June 2026, with an average put rate of Ch$850.0/$1 and an average call rate of Ch$1,017.4/$1.

 

No hedge ineffectiveness was recognised.

 

16. Post-employment benefit obligations

			At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
			$m	$m
Balance at the beginning of the year			(152.2)	(139.9)
Current service cost			(29.0)	(25.4)
Unwinding of discount on provisions			(8.9)	(8.1)
Actuarial losses			(10.9)	(12.2)
Paid in the year			21.2	16.3
Foreign currency exchange difference			(15.1)	17.1
Balance at the end of the year			(194.9)	(152.2)

The post-employment benefit obligation relates to the provision for severance indemnities which are payable when an employment contract comes to an end, in accordance with normal employment practice in Chile and other countries in which the Group operates.  The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary.

 

17. Decommissioning and restoration provisions

					At 31.12.2025 (Unaudited)		At 31.12.2024 (Audited)
					$m		$m
Balance at the beginning of the year					(428.0)		(441.1)
Charge to operating profit in the year					(6.6)		(0.8)
Unwinding of discount to net interest in the year					(19.3)		(10.8)
Adjustment to provision discount rates					(0.5)		0.1
Capitalised adjustment to provision					(107.3)		13.0
Utilised in the year					7.2		10.7
Foreign currency exchange difference					(1.4)		0.9
Balance at the end of the year					(555.9)		(428.0)
				At 31.12.2025 (Unaudited)		At 31.12.2024 (Audited)
				$m		$m
Short-term provisions				(11.5)		(5.9)
Long-term provisions				(544.4)		(422.1)
Total				(555.9)		(428.0)

 

Decommissioning and restoration costs relate to the Group's mining operations. Costs are estimated on the basis of a formal closure plan and are subject to regular independent formal review by Sernageomin, the Chilean government agency which regulates the mining industry in Chile. The capitalised adjustment to the provision mainly reflects changes to the forecast foreign exchange and discount rates and further development of Centinela's Second Concentrator Project. The provision balance reflects the present value of the forecast future cash flows expected to be incurred in line with the closure plans, discounted using Chilean real interest rates with durations corresponding with the timings of the closure activities. At 31 December 2025, the real discount rates ranged from 2.21% to 2.33% (31 December 2024: 2.43% to 2.58%). It is estimated that the provision will be utilised from 2026 until 2058 based on current mine plans, with approximately 15% of the total provision balance expected to be utilised between 2026 and 2035, approximately 49% between 2036 and 2045 and approximately 36% between 2046 and 2058.

 

Given the long-term nature of these balances, it is possible that future climate risks could impact the appropriate amount of these provisions, both in terms of the nature of the decommissioning and site rehabilitation activities that are required, or the costs of undertaking those activities. In its Annual Report and Accounts, the Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"). This process included scenario analyses assessing the impact of transition and physical risks. As a simple high-level sensitivity, we have considered whether the level of estimated costs relating to the potential future risks identified under the scenario analysis could indicate a general level of future cost increases as a consequence of climate risks which could indicate a significant potential impact on these provision balances. This analysis did not indicate a significant potential impact on the decommissioning and restoration provision balances. However, more detailed specific analysis of the potential impacts of climate risks in future periods could result in adjustments to these provision balances. When future updates to the closure plans are prepared and submitted to Sernageomin for review and approval, it is possible that additional consideration of potential climate risk impacts may need to be incorporated into the plan assumptions. In addition, Sernageomin may introduce new regulations or guidance in respect of climate risks which may need to be addressed in future updates to the Group's closure plans.

