#1ANTOFAGASTA PLC Developing mining for a better future Antofagasta plc 2020 FY Results Mauricio Ortiz Chief Financial Officer 16th March 2021#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 Growth opportunities and investment case 3#4ANTOFAGASTA PLC Overview 4#52020 highlights Strong EBITDA margin and balance sheet 123 Safety Record year of safety performance No fatal accidents LTIFR¹: 0.86 Copper production 733,900 tonnes In line with guidance Financial results EBITDA: $2,739m EBITDA margin²: 53% EPS³: 54.7 c/share Net cash cost $1.14/lb Lower than guidance Lost Time Injury Frequency Rate. The number of accidents with lost time during the year per million hours worked EBITDA Margin calculated as EBITDA/Revenue. If Associates and JVs revenue is included EBITDA margin was 50.4% 3 Earnings per share from continuing operations and before exceptional items Balance sheet and dividend Net debt of $82m Net debt/EBITDA of 0.03x Final dividend 48.5 c/share ANTOFAGASTA PLC Growth projects Los Pelambres Expansion Zaldívar Chloride Leach Esperanza Sur pit LO 5#6COVID-19 situation in Chile Some local lockdowns still in place Health system has responded well High levels of testing and tracking Successful vaccination campaign with more than 25% of population vaccinated I ■ ■ I COVID-19 response and recovery Focus on protecting our people and local communities ■ Highest rate of vaccination in the world¹ 1222 Impact on operations All sites have kept operating throughout the pandemic I Limited impact on production and supply chain Mine development and maintenance resumed as operations have adjusted to the new working conditions Growth projects restarted, integrating new COVID-19 health protocols into the revised project execution plans 1 Source: Ourworldindata.org. 7-day moving average per 100 people. 13 March 2021 BOLE Antofagasta's response Focus on protecting our people and local communities ■ ANTOFAGASTA PLC ■ Dedicated air and road transport for shift changes Remote working Launched a $6 million community fund to: Provide medical equipment and supplies, and financial support to local suppliers Sanitise public spaces KST 6#7Sustainability Short-term emission and water usage targets O 1 Water efficiency and transition to sea water ▪ Centinela and Antucoya use raw sea water Currently building a 400 l/s desalination plant at Los Pelambres and expanding it to 800 l/s by 2025 ■ ▪ At Los Pelambres, 85% of water used is recirculated, increasing to over 95% of recirculated and desalinated water once 800 l/s plant is completed ▪ 43% of mining division's water consumption is sea water Transition to renewable energy Negotiated renewable energy supply contracts, taking advantage of the lower price of renewable energy Mining operations on 100% renewables during 2022 ▪ Zaldívar started using 100% renewable power in July 2020 Target emission reduction of 300,000 tonnes CO₂e by 2022¹ I Reduce CO₂ emissions (Scope 1 and 2) from 2018 to 2022 .... Approved Climate Change Strategy ▪ 5 Pillars, including energy and water transitions ■ Committed to disclosure under TCFD. Full disclosure in 2022 Applied for The Copper Mark assurance Reviewing current climate change targets and metrics ICMM International Council on Mining & Metals ■ TCFD ■ ANTOFAGASTA PLC TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Social development ■ Shared development, not just mitigating impacts Relationship initiatives: 'Somos Choapa' and 'Diálogos para el Desarrollo' ▪ Prioritising local suppliers and employment Regional development