Q1 2026 Southern Copper Corp Earnings Call

April 30, 2026

Operator 1: Good morning, and welcome to Southern Copper Corporation's Q1 2026 results conference call. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer, and CFO, who will discuss the results of the company for Q1 2026 as well as answer any questions that you might 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. The company cautions to not place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, 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 on to Mr. Raul Jacob.

Operator: Good morning, and welcome to Southern Copper Corporation's Q1 2026 Results Conference Call. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer, and CFO, who will discuss the results of the company for Q1 2026 as well as answer any questions that you might 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. The company cautions to not place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, 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 on to Mr. Raúl Jacob.

Speaker #1: 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 to not place undue reliance on these forward-looking statements.

Speaker #1: Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Speaker #1: All results are expressed in full US GAAP. Now I will pass the call onto Mr. Raul Jacob.

Speaker #2: Thank you very much, Latif. Good morning, everyone, and welcome to Southern Copper Corporation's first quarter of 2026 results conference call. Let me first begin by saying that on April 7, Southern Copper lost one of the principal of its organization.

Raul Jacob Ruisanchez: Thank you very much, Lateef. Good morning, everyone, and welcome to Southern Copper Corporation first quarter of 2026 results conference call. Let me first begin by saying that on 7 April, Southern Copper lost one of the principals of its organization, Mr. Oscar Gonzalez Rocha, who served as President, Chief Executive Officer, and member of the board of directors. Over a period spanning 50 years, he worked tirelessly to further the company's objective as he scaled the corporate ladder to CEO. From this position, Don Oscar, as we like to refer to him, managed the company with intelligence, unwavering loyalty, and commitment to meeting and exceeding targets. He was one of the most influential leaders in the mining industry. We will miss him deeply. At today's conference, I'm accompanied by Mr. Leonardo Contreras, recently appointed by our board as CEO of Southern Copper.

Raúl Jacob: Thank you very much, Lateef. Good morning, everyone, and welcome to Southern Copper Corporation Q1 of 2026 results conference call. Let me first begin by saying that on 7 April, Southern Copper lost one of the principals of its organization, Mr. Oscar González Rocha, who served as President, Chief Executive Officer, and member of the board of directors. Over a period spanning 50 years, he worked tirelessly to further the company's objective as he scaled the corporate ladder to CEO. From this position, Don Oscar, as we like to refer to him, managed the company with intelligence, unwavering loyalty, and commitment to meeting and exceeding targets. He was one of the most influential leaders in the mining industry. We will miss him deeply. At today's conference, I'm accompanied by Mr. Leonardo Contreras, recently appointed by our board as CEO of Southern Copper.

Speaker #2: Mr. Oscar González Rocha, who serves as Executive President, Chief Executive Officer, and Member of the Board of Directors. Over a period spanning 50 years, he worked tirelessly to further the company's objective as it scales the corporate ladder to CEO.

Speaker #2: From this position, Don Oscar, as we like to refer to him, managed the company with intelligence, unwavering loyalty, and commitment to meeting and exceeding targets.

Speaker #2: He was one of the most influential leaders in the mining industry. We will miss him deeply. At today's conference, I'm accompanied by Mr. Leonardo Contreras, recently appointed by our board as CEO of Southern Copper.

Raul Jacob Ruisanchez: Mr. Contreras has held significant leadership roles within the company. He's also a board member since 2021. In our press release, we're reporting a record-breaking sales, EBITDA, and net earnings. Regarding net earnings, they were $1,577 million, which represented a 67% rise compared to Q1 of last year. This positive result was driven by higher sales, volumes of silver that increased by 12%, zinc that increased by 16%, and better prices for our main products. In addition, we want to highlight that the company cash cost dropped from $0.77 per pound to -$0.11 per copper pound. This is a 114% reduction, driven by a growth in revenues for all our byproducts and cost efficiencies across operations.

Raúl Jacob: Mr. Contreras has held significant leadership roles within the company. He's also a board member since 2021. In our press release, we're reporting a record-breaking sales, EBITDA, and net earnings. Regarding net earnings, they were $1,577 million, which represented a 67% rise compared to Q1 of last year. This positive result was driven by higher sales, volumes of silver that increased by 12%, zinc that increased by 16%, and better prices for our main products. In addition, we want to highlight that the company cash cost dropped from $0.77 per pound to -$0.11 per copper pound. This is a 114% reduction, driven by a growth in revenues for all our byproducts and cost efficiencies across operations.

Speaker #2: Mr. Contreras has held significant leadership roles within the company. He is also a board member since 2021. In our press release, we're reporting a record-breaking sales EBITDA and net earnings.

Speaker #2: Regarding net earnings, they were $1,577 million, which represented a 67% rise compared to the first quarter of last year. This positive result was driven by higher sales volumes of silver that increased by 12%, zinc that increased by 16%, and better prices for our main products.

Speaker #2: In addition, we want to highlight that the company cash cost dropped from $77 per pound to minus $11 per copper pound. This is a 114% reduction driven by a growth in revenues for all our byproducts and cost efficiencies across operations.

Raul Jacob Ruisanchez: As the world continues to navigate the economic and inflationary impacts arising from current global conflicts, the company has remained resilient and committed to its operational objectives of increasing production to 1.6 million tons while maintaining the cost efficiency discipline that defines it. This year, we will remain focused on achieving our operational targets and advancing the development of our projects. Turning to the copper market, the London Metal Exchange copper price increased 38% from an average of $4.24 per pound in Q1 2025, up to $5.83 in the past quarter. In the COMEX market, we saw a 27% increase with an average of $5.80 per pound this past quarter.

Raúl Jacob: As the world continues to navigate the economic and inflationary impacts arising from current global conflicts, the company has remained resilient and committed to its operational objectives of increasing production to 1.6 million tons while maintaining the cost efficiency discipline that defines it. This year, we will remain focused on achieving our operational targets and advancing the development of our projects. Turning to the copper market, the London Metal Exchange copper price increased 38% from an average of $4.24 per pound in Q1 2025, up to $5.83 in the past quarter. In the COMEX market, we saw a 27% increase with an average of $5.80 per pound this past quarter.

Speaker #2: As the world continues to navigate the economic and inflationary impacts arising from current global conflicts, the company has remained resilient and committed to its operational objectives of increasing production to 1.6 million tons, while maintaining the cost efficiency discipline that defines it.

Speaker #2: This year, we will remain focused on achieving our operational targets and advancing the development of our projects. Turning to the copper market, the London Metal Exchange copper price increased 38% from an average of $4.24 per pound in the first quarter of 2025 up to $5.83 in the past quarter.

Speaker #2: In the COMEX market, we saw a 27% increase with an average of $5.80 per pound this past quarter. Based on current supply and demand dynamics, we estimate a copper market deficit of $315,000 tons for 2026.

Raul Jacob Ruisanchez: Based on current supply and demand dynamics, we estimate a copper market deficit of 315,000 tons for 2026. Copper inventories worldwide stood at 1.2 million tons as of 21 April 2024. We estimate that this inventory currently can cover approximately 16 days of global demand. Now let's look at Southern Copper's production for the past quarter. Copper represented 70% of our sales in Q1 2024. Copper production registered a decrease of 4% in Q1 in a quarter-on-quarter turns to stand at 230,544 tons. This outcome was primarily driven by lower production at our Peruvian operations that decreased by 10% the production of the Peruvian operations.

Raúl Jacob: Based on current supply and demand dynamics, we estimate a copper market deficit of 315,000 tons for 2026. Copper inventories worldwide stood at 1.2 million tons as of 21 April 2024. We estimate that this inventory currently can cover approximately 16 days of global demand. Now let's look at Southern Copper's production for the past quarter. Copper represented 70% of our sales in Q1 2024. Copper production registered a decrease of 4% in Q1 in a quarter-on-quarter turns to stand at 230,544 tons. This outcome was primarily driven by lower production at our Peruvian operations that decreased by 10% the production of the Peruvian operations. This reduction was resulting from lower ore grades and recoveries that are in line with the annual plan.

Speaker #2: Copper inventories worldwide stood at 1.2 million tons as of April 21 of this year. We estimate that this inventory currently can cover approximately 16 days of global demand.

Speaker #2: Now let's look at Southern Copper's production for the past quarter. Copper represented 70% of our sales in the first quarter of this year. Copper production registered a decrease of 4% in the first quarter and a quarter-on-quarter turned to stand at 230,544 tons.

Speaker #2: This outcome was primarily driven by lower production at our Peruvian operations that decreased by 10%, the production of the Peruvian operations, and this reduction was resulting from lower or grades and recoveries that are in line with the annual plan.

Raul Jacob Ruisanchez: This reduction was resulting from lower ore grades and recoveries that are in line with the annual plan. We expect these results to be to our ore grades and recoveries to be better by the end of this year. These results were primarily offset by an increase in production at our La Caridad mine that increased production by 6%. At this point, we expect to produce 915,000 tons of copper in 2026, which is 4,000 tons above our planned target for the year. Silver represented 13% of the company's sales in Q1 2026 and is currently our first byproduct.

Speaker #2: We expect these results, as well as all our grades and recoveries, to be better by the end of this year. These results were primarily offset by increasing production at our La Caridad mine, which increased its production by 6%.