 

18. Deferred tax assets and liabilities

			At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
			$m	$m
Net deferred tax position at the beginning of the year			(1,683.0)	(1,584.6)
Charge to tax on profit in year			(28.6)	(32.9)
Credit/(charge) recognised in equity1			47.7	(5.9)
Tax on exceptional items 2			54.5	(126.7)
Adjustment due to introduction of new royalty			-	67.1
Foreign currency exchange difference			0.1	-
Net deferred tax position at the end of the year			(1,609.3)	(1,683.0)
Analysed between:
Net deferred tax assets			2.2	9.7
Net deferred tax liabilities			(1,611.5)	(1,692.7)
Net deferred tax position			(1,609.3)	(1,683.0)

 

¹ The $47.7 million deferred tax credit recognised directly in equity relates to a $44.7 million deferred tax credit in respect of the movements in the fair value of equity investments (see Note 3) and a $3.0 million deferred tax credit in respect of actuarial losses on defined benefit plans.

² An exceptional deferred tax credit of $54.5 million has been 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 the Group entered into during 2024 to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. (see Note 3) (2024 - $126.7 million deferred tax charge was recognised in respect of  $12.7 million of deferred tax on the  exceptional fair value gain on the agreement the Group entered into during 2024 to acquire up to an additional 30 million shares in Compañía de Minas Buenaventura S.A.A. and $114.0 million of deferred tax relating to the Antucoya impairment reversal).

At 31 December 2025, the Group had unused tax losses of $746 million in respect of which no deferred tax asset has been recognised, as the relevant entities are currently loss-making; $193.9 million (2024 - $141.1 million) of these tax losses relate to Chilean entities where the tax losses can be carried forward indefinitely, and $552.1 million (2024 - $520.3 million) relate to entities outside Chile, redominantly in respect of the Twin Metals project. $336.5 million (2024 - $267.5 million) of the Twin Metals tax losses expire in the period from 2030 - 2037, and the remainder can be carried forward indefinitely.

The value of the remaining undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of distributions and it is likely that distributions will not be made in the foreseeable future, was $8,898.8 million (31 December 2024 - $7,397.9 million).

At 31 December 2024, the Group had recognised a $99.2 million deferred tax liability in respect of fair value gains in relation to the Group's interests in Buenaventura, prior to the Group accounting for its interest in Buenaventura as an investment in associate from March 2024 onwards. In March 2025, the Group qualified for the UK Substantial Shareholding Exemption in respect of its holding in Buenaventura, as it had held an interest of more than 10% in Buenaventura for a period of 12 months, exempting the Group from UK capital gains tax in respect of its investment. Accordingly, in March 2025 the Group de-recognised this deferred tax liability.

Temporary differences arising in connection with interests in associates and joint ventures are insignificant.

The deferred tax balance of $1,609.3 million (2024 - $1,683.0 million) includes $1,529.6 million (2024 - $1,535.0 million) due in more than one year. All amounts are shown as non-current on the face of the balance sheet as required by IAS 12 Income Taxes.

19. Share capital and share premium

There was no change in share capital or share premium in the year ended 2025 or 2024. Details are shown in the Consolidated Statement of Changes in Equity.

20. Other reserves and retained earnings

	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Share premium
At 1 January and 31 December	199.2	199.2
Hedging reserve1
At 1 January	(13.1)	-
Gains/(losses) on the cash flow hedges (including cost of hedging) 2	18.4	(17.9)
Tax on the above	(5.0)	4.8
At 31 December	0.3	(13.1)
Equity investment revaluation reserve (3)
At 1 January	-	108.4
Gains on equity investment	-	22.0
Reclassification(6)	-	(130.4)
At 31 December	-	-
Foreign currency translation reserve (4)
At 1 January	(5.1)	(3.9)
Currency translation adjustment	1.3	(1.2)
At 31 December	(3.8)	(5.1)
Total other reserves per balance sheet	(3.5)	(18.2)
Retained earnings
At 1 January	9,191.4	8,558.4
Parent and subsidiaries' profit for the year	1,276.3	753.2
Equity accounted units' profit after tax for the year	52.6	76.2
Agreement to acquire own equity instruments	(80.0)	-
Actuarial losses (5)	(6.7)	(9.4)
Deferred tax on equity investment (6)	46.3	-
Reclassification	-	130.4
Total comprehensive income for the year	1,288.5	950.4
Dividends paid	(395.3)	(317.4)
At 31 December	10,084.6	9,191.4

 

(1) Hedging reserves comprise cash flow hedge reserve of $0.3 million (2024 - $13.1 million) and cost of hedging of nil.

