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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: ~~September~~March 3031, ~~2024~~2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-14066

SOUTHERN COPPER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		13-3849074
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7310 North 16th St, Suite 135 Phoenix, AZ		85020
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (602) 264-1375

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common stock, par value $0.01 per share

SCCO

New York Stock Exchange

Lima Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

As of ~~October~~April 3130, ~~2024~~2025 there were outstanding ~~785~~796,~~540~~186,~~179~~105 shares of Southern Copper Corporation common stock, par value $0.01 per share.

Table of Contents

Southern Copper Corporation (“SCC”)

INDEX TO FORM 10-Q


		Page No.
Part I. Financial Information:

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3

	Condensed Consolidated Statements of Earnings for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024	3

	Condensed Consolidated Statements of Comprehensive Income for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024	4

	Condensed Consolidated Balance Sheets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024	5

	Condensed Consolidated Statements of Cash Flows for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024	6

	Condensed Consolidated Statements of Changes in Equity for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024	7

	Notes to Condensed Consolidated Financial Statements	8-3634

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3735-5950

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	6051-6152

Item 4.	Controls and procedures	6253

	Report of Independent Registered Public Accounting Firm	6354

Part II. Other Information:

Item 1.	Legal Proceedings	6455

Item 1A.	Risk Factors	6455

Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	6455

Item 4.	Mine Safety Disclosures	6455

Item 6.	List of Exhibits	65-68
Item 5.	Other Information	55

Item 6.	List of Exhibits	56-59

	~~Signatures~~	69
	Signatures	60

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended				~~Nine Months Ended~~
	~~September~~March 3031,				~~September 30,~~
	2025		2024
	~~2024~~(in millions, except for per share amounts)		~~2023~~		~~2024~~		~~2023~~
	(in millions, except for per share amounts)
Net sales (including sales to related parties, see note 5)	$	3,121.9	$	2,599.8
Net sales (including sales to related parties, see note 5)	$	2,930.9	$	2,505.6	$	8,649.0	$	7,600.2
Operating cost and expenses:
Operating cost and expenses:
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)		1,319.2		1,157.6
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)		1,223.1		1,175.7		3,629.6		3,517.6
Selling, general and administrative		31.7		30.8
Selling, general and administrative		31.2		32.7		96.0		94.1
Depreciation, amortization and depletion		223.8		209.0
Depreciation, amortization and depletion		213.1		212.5		631.7		625.4
Exploration		11.7		12.7
Exploration		13.2		15.5		44.4		39.5
Total operating costs and expenses		1,586.4		1,410.1
Total operating costs and expenses		1,480.6		1,436.4		4,401.7		4,276.6


Operating income		1,535.5		1,189.7
Operating income		1,450.3		1,069.2		4,247.3		3,323.6


Interest expense		(102.3)		(94.2)
Interest expense		(94.1)		(94.2)		(282.3)		(282.3)
Capitalized interest		10.4		13.7
Capitalized interest		11.0		12.7		35.5		36.5
Interest income		48.7		27.3
Other income (expense)		21(13.27)		819.90		~~20.3~~		~~24.9~~
Interest income		38.3		20.8		92.1		65.3
Income before income taxes		1,478.5		1,155.5
Income before income taxes		1,426.7		1,017.4		4,112.9		3,168.0
Income taxes (including royalty taxes, see Note 4)		532.8		423.4
Income taxes (including royalty taxes, see Note 4)		526.4		395.3		1,528.6		1,170.2
Net income before equity earnings of affiliate		945.8		732.1
Net income before equity earnings of affiliate		900.3		622.1		2,584.3		1,997.8
Equity earnings (loss) of affiliate, net of income tax		3.3		6.7
Equity earnings (loss) of affiliate, net of income tax		(0.5)		(0.1)		8.1		(10.3)
Net income		949.1		738.8
Net income		899.8		622.0		2,592.4		1,987.5
Less: Net income attributable to the non-controlling interest		3.2		2.8
Less: Net income attributable to the non-controlling interest		3.1		2.5		9.5		7.3
Net income attributable to SCC	$	945.9	$	736.0
Net income attributable to SCC	$	896.7	$	619.5	$	2,582.9	$	1,980.2


Per common share amounts attributable to SCC:
Per common share amounts attributable to SCC:
Net earnings-basic and diluted	$	1.19	$	0.95
Net earnings-basic and diluted	$	1.15	$	0.80	$	3.32	$	2.56
Weighted average shares outstanding-basic and diluted		792.5		773.1

Weighted average shares outstanding-basic and diluted		782.9		773.1		778.0		773.1

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

~~September~~March 3031,

~~September 30,~~

~~2024~~2025

~~2023~~2024

~~2024~~

~~2023~~

(in millions)

COMPREHENSIVE INCOME:

Net income and comprehensive income

~~899~~949.81

~~622~~738.08

~~2,592.4~~

~~1,987.5~~

Total comprehensive income

~~899~~949.81

~~622~~738.08

~~2,592.4~~

~~1,987.5~~

Comprehensive income attributable to the non-controlling interest

3.12

2.58

~~9.5~~

~~7.3~~

Comprehensive income attributable to SCC

~~896~~945.79

~~619~~736.50

~~2,582.9~~

~~1,980.2~~

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Southern Copper Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	~~September~~March 3031,		December 31,
	~~2024~~2025		~~2023~~2024
	(in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	24,~~654~~116.83	$	13,~~151~~258.51
Short-term investments		~~318~~218.82		~~599~~245.3
Accounts receivable trade, net		1,530.2		1,141.1
Accounts receivable trade		1,548.1		1,189.6
Accounts receivable other (including related parties 2024- $12.3 and 2023 - $27.3)		59.2		87.2
Accounts receivable other (including related parties 2025- $15.0 and 2024 - $13.5)		57.0		54.2
Inventories		~~990~~966.51		1,~~016~~048.9
Prepaid taxes		~~349~~279.70		~~395~~346.47
Other current assets		2335.23		3831.17
Total current assets		57,~~926~~220.40		46,~~429~~174.53

Property and mine development, net		9,~~927~~934.16		9,~~782~~883.93
Ore stockpiles on leach pads		1,143.73		1,~~121~~145.78
Intangible assets, net		~~125~~122.46		~~130~~124.26
Right-of-use assets		~~725~~720.07		~~775~~739.45
Deferred income tax		~~273~~288.97		~~256~~310.16
Equity method investment		~~114~~115.0		~~108~~111.29
Other non-current assets		~~180~~246.03		~~121~~223.35
Total assets	$	1819,~~415~~791.52	$	1618,~~725~~713.35

LIABILITIES
Current liabilities:
Current portion of long-term debt	$	~~499~~500.60	$	—499.8
Accounts payable (including related parties 2024- $54.8 and 2023- $93.6)		609.3		652.6
Accounts payable (including related parties 2025- $65.6 and 2024- $49.2)		684.4		615.2
Accrued income taxes		~~531~~260.82		~~278~~635.32
Accrued workers’ participation		~~237~~224.81		~~245~~280.78
Accrued interest		~~127~~134.16		97.1
Lease liabilities current		7583.71		7881.08
Other accrued liabilities		58.1		3638.81
Total current liabilities		21,~~139~~944.4		12,~~388~~248.51

Long-term debt		5,757.8		6,254.6
Long-term debt, net of current portion		6,747.0		5,758.5
Lease liabilities		~~649~~637.36		~~697~~657.46
Deferred income taxes		~~133~~130.58		~~132~~124.25
Non-current taxes payable		8592.69		92104.79
Other liabilities and reserves		3868.9		6635.26
Asset retirement obligation		~~621~~532.69		~~612~~546.51
Total non-current liabilities		78,~~286~~210.71		7,~~855~~227.63

Commitments and contingencies (Note 9)
Commitments and contingencies (Note 10)
STOCKHOLDERS’ EQUITY (NOTE 10)
STOCKHOLDERS’ EQUITY (NOTE 11)
Common stock par value $0.01; shares authorized, 2024 and 2023–2,000; shares issued, 2024 and 2023–884.6		8.8		8.8
Common stock par value $0.01; shares authorized, 2025 and 2024–2,000; shares issued, 2025 and 2024–884.6		8.8		8.8
Additional paid-in capital		45,~~608~~433.30		35,~~532~~026.80
Retained earnings		76,~~142~~682.8		76,~~033~~839.56
Accumulated other comprehensive income		(82.02)		(82.02)
Treasury stock, at cost, common shares		(2,~~831~~554.01)		(32,~~149~~700.07)
Total Southern Copper Corporation stockholders’ equity		89,~~921~~568.03		79,~~418~~171.16
Non-controlling interest		68.4		6366.16
Total equity		89,~~989~~636.47		79,~~481~~238.21
Total liabilities and equity	$	1819,~~415~~791.52	$	1618,~~725~~713.35

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended				~~Nine Months Ended~~
	~~September~~March 3031,				~~September 30,~~
	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
	(in millions)
OPERATING ACTIVITIES
Net income	$	~~899~~949.81	$	~~622~~738.08	$	~~2,592.4~~	$	~~1,987.5~~
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, amortization and depletion		~~213~~223.18		~~212~~209.50		~~631.7~~		~~625.4~~
Equity earnings (loss) of affiliate, net of dividends received		0.5		0.1		(5.9)		10.7
Equity earnings of affiliate, net of dividends received		(3.1)		(5.7)
(Gain) loss on foreign currency transaction effect		18.1		(7.4)		13.8		3.7
Loss on foreign currency transaction effect		14.0		3.8
(Benefit) provision for deferred income taxes		(25.5)		(49.6)		(2.4)		(43.3)
Provision for deferred income taxes		28.2		19.1
Other, net		314.23		75.25		~~14.3~~		~~21.7~~
Change in operating assets and liabilities:
(Increase) / decrease in accounts receivable		92.0		(63.1)		(389.1)		263.1
Increase in accounts receivable		(358.6)		(152.8)
(Increase) / decrease in inventories		29.4		(2.4)		4.5		13.2
Decrease (increase) in inventories		85.3		(8.2)
Increase / (decrease) in accounts payable and accrued liabilities		22.6		226.5		28.7		53.8
(Decrease) increase in accounts payable and accrued liabilities		(273.7)		151.8
Decrease / (increase) in other operating assets and liabilities		186.2		104.0		173.1		96.3
Decrease (increase) in other operating assets and liabilities		42.0		(301.6)
Net cash provided by operating activities		~~1,439~~721.4		~~1,049~~659.87		~~3,061.2~~		~~3,032.1~~
INVESTING ACTIVITIES
Capital expenditures		(~~246~~317.48)		(~~262~~213.78)		~~(792.0)~~		~~(753.2)~~
(Purchase) / proceeds from sale of short-term investments, net		10.3		(246.8)		280.5		(38.8)
Proceeds from sale of short-term investments, net		27.1		270.0
Other		—		~~0.5~~—		—		~~0.6~~
Net cash (used in) provided by investing activities		(~~236~~290.07)		~~(509~~56.0)2		~~(511.5)~~		~~(791.4)~~
FINANCING ACTIVITIES
Cash dividends paid to common stockholders		(468.8)		(773.1)		(1,087.3)		(2,319.3)
Proceeds from issuance of debt		993.8		—
Other, net		(2.3)		(2.0)		(3.9)		(6.4)
Payments of debt issuance costs		(6.4)		—
Net cash (used in) financing activities		(471.0)		(775.1)		(1,091.2)		(2,325.7)
Cash dividends paid to common stockholders		(553.3)		(618.5)
Effect of exchange rate changes on cash and cash equivalents		47.1		2.4		44.7		(17.6)
Other, net		(1.2)		(1.6)
(Decrease) / increase in cash and cash equivalents		779.5		(231.9)		1,503.3		(102.6)
Net cash provided by (used in) financing activities		432.9		(620.1)
Cash and cash equivalents, at beginning of period		1,875.3		2,199.0		1,151.5		2,069.7
Effect of exchange rate changes on cash and cash equivalents		(5.4)		4.9
Cash and cash equivalents, at end of period	$	2,654.8	$	1,967.1	$	2,654.8	$	1,967.1
Increase in cash and cash equivalents		858.2		100.7
Cash and cash equivalents, at beginning of period		3,258.1		1,151.5
Cash and cash equivalents, at end of period	$	4,116.3	$	1,252.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

~~September~~March 3031,

~~September 30,~~

2024

2023

2024

2023

(in millions)

2025

2024

(in millions)

TOTAL EQUITY, beginning of period

89,~~560~~238.21

7,~~962~~481.62

~~7,481.2~~

~~8,146.9~~

STOCKHOLDERS’ EQUITY, beginning of period

89,~~492~~171.56

7,~~899~~418.61

~~7,418.1~~

~~8,084.2~~

CAPITAL STOCK:

Balance at beginning and end of period:

8.8

~~8.8~~

ADDITIONAL PAID-IN CAPITAL:

Balance at beginning of period

45,~~256~~026.90

3,~~514~~532.8

~~3,532.8~~

~~3,489.7~~

Dividend paid in Common Stock

357.5

—

1,083.6

—

Dividends paid in common stock

409.9

—

Other activity of the period

(62.19)

(08.2)6

~~(8.1)~~

~~24.9~~

Balance at end of period

45,~~608~~433.30

3,~~514~~541.64

~~4,608.3~~

~~3,514.6~~

TREASURY STOCK:

Southern Copper Corporation common shares

Southern Copper common shares

Balance at beginning of the period

(2,566.9)

(2,766.8)

(2,766.7)

(2,766.9)

Balance at beginning and end of the period

(2,337.3)

(2,766.7)

Dividend paid in Common Stock

108.6

—

308.1

—

Dividends paid in common stock

143.2

—

Used for corporate purposes

0.1

~~0.3~~

~~0.2~~

Balance at end of period

(2,~~458~~194.31)

(2,766.76)

~~(2,458.3)~~

~~(2,766.7)~~

Parent Company common shares

Balance at beginning of period

(~~379~~363.34)

(~~365~~382.03)

~~(382.3)~~

~~(340.7)~~

Other activity, including dividend, interest and foreign currency translation effect

63.53

0(8.63)

~~9.6~~

~~(23.7)~~

Balance at end of period

(~~372~~360.71)

(~~364~~390.46)

