#1ANTOFAGASTA PLC Developing mining for a better future Full Year 2022 Results 21 February 2023 & PELANGAT#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#3Agenda 1 Overview 2 Financial review 3 Sustainability performance 4 Guidance and growth 32052208 Antofagasta plc | 2022 Full Year Results#4✪ ANTOFAGASTA PLC Overview 2022 Full Year Results Iván Arriagada | Chief Executive Officer#5Our purpose Developing mining for a better future Our vision of a better future is for the benefit of: Planet Ensuring mining's critical role in the energy transition, economic progress and improved livelihoods is sustainable and responsible People Developing our people to grow personally and professionally, and who are proud of their achievements and working with us Organisation Fostering a culture that is inclusive, collaborative and agile based on strong ethics and trust that embraces change and learning Society Working together with local communities to create economic and social value from mining ●●● We will achieve this through our five strategic pillars Safety and sustainability to enhance our current operations, while keeping an eye on the future Antofagasta plc | 2022 Full Year Results People and culture to cultivate the talent necessary for a better future Innovation to constantly push back boundaries and explore new ways of moving forwards to deliver value for all our stakeholders Growth to keep contributing to the development of a better future ANTOFAGASTA PLC Competitiveness is key to us achieving excellence and creating long-term value LO 5#62022 Highlights Record safety performance 0 Fatalities -35% High Potential Incidents 100% renewable energy Social value creation investment $57m Dividends 59.7cps Net cash costs $1.61/lb Copper production 646.2kt Record tonnage transported 7.1Mt Antofagasta plc | 2022 Full Year Results ANTOFAGASTA PLC $2.9bn EBITDA 50% EBITDA margin Net increase in mineral resources 920Mt Los Pelambres Expansion project 93% complete 20.6% Female participation 6#71 Safety and health Record year for safety 217 1.01 2019 Fatalities 86 0.86 2020 65 1.34 1 Lost Time Injury Frequency Rate (LTIFR) LTIFR: the number of lost time injuries per 1 million hours worked 1 2021 1 Mining division LTIFR improved 32% to 0.76 42 0.84 2022 High Potential Incidents (HPI) Our job safety analysis and critical control management are integrated into our operational model Antofagasta plc | 2022 Full Year Results Zero fatalities since July 2021 ANTOFAGASTA PLC High Potential Incidents decreased by 35%#81 Copper market Carbon neutral world requires more metals Source: CRU kt 1,000 800 600 400 ■ 200 - 0 Jun 2018 Global economic and geopolitical uncertainty China reopening Low copper inventories Inflationary pressures Dec 2018 Short term outlook Copper inventories and prices Jun 2019 Dec 2019 Jun 2020 Inventories Dec 2020 Jun 2021 Prices Dec 2021 Jun 2022 Avg. 2022 $4.00/lb Dec 2022 $/lb 5 4 3 2 1 ■ ■ Decarbonisation and clean energy targets are supportive for copper demand increases Urbanisation and electrification trends continue Supply challenge - continued falling grades and increasing ore hardness Few new projects or major discoveries Mt Antofagasta plc | 2022 Full Year Results 8 6 4 2 0 Longer term outlook Electric vehicles and renewables Cu demand 1 2020 2030 Electric Vehicles Renewables Grid (incremental) 2025 2035 ANTOFAGASTA PLC 2040 8#9Current political and fiscal situation in Chile New Constitution ● ● Proposed new mining royalty • Includes ad valorum and increased operating profit royalties • ● In January 2023 Bill approved by the Senate Mining and Energy Committee and passed to the Senate Treasury Committee for discussion ● Will then be debated in the Senate before being passed to the lower house for its consideration Proposed new Constitution rejected in a national referendum in September 2022 Congress adopted a new plan for drafting the Constitution with a new elected Council and Committee of Experts ANTOFAGASTA PLC New Constitution