Raúl Jacob: We expect these results to be to our ore grades and recoveries to be better by the end of this year. These results were primarily offset by an increase in production at our La Caridad mine that increased production by 6%. At this point, we expect to produce 915,000 tons of copper in 2026, which is 4,000 tons above our planned target for the year. Silver represented 13% of the company's sales in Q1 2026 and is currently our first byproduct. Silver prices averaged $83.33 per ounce in Q1, compared to $32.31 in Q1 of last year. This represents an increase of 158%. Mine silver production increased 11% in Q1 2026, driven primarily by higher production at La Caridad, Buenavista, and the IMMSA mines. These results were partially offset by a decrease in production at our Peruvian operations.

Speaker #2: At this point, we expect to produce 915,000 tons of copper in 2026, which is 4,000 tons above our planned taxes target for the year.

Speaker #2: Silver represented 13% of the company's sales in the first quarter of 2026 and is currently our first byproduct. Silver prices average $83.33 per ounce in the quarter, compared to $32.31 in the first quarter of last year.

Raul Jacob Ruisanchez: Silver prices averaged $83.33 per ounce in Q1, compared to $32.31 in Q1 of last year. This represents an increase of 158%. Mine silver production increased 11% in Q1 2026, driven primarily by higher production at La Caridad, Buenavista, and the IMMSA mines. These results were partially offset by a decrease in production at our Peruvian operations. Refined silver production increased by 11% quarter over quarter, which was mainly driven by an increase in our La Caridad refinery that increased its volume by 18% this past quarter. In 2026, we now expect to slightly exceed our goal to produce 24 million ounces of silver by 300,000 ounces or 1.3%.

Speaker #2: This represents an increase of 158%. Mine silver production increased 11% in the first quarter of 2026, driven primarily by higher production at La Caridad, Buena Vista, and the IMSA mines.

Speaker #2: These results were partially offset by a decreasing production at our Peruvian operations. We find silver production increased by 11% quarter over quarter, which was mainly driven by an increase in our La Caridad refinery that increased its volume by 18% this past quarter.

Raúl Jacob: Refined silver production increased by 11% quarter-over-quarter, which was mainly driven by an increase in our La Caridad refinery that increased its volume by 18% this past quarter. In 2026, we now expect to slightly exceed our goal to produce 24 million ounces of silver by 300,000 ounces or 1.3%. Molybdenum represented 11% of our sales in Q1 of this year, with an average price of $25.37 per pound this quarter. This represents an increase of 24% over Q1 of last year's mark. After many years of leading our byproduct list, molybdenum was outpaced by silver, which rose on the back of higher production volumes and better prices. Molybdenum production dropped 2% in Q1, vis-a-vis next year. This was mainly driven by a decrease in production at the Buenavista mine and by lower ore grade.

Speaker #2: In 2026, we now expect a slightly exceed our goal to produce 24 million ounces of silver by 300,000 ounces or 1.3%. Molybdenum represented 11% of our sales in the first quarter of this year, with an average price of $25.37 per pound this quarter.

Raul Jacob Ruisanchez: Molybdenum represented 11% of our sales in Q1 of this year, with an average price of $25.37 per pound this quarter. This represents an increase of 24% over Q1 of last year's mark. After many years of leading our byproduct list, molybdenum was outpaced by silver, which rose on the back of higher production volumes and better prices. Molybdenum production dropped 2% in Q1, vis-a-vis next year. This was mainly driven by a decrease in production at the Buenavista mine and by lower ore grade. These results were partially offset by an increase in production at the Toquepala and Cuajone operations. In 2026, we expect to produce 27,400 tons of molybdenum. This is 5% above our initial plan.

Speaker #2: This represents an increase of 24% over the first quarter of last year's mark. After many years of leading our byproduct list, molybdenum was outpaced by silver, which rose on the back of higher production volumes and better prices.

Speaker #2: Molybdenum production dropped 2% in the first quarter, vis-à-vis last year, and this was mainly driven by a decrease in production at the Buena Vista mine and by lower ore grades.

Speaker #2: These results were partially offset by an increasing production at the Toquepalan, Cuajone operations. In 2026, we expect to produce 27,400 tons of molybdenum, which is 5% above our initial plan.

Raúl Jacob: These results were partially offset by an increase in production at the Toquepala and Cuajone operations. In 2026, we expect to produce 27,400 tons of molybdenum. This is 5% above our initial plan. For zinc, it represented 3% of our sales in Q1, with an average price of $1.47 per pound in the quarter. This represents a 14% increase compared to the 2025 Q1's figure. Zinc production increased 2% quarter-on-quarter and totaled 40,164 tons. It was mainly due to higher production at San Martin, Charcas, and Santa Barbara operations, the IMMSA operations. Refined zinc production increased by 6% in Q1 of this year. For 2026, we expect to produce 166,800 tons of zinc, which is 1% above our initial plan. Financial results. For Q1 of 2026, sales were $4.3 billion. This is $1.1 billion higher than sales for Q1 2025 or 36% of increase.

Raul Jacob Ruisanchez: For zinc, it represented 3% of our sales in Q1, with an average price of $1.47 per pound in the quarter. This represents a 14% increase compared to the 2025 Q1's figure. Zinc production increased 2% quarter-on-quarter and totaled 40,164 tons. It was mainly due to higher production at San Martin, Charcas, and Santa Barbara operations, the IMMSA operations. Refined zinc production increased by 6% in Q1 of this year. For 2026, we expect to produce 166,800 tons of zinc, which is 1% above our initial plan. Financial results. For Q1 of 2026, sales were $4.3 billion.

Speaker #2: For zinc, it represented 3% of our sales in the first quarter, with an average price of $1.47 per pound in the quarter. This represents a 14% increase compared to the 2025 first quarter's figure.

Speaker #2: Zinc production increased 2% quarter-on-quarter, and total 40,164 tons, which was mainly due to higher production at San Martín, Charcas, and Santa Bárbara operations, the IMSA operations, refined zinc production increased by 6% in the first quarter of this year.

Speaker #2: For 2026, we expect to produce 166,800 tons of zinc, which is 1% above our initial plan. Financial results. For the first quarter of 2026, sales were 4.3 billion dollars.

Speaker #2: This is 1.1 billion higher than sales for the first quarter of 2025 or 36% of increase. Copper sales increased by 23%, while volume decreased by 5% in a scenario of better prices.

Raul Jacob Ruisanchez: This is $1.1 billion higher than sales for Q1 2025 or 36% of increase. Copper sales increased by 23%, while volume decreased by 5% in any scenario of better prices. Regarding our main by-products, we registered growth in sales of silver by 201% due to an increase in volume of 12% and better prices. Molybdenum sales grew 48% due to better prices, partially offset by lower volume. Zinc sales increased by 30%, bolstered by a rise in volume of 16% and better price. Our total operating cost and expenses increased $185 million or 12% when compared to Q1 of last year. The main cost increments were in copper purchase from third parties, labor, workers' participation, lower capitalized leachable material, energy, and fuel.

Raúl Jacob: Copper sales increased by 23%, while volume decreased by 5% in any scenario of better prices. Regarding our main by-products, we registered growth in sales of silver by 201% due to an increase in volume of 12% and better prices. Molybdenum sales grew 48% due to better prices, partially offset by lower volume. Zinc sales increased by 30%, bolstered by a rise in volume of 16% and better price. Our total operating cost and expenses increased $185 million or 12% when compared to Q1 of last year. The main cost increments were in copper purchase from third parties, labor, workers' participation, lower capitalized leachable material, energy, and fuel.

Speaker #2: Regarding our main byproducts, we registered growth in sales of silver by 201% due to an increasing volume of 12% and better prices. Molybdenum sales grew 48% due to better prices.

Speaker #2: Partially offset by lower volume. Zinc sales increased by 30%, bolstered by a rise in volume of 16% and better prices. Our total operating cost and expenses increased 185 million or 12% when compared to the first quarter of last year.

Speaker #2: The main cost increments were in copper purchased from third parties, labor, workers' participation, lower capitalized leachable material, energy, and fuel. These cost increments were partially offset by a decrease in the foreign exchange variance effect, and in inventory consumption.

Raul Jacob Ruisanchez: These cost increments were partially offset by a decrease in the foreign exchange variance effect and in inventory consumption. The company adjusted EBITDA for Q1 of this year was $2,713 million, which represented an increase of 55% over the $1,745 million registered in Q1 of 2025. The adjusted EBITDA margin in Q1 was 64%. That compares to 56% in the same period of 2025. For cash cost, Southern Copper's operating cash cost, including the benefit of by-product credit, was -$0.11 per pound in Q1 of this 2026. This cash cost was $0.62 lower than the cash cost of $0.51 that we had in Q4 of 2025.

Raúl Jacob: These cost increments were partially offset by a decrease in the foreign exchange variance effect and in inventory consumption. The company adjusted EBITDA for Q1 of this year was $2,713 million, which represented an increase of 55% over the $1,745 million registered in Q1 of 2025. The adjusted EBITDA margin in Q1 was 64%. That compares to 56% in the same period of 2025. For cash cost, Southern Copper's operating cash cost, including the benefit of by-product credit, was -$0.11 per pound in Q1 of this 2026. This cash cost was $0.62 lower than the cash cost of $0.51 that we had in Q4 of 2025.

