#1Developing mining for a better future 22nd February 2022 2021 ANTOFAGASTA PLC Preliminary Results#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#3Agenda 1 Overview 2 Financial review 3 Sustainability performance 4 Growth opportunities 32052208 3#4A ANTOFAGASTA PLC Overview 2021 Preliminary Results Iván Arriagada | Chief Executive Officer#5The 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 Sustainability Strict safety and health controls Create economic value for all Managed environmental impact Adapt to, and mitigate climate change risk ANTOFAGASTA PLC Financial position Strong balance sheet Healthy cash flow Disciplined capital allocation Strong shareholder returns Operating efficiency Constant focus on unit costs Cost & Competitiveness Programme Operational excellence Innovation Antofagasta plc | 2021 Preliminary financial results LO 5#6Developing mining... 2021 Highlights ● Safety Our first priority In July, regrettably a contractor suffered a fatal accident Reinforcing the importance of visible leadership High Potential Incidents (HPI) decreased by 28% Operations Reliable performance Main challenges: COVID-19 and drought in central Chile Mines and plants consistently performing at or above design capacity • Copper production at 721,500 tonnes and net cash costs of $1.20/lb Antofagasta plc | 2021 Preliminary financial results ● ● ● ● Financial Record EBITDA Revenue of $7.5 billion, reflecting the high copper price EBITDA increased by 77% to $4.8 billion Net cash of $540 million, up from net debt of $82 million Dividend of $142.5 per share, pay-out ratio of 100% 6#7... for a better future 2021 Highlights ● ● ● ● ● Environment Climate change Copper is part of the solution New emission reduction (-30% 2025) and net zero (2050) targets 90% sea and recirculated water by 2050 Protecting local biodiversity Copper Mark obtained by Centinela and Zaldívar Increased disclosure ● Communities Key stakeholders ● Supported local digital connectivity • Increased COVID Fund support Dialogue based engagement, not transactional Strengthened water management programmes Promoting education and employment opportunities YARE Antofagasta plc | 2021 Preliminary financial results ● Growth opportunities Creating value Continued to advance the growth projects which will come into operation in 2022 and early 2023 Cuprochlor-T®: potential to unlock value from previously uneconomic mineral resources • Autonomous trucks and Remote Operating Centre for Centinela Cachorro maiden resource declared - 142 mt @1.21% Cu 7#82022 Guidance Drought impact continues at Los Pelambres 1 Group production (kt) Guidance 660-690 53 78 722 44 79 274 325 2021 Los Pelambres Centinela Group's 50% share 250 295 2022 Antucoya Zaldívar 1 Copper production guidance Los Pelambres 168 0.70 2019 141 0.69 0.59 162 Centinela 2019 0.70 154 164 0.64 0.66 2020 H1 21 H2 21 Throughput (ktpd) 161 0.60 0.59 0.53 2020 H1 21 147 0.65 165 0.63 0.61 Throughput (ktpd) Grade Concentrate (%) H2 21 115 0.66 163 H1 22 H2 22 Grade (%) 0.64 0.48 178 0.63 Antofagasta plc | 2021 Preliminary financial results 164 0.74 0.51 H1 22 H2 22 Grade Cathodes (%) Assumptions ● Los Pelambres ● Copper production is expected to increase quarter on quarter throughout the year ● Drought impact at Los Pelambres until H2 2022 Assumes there is no precipitation until the rainy season and the desalination plant starts operating in H2 2022 Higher recoveries expected on reduced throughput Centinela • Centinela Concentrates throughput continues at design capacity Cyclical grade decline at Centinela Concentrates, before strengthening in 2023#9Copper market Fundamentals are strong and supportive of future prices Supply outlook • Expected to grow just 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 Antofagasta plc | 2021 Preliminary financial results Copper