Southern Copper — Apr 24, 2025 release

Current estimates of indicated copper mineral resources are 98 million tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2.6 billion and operations are expected to begin in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project ’ s environmental impact assessment. ​ Project update : On February 4, 2025, the Company acquired 3,125 hectares of surface land from the Tiaparo community. This was an important step in securing our stake in the Los Chancas project. Between March 12 and 14, 2025, a group of illegal miners attacked the project's facilities and set fire to our camps in Mazopampa and Patahias, damaging both equipment and facilities.  The Company is coordinating with the authorities to remove the 75 illegal miners who are squatting our property so that project development can continue. ​ Michiquillay Project - Cajamarca : In June 2018, Southern Copper signed a contract to acquire the Michiquillay project in Cajamarca, Peru. Michiquillay is a world-class greenfield mining project with inferred mineral resources of 2,288 million tons and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum