Q2 2025 Southern Copper Corp Earnings Call

July 30, 2025

Operator: Good morning, and welcome to Southern Copper Corporation's Q2 and six months 2025. With us this morning, we have Southern Copper Corporation, Mr. Raúl Jacob, Vice President of Finance, Treasurer, and CFO, who will discuss the results of the company for the Q2 and six months 2025, as well as answer any questions that you may have. The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risk and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All results are expressed in full US GAAP. Now, I will pass the call to Mr. Raúl Jacob.

Good morning and welcome to Southern Copper Corporation's second quarter and six months 2025 earnings call.

Hold your cup, vice president, Finance Treasurer and CFO.

Who will discuss the results of the company for the second quarter and six months of 2025, as well as answer any questions that you may have.

The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements.

Raul Jacob: Raul Jacob.

Raúl Jacob: Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's Q2 2025 Results Conference Call. At today's conference, I'm accompanied by Mr. Oscar González Rocha, CEO of Southern Copper and board member, as well as by Mr. Leonardo Contreras, who is also a board member. In today's call, we will begin with an update on our view of the copper market and then review Southern Copper's key results related to production, sales, operating costs, financial results, expansion projects, and ESG. After this, we will open the session for questions. Before we get into the agenda, let me begin by saying that we're pleased with Southern Copper's progress for the first half of 2025. Sales volumes grew for copper, 0.3%, zinc 25%, silver 14%, and molybdenum 6%. This is for sales volumes.

Raul Jacob: Thank you very much, Carmen. Good morning, everyone, and welcome to SOUTHERN COPPER'S second quarter 2025 results conference call. At today's conference, I'm accompanied by Mr. Oscar Gonzalez Rocha, CEO of SOUTHERN COPPER and board member, as well as by Mr. Leonardo Contreras, who is also a board member. In today's call, we will begin with an update on our view of the copper market and then review SOUTHERN COPPER'S key results related to production, sales, operating costs, financial results, expansion projects, and ESG. After this, we will open the session for questions. Before we get into the agenda, let me begin by saying that we're pleased with SOUTHERN COPPER'S progress for the first half of 2025. Sales volumes grew for copper 0.3%, zinc 25%, silver 14%, and molybdenum 6%. This is for sales volumes.

Southern Copper, Corporation undertakes, no obligation to publicly update, or revise, any forward-looking statements, whether as a result of new information, future events or otherwise, all results are expressed in full us gaap. Now, I will pass the call to Mr. Rahul yakub

Thank you very much Carmen. Good morning everyone and welcome to Southern Copper's. Second quarter 2025 results conference call.

At today's conference and the campaign by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and board member as well as parameter Leonardo Contra who is also a board member.

In today's call, we will begin with an update on our view of the copper market. And then review Southern coppers key results related to production sales.

Operating cost, financial results, expansion projects, and ESG. After this, we will open the session for questions.

Before we get into the agenda, let me Begin by saying that we're pleased with Southern Copper's progress for the first half of 2025.

Sales volumes grew for copper.

Uh, 3%.

Think 25% silver 14% And medium 6%?

Raul Jacob: This evolution, combined with better prices for copper, zinc, silver, dove, and 8% year-to-date increase in net sales. Additionally, our cash cost dropped from $0.91 to $0.70, which represents a reduction of 24% that yields a 10% improvement in EBITDA and 14% in net income. These positive variances reflected the excellent performance of our company in the first half of 2025. Going to the copper market, the LME copper price decreased 2% from an average of $4.42 cents per pound in the second quarter of 2024 to $4.32 cents per pound this past quarter. Based on current supply and demand dynamics, we estimate the market to be in a slight deficit at year-end.

Raúl Jacob: This evolution, combined with better prices for copper, for copper, zinc, silver, drove an 8% year-to-date increase in net sales. Additionally, our cash costs dropped from $0.91 to $0.70, which represents a reduction of 24% that drew a 10% improvement in EBITDA and fourteen percent in net income. These positive variances reflected the excellent performance of our company in the first half of 2025. Going to the copper market. The LME copper price decreased 2% from an average of $4.42 per pound in Q2 2024 to $4.32 per pound this past quarter. Based on current supply and demand dynamics, we estimate the market to be in a slight deficit at year-end.

This is for sales volumes, this Evolution combined with better prices for copper.

For copper sink, silver drove, and an 8% year-to-date increase in net sales. Additionally, our cash cost dropped from $0.91 to $0.70, which represents a reduction of 24%, due to a 10th in a BDA and a 14% increase in net income.

this positive variances, reflected, the excellent performance of our company in the first half of 2025,

going to, uh,

The copper Market. Yellow me copper price decreased 2% from an average of 4.42 cents per pound in the second quarter of 2024 to 4.32 cents per pound, this past quarter.

Raúl Jacob: Copper inventories worldwide, which is the sum of the London Metal Exchange, the COMEX, and the Shanghai warehouses, as well as the bonded warehouses. In total, copper inventories have dropped 28%, going from 627,000 tons at the end of March to 450,000 tons at the end of June 2025. We estimate that this inventory currently covers approximately six days of global demand. As was the case in the Q1 of this year, the copper market registered a significant arbitrage difference between COMEX and London Metal Exchange prices. As at its peak in 11 July, the COMEX price was $1.19 per pound or 27% above the London Metal Exchange price. This huge difference reflects the strong possibility that a 50% tariff will be imposed on US copper imports.

Raul Jacob: Copper inventories worldwide, which is the sum of the London Metal Exchange, the COMEX, and the Shanghai warehouses, as well as the bonded warehouses, in total, copper inventories have dropped 28%, going from 627,000 tons at the end of March to 450,000 tons at the end of June 2025. We estimate that this inventory currently covers approximately six days of global demand. As was the case in the first quarter of this year, the copper market registered a significant arbitrage difference between COMEX and London Metal Exchange prices. At its peak in July 11, the COMEX price was $1.19 per pound, or 27% above the London Metal Exchange price. This huge difference reflects the strong possibility that a 50% tariff will be imposed on US copper imports.

Based on current supply and demand Dynamics. We estimate the market to be in a slight deficit that year end.

Copper inventories worldwide which is the sum of the London, Metal Exchange the comics.

And the Shanghai warehouses as well as the bonded warehouses.

In total copper inventories have dropped 28%, going from 627,000 tons, at the end of March.

To 450,000 tons at the end of June 2025.

We estimate that. This inventory currently covers approximately 6 days of global demand.

As was the case in the first quarter of this year, the copper market registered a significant arbitrage difference between COMEX and London Metal Exchange prices.

As at its peak.

In July 11th, the comics price was $1.19 per pound or 27% above the London, Metal Exchange price.

Raul Jacob: Although we maintain a very positive long-term outlook for copper, we believe an intense commercial war between the US and China will affect economic growth worldwide, consequently impacting copper demand. Now, let's look at SOUTHERN COPPER'S production for the past quarter. Copper represented 74% of our sales in the second quarter of 2025. Copper production registered a slight decrease of 1.4% compared to the mark in the second quarter of 2022. It stood at 238,000 tons and 980 tons in this past quarter. Our quarterly result reflects a 2.5% drop in production in Mexico, which was triggered by a decrease in production at our Buenavista and La Caridad mines. Production at our Peruvian operations was slightly lower quarter on quarter, mainly due to lower production at our Guajon mine. These results were partially offset by an increase in our Toquepala and Imsa mines.

Raúl Jacob: Although we maintain a very positive long-term outlook for copper, we believe an intense commercial war between the US and China will affect economic growth worldwide, consequently impacting in copper demand. Now, let's look to Southern Copper's production for the past quarter. Copper represented 74% of our sales in Q2 2025. Copper production registered a slight decrease of 1.4% compared to the mark in Q2 2022. It stood at 238,980 tons in this past quarter. Our quarterly result reflects a 2.5% drop in production in Mexico, which was triggered by a decrease in production at our Buenavista and La Caridad mines. Production at our Peruvian operations was slightly lower quarter-over-quarter, mainly due to lower production at our Cuajone mine.

This huge difference, reflects the strong possibility that a 50% tariff will be imposed on us, copper Imports.

although we maintain a very positive long-term outlook for copper,

We Believe an intense commercial war between the US and China will affect economic growth, worldwide, consequently, impacting, in Copper demand.

Now, let's look to a thousand coppers production for the past quarter.

Copper represented 74% of our sales in the second quarter of 2025.

Proper production.

There was a slight decrease of 1.4% compared to the mark in the second quarter of 2022.

980.

Tons in this past quarter our quarter you resolve reflects a 2.5% drop in production in Mexico which was triggered by a decrease in production at our Buenavista and La kalat Minds.

Raúl Jacob: These results were partially offset by an increase in our Toquepala and IMMSA mines. For 2025, we expect to produce 965,300 tons of copper, in line with our plan, but a decrease of 0.9% over 2024's final print. For molybdenum, it represented 12% of the company's sales in Q2 of this year and is currently our first light product. Molybdenum prices averaged $20.57 per pound in the quarter, compared to $21.69 in Q2 2024. This represents a decrease of 5%. Molybdenum production increased by 3.5% in Q2 of this year compared to the same period of last year.

Production at our Peruvian operations was slightly lower quarter over quarter, mainly due to lower production at our Quon mine.

Raul Jacob: For 2025, we expect to produce 965,300 tons of copper, in line with our plan, but a decrease of 0.9% over the 2024's final print. For molybdenum, it represented 12% of the company's sales in the second quarter of this year and is currently our first by-product. Molybdenum prices averaged $20.57 cents per pound in the quarter, compared to $21.69 cents in the second quarter of 2024. This represents a decrease of 5%. Molybdenum production increased by 3.5% in the second quarter of this year compared to the same period of last year. This was mainly driven by higher production at all our mines, with the exception of La Caridad. In 2025, we expect to produce 28,700 tons of molybdenum, which represents a decrease of 1% over our 2024 production level.

These results were partially offset by an increase in our Tokyo, Paula, and imsa Minds.

for 2025, we expect to produce 965,300 tons of copper in line with our plan, but a decrease of 0.9% over the 2024, uh, final print,

For male, Lipton it represented 12% of the company sales in the second quarter of this year and is currently our first buy product, but lithium prices, averaged $20.57 per pound in the quarter compared to 21 dollars and 69 cents in the second quarter of 2024.

This represents a decrease of 5%.

Raúl Jacob: This was mainly driven by higher production at all our mines, with the exception of La Caridad. In 2025, we expect to produce 28,700 tons of molybdenum, which represents a decrease of 1% over our 2024 production level. Silver represented 7% of our sales in Q2 2025, with an average price of $33.62 per ounce this quarter. This reflected an increase of 17%. Silver is currently our second by-product. Mine silver production increased 15% in the second quarter of the year, vis-à-vis Q2 2024. This was the result of higher production in all of our mines, except the Toquepala operation. Refined silver production increased 1% quarter-over-quarter.

Malevolent and production increase by 3.5% in the second quarter of this year compared to the same period of last year.

This was mainly driven by higher production at all our minds with deception of larat.

Raul Jacob: Silver represented 7% of our sales in the second quarter of 2025, with an average price of $33.62 cents per ounce this quarter. This reflected an increase of 17%. Silver is currently our second by-product. Mine silver production increased 15% in the second quarter of this year, vis-à-vis the second quarter of 2024. This was the result of higher production in all of our mines, except the Toquepala operation. Refined silver production increased 1% quarter over quarter. It was mainly driven by growth in production at our Caridad refinery, which was partially offset by a drop in production at the Ilo I. In 2025, we expect to produce 22.8 million ounces of silver, an increase of 9% compared to last year. Zinc represented 4% of our sales in the second quarter of this year, with an average price of $1.20 cents per pound this quarter.

In 2025, we expect to produce 28,700. Tons of mum which represents a decrease of 1%, over our 2024 production level.

Silver represented 7% of our sales in the second quarter of 2025 with an average price of 33.62 cents per ounce. This quarter

This reflected an increase of 17%.

Silver is currently our second byproduct.

Mine silver production increased by 15% in the second quarter of this year. Visa V, the second quarter of 2024.

Uh, this was the result of higher production in all of our minds except the toala operation.

Raúl Jacob: It was mainly driven by growth in production at our La Caridad refinery, which was partially offset by a drop in production at the Ilo one. In 2025, we expect to produce 22.8 million ounces of silver, an increase of 9% compared to last year. Zinc represented 4% of our sales in the second quarter of this year, with an average price of $1.20 per pound this quarter. This represents a 7% decrease compared to the second quarter of 2024 figure of $1.29 per pound. Zinc is our third by-product. Mine zinc production increased 56% quarter-on-quarter and totaled 45,899 tons.

Refined silver production increased by 1% quarter over quarter. It was mainly driven by growth in production at our Carry That Refinery, which was partially offset by a drop in production at the ELO 1.

In 2025, we expect to produce 22.8 million oz, of silver, and increase of 9%, compared to last year.

Raul Jacob: This represents a 7% decrease compared to the second quarter of 2024 figure of $1.29 cents per pound. Zinc is our third by-product. Mine zinc production increased 56% quarter on quarter and totaled 45,899 tons. This was mainly driven by a 126% increase in production at the new Buenavista zinc concentrator, which is operating at full speed. For 2025, we expect to produce 173,400 tons of zinc, which represents an increase of 33% over our 2024 production level. This growth will be driven by the production of our Buenavista zinc concentrator, where we will produce 110,700 tons. Looking into our financial results for the second quarter of 2025, sales were $3.1 billion, 67 million below the sales level of the second quarter of 2024, or 2% lower.

Think represented 4% of our sales in the second quarter of this year, with an average price of 120 cents per pound.

This represents a 7%, decrease compared to the second quarter of 2024 figure of a dollar and 29 cents per pound.

Raúl Jacob: This was mainly driven by a 126% increase in production at the new Buenavista Zinc Concentrator, which is operating at full speed. For 2025, we expect to produce 173,400 tons of zinc, which represents an increase of 33% over our 2024 production level. This growth will be driven by the production of our Buenavista Zinc Concentrator, where we will produce 110,700 tons. Looking into our financial results for Q2 2025, sales were $3.1 billion, $67 million below the sales level of Q2 2024, or 2% lower.

Think is our third byproduct mind sink production increased 56% quarter on quarter and total 45,899 tons.

this was mainly driven by a 126% increase in production at the new when a Vista sink concentrator, which is

For 2025, we expect to produce 173400 tons of zinc, which represents an increase of 33% over our 2024 production level.

Which is operating at full speed.

This growth.

Driven by the production of our winner based testing concentrate or.

We will produce a 110700 tons.

Looking into our financial results for the second quarter of 2025 sales were $3 1 billion.

67 million below the sales level of the second quarter of 2024 or 2% lower.

Raul Jacob: In a scenario of lower LME prices that decreased by 2.3% and higher commerce prices that increased by 3.7%, the copper sales value dropped 5% while the volume fell 3%. Regarding our main by-products, we reported growth in sales of zinc of 7% due to an increase in volume. The increase in volume was 14%, which was partially, and this was partially offset by lower prices. Silver sales grew 28% due to better prices and volume. Molybdenum sales dropped 7% due to lower prices, which was partially offset by an increase in the volume of 3%. Our total operating costs and expenses decreased 47 million, or 3% compared to the second quarter of last year. The main cost reductions were in inventory consumption, constructors, freight, diesel and fuel, and other factors. These cost reductions were partially offset by higher repair materials and translation difference.

Raúl Jacob: In a scenario of lower LME prices that decreased by 2.3% and higher commercial prices that increased by 3.7%, the corporate sales value dropped 5%, while the volume fell 3%. Regarding our main by-products, we reported growth in sales of zinc of 7% due to an increase in volume. The increase in volume was 14%, which was partially offset by lower prices. Silver sales grew 28% due to better prices and volume. Molybdenum sales dropped 7% due to lower prices, which was partially offset by an increase in the volume of 3%. Our total operating costs and expenses decreased $47 million, or 3% compared to Q2 of last year. The main cost reductions were in inventory consumption, constructors, freight, diesel and fuel, and other factors.

And in a scenario of lower LNG prices that decreased by two 3% on higher prices that increased by three 7%.

Corporate sales value drops, 5%, while the volume fell 3%.

Regarding our main by products, we reported growth in sales of zinc of 7% due to an increase in volume.

The increase in volume was 14%, which was partially and this was partially offset by lower prices.

<unk> sales grew 28% due to better prices and volume.

Molybdenum sales dropped 7% due to lower prices, which was partially offset by an increase in the volume of 3%.

Our total operating costs and expenses decreased $47 million or 3% compared to the second quarter of last year, the main cost reductions wearing inventory consumption.

Sectors freight diesel and <unk> and other factors discussed where these cost reductions were partially offset by higher repair materials and translation difference.

Raúl Jacob: These cost reductions were partially offset by higher repair materials and translation difference. The second quarter of 2025 adjusted EBITDA was $1,791 million, which represented a slight decrease of 0.3% with regard to the $1,797 million registered in the second quarter of last year. The adjusted EBITDA margin in the second quarter of 2025 stood at 59% versus 58% in the second quarter of 2024. Adjusted EBITDA in the six months of this year was $3,537 million. This is 10% higher than the same mark for 2024. Cash cost.

Raul Jacob: The second quarter of 2025 adjusted EBITDA was 1,791 million, which represented a slight decrease of 0.3% with regard to the 1,797 million registered in the second quarter of last year. The adjusted EBITDA margin in the second quarter of 2025 stood at 59% versus 58% in the second quarter of 2024. Adjusted EBITDA in the six months of this year was 3,537 million. This is 10% higher than the same mark for 2024. Cash cost. Operating cash cost per pound of copper before by-product credits was $2.11 cents per pound in the second quarter of this year. This is 6 cents higher than the $2.05 value reported in the first quarter of 2025. This 3% increase in operating cash costs was driven by higher costs per pound from production costs, administrative expenses, and lower premiums.

The second quarter of 2025, adjusted EBITDA was 1790 1 million, which represented a slight decrease of <unk>, 3% with regard to the 1790 7 million registered in the second quarter of last year there.

The adjusted EBITDA margin in the second quarter of 2025.

That 59% versus 58% in the second quarter of 2024.

Adjusted EBITDA in the six months.

This year was 3000 537 million this is 10% higher than the same mark for 2024.

Cash cost operating cash cost per pound of copper before byproduct credits was $2 11 per pound in the second quarter of this year.

Raúl Jacob: Operating cash costs per pound of copper before by-product credits was $2.11 per pound in Q2 of this year. This is 6 cents higher than the $2.05 value reported in the first quarter of 2025. This 3% increase in operating cash costs was driven by higher costs per pound from production costs, administrative expenses, and lower premiums. This growth in operating cash cost was partially offset by a significantly lower treatment and refining cost. These treatment and refining costs had a positive variance of over 650%. Southern Copper's operating cash cost, including the benefit of by-product credits, was $0.63 per pound in Q2 of this year.

This is 6% higher than the $2 five <unk>.

Value reported in the first quarter of 2025.

These 3% increase in operating cash cost was driven by higher cost per pound from production cost.

Administrative expenses and lower premiums.

Raul Jacob: This growth in operating cash costs was partially offset by a significantly lower treatment and refining cost. This treatment and refining cost had a positive variance of over 650%. SOUTHERN COPPER'S operating cash cost, including the benefit of by-product credits, was 63 cents per pound in the second quarter of this year. This cash cost was 13 cents or 18% lower than the cash cost of 77 cents for the first quarter of 2025. So we had a reduction in cash cost of 18%, which is 13 cents per pound. Regarding by-products, we had a total credit of $756 million or $1.48 cents per pound in the second quarter of this year. These figures represent a 15% increase when compared with the credit of $659 million or $1.29 cents per pound in the first quarter of 2025. Total credits have increased for all our by-products.

This growth in operating cash cost was partially offset by a significantly lower treatment and refining costs. This.

Yeah.

Treatment and refining costs had a positive variance of over 650%.

Yeah.

Southern Coppers.

Operating cash cost, including the benefit of byproduct credits was <unk> 63 per pound in the second quarter of this year. This cash cost was 13.

Raúl Jacob: This cash cost was $0.13 or 18% lower than the cash cost of $0.77 for Q1 2025. So we had a reduction in cash cost of 18%, which is $0.13 per pound. Regarding by-products, we had a total credit of $756 million, or $1.48 per pound, in Q2 this year. These figures represent a 15% increase when compared with the credit of $659 million or $1.29 per pound, in Q1 2025. Total credits have increased for all our by-products.

Or 11, 18% lower than the cash cost of 77 for the first quarter of 2025. So we had a reduction in cash cost of 18%.

<unk>, which is 13.

Per pound.

Regarding by products, we had a total credit of $756 million or <unk> 48 cents per pound in the second quarter of this year.

These figures represent a 15% increase when compared with the credit of $659 million or dollar in 2009 cents per pound.

First quarter of 2025.

Total credits have increased for all our byproducts.

Sure.

Raúl Jacob: The Q2 2025 net income was $973 million, which represents a 2% increase with regard to the $950 million registered in the second quarter of last year. The net income margin of the Q2 2025 stood at 32% versus 31% in the Q2 2024. This increase was mainly the result of a 3% decrease in operating costs, in operating cost, a drop in G&A and exploration expenses, and an increase in interest income. These results was partially-- were partially offset by lower net sales. On a year-to-date basis, net income was 14% higher than two thousand-- than in 2024, due to higher net sales.

Raul Jacob: The second quarter of 2025 net income was $973 million, which represents a 2% increase with regard to the $950 million registered in the second quarter of last year. The net income margin of the second quarter of 2025 stood at 32% versus 31% in the second quarter of 2024. This increase was mainly the result of a 3% decrease in operating costs, a drop in G&A and exploration expenses, and an increase in interest income. These results were partially offset by lower net sales. On a year-to-date basis, net income was 14% higher than in 2024 due to higher net sales. Cash flow from operating activities in the six months of this year was 1,698 million, which represents an increase of 5% compared to the 1,622 million post in the six months of 2024.

The second quarter of 2025 net income was $973 million.

Which represents a 2% increase with regard to the 950 million great Easter in the second quarter of last year.

The net income margin of the second quarter of 2025 stood at 32% versus 31% in the second quarter of 2024.

This increase was mainly the result of a 3% decrease.

<unk> costs.

And operating costs are dropping G&A and exploration expenses and an increase in interest income. These results was partially were partially offset by lower net sales.

On a year to date basis net income was 14% higher.

And then 2000 and then in 2024 due to higher net sales.

Raúl Jacob: Cash flow from operating activities in the six months of this year was $1,698 million, which represents an increase of 5% compared to the $1,622 million posted in the six months of 2024. This improvement was attributable to the strong cash generation at our operations, which was driven by higher sales and cost control efficiencies. Looking into capital investments. For the Peruvian projects, our investments in Peruvian projects that are being built, or for which basic or detailed engineering is being conducted, could surpass $10.3 billion in the next decade. The openness of the Peruvian government and institutions to private investment, the strong support of local communities, and respect for the rule of law, underpin our aggressive investment program in Peru.

Cash flow from operating activities in the six months of this year was 1600 98 million, which represents an increase of 5% compared to the 1620 $2 million post in the six.

Months of 2020 for this.

Raul Jacob: This improvement was attributable to the strong cash generation at our operations, which was driven by higher sales and cost control efficiencies. Looking into capital investments for the Peruvian projects, our investments in Peruvian projects that are being built or for which basic or detailed engineering is being conducted, culture passed $10.3 billion in the next decade. The openness of the Peruvian government and institutions to private investment, the strong support of local communities, and respect for the rule of law underpin our aggressive investment program in Peru. With the support and assistance of Peruvian authorities, the company is moving forward to secure the administrative permits and licenses that are required prior to investment. The project's construction and subsequent operating phases will generate new poles of development, create significant job opportunities, and drive growth in tax revenues at both national and regional levels.

This improvement was attributable to.

The strong cash generation that our operations were driven by higher sales and cost control efficiencies.

Looking into capital investments for the Peruvian projects, our investments in Peruvian projects that are being built or for which basic or detailed engineering is being conducted could surpass.

$10 $3 billion in the next decade.

The openness of the Peruvian government and institutions to private investment has strong support of local communities.

And respect for the rule of law underpinning our aggressive investment program in Peru.

Raúl Jacob: With the support and assistance of Peruvian authorities, the company is moving forward to secure the administrative permits and licenses that are required prior to investments. The project's construction and subsequent operating phases will generate new poles of development, create significant jobs opportunities, and drive growth in tax revenues at both national and regional levels. Given that there is a description of our main capital projects in Southern Copper's press release, I'm going to focus on updating new developments for each. In the case of the Tía María project, located in the Arequipa region, as of 30 June of this year, the company has generated 1,376 new jobs. Of them, 802 were filled with local applicants.

With the support and assistance of Peruvian authorities. The company is moving forward to work to secure the administrative permits and licenses that are required prior to investment.

<unk> construction and subsequent.

Operating basis will generate new pools of development create significant jump as opportunities and drive growth in tax revenues at both national and regional levels.