Speaker #2: The company adjusted EBITDA for the first quarter of this year was 2,713 million dollars, which represented an increase of 55% over the 1,745 million registered in the first quarter of 2025.

Speaker #2: The adjusted EBITDA margin in the first quarter was 64% that compares to 56% in the same period of 2025. For cash cost, 1,000 coppers operating cash cost, including the benefit of byproduct credit, was minus 11 cents per pound in the first quarter of this 2026.

Speaker #2: These cash costs were 62 cents lower than the cash cost of 51 cents that we had in the fourth quarter of 2025. A negative cash cost means that our byproduct revenues of 1.2 billion dollars more than cover our production cost for copper.

Raul Jacob Ruisanchez: A negative cash cost means that our by-product revenues of $1.2 billion more than cover our production cost for copper. Operating cash cost, excuse me. Operating cash cost per pound of copper before by-product credit was $2.30 per pound in Q1 of this year. This is $0.01 higher than the value for Q4 of 2025. That was $2.29. This increase in the operating cash cost reflects higher cost per pound from the production costs, which was partially offset by a decrease in administrative expenses, a better credit for treatment and refining charges, and growth in the premium for our refined or further processed production.

Raúl Jacob: A negative cash cost means that our by-product revenues of $1.2 billion more than cover our production cost for copper. Operating cash cost, excuse me. Operating cash cost per pound of copper before by-product credit was $2.30 per pound in Q1 of this year. This is $0.01 higher than the value for Q4 of 2025. That was $2.29. This increase in the operating cash cost reflects higher cost per pound from the production costs, which was partially offset by a decrease in administrative expenses, a better credit for treatment and refining charges, and growth in the premium for our refined or further processed production.

Speaker #2: Operating cash cost per pound of copper before byproduct credit was $2.30 per pound in the first quarter of this year. This is one cent higher than the value for the fourth quarter of 2025 that was $2.29.

Speaker #2: This increase in the operating cash cost reflects higher cost per pound from the production cost, which was partially offset by a decreasing administrative expenses, a better credit for treatment and refining charges, and growth in the premium for our refined or further processed production.

Speaker #2: Regarding byproducts, we had a total credit of 1,189 million or $2.41 per pound in the first quarter of 2026. These figures represent a 36% increase compared to the credit of 920 million dollars or $1.78 per pound that we had in the fourth quarter of 2025.

Raul Jacob Ruisanchez: Regarding by-products, we had a total credit of $1,189 million or $2.41 per pound in Q1 2026. These figures represent a 36% increase compared to the credit of $920 million or $1.78 per pound that we had in Q4 2025. Total credits have increased for molybdenum, silver, and sulfuric acid. Our Q1 2026 net income was $1,577 million, which represented a new company record and an improvement of 67% compared to the $946 million registered in Q1 2025. The net income margin in this past quarter was 37% versus 30% in Q1 2025.

Raúl Jacob: Regarding by-products, we had a total credit of $1,189 million or $2.41 per pound in Q1 2026. These figures represent a 36% increase compared to the credit of $920 million or $1.78 per pound that we had in Q4 2025. Total credits have increased for molybdenum, silver, and sulfuric acid. Our Q1 2026 net income was $1,577 million, which represented a new company record and an improvement of 67% compared to the $946 million registered in Q1 2025. The net income margin in this past quarter was 37% versus 30% in Q1 2025.

Speaker #2: Total credit has increased for molybdenum, silver, and sulfuric acid. Our first quarter of 2026 net income was 1,577 million, which represented a new company record and an improvement of 67% compared to the 946 million registered in the first quarter of 2025.

Speaker #2: The net income margin in this past quarter was 37% versus 30% in the first quarter of 2025. Net income in the first quarter of this year increased by 21%.

Raul Jacob Ruisanchez: Net income in the first quarter of this year increased by 21%. Cash flow from operating activities in the past quarter was $1,695 million, which represented an increase of 135% versus the $721 million posted in the first quarter of 2025. This improvement was mainly attributable to strong cash generation at our operations, which was driven by higher sales and 449 million decrease in operating assets and liability requirements. Capital investment. Our current capital investment program for this decade exceeds $20.5 billion and includes investment in projects in Peru and Mexico. Given that there is a description of our main capital project in Southern Copper's press release, I'm going to focus on updating new developments for each. For the Peruvian project.

Raúl Jacob: Net income in the Q1 of this year increased by 21%. Cash flow from operating activities in the past quarter was $1,695 million, which represented an increase of 135% versus the $721 million posted in the Q1 of 2025. This improvement was mainly attributable to strong cash generation at our operations, which was driven by higher sales and 449 million decrease in operating assets and liability requirements. Capital investment. Our current capital investment program for this decade exceeds $20.5 billion and includes investment in projects in Peru and Mexico. Given that there is a description of our main capital project in Southern Copper's press release, I'm going to focus on updating new developments for each. For the Peruvian project.

Speaker #2: Cash flow from operating activities in the past quarter was 1,695 million which represented an increase of 135% versus a 721 million posted in the first quarter of 2025.

Speaker #2: This improvement was mainly attributable to strong cash generation at our operations, which was driven by higher sales and a $449 million decrease in operating assets and liability requirements.

Speaker #2: Capital investment. Our current capital investment program for this decade exceeds 20.5 billion dollars and includes investment in projects in Peru and Mexico. Given that there is a description of our main capital project in Southern Coppers press release, I'm going to focus on updating new developments for each.

Speaker #2: For the Peruvian project, we have Tia Maria. As you know, this is a greenfield project in the Arequipa region in Peru, which will use state-of-the-art FXEW technology with the highest international standards for environment and resource consumption.

Raul Jacob Ruisanchez: For the Peruvian project, we have Tía María. As you know, this is a greenfield project in the Arequipa region in Peru, which will use a state-of-the-art SXEW technology with the highest international standards for environment and resource consumption. The project has the capacity to produce 120,000 tons of refined copper per year, and operations are expected to begin in Q3 2027. As of 31 March of this year, the company has committed $948 million across various project activities. Large-scale earth-moving works has moved already 7.5 million tons of material from the Toquepala deposit. Most purchase orders for major equipment has been issued. Regarding the SXEW process, purchase orders have been placed for key equipment with state-of-the-art technology.

Raúl Jacob: For the Peruvian project, we have Tía María. As you know, this is a greenfield project in the Arequipa region in Peru, which will use a state-of-the-art SXEW technology with the highest international standards for environment and resource consumption. The project has the capacity to produce 120,000 tons of refined copper per year, and operations are expected to begin in Q3 2027. As of 31 March of this year, the company has committed $948 million across various project activities. Large-scale earth-moving works has moved already 7.5 million tons of material from the Toquepala deposit. Most purchase orders for major equipment has been issued. Regarding the SXEW process, purchase orders have been placed for key equipment with state-of-the-art technology.

Speaker #2: The project has the capacity to produce 120,000 tons of refined copper per year and operations are expected to begin in the third quarter of 2027.

Speaker #2: As of March 31st of this year, the company has committed 948 million dollars across various projects and activities. Large-scale air-moving works have moved already 7.5 million tons of material from La Tapaa deposit.

Speaker #2: Most purchase orders for major equipment have been issued. Regarding the FXEW process, purchase orders have been placed for key equipment with state-of-the-art technology. Regarding energy supply, foundation works at the main electrical substation as well as work to build a 220 kilowatt transmission line are underway.

Raul Jacob Ruisanchez: Regarding energy supply, foundation works at the main electrical substation as well as work to build a 220 kW transmission line are underway. In parallel, large-scale earthworks to grade the main dry and wet area components are in their final stage, setting the groundwork for civil construction in key areas for secondary and tertiary crusher, solvent extraction, and electrowinning. At the end of Q1 2026, progress at Tia Maria stood at 33% and 4,200 jobs, new jobs has been generated. 815 of these positions were filled by local applicants. To the fullest extent possible, we intend to fill the 5,000 jobs estimated to be required during Tia Maria construction phase, prioritizing workers from the Islay province in Arequipa, Peru.

Raúl Jacob: Regarding energy supply, foundation works at the main electrical substation as well as work to build a 220 kW transmission line are underway. In parallel, large-scale earthworks to grade the main dry and wet area components are in their final stage, setting the groundwork for civil construction in key areas for secondary and tertiary crusher, solvent extraction, and electrowinning. At the end of Q1 2026, progress at Tia Maria stood at 33% and 4,200 jobs, new jobs has been generated. 815 of these positions were filled by local applicants. To the fullest extent possible, we intend to fill the 5,000 jobs estimated to be required during Tia Maria construction phase, prioritizing workers from the Islay province in Arequipa, Peru.

Speaker #2: In parallel, large-scale air works to grade the main dry and wet area components are in their final stage. Setting the groundwork for civil construction in key areas for secondary and tertiary trasher solvent extraction and electrowing.

Speaker #2: At the end of the first quarter of 2026, progress at Tia Maria's stood at 33% and 4,200 jobs new jobs have been generated. 815 of these positions were filled by local applicants.

Speaker #2: To the fullest extent possible, we intend to fill the 5,000 jobs estimated to be required during Tia Maria construction phase prioritizing workers from this live province.

Speaker #2: In Arequipa, Peru. For the Los Chanca project in Apurímac, as of March of this year, we continue to implement environmental and social programs in the communities of Tapairihua and Tiaparo.