price and exchange stocks Jun 17 Jun 18 Dec 17 Stocks LME Jun 19 Dec 18 Stocks CMX Dec 19 Jun 20 Jun 21 Dec 20 Stocks Shanghai Thousand Tonnes Dec 21 1,000 800 600 400 200 0 -LME Price#10Current political and fiscal events in Chile Providing a basis for greater social cohesion Takes office on 11 March Gabriel Boric elected President • Senate evenly split left/right Chamber of Deputies majority left wing ● New government elected ● 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 | 2021 Preliminary financial results ● ● ● 10000 409 ICI 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 10#11» Financial review 2021 Preliminary Results ANTOFAGASTA PLC Mauricio Ortiz Chief Financial Officer 466#122021 financial highlights Record EBITDA and strong shareholder returns 1 Revenue $7.5 bn 个 46% Underlying earnings 142.5 c/share 个 161% Net cash costs $1.20/lb 个 5% Balance sheet Net cash $540m ↑ $622m EBITDA Margin calculated as EBITDA/Revenue. If Associates and JVS revenue is included EBITDA margin was 61.1% Antofagasta plc | 2021 Preliminary financial results EBITDA $4.8bn 个 77% ROCE 33% ↑ 17 ppt EBITDA margin¹ 65% ↑ 11 ppt Dividends per share 142.5 c/share 个 161% Pay-out ratio of 100% 12#13Production and cash costs Cost pressure offset by by-products credits 1 734.0 kt FY 2020 $1.14/lb 0.42 (24.1) costs FY 2020 Grades $1.56/lb Net cash By-product Pre-credit credits FY 2020 Cost and Competitiveness Programme 12.7 Throughput 0.10 Copper production -12.5 kt (-2%) 0.10 (3.7) FX & Input prices inflation Recovery Cash costs +$0.06/lb (+5%) 0.05 Lower grades & recoveries Work-in-progress & inventories (0.04) 2.9 CCP savings Antofagasta plc | 2021 Preliminary financial results 0.02 Others (0.3) ROM/Others $1.79/lb 0.59 721.5 kt Pre-credit By-product FY 2021 credits FY 2021 $1.20/lb Net cash costs FY 2021 13#14EBITDA and margin Underpinned by higher commodity prices 2 $ million and %² 53% $2,739m 17 2020 FY₁ Sales volumes EBITDA and TC/RCS 2,303 Realised prices (277) Mining costs + 11.3 ppt +$2,097m (18) Exploration & evaluation (11) Antofagasta plc | 2021 Preliminary financial results Corporate costs & non operating expenses 77 Associates & JVs 1 Results of continuing operations only and includes EBITDA from Associates and JVs 2 Calculated as EBITDA/Group revenue. If Associates and JVs' revenue is included the EBITDA margin was 61.1% in 2021 and 50.3% in 2020 6 Transport division 65% $4,836m 2021 FY₁ EBITDA 1 14#15Net cash Strong balance sheet $ million L‒‒‒‒‒ 4,667 (159) $(82)m Net cash/ EBITDA Working from subsidiaries capital (debt) 31 Dec 2020 (777) Tax $622m (1,778) (53) Capex Net interest (53) 143 Antofagasta plc | 2021 Preliminary financial results (605) Antofagasta Shareholders (711) Subsidiaries' minorities (1,316) Other Dividends Dividends non-cash from movements associates (52) Others $540m Net cash/ (debt) 31 Dec 2021 15#16Expanded 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 | 2021 Preliminary financial results • 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 16#17Robust 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 prices 35% 17.8 53% 2.98 2019 From excess cash 1.14 2020 Group EBITDA Margin 100% 54.7 2020 65% 4.37 Antofagasta plc | 2021 Preliminary financial results 1.20 2021 142.5 100% Pay-out ratio (%) 2021 EBITDA Margin 2021 65% Average 5-year pay-out ratio 73% 17#182022 Guidance Cash costs and capital expenditure 1 2 $1.20/lb Net cash costs FY 2021 $1,777m 883 0.11 56 336 Copper By-product Input prices production production and price 503 +$0.35/lb 0.14 Guidance $1.7-1.9bn 0.10 2022E Cash costs $1.55/lb Net cash costs 2022E Growth Transport & corporate Sustaining (Mining) Mine development ● Net cash costs of $1.55/lb Increase primarily due to: o lower copper and by-products production at Los Pelambres and Centinela Capital expenditure² o