(2) Change in fair value of hedging instruments is net of the non-controlling interests impacts of $7.9 million (2024 - $7.6 million)

(3) The equity investment revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 12.

(4) Exchange differences arising on the translation of the Group's net investment in foreign-controlled companies are taken to the foreign currency translation reserve.

(5) Actuarial gains or losses relate to long-term employee benefits, as described in Note 16 and these figures are net of the non-controlling interests impacts.

(6) Corresponds to the derecognition of deferred tax relating to the Buenaventura shares, as explained in notes 3 and 18.

 

21. Reconciliation of profit before tax to net cash flow from operating activities

 

	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Profit before tax	3,159.5	2,071.1
Depreciation	1,695.4	1,568.2
Net (profit)/loss on disposals	(49.7)	5.6
Net finance expense - excluding exceptional items	266.7	64.8
Net share of (profit) of associates and joint ventures	(52.6)	(76.2)
Exceptional items	-	(422.4)
Decrease/(increase) in inventories	48.5	(166.5)
(Increase)/decrease in debtors	(581.0)	243.1
Decrease in creditors	(241.1)	(10.7)
Increase/(decrease) in provisions	7.2	(0.8)
Cash flow generated from operations	4,252.9	3,276.2

 

 

22. Analysis of changes in net debt

For the period ended 31 December 2025 (Unaudited)

	At 31.12.2024	Cash flows	Fair value losses	New leases	Early termination IFRS 16	Amortisation of finance costs	Capitalisation of interest	Reclassification	Exchange	At 31.12.2025
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Cash and cash equivalents	2,189.2	534.5	-	-	-	-	-	-	(7.1)	2,716.6
Liquid investments	2,127.1	70.0	(3.8)	-	-	-	-	-	-	2,193.3
Total cash and cash equivalents and liquid investments	4,316.3	604.5	(3.8)	-	-	-	-	-	(7.1)	4,909.9
Borrowings due within one year	(1,219.9)	1,635.5	-	-	-	-	-	(814.2)	-	(398.6)
Borrowings due after one year	(2,240.4)	(1,196.5)	-	-	-	(19.2)	(16.2)	814.2	-	(2,658.1)
Other financial liabilities due within one year	(6.1)	10.7	-	-	-	-	-	(17.8)	-	(13.2)
Other financial liabilities due after one year	(587.9)	-	-	-	-	-	-	17.8	-	(570.1)
Bonds due after one year	(1,729.0)	(2,122.1)				(3.5)				(3,854.6)
Leases due within one year	(96.5)	106.3	-	(38.9)	-	-	-	(60.4)	-	(89.5)
Leases due after one year	(63.2)	-	-	(75.5)	22.8	-	-	60.4	(17.0)	(72.5)
Preference shares	(2.4)	-	-	-	-	-	-	-	(0.4)	(2.8)
Total liabilities from financing activities	(5,945.4)	(1,566.1)	-	(114.4)	22.8	(22.7)	(16.2)	-	(17.4)	(7,659.4)
Net debt	(1,629.1)	(961.6)	(3.8)	(114.4)	22.8	(22.7)	(16.2)	-	(24.5)	(2,749.5)

 

For the period ended 31 December 2024 (Audited)