Raul Jacob: Given that there is a description of our main capital projects in SOUTHERN COPPER'S press release, I'm going to focus on updating new developments for each. In the case of the Tía María project located in the Arequipa region, as of June 30th of this year, the company has generated 1,376 new jobs, of them 802 were filled with local applicants. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tía María's construction phase with workers from the slide province. In 2027, when we start operations, the project will generate 764 direct jobs and 5,900 indirect jobs. In the early construction phase, progress on access roads and platforms stands at 90%. We will advance these efforts alongside work to set up a temporary camp, engage in massive earthworks, and roll out mine opening activities.

Given that there is a description of our main capital projects in Southern Copper's press release, I'm going to focus on updating new developments for each.

The case of the Tia Maria project located in the Arequipa region.

<unk> of this year the company has generated 1376 new jobs.

Both of them 802 were filled with local applicants to.

Raúl Jacob: To the fullest, fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tía María's construction phase, with workers from the Islay province. In 2027, when we start operations, the project will generate 764 direct jobs and 5,900 indirect jobs. In the early construction phase, progress on access roads and platforms stands at 90%. We will advance these efforts alongside work to set up a temporary camp, engage in massive earthworks, and roll out mine opening activities. To date, we have installed 59km of live fence to delimit the property.

To the full it fullest extent possible, we intend to fill the 3500 jobs estimated to be required during the Tia Maria construction phase with workers from the slide proteins in.

In 2027, when we start operations the project will generate 764 direct jobs and 5900.

Indirect jobs.

In the early construction phase progress on exit rows and platform stands at 90%.

We will advance these efforts alongside work to set up a temporary kind of engage.

Engage massive.

Works and rollout mine opening activities to date, we have installed 59 kilometers of life spans to delimit the property.

Raul Jacob: To date, we have installed 59 kilometers of live fence to delimit the property. In the case of Los Chancas project, which is in Apurímac, at the center part of the country, on June 6 of 2025, the company signed a framework agreement for the development of the Tiapato Pearson Community and the Los Chancas mining project. This was signed with the community of Tiapato. This agreement will be in effect throughout the construction and operation phases of the project. This agreement, as well as the important steps taken to control illegal mining activities related to the project, represent important milestones in the development of our Los Chancas projects. For the Michikiay project located in the northern region of Cajamarca, as of June 30th, the exploration project's total progress was 45%.

Raúl Jacob: In the case of Los Chancas project, which is in Apurímac, at the center part of the country, on 6 June 2025, the company signed a framework agreement for the development of the Tiaparo peasant community and the, and the Los Chancas mining project. This was signed with the community of Tiaparo. This agreement will be in effect throughout the construction and operation phases of the project. This agreement, as well as the important steps taken to control illegal mining activities related to the project, represent important milestones in the development of our Los Chancas projects. For the Michiquillay project, located in the northern region of Cajamarca, as of 30 June, the exploration project's total progress was 45%. Drilling program was completed, totaling almost 146,000 tons.

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This agreement will be in effect throughout the construction and operation phases of the project.

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As of June 30, the exploration project projects total progress was 45% drilling program was completed totaling almost 146000 tons.

Raul Jacob: The drilling program was completed, totaling almost 146,000 tons, 1,000 meters, excuse me, 1,000 meters of drilling, and 59 and 100 core samples were submitted for chemical analysis. Diamond drilling has provided the information necessary for interpreting the distribution of mineralization in geological sections and for geological modeling, which is required for the mineral resource estimate. Currently, this is underway. The geometallurgical studies have been successfully completed, and the hydrological, hydrogeological, and geotechnical studies for the project are about to begin. For our Mexican projects, we're currently expecting to obtain permits and licenses that had been put on hold by the previous government in Mexico. We're conducting talks with the current administration to continue rolling out SEC's Mexican investments for about $10.2 billion. Minera México is planning to invest more than $600 million in 2025 at both its open pit and underground mines.

Raúl Jacob: 1,000m, excuse me, 1,000m of drilling, and 159 core samples were submitted for chemical analysis. Diamond drilling has provided the information necessary for interpreting the distribution of mineralization in geological sections and for geological modeling, which is required for the mineral resource estimate. Currently, this is underway. The geometallurgical studies has been successfully completed, and the hydrological, hydrogeological, and geotechnical studies for the project are about to begin. For our Mexican projects, we're currently expecting to obtain permits and licenses that have been put on hold by the previous government in Mexico. We're conducting talks with the current administration to continue rolling out SCC's Mexican investments for about $10.2 billion. Minera Mexico is planning to invest more than $600 million in 2025 at both its open pit and underground mines.

Metres excuse me 1000 meters.

Of drilling and 59.

And 100 core samples were submitted for chemical analysis.

Diamond drilling has provided the information necessary for interpreting the distribution of mineralization and geological sections.

Logical modeling, which is required for the mineral resource estimate.

Currently this is underway.

The Geo Metallurgical studies has been successfully completed and the hydro logical hydro geological and technical studies for the project are about to begin.

For our Mexican projects, we're currently expecting to obtain permits and licenses that have been put on hold by the previous government in Mexico.

We're conducting talks with the current administration to continue rolling out Acc's Mexican investments for about $10 2 billion.

Minera, Mexico is planning to invest more than $600 million in 2025 at both open pit and underground mines half of this investment will be used to guarantee the variety.

Raúl Jacob: Half of this investment will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. Remaining funds will target improvements in water usage and tailings management to ensure that our operations are safe and efficient. In addition, we will invest in efforts to bolster optimization and growth. In the case of El Arco in Baja California, this is a world-class copper deposit located in the central part of the Baja California Peninsula. For it, detailed engineering is still underway for the concentrator, SX-EW plant, water desalination, logistics, infrastructure, and power delivery. In the case of the El Pilar project in the Sonora state, this is a low capital intensity copper greenfield project, which is strategically located in Sonora, in Mexico, approximately 45km from our Buenavista Mine.

Raul Jacob: Half of this investment will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. The remaining funds will target improvements in water usage and tailings management to ensure that our operations are safe and efficient. In addition, we will invest in efforts to bolster optimization and growth. In the case of El Arco in Baja California, this is a world-class copper deposit located in the central part of the Baja California Peninsula. For it, detail engineering is still underway for the concentrator, SXCW plant, water desalinization, logistics infrastructure, and power delivery. In the case of the El Pilar project in the Sonora state, this is a low-capital intensity copper greenfield project, which is strategically located in Sonora in Mexico, approximately 45 kilometers from our Buenavista mine.

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In the case of El Arco and Baja California. This is a world class corporate deposit located in the center part of the Baja California Peninsula.

Four it detailed engineering is still underway for the concentrate or Sx EW plant order desalinization logistics infrastructure and power delivery.

In the case of the project in the Sonora State. This is a low capital intensity copper Greenfield project, which is strategically located in Sonora, Mexico, approximately 45 kilometers from our when Arista mine.

Raul Jacob: We anticipate that El Pilar will operate as a conventional open pit mine with an annual production capacity of 36,000 tons of copper cathodes. This operation will use highly cost-efficient and environmentally friendly SXCW technology. SEC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chalchiuhtes, and the Empalmen Smelter, which could bolster our position as a fully integrated copper producer. For environmental, social, and corporate governance practices, or ESG, SOUTHERN COPPER continued to strengthen its focus on sustainability and transparency. For the first time, SOUTHERN COPPER's sustainable development report was verified by an independent third party.

Raúl Jacob: We anticipate that El Pilar will operate as a conventional open pit mine, with an annual production capacity of 36,000 tons of copper cathodes. This operation will use highly cost-efficient and environmentally friendly SXEW technology. SCC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chachihuites, and the Empalme Smelter, which could bolster our position as a fully integrated copper producer. For environmental, social, and corporate governance practices or ESG, Southern Copper continued to strengthen its focus on sustainability and transparency. For the first time, Southern Copper's sustainable development report was verified by an independent third party.

We anticipate that it would be lateral would operate as a conventional open pit mine with an annual production capacity of 36000 tons of corporate capitals.

This operation will use highly cost efficient and environmentally friendly Sx EW technology.

ACC as several projects to Mexican pipeline.

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Southern copper continues to strengthen its focus on sustainability and transparency for.

For the first time southern copper sustainable development report was verified by an independent third party.

Raul Jacob: This verification complies with the standards of environmental, social, and governance rating agencies and bolsters investors' confidence by providing detailed information on our performance across 15 material sustainability topics. The most noteworthy results include a 24% reduction in the lost time injury frequency rate since 2023. Besides this, 39% of our electricity consumption was sourced from renewable energy in 2024, and the copper mark certification was achieved for all our open pit operations. SOUTHERN COPPER was also included in the sustainability indices of the FTSE Russell, a subsidiary of the London Stock Exchange Group. This inclusion recognizes the company's compliance with FTSE Russell's environmental, social, and governance standards, which are designed to identify companies with exemplary sustainability practices. SOUTHERN COPPER obtained a score of 60% above the average for the non-ferous metals subsector.

Raúl Jacob: This verification complies with the standards of environmental, social, and governance rating agencies, and bolsters investors' confidence by providing detailed information on our performance across 15 material sustainability topics. The most noteworthy results include a 24% reduction in the lost time injury frequency rate since 2023. Besides this, 39% of our electricity consumption was sourced from renewable energy in 2024, and the Copper Mark certification was achieved for all our open-pit operations. Southern Copper was also included in the sustainability indices of the FTSE Russell, a subsidiary of the London Stock Exchange Group. This inclusion recognizes the company's compliance with FTSE Russell's environmental, social, and governance standards, which are designed to identify companies with exemplary sustainability practices. Southern Copper obtained a score of 60% above the average of the, for the non-ferrous metal subsector.

These verification compliance with the standards of environmental social and governance rating agencies, and bolsters invest investors' confidence by providing detailed information on our performance performance across 15 material sustainability topics the.

The most noteworthy results include a 24% reduction in the lost time injury frequency rate since 2023 beside this 39% of our electricity consumption was sources from renewables energy in 2024.

And the corporate Mark certification was achieved for all our open pit operations.

Southern copper was also included in the sustainability indices of the Ft is Russell a subsidiary of the London Stock Exchange group.

This inclusion recognizes the company's compliance with ft, ESP, Russell's reimburse mental social and government standards.

Which are designed to identify companies with excellent exemplary.

Sustainability practices southern copper obtain a score of 60% above the average of the four the nonferrous metals sub sector.

Raúl Jacob: Its presence in the FTSE4Good Developed and FTSE4Good US 100 indices places it among the top sustainability performers in developed markets globally and among the 100 highest-rated companies in the United States, respectively. The company also has an international recognition for conservation of the Mexican gray wolf. At an event held in Detroit 3 to 4 June, SCC was recognized by the Tandem Global Awards 2025 in the category of mammal projects. These awards recognize the excellence in corporate conservation by US-based and international companies that carry out actions to protect biodiversity and improve natural environments. Buenavista del Cobre Environmental Management Unit, located in Cananea, in Sonora, was recognized for its participation in the Binational Mexico-United States program for the conservation of the Mexican gray wolf. For the Tía María project, we are moving forward generating sustainable value.

Raul Jacob: Its presence in the FTSE for Good Develop and FTSE for Good US 100 indices places it among the top sustainability performers in developed markets globally and among the 100 highest rated companies in the United States, respectively. The company also has an international recognition for conservation of the Mexican gray wolf. At an event held in Detroit in June 3 to 4, SEC was recognized by the Tandem Global Awards 2025 in the category of mammal projects. These awards recognize the excellence in corporate conservation by US-based and international companies that carry out actions to protect biodiversity and improve natural environments. Buenavista del Cobre Environmental Management Unit, located in Cananea in Sonora, was recognized for its participation in the binational Mexico-United States program for the conservation of the Mexican gray wolf. For the Tía María project, we are moving forward generating sustainable value.

Its presence in the ft for good develop an FDIC for good U S 100 indices places it among the top sustainability performers in developed markets globally and among the 100 highest rated companies in the United States respectively.

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Participation in the Binational, Mexico, United States program for the conservation of the Mexican Graywolf.

For the Tia Maria project, we are moving forward generating sustainable value at <unk>.

Raúl Jacob: As SCC advances in building the Tía María mining project in Arequipa, Peru, we continue to drive development in neighboring communities by generating employment and hiring local suppliers. To date, Southern Copper has created 1,376 new jobs. 802 of them were filled with local applicants, which represents 11% of the economically active population of the nearby Tambo Valley. Southern Copper has also hired 50 local suppliers in the transportation, general services, and machinery rental sectors, consequently improving the quality of life of more than 300 families. Driving musical education in Mexican communities. As part of the Youth Orchestras and Chorus, professionals from the Academy of Music of the Palacio de Minería impart master classes to all students and teachers from the seven communities in Mexico that participate in the project.