~~(372.7)~~

~~(364.4)~~

Treasury stock balance at end of period

(2,~~831~~554.01)

(3,~~131~~157.12)

~~(2,831.0)~~

~~(3,131.1)~~

RETAINED EARNINGS:

Balance at beginning of period

76,~~181~~839.06

7,~~516~~033.85

~~7,033.5~~

~~7,702.3~~

Net earnings

~~896~~945.79

~~619~~736.50

~~2,582.9~~

~~1,980.2~~

Dividends declared and paid, common stock, per share, 2024- $1.40, 2023– $3.00

(468.8)

(773.1)

(1,087.3)

(2,319.3)

Dividends declared and paid, common stock, per share, 2025- $0.70, 2024– $0.80

(553.3)

(618.5)

Dividend paid in Common Stock

(466.1)

—

(1,391.7)

—

Dividends paid in common stock

(553.1)

—

Other activity of the period

—

(1.6)

5.3

(1.6)

Other activity

3.7

5.7

Balance at end of period

76,~~142~~682.8

7,~~361~~156.57

~~7,142.8~~

~~7,361.5~~

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):

Balance at beginning of period

(82.02)

(98.0)

~~(8.0)~~

~~(9.0)~~

Other comprehensive income (loss)

—

Balance at end of period

(8.0)

(9.0)

(8.0)

(9.0)

Balance at end of year

(2.2)

(8.0)

STOCKHOLDERS’ EQUITY, end of period

89,~~921~~568.03

7,~~744~~541.87

~~8,921.0~~

~~7,744.8~~

NON-CONTROLLING INTEREST, beginning of period

6766.76

63.01

~~63.1~~

~~62.7~~

Net earnings

3.12

2.58

~~9.5~~

~~7.3~~

Distributions paid

(21.43)

(2.1.7)

~~(4.2)~~

~~(6.6)~~

NON-CONTROLLING INTEREST, end of period

68.4

6364.42

~~68.4~~

~~63.4~~

TOTAL EQUITY, end of period

89,~~989~~636.47

7,~~808~~605.29

~~8,989.4~~

~~7,808.2~~

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Southern Copper Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1— DESCRIPTION OF THE BUSINESS:

Southern Copper Corporation (“Southern Copper”, "SCC" or the “Company”) is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). As of ~~September~~March 3031, ~~2024~~2025, Grupo Mexico, through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The condensed consolidated financial statements presented herein consist of the accounts of Southern Copper, a Delaware corporation, and its subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico. The Company conducts its primary operations in Peru through a registered branch (the "Peruvian Branch" or “Branch” or “SPCC”). The Peruvian Branch is not a corporation separate from the Company. The Company's Mexican operations are conducted through subsidiaries. The Company also conducts exploration activities in Argentina, Chile, ~~Ecuador,~~ Mexico and Peru.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s financial position as of ~~September~~March 3031, ~~2024~~2025 and the results of operations, comprehensive income, cash flows and changes in equity for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. The results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results to be expected for the full year. The December 31, ~~2023~~2024 balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements at December 31, ~~2023~~2024 and notes included in the Company’s ~~2023~~2024 annual report on Form 10-K.

NOTE 2 — SHORT-TERM INVESTMENTS:

Short-term investments were as follows (in millions):


	At ~~September~~March 3031,			At December 31,
	~~2024~~2025			~~2023~~2024
Trading securities	$	~~318~~218.60		$	~~599~~245.12
Weighted average interest rate		54.5	%		54.7	%

Available-for-sale	$	0.21		$	0.2
Weighted average interest rate		0.8	%		0.89	%
Total	$	~~318~~218.82		$	~~599~~245.3

Trading securities consisted of bonds issued by public companies and were publicly traded. Each financial instrument was independent of the others. The Company had the intention to sell these bonds in the short-term.

Available-for-sale investments consist of securities issued by public companies. Each security is independent of the others and as of ~~September~~March 3031, ~~2024~~2025, and December 31, ~~2023~~2024, included asset and mortgage-backed obligations. As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, gross unrealized gains and losses on available-for-sale securities were not material.

The Company earned interest related to these investments, which was recorded as interest income in the condensed consolidated statement of earnings. Also, the Company redeemed some of these securities and recognized gains (losses) due to changes in fair value, which were recorded as other income (expense) in the condensed consolidated statement of earnings.

Table of Contents

The following table summarizes the activity of these investments by category (in millions):


	Three months ended				~~Nine months ended~~
	~~September~~March 3031,				~~September 30,~~
	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Trading:
Interest earned	$	89.06	$	37.37	$	~~18.6~~	$	~~7.6~~
Unrealized gain (loss) at the end of the period	$	(*)	$	(*)	$	~~(*)~~	$	~~(*)~~

Available-for-sale:
Interest earned	$	(*)	$	(*)	$	(*)	$	(*)
Investment redeemed	$	—	$	—	$	—	$	—

(*) Less than $0.1 million.

NOTE 3 — INVENTORIES:

Inventories were as follows:


	At ~~September~~March 3031,		At December 31,
(in millions)	~~2024~~2025		~~2023~~2024
Inventory, current:
Metals at average cost:
Finished goods	$	6062.34	$	6855.89
Work-in-process		~~292~~251.97		~~313~~343.08
Ore stockpiles on leach pads		~~224~~231.60		~~230~~217.92
Supplies at average cost		~~412~~421.61		~~404~~431.29
Total current inventory	$	~~990~~966.51	$	1,~~016~~048.9
Inventory, long-term:
Ore stockpiles on leach pads	$	1,143.73	$	1,~~121~~145.78

During the ~~nine~~ three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, total leaching costs capitalized as non-current inventory of ore stockpiles on leach pads amounted to $~~189~~69.82 million and $~~218~~66.02 million, respectively. Leaching inventories recognized in cost of sales amounted to $~~174~~58.10 million and $~~207~~53.47 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, respectively.

NOTE 4 — INCOME TAXES:

The income tax provision and the effective income tax rate for the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 consisted of (in millions):


	~~2024~~2025			~~2023~~2024
Statutory income tax provision	$	~~1,298~~445.73		$	~~985~~363.81
Peruvian royalty		4515.51			309.29
Mexican royalty		~~116~~47.34			~~102~~30.56
Peruvian special mining tax		6825.10			5119.78
Total income tax provision	$	~~1,528~~532.68		$	~~1,170~~423.24

Effective income tax rate		3736.20	%		36.96	%

These provisions include income taxes for Peru, Mexico and the United States. The Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The ~~increase~~decrease in the effective income tax rate in ~~2024~~2025 compared to the same period in ~~2023~~2024 was primarily attributable to auncertain ~~movement~~tax inpositions ~~exchange~~recorded ~~rates~~in of the ~~Mexican peso versus the~~ U.S., ~~dollar~~Peruvian and Mexican jurisdictions.

Peruvian royalty and special mining tax: The Company has accrued $40.1 million and $29.7 million of royalty charge and special mining tax as part of the income tax provision for the first quarter of 2025 and 2024, respectively.

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~~Peruvian~~Mexican ~~royalty and special~~ mining ~~tax~~royalty: The Company has accrued $~~113~~47.64 million and $8130.96 million of royalty ~~charge~~taxes ~~and special mining tax~~ as part of the income tax provision for the ~~nine~~first ~~months~~quarter of 2025 and 2024, respectively. The increase in 2025 over 2024 is partially attributable to the increase in the mining royalty rate, and ~~2023~~increased sales due to the impact of metal prices. As previously reported, effective January 1, 2025, the rates for the mining royalty and the additional royalty increased from 7.5% to 8.5%, and from 0.5% to 1%, respectively.

~~Mexican~~Accounting ~~mining~~for ~~royalty~~uncertainty in income taxes: ~~The~~In the first quarter of 2025, the Company ~~has~~made ~~accrued~~payments of $~~116~~35.38 million in the Peruvian jurisdiction for uncertain tax positions. The Company also recorded current and non-current liabilities for the Peruvian jurisdiction that increased the tax expense by approximately $~~102~~6.52 million. ofThe ~~royalty~~Company ~~taxes~~has asa ~~part~~net current liability of $19.3 million in the ~~income~~Peruvian ~~tax~~jurisdiction ~~provision~~that ~~for~~represents ~~the~~anticipated ~~nine~~cash ~~months~~refunds ofor ~~2024~~payments ~~and~~within ~~2023,~~12 ~~respectively~~months.

~~Accounting~~Tax ~~for~~and ~~uncertainty~~Pillar inTwo ~~income taxes~~updates: InLarge ~~the~~multinational ~~nine~~businesses ~~months~~with ofgreater ~~2024,~~than ~~the~~€750 ~~Company~~million ~~made~~in ~~payments~~total ~~for~~revenue ~~uncertain~~must pay a minimum effective tax ~~positions~~rate under Pillar Two of ~~$72.5~~15% ~~million~~on ~~and~~taxable ~~$19.5~~income ~~million~~arising in ~~the~~each ~~Peruvian~~jurisdiction ~~and~~where ~~Mexican~~they ~~jurisdictions respectively~~operate. ~~The~~Certain ~~Company~~provisions ~~also~~of ~~recorded~~Pillar ~~current~~Two ~~and~~took ~~non-current~~effect ~~liabilities~~January ~~for~~1, ~~the~~2024, ~~Peruvian~~while ~~and~~other ~~Mexican~~provisions went into effect January 1, 2025. If jurisdictions ~~that~~want ~~increased~~to ~~the~~implement ~~tax~~Pillar ~~expense~~Two bythey ~~approximately~~will ~~$15.5~~need ~~million~~to ~~and~~do ~~$12.1~~so ~~million~~through ~~respectively~~domestic legislation. The countries in which the Company has asignificant ~~net~~operations ~~current~~have ~~liability~~yet ofto ~~$19.2~~enact ~~million~~Pillar Two into law and ~~$10~~have not formally announced plans to implement these rules.7 ~~million~~The inCompany ~~the~~will ~~Peruvian~~continue ~~and~~to ~~Mexican~~monitor ~~jurisdictions~~these ~~respectively~~developments ~~that~~and ~~represents~~analyze ~~anticipated~~the ~~cash~~potential ~~refunds~~impact orthat ~~payments~~Pillar ~~within~~Two 12will ~~months~~have on future results.

~~Tax~~In ~~law~~the ~~updates:~~United ~~On May 31~~States, ~~2019,~~tax ~~the~~rates ~~Organization~~ for ~~Economic~~global ~~Cooperation~~intangible ~~and~~low-taxed ~~Development~~income (“~~OECD~~GILTI”), ~~published~~the abase ~~two-pillar~~erosion ~~system~~and ~~that~~anti-abuse ~~introduces a minimum global~~ tax of(“BEAT”) ~~15%~~ and athe ~~proposed~~foreign-derived ~~tax~~intangible onincome ~~base~~(“FDII”) ~~eroding~~are ~~payments.~~set ~~Certain~~to ~~aspects~~increase offor ~~Pillar~~tax ~~Two~~years ~~took~~starting ~~effect~~after ~~January 1, 2024, while other aspects go into effect January 1,~~ 2025. IfFrom ~~jurisdictions~~the ~~want~~date toof ~~implement~~enactment ~~Pillar Two they will need to do so through domestic legislation. The countries~~ in ~~which~~2017, ~~the~~these ~~Company~~taxes ~~has significant operations~~ have ~~yet to enact Pillar Two into law and have~~ not ~~formally~~been ~~announced~~material ~~plans~~but tothe ~~implement these rules. The~~ Company will continue to monitor ~~these~~U.S. ~~developments~~tax ~~and analyze the potential impact that Pillar Two will have on future results~~policy.

NOTE 5 — RELATED PARTY TRANSACTIONS:

The Company has entered into certain transactions in the ordinary course of business with parties that are controlling shareholders or their affiliates. These transactions include the lease of office space, air and railroad transportation, construction services, energy supply, and other products and services related to mining and refining. The Company lends and borrows funds among affiliates for acquisitions and other corporate purposes. These financial transactions bear interest and are subject to review and approval by senior management, as are all related party transactions. Article Nine of the Amended and Restated Certificate of Incorporation of the Company prohibits the Company from engaging in a Material Affiliate Transaction that was not the subject of prior review by a committee of the Board of Directors with at least three members, each of whom is independent, and defines a Material Affiliate Transaction as a transaction or series of related transactions between Grupo Mexico or one of its affiliates (other than the Company or its subsidiaries), on the one hand, and the Company or one of its subsidiaries, on the other hand, that involves consideration of more than $10.0 million in the aggregate. It is the Company’s policy that (i) a Material Affiliate Transaction not be entered into or continued without the review and approval by the Audit Committee or its subcommittee of related party transactions comprised of independent directors,(ii) any potential related party transaction process with aggregate consideration between $8.0 million and $10.0 million be authorized by the General Counsel and Chief Financial Officer of the Company and (iii) that all related party transactions, including any Material Affiliate Transaction, be reported to the Audit Committee of the Board of Directors or to its subcommittee of related party transactions.

