Exploration

During 2025, brownfield exploration was carried out in the districts surrounding Centinela, Los Pelambres and Antucoya.

In the Centinela District, new oxide and sulphide targets were drilled, mainly towards the southern part of the district, with the aim of integrating any additional resources identified into Centinela’s development scenarios. Additionally, followup exploration between the Esperanza and Esperanza Sur pits was completed and agreements with third parties were signed, which have added new areas of prospective interest to the district.

At Los Pelambres, the results of peripheral drilling around the current open pit have confirmed the extent of copper mineralisation beyond the final wall boundary. As a result, a plan for follow-up drilling will be developed in 2026.

In the Antucoya District, a drilling campaign is being executed to evaluate the primary sulphide copper mineralisation. The main objective is to build a geological model of sulphide distribution that will allow reporting of Inferred Resources in the future.

Cachorro is located in northern Chile, 100 km to the north-east of the city of Antofagasta and 1,100 km north of Santiago. In 2025, the project secured its second environmental permit for its next phase of exploration work. This project remains in its exploration phase, with work primarily focused on drilling for new centres of mineralisation in the vicinity of already known resources.

The Group’s latest estimate uplifts the fine copper content by 2.6%, and suggests an additional 60 million tonnes of 1.10% copper that could potentially be classified as Inferred Resources. Furthermore, new exploration work carried out during 2025 revealed at least two additional mineralised bodies, which will be subject to further studies during the coming year.

During 2026, the main objective will be to secure the environmental permits associated with the camp and facilities that will be used in the following stages of the project, and further work to determine Cachorro’s geology, geotechnical and structural geology. All of these efforts will support the pre-feasibility study work.

The Encierro Project is located in the High Andes of Chile, 100 km east of the city of Vallenar and 600 km north of Santiago. The deposit is a Miocene porphyry coppergold-molybdenum complex. The project is currently preparing environmental impact assessments with the aim of obtaining government permits and approvals that will allow the Group to continue with its exploration efforts.

Exploration work in 2026 will include surface geological and geophysical studies, using non-invasive techniques, at new sites within the property. Drilling will resume once the necessary permits are obtained. Reported resources remain the same as reported as at the end of 2024, with an estimated 522 Mt with a grade of 0.65% copper, 0.22 g/t gold, and 74 ppm Mo (0.5% cutoff).

The Los Volcanes Project is located in northern Chile, 70 km north of the city of Calama and approximately 1,500 km north of Santiago. Los Volcanes comprises three individual projects (Brujulina, CLPS and Conchi), and the Group’s teams are currently preparing environmental impact assessments with the aim of obtaining the necessary permits and approvals to proceed with further exploration and delineation of these three mineralised bodies – which were initially studied between 2012 and 2014.

Greenfield exploration efforts in Chile remained focused on the highly prospective metallogenic belts of northern and central Chile, with the main aim of identifying copper porphyries, strata-bound deposits, and IOCG (iron oxide, gold and copper) deposits.

We continued to pursue our strategy of exploration within the Americas during 2025. In Peru, drilling campaigns have been completed on both the 100% Antofagastaowned properties and other properties under a joint venture. Encouraging drill results were obtained in one of the projects, which will be followed-up in 2026 with additional work to delineate the size and upside potential. Meanwhile, efforts have also been made to secure high-quality properties in the most prolific porphyry copper belts of Central and Southern Peru, which will be drilled once the required permits are obtained during 2026