	At 31.12.2023	Cash flows	Fair value gain	New leases	Amortisation of finance costs	Capitalisation of interest	Reclassification	Exchange	At 31.12.2024
	$m	$m	$m	$m	$m	$m	$m	$m	$m
Cash and cash equivalents	644.7	1,550.1	-	-	-	-	-	(5.6)	2,189.2
Liquid investments	2,274.7	(148.5)	0.9	-	-	-	-	-	2,127.1
Total cash and cash equivalents and liquid investments	2,919.4	1,401.6	0.9	-	-	-	-	(5.6)	4,316.3
Borrowings due within one year	(794.1)	154.0	-	-	-	-	(579.8)	-	(1,219.9)
Borrowings due after one year	(3,057.9)	(1,459.9)	-	-	(13.5)	(17.9)	579.8	-	(3,969.4)
Other financial liabilities due within one year	-	4.6	-	-	-	-	(10.7)	-	(6.1)
Other financial liabilities due after one year	-	(598.6)	-	-	-	-	10.7	-	(587.9)
Leases due within one year	(107.8)	152.7	-	-	-	-	(141.4)	-	(96.5)
Leases due after one year	(116.9)	-	-	(111.1)	-	-	141.4	23.4	(63.2)
Preference shares	(2.5)	-	-	-	-	-	-	0.1	(2.4)
Total liabilities from financing activities	(4,079.2)	(1,747.2)	-	(111.1)	(13.5)	(17.9)	-	23.5	(5,945.4)
Net debt	(1,159.8)	(345.6)	0.9	(111.1)	(13.5)	(17.9)	-	17.9	(1,629.1)

 

 

 

Net debt

 

Net debt at the end of each period was as follows.

 

	At 31.12.2025 (Unaudited)	At 31.12.2024 (Audited)
	$m	$m
Cash, cash equivalents and liquid investments	4,909.9	4,316.3
Total liabilities from financing activities	(7,659.4)	(5,945.4)
Net debt	(2,749.5)	(1,629.1)

 

23. Related party transactions

 

The immediate parent company of the Group is Metalinvest Establishment and the ultimate parent company is the E. Abaroa Foundation, in which members of the Luksic family are interested.

 

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below.

 

The transactions entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances.

 

a)             Quiñenco SA

 

Quiñenco SA ("Quiñenco") is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange. The Group and Quiñenco are both under the control of the Luksic family, and two Directors of the Company, Jean-Paul Luksic and Andronico Luksic L, are also directors of Quiñenco. The following transactions took place between the Group and the Quiñenco group of companies, all of which were on normal commercial terms at market rates.

 

-      The Group earned interest income of $1.4 million (2024 - $1.0 million) during the year on investments with BanChile AGF, a subsidiary of Quiñenco. Investment balances at the end of the year were $40.1 million (2024: $30.5 million).

-      The Group made purchases of fuel from ENEX SA, a subsidiary of Quiñenco, of $295.2 million (2024 - $318.4 million). The balance due to ENEX SA at the end of the year was $17.9 million (2024 - $17.9 million).

-      The Group purchased shipping services from Hapag Lloyd, an associate of Quiñenco, for $7.3 million (2024 - $13.2 million). The balance due to Hapag Lloyd at the end of the year was $0.2 million (2024 -nil).

-      The Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Quiñenco, of 0.3 million (2024 - $0.3 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2024: nil). From the end of 2025, this company will no longer be related company with the group.

 

b)             Compañía de Inversiones Adriático SA

In 2025, the Group leased office space on normal commercial terms from Compañía de Inversiones Adriático SA, a company in which members of the Luksic family have an interest, at a cost of $0.9 million (2024 - $0.6 million).

 

c)             Associates

The Group has a 18.9% interest in Compañía de Minas Buenaventura S.A.A, which is an associate. During the year ended 31 December 2025, the Group has received dividends from Buenaventura of $21.0 million (2024 -$3.5 million).

 

d)             Antomin

The Group holds a 51% interest in Antomin 2 Limited ("Antomin 2") and Antomin Volcanes Limited ("Antomin Volcanes"), which own a number of copper exploration properties. The Group originally acquired a 51% interest in Antomin 2 and Antomin Investors Limited ("Antomin Investors") for a nominal consideration from Mineralinvest Establishment ("Mineralinvest"), a company controlled by the Luksic family, which continued to hold the remaining 49% of Antomin 2 and Antomin Investors. The Group is responsible for any exploration costs relating to the properties held by these entities. During the year ended 31 December 2025, the Group incurred $0.5 million (31 December 2024 - $0.1 million) of exploration costs at these properties.

 

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 September 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.