Raul Jacob: As SEC advances in building the Tía María mining project in Arequipa, Peru, we continue to write development in neighboring communities by generating employment and hiring local suppliers. To date, SOUTHERN COPPER has created 1,376 new jobs, 802 of them were filled with local applicants, which represents 11% of the economically active population of the nearby Tambo Valley. SOUTHERN COPPER has also hired 50 local suppliers in the transportation, general services, and machinery rental sectors, consequently improving the quality of life of more than 300 families. Driving musical education in Mexican communities. As part of the Yalt Orchestras and Chorus, professionals from the Academy of Music of the Palacio de Minería impart master classes to all students and teachers from the seven communities in Mexico that participate in the project.

<unk> advances in building the Tia Maria mining project kinetic keep payroll, we continued to write development, enabling communities by generating employment and hiring local suppliers to date Southern Copper's has created 1376, new jobs 802 of them were filled.

With local applicants, which represents 11% of the economically active population of the nearby Tambo Valley.

Southern copper has also higher 50 local suppliers in the transportation general services and machinery rental sectors. Consequently, improving the quality of life of more than 300 families.

Driving musical indication in Mexican communities as part of the joke Orchestra course professionals from the Academy of music of the philosophy that many of the year.

In part Masterclasses tools students and teachers from the seven communities in Mexico that participate in the project.

Raul Jacob: SEC also offers scholarships to outstanding students who wish to pursue higher learning in orchestral conducting and pedagogy at the Instituto Superior de Música de Puebla in Mexico. This attests to the company's commitment to cultural and educational development. Dividend announcement. Regarding dividends, as you know, it is the company policy to review our cash position, expected cash flow generation from operations, capital investment plans, and other financial needs at each board member meeting to determine the appropriate quarterly dividend. Accordingly, on July 24 of this year, SOUTHERN COPPER Corporation announced a quarterly cash dividend of $0.80 per share of common stock and a stock dividend of 0.0101 shares of common stock per share. This will be payable on September 4 of 2025 to shareholders of record at the close of business on August 15, 2025. Ladies and gentlemen, with these comments, we end our presentation today.

Raúl Jacob: SCC also offers scholarships to outstanding students who wish to pursue higher learning in orchestral, conducting, and pedagogy at the Instituto Superior de Música de Puebla in Mexico. This attests to the company's commitment to cultural and educational development. Dividend announcement. Regarding dividends, as you know, it is a company policy to review our cash position, expected cash flow generation from operations, capital investment plans, and other financial needs at each board member meeting to determine the appropriate quarterly dividend. Accordingly, on July 24 of this year, Southern Copper Corporation announced a quarterly cash dividend of $0.80 per share of common stock, and a stock dividend of 0.0101 shares of common stock per share. This will be payable on September 4, 2025 to shareholders of record at the close of business on August 15, 2025.

SEC also offer scholarships to our standing as students who wish to pursue higher learning in Oscar trial conducting MP theyre looking at the Instituto superiority multicolor Paula in mix.

These attest to the company's commitment to go through an allocation on development.

Dividend announced rig.

Regarding dividends as you know it is the company policy to review, our cash position expected cash flow generation from operations capital investment plans and other financial needs at each board member meeting to determine the appropriate quarterly dividend.

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This will be payable on September four of 2025 to shareholders of record at the close of business on August 15 2025.

Raúl Jacob: Ladies and gentlemen, with these comments, we end our presentation today. Thank you very much for joining us, and now we would like to open the forum for questions.

Ladies and gentlemen, with these comments we end our presentation today. Thank you very much for joining us and now we will like to open the forum for questions.

Raul Jacob: Thank you very much for joining us. And now we would like to open the forum for questions.

Operator: Thanks much, and as a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To remove yourself, press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of John Brant with HSBC. Please proceed.

Carmen: Thank you so much. And as a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To remove yourself, press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of John Brand with HSBC. Please proceed.

On March <unk>.

As a reminder to ask a question. Please press star one one on your telephone and wait for your name to be announced to remove yourself press star one again.

This time by while we compile the Q&A roster.

Our first question comes from the line of John Bryant with HSBC. Please proceed.

John Brant [Equity Research Analyst: Hi, good morning, Raúl. Thanks for the presentation. First, I wanted to-- I'm hoping we can dive a little bit into realized copper prices, just given the COMEX premium that we saw this quarter. I guess, how much of the COMEX premium are you realizing? What percentage of your sales are derived on COMEX? And if we do see the copper tariffs go through in a couple of days, what does that mean for your contracts? I know you have a fair amount of contracts that reference the COMEX premium, but presumably your clients won't want to pay that COMEX price if they're not sourcing it from the US.

John Brant: Hi, good morning, Raúl. Thanks for the presentation. First, I wanted to-- I'm hoping we can dive a little bit into realized copper prices, just given the COMEX premium that we saw this quarter. I guess, how much of the COMEX premium are you realizing? What percentage of your sales are derived on COMEX? And if we do see the copper tariffs go through in a couple of days, what does that mean for your contracts? I know you have a fair amount of contracts that reference the COMEX premium, but presumably your clients won't want to pay that COMEX price if they're not sourcing it from the US.

Analyst: Hi. Good morning, Raul. Thanks for the presentation. First, I wanted to, I'm hoping we can dive a little bit into a realized copper prices just given the COMEX premium that we saw this quarter. I guess, how much of the COMEX premium are you realizing? What percentage of your sales are derived on COMEX? And if we do see the copper tariffs go through in a couple of days, what does that mean for your contracts? I know you have a fair amount of contracts that reference the COMEX premium, but presumably your clients won't want to pay that COMEX price if they're not sourcing it from the US. So could you just kind of give us a little bit of clarity on how that is all going to work for you? And I guess the second question is just on the expectation for cash costs.

Alright, good morning, Ralph Thanks for the presentation.

Yes.

First I wanted to I'm, hoping we can dive a little bit into realized copper prices just given the comex premium that we saw this quarter.

I guess, how much of the Comex premium are you realizing what percentage of your sales are derived on comex.

If we do see the conference tariffs go through a couple of days.

What does that mean for your contracts I know you have a fair amount of contracts.

That reference to comex premium, but presumably your clients.

I don't want to pay that comex prices there.

John Brant [Equity Research Analyst: So could you just kind of give us a little bit of clarity on how that is all going to work for you? And I guess the second question is just on, you know, the expectation for cash costs. We saw a big improvement this quarter. Granted, a lot of it was from by-product credits, but I think there was also some from TC/RC. So if you could give us sort of what the expectation is, maybe before by-product credits, over the next, you know, rest of this year and next year, and what benefit, if any, we should be seeing from, you know, potentially even lower TC/RCs for you.

John Brant: So could you just kind of give us a little bit of clarity on how that is all going to work for you? And I guess the second question is just on, you know, the expectation for cash costs. We saw a big improvement this quarter. Granted, a lot of it was from by-product credits, but I think there was also some from TC/RC. So if you could give us sort of what the expectation is, maybe before by-product credits, over the next, you know, rest of this year and next year, and what benefit, if any, we should be seeing from, you know, potentially even lower TC/RCs for you.

Sourcing and from the U S. So.

Could you just kind of give us a little bit of clarity on how that is all going to work for you.

I guess the second question is just.

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The expectation for cash cost, we saw a big improvement this quarter granted a lot of it was from byproduct credits.

Analyst: We saw a big improvement this quarter. Granted, a lot of it was from by-product credits, but I think there was also some from TCRC. So if you could give us sort of what the expectation is maybe before by-product credits over the next rest of this year and next year and what benefit, if any, we should be seeing from potentially even lower TCRCs for you. And I guess kind of related to that, how are you thinking about investing in the Empalme Smelter just given the low TCRCs that we see in Asia? I mean, economically, presumably, it doesn't make sense given the current spot TCRCs, but strategically, maybe it does. So if you could just kind of give us an idea as to how you're thinking about that, that would be great. Thank you.

But I think there was also some from TCR see so if you could give us sort of what the expectation is maybe before byproduct credits over the next.

Rest of this year and next year.

What benefit if any we should be seeing from potentially even though our <unk> for you.

John Brant [Equity Research Analyst: I guess kind of related to that, how are you thinking about investing in the Empalme smelter, just given the low TC/RCs that we see in Asia? I mean, economically, presumably it doesn't make sense, given the current spot TC/RCs, but strategically, maybe it does. So if you could just kinda give us an idea as to how you're thinking about that, that would be great. Thank you.

John Brant: I guess kind of related to that, how are you thinking about investing in the Empalme smelter, just given the low TC/RCs that we see in Asia? I mean, economically, presumably it doesn't make sense, given the current spot TC/RCs, but strategically, maybe it does. So if you could just kinda give us an idea as to how you're thinking about that, that would be great. Thank you.

And I guess kind of related to that how are you thinking about investing in <unk> and Paul may smelter.

Given the low <unk> that we see in Asia.

Economically.

Presumably it doesn't make sense given the current spot Tc Rcs, but strategically maybe if you could just kind of give us some idea as to how youre thinking about that that that would be great. Thank you.

Raúl Jacob: Thank you very much for your questions, John. Okay, let me first mention that we are not making any comments on our sales composition or the impact that this huge price arbitrage, as we pointed out, is affecting us and how it is affecting us. This is something that is handled by our commercial team, and we want to maintain this confidential for now. Now, one of the things that I could mention is that, in general, generally speaking, we need to see what happens at the end of this process regarding a possible tariff for copper imported to the US. We don't know yet what is this going to be.

Raul Jacob: Thank you very much for your questions, John. Okay. Let me first mention that we are not making any comments on our sales composition or the impact that this price, a huge price arbitrage, as we pointed out, it's affecting us and how it is affecting us. This is something that is handled by our commercial team, and we want to maintain this confidential for now. And now, one of the things that I could mention is that, generally speaking, we need to see what happens at the end of this process regarding a possible tariff for copper imported to the US. We don't know yet what is this going to be. As you have heard news, possible tariff levels are moving up and down on a daily basis.

Thank you very much for your questions John Okay.

Let me first.

I mentioned that we are not making any comments on on our sales.

Compensation or the impact that these <unk>.

Pricing huge price arbitrage that we.

Pointed out it's affecting us how it is affecting us. This is something that is handled by our commercial team and we want to maintain.

Some.

Maintaining this confidential for now.

And now.

One of the things that I could.

Mentioned is that in.

In general generally speaking.

We need to see what happens at the end.

Of these process regarding a possible target for.

Copper imported to the U S.

We don't know yet what is this going to be.

Raúl Jacob: As you have heard news, possible tariff levels are moving up and down on a daily basis. In some cases, as was in the news yesterday, country it's negotiating, and we'll see how successful it is, for an exemption. So it's very hard to predict at this point what is going to happen and how this is going to affect us. Now, on the cash cost question, I think that it is important to note that the higher credits that we're getting have obviously some price effect, particularly for silver, because molybdenum as well as zinc are not that favorable in terms of prices.

As you have heard news.

Yeah.

Possible tariff levels higher moving up and down on a daily basis in some cases as there was in the news yesterday.

Raul Jacob: In some cases, as was in the news yesterday, a country is negotiating, and we'll see how successful it is for an exam. So it's very hard to predict at this point what is going to happen and how this is going to affect us. Now, on the cash cost question, I think that it is important to know that the higher credits that we're getting have obviously some price effect, particularly for silver, because molybdenum, as well as zinc, are not that favored in terms of prices. But in the case of zinc and silver production, on production and sales of physical sales, we are doing much better than a year ago, and that is in the last quarter as well.

Three it's negotiating.

Negotiating and we'll see how successful it is.

For an exam. So it's very hard to predict at this point what is going to happen and how this is going to.

Yes.

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On the cash cost.

Question.

I think that.

It is important to note that the the higher trading that we're getting has obviously some price effect, particularly for silver.

Because molybdenum as well as sync or not that favor in terms of prices, but in the case of zinc and silver production on production and sales of physical sales, we are doing much better than a year ago.

Raúl Jacob: But in the case of zinc and silver production, on production and sales, physical sales, we are doing much better than a year ago, and that is, and in the last quarter as well, and that is reflected in our higher revenues for by-product credits. And that is, for sure, helping our cash costs to be at the low level that we have been reporting, in the past quarter and this quarter, again, and better than in Q1 2025. Well, TCs, RCs, as you mentioned, John, are at an extremely low level. In some cases, we have heard that they are even negative. And obviously, just the economics wouldn't be that attractive to move on with a new investment on a smelter.

And that is that is in the.

Raul Jacob: And that is reflected in our higher revenues for by-product credits, and that is for sure helping our cash costs to be at the low level that we have been reporting in the past quarter and this quarter again and better than in the first quarter of 2025. Well, TCRCs, as you mentioned, John, are at an extremely low level. In some cases, we have heard that they are even negative. And obviously, just the economics wouldn't be that attractive to move on with a new investment on a smelter. However, we are in the Americas, and that I think is important for the future because, as you indicated, as strategically speaking, it may be a different circumstance that makes a new investment in a smelter a possibility. But this is something that we will be evaluating as we move on.

