Antofagasta Investor Day

CAPITAL ALLOCATION MODEL IN ACTION Operating Cash Flow Sustaining Capex & Mine Development Committed Dividends (35% pay-out) Growth Capex Strong Balance Sheet Excess Cash Dividend Create sustainable value & shareholder returns over the long term 2.000 1.500 1.000 5:00 0 2.000 1.500 1.000 5:00 0 100 50 0 0,8 0,6 0,4 0,2 0,0 709 2016 690 2016 53% 2016 0,66x 2016 POR 1.531 2017 716 2017 67% 2017 0,18x 2017 -Net Debt/EBITDA 639 2018 923 2018 85% 2018 0,27x 2018 1.202 2019 9.20 2019 35% 2019 1.357 2020 2020 758 100% 2020 0,23x 2019 1.609 H1 2021 384 H1 2021 35% 2021 HY (Interim) 0,08x 2020 1 Includes Sustaining, Mine development, plus IFRS 16 and Railway /Corporate Capex 55

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