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Receivable and payable balances with related parties are shown below (in millions):


	At ~~September~~March 3031,		At December 31,
	~~2024~~2025		~~2023~~2024
Related parties receivable current:
Grupo Mexico and affiliates:
Asarco LLC	$	108.42	$	97.41
AMMINCO Apoyo Administrativo, S.A. de C.V. (“AMMINCO”)		(*)		(*)
Ferrocarril Mexicano, S.A. de C.V.		(*)		(*)
Mexico Generadora de Energia S. de R.L. ("MGE")		05.84		175.14
Mexico Compania Constructora S.A de C.V.		(*)		(*)

Related to the controlling group:
Empresarios Industriales de Mexico, S.A. de C.V.		01.80		0.69
Mexico Transportes Aereos, S.A. de C.V. ("Mextransport")		0.24		~~0.1~~—
Operadora de Cinemas, S.A. de C.V.		0.1		0.1
	$	1215.30	$	2713.35

Related parties payable:
Grupo Mexico and affiliates:
AMMINCO	$	78.38	$	56.0
Asarco LLC		1513.9		136.80
Eolica El Retiro, S.A.P.I. de C.V.		0.24		0.24
Parque Eolico de Fenicias, S. de R.L. de C.V.		5.3		—
Ferrocarril Mexicano, S.A. de C.V.		8.2		2.9
Promotora Infraestructura Renovable Mex S.A. de C.V.		0.1		—
Grupo Mexico Servicios		6.9		4.3
Ferrocarril Mexicano, S.A. de C.V.		5.4		7.9
MGE		16.7		15.9
Grupo Mexico Servicios, S.A. de C.V.		1.8		2.7
Mexico Compania Constructora S.A de C.V.		4.2		8.0
MGE		9.2		50.3
Parque Eolico de Fenicias, S. de R.L. de C.V.		4.4		2.6
Mexico Compania Constructora S.A de C.V.		7.4		9.5
Grupo Mexico Servicios de Ingenieria, S.A. de C.V.		0.8		2.1
Grupo Mexico Servicios de Ingenieria, S.A. de C.V.		0.9		3.5
Related to the controlling group:
Related to the controlling group:
Boutique Bowling de Mexico, S.A. de C.V.		0.6		0.5
Boutique Bowling de Mexico, S.A. de C.V.		0.5		0.3
Mexico Transportes Aereos, S.A. de C.V. (“Mextransport”)		0.2		0.1
Mexico Transportes Aereos, S.A. de C.V. (“Mextransport”)		0.5		0.3
Operadora de Cinemas, S.A. de C.V.		0.5		0.4
Operadora de Cinemas, S.A. de C.V.		0.3		0.1
	$	65.6	$	49.2
	$	54.8	$	93.6

(*) Less than $0.1 million.

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Purchase and sale activity:

Grupo Mexico and affiliates:

The following table summarizes the purchase and sale activities with Grupo Mexico and its affiliates in the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions):


	~~2024~~2025		~~2023~~2024
Purchase activity
Asarco LLC	$	3.7.8	$	311.42
Eolica El Retiro, S.A.P.I. de C.V.		40.4		20.1
Parque Eolico de Fenicias, S. de R.L. de C.V.		4.6		—
Ferrocarril Mexicano, S.A. de C.V.		5.5		8.1
Ferrocarril Mexicano, S.A. de C.V.		37.2		40.1
Grupo Mexico Servicios		5.0		5.0
Grupo Mexico Servicios, S.A. de C.V.		15.1		15.1
AMMINCO		2.5		2.5
AMMINCO		7.5		7.5
MGE		59.7		61.7
MGE		123.4		176.9
Mexico Compania Constructora S.A. de C.V.		14.2		20.6
Mexico Compania Constructora S.A. de C.V.		58.0		37.4
Parque Eolico de Fenicias, S. de R.L. de C.V.		8.6		—
Grupo Mexico Servicios de Ingenieria S. A. de C.V.		132.3		124.0
Total purchases	$	~~267~~106.2	$	~~322~~103.52
Sales activity
Asarco LLC	$	2713.0	$	296.97
AMMINCO		~~0.1~~(*)		(*)
Ferrocarril Mexicano, S.A. de C.V.		(*)		—
MGE		18.4		15.6
MGE		24.0		50.9
Total sales	$	31.4	$	22.3
Total sales	$	51.1	$	80.8

(*) Less than $0.1 million.

Grupo Mexico, the parent and the majority indirect stockholder of the Company, and its affiliates provide various services to the Company. These services are primarily related to accounting, legal, tax, financial, treasury, human resources, price risk assessment and hedging, purchasing, procurement and logistics, sales and administrative and other support services. The Company pays AMMINCO and Grupo Mexico Servicios, subsidiaries of Grupo Mexico, for these services and expects to continue requiring these services in the future.

In the ~~nine-month~~first ~~period~~quarter ~~ended~~of ~~September~~2025 ~~30,~~and 2024, the Company donated $10.90 million and $0.6 million, respectively, to Fundacion Grupo Mexico, A.C., an organization dedicated to promoting the social and economic development of the communities close to the Company’s Mexican operations. ~~In the same period of 2023, the Company donated $3.4 million to this organization.~~

The Company’s Mexican operations paid fees for freight services provided by Ferrocarril Mexicano, S.A. de C.V., which is a subsidiary of Grupo Mexico. The Company´s Peruvian and Mexican operations paid fees for engineering services provided by Grupo Mexico Servicios de Ingenieria, S.A. de C.V., and the Company’s Mexican operations paid fees for construction services provided by Mexico Compania Constructora S.A. de C.V. Both companies are subsidiaries of Mexico Proyectos y Desarrollos, S.A. de C.V., which is a subsidiary of Grupo Mexico.

The Company’s Mexican operations purchased copper cathodes, concentrate and starter sheets from Asarco LLC and also paid fees as reimbursement of freight fees. Additionally, the Company´s Mexican operations purchased power from MGE. Both companies are subsidiaries of Grupo Mexico.

In 2012, the Company signed a power purchase agreement with MGE, whereby MGE ~~will~~supplies ~~supply~~ some of the Company’s Mexican operations with power through 2032. MGE has two natural gas-fired combined cycle power generating units, with a net total capacity of 516.2 megawatts and has been supplying power to the Company since December 2013. ~~Currently~~In the first quarter of 2025, MGE issupplied ~~supplying~~ approximately 83.07% of its power output to third-party energy users, compared to 85.2% asin ofthe ~~September~~same ~~30,~~period ~~2023~~of 2024.

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In 2014, Mexico Generadora de Energia Eolica, S. de R.L. de C.V, an indirect subsidiary of Grupo Mexico, located in Oaxaca, Mexico, acquired Eolica el Retiro, S.A.P.I. de C.V. (“Eolica el Retiro”). Eolica el Retiro is a windfarm with 37 wind turbines. This company started operations in January 2014 and began to sell power to Industrial Minera Mexico, S.A. de C.V. and subsidiaries (“IMMSA”) and other subsidiaries of Grupo Mexico in the third quarter of 2014. ~~Currently~~In the first quarter of 2025, Eolica El Retiro ~~supplies~~supplied approximately 3033.93% of its power output to IMMSA and Mexcobre, compared to 143.94% asin ofthe ~~September~~same ~~30,~~period ~~2023~~of 2024.

In 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V. (“Parque Eolico de Fenicias”), an indirect subsidiary of Grupo Mexico, located in Nuevo Leon, Mexico. This contract commits to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. This agreement started in the third quarter of 2024. ~~Currently~~In the first quarter of 2025, Parque Eolico de Fenicias ~~supplies~~supplied approximately 3674.28% of its power output to IMMSA.

The Company sold copper starter sheets, lime and sulfuric acid to Asarco LLC. The Company´s Mexican operations received fees for transportation and administrative services that were provided to Asarco and also received fees for natural gas and services provided to MGE, a subsidiary of Grupo Mexico. Additionally, the Company´s Mexican operations received fees for rental services provided to AMMINCO.

Companies with relationships to the controlling group:

The following table summarizes the purchase and sales activities with other Larrea family companies in the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions):


	~~2024~~2025		~~2023~~2024
Purchase activity
Boutique Bowling de Mexico S.A. de C.V.	$	0.41	$	0.52
Mextransport		20.18		20.27
Operadora de Cinemas S.A. de C.V.		0.21		0.31
Total purchases	$	21.70	$	31.0

Sales activity
Boutique Bowling de Mexico S.A. de C.V.	$	~~0.1~~(*)	$	~~0.1~~(*)
Empresarios Industriales de Mexico, S.A. de C.V.		0.31		0.21
Mextransport		10.87		10.76
Operadora de Cinemas S.A. de C.V.		~~0.1~~(*)		~~0.1~~(*)
Total sales	$	20.38	$	20.18

(*) amount is lower than $0.1 million

The Larrea family controls a majority of the capital stock of Grupo Mexico and has extensive interests in other businesses, including transportation, real estate and entertainment. The Company engages in certain transactions in the ordinary course of business with other entities controlled by the Larrea family relating to the lease of office space, air transportation and entertainment.

The Company’s Mexican operations paid fees for entertainment services provided by Boutique Bowling de Mexico, S.A. de C.V. and Operadora de Cinemas, S.A. de C.V. Both companies are controlled by the Larrea family. Mextransport provides aviation services to the Company´s Mexican operations. This is a company controlled by the Larrea family.

In addition, the Company received fees for building rental and maintenance provided to Boutique Bowling de Mexico, S.A. de C.V. and Operadora de Cinemas, S.A. de C.V. The Company´s Mexican operations received fees from Mextransport for reimbursement of maintenance expenses for rental services and also received fees from Empresarios Industriales de Mexico S.A. de C.V. for ~~rental~~security services.

Equity Investment in Affiliate: The Company has a 44.2% participation in ~~Compania~~Compañia Minera Coimolache S.A. (“Coimolache”), which isit ~~accounted~~accounts for ~~under~~on the equity method. Coimolache owns Tantahuatay, a gold mine located in ~~the~~ northern ~~part of~~ Peru.

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In addition, the Company has a 30.0% participation in Apu Coropuna S.R.L. (“Apu Coropuna”), which it accounts for on the equity method. Apu Coropuna is a company which undertakes exploration activities in the Pucay prospect, located in Arequipa, Peru. The exploration results were not favorable; consequently, the Company is evaluating liquidating its participation in this company.

In addition, the Company has a 30.0% participation in Apu Coropuna S.R.L. (“Apu Coropuna”), which is accounted for under the equity method. Apu Coropuna is a company that performs exploration activities in the Pucay prospect, located in Arequipa, Peru. The exploration results were not favorable; consequently, the Company is evaluating liquidating its participation in this company.

It is anticipated that in the future the Company will enter into similar purchase and sale transactions with these same parties.

NOTE 6 — LEASES:

~~The~~NOTE ~~Company~~6 ~~has~~— operating leases for power generating facilities, vehicles and properties. The Company recognizes leasing expenses for these leases on a straight-line basis over the lease term. Some of the Company’s leases include both lease and non-lease components which are accounted for separately. The Company’s leases have remaining lease terms of one year to nine years, and do not include options to extend the leases. The Company’s lease agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Company’s lease contracts have no material residual value guarantees or material restrictive covenants. As none of the Company’s leases stipulates an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.FINANCING:

~~The~~Minera ~~weighted~~Mexico ~~average~~S.A. ~~remaining~~de ~~lease term for the Company’s leases is approximately eight years, and the weighted average discount rate for these leases is 4~~C.~~06%~~V. Notes:

~~The~~On ~~operating~~February ~~lease~~12, ~~expense~~2025, ~~recognized~~SCC’s subsidiary, Minera Mexico S.A. de C.V., issued $1.0 billion of fixed-rate senior notes. This debt was issued in one tranche, due in 2032 at an annual interest rate of 5.625%. Interest on the ~~nine~~notes will be paid semi-~~month~~annually ~~period~~in ~~ended~~arrears. ~~September~~The 30Company intends to use the net proceeds from this offering (i) to finance Minera Mexico’s capital expenditures and (ii) for general corporate purposes, ~~2024~~in each case in compliance with applicable law. The notes were issued with an underwriters’ discount of $6.2 million. Additionally, issuance costs of $6.4 million associated with these notes were paid and ~~2023~~deferred. ~~was~~The ~~classified~~unamortized balance of the discount and the costs are presented net of the carrying value of the debt issued and are amortized as ~~follows~~interest ~~(in~~expense ~~millions):~~over the life of the loan.


Classification	2024		2023
Cost of sales (exclusive of depreciation, amortization and depletion)	$	77.4	$	86.9
Selling, general and administrative		0.1		0.1
Exploration		0.1		0.2
Total lease expense	$	77.5	$	87.2

The notes constitute general unsecured obligations of Minera Mexico.

~~Maturities~~In ofconnection ~~lease~~with ~~liabilities~~the ~~are~~transaction, on February 12, 2025, Minera Mexico entered into a supplemental indenture with Computershare Trust Company N.A., as ~~follows:~~trustee, which provides for the issuance and sets forth the terms of the notes described above. The indenture contains covenants that limit Minera Mexico's ability to, among other things, incur certain liens securing indebtedness; engage in certain sale and leaseback transactions; and enter into certain consolidations, mergers, conveyances or transfers of all or substantially all of Minera Mexico's assets.


	Lease liabilities
Year	(in millions)
2024	$	27.7
2025		106.9
2026		106.6
2027		106.3
2028		106.0
After 2028		421.8
Total lease payments	$	875.3
Less: interest on lease liabilities		(150.3)
Present value of lease payments	$	725.0

Credit risk rating:

In February 2025, Moody’s investors service assigned its Baa1 as the debt rating on the new notes issued. Also on February 2025, Fitch and Standard & Poor’s ratings services assigned its ‘BBB+’, as the debt rating on the new notes issued.

NOTE 7 — ASSET RETIREMENT OBLIGATION:

~~Peruvian~~NOTE ~~operations:~~7 — LEASES:

The Company ~~maintains~~has anoperating ~~asset~~leases ~~retirement~~for ~~obligation~~power ~~for~~generating ~~its~~facilities, ~~mining~~vehicles and properties. inThe ~~Peru,~~Company asrecognizes ~~required~~leasing byexpenses ~~the~~for ~~Peruvian~~these ~~Mine~~leases ~~Closure~~on ~~Law.~~a Instraight-line ~~accordance~~basis ~~with~~over the ~~requirements~~lease ofterm. ~~this~~Some ~~law,~~of the Company’s ~~closure~~leases ~~plans~~include ~~were~~both ~~approved~~lease byand ~~the~~non-lease ~~Peruvian~~components ~~Ministry~~which ofare ~~Energy~~accounted ~~and~~for ~~Mines (“MINEM”)~~separately. AsThe ~~part~~Company’s leases have remaining lease terms of ~~the~~less ~~closure~~than ~~plans~~one year to eight years, and do not include options to extend the leases. The Company’s islease ~~required~~agreements todo ~~provide~~not ~~annual~~contain ~~guarantees~~options ~~over~~to purchase the ~~estimated~~leased ~~life~~assets ofor to terminate the ~~mines~~leases before the expiration date. In addition, ~~based~~the onCompany’s alease ~~present~~contracts have no material residual value ~~approach,~~guarantees ~~and~~or tomaterial ~~furnish~~restrictive covenants. As none of the ~~funds~~Company’s ~~for~~leases stipulate an implicit rate, the ~~asset~~Company ~~retirement~~uses ~~obligation.~~its ~~This~~incremental ~~law~~borrowing ~~requires~~rate abased ~~review~~on ofthe ~~closing~~information ~~plans~~available ~~every~~at ~~five~~commencement ~~years~~date in determining the present value of lease payments.

