#1#5T 3. BMO Capital Markets Global Metals & Mining Conference Iván Arriagada | Chief Executive Officer 28th February 2022 ANTOFAGASTA PLC DEVELOPING MINING FOR A BETTER FUTURE#2Cautionary statement ANTOFAGASTA PLC This presentation has been prepared by Antofagasta plc. By reviewing and/or attending this presentation you agree to the following conditions: This presentation contains forward-looking statements. All statements other than historical facts are forward-looking statements. Examples of forward- looking statements include those regarding the Group's strategy, plans, objectives or future operating or financial performance; reserve and resource estimates; commodity demand and trends in commodity prices; growth opportunities; and any assumptions underlying or relating to any of the foregoing. Words such as "intend", "aim", "project", "anticipate", "estimate", "plan", "believe", "expect", "may", "should", "will", "continue" and similar expressions identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that are beyond the Group's control. Given these risks, uncertainties and assumptions, actual results could differ materially from any future results expressed or implied by these forward-looking statements, which apply only as of the date of this presentation. Important factors that could cause actual results to differ from those in the forward-looking statements include: global economic conditions; demand, supply and prices for copper; long-term commodity price assumptions, as they materially affect the timing and feasibility of future projects and developments; trends in the copper mining industry and conditions of the international copper markets; the effect of currency exchange rates on commodity prices and operating costs; the availability and costs associated with mining inputs and labour; operating or technical difficulties in connection with mining or development activities; employee relations; litigation; and actions and activities of governmental authorities, including changes in laws, regulations or taxation. Except as required by applicable law, rule or regulation, the Group does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Certain statistical and other information about Antofagasta plc included in this presentation is sourced from publicly available third party sources. Such information presents the views of those third parties and may not necessarily correspond to the views held by Antofagasta plc. This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Antofagasta plc or any other securities in any jurisdiction. Further it does not constitute a recommendation by Antofagasta plc or any other person to buy or sell shares in Antofagasta plc or any other securities. Past performance cannot be relied on as a guide to future performance. 2#3Our purpose Developing mining for a better future CULTURE Shared values and the way we work Antofagasta plc | 2022 BMO Global Metals & Mining Conference OUR VISION OUR PURPOSE ORGANISATION Designed to deliver results and growth STRATEGY People Safety & Sustainability Competitiveness Growth Innovation 3#4Safety and health The safety and health of our people is our top priority 1 1.53 2017 316 1.59 1 2018 217 1.01 2019 86 0.86 2020 65 LTIFR: the number of lost time injuries per 1 million hours worked 1.34 Fatalities 1 Lost Time Injury Frequency Rate (LTIFR) ¹ High Potential Incidents (HPI) 1 2021 ● 2021 performance In July 2021 regrettably a contractor suffered a fatal accident in the open pit at Los Pelambres High Potential Incidents decreased by 24% COVID-19: high vaccination rate achieved (97%) Antofagasta plc | 2022 BMO Global Metals & Mining Conference 4#52021 operational and financial highlights Reliable performance and record EBITDA 1 Operations Mines and plants consistently performing at or above design