#1CAPITAL MARKETS DAY 2021 ANTOFAGASTA PLC#2Agenda Overview Operations Project development Exploration Sustainability Interview Finance Innovation Closing remarks Q&A ANTOFAGASTA PLC Iván Arriagada, CEO Hernán Menares, VP Operations Paula Aguirre, Acting VP Projects Andrónico Luksic, VP Development René Aguilar, VP Corporate Affairs and Sustainability Alejandra Vial, Environment Manager Andrés Velasco, former Finance Minister of Chile Mauricio Ortiz, CFO Alan Muchnik, VP Strategy and Innovation Iván Arriagada, CEO 2#3A Cautionary statement - Capital Markets Day All the presentations and videos included in this event have been prepared by Antofagasta plc. By reviewing and/or watching this event you agree to the following conditions: ANTOFAGASTA PLC This presentations and videos contain 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, production 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", "forecast" 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 event. 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; permitting; 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. 3#4OVERVIEW Iván Arriagada CHIEF EXECUTIVE OFFICER#5PURE PLAY COPPER PRODUCER Providing an essential commodity for the energy transition SERVICE S LO 5#6MARKET DYNAMICS FOR COPPER Supply outlook • Expected to grow just in line with demand during 2021 and 2022. Logistics constraints stressing supply chain • Continued falling grades and increasing ore hardness. Scarcity of major new projects • Scrap supply will continue to increase Demand outlook • Growth expected, driven by Europe, North America and Asia ex China. • Renewable and electromobility demand key. Urbanisation continues to drive long-term growth Next 10 years' CAGR 2.0-2.5% pa. Energy transition. Mtonnes 30 25 20 15 10 5 0 2005 Mtonnes 30 25 20 15 10 5 0 2010 2005 Refined copper consumption 2015 2015 CAGR 2020-2030 2.3% 2020 2020 2025 2025 2030 2030 ROW North America Europe Asia Ex China China Electricity Grid Renewables EV Other uses Sources: CRU and Wood Mackenzie analysis 6#71011 OUR PURPOSE DEVELOPING MINING FOR A BETTER FUTURE 7#8Pillars of our strategy DEVELOPING MINING FOR A BETTER FUTURE People Safety and Sustainability Competitiveness DOCO Growth ID Innovation 8#9WE ARE A RELIABLE PRODUCER Over the last five years, we have consistently met or exceeded our guidance Copper production guidance ktonnes 800 750 700 650 2017 2018 - Guide - min 2019 2020 Guide - max 2021 - Actual c/lb 1,40 1,35 1,30 1,25 1,20 1,15 1,10 2017 Net cash cost guidance 2018 2019 Guide 2020 Actual 2 2021 1- Min and max are original guidance. Actual shown as midpoint of revised guidance 2- Actual YTD September 2021 Source: internal 9#10RESILIENT BUSINESS WITH HIGH-QUALITY GROWTH PORTFOLIO Portfolio projects Chile 3rd Region Zaldívar Primary sulphides Twin Metals Chile 2nd Region Exploration 2030+ Los Pelambres Expansion Phase 2 Centinela 2nd Concentrator Phase 2 Centinela 2nd Concentrator Phase 1 Study - Environmental permits 2025 Sustainable long term production 120 ktpa Cu 50 ktpa Cu 35 ktpa Cu 15 ktpa Cu Los Pelambres Expansion Phase 1 Zaldívar Chloride Leach Esperanza Sur Pit Construction 2022 Sized to 50 ktpa for illustrative purposes only Production 10#11N.0.0.09 N.0.0.0 S.0.0.00 120°0′0″W British Columbia Arizona UNLOCKING EMBEDDED GROWTH THROUGH EXPLORATION Regional Offices Mines / Projects Main prospective belt 120'0'0″W 90:00 W Twin Metals 90°00″W Toronto Lima Santiago 60°00″W Centinela Pelambres Jeg 60°00″W N.DD.CC 00:0′0″W 80°0′0″W S.0.0.SZ 5500W 55°00″W 70'0'0″W Antucoya Antofagasta Brujulina Zaldivar Los Pelambres Santiago Los Volcanes Centinela 75'0'0″W 70°0′0″W Source: 2020 Annual Report. 