Last quarter as well and that is reflected in our higher revenues for byproduct trades.

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For sure, helping our cash cost to be at the low level that we have been reporting.

In the past quarter, and this quarter again and better than in the first quarter of 2025.

Well <unk> as you mentioned John are extremely low level in some cases, we have heard that they are even negative.

And obviously.

Just the economics will include wouldn't be that attractive to move on with a new investment on the smelter. However, we are in the Americas and that I think it's important.

Raúl Jacob: However, we are in the Americas, and that I think it's important for the future, because as you indicated, as strategically speaking, it may be a different circumstance that make a new investment in smelter a possibility. But this is something that we will be evaluating as we move on. We do have the skill to build and operate with a very competitive cost a new smelter in both Mexico and Peru. And we'll see, and we need to have some more clarity on the long run for these type of investments before we undertake it.

444.

The future because as you indicated.

Strategically speaking it may be it may be.

Current circumstance that that make a new investment in smelter a possibility, but this is something that we will we will be evaluating.

Raul Jacob: We do have the skill to build and operate with a very competitive cost and new smelter in both Mexico and Peru. And we'll see, and we need to have some more clarity on the long run for this type of investments before we undertake it.

We move on.

We do have the skill to build and operate.

Uh huh.

With a very competitive cost.

Smelter in both Mexico, and Peru, and we will see and we need to have some more clarity on the long run for these type of investments before we undertake it.

John Brant [Equity Research Analyst: Okay, that's clear. Just, sorry, just as a follow-up, I definitely understand the reason for not wanting to disclose some of the contracts and COMEX prices and stuff. But is it fair to say that you were receiving the COMEX premium this quarter based on your current contracts or have... Yeah, I mean, I guess, is that fair to say that you were receiving sort of the original contracts that you have with your clients? I mean, nothing has changed thus far, and whatever was on a COMEX price reference you were receiving in Q2?

John Brant: Okay, that's clear. Just, sorry, just as a follow-up, I definitely understand the reason for not wanting to disclose some of the contracts and COMEX prices and stuff. But is it fair to say that you were receiving the COMEX premium this quarter based on your current contracts or have... Yeah, I mean, I guess, is that fair to say that you were receiving sort of the original contracts that you have with your clients? I mean, nothing has changed thus far, and whatever was on a COMEX price reference you were receiving in Q2?

Analyst: Okay. That's clear. Sorry, just as a follow-up, I definitely understand the reason for not wanting to disclose sort of the contracts and COMEX prices and stuff. But is it fair to say that you were receiving the COMEX premium this quarter based on your current contracts? Or have? Yeah. I mean, I guess is that fair to say that you were receiving sort of the original contracts that you have with your clients? I mean, nothing has changed thus far, and whatever was on a COMEX price reference, you were receiving in the second quarter?

Okay, that's clear and just sorry, just as a follow up I.

Definitely understand the reason for not wanting to disclose some of the contracts in comex prices and stuff.

But is it is it fair to say that you were receiving the comex premium.

This quarter based on your current contracts or half.

Yes.

Yes, I mean, I guess is that fair to say that you were receiving.

Sort of.

The original contracts that you have with convincing your clients I mean, nothing has changed thus far and whatever was on comex.

Price reference you are receiving in the second quarter.

Raúl Jacob: Some of our contracts are under COMEX, and we are honoring them as well as we are expecting and we're getting our customers to honor them as well. Keep in mind that right now, there is no tariff applicable for any sales to the US.

Raul Jacob: Some of our contracts are under COMEX, and we are, as well as we're honoring them, we're expecting and we're getting our customers to honor them as well. Keep in mind that right now there is no tariff applicable for any sales to the US.

Some of our contracts are under comex.

And we are that's where that's where owner in them that we're expecting on we're getting our customers to honor them as well.

Keep in mind that right now there is no.

Tariff applicable for for any.

Any sales to the U S.

John Brant [Equity Research Analyst: Okay. Thanks, Raúl.

John Brant: Okay. Thanks, Raúl.

Analyst: Okay. Thanks, Raul.

Okay. Thanks Carl.

Operator: Thank you. One moment for our next question. That comes from Alejandro De Michelis with Jefferies. Please proceed.

Operator: Thank you. One moment for our next question. That comes from Alejandro Demichelis with Jefferies. Please proceed.

Carmen: Thank you. One moment for our next question. That comes from Alejandro de Micheles with Jeffries. Please proceed.

Thank you one moment for our next question.

That comes from Alejandro Demichelis with Jefferies. Please proceed.

Alejandro Demichelis [Vice President, Equity Research: Yes, good morning, gentlemen. Thank you very much for taking my question. Raúl, two questions, if I may. We've heard this week that Chile may be getting some kind of exemption on corporate tariffs if they were to come in and so on. So how do you see the dialogue between the Peruvian government and the Peruvian kind of operating companies with the US regarding this situation? That's the first question. And then the second question is, you mentioned the progress on Tía María, and the access road and so on. How are you seeing the date or potential dates for starting up Tía María then, please?

Alejandro Demichelis: Yes, good morning, gentlemen. Thank you very much for taking my question. Raúl, two questions, if I may. We've heard this week that Chile may be getting some kind of exemption on corporate tariffs if they were to come in and so on. So how do you see the dialogue between the Peruvian government and the Peruvian kind of operating companies with the US regarding this situation? That's the first question. And then the second question is, you mentioned the progress on Tía María, and the access road and so on. How are you seeing the date or potential dates for starting up Tía María then, please?

Raul Jacob: Yes. Good morning, gentlemen. Thank you very much for taking my question. Raul, two questions, if I may. We've heard this week that Chile may be getting some kind of exemption on copper tariffs if they were to come in and so on. So how do you see the dialogue between the Peruvian government and the Peruvian kind of operating companies with the US regarding this situation? That's the first question. And then the second question is, you mentioned the progress on Tía María and the access road and so on. How are you seeing the date or potential dates for starting up Tía María then, please? Okay. Let me get on the second quarter, which will require a very short answer. We're expecting to initiate tests and have some production in the first half of 2027. And we will be informing the market on our progress in the project.

Yes, good morning, gentlemen, thank you for taking my question.

Two questions if I may.

We will start this week that Chile may be getting some kind of assumption on corporatocracy state, which come in and so on.

How do you see the dialogue between the Peruvian government.

And kind of operating companies, we the U S regarding the situation that's first question.

And the second question is you mentioned the progress on Tia Maria.

On the access road and so <unk> seen the debate or potential date for starting up Tia Maria then please.

Raúl Jacob: Okay, let me get on to Q2, which will require a very short answer. We're expecting to initiate tests and have some production in the first half of 2027. And we will be informing the market on our progress in the project. But that's, at this point, that's our goal. Regarding any conversations, they are done in a very confidential manner, and we have not much to report on that.

Okay, Let me get on the second quarter, which is the.

It will require very short.

Answer we are expecting to initiate.

The tests and have some production in the first half of 2027.

And we will be informing the market on our progress in the program.

Raul Jacob: But at this point, that's our goal. Regarding any conversations, they are done in a very confidential manner, and we have not much to report on that. Okay. That's very clear. Thank you.

The project, but thats at this point, that's our goal.

Regarding.

Any conversations they are done in a very.

Confidential manner, and we have not much to report on that.

Alejandro Demichelis [Vice President, Equity Research: Okay. That's very clear. Thank you.

Alejandro Demichelis: Okay. That's very clear. Thank you.

Okay.

Raúl Jacob: You're welcome.

Thank you.

Operator: Thank you. Our next question comes from the line of Miles Allsop with UBS. Please proceed.

Operator: Thank you. Our next question comes from the line of Myles Allsop with UBS. Please proceed.

Carmen: Thank you. Our next question comes from the line of Miles Alsop with UBS. Please proceed.

Thank you.

Our next question comes from the line of Myles Allsop with UBS. Please proceed.

Myles Allsop [Managing Director, Equity Research: Yeah, great. Thank you for the call. Could you just talk a little bit about CapEx? Because the spend in the first half was materially lower than what you've been guiding for the full year. Should we assume there's a dramatic step up in CapEx in the second half, or is there downside risk to the 2025 CapEx guidance? And could you remind us, you know, what projects are coming through over the next 6, 12 months, in addition to Tía María, in terms of meaningful spend, is like Quellona and stuff?

Myles Allsop: Yeah, great. Thank you for the call. Could you just talk a little bit about CapEx? Because the spend in the first half was materially lower than what you've been guiding for the full year. Should we assume there's a dramatic step up in CapEx in the second half, or is there downside risk to the 2025 CapEx guidance? And could you remind us, you know, what projects are coming through over the next 6, 12 months, in addition to Tía María, in terms of meaningful spend, is like Quellona and stuff?

Analyst: Yeah. Great. Thank you for the call. Could you just talk a little bit about CapEx? Because the spend in the first half was materially lower than what you've been guiding for the full year. Should we assume there's a dramatic step up in CapEx in the second half, or is there downside risk to the 2025 CapEx guidance? And could you remind us, yeah, what projects are coming through over the next 6 to 12 months in addition to Tía María in terms of meaningful spend? Is that quiz your only answer?

Yes, great.

Thank you for the call could.

Could you just talk a little bit about capex because the spend in the first half was materially lower than what you've been guiding for the full year should we assume does a dramatic step up in capex in the second half or is the downside risk to the 2025.

Capex guidance and could you remind us what projects are coming through over the next 612 months. In addition to the team area in terms of meaningful spend is not an answer.

Raúl Jacob: ... Yes, hold on a sec, please. Okay, the main project that we have is Tía María. We are working, and we will see some much higher expenditures in it in the second half of the year. Besides those, this Tía María, which is a new operation, we do have several projects that are moving forward in our operations as part of either replacement of projects, or as a consequence of having some other initiatives that are affecting our operations.

Raul Jacob: Yes. Hold on a sec, please. Okay. The main project that we have is Tía María. We are working, and we will see some much higher expenditures in it in the second half of the year. Besides those, this Tía María, which is a new operation, we do have several projects that are moving forward in our operations as part of either replacement of projects or as a consequence of having some other initiatives that are affecting our operations. In general, we have a group of projects that are maintenance, like for instance, a replacement of a mining equipment will be in that category, and some other projects that are related to that. For the first half of the year, we have invested in these other projects a little bit north of $230 million. And we expect to spend for the year about, in total, about $1.6 million.

Raúl Jacob: Yes, hold on a sec, please. Okay, the main project that we have is Tía María. We are working, and we will see some much higher expenditures in it in the second half of the year. Besides those, this Tía María, which is a new operation, we do have several projects that are moving forward in our operations as part of either replacement of projects, or as a consequence of having some other initiatives that are affecting our operations.

Yes.

In our Texas.

Alright.

Okay.

The main projects that we have this is Tia Maria.

We are working on we will see some some much higher expenditures in it in the second half of the year. Besides those these tia Maria which is a new operation. We do have several projects that are.

Moving forward in.

In the in our operations as part of either.

Placement of.

Of of.

Projects for.

As a consequence of having.

Having some some other initiatives that are affecting our operations in general we have.

Raúl Jacob: In general, we have a group of projects that are maintenance, like for instance, a replacement of a mining equipment will be in that category, and some other projects that are related to that. As of the first half of the year, we have been invested in these other projects, a little bit north of $230 million. And we expect to spend for the year, about in total, about $1.6 billion. That's our billion dollars. That's our budget for the year, and we are focusing on getting that moving forward.

<unk> fragrance or maintenance.

Like for instance, a replacement of a mining equipment will be in that category and some other some other projects.

Related to that.

As of.

For the first half of the year.

We have invested in these other projects.

A little bit north of $230 million.

And we expect.

We expect to spend.

For the year about in total about one six.

Raul Jacob: That's our billion dollars. That's our budget for the year. And we are focusing on getting that moving forward. So we should assume quite a material step up in CapEx in the second half based on the first half's actual spend. And maybe just to clarify on Tía María, if we're getting testing and first order in the first half, should we assume something like 50,000 tons of production in 2027, or will it be less than that? How should we think about that production profile '27, '28 to get to full capacity? We are currently reviewing the information regarding what could be the production at that time in 2027. So we will.Have

<unk> million dollars.

Our billion, that's our budget for the year and.

And we.

<unk>.

Are focusing on.

Getting that.

And in that moving forward.