will be put to a national referendum in December 2023 Antofagasta plc | 2022 Full Year Results CLAR S 00:00#10A ANTOFAGASTA PLC Financial review 2022 Full Year Results Mauricio Ortiz | Chief Financial Officer 14#112022 financial highlights Robust results in a complex environment 234 Underlying earnings 59.7 c/share¹ ↓58% Revenue $5.9bn ↓22% Balance sheet Net debt/EBITDA 0.3x 2 Net cash costs $1.61/lb ↑ 34% 1 EPS including exceptional items is 155.5 c/share, a 19% increase on 2022 Moved from net cash of $541 million in December 2021 to net debt of $886 million in December 2022 ROCE On underlying net earnings Calculated as EBITDA/Revenue. If Associates and JVS revenue is included the EBITDA margin was 46.7% in 2022 and 61.1% in 2021 Antofagasta plc | 2022 Full Year Results 14.1% 19 ppt EBITDA $2.9bn ↓39% Dividends per share 59.7cps ↓ 58% 100% pay-out ratio³ EBITDA margin ANTOFAGASTA PLC 50% ↓15 ppt 4 11#121 Production and cash costs Impacted by drought and grades Copper production 721.5kt FY 2021 Cash costs $1.20/lb 0.59 Net cash costs By-product credits FY 2021 Cost and Competitiveness Programme (37.2) Throughput $1.79/lb (33.5) 0.03 Grades External: $0.25/lb 0.22 Pre-credit FX & inflation Input prices FY 2021 (12.1) 0.13 Recoveries Controllable: $0.15/lb Throughput 0.13 Grades & recoveries Antofagasta plc | 2022 Full Year Results 6.9 Work-in-progress & inventories (0.07) (0.04) CCP benefits¹ Other 0.6 ROM/Other $2.19/lb Pre-credit FY 2022 0.58 ANTOFAGASTA PLC 646.2kt By-product credits FY 2022 $1.61/lb Net cash costs FY 2022 12#131 2 Cost and Competitiveness Programme Technology and cost discipline Results CCP¹ 2022 $ million 50 Target 1 148% Cost and Competitiveness Programme Includes 100% of Zaldívar 124² 88 Savings (5c/lb) 36 Productivity (2c/lb) Actual Cash costs before by product credits -7c/lb vs Actual 2021 Technology & Al Antofagasta plc | 2022 Full Year Results Contract management Centinela throughput above design capacity 36 36 52 ANTOFAGASTA PLC $88m Savings $36m Productivity 13#1412 EBITDA and margin Resilient margins 1 65% $4,836m 2021 FY EBITDA² (987) Sales volumes and TC/RCS (644) Realised prices (260) Mining costs (15) ppt $(1,906)m (10) Exploration & evaluation (17) Associates & JVs Calculated as EBITDA/Revenue. If Associates and JVs revenue is included the EBITDA margin was 46.7% in 2022 and 61.1% in 2021 Results of continuing operations only. Includes EBITDA from Associates and JVs Antofagasta plc | 2022 Full Year Results 1 Corporate costs & non operating expenses 11 Transport division 1 50% ANTOFAGASTA PLC $2,930m 2022 FY EBITDA² 14#15Strong balance sheet Net debt/EBITDA 0.3x $ million $541m Net cash/ (debt) 31 Dec 2021 2,778 (39) EBITDA from Working capital subsidiaries (787) Tax (1,879) Capex $(1,427)m (45) Net interest (97) Other non-cash movements Antofagasta plc | 2022 Full Year Results 50 Dividends from associates Antofagasta Shareholders (1,343) Dividends (65) Other ANTOFAGASTA PLC $(886) m Net cash/ (debt) 31 Dec 2022 15#16Capital allocation framework Creating sustainable value & shareholder returns over the long term Operating Cash Flow Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Strong Balance Sheet Growth Capex Excess Cash Dividend $588 million dividends 100% of underlying net earnings Macro Perspective Decision Factors Financial Position Value Optimisation Climate Resilience Antofagasta plc | 2022 Full Year Results Dividend, capex & pay-out ratio $ million, % 65% 873 332 2018 35% 1,079 176 2019 100% 1,307 539 2020 100% 1,778 1,405 2021 ANTOFAGASTA PLC Total dividends Capex Pay-out ratio 80% average pay-out ratio Last 5 years 100% 1,879 588 2022 16#17ANTOFAGASTA PLO sk Sustainability performance 2022 Full Year Results SORRORE René Aguilar | Vice President of Corporate Affairs and Sustainability B#18Sustainability Setting ourselves high standards Safety and Health Zero fatal accidents since July 2021 35% reduction High Potential Incidents Communities Measuring the impact of our investments on