Raul Jacob Ruisanchez: For the Los Chankas project in Apurímac, as of March of this year, we continue to implement environmental and social programs in the communities of Tapayrihua and Tiaparo, which are located within the direct area of influence of the Los Chankas mining project. Despite these efforts, the presence of illegal miners within the project area has prevented the project from progressing further. In this context, the company continues to work with the relevant authorities to regain control of the project area. For the Michiquillay project located in the Cajamarca region at the northern part of Peru, development of the technical, the geotechnical, hydrological, and hydrogeological studies is ongoing. In addition, studies related to projects reserve estimation and mine plans have commenced.

Raúl Jacob: For the Los Chankas project in Apurímac, as of March of this year, we continue to implement environmental and social programs in the communities of Tapayrihua and Tiaparo, which are located within the direct area of influence of the Los Chankas mining project. Despite these efforts, the presence of illegal miners within the project area has prevented the project from progressing further. In this context, the company continues to work with the relevant authorities to regain control of the project area. For the Michiquillay project located in the Cajamarca region at the northern part of Peru, development of the technical, the geotechnical, hydrological, and hydrogeological studies is ongoing. In addition, studies related to projects reserve estimation and mine plans have commenced.

Speaker #2: Which are located within the direct area of influence of the Los Chanca's mining project. Despite these efforts, the process of the presence of illegal miners within the project area has prevented the project from progressing further.

Speaker #2: In this context, the company continues to work with the relevant authorities to regain control of the project area. For the Michiquiai project, located in the Cajamarca region at the northern part of Peru, development of the technical of the geotechnical hydrological and hydrogeological studies is ongoing.

Speaker #2: In addition, studies related to project reserve estimation and mine plan have commenced. 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.

Raul Jacob Ruisanchez: SCC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both the stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites, and the Empalme Smelter, which are expected to bolster our position as a fully integrated copper producer. We're conducting talks with the current administration to continue rolling out SCC Southern Copper's Mexican investments for $10.2 billion. In the case of El Arco in the Baja California region of Mexico, this is a world-class copper deposit located the central part of the Baja California Peninsula, with more than 1,230 million tons of sulfide ore reserve with an average ore grade of 0.4%.

Raúl Jacob: SCC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both the stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites, and the Empalme Smelter, which are expected to bolster our position as a fully integrated copper producer. We're conducting talks with the current administration to continue rolling out SCC Southern Copper's Mexican investments for $10.2 billion. In the case of El Arco in the Baja California region of Mexico, this is a world-class copper deposit located the central part of the Baja California Peninsula, with more than 1,230 million tons of sulfide ore reserve with an average ore grade of 0.4%.

Speaker #2: These projects are Angangueo, Chalchiwites, and the Empalme Smelter. Which are expected to bolster our position as a fully integrated copper producer. We're conducting talks with the current administration to continue rolling out SEC's Southern Coppers Mexican Investments for 10.2 billion dollars.

Speaker #2: In the case of El Arco in the Baja California region of Mexico, this is a work-class copper deposit located in the central part of the Baja California Peninsula.

Speaker #2: With more than 1,230 million tons of sulfide ore reserved with an average org rate of 0.4%. The project includes an open pit mine with per day of milling capacity concentrator and a 28,000 tons of refined FXEW copper for operations.

Raul Jacob Ruisanchez: The project includes an open-pit mine with a 120,000 tons per day of milling capacity concentrator and 28,000 tons of refined SXEW copper for operations. Detailed engineering is still underway for the concentrator, SXEW plant, and water desal facilities, logistics, infrastructure, and power delivery. Under the Mexican Constitution, the government is solely responsible for electric energy transmission. The Comisión Federal de Electricidad, CFE, as a competent government entity, must interconnect the Baja California Peninsula with the rest of the country. In this context, our project's initiation is dependent on action at the Mexican government level.

Raúl Jacob: The project includes an open-pit mine with a 120,000 tons per day of milling capacity concentrator and 28,000 tons of refined SXEW copper for operations. Detailed engineering is still underway for the concentrator, SXEW plant, and water desal facilities, logistics, infrastructure, and power delivery. Under the Mexican Constitution, the government is solely responsible for electric energy transmission. The Comisión Federal de Electricidad, CFE, as a competent government entity, must interconnect the Baja California Peninsula with the rest of the country. In this context, our project's initiation is dependent on action at the Mexican government level.

Speaker #2: Detailed engineering is still underway for the concentrator FXEW plant and water dissolve facilities. Logistics infrastructure and power delivery. Under the Mexican constitution, the government is solely responsible for electric energy transmission.

Speaker #2: The Comisión Federal de Energía, EFE, CFE, has the competent government entity must underconnect, interconnect the Baja California Peninsula with the rest of the country.

Speaker #2: In this context, our project's initiation is dependent on action at the Mexican government level. For environmental, social, and corporate governance, or ESG practices, we're reporting that for the fifth consecutive year, S&P Global includes SEC in its sustainability yearbook.

Raul Jacob Ruisanchez: For environmental, social, and corporate governance or ESG practices, we are reporting that for the fifth consecutive year, S&P Global included SCC in its Sustainability Yearbook, which recognizes companies that rank within the top 15% for corporate sustainability performance. In 2025, Southern Copper ranked fourth among 204 and 56 companies in the mining and metal sector and stood in the top 2% of this performance. Notably, SCC led the ranking for copper mining companies. Southern Copper has also been recognized by Morningstar Sustainalytics as an ESG industry leader. In its assessment of environmental, social, and governance risk management, Southern Copper ranked seventh among 215 companies in the metal sector with diversified operations.

Raúl Jacob: For environmental, social, and corporate governance or ESG practices, we are reporting that for the fifth consecutive year, S&P Global included SCC in its Sustainability Yearbook, which recognizes companies that rank within the top 15% for corporate sustainability performance. In 2025, Southern Copper ranked fourth among 204 and 56 companies in the mining and metal sector and stood in the top 2% of this performance. Notably, SCC led the ranking for copper mining companies. Southern Copper has also been recognized by Morningstar Sustainalytics as an ESG industry leader. In its assessment of environmental, social, and governance risk management, Southern Copper ranked seventh among 215 companies in the metal sector with diversified operations.

Speaker #2: Which recognizes companies that rank within the top 15% for corporate sustainability performance. In 2025, Southern Copper ranked fourth among 256 companies in the mining and metal sector and stood in the top 2% of this performer.

Speaker #2: Notably, SEC led the ranking for copper mining companies. Southern Copper has also been recognized by Morningstar Sustainability as an ESG industry leader. This in its assessment of environmental, social, and government risk management, Southern Copper ranked seventh among 215 companies in the metal sector with diversified operations.

Raul Jacob Ruisanchez: In Peru, the National Water Authority recognizes our water management efforts as part of the framework for the Water Footprint Reduction and Shared Value program. The authority awarded Southern Peru Copper Corporation, the Peruvian branch of Southern, with the Certificado Azul and the distinction of Water Responsible and Community Supported Company for efficient management of water at our Toquepala operations and for our contributions to strengthening agricultural in Ilabaya and Candarave in the Tacna region of Peru, including the restoration of 61 hectares of terraces and traditional crops benefiting 720 farmers. Sandven Global, an international organization specialized in conservation and habitat management certification, recognizes our Buenavista del Cobre mine for its biodiversity conservation efforts in the Sierra La Mariquita ecosystem in Cananea at the state of Sonora, Mexico. We're also talent development through our scholarship program.

Raúl Jacob: In Peru, the National Water Authority recognizes our water management efforts as part of the framework for the Water Footprint Reduction and Shared Value program. The authority awarded Southern Peru Copper Corporation, the Peruvian branch of Southern, with the Certificado Azul and the distinction of Water Responsible and Community Supported Company for efficient management of water at our Toquepala operations and for our contributions to strengthening agricultural in Ilabaya and Candarave in the Tacna region of Peru, including the restoration of 61 hectares of terraces and traditional crops benefiting 720 farmers. Sandven Global, an international organization specialized in conservation and habitat management certification, recognizes our Buenavista del Cobre mine for its biodiversity conservation efforts in the Sierra La Mariquita ecosystem in Cananea at the state of Sonora, Mexico. We're also talent development through our scholarship program.

Speaker #2: In Peru, the National Weather Authority recognizes our water management efforts as part of the framework for the Water Footprint Reduction and Shared Value program.

Speaker #2: The authority awarded Southern Peru, the Peruvian branch of Southern, with the certificado azul. And the distinction of water responsible and community supported company for efficient management of water at our Tokepala operations and for our contributions to strengthening agricultural in Ilavaya and Candarave.

Speaker #2: In the Tacna region of Peru, including the restoration of 61 hectares of terraces and traditional crops benefiting 720 farmers. Standing Global, an international organization specializing in conservation and habitat management certification, recognizes our Buenavista del Cobre mine for its biodiversity conservation efforts in the Sierra Leonita ecosystem in Cananea, at the state of Sonora, Mexico.

Speaker #2: We're also must tell in development to our scholarship program. Each year, more than 9,000 people benefit from our occasional sports and cultural programs in the communities where we operate.