higher input prices, particularly acid Includes CCP¹ target savings of at least $50 million Capital expenditure, is expected to be $1.7-1.9 billion Sustaining and mine development expenditure for the year increase to approximately $1.0 billion Development expenditure continues on the Los Pelambres Expansion project and at Centinela 2021 Cost and Competitiveness Programme Figures are based on cash flow and exclude Zaldívar. Attributable Zaldívar capital expenditure was $87m in 2021. Antofagasta plc | 2021 Preliminary financial results 18#19ANTOFAGASTA PLC Sustainability performance 2021 Preliminary Results René Aguilar Vice President of Corporate Affairs and Sustainability 19#20Safety and health The safety and health of our people is our top priority 1.61 2 2016 1.53 0 2017 316 1.59 1 2018 217 1.01 0 2019 Fatalities Lost Time Injury Frequency Rate (LTIFR) High Potential Incidents (HPI) 86 0.86 0 2020 65 1.34 1 2021 Antofagasta plc | 2021 Preliminary financial results ● ● ● 2021 safety and health performance In July 2021 regrettably a contractor suffered a fatal accident in the open pit at Los Pelambres ● High Potential Incidents decreased by 28% COVID-19: high vaccination rate achieved (97%) Increased COVID support fund by $6 million Current safety focus is to reinforce: Planning critical tasks using the Job Safety Analysis tool 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 20#21Communities Creating shared value ● ● EnRed: digital community Integrates communities in a process of digital transformation Focus on connectivity, digital literacy, water management, health and telemedicine • Main initiatives in 2022 will be last mile connectivity and a digital academy for communities North: local suppliers Train business people and entrepreneurs to boost competitiveness, growth and future consolidation as suppliers to the mining industry Local suppliers increased by 24% compared to 2020 ● Antofagasta plc | 2021 Preliminary financial results ● Technical Training Centre ● Building capacities and generating opportunities for young people in the Choapa Province Areas of development are mining, education, construction and health 600 students enrolled in 2021 • 60% of graduates employed ECONOMIC SOCIAL CONTRIBUTION TO COMMUNITIES $48 million 21#22Climate change Committed to emissions reduction and efficient water use ● ● ● ● ● KI INTEGRATION OF STAKEHOLDERS MANAGEMENT OF THE ENVIRONMENT AND BIODIVERSITY Climate change strategy TO STRENGTHEN THE GROUP'S CAPACITY TO MITIGATE AND ADAPT TO CLIMATE CHANGE GHG emissions management 30% reduction by 2025 compared to 2020 Carbon neutral by 2050 or earlier Electricity supply: 100% renewable energy by the end of 2022 Scope 3 inventory being prepared Internal carbon price introduced DEVELOPMENT OF CLIMATE CHANGE RESILIENCE ● REDUCTION OF GHG EMISSIONS EFFICIENT USE OF STRATEGIC RESOURCES Water 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 Antofagasta plc | 2021 Preliminary financial results 22#23A Growth opportunities 2021 Preliminary Results ANTOFAGASTA PLC Iván Arriagada| Chief Executive Officer#24Reliable and responsible copper producer With embedded growth portfolio Portfolio projects Chile 3rd Region Zaldívar Primary sulphides Twin Metals 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 | 2021 Preliminary financial results 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 24#25Growth projects update ● ● ● we 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 Zaldívar Chloride Leach vess 22 Completed in January 2022 on budget Antofagasta plc | 2021 Preliminary financial results • Now being commissioned • Increases recoveries by 10ppt (10-15,000 tonnes per year) ● ● ● ● 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 tested Expected to be completed H1 2022 25#26Exploration Cachorro maiden resource declared