 

e)             Compañía Minera Zaldívar SpA

The Group has a 50% interest in Zaldívar, which is a joint venture with Barrick Mining Corporation. Antofagasta is the operator of Zaldívar. The balance due from Zaldívar to Group companies at the end of the year was $2.7 million (2024 - $2.2 million). During 2025, Zaldívar declared dividends of nil to the Group (2024 - nil).

 

 

24. Litigation and contingent liabilities

 

The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect the Group's business, financial position and reputation. Litigation is inherently unpredictable, and large judgments may at times occur. The Group may incur, in the future, judgments or enter into settlements of claims that could lead to material cash outflows. The Group does not expect a material loss from the legal proceedings, claims, complaints and investigations that the Group is currently subject to. A provision is recognized for legal claims where the Group has a present obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

 

Any relevant potential tax contingencies, including litigation, are detailed in Note 7.

25. Currency translation

Assets and liabilities denominated in foreign currencies are translated into US dollars and sterling at the year-end rates of exchange. Results denominated in foreign currencies have been translated into US dollars at the average rate for each year.

 

	2025	2024
Year-end rate	$1.347=£1; $1 = Ch$907.1	$1.254=£1; $1 = Ch$996.5
Average rates	$1.318=£1; $1 = Ch$951.3	$1.277=£1; $1 = Ch$944.1

 

26. Distribution

The Annual Report and Financial Statements for the year ended 31 December 2025, once finalised, together with the Notice of the 2026 Annual General Meeting, will be posted to all shareholders in March 2026.

Alternative performance measures (not subject to audit or review)

This consolidated financial information includes a number of alternative performance measures, in addition to amounts in accordance with UK-adopted International Accounting Standards. These measures are included because they are considered to provide relevant and useful additional information to users of the accounts. Set out below are definitions of these alternative performance measures, explanations as to why they are considered to be relevant and useful, and reconciliations to the IFRS figures.

a) Underlying earnings per share

Underlying earnings per share is earnings per share from continuing operations, excluding exceptional items. This measure is reconciled to earnings per share from continuing and discontinued operations (including exceptional items) on the face of the income statement. This measure is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group, excluding the impact of exceptional items which are one-off transactions or transactions outside the ordinary course of business of the Group.

EBITDA

EBITDA is calculated by adding back depreciation, amortisation, profit or profit on disposals and impairment charges or reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures.

EBITDA is considered to provide a useful and comparable indication of the current operational earnings performance of the business, excluding the impact of the historical cost of property, plant & equipment or the particular financing structure adopted by the business.

 

For the year ended 31 December 2025

	Los Pelambres	Centinela	Antucoya	Zaldívar	Exploration and evaluation	Corporate and other items	Mining	Railway and other transport services	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m
Operating profit/(loss)	1,991.1	1,350.7	168.8	-	(55.5)	(109.3)	3,345.8	27.8	3,373.6
Depreciation and amortisation	609.5	880.7	158.2	-	-	10.1	1,658.5	36.9	1,695.4
Profit on disposals	(52.6)	2.8	-	-	-	0.1	(49.7)	-	(49.7)
EBITDA from subsidiaries	2,548.0	2,234.2	327.0	-	(55.5)	(99.1)	4,954.6	64.7	5,019.3
Proportional share of the EBITDA from associates and JVs	-	-	-	61.8	-	115.8	177.6	5.0	182.6
Total EBITDA	2,548.0	2,234.2	327.0	61.8	(55.5)	16.7	5,132.2	69.7	5,201.9

 

For the year ended 31 December 2024

	Los Pelambres	Centinela	Antucoya	Zaldívar	Exploration and evaluation	Corporate and other items	Mining	Railway and other transport services	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m
Operating profit/(loss)	1,313.5	273.5	529.5	-	(52.7)	(83.1)	1,980.7	28.0	2,008.7
Depreciation and amortisation	544.1	854.9	117.7	-	-	10.2	1,526.9	41.3	1,568.2
Loss on disposals	3.6	1.9	-	-	-	0.1	5.6	-	5.6
Reversal of impairment	-	-	(371.4)	-	-	-	(371.4)	-	(371.4)
EBITDA from subsidiaries	1,861.2	1,130.3	275.8	-	(52.7)	(72.8)	3,141.8	69.3	3,211.1
Proportional share of the EBITDA from associates and JVs	-	-	-	99.9	-	109.2	209.1	6.6	215.7
Total EBITDA	1,861.2	1,130.3	275.8	99.9	(52.7)	36.4	3,350.9	75.9	3,426.8