capacity Copper production at 721,500 tonnes and net cash costs of $1.20/lb Main challenges: COVID-19 and drought in central Chile EBITDA $4.8bn 个 77% EBITDA Margin¹ 65% ↑ 11 ppt ROCE 33% ↑ 17 ppt EBITDA Margin calculated as EBITDA/Revenue. If Associates and JVs revenue is included EBITDA margin was 61.1% Antofagasta plc | 2022 BMO Global Metals & Mining Conference Balance sheet Net cash $540m ↑ $622m Dividends per share 142.5 c/share 个 161% Pay-out ratio of 100% 5#6Expanded capital allocation framework Integrates climate factors Operating Cash Flow Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Strong Balance Sheet Growth Capex Excess Cash Dividend Create sustainable value & shareholder returns over the long term Macro Perspective Decision Factors Financial Position Antofagasta plc | 2022 BMO Global Metals & Mining Conference • Economic outlook • Various copper price scenarios ● Value Optimisation Climate Resilience ● ● Future capital expenditures Approved projects and those under evaluation Climate resilience investments reviewed against most probable scenarios • Use an Internal Carbon Price in our project and procurement decisions Sustainable generation of free cash flow with ample liquidity ● • Manage debt maturity profile 6#7Robust EBITDA converts into dividends Policy unchanged, record of strong returns to shareholders c/lb and % 55% 3.00 1.25 2017 c/share 67% 50.9 2017 47% 2.81 1.29 2018 Net cash costs 66% 33.7 2018 Minimum pay-out 35% 49% 2.75 1.22 2019 Realised Cu price 35% 17.8 53% 2.98 2019 From excess cash 1.14 100% 54.7 65% 2020 Group EBITDA Margin 2020 4.37 2021 1.20 142.5 100% 2021 Pay-out ratio (%) Antofagasta plc | 2022 BMO Global Metals & Mining Conference EBITDA Margin 2021 65% Average 5-year pay-out ratio 73% 7#82022 Guidance Drought impact continues at Los Pelambres Copper production (kt) 1 2 722 44 79 274 325 2021 Los Pelambres Centinela Guidance 660-690 53 78 250 295 2022 Antucoya 1 Zaldívar¹ $1.20/lb Net cash costs FY 2021 883 $1,777m 56 336 0.11 Lower copper Lower by- production product production and price 503 2021 Cash costs +$0.35/lb Group's 50% share Figures are based on cash flow and exclude Zaldívar. Attributable Zaldívar capital expenditure was $87m in 2021. Antofagasta plc | 2022 BMO Global Metals & Mining Conference 0.14 Capital expenditure² Guidance $1.7-1.9bn 0.10 2022E Higher input prices $1.55/lb Net cash costs 2022E Growth Transport & corporate Sustaining (Mining) Mine development 8#9Diversity and inclusion Promoting inclusive workspaces 8.4 ● Proportion of women 8.9 8.6 9.5 14.7 12.4 17.4 2017 2018 2019 2020 2021 Antofagasta Chilean mining industry We exceeded our target one year early, of doubling the participation of women since 2018 Apprenticeship programmes MEN New Ways of Working Antofagasta plc | 2022 BMO Global Metals & Mining Conference 9#10Climate change Committed to emissions reduction and efficient water use Copper is part of the solution • Protecting local biodiversity ● ● ● Copper Mark obtained by Centinela and Zaldívar Including new disclosures according to TCFD ● ● ● ● Reducing GHG emissions 100% renewable energy by the end of 2022 30% reduction of Scope 1 and 2 by 2025 Internal carbon price introduced Carbon neutral by 2050 or earlier Analysing Scope 3 emissions and setting a reduction target Testing programme to develop hydrogen and battery powered haulage trucks Antofagasta plc | 2022 BMO Global Metals & Mining Conference ● Increasing water efficiency 83% of water used is recirculated Completing desalination plant Phase 1 at Los Pelambres in H2 2022 ● • Phase 2 completion expected 2025 ● Sea and recirculated water expected to account for more than 90% of operational use by 2025 10#11Communities Creating shared value ● ● ● ● ● Dia Communities Key stakeholders based engagement, not transactional