Antofagasta Investor Day

EXPANDING 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

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