 

b)     Cash costs

Cash costs are a measure of the cost of operational production expressed in terms of cents per pound of payable copper produced.

This is considered to be a useful and relevant measure as it is a standard industry measure applied by most major copper mining companies which reflects the direct costs involved in producing each pound of copper. It therefore allows a straightforward comparison of the unit production cost of different mines and allows an assessment of the position of a mine on the industry cost curve. It also provides a simple indication of the profitability of a mine when compared against the price of copper (per lb).

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 (the net of the market value of fully refined metal less the treatment and refining charges). Under the standard industry definition of cash costs, treatment and refining charges are regarded as part of the total cash cost figure.

	At 31.12.2025	At 31.12.2024
Reconciliation of cash costs excluding treatment & refining charges and by-product revenue:
Total Group operating costs (Note 4) ($m)	5,246.7	4,976.1
Zaldívar operating costs (attributable basis - 50%)	279.0	267.6
Less:
Depreciation and amortisation (Note 4) ($m)	(1,695.4)	(1,568.2)
Profit on disposal (Note 4) ($m)	49.7	(5.6)
Corporate and other items - Total operating cost (excluding depreciation) (Note 4) ($m)	(99.1)	(72.8)
Exploration and evaluation - Total operating cost (excluding depreciation) (Note 4) ($m)2	(55.5)	(52.7)
Transport division - Total operating cost (excluding depreciation) (Note 4) ($m)	(108.8)	(125.6)
Closure provision and other expenses not included within cash costs ($m)	(155.5)	(117.5)
Inventories variation	(14.2)	39.9
Medium and long-term drilling costs & evaluation2	(97.2)	(98.9)
Total cost relevant to the mining operations' cash costs ($m)	3,349.7	3,242.3
Copper production volumes (tonnes)1	653,665	663,950
Cash costs excluding treatment & refining charges and by-product revenue ($/tonne)	5,125	4,883
Cash costs excluding treatment & refining charges and by-product revenue ($/lb)	2.32	2.21
Reconciliation of cash costs before deducting by-products revenue:
Treatment & refining charges - copper and by-products - Los Pelambres ($m)	43.2	154.7
Treatment & refining charges - copper and by-products - Centinela ($m)	32.8	65.9
Treatment & refining charges - copper - total ($m)	76.0	220.6
Copper production volumes (tonnes)1	653,665	663,950
Treatment & refining charges ($/tonne)	116.2	332.2
Treatment & refining charges ($/lb)	0.06	0.16
Cash costs excluding treatment & refining charges and by-product revenue ($/lb)	2.32	2.21
Treatment & refining charges ($/lb)	0.06	0.16
Cash costs before deducting by-product revenue ($/lb)	2.38	2.37

¹The 653,665 tonnes includes 36,745 tonnes of production at Zaldívar on a 50% attributable basis.

² In order to better reflect the Group's internal reporting, the Group has changed the classification of certain evaluation costs incurred by the individual mining operations, which were previously included in the Exploration and evaluation segment and are now included within the individual mine segments. 

c) Cash costs (continued)