100% of each mineral resource Oxides Sulphides (millions of tonnes) (millions of tonnes) 03-150 300-500 Pe 800 - 1230 250 65'00″W Polo Sur 6000 1500-2000 65'0'0″W 500 Penacho Km Tesoro Sur Tesoro Central Esperanza Esperanza Sur Encuentro Mirador ● O Llano Oxides Sulphides (millions of tonnes) (millions of tonnes) 03-50 O 60 80-150 300-500 1000-1600 1800-2000 10 Km 11#125-YEAR POTENTIAL PRODUCTION ktonnes 1000 900 800 700 600 500 400 300 2021 2022 1 Base Production 2023 2024 Projects Unapproved 2 2025 Accuracy range This is an indicative, forward-looking directional estimate only and should not be considered as guidance. Production outcomes are highly dependent on a range of risks, uncertainties and assumptions - many of which are beyond the Group's control-including planning, operations, technical difficulties, availability and costs associated with inputs and labour, weather, pandemics, maintenance, studies, engineering, permitting, environmental and other external approvals, and internal approvals, all of which are inherently uncertain and subject to change. Accordingly, actual production outcomes could differ materially from those shown on this slide. 2026 1. Current operations + Los Pelambres Expansion Esperanza Sur Pit. Zaldivar Chloride Leach 2. Assumes Centinela Second Concentrator is apporved by end of 12 2022#13Innovating for growth Using technology to unlock value throughout the business FRAN 13#14Operations Reliable Producer with Embedded Growth Hernán Menares VICE PRESIDENT OF OPERATIONS#15Antucoya 70% owned 19-year mine life Copper cathodes Centinela • 70% owned • 47-year mine life • Copper cathodes and concentrates Zaldívar 50% owned (and operated) 15-year mine life Copper cathodes Los Pelambres • 70% owned • 14-year mine life Copper concentrates Transport • Cargo transport system in the Antofagasta Region of Chile 900 km rail network 2020 Cu production 79,300 tonnes 246,800 tonnes 48,200 tonnes 359,600 tonnes 6.4 m tonnes transported YTD3Q 2021 Net cash costs $2.04/lb $1.10/lb $2.42/lb $0.82/lb Reserves¹ (tonnes) 711 million @0.32% Cu 2.1 billion @0.41% Cu 468 million @0.45% Cu 1.0 billion @0.59% Cu 1. As at 31 December 2020 Antofagasta Región Centinela port Coquimbo Región Punta Chungo Port Santiago#16SAFETY The safety of our people is our first priority 2 2016 316 Fatalities 1 217 0 0 2017 2018 2019 86 0 2020 55 1 2021 YTD High Potential Incidents (HPI) After 33 months, very regrettably, we had a fatal accident at Los Pelambres • We have been using HPI as a lead indicator to prevent fatalities since 2018. Now preferred to LTIFR, which is a lagging indicator We have a unique health and safety management model, in line with the best international practices and the ICMM Current safety focus is to reinforce: Planning critical tasks using the Job Safety Analysis tool ● ANTOFAGASTA PLC ● Constant supervision of all high-risk tasks Accident analysis, inspection and planning by executive leadership together with mine management Use of our "I Say No" tool as a last barrier 16#17OPERATING STRATEGY The key to unlocking value Stabilise our operating processes Strong organisational structure and operating discipline to reduce process variability to ensure sustainable performance Improve the Business Organisational Discipline No Surprises - Competitive Optimise the process Continuous improvement and operating excellence to maximise the value chain and asset performance DISPLAYED BEHAVIOURS Organisational Learning REWARDS GAINED Challenge the Business Competitive Advantage A ANTOFAGASTA PLC Capitalise platform for growth Expansion of assets' full potential adding innovation and technology to the current processes Optimisation Best in Class 17#18OPERATING MODEL Successfully embedded across our operations Main Milestones • Operating Model embedded, defining roles, responsibilities and routines Operational Excellence