Antofagasta Results Presentation Deck

Copper 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

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