Raul Jacob Ruisanchez: Each year, more than 9,000 people benefit from our vocational, sports, and cultural programs in the communities where we operate. In 2025, we awarded scholarships to 7 gifted students to continue their professional education at universities in Mexico and the United States. This is in recognition of their achievement in disciplines such as music, cinema, and sports. 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 meeting to determine the appropriate quarterly dividend. On 23 April of this year, Southern Copper Corporation announced a quarterly cash dividend of $1 per share of common stock and a stock dividend of 0.01 shares of common stock per share.

Raúl Jacob: Each year, more than 9,000 people benefit from our vocational, sports, and cultural programs in the communities where we operate. In 2025, we awarded scholarships to 7 gifted students to continue their professional education at universities in Mexico and the United States. This is in recognition of their achievement in disciplines such as music, cinema, and sports. 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 meeting to determine the appropriate quarterly dividend. On 23 April of this year, Southern Copper Corporation announced a quarterly cash dividend of $1 per share of common stock and a stock dividend of 0.01 shares of common stock per share.

Speaker #2: In 2025, we awarded scholarships to seven gifted students to continue their professional education at universities in Mexico and the United States. This is in recognition of their achievements in disciplines such as music, cinema, and sports.

Speaker #2: Regarding this, 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 meeting to determine the appropriate quarterly dividend.

Speaker #2: Accordingly, on April 23rd, of this year, Southern Copper Corporation announced a quarterly cash dividend of $1 per share of common stock and stock dividend of 0.01 shares of common stock per share.

Speaker #2: This is payable on May 29th to shareholders of record at the close of business on May 13th. Ladies and gentlemen, with these comments, we end our presentation today.

Raul Jacob Ruisanchez: This is payable on May 29 to shareholders of record at the close of business on May 13th. Ladies and gentlemen, with these comments, we end our presentation today. Thank you very much for joining us. Now, we would like to open the forum for questions.

Raúl Jacob: This is payable on May 29 to shareholders of record at the close of business on May 13th. Ladies and gentlemen, with these comments, we end our presentation today. Thank you very much for joining us. Now, we would like to open the forum for questions.

Speaker #2: Thank you very much for joining us. Now we would like to open the forum for questions. Thank you. As a reminder to ask a question, you will need to press star 11 on your telephone.

Operator 1: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Timna Tanners of Wells Fargo Securities. Your line is open, Timna.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Timna Tanners of Wells Fargo Securities. Your line is open, Timna.

Speaker #2: To remove yourself from the queue, you may press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Temna Tanners of Wells Fargo Securities.

Speaker #2: Your line is open, Temna.

Timna Tanners: Yeah. Hey, good day, everyone. I wanted to ask a bit more on detail regarding costs for Q2 and any impact from higher diesel or tougher availability of sulfuric acid given the conflict in the Middle East?

Speaker #3: Yeah, hey, good day, everyone. I wanted to ask a bit more on detail regarding costs. For the second quarter and any impact from higher diesel or tougher availability of sulfuric acid given the conflict in the Middle East.

Raul Jacob Ruisanchez: Well, it's been different depending on the key countries where we have operations now. In the case of Peru, the increase in diesel prices are affecting us at the diesel consumption, which is mainly using our truck fleet at the mines and a little bit on the smelter. For gas in Peru, it's regulated. The price is regulated. We have not the impact of the conflict in gas prices in Peru. In Mexico, we actually, well, as you know, Pemex has a controlled price. It has increased a little bit, but not as much as diesel prices has increased worldwide.

Raúl Jacob: Well, it's been different depending on the key countries where we have operations now. In the case of Peru, the increase in diesel prices are affecting us at the diesel consumption, which is mainly using our truck fleet at the mines and a little bit on the smelter. For gas in Peru, it's regulated. The price is regulated. We have not the impact of the conflict in gas prices in Peru. In Mexico, we actually, well, as you know, Pemex has a controlled price. It has increased a little bit, but not as much as diesel prices has increased worldwide.

Speaker #4: Well, it's been different depending on the two countries where we have operations now. In the case of Peru, the increasing diesel prices are affecting us at the diesel consumption, which is mainly using our truck fleet at the mines.

Speaker #4: And a little bit on the smelter. For gas, in Peru, it's regulated. The price is regulated. So we have not impact of the conflict in gas prices in Peru.

Speaker #4: In Mexico, we actually well, as you know, Pemex has a control price. It has increased a little bit, but not as much as diesel prices have increased worldwide.

Raul Jacob Ruisanchez: For gas in Mexico, we are having lower prices due to certain operations on the Texas on the premium area where we acquired the gas for our Mexican operations in Sonora. Even though it has a net impact higher than what we had in prior months, it's not as bad as you may consider, Timna.

Raúl Jacob: For gas in Mexico, we are having lower prices due to certain operations on the Texas on the premium area where we acquired the gas for our Mexican operations in Sonora. Even though it has a net impact higher than what we had in prior months, it's not as bad as you may consider, Timna.

Speaker #4: For gas, in Mexico, we are having lower prices due to certain operations on the Permian area where we have where we acquired the gas for our Mexican operations in Sonora.

Speaker #4: So even though it has a net impact higher than what we had in prior months, it's not as bad as you may consider, Temna.

Timna Tanners: Okay. Great. Could you follow up on the sulfuric acid availability, please?

Speaker #3: Okay. Great. Could you follow up on the sulfuric acid availability, please?

Speaker #4: Oh, yes. We are long in sulfuric acid. We actually sell sulfuric acid to our customers in the US and in the southern part of South America.

Raul Jacob Ruisanchez: Oh, yes. We are low in sulfuric acid. We actually sell sulfuric acid to our customers in the US and in the southern part of South America. In that regard, we're actually benefiting the company from the higher sulfuric acid prices.

Raúl Jacob: Oh, yes. We are low in sulfuric acid. We actually sell sulfuric acid to our customers in the US and in the southern part of South America. In that regard, we're actually benefiting the company from the higher sulfuric acid prices.

Speaker #4: So in that regard, we have no we're actually benefiting the company from the higher sulfuric acid prices.

Speaker #3: Okay, great, thanks. And if I could, a second question—I noticed, I think, across the different commodities that you were able to increase volume guidance for 2026.

Timna Tanners: Okay, great. Thanks. If I could, a second question. I noticed, I think I caught across the different commodities that you were able to increase volume guidance for 2026. Can you expand on how that was possible and if there's further potential increases in volume as the year progresses?

Speaker #3: Can you expand on how that was possible, and if there’s further potential for increases in volume as the year progresses?

Speaker #4: Yes. Well, we already give an idea on the production increments that we're expecting for our byproducts. As you know, a few years back, we did an important investment at the Buenavista operation.

Raul Jacob Ruisanchez: Well, we already gave an idea on the production increments that we're expecting for our by-products. As you know, a few years back, we did an important investment at the Buena Vista operation, where we have now a zinc-silver concentrator. This facility, it's currently in an area of the Buena Vista mine where you have a significant deposit for zinc and silver, and that's somehow explaining the increase that you are seeing. Besides that, our IMMSA operations is increasing its production for this year in both silver and zinc. The combined effect of all of this is showing this better by-product production that we are reporting.

Raúl Jacob: Well, we already gave an idea on the production increments that we're expecting for our by-products. As you know, a few years back, we did an important investment at the Buena Vista operation, where we have now a zinc-silver concentrator. This facility, it's currently in an area of the Buena Vista mine where you have a significant deposit for zinc and silver, and that's somehow explaining the increase that you are seeing. Besides that, our IMMSA operations is increasing its production for this year in both silver and zinc. The combined effect of all of this is showing this better by-product production that we are reporting.

Speaker #4: Where we had now a thin silver concentration. Concentrator. This facility is focusing it's currently in an area of the Buenavista mine where you have a significant deposit for zinc and silver.

Speaker #4: And that's somehow explaining the increase that you are seeing. Besides that, our IMSA operations have increased it's increasing its production for this year. In both silver and zinc.

Speaker #4: So the combined effect of all of this is showing this better byproduct production that we are reporting.

Speaker #3: Okay. Great. Thank you very much.

Timna Tanners: Okay, great. Thank you very much.

Raul Jacob Ruisanchez: You're welcome.

Raúl Jacob: You're welcome.

Speaker #4: You're welcome.

Operator 2: Thank you. Our next question comes from the line of Alfonso Salazar of Scotiabank. Please go ahead, Alfonso.

Operator: Thank you. Our next question comes from the line of Alfonso Salazar of Scotiabank. Please go ahead, Alfonso.

Speaker #2: Thank you. Our next question. Comes from the line of Alfonso Salazar. Of Scotiabank. Please go ahead, Alfonso.

Alfonso Salazar: Yes, thank you. Hello, Raul. A couple questions on my end. The first one is regarding dividends. It has been for some quarters now that you have been paying a high dividend. Just wondering if this is going to continue, and what is the point, of, you know, increasing the cash position of the company? Any comments on that regard would be helpful. The second question is on the changes in the production outlook of copper. If I remember correctly, it has been, you know, there was this view that production was going to be weak in 2026 and 2027. Apparently, you are going to be performing better than expected in this year.

Speaker #5: Yes. Thank you. Hello, Raul. A couple of questions on my end. The first one is regarding dividends. It has been for some quarters now that you have been paying a hybrid dividend.

Speaker #5: Just wondering if this is going to continue and what is the point of increasing the cash position of the company. Any comments on that regard would be helpful.