standard with 5 steps to identify, deploy, execute and lock-in the value of the improvements Annual initiatives portfolio focused on variability reduction of main performance drivers • Lean Management Practices applied 80% 75% 70% 65% 60% 72% 2018 2019 Stacked Material at Antucoya (ktpa) Effective Truck Utilisation at Los Pelambres (%) +3ppt 75% 5.600 YTD 2021 5.400 5.200 76% 73% ||||| 2020 5.000 4.800 77% 4,988 2018 5,081 Full Potential Annual Avg. 2019 +7% 5,287 2020 5,323 5,300 YTD 2021 Full Potential ANTOFAGASTA PLC#19ANTOFAGASTA PLC Our commitment to social value creation 19#20OUR ENVIRONMENTAL MANAGEMENT MODEL HELPS GUIDE OUR RESPONSIBLE PRODUCTION A ANTOFAGASTA PLO Compliance with commitments related to our environmental permits and legal requirements Effectively implement critical environmental controls Ensure zero operational events with significant environmental impacts Design and enable the Group's operating continuity and development projects considering the socio environmental standpoint • Incorporate innovations and future environmental management trends in how the Group operates • Generate a culture of compliance, control and organisational learning on environmental matters 20#21Project Development Realising Growth Paula Aguirre DEPUTY VICE PRESIDENT OF PROJECTS#22I I EVALUATION PROCESS TO ENSURE SUCCESSFUL PROJECTS Pre Feasibility Stage Feasibility Stage Business case selection Scoping Business opportunity 2% Geology Scout drilling Survey Basic data acquisition FQAR Case A Case B Case C 15% Case D Case E Case F Conceptual engineering Drilling Metallurgical test work Soil test work FQAR • Legal & ownership FQAR = Functional quality assurance review CRA= Construction readiness assessment Define selected alternative Base case development 25% FQAR Basic engineering Permitting in progress Major equipment and contract quotes Strategy defined Commitment Construction readiness Optimisation process Investment decision Detail engineering 65% I I I I Main equipment order 1 I Ready to award major I contracts I | . Detailed execution strategy • Operational readiness CLIMATE RISK ASSESSMENT CRA Construction Construction and start up Construction Start up ANTOFAGASTA PLC Operation Hand over to operations Complete ramp up and full operation I 1 I I 22#23GROWTH PIPELINE Organic Growth Other Growth 2021 LOS PELAMBRES EXPANSION - PHASE 1 (in construction) Cu +60 ktpa | Capex $1.7 bn¹ (including desalination plant) 1 Revised January 2021 2 2014 Prefeasibility study 3 2018 Feasibility study ESPERANZA SUR PIT (in construction) 4 5 6 2022 Cu +10-15 ktpa | Capex $0.17bn³ ZALDÍVAR CHLORIDE LEACH (in construction) Cu +10-15 ktpa | Capex $0.19 bn5 2015 Prefeasibility study 100% basis 2018 Prefeasibility study 2023 PHASE 2 (in FS stage) TWIN METALS (in FS stage) Cu Eq +65 ktpa 2024 Cu +35 ktpa | Capex $0.5 bn² 15-year LOM extension CENTINELA 2ND CONCENTRATOR (in FS stage) Cu eq +180 ktpa | Capex $2.7 bnª EXPLORATION FOCUSING ON THE AMERICAS 2025+ 23#24LOS PELAMBRES EXPANSION – PHASE 1 HAGER 7 24#25CENTINELA – ESPERANZA SUR PIT 25 MAVIC PRO#26al 141 17 47 74-63-PEPH-004 THEN CLORURO 1 TAG-12-PLS +6-374-626-PEPI-053 TREN CLORURO TAG-IZ-FLS +6-3844 523-FEP1005 PEN CL ZALDÍVAR - CHLORIDE LEACH PROJECT 26#27Exploration Building Mineral Resources Andrónico Luksic L. VICE PRESIDENT OF DEVELOPMENT#28PILLARS OF OUR STRATEGY Resource conversion and expansion Resource growth through discovery and acquisition DOC) Growth 28#29EXPLORATION HISTORY 1950-1980 Northern Chile El Abra and Sierra Gorda areas 1980-2005 Chile Peru Argentina Bolivia 2005-2010 2010-2015 Chile Colombia Ecuador Pakistan Chile Americas Oceania Europe 2015-2021 Chile USA Canada Peru 29#30N.DD.CC EXPLORATION STRATEGY 120 crow British Columbia Arizona Regional Offices Mines