Myles Allsop [Managing Director, Equity Research: So we should assume quite a material step up in CapEx in the second half, based on, you know, first half's actual spend. And maybe just to clarify on Tía María, if we're getting testing and first order in the first half, should we, well, assume something like 50,000 tons of production in 2027, or will it be less than that? How should we think about that, you know, production profile, 2027, 2028 to get to full capacity?

Myles Allsop: So we should assume quite a material step up in CapEx in the second half, based on, you know, first half's actual spend. And maybe just to clarify on Tía María, if we're getting testing and first order in the first half, should we, well, assume something like 50,000 tons of production in 2027, or will it be less than that? How should we think about that, you know, production profile, 2027, 2028 to get to full capacity?

So we should assume quite a material step up in capex in the second half.

Based on first half actual spend.

And maybe just to clarify on Tia Maria if we're getting testing and first store during the first half should we.

I assume some of about 50000 tons of production in 2027 or will it be less than that how should we think about that.

<unk> production profile 27, 28 to get to full capacity.

Raúl Jacob: We are currently reviewing the information regarding what could be the production in that at that time in 2027. So, we will have more color on this, and we are. For now, we're not moving our estimates. We want to update them very possibly on the next meeting, in the next quarterly report, or by when we have the new budget for 2026. And the thing is that we need to see how we are moving forward with the different parts of the project.

We are we are.

Currently reviewing the information regarding.

What could be the.

Production in that at that time 2027 so.

We will have more color on this and we are for now we're not moving our estimates we wanted to we wanted to update them.

Raul Jacob: more color on this. And we are, for now, we're not moving our estimates. We want to, we want to, update them, very possibly on the next, meeting, in the next quarterly report, or, by, by when we have the new budget, for 2026. And the thing is that we need to see how we are, moving forward with the different parts of the project. at this point, we're, we're finishing the biddings and we're getting into the, the, some works for the open up of the, of the mine, of the Tapal mine, which will be the first, the first part of, of the investment cycle. we will be investing, much more money in the project in the second half of the year, than what we had in the first, part of it.

Very possibly on the next meeting in the next quarterly report.

Or buy buy when we have the new budget for 2026.

The thing is that we need to see how we are moving forward with the different parts of the project.

Raúl Jacob: At this point, we're finishing the biddings, and we're getting into some works for the open up of the mine, of the Tapara Mine, which will be the first part of the investment cycle. We will be investing much more money in the project in the second half of the year than what we had in the first part of it. Well, that will be reflected obviously in our CapEx expenditures for the rest of 2025.

At this point, where we're finishing the beans, and we're getting into the some works for the opening up of the of the mind of the top online will be which will be the first to the.

The first part of the investment cycle.

We will be investing.

More money in the pro <unk> in the second half of the year.

Then what we had in the first.

Part of it.

Raul Jacob: and, well, that will be reflected, obviously, in our CAPEX expenditures for, for the rest of 2025.

Well that will be reflected obviously in our capex expenditures for.

The rest of 2025.

Myles Allsop [Managing Director, Equity Research: Great. Thank you.

Myles Allsop: Great. Thank you.

Raul Jacob: Great. Thank you.

Alright, thank you.

Raúl Jacob: You're welcome.

Raul Jacob: You're welcome.

Operator: Thank you. Our next question comes from the line of Carlos de Alba with Morgan Stanley. Please proceed.

Carmen: Thank you. Our next question comes from the line of Carlos de Alba with Morgan Stanley. Please proceed.

Youre welcome. Thank you.

Our next question comes from the line of Carlos de Alba with Morgan Stanley. Please proceed.

Carlos de Alba [Managing Director, Equity Research: Yeah, thank you very much. Good morning, Raúl. I wonder if we can talk a little bit about the what I understand is some maintenance that may take place in some of your Peruvian operations, or has already taken place. If you can provide a little bit of details on those works, as well as the potential impact on, you know, shipments, production of copper, and the cost.

Carlos de Alba: Yeah, thank you very much. Good morning, Raúl. I wonder if we can talk a little bit about the what I understand is some maintenance that may take place in some of your Peruvian operations, or has already taken place. If you can provide a little bit of details on those works, as well as the potential impact on, you know, shipments, production of copper, and the cost.

Analyst: Yeah. Thank you very much. good morning, Raul. I'm wondering if we can talk a little bit about the, what I understand is, is some maintenance that may take place in some of your Peruvian operations, or has already taken place. you know, if you can provide a little bit of details, on those works as well as the potential impact on, on, you know, shipments, production of copper, and, and the cost.

Yes. Thank you very much good morning Roe.

I'm wondering if we can talk a little bit about the.

What I understand is on maintenance that may take place in some of your Peruvian operations or has already taken place.

If you can provide a little bit of details.

Those works as well as the potential impact on.

Shipments production of copper.

And the cost.

Raúl Jacob: For the Peruvian operations, and specifically, as I understand what you-

Raul Jacob: For, for the Peruvian operations specifically, as I understand what you're talking about.

Raúl Jacob: For the Peruvian operations, and specifically, as I understand what you-

For the Peruvian operations and specifically.

Carlos de Alba [Managing Director, Equity Research: For Peru, obviously, sorry, if you have also maintenance in Mexico.

Carlos de Alba: For Peru, obviously, sorry, if you have also maintenance in Mexico.

If I understand what you saw.

Analyst: For, for, I'm sorry. If you, if you have, also, maintenance in, in Mexico.

Sorry.

You have also a maintenance in Mexico.

Raúl Jacob: Okay. In the case of the Peruvian operations, basically, we have this year scheduled two major maintenance. At the Cuajone Mine, some work has been done to some maintenance that's already embedded in our current production forecast. And in the case of the Ilo smelter in Peru as well, we have to do a multi-annual maintenance each two, almost three years. In this case, we have a major 20-day stoppage of the facility to do several works. That is something that will be performed this quarter, Q3. We're switching to sell more copper concentrates just to maintain our sales level.

Raul Jacob: Okay. In the case of, the Peruvian operations, basically, we have, we, we have, this year scheduled two major maintenance, at the Cuajon mine. Some, some works have been done, to, to, to some maintenance that, that is, already embedded in our current, production forecast. And in the case of the, ILO smelter in Peru as well, we have to do a multi-annual maintenance, each, two, almost three years in this case. we have to do a major, a 20-day stoppage of the, of the facility, to do several works. That is something that will be, performed this quarter, the third quarter. we're switching to sell more copper concentrates, just to maintain our, our sales level. And as, has been mentioned, the fact that we have very good, or very low, treatment and refining, charges, are helping us in this, in this case.

Okay in the case of the Peruvian operations basically we have.

We have this year scheduled to major maintenance.

At the <unk> mine some some work has been done.

To.

To some maintenance that that is sick.

Embedded in our current production forecast.

And in the case of the <unk>.

Smelter in Peru, as well, we have to do a multi annual maintenance each two almost three years in this case, we have to EMEA you are.

A 20 day stoppage of the of the facility to do several works that is something that will be performed this quarter the third quarter.

We're switching to sale more copper concentrates just to maintain our our sales level.

Raúl Jacob: As has been mentioned, the fact that we have very good, or very low, treatment and refining charges are helping us in this case. So that's basically it, Carlos, for maintenance. The case of the Mexican operations, we are focusing on improving the production of the concentrator in Buenavista, that is one of the points that we're looking into. Currently the SXEW operations in Buenavista are doing fine. The Buenavista zinc concentrator is doing really well. We are very pleased with that. So that's basically it.

And as has been mentioned the fact that we have very good.

Our very low.

Treatment and refining charges.

Are helping us in this in this case, so so that's basically it Carlos.

Raul Jacob: so, so that's, that's basically it, Carlos, for, for maintenance. In the case of the Mexican operations, we are focusing on, on improving the, the production of the concentrator in Buena Vista. That is, one of the, the points that we're looking into. currently, the SXCW operations in, in Buena Vista are, are doing fine. The Buena Vista zinc concentrator is doing really well. We are very pleased with that. so that's basically it.

Or for maintenance in the case of the Mexican operations, we are focusing on improving the.

The production of the concentrator in.

And whenever that is.

The point is that we're looking into.

Currently the Sx EW operations in when <unk> are doing fine the buenavista zinc concentrator is doing really well, we're very pleased with that.

So that's basically it.

Carlos de Alba [Managing Director, Equity Research: And just in terms of the potential impact on cost of this mill maintenance and maybe Cuajone maintenance in the third quarter, any color there?

Analyst: And, and just in terms of the potential impact on cost of this, ILO, maintenance and maybe Cuajon maintenance in the third quarter, a-a-any, any color there?

Carlos de Alba: And just in terms of the potential impact on cost of this mill maintenance and maybe Cuajone maintenance in the third quarter, any color there?

And then just in terms of the potential impact on cost of this.

Sure.

Maintenance that maybe at 100 maintenance in the third quarter.

Any any color there.

Raúl Jacob: Well, not much. I think we will, we will be having a, a very competitive cash cost in the second half of the year. Obviously, well, keep in mind that we are- we will not be operating 20 days the smelter, so the total cost very likely will decrease rather than increase because of this major maintenance. So in my view, we are going to maintain basically the same cost structure that you have seen in our report, or improve it a little bit with more zinc getting into our sales stream.

Raul Jacob: Well, not much. I think we will, we will be, having a, a, a very competitive cash cost, in the second half of the year, obviously. well, keep in mind that we are, we will not be operating 20 days a smelter, so the, the total cost very likely will, will decrease, rather than increase, because of this, this major, major maintenance. so I'm, in my view, we are going to, to maintain, basically the same cost structure that, that you have seen in our report or improve it a little bit with more zinc getting into our sales stream.

Well no match I think that we will be having a very competitive cash cost.

Sure.

In the second half of the year obviously.

Well keep in mind that we will not be operating 20 days. It's melter. So the total cost very likely will decrease.

Other than increase.

Because of this.

These may your major maintenance.

So.

Maybe you were going to to maintain basically the same cost structure.

You have seen in our report.

Or improve it a little bit with more think getting into our sales team.

Carlos de Alba [Managing Director, Equity Research: Okay. And that you are talking in terms of Cash cost per pound?

Carlos de Alba: Okay. And that you are talking in terms of Cash cost per pound?

Analyst: Okay. And, and, and you are talking in terms of cash cost per pound?

And that you are talking in terms of cash cost per pound.

Raúl Jacob: Yes.

Raul Jacob: Yes.

Carlos de Alba [Managing Director, Equity Research: Okay, all right. And then, what from management's perspective, or to the extent that you know what the board is discussing, what could be the potential impact on dividends, as the Tía María CapEx ramps up?

Carlos de Alba: Okay, all right. And then, what from management's perspective, or to the extent that you know what the board is discussing, what could be the potential impact on dividends, as the Tía María CapEx ramps up?

Analyst: Okay. All right. and then, what, what, from a management perspective, or to the extent that you know what the board is discussing, what could be the potential impact on dividends, as the Tía María CAPEX, ramps up?

Yes.

Okay Alright.

And then.

What what.

From management perspective.

To the extent that you know what the board discussing what could be the potential impact on dividends.

As the Tia Maria Capex.

Ramps up.

Raúl Jacob: That's up to the board, as you know, Carlos. But, well, we have to see. We are considering different options, and as of now, it's we will spend some more money, but at the same time, prices are much better now than what they were, say, a year ago. Particularly, if you have some sales on at the COMEX, at the COMEX market. But, so, it's hard to say. We will maintain ... I believe, the company will stick to what has been the case in the past, which is, not hoarding cash, sending it to shareholders in as much as we can.

Raul Jacob: That's up to the board, as you, know, Carlos. but, well, we, we have to see. We are considering different options. and, and, as of now, it's, it's, we will spend some more money, but at the same time, prices are much better now than what they were, say, a year ago, particularly, if you have, some sales on at the COMEX, at the COMEX market. But, so, it's a, it's hard to say. We, we will maintain, I believe, the company will, will stick to what, what has been the case in the past, which is, not hoarding cash, sending it to shareholders in as much as we can. And I think that that is, that has been a, a company practice, and I believe that the market is pleased with it as well.

That's up to the board as you.

No cat hurdles.

But.

Well, we have to see we are considering different options.

And then.

As of now.

We will spend some more money, but at the same time.

Prices are much better now than what they were say a year ago.

Particularly.

If you have.

Some sales on the comex.

The comex market, but.

So it's.

Hard to say, we will maintain I believe the company will speak to what has been the case in the past which is.

Not hoarding cash.

In the mid to shareholders.

As much as we can and I think that that is that it has been.

Raúl Jacob: I think that that is that has been a company practice, and I believe that the market is pleased with it as well.

Our company practice and I believe that the market is pleased with it as well.

Carlos de Alba [Managing Director, Equity Research: Thank you, Raúl.

Carlos de Alba: Thank you, Raúl.

Analyst: Thank you, Raul.

Alright, Thank you Bill.