Antofagasta Region public-private Mining Cluster THE COPPER RESPONSIBLY MARK PRODUCED COPPER 7#82021 guidance Antucoya & Zaldívar Centinela Los Pelambres 725 120 248 358 2018 Copper production (kt) 770 130 277 363 2019 734 140 247 360 2020 1 Includes each operation at mid-point of guidance range and Zaldívar on a 50% basis 2 Cost and Competitiveness Programme Guidance¹ 730-760 125 275 345 2021E Copper production Guidance 730-760,000t Higher production as ore grades increase at Centinela Concentrates Cash costs Cash costs before by-products of $1.65/lb Net cash costs of $1.25/lb CCP2 target savings of $100 million ANTOFAGASTA PLC Capital expenditure $1.6bn as the rate of expenditure on our growth projects accelerates 8#9Copper market Short term Synchronised global government stimulus through monetary and fiscal incentives, led initially by China I Cyclical recovery following pandemic's impact on supply & demand Record net long financial positions fuelling volatility Supply deficit expected in 2021 ■ Scrap supply affected by COVID-19 Exchange stockpiles low ■ ■ ■ ■ Longer term Structural acceleration from decarbonisation of transport and energy sectors Urbanisation Few material growth projects ■ Grades continue to decline No meaningful discoveries ■ ■ I Urbanisation TILE c/lb 500 450 400 350 300 250 200 150 Dec 16 Renewable energy Copper price and exchange stocks Jun 17 Dec 17 I Stocks LME Jun 18 Dec 18 Stocks CMX MENNILO MINERALS Jun 19 Dec 19 Stocks Shanghai Jun 20 Electromobility ANTOFAGASTA MINERALS AGU ANTOFAGASTA PLC Dec 20 LME Price RAGON M Thousand Tonnes 1,000 800 600 400 200 0#10ANTOFAGASTA PLC Financial review 10#112020 financial highlights Strong EBITDA margin and balance sheet 123 Revenue $5,129m 3.3% higher than in 2019 Underlying earnings per share³ 54.7 c/share 7.5% higher than in 2019 Net cash cost $1.14/lb 6.6% lower than in 2019 $197m Savings from CCP¹ Financial position Net debt of $82m Net debt/EBITDA of 0.03x Cost and Competitiveness Programme EBITDA margin calculated as EBITDA/Group revenue. If Associates and JVs revenue is included EBITDA margin was 50.4% 3 Earnings per share from continuous operations and before exceptional items EBITDA EBITDA: $2,739m 12% higher than last year ANTOFAGASTA PLC EBITDA margin²: 53% Increased from 49% in 2019 Dividends per share Final dividend 48.5 c/share Total dividend for the year to 54.7 c/share, equal to 100% of underlying earnings per share 11#12Los Pelambres ● ● Operational performance Guidance achieved: 733,900 tonnes at $1.14/lb Cu production 359,600 t Net cash costs $0.81/lb Costs down by 11% Stable and reliable operation 1 Tight cost control, productivity improvements continued Group's 50% share Centinela ● Cu production 246,800 t Net cash costs $1.27/lb Costs down by 1% despite lower copper and gold grades Centinela Cathodes operating above design capacity Antucoya ● Cu production 79,300 t Cash costs $1.82/lb ● Zaldívar CEVA ● Costs down by 16% Copper production 10% higher than 2019 on optimisation of mine and plant operations Group throughput increased by 4% ● Cu production¹ 48,200 t Cash costs $1.80/lb Costs up by 3% Lower recoveries 2-5 Focusing on optimising mine and plant operations Transport ANTOFAGASTA PLC 1408 Tonnage transported 6,444 kt Increased haulage capacity and efficiency First deliveries under new contracts 12#131 Production and cash costs Copper Production kt Cash costs by cost type $/lb Cost and Competitiveness Programme 770 Copper 2019 FY 1.65 Pre-credit 2019 FY (0.05) FX & Inflation (45) Grade (0.05) Input prices 19 Throughput 0.08 (36) Lower Grades (0.09) (6) Recovery 0.01 Higher throughput (3) Work-in-progress inventories (0.09) CCP savings¹ 1.56 (1) ROM and others Pre-credit 2020 FY (0.42) By-products credits ANTOFAGASTA PLC 734 Copper 2020 FY 1.14 Net cash costs 2020 FY 13#141 2 EBITDA EBITDA¹ and margin² 2019 FY versus 2020 FY $ million and % 49% $2,439m 2019 FY EBITDA (208) Sales volumes and TC/RCS 383 Realised prices 133 Mining costs $300m (+12%) 26 Exploration & evaluation 7 Corporate costs Results of continuing operations only and includes EBITDA from Associates and JVs Calculated as EBITDA/Group revenue. If Associates and JVs' revenue is included the EBITDA margin was 50.4% in 2020 and 45.3% in 2019 (44) Associates & JVs 3 Transport division 53% $2,739m 2020 FY EBITDA ANTOFAGASTA PLC 14#15Balance sheet Net cash / (debt) and Net debt/EBITDA ratio $ million and times 1 2 $34m 0.23x ratio ¹ 2,647 (216) $(563) m Net cash (debt) - Net cash EBITDA from Working ex sub debt² (debt) subsidiaries capital 1 Jan 2020 1 Jan 2020 Net debt/EBITDA ratio Subordinated debt: $394 million end 2020, $598 million end 2019 (320) Tax $481m (1,307) Capex (40) (81) 210 (411) Net interest Others and Subordinated Dividends non-cash debt movements conversion 0.03x ratio¹ $(82) m Net cash (debt) 31 Dec 2020 ANTOFAGASTA PLC $312m Net cash (debt) - ex sub debt² 31 Dec 2020 15#161 Capital allocation drives decision making Operating Cash Flow¹ Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Growth Capex Strong Balance Sheet $559m Excess Cash Dividend Operating cash flow before income tax paid 2020 $2,431m $748m $189m Net Debt/EBITDA 0.03x $350m Copper Price DECISION FACTORS Balance Sheet ● Stress test forecasts at various copper prices Free Cash Flow Capex • Future free cash flow generation Cash buffer ● ANTOFAGASTA PLC • Upcoming capital expenditure Approved and under study projects ● Debt structure 2020 total dividend 100% of underlying net earnings 16#17Capital expenditure 1 Capital expenditure¹ $ million Sustaining ratio $400-450/tCu (5 year moving average target) $899m 276 32 221 371 2017 2017 $338/tCu $873m 144 68 310 352 2018 2018 $457/tCu $1,079m 279 61 392 347 2019 2019 $550/tCu $1,307m 571 37 341 357 2020 2020 $497/tCu Figures are based on cash flow and exclude Zaldívar. Attributable Zaldívar capital expenditure was $51m in 2017, $52m in 2018, $45m in 2019 and $74 in 2020 Guidance $1.6bn 890 70 265 375 2021E 2021E $380/tCu Growth ANTOFAGASTA PLC Transport & corporate Mining sustaining Mine development 2017-2021E $444/tCu 17#18ANTOFAGASTA PLC Growth opportunities and investment case Bex FRES 18#19123 Growth opportunities Organic Growth Other Growth Revised January 2021 2014 Prefeasibility study 2018 Feasibility study 2020 2021 LOS PELAMBRES EXPANSION - PHASE 1 (in construction) Cu +60 ktpa | Capex $1.7 bn¹ (including desalination plant) ESPERANZA SUR PIT (in construction) Cu +10-15 ktpa | Capex $0.17bn³ ZALDÍVAR CHLORIDE LEACH (in construction) Cu +10-15 ktpa | Capex $0.19 bn5 4 2015 Prefeasibility study 5 100% basis 6 2018 Prefeasibility study 2022 TWIN METALS (in FS stage) Cu Eq +65 ktpa6 2023 PHASE 2 (in FS stage) Cu +35 ktpa | Capex $0.5 bn² 15 year LOM extension CENTINELA 2ND CONCENTRATOR (in FS stage) Cu eq +180 ktpa | Capex $2.7 bn4 EXPLORATION FOCUSING ON THE AMERICAS 2024+ ANTOFAGASTA PLC 19#20Los Pelambres Expansion - Phase I 60,000 tonnes¹ of additional copper Optimise throughput within the limits of the existing operating, environmental and water extraction permits Increasing