The weighted average remaining lease term for the Company’s leases is approximately six years, and the weighted average discount rate for these leases is 4.10%.

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The operating lease expense recognized in the three-month period ended March 31, 2025 and 2024 was classified as follows (in millions):

On June 24, 2019, MINEM approved a change to the guarantees required for the mining closure plans. The new regulation specifies that annual guarantees can be secured with real estate up to a maximum of 50% and the remaining amount with credit instruments. Currently, the Company has pledged the value of its Lima office complex for the 50% of the guarantee and with a stand-by letter of credit for the other 50% as a security for this obligation. Through January 2024, the Company has provided total guarantees of $87.7 million.


Classification	2025		2024
Cost of sales (exclusive of depreciation, amortization and depletion)	$	28.8	$	28.5
Selling, general and administrative		(*)		(*)
Exploration		(*)		(*)
Total lease expense	$	28.8	$	28.6

(*) amount is lower than $0.1 million.

On July 20, 2021, the Peruvian Government published Law 31347, which requires companies in the production stage to set aside additional guarantees for progressive closure of its operations. The resources that back these guarantees will be returned to the Company when activities cease and the regulatory agency verifies that all closure measures have been satisfactorily completed. Under this Law, companies must include activities for environmental remediation within the closure schedule and assume costs associated with environmental impacts that are identified during audits. As of September 30, 2024, the regulation attached to this Law had yet to be published. The Company is currently evaluating the possible financial impact of the Law but cannot fully estimate the magnitude until the Law’s regulation is published.

~~The~~Maturities ~~closure~~of ~~cost~~lease ~~recognized~~liabilities ~~for~~are ~~this liability includes the cost,~~ as outlined in its closure plans, of dismantling the Toquepala and Cuajone concentrators, the Ilo smelter and refinery, and the shops and auxiliary facilities at the three units. In March 2016, MINEM approved the Mining Closure Plan for the Toquepala expansion project and the revised closure plans for the Cuajone mine and the Ilo facilities were approved in January and October 2019, respectively. The closure plan for the Tia Maria project was approved in February 2017. The Company, however, has not recorded a retirement obligation for the project because the work on the project is on hold. The Company believes that under these circumstances, the recording of a retirement obligation is not appropriate.follows:


	Lease liabilities
Year	(in millions)
2025	$	86.5
2026		115.0
2027		114.5
2028		114.0
2029		112.8
After 2029		317.1
Total lease payments	$	859.9
Less: interest on lease liabilities		(139.2)
Present value of lease payments	$	720.7

NOTE 8 — ASSET RETIREMENT OBLIGATION:

Peruvian operations:

The Company maintains an asset retirement obligation for its mining properties in Peru, as required by the Peruvian Mine Closure Law. In accordance with the requirements of this law, the Company’s closure plans were approved by the Peruvian Ministry of Energy and Mines (“MINEM”). The closure cost recognized for this liability includes the cost, as outlined in its closure plans, of dismantling the Toquepala and Cuajone concentrators, the Ilo smelter and refinery, and the shops and auxiliary facilities at the three units. As part of the closure plans, the Company is required to provide annual guarantees over the estimated life of the mines, based on a present value approach, and to furnish the funds for the asset retirement obligation. This law requires a review of closing plans every five years.

Currently, the Company has pledged the value of its Lima office complex for 27% of the guarantee and with a stand-by letter of credit for the other 73% as a security for this obligation. Through January 2025, the Company has provided total guarantees of $98.5 million.

On July 20, 2021, the Peruvian Government published Law 31347, which requires companies in the production stage to set aside additional guarantees for progressive closure of its operations. The resources that back these guarantees will be returned to the Company when activities cease and the regulatory agency verifies that all closure measures have been satisfactorily completed. Under this Law, companies must include activities for environmental remediation within the closure schedule and assume costs associated with environmental impacts that are identified during audits. On March 19, 2025, the regulation attached to this Law was published. This new regulation establishes a three-year period to update the guarantee constitution table, including the main components of progressive closure. The Company is initiating the corresponding actions to comply with this new requirement within the established time frame, but does not expect this Law to have a material effect on its financial statements.

In April 2024, the Company adjusted its estimate for the asset retirement obligation due to an update of the closure plan for its Ilo facility. The effect was a decrease of $3.2 million in the asset retirement obligation.

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Mexican operations:

The Company has recognized an estimated asset retirement obligation for its mining properties in Mexico as part of its environmental commitment. Even though there is currently no enacted law, statute, ordinance, written or oral contract requiring the Company to carry out mine closure and environmental remediation activities, the Company believes that a constructive obligation presently exists based on the remediation requirements caused by the closure of any facility. The overall cost recognized for mining closure in Mexico includes the estimated costs of dismantling concentrators, smelter and refinery plants, shops and other facilities.

In ~~the~~December ~~nine months of~~ 2024, the Company adjusted its estimate for the asset retirement obligation for its Mexican operations, ~~following~~mainly due to a detailed review of the closing activities required. ~~The~~and ~~adjustment~~an ~~led~~update to alife-of-mine $9plans for the Buenavista operations.1 ~~million~~The effect was a decrease in the asset retirement obligation to the order of $119.2 million.

The following table summarizes the asset retirement obligation activity for the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions):


	~~2024~~2025		~~2023~~2024
Balance as of January 1	$	~~612~~546.51	$	~~585~~612.35
Changes in estimates		(1219.3)		—(2.3)
Closure payments		—		~~(0.3)~~—
Accretion expense		216.30		197.36
Balance as of September 30,	$	621.6	$	604.3
Balance as of March 31,	$	532.9	$	617.8

NOTE 8 — BENEFIT PLANS:

NOTE 9 — BENEFIT PLANS:

Post retirement defined benefit plans:

The Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees. In addition, the Company has two non-contributory defined benefit pension plans covering former salaried employees in the United States and certain former expatriate employees in Peru. Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits. ~~In addition, the Company’s Mexican subsidiaries have a~~

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defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees.

The components of net periodic benefit costs for the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 are as follows (in millions):


(in millions)	2024		2023
	Three months ended
Service cost	$	1.9	$	1.6
	March 31,
Interest cost		2.8		2.6
(in millions)	2025		2024
Expected return on plan assets		(4.7)		(4.2)
Service cost	$	0.6	$	0.7
Amortization of prior service cost/(credit)		0.2		0.1
Interest cost		0.9		0.9
Amortization of net loss/(gain)		0.3		0.3
Expected return on plan assets		(1.8)		(1.5)
Net periodic benefit cost	$	0.5	$	0.4
Amortization of net loss/(gain)		0.1		(*)
Net periodic (benefit) cost	$	(0.2)	$	0.1

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Post-retirement health care plans:

In Mexico, ~~through 2007, the Buenavista unit provided~~ health ~~care~~ services ~~free~~are ofprovided ~~charge~~by ~~to employees and retired unionized employees and their families through its hospital at~~ the Buenavista unit. In 2011, the Company signed an agreement with the Secretary of Health of the State of Sonora, which assumed the obligation to provide healthcare services to retired workers and their families. New employees at Buenavista del Cobre will receive health services from the Mexican Institute of Social Security~~, as is the case for all workers at our Mexican operations~~.

The components of net periodic benefit cost for the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 are as follows (in millions):


(in millions)	2024		2023
	Three months ended March 31,
Interest cost	$	1.5	$	1.6
(in millions)	2025		2024
Amortization of net loss (gain)		—		—
Interest cost	$	0.5	$	0.5
Amortization of prior service cost/(credit)		(*)		(*)
Amortization of net loss (gain)		(*)		(*)
Net periodic benefit cost	$	1.5	$	1.6
Amortization of prior service cost/ (credit)		—		(*)
Net periodic benefit cost	$	0.5	$	0.5

NOTE 9 — COMMITMENTS AND CONTINGENCIES:

NOTE 10 — COMMITMENTS AND CONTINGENCIES:

Environmental matters:

The Company has established comprehensive environmental conservation programs at its mining facilities in Peru and Mexico. The Company’s environmental programs include water recovery systems to conserve water and minimize the impact on nearby streams, reforestation programs to stabilize the surface of the tailings dams and the implementation of scrubbing technology in the mines to reduce dust emissions, among others.

Environmental capital investments in the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 were as follows (in millions):


	~~2024~~2025		~~2023~~2024
Peruvian operations	$	31.5	$	51.56
Mexican operations		~~133~~40.25		7242.1
	$	~~136~~42.80	$	7743.67

Peruvian operations: The Company’s operations are subject to applicable Peruvian environmental laws and regulations. The Peruvian government, through the Ministry of the Environment (“MINAM”) conducts annual audits of the Company’s Peruvian mining and metallurgical operations. Through these environmental audits, matters relating to environmental and legal compliance, atmospheric emissions, effluent monitoring and waste management are reviewed. The Company believes that it is in material compliance with applicable Peruvian environmental laws and regulations. Peruvian law requires that companies in the mining industry provide assurances for future mine closure and remediation. In accordance with the requirements of this law, the Company’s closure plans were approved by MINEM. See Note 8 “Asset retirement obligation” for further discussion of this matter.

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In accordance with the requirements of this law, the Company’s closure plans were approved by MINEM. See Note 7 “Asset retirement obligation” for further discussion of this matter.

Air Quality Standards (“AQS”): In June 2017, MINAM enacted a supreme decree which defined new AQS for daily sulfur dioxide in the air. As of ~~September~~March 3031, ~~2024~~2025, the Company reported a daily average level of µg/m3 of SO2, which falls below the AQS requirement.

In November 2023, MINAM enacted a new AQS for Cadmium, Arsenic and Chromium in particulate matter less than ten microns (PM₁₀). A review of the Company´s chemical monitoring results has determined that the Company´s operations will not be significantly impacted by the new standards and concentration values in place. The Company´s results are expected to continue to fall below regulatory AQS.

Soil Environmental Quality Standards (“SQS”): In 2013, the Peruvian government enacted Soil Quality Standards. In accordance with the regulatory requirements of the law, the Company prepared Soil Decontamination Plans (“SDP”) for environmentally impacted sites at each of its operation units (Toquepala, Cuajone and Ilo) with the assistance of consulting companies. The costs of these SDPs are not material, either individually or in aggregated form, for the financial statements of the Company.

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Climate change: On April 17, 2018, the Peruvian government enacted Law N. 30754, which promotes public and private investments in climate change management and establishes a Climate Change Framework. The law proposes creating an institutional framework to address climate change in Peru and outlines new measures for climate change mitigation, such as provisions to address an increase in carbon capture and use of carbon sinks; afforestation and reforestation practices; land use changes; sustainable systems of transportation, solid waste management, and energy systems. This climate change framework law incorporates obligations from the Paris Agreement. Supreme Decree 013-2019 published on December 31, 2019, enacted statutory regulations, which are applicable to all Peruvian institutions and agencies. It is expected that additional Peruvian regulations will be applicable to non governmental entities. However, no carbon pricing mechanism is currently applicable to the Company’s operations in Peru.

Mexican operations: The Company’s operations are subject to applicable Mexican federal, state and municipal environmental laws, to Mexican official standards, and to regulations for the protection of the environment, including regulations relating to water supply, water quality, air quality, noise levels and hazardous and solid waste.

The principal legislation applicable to the Company’s Mexican operations is the Federal General Law of Ecological Balance and Environmental Protection (the “General Law”), which is enforced by the Federal Bureau of Environmental Protection (“PROFEPA”). PROFEPA monitors compliance with environmental legislation and enforces Mexican environmental laws, regulations and official standards. It may also initiate administrative proceedings against companies that violate environmental laws, which in the most extreme cases may result in the temporary or permanent shutdown of non-complying facilities, the revocation of operating licenses and/or other sanctions or fines. Amendments to the General Law enacted in 2011 enabled individuals or entities to contest administrative acts, including environmental authorizations, permits or concessions granted, without the need to demonstrate the existence of harm to the environment as long as it can be argued that harm may be caused. Additionally, in 2013, the Environmental Liability Federal Law was enacted, establishing general guidelines for actions considered likely to cause environmental harm.

InGuaymas ~~2011,~~sulfuric ~~the~~acid ~~General~~spill: ~~Law~~In ~~was~~July ~~amended~~2019, tothere ~~provide~~was an ~~individual~~incident orat ~~entity~~ the ~~ability~~Company´s toMarine ~~contest~~Terminal ~~administrative~~in ~~acts~~Guaymas, ~~including environmental authorizations~~Sonora, ~~permits~~that orcaused ~~concessions granted, without~~ the ~~need~~discharge toof ~~demonstrate~~approximately ~~the~~three ~~actual~~cubic ~~existence~~meters of ~~harm~~sulfuric toacid into the ~~environment~~sea asin ~~long as it can be argued that~~ the ~~harm~~industrial ~~may~~port ~~be caused~~area. ~~Additionally~~PROFEPA, ~~amendments~~after totwo ~~the~~inspections, ~~Civil~~declared ~~Federal~~a ~~Procedures~~partial ~~Code~~shutdown ~~(“CFPC”)~~of ~~were~~the ~~enacted~~storage inprocess ~~2011~~ and ~~established~~transportation ~~three~~of ~~categories~~sulfuric ofacid ~~collective~~at ~~actions~~the ~~under~~terminal ~~which~~arguing athe ~~group~~absence of 30an orauthorization ~~more~~of ~~individuals~~environmental ~~can~~impact, bedespite ~~considered~~the ~~sufficient~~fact tothat ~~prove~~the aCompany’s ~~“legitimate~~exempt ~~interest”~~ to ~~file~~the ~~civil~~permit ~~actions~~because ~~for~~these ~~injuries~~facilities ~~arising~~have ~~out~~been ofin ~~alleged~~operation ~~violations~~since ~~of environmental~~1979, ~~consumer~~prior ~~protection,~~to ~~financial~~the ~~services~~1988 ~~and~~Mexican ~~Antitrust~~General ~~laws.~~Law ~~The~~of ~~group~~Ecological ~~can~~Balance ~~seek~~and ~~restitution or monetary compensation for~~ the ~~alleged~~Protection ~~injuries or suspension~~ of the ~~activities~~Environment. ~~which~~The ~~allegedly~~Company ~~caused~~has ~~the~~solved ~~injuries~~this inissue ~~question.~~and ~~The~~expects ~~amendments~~ to ~~the~~restart ~~CFPC~~operations ~~may result~~ in ~~more litigation, with plaintiffs seeking remedies, including suspension of~~ the ~~activities~~near ~~alleged to cause harm~~future.