our communities $57m social value creation investment 1 2 ● ● ● Ⓡ THE COPPER RESPONSIBLY MARK PRODUCED COPPER People Wellbeing Strategy rolled out 20.6% of our employees are women¹ ICMM International Council on Mining & Metals Climate Change Antofagasta plc | 2022 Full Year Results Scope 2 100% renewable energy² Scope 1 Decarbonising operations. Scope 3 Assessing our position and working with our suppliers ● ANTOFAGASTA PLC Suppliers Suppliers for a Better Future programme launched Set targets for suppliers' ESG performance Environment Biodiversity Standard updated Decreasing continental water consumption Mining division Mining division, since April 2022 Copper Mark and ICMM performance expectations - external independent certification Enhancing transparency ESG Databook available on website 18#19Diversity and Inclusion Strategy Promoting inclusive workspaces Female employees 8.4 2017 ● Mining division Chilean mining industry 8.9 8.6 2018 9.5 2019 14.7 12.4 2020 17.4 15.5 2021 Increased female participation by 18% in 2022 Set aspirational goal of 30% by 2025 Increased percentage of employees with disabilities 20.6 +18% 16.6 2022 Antofagasta plc | 2022 Full Year Results In 2022, 1 in 5 of our employees were female angloos GELOO#201 2 3 Environment and climate change Committed to emissions reduction and efficient water use Mining division Since 2020 2022 TUCOYA 30% Reduction by 2025 100% eléctrico 0% emisiones & GHG emission targets 100% renewable energy since April 2022¹ Nearly 1 million tCO₂e reduction² in Scope 2 emissions 84% of water used is recirculated³ 45% of water used is from the sea³ Carbon neutral by 2050 ANTOFAGASTA PLC Antofagasta plc | 2022 Full Year Results Sea and recirculated water More than 90% of total operational use by 2025 20#21Communities Creating social and economic value for all Improved access to drinking water for human consumption and irrigation Expanded our EnRed infrastructure and digital skills programme and implemented a digital literacy for local suppliers, entrepreneurs and schools Our scholarship programme supported 951 students in secondary and tertiary education, double 2021 $57m Social value creation investment 15 of our social programmes impact assessed Antofagasta plc | 2022 Full Year Results amar P Categoria Infantil Gas Mendón Honrosa «El linajo que vieno de la colinas Auror Máxima Gomez Hidalga UMIRTRADA (3 ANTOFAGASTA PLC E 21#22A ANTOFAGASTA PLC Guidance and growth 2022 Full Year Results Iván Arriagada| Chief Executive Officer 22#2312345 2023 Guidance Responsible and reliable copper producer Group production 646 kt 2022 Guidance 670-710 kt 2023E Production Growth Increasing quarter by quarter. First production from Los Pelambres Expansion in Q2 2023 Net cash costs Assumed CLP/USD exchange rate of 850 Includes by-product credits at a gold price of $1,750/oz and a molybdenum price of $18.0/lb Cash flow. Excludes Zaldívar. Attributable Zaldívar capital expenditure was $55m in 2022 Cost and Competitiveness Programme Tailings Storage Facility $1.61/lb Net cash costs FY 2022 0.01 FX 0.03 Guidance $1.65/lb By-product Net cash costs production 2023E and price Cost Control Higher production, CCP 4 savings and decreased input costs, offset by inflation Antofagasta plc | 2022 Full Year Results Capital expenditure³ $1,880m 59 676 583 562 2022 Guidance $1.9bn 2023E b ANTOFAGASTA PLC Transport & corporate Growth Mine development Sustaining (mining) Capital Allocation Includes major infrequent sustaining projects (desalination expansion, concentrate pipeline and TSF 5 expansion), increased mine development and inflation 23#24Reliable and responsible copper producer With embedded growth portfolio Encierro Portfolio projects Greenfields Exploration 2030+ Cuprochlor-T Cachorro Zaldívar primary sulphides Centinela 2nd Concentrator Phase 2 Los Pelambres Expansion Phase 2 Cuprochlor-T Centinela 2nd Concentrator Phase 1 Development 2025+ Antofagasta plc | 2022 Full Year Results 120 ktpa Cu 50 ktpa Cu 35 ktpa Cu 15 