Southern Copper : Company Presentation - 1Q26, Production and Capex Guidance - 1Q26

Published: 2026-05-18 11:22:08 ET SCCO

Published on 05/18/2026 at 11:22 am EDT

May 2026

COMPANY PRESENTATION

C O M P A N Y P R E S E N T A T I O N

Contents

Introduction

Overview of Operations

Financial Overview

p. 04

p. 09

p. 15

Introduction

Corporate Structure Copper Fundamentals SCC's Strengths

ESG

100.0% (*)

88.9% (*)

Minera México

Southern Perú

Public Float

C O M P A N Y P R E S E N T A T I O N

Corporate Structure

11.1% (*)

99.29 % 99.96 %

37% of EBITDA (*) 63% of EBITDA (*)

(*) As of March 31, 2026

C O M P A N Y P R E S E N T A T I O N

Copper - The best Fundamental Story in Commodities

COPPER MARKET SOLID FUNDAMENTALS

Expecting market deficit of 350K for 2026. Inventories at 15 days of consumption.

Demand: China economic measures, resilient US economy, new demand from energy transition and AI technologies support long-term copper demand. Impact of US-Iran war.

LME COPPER CASH PRICE VS INVENTORIES

Supply: Challenges for developing new deposits. Additional supply coming mainly from expansion of current operations. Possible recovery of production Grasberg/Cobre Panama.

2025 COPPER CONSUMPTION BY REGION

Source: Wood Mackenzie

2025 COPPER CONSUMPTION BY END-USE

Source: Wood Mackenzie

Strong Fundamentals, Underpinned by

C O M P A N Y P R E S E N T A T I O N

Energy Transition Trends

Hydro Nuclear Solar

Wind - offshore Wind - onshore

Oil

2 t/MW

4 t/MW

5 t/MW

2 t/MW

10 t/MW 20

Possible Projects Production Capability Probable Projects Production Capability Base Case Production Capability Primary Copper Demand

2020

0.4

2021

0.2

2022

0.3

2023

0.3

2024E

(0.0)

2025E

(0.1)

2026E

(0.0)

2027E

0.6

2028E

1.2

Gas Coal

3 t/MW

2 t/MW

2000 2004 2008 2012 2016 2020 2024E 2028E 2032E 2036E 2040E

CAGR:+2.7%

2029E

2030E

2031E

2032E

2033E

2.2

2.9

3.9

4.6

5.3

Source: Wood Mackenzie Copper energy transition outlook 2024, Wood Mackenzie Copper 2021 update to 2040 Report, Wood Mackenzie Global copper investment horizon outlook Q3 2024 and Bloomberg.

Based on Wood Mackenzie's "Copper 2021 update to 2040" Report.

Production and primary demand outlook based on Wood Mackenzie Global copper investment horizon outlook Q3 2024.

Copper consumption under the "net zero" scenario based on Wood Mackenzie's Copper energy transition outlook 2024. "Others" includes other ICEs and grid-

29.5

15.2 1.6

11.7

8.4 66.4

2034E

2035E

2036E

2037E

2038E

2039E

2040E

6.4

7.5

9.3

10.0

10.5

11.2

12.1

related.

2020 Organic

Wind,

EVs & EV

Others 2050

demand growth

Solar & Chargers ESS

C O M P A N Y P R E S E N T A T I O N

Southern Copper

Strengths

Highest copper reserves of any listed company.

Excellent organic growth projects.

Low cost, integrated operations.

Experienced management team.

Strong financial performance / investment grade since 2005.

Outstanding dividend history.

Good long-term copper & by-product fundamentals.

C O M P A N Y P R E S E N T A T I O N

ESG at the Core of our Strategy

ESG RECOGNITIONS

STRONG ESG COMMITMENT

In 2025, Southern Copper ranked 4th among 256 companies in the Mining and Metals sector of the S&P Global Sustainability Yearbook and stood in the top 2% of best performers.

SCC was recognized by Morningstar Sustainalytics as an ESG Industry Leader and was ranked 7th among 215 companies in the metals sector with diversified operations.

Tandem Global, recognized our Buenavista del Cobre Mine for its biodiversity conservation efforts in the Sierra La Elenita ecosystem in Cananea, Sonora.

