#1Bank of America Global Metals, Mining & Steel Virtual Conference Iván Arriagada | Chief Executive Officer 17th May 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 ommodity 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 BofA Global Metals, Mining & Steel Conference OUR VISION PEOPLE ORGANISATION Designed to deliver results and growth STRATEGY People Safety & Sustainability Competitiveness Growth Innovation 3#4Safety and health Our top priority A fatality after 33 months 49561 High Potential Incidents decreased by 24% Safety performance: Fatalities, HPI and LTIFR 316 Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 1.53 2017 1 1.59 1 2018 217 1.01 86 0.86 65 1.34 1 2019 2020 2021 Fatalities 1 Lost Time Injury Frequency Rate (LTIFR)* High Potential Incidents (HPI) LTIFR: the number of lost time injuries per 1 million hours worked 13 1.06 Q1 2022 4#52022 Performance and guidance Drought impact continues at Los Pelambres Los Pelambres 164 0.66 H1 21 161 0.60 Copper production 0.59 Centinela H1 21 147 0.65 H2 21 Q1 22 Throughput (ktpd) 165 0.63 0.61 99 H2 21 0.68 159 0.65 0.44 Q1 22 Throughput (ktpd) Grade Concentrate (%) I Forecast 115 I 0.66 I 163 H1 22 Grade (%) 178 0.64 I 0.48 0.63 Forecast H2 22 164 0.74 0.51 H1 22 H2 22 Grade Cathodes (%) ● ● $1.20/lb Net cash costs FY 2021 ● T 0.11 Cash costs +$0.35/lb 0.14 Lower copper Lower by- production product production and price Net cash costs Guidance unchanged at $1.55/lb Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 0.10 Higher input prices $1.55/lb Production Guidance for the year is unchanged: 660-690,000 tonnes Copper production is expected to increase quarter-on-quarter throughout the year I Net cash I costs I 2022E 1.75 Net cash costs Q1 2022 Capital expenditure Expected to be $1.9 billion, at the top end of the original guided range LO 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 • Economic outlook • Various copper price scenarios ● Value Optimisation Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 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% 2020 Group EBITDA Margin 54.7 65% 2020 4.37 2021 1.20 142.5 100% 2021 Pay-out ratio (%) Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference EBITDA Margin 2021 65% Average 5-year pay-out ratio 73% 7#8Our people Promoting diversity and inclusion Female employee participation¹ 8.4 2017 8.9 8.6 2018 9.5 2019 14.7 1 Direct employees only. Excludes contractors 12.4 2020 17.2 2021 Antofagasta Chilean mining industry Target achieved one year early SENTINELA PODS Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 8#9Climate change Committed to being part of the solution GHG emission targets 30% reduction by 2025 Carbon neutral by 2050 Sea and recirculated water More than 90% of total operational use by 2025 Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference#10Environment Ensuring the sustainable development of our operations Responsible producer THE COPPER MARK TM Centinela & Zaldívar Biodiversity April 2022 100% renewable energy 83% of water used is recirculated Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 45% sea water in 2021 10#11Reliable 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 120 ktpa Cu 50 ktpa Cu 35 ktpa Cu 15 ktpa Cu Los Pelambres Expansion Phase 1 2025 Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference 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 11#12Growth options 123 Other Growth Organic ESPERANZA SUR PIT (in construction) Growth Cu +10-15 ktpa | Capex $0.17bn³ ZALDÍVAR CHLORIDE LEACH (in commissioning) Cu +10-15 ktpa | Capex $0.19 bn5 2021 LOS PELAMBRES EXPANSION - PHASE 1 (in construction) Cu +60 ktpa | Capex $2.2 bn¹ (including desalination plant) Revised April 2022 2014 Prefeasibility study 2018 Feasibility study 4 5 2022 2015 Prefeasibility study 100% basis Desalination Concentrator plant plant 2023 PHASE 2 (in FS stage) Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference CENTINELA 2ND CONCENTRATOR (in FS stage) Cu eq +180 ktpa | Capex $2.7 bnª Cu +35 ktpa | Capex $0.5 bn² 15 year LOM extension EXPLORATION FOCUSING ON THE AMERICAS 2024+ 12#13Growth projects update Los Pelambres Expansion Phase I - Desalination plant Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference Zaldívar Chloride Leach abes Centinela Esperanza Sur Pit - 13#14Exploration Cachorro maiden resource declared 2300' . Puerto Mejillones Dow 70°0′0″W Antofagasta Antucoya 70°0'0″W Cachorro 69′00″W Centinela Zaldivar 20 69′00″W Calama 40 Km Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference Inferred resource 142 mt @1.21% Cu 14#15Innovation and technology New ways to operate and develop PART TOMATSU Autonomous trucks at Esperanza Sur pit Centinela's Remote Operating Centre Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference Primary sulphides leach (Cuprochlor-T®) 15#16Current political and fiscal events in Chile Providing a basis for greater social cohesion New government Proposed new mining royalty Antofagasta plc | 2022 BofA Global Metals, Mining & Steel Conference H Constitutional Convention 16#17Developing 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 BofA Global Metals, Mining & Steel Conference 17#18Bank of America Global Metals, Mining & Steel Virtual Conference Iván Arriagada | Chief Executive Officer 17th May 2022 ANTOFAGASTA PLC Developing mining for a better future