Speaker #5: And the second question is on the changes in the production outlook of copper. If I remember correctly, it has been there was this view that production was going to be weak in 2026 and 2027.

Speaker #5: Apparently, you are going to be performing better than what's the outlook for 2027, but just wondering what is changing or what drove this better outlook for copper production over the coming years?

Alfonso Salazar: I don't know what's the outlook for 2027, but just wondering, you know, what is changing or what drove this better outlook for copper production over the coming years?

Speaker #4: Okay. On the dividend, Alfonso, thank you for your questions, by the way. On the dividend, as you know, it's up to the board. The board has been considering giving a cash dividend of about a dollar, as we reported now.

Raul Jacob Ruisanchez: Okay. On the dividend, Alfonso, thank you for your questions, by the way. On the dividend, as you know, it's up to the board. The board has been considering giving a cash dividend of about $1, as you, as we reported now in past quarter. Regarding the shares that are handing back to shareholders, Well, the average cost of those shares was $26. The market is receiving them, we believe, in good, in a good standing. What is going to happen next board meetings? I don't know. They are always discussing this, that's what we're seeing now.

Raúl Jacob: Okay. On the dividend, Alfonso, thank you for your questions, by the way. On the dividend, as you know, it's up to the board. The board has been considering giving a cash dividend of about $1, as you, as we reported now in past quarter. Regarding the shares that are handing back to shareholders, Well, the average cost of those shares was $26. The market is receiving them, we believe, in good, in a good standing. What is going to happen next board meetings? I don't know. They are always discussing this, that's what we're seeing now. Regarding copper production, well, we set a plan, as you know, of 111,400 tons of copper for this year. This is a kind of a goal that we have to achieve and improve it on top of that. That's what we're doing.

Speaker #4: And in the past quarter. And regarding the shares that are handing back to shareholders well, the average cost of those shares was $26. And the market is receiving them with we believe in good in a good standing.

Speaker #4: So what is going to happen next board meetings, I don't know. They are always discussing this. But that's what we're seeing now. Regarding copper production, well, we are we set a plan, as you know, of 111,000,400 tons of copper for this year.

Raul Jacob Ruisanchez: Regarding copper production, well, we set a plan, as you know, of 111,400 tons of copper for this year. This is a kind of a goal that we have to achieve and improve it on top of that. That's what we're doing. That's why we're reporting 4,000 tons of additional production expecting for this year. We have an incident at the Buena Vista operation that affected one of the lines of production. This was fixed. The Buena Vista facility is operating now at full capacity. We're expecting to have at the concentrator level of Buena Vista an improvement. That, plus some other efficiencies that we're finding as we go through 2026, are improving our forecast.

Speaker #4: This is kind of a goal that we have to achieve. And improve it on top of that. And that's what we're doing. That's why we're reporting 4,000 tons of additional production expecting for this year.

Raúl Jacob: That's why we're reporting 4,000 tons of additional production expecting for this year. We have an incident at the Buena Vista operation that affected one of the lines of production. This was fixed. The Buena Vista facility is operating now at full capacity. We're expecting to have at the concentrator level of Buena Vista an improvement. That, plus some other efficiencies that we're finding as we go through 2026, are improving our forecast. As I mentioned, for now, 4,000 tons of additional copper. My personal take is that we may improve on top of that. For the next few years, we have for next year, 2027, we're expecting production relatively flat from where we are now.

Speaker #4: We have an incident at the Buenavista operation that affected one of the lines of production. This was fixed. And the Buenavista facility it's operating now at full capacity.

Speaker #4: So we're expecting to have at the concentrator level of Buenavista an improvement. And that plus some other efficiencies that were finding as we go through 2026 are improving our forecast.

Raul Jacob Ruisanchez: As I mentioned, for now, 4,000 tons of additional copper. My personal take is that we may improve on top of that. For the next few years, we have for next year, 2027, we're expecting production relatively flat from where we are now. For 2028, when we will have the full effect of Tía María, we're expecting 967,000 tons of copper. For 2029, 1,056,000 tons. 2030, about over a million tons. Then our expectation is to be by mid, by mid, by the midpoint of next decade at 1.6 million tons of copper coming from our projects.

Speaker #4: As I mentioned, for now, 4,000 tons of additional copper—my personal take is that we may improve on top of that. For the next few years, for next year, 2027, we're expecting production relatively flat from where we are now.

Raúl Jacob: For 2028, when we will have the full effect of Tía María, we're expecting 967,000 tons of copper. For 2029, 1,056,000 tons. 2030, about over a million tons. Then our expectation is to be by mid, by mid, by the midpoint of next decade at 1.6 million tons of copper coming from our projects.

Speaker #4: For 2028, when we will have the full effect of the amaria, we're expecting 967,000 tons of copper. For 2029, 1,056,000 tons. 2030, about over a million tons and then our expectation is to be by mid the midpoint of next decade at 1.6 million tons of copper.

Speaker #4: Coming from our projects.

Speaker #5: Okay. Thank you very much.

Alfonso Salazar: Okay. Thank you very much.

Speaker #4: You're welcome.

Raul Jacob Ruisanchez: Oh, you're welcome.

Raúl Jacob: Oh, you're welcome.

Speaker #2: Thank you. Our next question. Comes from the line of Matthias Marera. Let's go BBI. Your line is open, Matthias.

Operator 2: Thank you. Our next question comes from the line of Matheus Moreira with SO BBI. Your line is open, Matheus.

Operator: Thank you. Our next question comes from the line of Matheus Moreira with SO BBI. Your line is open, Matheus.

Matheus Moreira: Yes, thank you very much. Thank you for having my questions. Two questions on my side. First, it's a follow-up on the copper production. I mean, you mentioned on the release that copper grades should improve toward the back end of the year and extending into 2027. Your guidance for 2027 implies in relatively flattish production levels. I'm just wondering how these two things are gonna play out. A question on El Arco. I mean, we understand the project is contingent on the Mexican government completing the energy transition line at the site before the company can move forward. Do you have any visibility on the expected timeline for this? When do you anticipate to conclude the detailed engineering studies for the project? Thank you.

Speaker #6: Yes. Thank you very much. Thank you for having my questions. Two questions on my side. First, it's a follow-up on the copper production. I mean, you mentioned on the release that copper grades should improve toward the back end of the year.

Speaker #6: And extending into 2027. But your guidance for 2027 implies in relatively flattish production levels. I'm just wondering how this two things are going to play out.

Speaker #6: And then a question on Elarco. I mean, we understand the project is contingent on the Mexican government completing the energy transition line at the site before the company can move forward.

Speaker #6: Do you have any visibility on the expected timeline for this? And when do you anticipate concluding the detailed engineering studies for the project?

Speaker #6: Thank you.

Speaker #4: Okay. On the copper production, we're expecting a recovery of ore grades and recovery for the Peruvian operations. But usually, you have a different in you have a difference in ore grades in the other operations of the company.

Raul Jacob Ruisanchez: Okay. On the copper production, we're expecting a recovery of ore grades and recovery for the Peruvian operations. Usually you have a difference in ore grades in the other operations of the company. Our current forecast is what we just mentioned. We are expecting to improve it as we move on through the year up to arriving to 2027. In the case of El Arco, at this point, we don't have expected timing for what we mentioned in the press release regarding the connection for power. The for engineering and studies, it's an ongoing effort.

Raúl Jacob: Okay. On the copper production, we're expecting a recovery of ore grades and recovery for the Peruvian operations. Usually you have a difference in ore grades in the other operations of the company. Our current forecast is what we just mentioned. We are expecting to improve it as we move on through the year up to arriving to 2027. In the case of El Arco, at this point, we don't have expected timing for what we mentioned in the press release regarding the connection for power. The for engineering and studies, it's an ongoing effort. We expect to have some results of this by year-end, but not for the full deposit, but some part, particularly on the SXEW operation that we are envisioning for the El Arco project at this point.

Speaker #4: So our current forecast is what we just mentioned. But and we are expecting to improve it as we move on through the year up to arriving to 2027.

Speaker #4: In the case of Elarco, we have no at this point, we don't have expected timing for what we mentioned in the press release. Regarding the connection for power, for engineering and studies, it's an ongoing effort.

Raul Jacob Ruisanchez: We expect to have some results of this by year-end, but not for the full deposit, but some part, particularly on the SXEW operation that we are envisioning for the El Arco project at this point.

Speaker #4: We expect to have some results of this by year-end, but not for the full deposit, but some part, particularly on this XEW operation that we are envisioning for the Elarco project at this point.

Speaker #6: Okay, thank you very much. That's very clear.

Matheus Moreira: Okay. Thank you very much. That's very clear.

Raul Jacob Ruisanchez: You're welcome.

Raúl Jacob: You're welcome.

Speaker #4: You're welcome.

Operator 2: Thank you. Our next question comes from the line of Tingshuai Feng of CICC. Your line is open, Tingshuai.

Operator: Thank you. Our next question comes from the line of Tingshuai Feng of CICC. Your line is open, Tingshuai.

Speaker #2: Thank you. Our next question. Comes from the line of David Feng of CICC. Your line is open, David.

Tingshuai Feng: Good morning, Raul, Victor, and team. Thanks for taking my question. I just have a follow-up on the sulfuric acid balance, especially as you will launch Tía María project next year, which is a pure SXEW operation. Will Southern Copper remain as net seller of acid or will need to move towards some external acid purchases? Also is there any potential upside regarding your in-house acid production? Would building a new smelter at Ilo more reasonable to you right now, given the higher acid prices we've seen?