In 2013, the Environmental Liability Federal Law was enacted. The law establishes general guidelines for actions considered likely to cause environmental harm. If a possible determination regarding harm occurs, environmental clean-up and remedial actions sufficient to restore the environment to a pre-existing condition must be taken. If restoration is not possible, compensation measures should be provided. Criminal penalties and monetary fines can be imposed under this law.

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Guaymas sulfuric acid spill: In July 2019, there was an incident at the Company´s Marine Terminal in Guaymas, Sonora, that caused the discharge of approximately three cubic meters of sulfuric acid into the sea in the industrial port area. PROFEPA, after 2 inspections, declared a partial shutdown of the storage process and transportation of sulfuric acid at the terminal arguing the absence of an authorization of environmental impact, despite the fact that the Company’s exempt to the permit because these facilities have been in operation since 1979, prior to the 1988 Mexican General Law of Ecological Balance and the Protection of the Environment. The Company has solved this issue and expect to restart operations in the near future.

Climate change: Several taxes are applicable to the Company’s mining operations in Mexico, including federal and state fossil fuel taxes, and the requirements associated with Mexico’s emission trading scheme. These taxes range from $9/tCO2 to $18/tCO2 in 2023, approximately. These regional taxes are applicable in the States of Baja California, Zacatecas and San Luis Potosí, as well as a federal tax linked to the import of fuels. In addition, an emission trading scheme (ETS) in Mexico is currently available to the Company which is only applicable to two business units, the metallurgic and lime plants in Sonora, which both generate annual GHG emissions levels above the threshold of 100,000 tCO2 per year contemplated by the scheme. These two units are required to report and verify their emissions once a year. Units that emit more than 25,000 tonnes CO2 equivalent per year (all of our Mexican units) are required to report their emissions to the National Emissions Registry (RENE) annually and to verify the reported emissions every three years. Total expenses to ensure annual compliance with climate change regulations in Mexico are not material to the Company.

The Company believes that all of its facilities in Peru and Mexico are in compliance with environmental, mining and other applicable laws and regulations. The Company also believes that continued compliance with environmental laws of Mexico and Peru will have no material adverse effects on the Company’s business, properties, or operating results.

On May 09, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, National Waters Law, the General Law of Ecological Balance and Environmental Protection, and the General Law for the Prevention and Integral Management of Waste. The main changes include reducing mining concession terms from 50 to 30 years; new restrictions and conditions on water use; requirements to provide guarantees for closure and remediation of operations; and a contribution of 5% of net earnings to indigenous communities for new projects and significant changes to exploration rules.

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These amendments to the law have been challenged and are being reviewed by the Supreme Court. The Company is not expecting any negative impacts on its operations.

OnThe ~~September~~Company ~~15,~~believes ~~2024,~~that ~~the~~all ~~constitutional~~of ~~reform~~its tofacilities ~~the~~in ~~Judiciary~~Peru ~~approved~~and byMexico ~~the~~are ~~Mexican~~in ~~Congress~~material ~~was~~compliance ~~published~~with ~~and became effective~~environmental, ~~which~~mining ~~establishes~~and ~~that~~other ~~judges,~~applicable ~~magistrates~~laws and ~~ministers~~regulations. ofThe ~~the~~Company ~~Mexican~~also ~~Supreme~~believes ~~Court~~that ofcontinued ~~Justice~~compliance ~~will~~with beenvironmental ~~elected~~laws byof ~~the~~Mexico ~~citizens. It~~and isPeru ~~currently~~will ~~not~~have ~~possible~~no tomaterial ~~determine~~adverse ~~the~~ effects ~~of the reform~~ on the Company'’s ~~operations~~business, properties, or operating results.

Litigation matters:

Peruvian operations:

The Tia Maria Mining Project

There are five lawsuits filed against the Peruvian Branch of the Company related to the Tia Maria project. The lawsuits seek (i) to declare null and void the resolution that approved the Environmental Impact Assessment of the project; (ii) the cancellation of the project and the withdrawal of mining activities in the area; (iii) to annul the mining concession application for the Tia Maria project; and (iv) to annul the resolution that approved the construction license. The lawsuits were filed by Messrs. Ernesto Mendoza Padilla (filed May 26, 2015), Juan Alberto Guillen Lopez (filed June 18, 2015), Junta de Usuarios del Valle del Tambo (filed April 30, 2015), Gobierno Regional de Arequipa (filed December 16, 2019) and Municipalidad Distrital de Dean Valdivia (filed in January 2020 but notified in August 2022).

It should be noted that the Supreme Court of Justice of Peru has already issued a final ruling on the Carpio Lazo case challenging the approval of the Environmental Impact Assessment (EIA) of the Tía Maria project (notified on February 22, 2022), which ratified the legality of said Environmental Impact Assessment. The Judiciary recognized SPCC's strict compliance with all applicable environmental regulations during the approval stages of the Tía María EIA. This decision should have a favorable impact on the cases described below:

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22, 2022), which ratified the legality of said Environmental Impact Assessment. The Judiciary recognized SPCC's strict compliance with all applicable environmental regulations during the approval stages of the Tía María EIA. This decision should have a favorable impact on the cases described below:

The Mendoza Padilla case was initially rejected by the lower court on July 8, 2015. This ruling was confirmed by the Superior Court on June 14, 2016. On July 12, 2016, the case was appealed before the Constitutional Court. On November 20, 2018, the Constitutional Court reversed the previous decisions and remanded the case to the lower court for further action. In the third quarter of 2020, the Company was notified that the complaint had been reinstated. The Company answered the complaint on September 15, 2020. On December 2, 2020, the lower court issued a resolution, considering the complaint answered. On September 27, 2021, the Court ordered to temporarily archive the case. As of ~~September~~March 3031, ~~2024~~2025, the case ~~remains~~was pending resolution.

The Guillen Lopez case is currently before the lower court. Oral arguments took place on July 19, 2019. On January 7, 2020, the Judge decided to suspend the proceedings until the del Carpio Lazo case is concluded. On March 8, 2022, The Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On September 7, 2023, the Judge cancelled the suspension and declared the case ready for a resolution. On May 18, 2024, the Judge declared, once again, that the case was ready for resolution. As of ~~September~~March 3031, ~~2024~~2025, the case ~~remains~~was pending resolution.

The Junta de Usuarios del Valle del Tambo case is currently before the lower court. In May 2016, the Company was included in the process after the Ministry of Energy and Mines filed a civil complaint. On March 6, 2019, the Company was formally notified of the lawsuit and answered the complaint on March 20, 2019. On July 8, 2019, the Company requested the suspension of the proceeding until the del Carpio Lazo case is concluded. On March 11, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On January 5, 2024, the Peruvian Branch reiterated its petition to continue the process given that a final decision has already been handed down in Carpio Lazo case. As of ~~September~~March 3031, ~~2024~~2025, the case ~~remains~~was pending resolution.

The Gobierno Regional de Arequipa case is currently before the Superior Court. The Company answered the complaint on September 15, 2020. On February 8, 2021, the Judge decided to suspend the proceeding until the del Carpio Lazo case was concluded. On March 24, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On March 28, 2022, the Judge cancelled the suspension. On May 24, 2022, the parties presented their closing arguments. On March 15, 2023, the Judge dismissed the lawsuit. The plaintiff missed the chance to appeal the ruling, therefore, the Judge declared the case had concluded in favor of the Peruvian Branch. On October 20, 2023 the Superior Court declared that the plaintiff had not been properly informed of the ruling and ordered issuance of a new notification of the First Instance ruling. The Superior Court instructed the First Instance Court to inform the Gobierno Regional de Arequipa that it must establish a new address to ensure proper notification. On April 16, 2024, the Gobierno Regional de Arequipa filed an appeal against the first instance decision. The Superior court notified the Company of the appeal, and the Peruvian Branch responded on June 10, 2024. On August 7, 2024, an oral hearing took place. As of September 30, 2024, the case is pending resolution.

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concluded. On March 28, 2022, the Judge cancelled the suspension. On May 24, 2022, the parties presented their closing arguments. On March 15, 2023, the Judge dismissed the lawsuit. The plaintiff missed the chance to appeal the ruling, therefore, the Judge declared the case had concluded in favor of the Peruvian Branch. On October 20, 2023 the Superior Court declared that the plaintiff had not been properly informed of the ruling and ordered issuance of a new notification of the First Instance ruling. The Superior Court instructed the First Instance Court to inform the Gobierno Regional de Arequipa that it must establish a new address to ensure proper notification. On April 16, 2024, the Gobierno Regional de Arequipa filed an appeal against the first instance decision. The Superior court notified the Company of the appeal, and the Peruvian Branch responded on June 10, 2024. On August 7, 2024, an oral hearing took place. As of March 31, 2025, the case was pending resolution.

The Municipalidad Distrital de Dean Valdivia case is currently before the lower court. On August 17, 2022, the Company was formally notified of the lawsuit and answered the complaint on September 2, 2022. The Peruvian Branch informed the Court the result of the del Carpio Lazo case. As of ~~September~~March 3031, ~~2024~~2025, the case iswas pending resolution.

The Company asserts that these lawsuits are without merit and is vigorously defending against them. The potential contingency amount for these cases cannot be reasonably estimated by management at this time.

Special Regional Pasto Grande Project (“Pasto Grande Project”)

In 2012, the Pasto Grande Project, an entity of the Regional Government of Moquegua, filed a lawsuit against the Peruvian Branch alleging property rights over a certain area used by the Peruvian Branch and seeking the demolition of the tailings dam where the Peruvian Branch has deposited its tailings from the Toquepala and Cuajone operations since 1995. The Peruvian Branch has had title to use the area in question since 1960 and has constructed and operated the tailings dams with proper governmental authorization since 1995. Following a motion filed by the Peruvian Branch, the lower court included MINEM as a defendant in this lawsuit. MINEM has answered the complaint and denied the validity of the claim. On July 2, 2022, the case was temporarily archived. On May 26, 2023, the Judge ordered termination of the proceeding due to the lack of interest of the plaintiff. On June 2, 2023, the plaintiff appealed the termination of the proceeding. On September 18, 2023, the Superior Court reversed the termination and ordered the Judge to continue the proceeding. As of March 31, 2025, the case was pending resolution.

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of the claim. On July 2, 2022, the case was temporarily archived. On May 26, 2023, the Judge ordered termination of the proceeding due to the lack of interest of the plaintiff. On June 2, 2023, the plaintiff appealed the termination of the proceeding. On September 18, 2023, the Superior Court reversed the termination and ordered the Judge to continue the proceeding. As of September 30, 2024, the case is pending resolution.

The Peruvian Branch asserts that the lawsuit is without merit and is vigorously defending against it. The amount of this contingency cannot be reasonably estimated by management at this time.

Mexican operations:

The Accidental Spill at Buenavista Mine of 2014

Regarding the 2014 accidental spill of copper sulfate solution at a leaching pond in the Buenavista mine, the following legal procedures are pending against the Company:

On August 19, 2014, PROFEPA, as part of the administrative proceeding initiated after the spill, announced the filing of a criminal complaint against Buenavista del Cobre S.A. de C.V. (“BVC”), a subsidiary of the Company, to determine those responsible for environmental damages. During the second quarter of 2018, the criminal complaint was dismissed. This decision was appealed and was pending resolution as of ~~September~~March 3031, ~~2024~~2025.

On October 12, 2023, SEMARNAT publicly announced the filing of another criminal complaint regarding the Sonora River spill, arguing that remediation of damages to the river was incomplete and compensation for said damages was insufficient. The Company has been directed to provide information regarding remediation activities and compensation for damages. The Company strongly believes that it has duly completed all remediation and compensation-related activities as required by the competent Mexican authorities and as such, this new complaint lacks merit.

Through the first half of 2015, six collective action lawsuits were filed in federal courts in Mexico City and Sonora against two subsidiaries of the Company seeking economic compensation, clean up and remedial activities in order to restore the environment to its pre-existing conditions. Three of the collective action lawsuits have been dismissed by the court. The three lawsuits are still pending: two were filed by Acciones Colectivas de Sinaloa, A.C. and one, by Defensa Colectiva, A.C.; requesting precautionary measures about construction of facilities for monitoring public health services and prohibiting the closure of the Rio Sonora Trust. As of September 30, 2024, this cases remains in the same stage.

Similarly, during 2015, eight civil action lawsuits were filed against BVC in the state courts of Sonora seeking damages for alleged injuries and for moral damages as a consequence of the spill. The plaintiffs in the state court lawsuits are: Jose Vicente Arriola Nunez et al; Santana Ruiz Molina et al; Andres Nogales Romero et al; Teodoro Javier Robles et al; Gildardo Vasquez Carvajal et al; Rafael Noriega Souffle et al; Grupo Banamichi Unido de Sonora El Dorado, S.C. de R.L. de C.V; and Marcelino Mercado Cruz. In 2016, three additional civil action lawsuits, claiming similar damages, were filed by Juan Melquicedec Lebaron; Blanca Lidia Valenzuela Rivera et al and Ramona Franco Quijada et al. In 2017, BVC was served with thirty-three additional civil action lawsuits, claiming similar damages. The lawsuits were filed by Francisco Javier Molina Peralta et al; Anacleto Cohen Machini et al; Francisco Rafael Alvarez Ruiz et al; Jose Alberto Martinez Bracamonte et al; Gloria del Carmen Ramirez Duarte et al; Flor Margarita Sabori et al; Blanca Esthela Ruiz Toledo et al; Julio Alfonso Corral Dominguez et al; Maria Eduwiges Bracamonte Villa et al; Francisca Marquez Dominguez et al; Jose Juan Romo Bravo et al; Jose Alfredo Garcia Leyva et al; Gloria Irma Dominguez Perez et al; Maria del Refugio Romero et al; Miguel Rivas Medina et al; Yolanda Valenzuela Garrobo et al; Maria Elena Garcia Leyva et al; Manuel Alfonso Ortiz Valenzuela et al; Francisco Alberto Arvayo Romero et al; Maria del Carmen Villanueva Lopez et al; Manuel Martin Garcia Salazar; Miguel Garcia Arguelles et al; Dora Elena Rodriguez Ochoa et al; Honora Eduwiges Ortiz Rodriguez et al; Francisco Jose Martinez Lopez et al; Maria Eduwiges Lopez Bustamante; Rodolfo Barron Villa et al, Jose Carlos Martinez Fernandez et al, Maria de los Angeles Fabela et al; Rafaela Edith Haro et al; Luz Mercedes Cruz et al; Juan Pedro Montaño et al; and Juana Irma Alday Villa. In the first quarter of 2018, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by Alma Angelina Del Cid Rivera et al. On October 03, 2024, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by María Lourdes Martínez Navarro et al. As of September 30, 2024, all of these cases were pending resolution.

