Antofagasta Investor Day

COST DRIVERS AND COMPETITIVE POSITION 2021 HY production cost breakdown Input Prices Chilean Peso Denominated Spares & Imported Materials Comprise 40% of our costs Move in-line with copper prices so limited margin erosion Switch to renewable energy for emissions reduction and decoupled reliance on volatile thermal coal price Comprise 40% -45% of our costs • Robotic and automation to optimize cost base • Inflationary pressures are mitigated by weaker Peso • Comprise 15% of our costs • Focus on alliances COST SAVINGS IMPACT ON POSITION ON COST CURVE 400 350 300 250 200 150 100 50 0 -50 c/lb 0% 1st quartile 98 c/lb 2nd quartile 25% 125 c/lb Wo/CCP¹ Apic. 119 c/lb 114 c/lb 50% 3rd quartile 170 c/lb 75% 4th quartile 100% 1 COST AND COMPETITIVENESS PROGRAMME SOURCE: INDUSTRY COST DATA OBTAINED FROM WOOD MACKENZIE BENCHMARK REPORT (CURVE YEAR 2021 DATA Q4 2021) 52

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