Speaker #7: Oh, good morning. Victor and team. Thanks for taking my question. I just have a follow-up on the software asset balance, especially as you will launch Tia Maria project next year.

Speaker #7: Which is a pure asset EW operation where southern copper remains as a net seller of asset. Or we'll need to move towards some external asset purchases.

Speaker #7: Also, is there any potential upside regarding your in-house asset production? Building a new smelter at Elo more reasonable to you right now, given the higher asset prices we've seen?

Speaker #4: Okay. The Tia Maria operation will require about 700,000 tons of additional ore sulfuric acid. And we will be able to provide that from our own sulfuric acid production.

Raul Jacob Ruisanchez: Okay. The Tía María operation will require about 700,000 tons of additional or sulfuric acid, and we will be able to provide that from our own sulfuric acid production. Obviously, the sales will be reduced, but you will have the benefit of the refined copper produced by Tía María.

Raúl Jacob: Okay. The Tía María operation will require about 700,000 tons of additional or sulfuric acid, and we will be able to provide that from our own sulfuric acid production. Obviously, the sales will be reduced, but you will have the benefit of the refined copper produced by Tía María.

Speaker #4: Obviously, the sales will be reduced. But you will have the benefit of the refined copper produced by Tia Maria. The second question regarding the development of a new smelter.

Tingshuai Feng: Regarding the development of the new smelter. Yep.

Speaker #4: Yeah.

Speaker #7: Oh, yes. Thank you very much.

Raul Jacob Ruisanchez: Oh, yes. Thank you very much, David. Well, for now, we have this as a possibility for both our Peruvian and Mexican operations. Obviously, their asset prices are good news for us because it improves the possibilities of a new smelter. At the same time, we do have, at this point, lower treatment and refining charges that are one of the revenues, important revenues for this facility. We're still considering it. Obviously, the company has a call for being an integrated producer, and we want to come back to that as soon as we can but under the right circumstances for the company.

Raúl Jacob: Oh, yes. Thank you very much, David. Well, for now, we have this as a possibility for both our Peruvian and Mexican operations. Obviously, their asset prices are good news for us because it improves the possibilities of a new smelter. At the same time, we do have, at this point, lower treatment and refining charges that are one of the revenues, important revenues for this facility. We're still considering it. Obviously, the company has a call for being an integrated producer, and we want to come back to that as soon as we can but under the right circumstances for the company.

Speaker #4: David. Well, for now, we have this as a possibility for both our Peruvian and Mexican operations. Obviously, better asset prices are good news for us because it improves the possibilities of a new smelter.

Speaker #4: But at the same time, we do have at this point lower treatment and refining charges that are one of the revenues important revenues for this facility.

Speaker #4: So we're still considering it. Obviously, the company has a call for being an integrated producer. And we want to come back to that as soon as we can.

Speaker #4: But under the right circumstances for the company.

Tingshuai Feng: Understood. Thank you very much, Raul.

Speaker #7: Understood. Thank you very much, Raul.

Raul Jacob Ruisanchez: You're welcome.

Raúl Jacob: You're welcome.

Speaker #4: You're welcome.

Operator 2: Thank you. Our next question comes from the line of Carlos De Alba of MS. Your line is open, Carlos.

Operator: Thank you. Our next question comes from the line of Carlos De Alba of MS. Your line is open, Carlos.

Speaker #2: Thank you. Our next question. Comes from the line of Carlos Diaba of MS. Your line is open, Carlos.

Speaker #5: Yeah. Thank you very much, Raul, Victor, and team. So I have three questions, if I may. First one is, can you comment on the company's exposure volume exposure for copper in COMEX and LME?

Carlos De Alba: Yeah. Thank you very much, Raul, Victor, and team. I have three questions, if I may. First one is can you comment on the company's exposure, volume exposure for copper in COMEX and LME? How has that changed, evolved, or any color that you can share, that'll be great. The second question is about cost guidance before byproducts for this year, for Q2 and for the full 2026. Finally, if I may, I know I'm abusing a little bit, but what is on the projects, what happened to El Pilar?

Speaker #5: How has that changed, evolved, or any color that you can share that would be great? The second question is about cost guidance before byproducts for this year, for the second quarter, and for the full of 2026.

Speaker #5: And then finally, if I may, and I know that I'm abusing a little bit, but what is on the projects? What happened to LPR?

Carlos De Alba: Is that no longer going to be built or, yeah, I just lost track of that one. On Tia Maria, did the company get back the operating permit that was, you know, temporarily suspended. There was some discussions there within the committee, in the mining ministry. I just wanna understand what is the latest there, and if you or do you kept your construction permit, but what about the operating permit? Thank you.

Speaker #5: Is that no longer going to be built? Or yeah, I just lost track of that one. And then on Tia Maria, did the company get back the operating permit that was temporarily suspended?

Speaker #5: There was some discussions there within the committee. In the mining ministry, I just want to understand what is the latest there. And if you kept your construction permit, but what about the operating permit?

Speaker #5: Thank you.

Raul Jacob Ruisanchez: Thank you for your questions, Carlos. Well, we don't make much of a comment on our sales exposure to both LME or COMEX for commercial reasons. Now that we have a relatively slight and smaller, much more smaller arbitrage between the two markets, we have no point and concerns on that. Regarding cash costs before byproducts, it's about $2.30, as I reported. We believe that it's going to be lower as we move on with Tía María.

Raúl Jacob: Thank you for your questions, Carlos. Well, we don't make much of a comment on our sales exposure to both LME or COMEX for commercial reasons. Now that we have a relatively slight and smaller, much more smaller arbitrage between the two markets, we have no point and concerns on that. Regarding cash costs before byproducts, it's about $2.30, as I reported. We believe that it's going to be lower as we move on with Tía María. Tía María will have a cash cost estimated at $1.16 per pound. You are adding much lower cost per pound production when Tía María kicks in, which we are expecting to be the case in H2 of next year. Finally, well, we already reported that Tía María is a little bit. Well, it's actually at about 33% at the close of March.

Speaker #4: Thank you for your questions, Carlos. Let me comment on the well, we don't make much of a comment on our sales exposure to both LME or COMEX.

Speaker #4: For commercial reasons, now that we have a relatively slight and smaller, much more smaller arbitrage between the two markets, we have no point and concerns on that.

Speaker #4: Regarding cash costs before byproducts, it's about $2.30, as I reported. We believe that it's going to be lower as we move on with Tia Maria.

Raul Jacob Ruisanchez: Tía María will have a cash cost estimated at $1.16 per pound. You are adding much lower cost per pound production when Tía María kicks in, which we are expecting to be the case in H2 of next year. Finally, well, we already reported that Tía María is a little bit. Well, it's actually at about 33% at the close of March. Now that we're closing April, it's better than that obviously. We will report it in Q2 with the Q2 results. What happened was a permit that an entity of the Peruvian state request to the Ministry of Energy and Mines to be precise about.

Speaker #4: Tia Maria will have a cash cost estimated at $1.16 per pound. So you are adding much lower cost per pound production when Tia Maria kicks in, which we are expecting to be the case in the second half of next year.

Speaker #4: And finally, well, we already reported that Tia Maria is a little bit well, it's actually at about 33% at the close of March now that we're closing April.

Raúl Jacob: Now that we're closing April, it's better than that obviously. We will report it in Q2 with the Q2 results. What happened was a permit that an entity of the Peruvian state request to the Ministry of Energy and Mines to be precise about. For that, this entity, which is the Mining Council, ask the Ministry to issue a new resolution. That didn't affect us in terms of our critical line for critical route for the project. Obviously it created some noise at the media. In the case of El Pilar, the project is on track. We're working in some studies regarding the way that the project is moving forward. We need to be sure on certain premises to move on with it. At this point, the project is on track for being a new initiative of the company.

Speaker #4: It's better than that, obviously. We will report it in the second quarter. With the second quarter results. But what happened was some permit that an entity of the Peruvian state request to the Ministry of Energy and Mines to be precise about.

Raul Jacob Ruisanchez: For that, this entity, which is the Mining Council, ask the Ministry to issue a new resolution. That didn't affect us in terms of our critical line for critical route for the project. Obviously it created some noise at the media. In the case of El Pilar, the project is on track. We're working in some studies regarding the way that the project is moving forward. We need to be sure on certain premises to move on with it. At this point, the project is on track for being a new initiative of the company.

Speaker #4: And for that, this entity, which is the mining council, asked the ministry to issue a new resolution that didn't affect us in terms of our critical line for the critical route for the project, but obviously created some noise in the media.

Speaker #4: In the case of LPR, the project is on track. We're working in some studies regarding the way that the project is moving forward. We need to be sure on certain premises to move on with it.

Speaker #4: But at this point, the project is on track for being a new initiative of the company.

Speaker #5: Thank you. Maybe just one clarification, Raul. So the cost before byproducts of around $2.30 will remain relatively stable until Tia Maria ramps up?

Carlos De Alba: Okay. Maybe just one clarification, Raul. The cost before byproducts of around $2.30 will remain relatively stable until Tía María ramps up?

Raul Jacob Ruisanchez: Could you say it again, please, Carlos?

