Southern Copper — Feb 11, 2025 release

” ​ ​ ​ 4Q24 www.southerncoppercorp.com Page 2 of 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ FOURTH QUARTER AND YEAR 2024 RESULTS SOUTHERN COPPER ​ ​ ​ ​ Key Financial Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fourth Quarter ​ Twelve Months ​ ​ 2024 ​ 2023 ​ Variance 2024 ​ 2023 ​ Variance ​ ​ ​ ​ $ ​ % ​ ​ ​ $ ​ % ​ ​ (in millions except per share amount and %s) Sales      $ 2,784.3      $ 2,295.6      $ 488.7 ​ 21.3% ​ $ 11,433.4      $ 9,895.8      $ 1,537.6 ​ 15.5% Cost of sales ​   1,211.9 ​   1,170.1 ​   41.8 ​ 3.6% ​   4,841.4 ​   4,687.7 ​   153.7 ​ 3.3% Operating income ​   1,307.3 ​   868.7 ​   438.6 ​ 50.5% ​   5,554.7 ​   4,192.3 ​   1,362.4 ​ 32.5% Net income ​ $ 793.9 ​ $ 445.0 ​ $ 348.9 ​ 78.4% ​ $ 3,376.8 ​ $ 2,425.2 ​ $ 951.6 ​ 39.2% Net income margin ​   28.5% ​   19.4% ​   9.1pp ​ 46.9% ​   29.5% ​   24.5% ​   5.0pp ​ 20.4% Adjusted EBITDA ​   1,506.7 ​   1,055.5 ​   451.2 ​ 42.7% ​   6,406.1 ​   5,029.5 ​   1,376.6 ​ 27.4% Adjusted EBITDA margin ​   54.1% ​   46.0% ​   8.1pp ​ 17.6% ​   56.0% ​   50.8% ​   5.2pp ​ 10.2% Income per share ​ $ 1.01 ​ $ 0.58 ​ $ 0.43 ​ 74.1% ​ $ 4.33 ​ $ 3.14 ​ $ 1.19 ​ 37.9% Capital investments ​   235.3 ​   255.3 ​   (20.0) ​ (7.8)% ​   1,027.3 ​   1,008.6 ​   18.7 ​ 1.9% ​ Capital Investments ​ Our current capital investment program for this decade exceeds $15 billion and includes investments in projects in Mexico and Peru. ​ Mexican Projects ​ Minera Mexico is planning to invest more than $600 million in 2025 at its open pit, metallurgical facilities and underground mines. 50% of this investment will be used to guarantee the viability of long-term operations by actively modernizing and updating assets. About 43% of the investment will target improvements in water usage and tailings management to ensure safety and efficiency at our operations. Remaining funds will be invested in efforts to bolster optimization and growth.    ​ El Pilar - Sonora: This low-capital intensity copper greenfield project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper grade of 0.249%. We anticipate that El Pilar will operate as a conventional open-pit mine with an annual production capacity of 36,000 tonnes of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX-EW technology. The budget for El Pilar is $310 million. ​ The results from experimental pads in the leaching process have confirmed adequate levels of copper recovery and we are evaluating different options for optimization.