plant capacity from 175ktpd to 190ktpd Annual copper production will increase by an average of 60,000 tonnes¹ per year over 15 years Project 45% complete2, end 2020 ● 1 2 ● ● Project update - January 2021 ● ● ● Change of scope - enabling capex for future increase in desalination plant capacity from 400 l/s to 800 l/s to optimise capital expenditure Capital cost of $1.7 billion includes costs related to COVID-19 and change in scope to enable future expansion of desalination plant Project completion expected in H2 2022 Compared to production without the project. Averaging 40,000tpa in years 1-4 and 70,000tpa in years 5 to 15 Engineering, procurement and construction ANTOFAGASTA PLC 20#21Centinela's Esperanza Sur pit 10-15,000 tonnes of additional copper Will improve Centinela's flexibility to supply its concentrator Over the initial years, the higher grade material from the pit will increase copper production by 10-15,000tpa Once pre-stripping is completed, autonomous trucks operated by Centinela will mine the deposit 1.4 billion tonnes of reserves with a grade of 0.4% copper, 0.13 g/t of gold and 0.012% of molybdenum Project completion planned for H1 2022 $175 million capital cost unchanged ● ● ● ● ● Pinkies ty Thingine Ausy ANTOFAGASTA PLC 21#22Zaldívar Chloride Leach 10-15,000 tonnes of additional copper Increase copper recoveries by approximately 10 percentage points ● ● ● Upgrade SX plant, new reagents facilities and additional washing ponds Project completion planned for H1 2022 $190 million capital cost unchanged B ANTOFAGASTA PLC 22#23Transformational innovation - key to strategy Integrated Remote Operations Centre. (IROC) in the city of Antofagasta for Centinela LLE TRIMI Introduction of autonomous trucks at Centinela's new Esperanza Sur pit Strategic Initiatives Online Collaboration Platform Real Time Information Management & Analytics Automation & Robotics I H ■ I ■ I ■ Primary sulphides leach (Cuprochlor-T®) industrial scale testing underway Low cost bulk material movement technologies Thickened tailings and real time monitoring ■ ANTOFAGASTA PLC Open online collaboration platform Over 20 efficiency and cost reduction initiatives in execution Autonomous production drilling at Los Pelambres Autonomous trucks at Esperanza Sur pit, Centinela in pre- commissioning H Maintenance execution robots Accelerating implementation of Centinela's Remote Operations Centre in the city of Antofagasta Use of data analytics for operations and business optimisation Digital transformation of operation and maintenance processes, and key support functions 23#24Our priorities for 2021 and beyond ACHORZAGR + ANTOFAGASTA PLC Continuing our record of zero fatalities and protecting employees and communities from COVID-19 Embed 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 Returns to shareholders 24#25I I ■ ■ Investment case Responsible copper producer High quality assets Strong and growing production Sustainability Zero fatalities culture Safety and health model Environment stewardship Community relations and shared development Culture and labour relations Robust governance ■ ■ I Large resource base Low cost and long-life assets Four mines in two "world- class" districts in Chile S24 222 ■ Constant focus on unit costs Continuous productivity improvement ■ Operating efficiency ■ Cost and Competitiveness Programme Innovation for long term gains GASTA MINERALS OLIBDENO ■ ■ ANTOFAGASTA PLC Financial position Strong balance sheet Healthy cash flows Disciplined capital allocation and shareholder