Raúl Jacob: Could you say it again, please, Carlos?

Speaker #4: Could you say it again, please, Carlos?

Speaker #5: Yeah. I just want to know what is the guidance for cash costs before by-products for the second quarter and for 2026? Is it for that to remain around $2.30?

Carlos De Alba: Yeah. I'm just wondering what is the guidance for cost, cash cost before byproducts for Q2 and for 2026. Is for that to remain around $2.30 per pound?

Speaker #5: $2.30 per pound?

Raul Jacob Ruisanchez: Well, it's contingent, it's contingent to what we will see on the, on the oil market, somehow. For the other cost elements, obviously, as you have a higher cost for fuels, you usually have an increase in transportation and some other costs. I think that we will improve our costs when we have Tía María kicking in. We don't know how long is oil prices will be as they are. As you know, Carlos, our cost per pound is not only the numerator, but several factors that may affect the total cost. At this point, we had 1 month, which was March, with higher fuel costs. That will certainly affect our total cost in the short term.

Raúl Jacob: Well, it's contingent, it's contingent to what we will see on the, on the oil market, somehow. For the other cost elements, obviously, as you have a higher cost for fuels, you usually have an increase in transportation and some other costs. I think that we will improve our costs when we have Tía María kicking in. We don't know how long is oil prices will be as they are. As you know, Carlos, our cost per pound is not only the numerator, but several factors that may affect the total cost. At this point, we had 1 month, which was March, with higher fuel costs. That will certainly affect our total cost in the short term. We don't think that this is going to be a long-term change for the company.

Speaker #4: Well, it's contingent to what we will see on the oil market. Somehow. For the other cost elements, obviously, as you have a higher cost for fuels, you usually have an increasing transportation and some other costs.

Speaker #4: So I think that we will improve our costs when we have Tia Maria kicking in. We don't know how long oil prices will be as they are.

Speaker #4: As you know, Carlos, cost per pound is not only the denominator, but several factors that may affect the total cost. At this point, we had one month, which was March, with higher fuel costs.

Speaker #4: That will certainly affect our total cost in the short term. But we don't think that this is going to be a long-term change for the company.

Raul Jacob Ruisanchez: We don't think that this is going to be a long-term change for the company.

Speaker #5: Thank you, Raul.

Carlos De Alba: Thank you, Raul.

Raul Jacob Ruisanchez: You're welcome.

Raúl Jacob: You're welcome.

Speaker #4: You're welcome.

Operator 2: Thank you. Our next question comes from the line of Tathiane Candini of JPMorgan. Your line is open, Tathiane.

Operator: Thank you. Our next question comes from the line of Tathiane Candini of JPMorgan. Your line is open, Tathiane.

Speaker #2: Thank you. Our next question. Comes from the line of Tatian Candini. Of JPMorgan. Your line is open, Tatian.

Speaker #6: Yeah. So good morning, everyone. Good afternoon, actually, right now. I have two follow-up questions. And the first one is also regarding the permits on the Tia Maria.

Tathiane Martins Candini: Yeah. Good morning, everyone. Good afternoon, actually, right now. I have two follow-up questions. The first one is also regarding the permits on the Tía María. It's very clear what actually happened. Very positive that this is licensed, are all back in place at this point. My question is, like how comfortable though you are that this is not going to happen in the future, that the government's going to, it's already okay with the project being built, that you're not going to face like any restrictions at the time that actually this project's a little bit more ready? My second question is also on the project, but a little bit on CapEx, right?

Tathiane Candini: Yeah. Good morning, everyone. Good afternoon, actually, right now. I have two follow-up questions. The first one is also regarding the permits on the Tía María. It's very clear what actually happened. Very positive that this is licensed, are all back in place at this point. My question is, like how comfortable though you are that this is not going to happen in the future, that the government's going to, it's already okay with the project being built, that you're not going to face like any restrictions at the time that actually this project's a little bit more ready? My second question is also on the project, but a little bit on CapEx, right?

Speaker #6: So it's very clear what actually happened. And very positive that this is licensed are all back in place at this point. But my question is, how comfortable do you are that this is not going to happen in the future, that the government's going to it's already okay with the project being built, that you are not going to face any restrictions at the time that actually the project's a little bit more ready?

Speaker #6: And my second question is also on the project, but a little bit on CapEx, right? So since, of course, the announcement of the project, we had some increases especially because something changes.

Tathiane Martins Candini: Since of course the announcement of the project, we had some increases, especially we had some changes during the time. Now with like all the conflict we see across the entire industry and across all the industries, to be honest, higher costs, raw materials being a little bit more expensive, do you feel there is a space for higher CapEx on Tía María? Thank you.

Tathiane Candini: Since of course the announcement of the project, we had some increases, especially we had some changes during the time. Now with like all the conflict we see across the entire industry and across all the industries, to be honest, higher costs, raw materials being a little bit more expensive, do you feel there is a space for higher CapEx on Tía María? Thank you.

Speaker #6: We had some changes during the time. But now with all the conflict, we see across the entire industry and across all the industries, to be honest, higher costs.

Speaker #6: Raw materials being a little bit more expensive. Do you feel there is a space for higher CapEx on Tia Maria? Thank you.

Raul Jacob Ruisanchez: Thank you for your question, Tatiana. On the first, this was like, at some, the issue with the permit was a kind of a bureaucratic situation where we, for instance, we never had anything to provide of additional information or anything like that to authority. It was fixed by the authorities themselves. We feel that the project Tía María is moving forward on a very nicely way. We are not concerned on having any interruption. The social environment is also very positive, even though we're in elections time in Peru. We believe that the company will finish the project with no delays given for external circumstances. Now, on the CapEx, we already updated the CapEx for Tía María.

Speaker #4: Thank you for your question, Tatian. On the first, on this was the issue with the permit was kind of a bureaucratic situation. Where we, for instance, we never had anything to provide of additional information or anything like that to authorities.

Raúl Jacob: Thank you for your question, Tatiana. On the first, this was like, at some, the issue with the permit was a kind of a bureaucratic situation where we, for instance, we never had anything to provide of additional information or anything like that to authority. It was fixed by the authorities themselves. We feel that the project Tía María is moving forward on a very nicely way. We are not concerned on having any interruption. The social environment is also very positive, even though we're in elections time in Peru. We believe that the company will finish the project with no delays given for external circumstances. Now, on the CapEx, we already updated the CapEx for Tía María.

Speaker #4: It was fixed by the authorities themselves. We feel that the project, Tia Maria, is moving forward on a very nicely way. We are not concerned on having any interruption.

Speaker #4: The social environment is also very positive, even though we're in election time in Peru. So we believe that the company will finish the project with no delays given for external circumstances.

Speaker #4: Now, on the CapEx, we already updated the CapEx for Tia Maria. The additional CapEx that we need is $1.8 billion. We haven't changed that view.

Raul Jacob Ruisanchez: The additional CapEx that we need is $1.8 billion. We haven't changed that view so far. If there is anything that may affect it, then we'll the market know that. Now, keep in mind that we already have almost $900 million in purchase orders and contracts signed, et cetera, that are under this budget. At this point, we feel totally confident that the CapEx will remain in the range of where we are now.

Raúl Jacob: The additional CapEx that we need is $1.8 billion. We haven't changed that view so far. If there is anything that may affect it, then we'll the market know that. Now, keep in mind that we already have almost $900 million in purchase orders and contracts signed, et cetera, that are under this budget. At this point, we feel totally confident that the CapEx will remain in the range of where we are now.

Speaker #4: So far. And if there is anything that may affect it, we'll the market know that. Now, keep in mind that we already have almost 900 million dollars in purchase orders and contracts signed, etc., etc.

Speaker #4: That are under this budget. So at this point, we feel relatively confident that the CapEx will remain in the range of where we are now.

Speaker #6: Okay. Very clear. Thank you so much.

Tathiane Martins Candini: Okay. Very clear. Thank you so much.

Tathiane Candini: Okay. Very clear. Thank you so much.

Raul Jacob Ruisanchez: You're welcome.

Raúl Jacob: You're welcome.

Speaker #4: You're welcome.

Operator 1: Thank you. I would now like to turn the conference back to Raul Jacob for closing remarks. Sir?

Operator: Thank you. I would now like to turn the conference back to Raul Jacob for closing remarks. Sir?

Speaker #2: Thank you. I would now like to turn the conference back to Raul Jacob for closing remarks. Sir?

Speaker #4: Thank you very much, Latif. With this, we conclude our conference call for Southern COPPER's first quarter of 2026 results. We certainly appreciate your participation and hope to have you back with us.

Raul Jacob Ruisanchez: Thank you very much, Lateef. With this, we conclude our conference call for Southern Copper's Q1 2026 results. We certainly appreciate your participation and hope to have you back with us when we report this quarter, the Q2. Thank you very much for being with us today, and have a nice day.

Raúl Jacob: Thank you very much, Lateef. With this, we conclude our conference call for Southern Copper's Q1 2026 results. We certainly appreciate your participation and hope to have you back with us when we report this quarter, the Q2. Thank you very much for being with us today, and have a nice day.

Speaker #4: When we report this quarter, the second quarter, thank you very much for being with us today and have a nice day.

Operator 1: This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Q1 2026 Southern Copper Corp Earnings Call

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