Antofagasta Results Presentation Deck

Copper market Short term Global economic recovery underway, subject to pandemic Fiscal and monetary stimulus in many countries China still very important but considerable demand growth expected from Europe and North America ■ ■ ■ ■ Small market deficit is expected in 2021 Spot TC/RCs remain low and below annual contract levels Longer term factors remain supportive Structural acceleration driven by decarbonisation Urbanisation in key developing countries Grades continue to decline New projects facing more regulatory uncertainties and environmental restrictions Supply gap expected as supply growth slows relative to demand ■ Urbanisation c/lb 550 500 450 400 350 300 250 200 150 Dec 16 Renewable energy Copper price and exchange stocks Jun 17 Dec 17 Stocks LME Jun 18 Dec 18 Stocks CMX Jun 19 Dec 19 MINERALS Jun 20 Stocks Shanghai Electromobility * Julius Bar Julis Bir ANTOFAGASTA MINERALS Dec 20 ANTOFAGASTA PLC a LME Price Jun 21 RAGON M Asoc Thousand Tonnes 1,000 800 600 400 200 0 22

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