Puerto Mejillones 80°00″W 70'00°W Antofagasta Antucoya 70'0'0″W Cachorro 69°00″W Centinela Zaldivar 20 69°0′0″W Calama 40 Km 2300'S Drilling Camp Mineralisation Antofagasta plc | 2021 Preliminary financial results ● ● 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 Estimated inferred resource for the central part of the deposit, represents only a part of its potential Good local infrastructure Infill drilling will continue during 2022 26#27Developing 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 | 2021 Preliminary financial results 27#28ANTOFAGASTA PLC Appendix ANUN ATENCION 28#29At a glance Group 65% owned by Luksic Group, 35% free float Market cap: $18.8 billion (February 17th 2021) FTSE 100 ● 1 2 3 ● 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 division¹ • 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 ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● Antucoya 70% owned Copper production¹: 78,600 t Remaining mine life²: 22 years Reserves³: 746 million t @ 0.32% Cu Centinela 70% owned Copper production¹: 274,200 t Remaining mine life²: 42 years Reserves³: 2.0 billion t @ 0.40% Cu Zaldívar 50% owned, operator Copper production ¹: 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 | 2021 Preliminary financial results Santiago#30Revenue 1 $ million $5,129m FY 2020 1 Excludes Zaldívar and JVs 2,096 Copper price (61) Copper sales +$2,341m 256 By-products Antofagasta plc | 2021 Preliminary financial results 30 TC/RC 20 Transport division $7,470m 1 FY 2021 30#31Net earnings $ million $539m 2,020 (33) 1 Excludes Associates and JVs' EBITDA 2 Includes foreign exchange adjustments 55 2020 EBITDA Depreciation Associates Underlying from and and JVs net earnings subsidiaries amortisation 119 Net finance costs 2 (787) Tax Antofagasta plc | 2021 Preliminary financial results (509) Non- controlling interests $1,404m 2021 Underlying net earnings (114) Exceptional items $1,290m 2021 Net earnings 31#32Cash flow $ million $3,673m 4,667 (159) Cash at 1 Jan 2021 Subsidiaries EBITDA from Working Capital (777) Tax +$40m (1,778) (53) Capex (635) Net Net Interest borrowings Antofagasta plc | 2021 Preliminary financial results 143 (1,316) (52) Dividends Dividends from associates Others $3,713m Cash at 31 Dec 2021 32#332021 production cost breakdown $/lb 1.20 0.59 Net Cash By-products Cost FY credits 2021 1.79 Gross Cash Cost FY 2021 (0.21) 0.38 1.96 TC/RC & Mine Production Comm. development, Cost FY 2021 Inventory variation & IFRS 16 Others Other inputs 11% Sulphuric acid Antofagasta plc | 2021 Preliminary financial results Energy 7% 4% Fuel and Lubricants 7% 13% $3,121m 13% Materials and spare parts Labour 14% 12% 20% Services Maintenance services 33#34Production and metals prices Group production Copper ('000 tonnes) Los Pelambres Centinela Concentrates Centinela Cathodes Antucoya Zaldívar² Group total Gold ('000 ounces) Los Pelambres Centinela Group total Molybdenum ('000 tonnes) Los Pelambres Centinela Group total 1 Guidance January 2022 2 Attributable share 2018 2019 2020 2021 2022E¹ 324.7 290-300 357.8 363.4 359.6 155.5 195.5 153.5 185.4 92.5 81.1 93.3 88.8 72.2 71.9 79.3 78.6 75-80 47.3 58.1 48.2 44.0 50-55 725.3 770.0 733.9 721.5 660-690 2018 2019 2020 2021 2018 2019 13.3 0.3 13.6 63.2 59.7 60.3 53.2 146.9 222.6 143.7 199.0 40-50 130-140 210.1 282.3 204.1 252.2 170-190 11.2 0.4 11.6 2020 10.9 1.7 12.6 245-255 2021 2022E¹ 2022E¹ 9.2 6.5-7.5 1.3 2.0-2.5 10.5 8.5-10.0 Antofagasta plc | 2021 Preliminary financial results Metal prices Copper ($/lb) Realised LME Gold ($/oz) Realised Market Molybdenum ($/lb) Realised Market 2018 2019 2.81 2.75 2.96 2018 2018 12.4 11.9 2020 2021 2.98 4.37 4.23 2.72 2.80 1,256 1,416 1,797 1,270 1,393 1,770 2019 2020 10.8 11.4 2019 2020 8.8 8.7 2021 1,788 1,799 2021 17.4 15.9 34#35Unit 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 