	At 31.12.2025	At 31.12.2024
Reconciliation of cash costs (net of by-product revenue):
Gold revenue - Los Pelambres ($m)	192.6	110.5
Gold revenue - Centinela ($m)	596.7	337.1
Molybdenum revenue - Los Pelambres ($m)	578.7	412.0
Molybdenum revenue - Centinela ($m)	172.6	109.7
Silver revenue - Los Pelambres ($m)	92.5	55.2
Silver revenue - Centinela ($m)	50.6	23.9
Total by-product revenue ($m)	1,683.7	1,048.4
Copper production volumes (tonnes)1	653,665	663,950
By-product revenue ($/tonne)	2,575.9	1,579.2
By-product revenue ($/lb)	1.19	0.73
Cash costs before deducting by-product revenue ($/lb)	2.38	2.37
By-product revenue ($/lb)	(1.19)	(0.73)
Cash costs (net of by-product revenue) ($/lb)	1.19	1.64

¹The 653,665 tonnes includes 36,745 tonnes of production at Zaldívar on a 50% attributable basis.

The totals in the tables above may include some small apparent differences as the specific individual figures have not been rounded.

 

 

d) Attributable cash, cash equivalents & liquid investments, borrowings and net debt

Attributable cash, cash equivalents & liquid investments, borrowings and net debt reflect the proportion of those balances which are attributable to the equity holders of the Company, after deducting the proportion attributable to the non-controlling interests in the Group's subsidiaries.

This is considered to be a useful and relevant measure as the majority of the Group's cash tends to be held at the corporate level and therefore 100% attributable to the equity holders of the Company, whereas the majority of the Group's borrowings tend to be at the level of the individual operations, and hence only a proportion is attributable to the equity holders of the Company.

 

		December 2025				December 2024
	Total amount	Attributable share	Attributable amount		Total amount	Attributable share	Attributable amount
	$m		$m		$m		$m
Cash, cash equivalents and liquid investments:
Los Pelambres	1,224.4	60%	734.6		887.2	60%	532.3
Centinela	1,489.8	70%	1,042.9		1,148.1	70%	803.7
Antucoya	121.3	70%	84.9		345.0	70%	241.5
Corporate	2,030.6	100%	2,030.6		1,895.0	100%	1,895.0
Transport division	43.8	100%	43.8		41.0	100%	41.0
Total	4,909.9		3,936.8		4,316.3		3,513.5
Borrowings:
Los Pelambres (Note 14)	(3,042.0)	60%	(1,825.2)		(2,381.8)	60%	(1,429.1)
Centinela (Note 14)	(1,993.3)	70%	(1,395.3)		(1,475.7)	70%	(1,033.0)
Antucoya (Note 14)	(284.5)	70%	(199.2)		(343.5)	70%	(240.5)
Corporate (Note 14)	(2,339.1)	100%	(2,339.1)		(1,743.5)	100%	(1,743.5)
Transport division (Note 14)	(0.5)	100%	(0.5)		(0.9)	100%	(0.9)
Total (Note 14)	(7,659.4)		(5,759.3)		(5,945.4)		(4,447.0)
Net debt	(2,749.5)		(1,822.5)		(1,629.1)		(933.5)

  

Production and Sales Statistics (not subject to audit or review)

a)   Production and sales volumes for copper, gold and molybdenum

 

	Production			Sales
	Year ended  31.12.2025	Year ended  31.12.2024		Year ended 31.12.2025	Year ended  31.12.2024
Copper	000 tonnes	000 tonnes		000 tonnes	000 tonnes
Los Pelambres	295.3	319.6		298.0	315.4
Centinela	240.4	223.8		250.4	212.5
Antucoya	81.3	80.5		80.5	79.1
Zaldívar (attributable basis - 50%)	36.7	40.1		37.4	38.5
Group total	653.7	664.0		666.3	645.5
Gold	000 ounces	000 ounces		000 ounces	000 ounces
Los Pelambres	54.8	46.6		52.4	43.8
Centinela	156.5	140.3		159.0	133.2
Group total	211.3	186.9		211.4	177.0
Molybdenum	000 tonnes	000 tonnes		000 tonnes	000 tonnes
Los Pelambres	12.4	8.3		11.8	8.6
Centinela	3.4	2.4		3.5	2.3
Group total	15.8	10.7		15.3	10.9
Silver	000 ounces	000 ounces		000 ounces	000 ounces
Los Pelambres	2,171.6	1,970.3		2,123.1	1,847.8
Centinela	1,216.2	853.5		1,153.9	791.1
Group total	3,387.8	2,823.8		3,277.0	2,638.9