returns 25#26ANTOFAGASTA PLC Appendix wwwww 26#271 Revenue Revenue 2019 FY versus 2020 FY¹ $ million $4,965m Excludes Zaldívar (JV) 2019 FY 348 Copper price (153) Copper sales $164m (90) By-products 70 TC/RC (11) Transport division $5,129m 2020 FY ANTOFAGASTA PLC 27#28Net earnings Net earnings 2019 FY versus 2020 FY $ million $501m 2019 FY Net earnings 344 EBITDA from subsidiaries (128) Depreciation and amortisation $38m (19) Associates and JVs (52) Net finance costs (40) Tax (67) Non-controlling interests $539m 2020 FY Net earnings from continuing operations (36) Exceptional items and discontinued operations ANTOFAGASTA PLC $506m 2020 FY Net earnings 28#291 Cash flow Cash flow in 2020 FY¹ $ million $2,193m Cash at 1 Jan 2020 Excludes Zaldívar (JV) 2,647 EBITDA from subsidiaries (216) Working capital ¹ (320) Tax (1,307) Capex $1,480m (40) 918 Net Net interest borrowings 210 Capital increase (Marubeni) (411) Dividends (1) Others ANTOFAGASTA PLC $3,673m Cash at 31 Dec 2020 29#302020 FY production cost breakdown $1.14/lb 0.42 $1.56/lb Net cash costs By-products Pre-credit 2020 FY 2020 FY credits (0.20) TC/RC & Comm. 0.31 $1.67/lb Mine Production costs development, 2020 FY Inventory variation & IFRS 16 Other inputs Sulphuric acid 4% Fuel and Lubricants 5% Materials and spare parts 14% Others Energy 7% 12% 8% O $2,705m 14% ANTOFAGASTA PLC Maintenance services 14% Labour 17% Services 30#3112 2 Production and metals prices Group production Copper ('000 tonnes) Los Pelambres Centinela Concentrates Centinela Cathodes Antucoya Zaldívar² Group total Gold ('000 ounces) Los Pelambres Centinela Group total Molybdenum ('000 tonnes) Los Pelambres Centinela Group total Guidance January 2021 Attributable share 2017 2017 343.8 357.8 363.4 359.6 340-350 163.9 155.5 195.5 153.5 64.5 92.5 81.1 93.3 80.5 72.2 71.9 79.3 47.3 58.1 48.2 51.7 704.3 725.3 770.0 733.9 2017 2018 2019 2020 10.5 10.5 2018 2019 2021E¹ 2020 55.4 63.2 59.7 60.3 50-60 190-200 157.0 146.9 222.6 143.7 212.4 210.1 282.3 204.1 240-260 13.3 0.3 13.6 270-280 75-80 45-50 730-760 2021E¹ 2018 2019 2020 2021E¹ 11.2 10.9 8.0-9.0 0.4 1.5-2.0 1.7 11.6 12.6 9.5-11.0 Metal prices Copper ($/lb) Realised LME Gold ($/oz) Realised Market Molybdenum ($/lb) Realised Market 2017 2018 3.00 2.80 2017 2019 2.81 2.75 2.96 2.72 8.7 8.2 2018 2019 1,280 1,256 1,416 1,258 1,270 1,393 2017 2018 2019 12.4 10.8 11.9 11.4 2020 2.98 2.80 2020 1,797 1,770 2020 ANTOFAGASTA PLC 8.8 8.7 31#32Unit 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) 2017 1.44 1.81 1.68 1.62 1.60 (0.35) 1.25 2017 1.44 (0.42) 1.02 2017 1.81 (0.45) 1.36 2018 2019 1.52 1.40 1.89 1.83 1.99 2.17 1.94 1.75 1.72 1.65 (0.43) (0.43) 1.29 1.22 2018 1.52 (0.61) 0.91 2018 1.89 (0.38) 1.51 1 Guidance January 2021. Assumptions: CLP/USD 780, gold $1,700/oz, molybdenum $8.5/lb. 2 Attributable share 2019 2020 2019 1.27 1.85 1.82 1.80 1.56 (0.42) 1.14 2020 1.40 1.27 (0.49) (0.46) 0.91 0.81 2020 1.83 1.85 (0.57) (0.58) 1.26 1.27 2021E¹ 1.45 1.75 1.80 1.75 1.65 (0.40) 1.25 2021E¹ 1.45 (0.40) 1.05 2021E¹ 1.75 (0.60) 1.15 ANTOFAGASTA PLC 32#33Antofagasta contacts A Andrew Lindsay Director, London Office ANTOFAGASTA PLC [email protected] Tel: +44 20 7808 0988 A ANTOFAGASTA PLC Andrés Vergara Investor Relations Manager [email protected] Tel: +44 20 7808 0988 ANTOFAGASTA PLC 33#34ANTOFAGASTA PLC A ANTOFAGASTA IS A CHILEAN COPPER MINING GROUP Cavalling in die b Ma SayPad - Ma A UP mm 90% OF OUR REVENUE AND EBITDA IS FROM MINING ஒமுங்கிபயர் The www.antofagasta.co.uk 809.5GBp-1.2% MAS 2016 PRELIMINARY RESULTS PRESENTATION