Raúl Jacob: You're welcome.

Raul Jacob: You're welcome.

Operator: Thank you. One moment for our next question. That comes from Alfonso Salazar with Scotiabank. Please proceed.

Carmen: Thank you. One moment for our next question. That comes from Alfonso Salazar with Scotiabank. Please proceed.

Hello.

Thank you Hello moment for our next question.

That comes from Alfonso Salazar with Scotiabank. Please proceed.

Alfonso Salazar [Director, Equity Research: Yes, good morning, Raúl. I have two questions for you. The first one, in Grupo México's release, they say that production, copper production in Mexico, was down, and that was related to the decision to benefit the zinc and silver production at the Buenavista Zinc, impacting copper production. So just wondering how this is going to work. Do you have to prioritize one metal over the other one? Is this already in your guidance, we have to reduce copper production at Buenavista Zinc for the year? So just want to understand what's going on here, and how you decide whether to produce zinc or copper.

Alfonso Salazar: Yes, good morning, Raúl. I have two questions for you. The first one, in Grupo México's release, they say that production, copper production in Mexico, was down, and that was related to the decision to benefit the zinc and silver production at the Buenavista Zinc, impacting copper production. So just wondering how this is going to work. Do you have to prioritize one metal over the other one? Is this already in your guidance, we have to reduce copper production at Buenavista Zinc for the year? So just want to understand what's going on here, and how you decide whether to produce zinc or copper.

Raul Jacob: Yes. good morning, Raul. I have, two questions for you. The first one, in, in Grupo México's, release, they say that, production, copper production in Mexico, was down, and that was related to the decision to benefit the zinc and silver production at the Buena Vista zinc impacting copper production. So just wondering how this is going to work. do you have to prioritize one, one metal over the other one? is this, already in your guidance? we have to reduce copper production at Buena Vista zinc for the year. So I just want to understand what's going on here, and how you, decide whether to produce zinc or copper. and, the second question, if you can remind us your production guidance, your current production guidance for the following years.

Yes, good morning Noel.

Two questions for you the first one.

Grupo Mexico.

They say that.

Production copper production in Mexico, and less down.

And that was related to the decision to benefit the zinc and silver production at the Buenavista zinc.

Packaging copper production. So I'm just wondering how this is going to work.

You have to prioritize one one metal over being another one.

Is it already in your guidance.

We have to reduce copper production of ethanol used to seeing for the year. So just wanted to understand what's going on here and how do you decide whether to topple us seeing the culprit.

Alfonso Salazar [Director, Equity Research: The second question, if you can remind us your production guidance, your current production guidance for the following years?

Alfonso Salazar: The second question, if you can remind us your production guidance, your current production guidance for the following years?

And the second question, if you can remind us your production guidance the equivalent production guidance for the following years.

Raúl Jacob: Yes. This is what we have done in the case of Buenavista. The zinc plant, the zinc concentrator that we built for the- to operate in the Buenavista mine has a, it's currently operating in an area where- we are currently operating in an area that it's rich in zinc. So the plant that can switch between zinc and copper has been dedicated fully to zinc. And the reason for that is that we are- we're getting much more value produced by the plant focusing on zinc, given the current areas that we are operating in at the mine, than doing the swap between zinc and copper.

Raul Jacob: Yes. this is, this is what, what we have done in, in the case of, of Buena Vista. The zinc, the zinc plant, the zinc concentrator that we built for the to operate in the Buena Vista mine, has, it's currently, operating in an area where we are currently operating in an area that it's rich in zinc. so the plant that can switch between zinc and copper has been, dedicated fully to zinc. And the reason for that is that we are, we're getting much more value produced by the plant, focusing on zinc given the current, areas that we are operating in at the mine than, doing the, the swap between, zinc and, and copper.

Yes.

This is this is what we have done in the case of.

<unk> think the zinc plant the zinc concentrator that we built for them to operate in the Buenavista mine.

It has.

It's currently.

<unk> in an area, where we're currently operating in an area that it's reaching zinc.

So the plan that can switch between zinc and copper has been.

Dedicated fully to sink and the reason for that is that we are we're getting much more value produced by the plant.

Focusing on zinc given the current.

The areas that we are operating in at the mine.

Then doing the swap between the.

Zinc and copper.

Raul Jacob: as you may imagine, when we switch from, from producing zinc to produce copper at this concentrator, we have to do a stoppage, and that is, affecting our yearly production of, both, copper and zinc if we do several times in the year. So after evaluating, the, the value that, that the copper that could be produced by this facility, given the areas where we are operating in the mine, and the value of the zinc that could come from the zinc concentrator in this case, the company, decided to, to move forward just with zinc in this, plant. Obviously, the copper concentrators for Buena Vista, as well as the SXCW plant, are producing copper as usually. and that last year, we produced, 9,500 tons of copper in this, facility, the Buena Vista, zinc concentrator. When we do a switch to copper, produce 9,500 tons of that.

Raúl Jacob: As you may imagine, when we switch from producing zinc to produce copper at this concentrator, we have to do a stoppage, and that is affecting our yearly production of both copper and zinc if we do several times in the year. So after evaluating the value that the copper that could be produced by this facility, given the areas where we are operating in the mine, and the value of the zinc that could come from the zinc concentrator, in this case, the company decided to move forward just with zinc in this plant. Obviously, the copper concentrators for Buenavista, as well as the SX-EW plant, are producing copper as usual.

You may imagine when we switch freeing from producing zinc to produce copper at these concentrate or we have to do a stoppage.

And that is affecting our yearly production of.

Both copper and zinc if we do several times in the year. So after evaluating.

The value that the.

Cooper that could be produced by this facility given the areas, where we are operating in the mine.

And the value of the sink that could come from the zinc concentrate or in this case the company decided to move forward just we think in this.

Plant, obviously, the copper concentrator <unk> four we have east as well as the Sx EW plant are producing copper as useful.

Raúl Jacob: And that last year, we produced 9,500 tons of copper in this facility, the Buenavista zinc concentrator. When we do a switch to copper, produce 9,500 tons of that. That production has not been available this year, so that's why we are getting 965,000 tons of copper expected for 2025. If we were to repeat what we did la- excuse me. If we were to repeat what we did last year, we will have another 10,000 tons of, on top of the 965, but the decision was to move forward to produce zinc. The value of this decision is much more profitable for the company, and that's what we did.

And that last year, we produce now.

<unk> thousand 500 tonnes of copper in this facility that wouldn't have Easter.

<unk> concentrated or when we do a switch to corporate produced 9500 tonnes of that that production has not.

Raul Jacob: That production has not, been, available this year. So, that's why we, we are getting, 965,000 tons, of copper expected for, for 2025. If we were to repeat what we did, excuse me, if we were to repeat what we did last year, we will have, another 10,000 tons, of on top of the 965. But the decision was to, to, to move forward to produce zinc. The value of this, decision is much more, profitable for the company, and that's what we did. And obviously, that this is, reflecting in zinc sales that we have reported a significant increase in it. There is some zinc in inventory that should go out in the second half of the year. and, and that is, that is, basically what has happened in this year, Alfonso.

<unk>.

Available this year so.

That's why we are getting.

965000 tons.

Of copper expected for 2025, if we were to repeat what we deployed excuse me we were to repeat what we did last year. We will have another 10000 tons of on top of the 965, but the decision was to to move forward to produce sync <unk>.

<unk> of this of this issue is much more profitable for the company and that's what we did and obviously that this is reflecting in zinc sales that we have reported a significant increase in it there is some thinking inventories that should go out in the second half of the year.

Raúl Jacob: And obviously that this is reflecting in zinc sales, that we have reported a significant increase in it. There is some zinc in inventory that should go out in the second half of the year. And that is basically what has happened in this year, Alfonso. Regarding-

And that is that is <unk>.

Basically what has happened in this year.

Raul Jacob: regarding your, your second question on the production guidance, for this year, as I mentioned, we have 965,300 tons. This is basically what we had in our plans for 2025. for next year, we are expecting, we're expecting a number. We're currently reviewing next year's production. The current forecast is a little bit north of 900,000 tons, but we're reviewing it. and in 2027, 950,000. And then, over, a million, in 2028, 1,021,000. 2029, 1,070,000. same number, 170,000, 1,070,000 for 2030. and then in 2031 and 2032, we will, scale up to 1.6 million tons by getting all the, all the benefit of the projects that we're currently undertaking in, in Peru and, and in Mexico.

Alfonso Salazar [Director, Equity Research: Okay.

Alfonso Salazar: Okay.

Raúl Jacob: Your, your second question on the production guidance, for this year, as I mentioned, we have 965,300 tons. This is basically what we had in our plans for 2025. For next year, we are expecting, we're expecting a number. We're currently reviewing next year's production. The current forecast is a little bit north of 900,000 tons, but we're reviewing it. And in 2027, 950,000, and then, over a million in 2028, 1,021,000. 2029, 1,070,000. Same number, 1,070,000 for 2030.

Regarding your second question on the production guidance for.

For this year as I mentioned, we have 965300 tons. This is basically what we had in our plans for 2025.

For next year, we are expecting we're expecting a number. We're currently reviewing next year's production. The current forecast is a little bit north of 900000 tonnes and we're reviewing it.

And in $2027 150000, and then over.

In 2028, 1 million 21, 2029 1.070 million.

Same number 171.

1.070 million for 2030.

Raúl Jacob: And then in 2031 and 2032, we will scale up to 1.6 million tons by getting all the, all the benefit of the projects that we're currently undertaking in, in Peru and, and in Mexico.

And then in 2031 in 2032, we will scale up to one 6 million tons by getting all the all the benefit of the projects that we're currently undertaking in Peru and in Mexico.

Alfonso Salazar [Director, Equity Research: Okay, perfect. So if I understand correctly, it's a value maximization that you will have to be doing, depending on, you know, the ore grades for the Buenavista zinc, for the mineral extracted for the Buenavista zinc, and you will have to assess what is more profitable, right?

Alfonso Salazar: Okay, perfect. So if I understand correctly, it's a value maximization that you will have to be doing, depending on, you know, the ore grades for the Buenavista zinc, for the mineral extracted for the Buenavista zinc, and you will have to assess what is more profitable, right?

Raul Jacob: Okay. Perfect. So if I understand correctly, it's, it's a, a value maximization that you will have to be doing depending on, you know, the old grades, for the Buena Vista zinc, for the mineral extracted for the Buena Vista, zinc. And you will have to assess, what is more profitable, right?

Okay, perfect. So if I understand correctly.

Our value maximization, and you really have to be doing depending on all grades.

<unk> for EMEA Uninstructed for the winner.

Zinc.

You will have to assess.

What is more profitable way.

Raúl Jacob: That's right. It's, keep in mind that we have certain areas of the Buenavista mine, where the zinc content is very, very high, very interesting, in other words. So it is better that we focus on producing more, much more zinc in these areas than doing the switch between copper and zinc, because the copper production wouldn't be that interesting, that good. And you will be sacrificing a significant chunk of zinc, much more valuable than the copper that you're getting at that portions of the mine.

Raul Jacob: That's, that's right. It's, keep in mind that we have certain areas of the, of the Buena Vista mine where the zinc content is very, very high, very interesting, in other words. So it is better that we focus on producing more, much more zinc in these areas than doing the switch between copper and zinc because the copper production wouldn't be that interesting, that good. and you will be sacrificing a, a, a significant chunk of zinc, much more valuable than the copper that you're getting at that portion of the mine. So the facility can switch from copper to zinc.

That's right it keep in mind that the.

We have certain areas of the overdue when Arista mine.

The zinc content is very very high very interesting in order words. So it is better that we focus on producing more much more think in these areas and doing the switch between copper and saying because the copper production wouldn't be that interesting that good.

And you.

It will be sacrificing.

A significant chunk of think much more valuable than the copper that you are getting at that portions of the mine. So the facility can switch from corporate to sink.

Alfonso Salazar [Director, Equity Research: Okay.

Alfonso Salazar: Okay.

Raúl Jacob: So the facility can switch from copper to zinc, but in this case, we're keeping the production just on zinc because of the areas that we're operating, as well as the technical changes that we have to do in the plant in order to produce copper. That wouldn't be that interesting in this case. The value is much more profitable, as the result shows, and the sales for zinc are showing and will show through the second half of the year.

Raul Jacob: but, in this case, we are, we're, we're keeping, the production just on zinc because of the areas that we're operating, as well as the, technical, changes that we have to do in the plant in order to, to produce copper that wouldn't be that interesting in this case. The value is much more profitable as the result shows, and the sales for zinc are showing and will show through the second half of the year.

In this case we are.

Keeping the production just don't think because of the areas that we're operating as well as the.

Technical.