Projects Main prospective belt 120°00″W 90°00″W Twin Metals 90°00″W Toronto Lima Santiago 6000W Centinela Pelambres 60°00″W N.D.D.00 S.00.00 TARGET CRITERIA Copper, preferably with by-products Over 50ktpa of copper for more than 10 years Geographic focus the Americas: Chile, Peru, Canada and USA Looking for M&A opportunities and early stage projects ● ● FOCUS Proven and favourable jurisdictions in the Americas Advanced projects in Chile North America run from Toronto Office: British Columbia and Arizona-Nevada, greenfield and JVs Peru and Chile: Greenfield in costal (Mina Justa, Cachorro) and Miocene belts (long term and massive potential) Chile: Brownfield in Eocene belts in Centinela district ● ● Monitoring copper opportunities in South America Replacing reserves or better Using new technology and operating improvements to find deeper resources 30#31SUCCESSFUL MINERAL RESOURCE DEVELOPMENT RESOURCE GROWTH (CONTAINED COPPER) (CAGR 2003 - 2020) 15.5% 9.5% 8.9% Peer 1 Antofagasta Peer 2 5.3% Peer 3 0.7% Peer 4 2nd highest resource growth since 2003 . Successful resource development, mainly through exploration • Cost efficient copper growth Source: S&P Global Market Intelligence, Measured and 31 Indicated Resources#32EXPLORATION'S CONTRIBUTION TO ANTOFAGASTA'S GROWTH DISCOVERY AND ACQUISITION HISTORY: 2002 - 2020 In Situ Cu Resources (Cu, million tonnes) 100 80 70 60 50 40 30 20 10 0 III 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 • New resources at Centinela • Conchi and Brujulina additional resources • Discovery of Encuentro and Mirador at Centinela • Antucoya 70% acquisition * Frontera at Los Pelambres 2012 2013 2014 2015 2016 • Additional resources at Polo Sur sulphides, Penacho Blanco supergene, Antucoya sulphides • Los Volcanes • Twin Metals acquisition • Zaldívar 50% acquisition 2017 11 2018 2019 2020 Sierra adquisition • Brujulina updated resources • Los Pelambres updated resources Zaldivar primary sulphide additional resources Note: Excludes Reko 32 Diq resources#33CENTINELA MINING DISTRICT SUCCESS OF THE EXPLORATION STRATEGY BUILDING A WORLD CLASS MINING DISTRICT 1986-1993 Staked, exchanged and acquired properties. El Tesoro orebody defined 1999-2001 Discovery of Esperanza deposit, construction of El Tesoro, acquisition of Polo Sur Consolidation of El Tesoro ownership Strategic partnership with Marubeni on Centinela District (Esperanza and El Tesoro). Mirador and Encuentro deposits discovered Esperanza construction Esperanza-El Tesoro merger to form Minera Centinela 2006 2008 2009-2010 2014 2015 - 2016 Encuentro Oxides construction Tesoro NE El Tesoro El Tesoro Esperanza Sur Esperanza Esperanza, Encuentro, Telegrafo Norte & Sur, Mirador, Polo Sur Telegrafo Norte & Sur, Polo Sur, Centinela, Llano, Paleocanal Encuentro Mirador Polo Sur, Mirador Penacho Blanco 1986 1990 1993 1995 1999 2001 2004 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Cu Contained (Mt) Au Contained (Moz) 30 25 20 15 10 5 33#34EXPLORATION EXPENDITURE $ Million 50 45 40 35 30 25 20 15 10 5 0 2016 2017 2018 2019 2020 . Strong commitment to exploration even in low price cycles • Expenditure reduction in 2020 due to COVID-19 restrictions 34#35CONCLUSIONS • Exploration is a long term activity that has played an important role in Antofagasta's growth strategy • Maintain a steady exploration expenditure with a long term view supported by several orebody discoveries, mainly in Chile • Very experienced geologists and exploration teams with deep knowledge of prospecting regions in Chile, breaking some exploration paradigms which have led to new discoveries • Operations and mining districts developed by a combination of exploration and argeted M&A • Strategy focuses on highly prospective regions, and stable and experienced jurisdictions. In