Antofagasta Investor Day

I I EVALUATION PROCESS TO ENSURE SUCCESSFUL PROJECTS Pre Feasibility Stage Feasibility Stage Business case selection Scoping Business opportunity 2% Geology Scout drilling Survey Basic data acquisition FQAR Case A Case B Case C 15% Case D Case E Case F Conceptual engineering Drilling Metallurgical test work Soil test work FQAR • Legal & ownership FQAR = Functional quality assurance review CRA= Construction readiness assessment Define selected alternative Base case development 25% FQAR Basic engineering Permitting in progress Major equipment and contract quotes Strategy defined Commitment Construction readiness Optimisation process Investment decision Detail engineering 65% I I I I Main equipment order 1 I Ready to award major I contracts I | . Detailed execution strategy • Operational readiness CLIMATE RISK ASSESSMENT CRA Construction Construction and start up Construction Start up ANTOFAGASTA PLC Operation Hand over to operations Complete ramp up and full operation I 1 I I 22

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