Strengthened water management programmes Supported local digital connectivity Increased COVID Fund support Promoting education and employment opportunities Economic social contribution to communities $48 million Education Local suppliers ! $342 million Water Antofagasta plc | 2022 BMO Global Metals & Mining Conference Digitalisation 00 HHH Wellbeing Pop Ų Health Entrepreneurship X Infrastructure 11#12Reliable and responsible copper producer With embedded growth portfolio Portfolio projects Chile 3rd Region Zaldívar Primary sulphides Chile 2nd Region Exploration 2030+ Cachorro Los Pelambres Expansion Phase 2 Centinela 2nd Concentrator Phase 2 Centinela 2nd Concentrator Phase 1 Development 2025 Antofagasta plc | 2022 BMO Global Metals & Mining Conference 120 ktpa Cu 50 ktpa Cu 35 ktpa Cu 15 ktpa Cu Los Pelambres Expansion Phase 1 Zaldívar Chloride Leach Esperanza Sur Pit Production Construction Sized to 50 ktpa for illustrative purpose only 2022 Potential to grow up to 900ktpa by 2026 12#13Growth projects update ● ● ● ● Los Pelambres Expansion Phase 1 68% complete Desalinated water system of 400 l/s, expected to be completed H2 2022 Expansion of concentrator to 190,000 tpd, expected to be completed early 2023 Increases production by 60,000 tonnes over 15 years Zaldívar Chloride Leach Completed in January 2022 on budget • Now being commissioned • Increases recoveries by 10ppt (10-15,000 tonnes per year) Antofagasta plc | 2022 BMO Global Metals & Mining Conference **** ● ● ● Centinela Esperanza Sur Pit New source of feed for Centinela Concentrator Reduces variability and increases production by 10-15,000 tonnes per year in the early years Autonomous trucks being commissioned Expect to complete in H1 2022 13#14Growth projects update ● ● ● www Centinela Second Concentrator Increases annual production by 180,000 tonnes of copper equivalent Investment decision expected end 2022. PFS capital estimate $2.7bn First production expected 2025 Detailed engineering and execution plans being prepared Financing options for current and new water systems being evaluated • Leaches primary sulphides with recoveries of 70% or more, after approximately 200 days ● Innovation: Cuprochlor-TⓇ Industrial-sized leaching test of 40,000 tonne heap confirms previous test work ● Potential to unlock value from previously uneconomic mineral resources Being considering for use at existing operations Antofagasta plc | 2022 BMO Global Metals & Mining Conference 14#15Exploration Cachorro maiden resource declared 4.0 Smurtape Puerto Mejillones 80°00″W 70°00″W Antofagasta Antucoya 70°0′0″W Cachorro 6:950'0″W Centinela Zaldivar 69′00″W álama 40 Km 24'00"S Drilling Camp Mineralisation Antofagasta plc | 2022 BMO Global Metals & Mining Conference ● ● ● ● Inferred resource 142 mt @1.21% Cu Latest Group discovery generated by our greenfield exploration programme Potential to become one of the most important manto-type deposits in the coastal metallogenic belt of northern Chile Potential mineralisation of 300 million tonnes Good local infrastructure Infill drilling will continue during 2022 15#16Current political and fiscal events in Chile Providing a basis for greater social cohesion New government elected Takes office on 11 March Gabriel Boric elected President • Senate evenly split left/right ● ● Chamber of Deputies majority left wing Proposed new mining royalty Chamber of Deputies proposal May 2021 Senate Mining and Energy Committee proposal January 2022 Next steps: Senate Finance Committee, full Senate, Chamber of Deputies, Joint Mining and Energy Committee, Presidential assent Antofagasta plc | 2022 BMO Global Metals & Mining Conference ● ● 10000+ 1011 Constitutional Convention Established July 2021 Have to complete rewriting Constitution by July 2022 Each clause of the constitution requires a two-thirds majority