The changes as we have to do in the plant in order to produce <unk> that wouldn't be that interesting in this case the value is much more profitable as a result shows and saved sourcing are showing that will show up through the second half of the year.

Alfonso Salazar [Director, Equity Research: Yeah. So, yeah, and we should expect that to continue for the rest of 2025 and 2026? More zinc and no copper from Buenavista zinc.

Alfonso Salazar: Yeah. So, yeah, and we should expect that to continue for the rest of 2025 and 2026? More zinc and no copper from Buenavista zinc.

Raul Jacob: Yeah. So, I mean, we, we, we should expect that to continue in, in for the rest of '25 and '26? More zinc and no copper from, from, from Buena Vista zinc?

Yes.

We should expect that to continue for.

For the rest of $25 26.

Most inc. On the call platform from <unk>, Inc.

Raúl Jacob: For this year, we're expecting Buenavista to produce 110,700 tons of zinc. For next year, the number will decrease to 94,000 tons and be over at that level for 2026. So, we, at this point, we're doing this because it's much more profitable for the company and it's the best way to process the mineral that we're getting from the mine for the zinc facility.

Raul Jacob: For this year, we're expecting Buena Vista to produce 110,700 tons of, zinc. For next year, the number will decrease to 94,000 tons and maintain, and be over at that level, for, for 2026. So, we, at this point, we're doing this because it's, it's much more profitable for the company and where it, and it's, it's the best way to, process the mineral that we're getting from the mine for the zinc facility.

For this year, we're expecting when Arista to produce 110000.

700 tons of zinc for next year number one.

Decreased to 94000 tons and maintain and be over that level.

For 2026.

No.

We at this point, we're doing this because it's much more profitable for the company and where it's the best way to process. The mineral that we're getting from the mine forward leasing facility.

Raul Jacob: That's very clear. Thank you, Raul.

Alfonso Salazar [Director, Equity Research: That's very clear. Thank you, Roberto.

Alfonso Salazar: That's very clear. Thank you, Roberto.

That's very clear thank you.

Raúl Jacob: Let me mention, Alfonso, this is something that it has to be evaluated over time because prices are different. The areas of the mine where you are operating may change the quality of the ore grades for zinc, et cetera, et cetera. So it's an ongoing exercise that we do, and we will be reporting to the market when it is necessary. But as you have seen, our copper production in this facility has been and will be at about 10,000 tons per year. So that's-- it's letting go these 10,000 tons and getting much more zinc or not? That is the kind of question that we have to... So answer, it depends on different circumstances as I try to do some color on them.

Raul Jacob: Let, let me, mention, Alfonso, this is something that it has to be evaluated, over time because, prices are different. The areas of the mine where you are operating may, may change their, their quality of the ore grades for zinc, etc., etc. So it's an ongoing exercise that we do, and we will be reporting to the market, when, when it is, when it is, necessary. But as you, have seen, our copper production in this facility has been and will be at about 10,000 tons per year. So that's, it's letting go these 10,000 tons and getting much more zinc or, or not. That is the kind of, question that we have to, to answer. And it depends on different circumstances as I try to do some color on them.

Yes.

Let me mention.

So this is something that has to be evaluated.

Sure.

Over time, because prices are different the areas of the mine, where you are operating may may change their quality of the ore grades foreseeing et cetera et cetera. So it's an ongoing exercise that we do and we will be reporting to the market.

When it is.

When it is necessary, but as you.

Have seen our copper production in this facility has been and will be at about 10000 tonnes per year. So.

That's it's letting go these 10000 tons and getting much more zinc or not that is the kind of question that we have to so I'm sorry on it depends on different circumstances as I tried to throw some color on them.

Alfonso Salazar [Director, Equity Research: Understood. Thank you.

Alfonso Salazar: Understood. Thank you.

Raul Jacob: Understood. Thank you.

Understood. Thank you.

Raúl Jacob: You're welcome.

Raul Jacob: You're welcome.

Operator: Thank you. And as a reminder, if you do have a question, press star one one to get in the queue. Our next question is Juraj Domik with Laramie Vial. Please proceed.

Operator: Thank you. And as a reminder, if you do have a question, press star one one to get in the queue. Our next question is Juraj Domik with LarrainVial. Please proceed.

Carmen: Thank you. And as a reminder, if you do have a question, press star 11 to get in the queue. Our next question is for us, Dominique with Laran Vial. Please proceed.

Youre welcome.

Thank you and as a reminder, if you do have a question press star one wanted to get into queue.

Our next question is who would ask <unk> with <unk>. Please proceed.

Juraj Domic: Hello, good morning. Can you hear me?

Okay.

Raul Jacob: Hello. Good morning. Can you hear me?

Hello, Good morning can you hear me.

Operator: We can hear you. There's a little bit background noise in the back.

Carmen: We can hear you. There's a little bit of background noise in the back.

Okay.

We can hear you there is a little bit background noise in the back.

Juraj Domic: Okay, perfect. Thank you. I have two questions. I would like to understand the, the drop in copper sales, compared with Q1. I don't know if there were any shipment delays or-

Raul Jacob: Okay. Perfect. Thank you.

Okay perfect. Thank you.

Analyst: I have two questions. I would like to understand the, the drop in copper sales, compared with the first quarter. I don't know if there were any shipment delays or.

I have two questions.

I'd like to understand the drop in copper sales compared with the first quarter.

I don't know if there were any shipment delays so.

Operator: We lost our questioner, sir. I'm gonna move on to the next question, and it comes from Emerson Vieira with Goldman Sachs. Please proceed.

Carmen: I think we lost our, questioner, sir. I'm going to move on to the next question. And it comes from Emerson Viera with Goldman Sachs. Please proceed.

Operator: We lost our questioner, sir. I'm gonna move on to the next question, and it comes from Emerson Vieira with Goldman Sachs. Please proceed.

And we lost our question or Cerro Lindo move onto the next question.

Okay.

And it comes from and there is some vieira with Goldman.

Alan Sachs. Please proceed.

Emerson Vieira [Vice President, Equity Research: Hi, gentlemen, good morning. So I have a few questions. The first one is on Cuajone expansion. I know you guys are expecting this project to come to board approval by next year, so any update on that front would be very helpful. So this is the first one. The second one would be on the copper sales as well. So we saw a decline over the years, so sales lagging production by 7%. Just wanted to understand if there was, I don't know, a front-loading effect in Q1 that caused this to happen in Q2. And I think it would be those two questions. Thank you very much.

Emerson Vieira: Hi, gentlemen, good morning. So I have a few questions. The first one is on Cuajone expansion. I know you guys are expecting this project to come to board approval by next year, so any update on that front would be very helpful. So this is the first one. The second one would be on the copper sales as well. So we saw a decline over the years, so sales lagging production by 7%. Just wanted to understand if there was, I don't know, a front-loading effect in Q1 that caused this to happen in Q2. And I think it would be those two questions. Thank you very much.

Analyst: Hi, good morning. So I have a few questions. The first one is on Cuajon expansion. I know you guys are expecting this project to come to board approval by next year. So any update on that front would be very helpful. So this is the first one. The second one, would be on the copper sales as well. So, we saw a decline over the years, so sales lagging production by 7%. So I just wanted to understand if there was, I don't know, a front-loading effect in, in, in first queue that caused this to happen in the second quarter. and I think it would be those two questions. Thank you very much.

Hi, gentlemen, good morning, So I have a few questions. The first one is on <unk> expansion.

You guys are expecting at least probably.

But the protocol by next year, so any update on that front would be very helpful.

This is the first one the second one.

Would it be.

Copper sales as well also.

We saw a decline year over year, so sales lagging production by 7%. So just wanted to understand.

If there was I don't know a front loading effect.

In first Q that caused this to happen in the second quarter.

Yes.

And I think it.

It would be those two questions. Thank you very much.

Raúl Jacob: Okay. On the copper sales, we had at the end of 2024, we had some copper inventories that were sold in the first quarter of this year. That's mainly, that's the main difference that we have on the copper sales in Q1. That's basically. So it's not that sales has been lower. I mean, there are obviously less sales of copper in Q2, but it's more like, not directly related to production, but to inventories that were processed, higher inventories that we had that were processed in the first half of Q1 of this year. On the Cuajone expansion, there's not much to report.

Raul Jacob: Okay. On, on the copper sales, we, we had, at the end of 2024, we had some copper inventories that were, sold in, in 2000, in the first quarter of this year. That's mainly, that's the main difference that we have on, in, on, in the copper, in the copper, sales in the first, quarter. that's basically, so it's not that sales has been lower. I mean, there are obviously less sales of copper in the second quarter, but, but it's, it's more like, not, not, not directly related to production, but to, inventories in, in that were processed, higher inventories that we had that were processed in the first half of, the first quarter of this year. On the Cuajon expansion, there's not much to report. We have been, we have been working on, on having better information on, what will the Cuajon expansion look like.

Yes.

Okay on the copper sales.

We had at the end of 2024, we have some copper inventories that were.

<unk> sold in 2000 in the first quarter of this year, that's mainly that's the main difference that we have.

In the copper in the copper.

Sales in the first.

Quarter.

<unk>.

Basically so it's not that sales has been lower I mean, they are obviously less sales of copper in the second quarter, but it's more like.

Not directly related to production but to.

Inventories in Edward process higher inventories that we had our process in the first half of the first quarter of this year on.

On the cohort expansion there is not much to report we have been we have been working on.

Raúl Jacob: We have been working on having better information on what the Cuajone expansion will look like. We're keeping. One of the concerns is where are we getting the water that it is necessary for the Cuajone expansion, and that is something that we're working in with different initiatives. One of them has been test and it's doing well, which is having dry tailings in our in our Quebrada Honda tailings deposit. But there are some other options that we're also looking at. So we will inform when we have anything significant to report, but so far we're working on this.

Having better information.

The cohort expansion look like we're keeping one of the concerns is where we're getting the water that it is necessary for the expansion.

Raul Jacob: We're keeping one of the concerns is, where are we getting the water that it is necessary for, for the Cuajon expansion? And that, that is something that we're working in, with different initiatives. one of them has been test, and, and it's, it's doing well, which is, having the dry tailings in our, in our, Quebrada Honda tailings deposit. if, but there are some other options that we're also, looking at. so we will inform when we have, anything significant to report. But so far, we're working on this. I think it's, it's a very attractive project, but we still have to, remove some, some concerns that we have about it before, presenting it to the board and having, and having, an announcement on that matter.

Expansion and that is something that we're working in.

With different initiatives one of them has been tasked and it's doing well which is.

Having the dry tailings in hour.

In our.

Keep it around that tailings deposit.

But there are some other option that we're also.

Looking at so we will inform when we have it.

Anything significant to report, but so far we're working on this I think it's a very attractive project, but we still have two.

Raúl Jacob: I think it's a very attractive project, but we still have to remove some concerns that we have about it before presenting it to the board and having an announcement on that matter.

Remove some concerns that we have about it before the.

Presenting to the board and having and having an announcement on that matter.

Emerson Vieira [Vice President, Equity Research: Thank you very much.

Emerson Vieira: Thank you very much.

Analyst: Thank you very much.

Thank you very much.

Raúl Jacob: You're welcome.

Raul Jacob: You're welcome.

Operator: Thank you. As I see no further questions in the queue, I will turn the call back to Raúl Jacob for final remarks.

Carmen: Thank you. And as I see no further questions in the queue, I will turn the call back to Raul Jacob for final remarks.

Thank you and as I see no further questions in the queue I will turn the call back to Roger for final remarks.

Raúl Jacob: Well, with this, we conclude our conference call for Southern Copper's Q2 of this year. We certainly appreciate your participation and hope to have you back with us when we report the Q3 of 2025 results. Thank you very much for being with us today, and have a nice day.

Raul Jacob: Well, with this, we conclude our conference call for SOUTHERN COPPER's second quarter of this year. We certainly appreciate your participation and hope to have you back with us when we report the third quarter 2025 results. Thank you very much for being with us today, and have a nice day.

Well with this we conclude our conference call for Southern Copper's second quarter of this year. We certainly appreciate your participation and hope to have you back with us when we report the third quarter 2010.

<unk> results. Thank you very much for being with us today and have a nice day.

Operator: Ladies and gentlemen, this concludes our program for today. Thank you all for participating, and you may now disconnect.

Carmen: And ladies and gentlemen, this concludes our program for today. Thank you all for participating, and you may now disconnect.

Operator: Ladies and gentlemen, this concludes our program for today. Thank you all for participating, and you may now disconnect.

And ladies and gentlemen, this concludes our program for today. Thank you all for participating and you may now disconnect.

Okay.

[music].

Okay.

Yes.

[music].

Okay.

[music].

Yeah.

[music].

Q2 2025 Southern Copper Corp Earnings Call

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