ktpa Cu Los Pelambres Expansion Phase 1 PRRSCHH.. Production Construction 2023 ANTOFAGASTA PLC Sized to 50 ktpa for illustrative purpose only 900ktpa target once Centinela Second Concentrator is operating 24#251 2 Growth portfolio update Developing our project By the end of 2022 First 10 years Los Pelambres Expansion Phase 1 • 93.4% complete ¹ • 400 l/s desalination plant and concentrator expansion to 190,000 tpd • In production Q2 2023 Flotation ● ● Centinela Second Concentrator Board decision expected during 2023 • Estimated capital cost $3.7 billion ● Terciary crusher (HPGR) Antofagasta plc | 2022 Full Year Results Stockpile Mills Stockpile ANTOFAGASTA PLC Secondary crusher 95,000 tpd throughput 170,000tpa CuEq² Moves Centinela to 1st quartile of net cash costs 25#26Recent exploration success Group mineral resources increased by 920Mt Puerto Mejillones Antofagasta Puerto Huasco Antucoya Huasco Freirina Cachorro Vallenar Alte Del Carmen Centinela calama Encierro Cachorro ● ● ● ● Encierro ● ● ● Inferred resources 242Mt @1.21% Cu. 70% increase since 2021 Important manto-type deposit in the coastal metallogenic belt of northern Chile Drilling continues in 2023 Located between Antucoya and Centinela Inaugural inferred resource 522Mt @0.65% Cu Eq Only 15% of the property has been drilled Jointly held with Barrick Gold. Antofagasta the majority shareholder and operator ANTOFAGASTA PLC Antofagasta plc | 2022 Full Year Results 26#2711 CENTINELA CENTINELA Innovation and technology update Improves operations' costs and productivity Autonomous trucks ● ● Integrated operations centre ● ● Operating at Esperanza Sur pit Reduces operator risk Increases efficiency ● At Los Pelambres and Centinela Enabler for the operational continuity of the end-to-end value chain Improves performance and reduces variability Antofagasta plc | 2022 Full Year Results ANTOFAGASTA PLC Autonomous drilling At Los Pelambres and Centinela Increased utilisation by 10% compared with conventional system ● Cuprochlor-TⓇ Recoveries of 70% leaching primary sulphides 38,000 tonne industrial-sized heap leach test completed at Centinela Pre-feasibility testing at Zaldívar 27#28CENTINELA Developing mining for a better future Sustainable returns to shareholders and delivering value to all stakeholders • 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 • Continuous productivity improvements to optimise margins Advancing our growth projects and innovation portfolio#29ANTOFAGASTA PLC Appendix ANUN ATENCION 29#30123 At a glance Group 65% owned by Luksic Group, 35% free float Market cap: $20.8 billion (20 February 2023) • FTSE 100 ● ● Mining division¹ ● ● ● ● ● ● Top 10 copper producer High quality assets with significant potential production growth Copper production: 646,200 tonnes Gold production: 176,800 oz Molybdenum production: 9,630 tonnes Net cash costs: $1.61/lb All operations in Chile Transport division¹ Provides rail and road cargo services in Chile's Antofagasta Region. • Total tonnage transported: 7.1 million tonnes ● 2022 From 31 December 2022 As of 31 December 2022 on 100% basis ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Antucoya 70% owned Copper production¹: 79,200 t Remaining mine life²: 21 years Reserves³: 717.6 million t @ 0.31% Cu Centinela 70% owned Copper production¹: 247,500 t Remaining mine life²: 43 years Reserves³: 2.0 billion t @ 0.40% Cu Zaldívar 50% owned, operator Copper production¹: 44,500 t (50%) Remaining mine life²: 13 years Reserves³: 413.2 million t @ 0.42% Cu Los Pelambres 60% owned Copper production¹: 275,000 t Remaining mine life²: 12 years Reserves³: 905.5 million t @ 0.59% Cu, 0.020% Mo and 0.05g/t Au Antofagasta plc | 2022 Full Year Results Santiago Chile contains 30% of world's copper resources#311 Revenue $ million Excludes Associates and JVs $7,470m FY 2021 1 (704) Copper price (799) Copper sales $(1,608)m (124) By-products Antofagasta plc | 2022 Full Year Results (4) TC/RC 23 Transport division $5,862m 1 FY 2022 ANTOFAGASTA PLC 31