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court. The remaining three lawsuits are still pending: two were filed by Acciones Colectivas de Sinaloa, A.C. and one, by Defensa Colectiva, A.C.; requesting precautionary measures about construction of facilities for monitoring public health services and prohibiting the closure of the Rio Sonora Trust. As of March 31, 2025, these cases remain in the same stage.

InSimilarly, during 2015, ~~four~~eight ~~constitutional~~civil action lawsuits ~~(juicios de amparo)~~ were filed ~~before Federal Courts~~ against ~~various~~BVC ~~authorities~~in ~~and~~the ~~against~~state acourts ~~subsidiary~~ of ~~the~~Sonora ~~Company,~~seeking ~~arguing;~~damages ~~(i)~~for ~~the~~ alleged ~~lack~~injuries ofand afor ~~waste~~moral ~~management~~damages ~~program~~as ~~approved~~a byconsequence ~~SEMARNAT; (ii) the alleged lack~~ of ~~a remediation plan approved by SEMARNAT with regard to~~ the ~~August 2014~~ spill;. ~~(iii)~~The ~~the~~plaintiffs ~~alleged~~in ~~lack of community approval regarding~~ the ~~environmental~~state ~~impact~~court ~~authorizations~~lawsuits ~~granted~~are: byJose ~~SEMARNAT~~Vicente toArriola ~~one~~Nunez ~~subsidiary~~et ~~of the Company~~al; ~~and~~Santana ~~(iv)~~Ruiz ~~the~~Molina ~~alleged~~et ~~inactivity~~al; ofAndres ~~the~~Nogales ~~authorities~~Romero ~~with~~et ~~regard~~al; ofTeodoro ~~the~~Javier ~~spill~~Robles inet ~~August~~al; ~~2014.~~Gildardo ~~The~~Vasquez ~~plaintiffs~~Carvajal ofet ~~these~~al; ~~lawsuits~~Rafael ~~are:~~Noriega ~~Francisca~~Souffle ~~Garcia Enriquez,~~ et al; ~~filed~~Grupo ~~two~~Banamichi ~~lawsuits,~~Unido ~~Francisco~~de ~~Ramon~~Sonora ~~Miranda~~El Dorado, etS.C. alde ~~and~~R.L. ~~Jesus~~de ~~David~~C.V; ~~Lopez~~and ~~Peralta~~Marcelino etMercado alCruz. In ~~the third quarter of~~ 2016, ~~four~~three additional ~~constitutional~~civil action lawsuits, claiming similar damages, were filed by ~~Mario~~Juan ~~Alberto~~Melquicedec ~~Salcido et al~~Lebaron; ~~Maria~~Blanca ~~Elena~~Lidia ~~Heredia~~Valenzuela ~~Bustamante~~Rivera et al; ~~Martin Eligio Ortiz Gamez et al;~~ and ~~Maria~~Ramona deFranco ~~los~~Quijada ~~Angeles Enriquez Bacame~~ et al. In ~~the third quarter of~~ 2017, BVC was served with ~~another~~thirty-three ~~constitutional~~additional ~~lawsuit~~civil ~~filed~~action bylawsuits, ~~Francisca~~claiming ~~García~~similar ~~Enriquez et al~~damages. InThe ~~2018, BVC was served with two additional constitutional~~ lawsuits ~~that~~ were filed ~~against~~by ~~SEMARNAT~~Francisco byJavier ~~Norberto~~Molina ~~Bustamante~~Peralta et al.; ~~With~~Anacleto ~~regard~~Cohen toMachini ~~the~~et ~~constitutional~~al; ~~lawsuit~~Francisco ~~filed~~Rafael byAlvarez ~~Maria~~Ruiz ~~Elena Heredia Bustamante~~ et al; inJose ~~which~~Alberto itMartinez ~~was~~Bracamonte ~~claimed~~et ~~the~~al; ~~lack~~Gloria ofdel ~~community~~Carmen ~~approval~~Ramirez ~~regarding~~Duarte ~~the~~et ~~authorization~~al; ~~granted~~Flor byMargarita ~~SEMARNAT~~Sabori toet ~~build~~al; ~~the~~Blanca ~~new~~Esthela ~~BVC~~Ruiz ~~tailings~~Toledo ~~dam,~~et onal; ~~September~~Julio 5,Alfonso ~~2018,~~Corral ~~the~~Dominguez ~~Supreme~~et ~~Court~~al; ofMaria ~~Justice~~Eduwiges ~~issued~~Bracamonte aVilla ~~resolution~~et ~~establishing~~al; ~~that~~Francisca ~~such~~Marquez ~~authorization~~Dominguez ~~was~~et ~~granted~~al; toJose ~~BVC~~Juan inRomo ~~compliance~~Bravo ~~with~~et ~~the~~al; ~~applicable~~Jose ~~legislation.~~Alfredo ~~However,~~Garcia ~~SEMARNAT~~Leyva ~~must~~et ~~carry~~al; ~~out~~Gloria aIrma ~~public~~Dominguez ~~meeting~~Perez toet ~~inform~~al; ~~the~~Maria ~~community~~del ofRefugio ~~the~~Romero ~~technical~~et ~~aspects~~al; ~~required~~Miguel toRivas ~~build~~Medina ~~the~~et ~~dam,~~al; ~~potential~~Yolanda ~~impacts~~Valenzuela ~~and~~Garrobo ~~prevention~~et ~~measures.~~al; ~~This~~Maria ~~public~~Elena ~~meeting~~Garcia ~~will~~Leyva ~~have~~et noal; ~~material~~Manuel ~~effects~~Alfonso toOrtiz ~~BVC’s~~Valenzuela ~~operations.~~et ~~SEMARNAT~~al; ~~has~~Francisco ~~carried~~Alberto ~~out~~Arvayo ~~the~~Romero ~~consultation~~et ~~ordered~~al; byMaria ~~the~~del ~~Supreme~~Carmen ~~Court.~~Villanueva AsLopez aet ~~result,~~al; itManuel ~~has~~Martin ~~informed~~Garcia ~~the~~Salazar; ~~corresponding~~Miguel ~~Judge~~Garcia ~~about~~Arguelles ~~its~~et ~~compliance~~al; ~~with~~Dora ~~the~~Elena ~~resolution,~~Rodriguez inOchoa ~~which~~et ~~BVC~~al; ~~was~~Honora ~~required~~Eduwiges toOrtiz ~~implement~~Rodriguez ~~additional~~et ~~measures~~al; ofFrancisco ~~environmental~~Jose ~~impact~~Martinez ~~prevention,~~Lopez ~~such~~et ~~as: (i) the building of at least three monitoring wells downstream from the curtain of the contingency dam in a period of six months~~al; ~~(ii)~~Maria ~~monitoring~~Eduwiges ofLopez ~~the groundwater level and water quality every six months~~Bustamante; ~~(iii)~~Rodolfo ~~carrying~~Barron ~~out~~Villa ~~rain~~et ~~collection~~al, ~~work~~Jose inCarlos ~~order~~Martinez toFernandez ~~restore~~et ~~water to the Sonora River basin~~al, ~~with~~Maria ~~six~~de ~~months~~los ~~granted~~Angeles toFabela ~~present~~et ~~the execution program~~al; ~~(iv)~~Rafaela ~~determine~~Edith ~~the~~Haro ~~location~~et ofal; ~~wildlife~~Luz ~~conservation~~Mercedes ~~and~~Cruz ~~protection~~et ~~areas and define the need to establish biological corridors~~al; ~~(v)~~Juan ~~obtain~~Pedro ~~photographic~~Montaño oret ~~videographic evidence every six months~~al; ~~(vi)~~and ~~submitting~~Juana toIrma ~~SEMARNAT~~Alday ~~two~~Villa. ~~years~~In ~~before~~ the ~~closure~~first ~~and~~quarter ~~abandonment~~ of ~~the site~~2018, orBVC ~~earlier~~was ifserved ~~necessary,~~with ~~the~~another ~~closure~~civil ~~program~~action ~~that~~lawsuit, ~~includes~~claiming ~~the~~similar ~~cleaning~~damages. ~~and~~The ~~restoration~~lawsuit ofwas ~~the~~filed ~~soil~~by ~~including~~Alma ~~Mexican~~Angelina ~~regulation~~Del ~~NOM-141;~~Cid ~~(vii)~~Rivera ~~include~~et ~~the~~al. ~~measures~~On inOctober ~~the~~3, ~~Environmental~~2024, ~~Monitoring~~BVC ~~Program~~was ~~according~~served ~~to the environmental components impacted; and (viii) hiring an external environmental consultant to validate compliance~~ with ~~the~~another ~~current~~civil ~~and~~action ~~new~~lawsuit, ~~conditions~~claiming ~~imposed~~similar damages. The ~~foregoing~~lawsuit ~~does~~was ~~not impact BVC’s operations. Additionally, the lawsuits~~ filed by ~~Maria~~María deLourdes ~~los~~Martínez ~~Angeles~~Navarro ~~Enriquez~~et ~~Bacame and Norberto Bustamante have been dismissed and closed without prejudice to the Company~~al. As of ~~September~~March 3031, ~~2024~~2025, ~~the~~all ~~remaining~~of these cases were pending resolution.

ItIn is2015, ~~currently~~four ~~not~~constitutional ~~possible~~lawsuits (juicios de amparo) were filed before Federal Courts against various authorities and against a subsidiary of the Company, arguing; (i) the alleged lack of a waste management program approved by SEMARNAT; (ii) the alleged lack of a remediation plan approved by SEMARNAT with regard to ~~determine~~the August 2014 spill; (iii) the ~~extent~~alleged lack of community approval regarding the ~~damages~~environmental ~~sought~~impact inauthorizations ~~these~~granted ~~state~~by ~~and~~SEMARNAT ~~federal~~to ~~lawsuits~~one ~~but~~subsidiary of the Company; ~~believes~~and ~~that~~(iv) the alleged inactivity of the authorities with regard of the spill in August 2014. The plaintiffs of these lawsuits are: ~~without~~Francisca ~~merit~~Garcia Enriquez, et al filed two lawsuits, Francisco Ramon Miranda, et al and Jesus David Lopez Peralta et al. ~~Accordingly~~In the third quarter of 2016, four additional constitutional lawsuits, claiming similar damages were filed by Mario Alberto Salcido et al; Maria Elena Heredia Bustamante et al; Martin Eligio Ortiz Gamez et al; and Maria de los Angeles Enriquez Bacame et al. In the ~~Company~~third isquarter ~~vigorously~~of ~~defending~~2017, ~~against~~BVC ~~them~~was served with another constitutional lawsuit filed by Francisca García Enriquez et al. ~~Nevertheless~~In 2018, ~~the~~BVC ~~Company~~was ~~believes~~served with two additional constitutional lawsuits that ~~none~~were filed against SEMARNAT by Norberto Bustamante et al. With regard to the constitutional lawsuit filed by Maria Elena Heredia Bustamante et al; in which it was claimed the lack of community approval regarding the ~~legal~~authorization ~~proceedings~~granted ~~resulting~~by ~~from~~SEMARNAT to build the ~~spill~~new BVC tailings dam, ~~individually~~on orSeptember 5, 2018, the Supreme Court of Justice issued a resolution establishing that such authorization was granted to BVC in compliance with the ~~aggregate~~applicable legislation. However, ~~would~~SEMARNAT ~~have~~must carry out a public meeting to inform the community of the technical aspects required to build the dam, potential impacts and prevention measures. This public meeting will have no material ~~effect~~effects onto BVC’s operations. SEMARNAT has carried out the consultation ordered by the Supreme Court. As a result, it has informed the corresponding Judge about its ~~financial~~compliance ~~position~~with the resolution, in which BVC was required to implement additional measures of environmental impact prevention, such as: (i) the building of at least three monitoring wells downstream from the curtain of the contingency dam in a period of six months; (ii) monitoring of the groundwater level and water quality every six months; (iii) carrying out rain collection work in order to restore water to the Sonora River basin, with six months granted to present the execution program; (iv) determine the location of wildlife conservation and protection areas and define the need to establish biological corridors; (v) obtain photographic or ~~results~~videographic evidence every six months; (vi) submitting to SEMARNAT two years before the closure and abandonment of ~~operations.~~the site, or earlier if necessary, the closure program that includes the cleaning and restoration of the soil including Mexican regulation NOM-141; (vii) include the measures in the Environmental Monitoring Program according to the environmental components impacted; and (viii) hiring an external environmental consultant to validate

Labor matters:

Peruvian operations: 57.4% of the Company's 5,128 Peruvian employees were unionized as of September 30, 2024. Currently, there are six separate unions, none of which represents the majority of workers, as defined by current Peruvian labor legislation. Currently, the Company has bargaining agreements with the six unions.

In the first quarter of 2023, the Company began applying the terms of the agreement entered into with the six unions pursuant to Law 31632, which stipulates new conditions for compensation of leaves granted during COVID-19. Within the current framework of labor regulations and the agreements with all six unions, this compensation has been adapted to align with current working hours of the mining sector. These conditions were in effect until December 1, 2023.

