Antofagasta Investor Day

A RELIABLE TRACK RECORD Sustainable value & shareholder returns over the long term Operating Cash Flow Sustainable value & shareholder returns over the long term Capital Allocation • Healthy operating cash flow due to our rigorous focus on costs Maintaining production at a competitive unit cost throughout the cycle is paramount EBITDA & Margin • Focus on expanding EBITDA Margins on a consistent basis • Efficient operation of assets • Track record of returning capital to shareholders Clear, concise and consistent Capital Allocation framework that is well understood by shareholders 49

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