vote National referendum to approve Constitution in H2 2022 O 16#17The Antofagasta investment case A reliable producer with embedded growth High quality assets Four mines in two "world-class" districts in Chile Production growth Large and growing resource base Financial position Strong balance sheet Healthy cash flow Disciplined capital allocation Strong shareholder returns ANTOFAGASTA PLC Operating efficiency Constant focus on unit costs Cost & Competitiveness Programme Operational excellence Innovation Sustainability Strict safety and health controls Create economic value for all Managed environmental impact Adapt to, and mitigate climate change risk Antofagasta plc | 2022 BMO Global Metals & Mining Conference 17#18INDM Appendix ATTEM ANTOFAGASTA PLC 18#19At a glance 1 2 3 Group 65% owned by Luksic Group, 35% free float Market cap: $18.1 billion (February 24th 2021) FTSE 100 ● ● ● Mining division¹ Top 10 copper producer High quality assets with significant potential production growth Copper production: 721,500 tonnes Gold production: 252,200 oz Molybdenum production: 10,500 tonnes • Net cash costs: $1.20/lb All operations in Chile ● ● ● ● ● ● Transport division ¹ Provides rail and road cargo services in Chile's Antofagasta Region Total tonnage transported: 6.7 million tonnes ● ● 2021 figures From 31 December 2021 As of 31 December 2021 on 100% basis ● ● ● ● ● ● ● 70% owned Copper production¹: 274,200 t Remaining mine life²: 42 years Reserves³: 2.0 billion t @ 0.40% Cu ● ● ● ● ● ● Antucoya ● 70% owned Copper production¹: 78,600 t Remaining mine life²: 22 years Reserves³: 746 million t @ 0.32% Cu Centinela Zaldívar 50% owned, operator Copper production¹: 44,000 t (50%) Remaining mine life²: 14 years Reserves³: 451 million t @ 0.43% Cu Los Pelambres 60% owned Copper production ¹: 324,700 t Remaining mine life²: 13 years Reserves³: 1.0 billion t @ 0.59% Cu, 0.020% Mo and 0.05g/t Au Antofagasta plc | 2022 BMO Global Metals & Mining Conference Santiago#20Copper market Fundamentals are strong and supportive of future prices Supply outlook • Expected to grow in line with demand during 2022 • Continued falling grades and increasing ore hardness • Scarcity of major new projects Stock levels very low and constrained logistics chains Scrap supply will continue to increase ● ● ● ● Demand outlook Growth expected, driven by Europe, North America and Asia ex China. Slower in China Renewable and electromobility demand key Urbanisation continues to drive long-term growth Next 10 years' CAGR 2.0-2.5% pa. c/lb 550 500 450 400 350 300 250 200 150 Dec 16 Jun 17 Copper price and exchange stocks Antofagasta plc | 2022 BMO Global Metals & Mining Conference Jun 18 Dec 17 Stocks LME Dec 18 Jun 19 Stocks CMX Dec 19 Jun 20 Dec 20 Jun 21 thuh Thousand Tonnes Stocks Shanghai Dec 21 1,000 800 600 400 200 0 •LME Price 20#21Developing mining for a better future Our priorities for 2022 and beyond ● Responsible and reliable copper producer Zero fatalities - Committed to keeping our people and communities safe and healthy while creating further social value Embedding climate change and sustainability strategy across all decision making and update climate change targets Maintaining operating resilience and flexibility • Unlocking embedded growth Continuous productivity improvements to optimise margins Advancing our growth projects and innovation portfolio Generating returns to shareholders By delivering value to all stakeholders Antofagasta plc | 2022 BMO Global Metals & Mining Conference 21#22Production and metals prices Group production Copper ('000 tonnes) Los Pelambres Centinela Concentrates Centinela Cathodes Antucoya Zaldívar² Group total Gold ('000 ounces) Los Pelambres Centinela Group total Molybdenum ('000 tonnes) Los Pelambres Centinela Group total 1 Guidance January 2022 2 Attributable