In June 2023, the Company held two meetings with the unions to discuss different issues of collective interest. In these meetings, the unions expressed concerns regarding the current economic situation, including the rise in the cost of living in Peru, as well as issues related to the provision of services granted by the Company. In this regard, in the third quarter of 2023, the Company released a formal response to each union where it is confirmed that there are collective labor agreements in force with each union. These agreements have regulated all the benefits related to salaries and working

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compliance with the current and new conditions imposed. The ~~Company~~foregoing ~~has~~does ~~been~~not ~~complying~~impact ~~with~~BVC’s ~~all~~operations. ~~its~~Additionally, ~~obligations~~the ~~under~~lawsuits ~~such~~filed ~~collective~~by ~~labor~~Maria ~~agreements~~de los Angeles Enriquez Bacame and ~~guarantees~~Norberto itBustamante ~~will~~have ~~continue~~been dismissed and closed without prejudice to ~~maintain~~the ~~on-going~~Company. ~~communication~~As ~~with~~of March 31, 2025, the ~~unions~~remaining tocases ~~ensure~~were ~~harmony~~pending resolution.

InIt ~~the~~is ~~last~~currently ~~quarter~~not ofpossible ~~2023,~~to ~~one~~determine the extent of the ~~unions~~damages ~~which~~sought ~~represents~~in ~~24.7%~~these ofstate ~~affiliated~~and ~~workers~~federal inlawsuits but the Company’s ~~three~~believes ~~productive~~that ~~units,~~these ~~held~~lawsuits ~~elections~~are ~~for~~without ~~2023-2025~~merit. ~~Another union~~Accordingly, ~~which~~the ~~represents~~Company 25is vigorously defending against them.7% Nevertheless, the Company believes that none of ~~affiliated~~the ~~workers~~legal proceedings resulting from the spill, isindividually or in the ~~process~~aggregate, ofwould ~~electing~~have a material effect on its ~~new~~financial ~~representatives.~~position or results of operations.

InLabor the second quarter of 2024, meetings were held with five of the Company's six unions. At the meetings, the unions collectively emphasized their requests petition for a "Productivity Bonus" starting in 2024. Additionally, the unions requested that discussions regarding their collective labor agreements move forward. The Company is still evaluating this request.matters:

InPeruvian ~~the~~operations: ~~third~~56.1% ~~quarter~~ of ~~2024, meetings were held with several of~~ the Company’'s ~~unions~~5,109 toPeruvian ~~discuss~~employees ~~early~~were ~~collective~~unionized ~~bargaining agreements. Union representatives raised key issues such~~ as ~~long-term~~of ~~agreements,~~March ~~salary increases~~31, ~~administrative loans, early profit sharing, and maintaining peaceful labor relations~~2025. ~~While some unions have already submitted their demands~~Currently, ~~others~~there are ~~still~~six ~~engaging~~separate ~~in discussions with the Company’s leadership. Negotiations remain active~~unions, ~~with~~none ~~further~~of ~~proposals expected. Additionally, a new union has formed in Toquepala. This union,~~ which isrepresents ~~recognized by~~ the ~~Ministry~~majority of ~~Labor~~workers, ~~has~~as ~~yet~~defined toby ~~initiate~~current ~~formal~~Peruvian ~~activities and no collective~~ labor ~~agreement is in place~~legislation.

~~The~~In ~~Company~~the ~~maintains~~fourth ~~permanent~~quarter ~~communication~~of ~~with~~2024, ~~union~~the ~~representatives~~Company tosigned ~~ensure~~long-term ~~labor~~extensions ~~harmony and proper management~~ of ~~labor~~the ~~relations. Southern Peru has~~ collective bargaining agreements with ~~each~~five of ~~the~~its six unions, each lasting six years and commencing on the ~~earliest~~day after the expiration of ~~these~~the prior agreements, is in ~~2024~~accordance ~~and~~with the ~~latest,~~law. inAs ~~2027.~~a ~~These~~result of these agreements, ~~regulate~~the ~~benefits~~Company ~~related~~made a signing payment to ~~remuneration~~each ~~and~~worker ~~working~~in ~~conditions~~the fourth quarter of 2024, totaling $62 million, approximately.

AnIn ~~important~~February ~~development~~2025, ~~in labor relations with~~ the Company´s ~~unions~~signed ~~stems from~~ a ~~ruling~~three-year byextension of the ~~Peruvian~~collective ~~Supreme~~bargaining ~~Court~~agreement ~~that~~with ~~was notified to~~ the ~~Company~~remaining ~~on October 23, 2023~~union. ~~After~~The ~~12 years of litigation, the Court ruled in favor of the~~ Company tomade ~~settle~~ a ~~suit~~signing ~~involving a worker~~ payment into ~~the~~each ~~amount~~worker of ~~S/11~~the union,~~000.0~~ (totaling approximately $~~2,961~~6.8)3 ~~that~~million. aThis ~~lower~~allows ~~court had ordered~~ the Company to ~~pay~~ensure tothat ~~one~~economic ofbenefits ~~the~~and ~~unions~~working inconditions ~~2011.~~are ~~The~~consistently ~~Company~~applied ~~had~~to ~~been~~all ~~legally~~unionized ~~pursuing~~workers. ~~reimbursemnt~~Additionally, of the ~~total~~Company ~~amount~~reached ~~paid~~agreements towith the ~~workers.~~six ~~The~~unions ~~union~~to ~~has~~ensure ~~expressed~~uninterrupted operation of its ~~intention~~facilities, topreventing ~~comply~~stoppages ~~with~~by the ~~court~~unions ~~order~~ and toworkers ~~reach~~during anextension ~~agreement~~periods tofor ~~return~~collective ~~the amount paid by the Company~~bargaining.

The Company maintains regular dialogue with union representatives to ensure labor harmony and proper management of labor relations. Southern Peru has collective bargaining agreements with each of the six unions, the earliest of which expires in 2027 and the latest, in 2033. These agreements regulate benefits related to compensation and working conditions.

Mexican operations: In recent years, the Mexican operations have experienced a positive improvement in their labor environment, as workers opted to change their affiliation from the Sindicato Nacional de Trabajadores Mineros, Metalurgicos y Similares de la Republica Mexicana (the “National Mining Union”) to other less politicized unions.

The workers of the San Martin mine were on strike since July 2007. On February 28, 2018, the striking workers of the San Martín mine of IMMSA held an election to vote on the union that would hold the collective bargaining agreement at the San Martin mine. The Federacion Nacional de Sindicatos Independientes (the National Federation of Independent Unions) won the vote by a majority. Nevertheless, the vote was challenged by the National Mining Union. On June 26, 2018, the Federal Mediation and Arbitration Board issued a ruling recognizing the election results. Due to the agreement between workers and the Company to end the protracted strike, on August 22, 2018, the Federal Mediation and Arbitration Board authorized the restart of operations of the San Martin mine. Such authorization was challenged by the National Mining Union. On April 4, 2019, the Federal Mediation and Arbitration Board recognized, once again, the election results from February 28, 2018, by which the National Federation of Independent Unions won by a majority. In the last quarter of 2019, a Federal Court issued a resolution that established that the Labor Court should analyze the list of workers with the right to vote in the union election. The Company and the National Federation of Independent Unions challenged such determination before the Supreme Court of Justice. Such challenges were dismissed by the Supreme Court. Consequently, on September 6, 2021, the Federal Mediation and Arbitration Board issued a new resolution determining that, based on the documents submitted by the National Federation of Independent Unions and given the status of the strike until 2018, it was not possible to create a registry of workers holding a right to vote. Therefore, in case of a strike, any collective bargaining proceedings shall remain suspended. On June 9, 2023, the Federal Mediation and Arbitration Board, in a ruling that veered from its previous stance, did not recognize the common representatives of the coalition workers and consequently ruled that the agreement which such representatives had made with the Company ~~to lift the strike in 2018 lacked validity. Notwithstanding, on June 14, 2023 the Federal Mediation and Arbitration Board~~

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to lift the strike in 2018 lacked validity. Notwithstanding, on June 14, 2023 the Federal Mediation and Arbitration Board handed down a ruling that terminated the strike and ordered workers to resume activities within 15 days. The Mining Union filed a protective action (Amparo) against this resolution, which is pending resolution as of ~~September~~March 3031, ~~2024~~2025.

Additionally, the Mining Union filed a complaint before the Government of the United States of America under the rules of the Rapid Response Mechanism contained in the Mexico-United States-Canada Treaty (“T-MEC”), alleging denial of free association rights. On April 26, 2024, the arbitration panel of the Labor Rapid Response Mechanism ruled in favor of the Government of Mexico, determining that they did not have jurisdiction to rule on the denial of union rights at the mine. The Company collaborated by providing background information on the case and followed up every stage of the arbitration.

The Company´s operations at the San Martin unit continue to evolve normally and the conflict is expected to be resolved in accordance with the legal framework set by labor authorities; any actions taken will respect the will of the workers

In the case of the Taxco mine, its workers have been on strike since July 2007. After several legal procedures, in August 2015, the Supreme Court decided to assert jurisdiction over the case and to rule on it directly. As of ~~September~~March 3031, ~~2024~~2025, the case was pending resolution without further developments.

It is expected that operations at the Taxco mine will remain suspended until the labor issues are resolved. In view of the lengthy strike, the Company has reviewed the carrying value of the Taxco mine to ascertain whether impairment exists. The Company concluded that there is a non-material impairment of the assets located at this mine.

Other legal matters:

The Company is involved in various other legal proceedings incidental to its operations, but the Company does not believe that decisions adverse to it in any such proceedings, individually or in the aggregate, would have a material effect on its financial position or results of operations.

Other commitments:

Peruvian Operations:

Michiquillay

In June 2018, the Company signed a contract for the acquisition of the Michiquillay copper project in Cajamarca, Peru, at a purchase price of $400 million. Michiquillay is a world-class mining project with estimated inferred mineral resources of 2,288 million tonnes and an estimated copper grade of 0.43%. It is expected to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25 years.

As per the purchase agreement, the Company paid $12.5 million at the signing of the contract and $12.5 million in June 2021. The remaining balance of $375.0 million will be paid if the Company decides to develop the project. Therefore, it is not a present obligation. In June 2022, the Company notified the Peruvian authorities of the end of the suspension period and the start of the preoperational period that lasts 12 years and it can be extended for three more years. The start of the preoperational period does not imply a payment obligation. The Company must support an investment of $20 million in the next five years which includes exploration activities as well as the development of social programs.

In 2021, the Company signed social agreements with the Michiquillay and La Encañada communities. In addition, in October 2021, the Peruvian Ministry of Energy and Mines approved the semi-detailed environmental impact study for the project. In the last quarter of 2022, the Company informed MINEM that exploration activities had begun and that it initiated an in-depth assessment of existing mineral resources. In 2023, in accordance with the social agreements with the Michiquillay and La Encañada communities, the Company has hired unskilled labor and is paying for the use of surface land. The Company is supporting social programs in both communities. Additionally, the Company continues exploration activities on this project and as of ~~September~~March 3031, ~~2024~~2025, ~~the~~had ~~total progress of the exploration project was 30%. By this date, we have~~ drilled ~~120~~145,~~923~~928 meters and obtained 3947,~~234~~990 drill core samples for chemical analysis. Diamond drilling will continue ~~and~~to ~~will~~ provide information ~~for~~to ~~the~~update ~~interpretation of~~ geological ~~sections~~modeling ~~related~~and ~~to mineralization,~~

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~~geological~~evaluate ~~modeling and~~ mineral ~~resource evaluation~~resources. Geo-metallurgical, hydrological and hydrogeological studies are currently underway; ~~hydrological~~the ~~and~~geotechnical ~~hydrogeological~~study ~~studies~~ for the project will begin shortly.

Social agreements with the Michiquillay and La Encañada communities represent an opportunity to improve quality of life for their residents through the Company´s strong social programs, backed by a solid framework for technical work at the project level. The main commitments signed by the Company regarding the social agreements are related to providing support for agricultural and livestock activities, financial support for local initiatives, and social programs in favor of education, water management, waste disposal, and healthcare for vulnerable groups.

Corporate Social Responsibility

The Company has a corporate social responsibility policy to maintain and promote the continuity of its mining operations while obtaining the best results. The main objective of this policy is to integrate the Company´s operations with local communities in the areas of influence of its operations by creating permanent positive relationships to develop optimum social conditions and promote sustainable development in the area. Accordingly, the Company has made the following commitments:

Tacna Region: In connection with the Toquepala concentrator expansion, the Company has committed to fund various social and infrastructure improvement projects in Toquepala’s neighboring communities. The total amount committed for these purposes is S/445.0 million (approximately $~~119~~121.80 million as of ~~September~~March 3031, ~~2024~~2025). In relation to this commitment, the Company has completed the construction of a school with an investment of S/18.8 million (approximately $5.1 million as of ~~September~~March 3031, ~~2024~~2025) and agricultural infrastructure projects and studies with an investment of S/112.04 million (approximately $30.26 million as of ~~September~~March 3031, ~~2024~~2025). Among the most important projects are the construction of the Cularjahuira dam for S/15.6 million (approximately $4.2 million as of ~~September~~March 3031, ~~2024~~2025) and ~~is preparing~~ the engineering study for the Callazas dam for S/2.6 million (approximately $0.7 million as of ~~September~~March 3031, ~~2024~~2025). ~~Aditionally~~Additionally, the Company has committed S/60.46 million (approximately $16.35 million as of ~~September~~March 3031, ~~2024~~2025) to basic infrastructure projects, including a drinking water project for S/9.6 million (approximately $2.6 million as of ~~September~~March 3031, ~~2024~~2025) which was recently completed.

As the Toquepala expansion project was completed, the Company considers that these commitments constitute present obligations of the Company and consequently has recorded a liability of $28.5 million in its condensed consolidated financial statements as other liabilities as of ~~September~~March 3031, ~~2024~~2025.

In addition, the Company has committed S/102.1 million (approximately $27.58 million as of March 31, 2025) for the construction of a high-achievement school, and S/ 40.0 million (approximately $10.9 million as of March 31, 2025) in two infrastructure projects in the Tacna region under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes..