1.27 1.59 1.83 1.85 1.87 2.17 1.82 2.04 1.75 1.80 2.39 1.65 1.56 1.79 (0.43) (0.42) (0.59) 1.22 1.14 1.20 2019 2020 1.40 (0.49) 0.91 2019 2020 1.83 (0.57) 1.26 2021 1.27 1.59 (0.46) (0.70) 0.81 0.89 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 Antofagasta plc | 2021 Preliminary financial results 2022E¹ 1.75 (0.50) 1.25 2021 2022E¹ 2.30 1.85 1.87 (0.58) (0.74) (0.70) 1.27 1.13 1.60 35#36TCFD Adapting and mitigating transition and physical risks Transition¹: IEA's SDS $0-100m $200-500m $200-500m $0-100m $200-500m Diesel price Carbon tax Investment in mitigation Change in energy costs due to mitigation Carbon tax avoided by mitigation Net Present Value Positive Exposure Net Present Value Negative Exposure Physical²: IPCC's RCP8.5 Northern Zone (Centinela, Antucoya, Zaldivar, FCAB) Decrease and/or loss of water supply 440 Extreme rainfall events High and/or sustained temperatures Particulate matter Logistics disruption Central Zone (Los Pelambres) Decrease and/or loss of water supply Extreme rainfall events High and/or sustained temperatures Particulate matter Logistics disruption $0 - 50m $100-200m $50 - 100m $50 - 100m $50 - 100m $100-200m $100-200m Not applicable $50 - 100m $0 - 50m Antofagasta plc | 2021 Preliminary financial results Climate scenario analysis • Used to build our understanding of how climate risks may: O Develop and impact our operations Inform our investment plans O Enhance our prevention and recovery control measures. 1. ● Potential magnitude of our business's exposure is similar under both an extreme physical warming scenario and aggressive mitigation scenario Likelihood of value at risk is uncertain Provides a useful reference point against which to assess and prioritise mitigation and adaptation measures to reduce our exposure and strengthen our resilience. The positive impact of climate change on copper demand or the copper price, has not been quantified. 2. Physical changes in climate and the associated impacts vary by geography and will impact Antofagasta's operations in different ways. 36#37Growth projects and innovation update ● ● ● ● 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 investigated ● ● Innovation: Cuprochlor-TⓇ Industrial-sized leaching test of 40,000 tonne heap confirms previous test work Leaches primary sulphides with recoveries of 70% or more, after approximately 200 days Potential to unlock value from previously uneconomic mineral resources Being considering for use at existing operations Antofagasta plc | 2021 Preliminary financial results 37#38Reserves 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 Sierra Cachorro Twin Metals Group Joint Ventures Zaldívar Total Group Measured + Indicated Inferred Total Group Mineral Resources (including ore reserves) Tonnage (millions tonnes) 2020 2020 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 11,038.1 8,739.7 19,777.8 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 11,070.6 8,722.3 19,792.8 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 0.44 2020 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 0.39 0.45 0.42 0.44 Antofagasta plc | 2021 Preliminary financial results Molybdenum (%) 2021 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 1,179.0 209.5 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 38#39Antofagasta contacts ANTOFAGASTA PLC Andrew Lindsay Director, London Office [email protected] Tel: +44 20 7808 0988 ANTOFAGASTA PLC Antofagasta plc | 2021 Preliminary financial results Rosario Orchard Investor Relations Manager [email protected] Tel: +44 20 7808 0988 39#40ANTOFAGASTA PLC ASSO ANTOFAGASTA IS A CHILEAN COPPER MINING GROUP des g துண்டிவ b G SAD Sorry Potter - Ma An Up Papet KOM 2 NEW 90% OF OUR REVENUE AND EBITDA IS FROM MINING TOWAR HORO www.antofagasta.co.uk 809.5GBp-1.2% 2016 PRELIMINARY RESULTS PRESENTATION EN