share 2018 357.8 363.4 359.6 324.7 155.5 195.5 153.5 185.4 92.5 81.1 93.3 88.8 72.2 71.9 79.3 78.6 47.3 58.1 48.2 44.0 725.3 770.0 733.9 721.5 2018 2019 2020 2021 2022E¹ 2019 13.3 0.3 13.6 2020 2021 290-300 245-255 11.2 10.9 0.4 1.7 11.6 12.6 75-80 50-55 660-690 63.2 59.7 60.3 53.2 40-50 146.9 222.6 143.7 199.0 130-140 210.1 282.3 204.1 252.2 170-190 2022E¹ 2018 2019 2020 2021 2022E¹ 9.2 6.5-7.5 1.3 2.0-2.5 10.5 8.5-10.0 Metal prices Copper ($/lb) Realised LME Gold ($/oz) Realised Market Molybdenum ($/lb) Realised Market Antofagasta plc | 2022 BMO Global Metals & Mining Conference 2018 2019 2020 2.81 2.75 2.98 2.96 2.72 2.80 2018 2019 2020 1,256 1,416 1,797 1,270 1,393 1,770 2018 2019 2020 10.8 8.8 8.7 12.4 11.9 11.4 2021 4.37 4.23 2021 1,788 1,799 2021 17.4 15.9 22#23Unit cash costs Group cash costs Group cash costs ($/lb) Los Pelambres Centinela Antucoya Zaldívar² Cash costs before by-products credits ($/lb) By-products credits ($/lb) Net cash costs ($/lb) Los Pelambres cash costs ($/lb) Cash costs before by-products credits ($/lb) By-products credits ($/lb) Net cash costs ($/lb) Centinela cash costs ($/lb) Cash costs before by-products credits ($/lb) By-products credits ($/lb) Net cash costs ($/lb) 2018 1.52 1.89 1.99 1.94 1.72 (0.43) 1.29 2018 1.52 (0.61) 0.91 2018 1.89 (0.38) 1.51 2019 2020 1.40 1.83 2.17 1.75 1.65 (0.43) 1.22 2019 2021 1.27 1.59 1.85 1.87 1.82 2.04 1.80 2.39 1.56 1.79 (0.42) (0.59) 1.14 1.20 2020 2021 1.59 1.40 1.27 (0.49) (0.46) (0.70) 0.91 0.81 0.89 2019 2020 2021 1 Guidance January 2022. Assumptions: CLP/USD 810, gold $1,800/oz, molybdenum $15.0/lb. 2 Attributable share 2022E¹ 1.75 2.30 2.30 2.20 2.00 (0.45) 1.55 2022E¹ 1.75 (0.50) 1.25 2022E¹ 1.83 1.85 1.87 2.30 (0.57) (0.58) (0.74) (0.70) 1.26 1.27 1.13 1.60 Antofagasta plc | 2022 BMO Global Metals & Mining Conference 23#24Reserves and resources as of 31 December 2021 Ore reserves Los Pelambres Centinela Concentrates (Sulphides) Centinela Cathodes (Oxides) Centinela Total Antucoya Total Group Joint Ventures Zaldívar Total Group Ore Reserves Mineral resources (including ore reserves) Los Pelambres Centinela Concentrates (Sulphides) Centinela Cathodes (Oxides) Antucoya Polo Sur Penacho Blanco Mirador Los Volcanes Brujulina Sierral Cachorro Twin Metals Group Joint Ventures Zaldívar Total Group Measured + Indicated Inferred Tonnage (millions tonnes) 2020 Total Group Mineral Resources (including ore reserves) 2021 956.1 1,684.3 299.3 1,983.6 745.5 3,6385.3 450.8 4,136.2 5,957.4 4,092.1 441.9 1,191.6 1,657.0 340.2 93.5 1,904.2 87.2 52.0 141.6 2,509.1 1,309.9 1,010.5 1,738.1 323.9 2,062.0 710.7 3,783.2 467.5 4,250.7 6,046.1 4,126.0 474.2 1,235.8 1,657.0 340.2 92.3 1,904.2 87.2 52.0 2,509.1 1,268.8 Copper (%) 2021 0.59 0.41 0.39 0.40 0.32 0.43 0.43 0.43 0.50 0.38 0.37 0.30 0.33 0.37 0.30 0.50 0.49 0.69 1.21 0.52 0.38 0.45 0.43 2020 0.44 0.59 0.41 0.40 0.41 0.32 0.44 0.45 0.44 0.50 0.38 0.37 0.30 0.33 0.37 0.30 0.50 0.49 0.69 0.52 11,038.1 8,739.7 11,070.6 8,722.3 19,777.8 19,792.8 Antofagasta plc | 2022 BMO Global Metals & Mining Conference 0.39 0.45 0.42 Molybdenum (%) 2021 0.44 0.020 0.012 0.017 0.013 Nickel (%) 0.17 2020 0.020 0.012 0.017 0.012 0.17 Gold (g/t) 2021 0.05 0.14 0.06 0.12 2020 0.05 0.14 0.05 0.13 Total precious metals (g/t Au+Pt+Pd) 0.47 0.47 Attributable Tonnage (millions tonnes) 2021 2020 573.7 1,179.0 09.5 1,388.5 521.9 2,484.1 225.4 2,709.5 3,574.5 2,864.5 309.3 834.1 1,657.0 173.5 86.0 971.1 44.5 52.0 141.6 2,085.0 654.9 7,701.5 5,746.6 13,448.1 606.3 1,216.7 226.7 1,443.4 497.5 2,547.2 233.7 2,780.9 3,627.6 2,888.2 331.9 865.0 1,657.0 173.5 85.2 971.1 44.5 52.0 2,085.0 634.4 7,728.7 5,686.9 13,415.6 24#25#5T 3. BMO Capital Markets Global Metals & Mining Conference Iván Arriagada | Chief Executive Officer 28th February 2022 ANTOFAGASTA PLC DEVELOPING MINING FOR A BETTER FUTURE