the Americas selected areas focuses the team's efforts and increases chances of success Constantly looking for M&A opportunities, but few at the moment 35#36Sustainability Responsible Producer René Aguilar VICE PRESIDENT OF CORPORATE AFFAIRS AND SUSTAINABILITY Alejandra Vial ENVIRONMENT MANAGER#37PILLARS OF OUR STRATEGY People Safety and Sustainability Competitiveness 190⁰ Growth Innovation 37#38Sustainability policy DE ✓ PEOPLE ECONOMIC PERFORMANCE ENVIRONMENTAL MANAGEMENT SOCIAL DEVELOPMENT TRANSPARENCY AND CORPORATE GOVERNANCE 38#39People Promoting diversity & inclusion 8.6% 2018 Female direct employee participation¹ 10.1% 2019 3 14.7% 2020 Target 2022 To double participation Baseline 2018 50% of employees recruited in 2020 were women 1 Of direct employees 39#40Increasing local employment 110 LOCAL EMPLOYMENT 40% Mining division 88% Transport division 40#41Environmental Management Model Leadership ĎOĎ Management of regulatory risks Reportability of operational events and environmental findings Management of operational risks 41#42Climate Change Strategy Integration of stakeholders Boč ΒΟΣ Doc ՐՈՂ Development of climate change resilience To strengthen the Group's capacity to mitigate and adapt to climate change Management of the environment and biodiversity MG Efficient use of strategic resources Reduction of GHG emissions 42#43GHG EMISSIONS New reduction targets and carbon neutrality by 2050 Emission targets 2018 CO₂ 8 300,000 tonnes less GHG emissions than in 2017 by 2022 2020 CO₂ Target achieved with reduction of 581,355 tCO₂e 2021 CO₂ Define target for emissions reduction Diagnosis covering 100% of Scope 3 categories under the GHG protocol 2022 CO₂ Carbon price incorporated into decision-making E Define target for emissions reduction 2025 CO₂ 30% reduction in total GHG emissions compared to 2020 2050 Carbon Neutrality Scope 1 and 2 emissions Scope 3 emissions Scope 1, 2 and 3 emissions 43#44BIODIVERSITY Protecting the environments around us Cerro Santa Inés Quebrada Llau-Llau Monte Aranda Conchalí Wetland 44#45GEMENT Social value creation model SOCIO- TERRITORIAL ALERT SOCIAL MANAGEMENT MODEL INITIATIVE MANAGEMENT MANAGEMENT IMPACT MEASUREMENT Dialogue Collaboration Traceability Excellence Transparency 45#46Portfolio of initiatives by municipal district (2020) Los Pelambres Canela - 15 Salamanca - 230 Illapel-43 In addition, we implemented 21 initiatives at the Choapa Province level Zaldivar-53 Los Vilos - 173 Portfolio of initiatives by mining operation (2020) North Operations Antucoya - 18 INVESTING IN OUR COMMUNITIES Centinela-96 IRO NI ganamos TODOS SGS N Comisión Nacional de Acreditación CNA-Chile Comité de Desarrollo Productivo Regional Semilla fundación gob.cl 5 FUTBOLMAS I CFT Acreditado años O< En Gestión Institucional y Docencia de Pregrado hasta el 10 de Diciembre de 2020 Synthesis FUNDACIÓN Illapel CEDUC UCN MINERA LOS PELAMDRES MUNICIPALIDAD SOY TÉCNICO! ANTOFAGASTA CLUSTER MINERO acrux RECTANGULOS DE ACUA EDUCACIÓN NN locales. PATRIMONIO conectados. FCH CORFO FUNDACIÓN CHILE CIUDAD EMERGENTE Stamb miparque FUNDACIÓN SOMOS RCREA CHOAPA CHOAPA JAB Fundación PROVINCIA SUSTENTABLE JUNTO AL BARRIO 46#47THE COPPER RESPONSIBLY MARK PRODUCED COPPER LMEpassport WORKING RESPONSIBLY Our commitment to transparency ICMM International Council on Mining & Metals MINING WITH PRINCIPLES Responsible Mining Index SUSTAINALYTICS Dow Jones Sustainability Indexes FTSE4Good MSCI CDP DRIVING SUSTAINABLE ECONOMIES WDi ShareAction>> WE ARE ALSO REPORTING AGAINST THE TCFD RECOMMENDATIONS vigeqiris ISS ESG 47#48FINANCE Financial Strength and Value Creation Mauricio Ortiz CHIEF FINANCIAL OFFICER#49A RELIABLE TRACK RECORD Sustainable value & shareholder returns over the long term Operating Cash Flow Sustainable value & shareholder