Each year, more than 9,000 people benefit from our educational, sports, and cultural programs in the communities where we operate.

COMMUNITIES' DEVELOPMENT

The National Water Authority awarded Southern Peru the "Certificado Azul" and the distinction of "Water-Responsible and Community-Supportive Company" for the efficient management of water at our Toquepala operations and for the contributions to strengthening agriculture in Ilabaya and Candarave, including the restoration of 61 hectares of terraces and traditional crops, benefiting 720 farmers.

Sustainability Biodiversity Communities

Overview of Operations

Company Overview Copper Reserves

Geographic Footprint & Product Diversification Low Cost Operations

Copper Production Cash Cost

C O M P A N Y P R E S E N T A T I O N

Company Overview

Mexico - 57%

49.4 mmt

65.6 mmt

2026 ESTIMATES

COPPER RESERVES ¹

COPPER RESOURCES 2

Copper

CASH COST

2025:

$0.58/ lb

Buenavista - 415 kt

El Pilar

La Caridad - 120 kt

Santa Eulalia

El Arco

Santa Barbara

San Martin Charcas

San Luis Potosi

Taxco

IMMSA- 10 kt

Peru - 43%

@$5.50

x lb of Cu

production: 915 kt

Sales: $13.9 B

EBITDA: $8.6 B

61% of sales

Key

Michiquillay

Los Chancas

Tia Maria

Ilo

Toquepala - 248 kt

Cuajone - 163 kt

Source: Company Filings

Notes:

ACHIEVEMENTS

#1 Copper Company by reserves and resources 3 #5 Copper producer 4

#10 Copper smelter 4

#7 refinery 4

Copper contained in reserves based on US$3.30 per pound of copper as of December 31, 2025

Resources exclusive of reserves. Copper contained in resources based on $3.80 per pound of copper as of December 31, 2025

Based on available companies reports

11 4 Wood Mackenzie Limited

C O M P A N Y P R E S E N T A T I O N

Largest Copper Reserves of any Listed Company

COPPER RESERVES AS REPORTED

49.4

35.7

30.2

23.4

21.1

18.8

15.9

Copper Reserves (Mt)

SCC Freeport BHP Billiton Glencore Anglo

American

Rio Tinto First Quantum

SCC HIGHLIGHTS

#1 mine life among copper producers

#5 world's largest producer of mined

copper

Diversified geographical presence

Four large-scale open-pit mines

A strong pipeline of world class copper greenfield projects and several other opportunities

MINE LIFE

10K

20F

Reserves Rep.

Annual Rep.

Dec. 31, 2025

Jun. 30, 2025

Dec. 31, 2025

$3.30

$3.25

N/A

N / A

$3.00

Source:

Period: Cu price:

C O M P A N Y P R E S E N T A T I O N

Geographic Footprint & Product Diversification

2025 REVENUE BY PRODUCT 2025 REVENUE BY MARKET

SULPHURIC ACID 2% OTHER 2%

SILVER 4%

ZINC 5%

EUROPE 8%

PERU 7%

MOLYBDENUM 11%

OTHER AMERICA 9%

MEXICO 32%

UNITED STATES 12%

COPPER 76%

ASIA 32%

C O M P A N Y P R E S E N T A T I O N

Cost Operations

1.03

0.88

0.89

0.78

0.69

0.67

0.58

2019

2020

2021

2022

2023

2024

-0.11

2025 1Q26

CASH COST PER POUND OF COPPER PRODUCED NET OF BY-PRODUCTS

0.8

(US$/lb)

0.6

0.4

LOW-COST DRIVERS

Integrated and highly competitive cost operations.

World class assets.

Significant SX-EW production.

Strong by-product credits.

Management focus on cost efficiency and growth.

0.2

L12M COST STRUCTURE

-0.2

OPERATING CASH COST PER POUND OF COPPER PRODUCED

Power 12%

Other

18%

Maintenance 24%

2.4

2.31

2.19

2.17

2.2

2.13

2.02

1.8

1.64

1.6

1.52

1.37

1.4

1.2

14 2019 2020 2021 2022 2023 2024 2025 1Q26

Labor 13%

(US$/lb)

Fuel 15%

Operating Materials 18%

C O M P A N Y P R E S E N T A T I O N

Copper Mine Composite Cost Curve

600

2025 Copper Mine, Composite, C1 + SUST CAPEX Grouped by Company and Ranked by C1 + SUST CAPEX

KGHM

Polska Miedz

Antofagasta plc

First Quantum Minerals

Cerro Verde

Asarco

400

Anglo American plc

Freeport-McMoRan

Glencore

Codelco

BHP Group

Rio Tinto

200

Vale

-200

-400

0 10,000 20,000 30,000 40,000

Source: Wood Mackenzie Ltd, Dataset 2025 Q4

Financial Overview

Financial Highlights

Solid Financial Performance Investment Program

SCC's Major Strengths

C O M P A N Y P R E S E N T A T I O N

Financial Highlights

(US$ MM)

2022

2023

2024

2025

2026E

Copper Price (LME) US$ per pound

4.00

3.85

4.15

4.51

5.50

Income Statement:

Net Revenues

$10,048

$9,896

$11,433

$13,420

$13,925

EBITDA

5,365

5,029

6,406

7,822

8,555

EBITDA Margin

53%

51%

56%

58%

61%

Net Income

2,638

2,438

3,377

4,335

4,646

Dividends paid per share

3.50

4.00

4.60

6.70

5.40

Balance Sheet Statement:

Cash, Equivalent & Short -Term Investments

$2,278

$1,751

$3,503

$4,909

$7,839

Total Assets

17,277

16,725

18,714

21,381

26,157

Total Debt

6,251

6,255

6,258

6,751

Total Liabilities

9,131

9,231

9,475

10,277

10,639

Total Shareholders' Equity

8,084

7,431

9,172

11,038

15,434

Cash Flow Statement:

Capital Expenditures

$949

$1,009

$1,027

$1,325

$1,961

Free Cash Flow ¹

1,854

2,564

3,394

3,427

4,022

Dividends paid to common Shareholders

2,706

3,092

3,583

5,373

4,443

Total Debt / EBITDA

1.2x

1.0x

0.9x

0.8x

Net Debt / EBITDA

0.7x

0.9x

0.4x

0.2x

0.0x

¹Free Cash Flow defined as net cash from operating activities less capital expenditures.

C O M P A N Y P R E S E N T A T I O N

Solid financial

performance

TOP TIER MARGINS AND CONSERVATIVE LEVERAGE FOR INCREASED FINANCIAL

FLEXIBILITY

2025 EBITDA Margin

50%

37%

34%

32%

20%

59%

2025 Total Debt / EBITDA

0.9x

1.3x

1.5x

3.5x

SCC

BHP Billiton Rio Tinto Freeport Antofagasta First Quantum Anglo American

4.2x

Amortization Schedule

2028

2032

2035

2040

2042

2045

2050

$1,500

$51

$1,000

$1,100

$1,200

$1,000

18 Source: Bloomberg Consensus

Source: Company Reports and Bloomberg Consensus

C O M P A N Y P R E S E N T A T I O N

Investment Program to Significantly Increase Production

P E R U

TIA MARIA

120k tons Cu

US $1.8 B

LOS CHANCAS

130k tons Cu

7.5k tons Mo

US $2.6 B

MICHIQUILLAY

225k tons Cu

US $2.5 B

ILO SMELTER

US $1.3 B

P R O J E C T S

M E X I C O

2027

2029

EL PILAR

36k tons Cu

US $310 MM

2030 2031

EL ARCO

190k tons Cu

105k Oz Au

US $2.9 B

2032

EMPALME SMELTER

US $1.1 B

2033

Board Approved | +156k tons Cu

Other Projects | +545k tons Cu

C O M P A N Y P R E S E N T A T I O N

Investment Program to Significantly Increase Production

2025-2035 CAPEX PROGRAM OVERVIEW

2025-2035 COPPER PRODUCTION FORECAST

('000 MT CU)

3,800

3,200

1,800

3,603

2,979

2,513

2,331

2,187

1,961

1,688

1,322

1,438

647

516

Average

$1.9B

1,574

1,605

1,551

1,475

1,150

1,056

956

915

967

1,003

910

+68%

1,600

2,600

1,400

1,200

2,000 1,000

1,400

800

600

400

200

2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

200

2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

Disclaimer

Southern Copper Corporation published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 15:21 UTC.