 

b)      Cash costs per pound of copper produced and realised prices per pound of copper and molybdenum sold

 

	Net Cash costs		Realised prices
	Year ended 31.12.2025	Year ended 31.12.2024	Year ended 31.12.2025	Year ended 31.12.2024
	$/lb	$/lb	$/lb	$/lb
Copper
Los Pelambres	0.82	1.26	5.04	4.18
Centinela	0.75	1.60	4.88	4.17
Antucoya	2.82	2.53	4.71	4.19
Zaldívar (attributable basis - 50%)	3.44	3.02
Group weighted average (net of by-products)	1.19	1.64	4.93	4.18
Group weighted average (before deducting by-products)	2.38	2.37
Group weighted average (before deducting by-products and excluding treatment & refining charges from concentrate)	2.32	2.22
Cash costs at Los Pelambres comprise:
On-site and shipping costs	2.14	1.87
Treatment & refining charges for concentrates	0.07	0.22
Cash costs before deducting by-product credits	2.21	2.09
By-product credits (principally molybdenum)	(1.39)	(0.83)
Cash costs (net of by-product credits)	0.82	1.26
Cash costs at Centinela comprise:
On-site and shipping costs	2.21	2.46
Treatment & refining charges for concentrates	0.06	0.14
Cash costs before deducting by-product credits	2.27	2.60
By-product credits (principally gold)	(1.52)	(1.00)
Cash costs (net of by-product credits)	0.75	1.60
LME average copper price			4.51	4.15
Gold			$/oz	$/oz
Los Pelambres			3,678	2,523
Centinela			3,754	2,530
Group weighted average			3,735	2,528
Market average price			3,436	2,387
Molybdenum				$/lb
Los Pelambres			22.3	21.8
Centinela			22.2	21.7
Group weighted average			22.2	21.8
Market average price			22.2	21.3
Silver			$/oz	$/oz
Los Pelambres			43.6	29.8
Centinela			43.8	30.3
Group weighted average			43.7	30.0
Market average price			40.2	28.2

Notes to the production and sales statistics

 

(i)            For the Group's subsidiaries, the production and sales figures reflect the total amounts produced and sold by the mine, not the Group's share of each mine. The Group owns 60% of Los Pelambres, 70% of Centinela and 70% of Antucoya. For the Zaldívar joint venture, the production and sales figures reflect the Group's proportional 50% share. The figures in the tables above do not include Compañía de Minas Buenaventura S.A.A.

 

(ii)         Los Pelambres produces copper and molybdenum concentrates, Centinela produces copper concentrate, copper cathodes and molybdenum concentrate, and Antucoya and Zaldívar produce copper cathodes. The figures for Los Pelambres and Centinela are expressed in terms of payable metal contained in concentrate and in cathodes. Los Pelambres and Centinela are also credited for the gold and silver contained in the copper concentrate sold. Antucoya and Zaldívar produce cathodes with no by-products.

 

(iii)         Cash costs are a measure of the cost of operational production expressed in terms of cents per pound of payable copper produced. Cash costs are stated net of by-product credits. Cash costs exclude depreciation, financial income and expenses, hedging gains and losses, exchange gains and losses and corporate tax for all four operations. 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" (TC/RC) 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 (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 an expense and part of cash costs.

(iv)          Realised copper prices are determined by comparing revenue from copper sales (after adding back treatment and refining charges for concentrates) with sales volumes for each mine in the period. Realised molybdenum and gold prices are calculated on a similar basis. Realised prices reflect mark-to-market adjustments for sales contracts which contain provisional pricing mechanisms and gains and losses on commodity derivatives, which are included within revenue.

(v)         The totals in the tables above may include some small apparent differences as the specific individual figures have not been rounded.

 

(vi)         The production information and the cash cost information are derived from the Group's production report for the fourth quarter of 2025, published on 29 January 2026.