returns over the long term Capital Allocation • Healthy operating cash flow due to our rigorous focus on costs Maintaining production at a competitive unit cost throughout the cycle is paramount EBITDA & Margin • Focus on expanding EBITDA Margins on a consistent basis • Efficient operation of assets • Track record of returning capital to shareholders Clear, concise and consistent Capital Allocation framework that is well understood by shareholders 49#50A RELIABLE TRACK RECORD Sustainable value & shareholder returns over the long term NET CASH COSTS Operating Cash Flow Sustainable value & shareholder returns over the long term Capital Allocation EBITDA & Margin c/lb 150. 140- 130- 120 120 110- 100 2016 45% 1,626 2016 53% 125 181 2017 EBITDA ($M) & MARGIN 2016 54% 2,586 2017 67% 129 502 2018 2017 47% 2,228 2018 85% 122 432 2019 2018 Net cash costs 49% 2,438 2019 TOTAL DIVIDENDS ($M) & PAY OUT RATIO 175 114 2019 2020 53% 2,739 2020 100% 539 115 2020 2021 HY 66% 2,357 2021 HY 35% 233 2021 HY 50#51Pillars of our strategy DEVELOPING MINING FOR A BETTER FUTURE People S Safety and Sustainability Competitiveness 000⁰ Growth Enhancing Enabling competitiveness growth Innovation 51#52COST DRIVERS AND COMPETITIVE POSITION 2021 HY production cost breakdown Input Prices Chilean Peso Denominated Spares & Imported Materials Comprise 40% of our costs Move in-line with copper prices so limited margin erosion Switch to renewable energy for emissions reduction and decoupled reliance on volatile thermal coal price Comprise 40% -45% of our costs • Robotic and automation to optimize cost base • Inflationary pressures are mitigated by weaker Peso • Comprise 15% of our costs • Focus on alliances COST SAVINGS IMPACT ON POSITION ON COST CURVE 400 350 300 250 200 150 100 50 0 -50 c/lb 0% 1st quartile 98 c/lb 2nd quartile 25% 125 c/lb Wo/CCP¹ Apic. 119 c/lb 114 c/lb 50% 3rd quartile 170 c/lb 75% 4th quartile 100% 1 COST AND COMPETITIVENESS PROGRAMME SOURCE: INDUSTRY COST DATA OBTAINED FROM WOOD MACKENZIE BENCHMARK REPORT (CURVE YEAR 2021 DATA Q4 2021) 52#53COST AND COMPETITIVENESS PROGRAMME (CCP) Embedded across the business to create value COST SAVINGS PER YEAR - U$M 176 166 184 132 197 Target 2021 100 2016 2017 2018 2019 2020 2021 Organisational Effectiveness • Embedding the Operating Model to improve collaboration and labour productivity • Simplifying functions and enabling the use of digital tools Operational Excellence • Bringing our infrastructure and plants to their full potential • Improving performance of critical processes and standardising maintenance management Goods and Services Productivity Maximising the benefit of our purchases and service contracts Improving energy pricing and consumption efficiency EVER mmmm 53#54EXPANDING THE CAPITAL ALLOCATION MODEL Integrating climate factors Growth Capex Operating Cash Flow Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Strong Balance Sheet Excess Cash Dividend Create sustainable value & shareholder returns over the long term Macro Perspective Decision Factors Strong Financial Position • Economic outlook • Resilience against 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 54#55CAPITAL ALLOCATION MODEL IN ACTION Operating Cash Flow Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Growth Capex Strong Balance Sheet Excess Cash Dividend Create sustainable value & shareholder returns over the long term 2.000 1.500 1.000 5:00 0 2.000 1.500 1.000 5:00 0 100 50 0 0,8 0,6 0,4 0,2 0,0 709 2016 690 2016 53% 2016 0,66x 2016 POR 1.531 2017 716 2017 67% 2017 0,18x 2017 -Net Debt/EBITDA 639 2018 923 2018 85% 2018 0,27x 2018 1.202 2019 9.20 2019 35% 2019 1.357 2020 2020 758 100% 2020 0,23x 2019 1.609 H1 2021 384 H1 2021 35% 2021 HY (Interim) 0,08x 2020 1 Includes Sustaining, Mine development, plus IFRS 16 and Railway /Corporate Capex 55#56CAPITAL ALLOCATION MODEL IN ACTION Climate resilience ADAPTATION RESPONSE Actions taken by the company to adapt to Climate Change Realities Los Pelambres Desalination Plant Trigger Action Result Prolonged drought with deteriorating conditions year on year • Climate models showing downward trends in precipitation Decision to build 400 l/s desalination plant. Expected to come online in H2 2022 • Increase capacity of plant to 8001/s by 2025 • Decoupling water supply from continental sources • Ensuring our ability to deliver Life of Mine Value from Los Pelambres MITIGATION RESPONSE Actions taken by the company to mitigate to Climate Change Realities Switch to Renewable Energy Trigger Action Result 2015 Paris Accord signed on Climate Change Set carbon emission reduction target of 300,000t CO2 Renegotiated energy contracts to move to renewable energy PPA's Renewable energy PPA with 2% reduction in operating costs • Carbon emission target achieved in 2021, set medium and long term targets 56#57OUR PRIORITIES FOR THE FUTURE Creating sustainable value and shareholder returns Operating Cash Flow Sustainable value & shareholder returns over the long term Capital Allocation EBITDA & Margin • Keeping Costs Control at the centre of our business • Managing inflationary pressures and volatility of input prices • Deliver value through the cycle and maintain margins • Cost and Competitiveness program • Create climate and operational resilience for sustainable value creation 57#58Innovation and Technology New Ways to Operate and Develop Alan Muchnik VICE PRESIDENT OF STRATEGY AND INNOVATION#59Pillars of our strategy DEVELOPING MINING FOR A BETTER FUTURE People S Safety and Sustainability Competitiveness DOCO Growth Innovation 59#60INNOVATION PROCESS - SYSTEMIC APPROACH Understand and define oooo MAJOR STRATEGIC AND OPERATIONAL CHALLENGES OR OPPORTUNITIES Explore Assess Prioritise NY Co-develop Implementation and testing and value capture SOLUTIONS → INITIATIVES → PROJECTS CHANGE MANAGEMENT PROCESS 1. "Improve" operational continuity and operations full potential (target condition) 2. Enable new business, development, transformation and growth 60#61Using innovation and technology for the future of mining 2021-2026 New Ways to Operate (Digital) New Ways to Develop Mining (Strategic) Integrated data and advanced analytics Understanding and improving decision making Automation and robotics Improve experience and operational performance Disruptive process technology Enable Resources Clean Technologies Improve our footprint 2018-2021 today Integrated Remote Operations Centre Advanced Maintenance Characterisation & Sorting (Digital) Autonomous Equipment Automated Hydrometallurgical Plants Maintenance Robotics Chalcopyrite Leaching (Cuprochlor-T) In situ Leaching Concentration (Pre-conc., New methods of Conc., Post conc.) Enabling Mining Districts (Ex pit mass movement) Continuous operation (In pit mass movement) Tailings and Water Management Carbon neutrality (Traceability, Electromobility....) Zero waste and dust 61#62CLOSING REMARKS Iván Arriagada CHIEF EXECUTIVE OFFICER#63RELIABLE AND RESPONSIBLE PRODUCER WITH EMBEDDED GROWTH OPTIONS • A very large 18 billion tonne mineral resource inventory • A new proprietary primary sulphide leach technology • Identified key value accretive brownfields and incremental growth within our asset portfolio • A five-year production plan which could potentially take us to approximately 900,000 tonnes in 2026 • An expanded capital allocation framework that includes climate risk mitigation • Environmental commitments to reduce our freshwater consumption and emissions by 2025 or earlier • Strong social commitments to our communities 63#64CAPITAL MARKETS DAY 2021 ANTOFAGASTA PLC