Moquegua Region: In the Moquegua region, the Company participates in a “development roundtable” with local municipal authorities and community representatives to discuss social needs to determine how the Company can contribute to sustainable development in the region. Although the development roundtable is not currently meeting, during previous sessions it discussed the possibility of creating a Moquegua Region Development Fund, for which the Company has offered a contribution of S/1,000 million (approximately $~~269~~271.39 million as of ~~September~~March 3031, ~~2024~~2025). While the final funding agreement has yet to be signed, the Company has already committed to contributing S/251.53 million (approximately $6768.73 million as of ~~September~~March 3031, ~~2024~~2025) to different projects, including S/108.4 million (approximately $29.25 million as of ~~September~~March 3031, ~~2024~~2025) to fund an educational project for which S/106.78 million (approximately $2829.70 million as of ~~September~~March 3031, ~~2024~~2025) has already been invested; this project already has approved resolutions from the provinces of Ilo and Sánchez Cerro. Additionally, construction of the treatment plant in Ilo continues, which entails a total investment of S/105.5 million (approximately $28.47 million as of ~~September~~March 3031, ~~2024~~2025),. asAs of ~~September~~March 3031, ~~2024~~2025, the project had advanced 4855%. ~~There are civil works ongoing, and the procurement process has already started. Also, sanitation permits are under review by the Municipal authorities and the Company´s legal area.~~ On the education front, S/18.2 million (approximately $4.9 million as of ~~September~~March 3031, ~~2024~~2025) has been executed to build three schools in Moquegua, all of which have been completed. Lastly, S/7.0 million (approximately $1.9 million as of September 30, 2024) has been invested to develop agricultural infrastructure projects and S/12.4 million (approximately $3.3 million as of September 30, 2024) has been invested to develop sidewalks in Pacocha and other efforts.

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In addition, in the last three years, the Company has committed S/228 million (approximately $62.0 million as of March 31, 2025) to build four infrastructure projects in the Moquegua region under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

InApurimac ~~addition,~~Region: inThe ~~the last 3 years, the~~ Company has committed S/~~227~~83.98 million (approximately $6122.48 million as of ~~September~~March 3031, ~~2024~~2025) to build ~~five~~two educational infrastructure projects ~~in the Moquegua region and has financed pre-investment studies for basic sanitation for S/0.3 million (approximately $0.1 million as of September 30, 2024), all of that~~ under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

~~Apurimac~~Arequipa Region: The Company has committed S/83109.75 million (approximately $2229.58 million as of ~~September~~March 3031, ~~2024~~2025) to build two educational infrastructure projects and S/6.3 million (approximately $1.7 million as of March 31, 2025) to finance previous studies for infrastructure projects, under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

~~Arequipa~~Cajamarca Region: The Company has committed S/~~109~~0.57 million (approximately $290.52 million as of ~~September~~March 3031, ~~2024~~2025) to ~~build~~finance ~~two~~the ~~educational~~pre-investment ~~infrastructure~~studies ~~projects and S/6.3 million ($1.7 million as~~ of ~~September~~a ~~30,~~health ~~2024)~~project ~~to finance previous studies for infrastructure projects,~~ under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Cajamarca Region: The Company has committed S/0.7 million (approximately $0.2 million as of September 30, 2024) to finance the pre-investment studies of a health project under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Power purchase agreements

●	Electroperu S.A.: In June 2014, the Company entered into a power purchase agreement for 120 megawatts (“MW”) with the state power company Electroperu S.A., under which Electroperu S.A. began supplying energy for the Peruvian operations for twenty years starting on April 17, 2017.

●

Kallpa Generacion S.A. (“Kallpa”): In July 2014, the Company entered into a power purchase agreement for 120MW with Kallpa, an independent Israeli owned power company, under which Kallpa will supply energy for the Peruvian operations for ten years starting on April 17, 2017 and ending on April 30, 2027. In May 2016, the Company signed an additional power purchase agreement for a maximum of 80MW with Kallpa, under which Kallpa began supplying energy for the Peruvian operations related to the Toquepala Expansion and other minor projects starting on May 1, 2017 and ending on October 31, 2029.

Mexican operations:

Power purchase agreements

●	MGE: In 2012, the Company signed a power purchase agreement with MGE, an indirect subsidiary of Grupo Mexico, to supply power to some of the Company’s Mexican operations through 2032. For further information, please see Note 5 “Related party transactions”.

● Eolica el Retiro, S.A.P.I. de C.V.: In 2013, the Company signed a power purchase agreement with Eolica el Retiro, S.A.P.I. de C.V., a windfarm energy producer that is an indirect subsidiary of Grupo Mexico, to supply power to some of the Company´s Mexican operations. For further information, please see Note 5 “Related party transactions”.

●

Parque Eolico de Fenicias, S. de R.L. de C.V.: On February 20, 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V., an indirect subsidiary of Grupo Mexico, to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. In the third quarter of 2024, Parque Eolico de Fenicias began supplying energy to the IMMSA unit. For further information, please see Note 5 “Related party transactions”.

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Corporate operations:

Commitment for capital projects

As of ~~September~~March 3031, ~~2024~~2025, the Company had committed approximately $~~257~~305.62 million to capital investment project developments.

Tax contingency matters: Tax contingencies are provided for under ASC 740-10-50-15 Uncertain tax position (see Note 4 “Income taxes”).

NOTE 10 — STOCKHOLDERS’EQUITY:

NOTE 11 — STOCKHOLDERS’EQUITY:

Treasury Stock:

Activity in treasury stock in the ~~nine~~three-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 iswas as follows (in millions):


	2024		2023
Southern Copper Corporation common shares
Balance as of January 1,	$	2,766.7	$	2,766.9
Dividend paid in Common Stock		(308.1)		—
Used for corporate purposes		(0.3)		(0.2)
Balance as of September 30,		2,458.3		2,766.7

Parent Company (Grupo Mexico) common shares
Balance as of January 1,		382.3		340.7
Other activity, including dividend, interest and foreign currency translation effect		(9.6)		23.7
Balance as of September 30,		372.7		364.4
Treasury stock balance as of September 30,	$	2,831.0	$	3,131.1

Common Stock


	2025		2024
Southern Copper common shares
Balance as of January 1,	$	2,337.3	$	2,766.7
Dividends paid in common stock		(143.2)		—
Used for corporate purposes		(0.1)		(0.1)
Balance as of March 31,		2,194.1		2,766.6

Parent Company (Grupo Mexico) common shares
Balance as of January 1,		363.4		382.3
Other activity, including dividend, interest and foreign currency translation effect		(3.3)		8.3
Balance as of March 31,		360.1		390.6
Treasury stock balance as of March 31,	$	2,554.1	$	3,157.2

Common Stock:

Dividend paid in common stock:

On ~~May~~February 2327, ~~2024~~2025, the Company paid a dividend of 0.~~0104~~0073 shares per common share, which ~~represents~~represented a reduction of 85,~~039~~769,~~992~~600 shares of common stock in ~~Treasury~~treasury for a total of $~~199~~143.52 million.

On ~~August~~March 2631, ~~the~~2025 ~~Company~~and ~~paid~~on aDecember ~~dividend~~31, of2024, ~~0.0056~~88,413,181 ~~shares~~and ~~per common share which represents a reduction of 4~~94,~~374~~185,~~118~~981 shares of SCC’s common stock were in Treasury, ~~for a total of $108~~respectively.~~6 million.~~

On September 30, 2024 and on December 31, 2023, 99,059,107 and 111,485,617 shares of SCC’s common stock were in Treasury, respectively.

Directors’ Stock Award Plan:

The Company has established a Director´s Stock Award Plan (the “Plan”) for certain non-employee directors. Southern Copper has reserved 600,000 shares of common stock for the ~~plan~~Plan. Under ~~this~~the ~~plan~~Plan, participants are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the grant. On May 27, 2022, the Company’s stockholders approved a five-year extension of the Plan until January 27, 2028. The award is not subject to vesting requirements.

For the ~~nine~~first ~~months~~quarter of ~~2024~~2025 and ~~2023~~2024, the stock-based compensation expense associated with ~~this~~the ~~plan~~Plan totaled $10.3 million and $0.72 million, respectively.

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The activity of the Plan for the three-month periods ended March 31, 2025 and 2024 was as follows:

The activity of this plan for the nine-month period ended September 30, 2024 and 2023 was as follows:


	2025	2024
Total SCC shares reserved for the plan	600,000	600,000
Total shares granted at January 1,	(444,400)	(428,800)
Granted in the period	(3,200)	(2,800)
Total shares granted at March 31,	(447,600)	(431,600)
Remaining shares reserved	152,400	168,400


	2024	2023
Total SCC shares reserved for the plan	600,000	600,000
Total shares granted at January 1,	(428,800)	(416,800)
Granted in the period	(12,400)	(9,600)
Total shares granted at September 30,	(441,200)	(426,400)
Remaining shares reserved	158,800	173,600

Parent Company common shares:

Total common shares of Grupo Mexico held by the treasury stood at 6458,~~810~~316,~~241~~437 and 6961,~~798~~972,~~524~~ 864 as of ~~September~~March 3031, ~~2024~~2025 and ~~September~~December 3031, ~~2023~~2024, respectively.

Employee Stock Purchase Plan:

2018 Plan: In November 2018, the Company offered a new stock purchase plan (the “New Employee Stock Purchase Plan”) to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 37.89 Mexican pesos (approximately $1.86) for the initial subscription, which expires in October 2026. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares.

In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price on the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.

In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes.

The stock based compensation expense for the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 and the unrecognized compensation expense under this plan were as follows (in millions):


	2024		2023
Stock based compensation expense	$	0.5	$	0.5
Unrecognized compensation expense	$	1.2	$	1.6


	2025		2024
Stock based compensation expense	$	0.2	$	0.2
Unrecognized compensation expense	$	0.8	$	1.5

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The following table presents the stock award activity of this plan for the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:


			Unit Weighted Average
	Shares		Grant Date Fair Value
Outstanding shares at January 1, 2024	1,962,936	$	1.86
Outstanding shares at January 1, 2025	1,901,089	$	1.86
Granted	—	$	—
Exercised	(49593,~~470~~927)	$	1.86
Forfeited	—		—
Outstanding shares at September 30, 2024	1,913,466	$	1.86
Outstanding shares at March 31, 2025	1,307,162	$	1.86
Outstanding shares at January 1, 2023	2,754,506	$	1.86
Outstanding shares at January 1, 2024	1,962,936	$	1.86
Granted	—		—
Exercised	(~~770~~22,~~017~~216)	$	1.86
Forfeited	—		—
Outstanding shares at September 30, 2023	1,984,489	$	1.86
Outstanding shares at March 31, 2024	1,940,720	$	1.86

Executive Stock Purchase Plan:

Grupo Mexico also offers a stock purchase plan to certain members of its executive management; to executive management at its subsidiaries; and to certain affiliated companies. Under this plan, participants will receive cash incentive bonuses to purchase shares of Grupo Mexico, which are deposited in a trust.

Non-controlling interest:

The following table presents the non-controlling interest activity the ~~nine~~three-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions):


	2024		2023
Balance as of January 1,	$	63.1	$	62.7
Net earnings		9.5		7.3
Dividend paid		(4.2)		(6.6)
Balance as of September 30,	$	68.4	$	63.4


	2025		2024
Balance as of January 1,	$	66.6	$	63.1
Net earnings		3.2		2.8
Dividend paid		(1.3)		(1.7)
Balance as of March 31,	$	68.4	$	64.2

NOTE 11 — FAIR VALUE MEASUREMENT:

NOTE 12 — FAIR VALUE MEASUREMENT:

Subtopic 820-10 of ASC “Fair value measurement and disclosures — Overall” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 - Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities).

Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (~~other~~excluding ~~than~~ accounts receivable associated with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table, which provides information about the carrying amounts and estimated fair values of other financial instruments that are not ~~measured at fair value in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in millions):~~

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	At September 30, 2024				At December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:

Current portion of long-term debt level 1	$	499.6	$	497.6	$	—	$	—

Long-term debt level 1	$	5,706.6	$	6,021.0	$	6,203.4	$	6,431.9
Long-term debt level 2		51.2		55.6		51.2		54.0
Total long-term debt	$	5,757.8	$	6,076.6	$	6,254.6	$	6,485.9

measured at fair value in the condensed consolidated balance sheet as of March 31, 2025 and December 31, 2024 (in millions):


	At March 31, 2025				At December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:

Current portion of long-term debt level 1	$	500.0	$	499.8	$	499.8	$	498.4

Long-term debt level 1		6,695.9		6,674.4		5,707.3	$	5,653.6
Long-term debt level 2		51.2		53.7		51.2		53.1
Total long-term debt	$	6,747.0	$	6,728.1	$	5,758.5	$	5,706.7

Long-term debt is carried at amortized cost and its estimated fair value is based on quoted market prices classified as Level 1 in the fair value hierarchy except for the case of the Yankee bonds, which qualify as Level 2 in the fair value hierarchy as they are based on quoted prices in markets that are not active.

Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as follows as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 (in millions):


	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	September 30,		identical assets		inputs		inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	318.6	$	318.6	$	—	$	—
—Available-for-sale debt securities:
Asset backed securities		(*)		—		(*)		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives—Not classified as hedges:
Provisionally priced sales:
Copper		681.8		681.8		—		—
Molybdenum		372.9		372.9		—		—
Total	$	1,373.4	$	1,373.3	$	0.2	$	—


	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	March 31,		identical assets		inputs		inputs
Description	2025		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	218.0	$	218.0	$	—	$	—
—Available-for-sale debt securities:
Corporate bonds		—		—		—		—
Asset backed securities		—		—		—		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives—Not classified as hedges:
Provisionally priced sales:
Copper		881.4		881.4		—		—
Molybdenum		322.6		322.6		—		—
Total	$	1,422.1	$	1,422.0	$	0.1	$	—

(*) Less than $0.1 million


	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	December 31,		identical assets		inputs		inputs
Description	2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	599.1	$	599.1	$	—	$	—
—Available-for-sale debt securities:
Asset backed securities		0.1		—		0.1		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives-Not classified as hedges:
Provisionally priced sales:
Copper		657.5		657.5		—		—
Molybdenum		264.9		264.9		—		—
Total	$	1,521.7	$	1,521.5	$	0.2	$	—

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	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	December 31,		identical assets		inputs		inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	245.2	$	245.2	$	—	$	—
—Available-for-sale debt securities:
Asset backed securities		—		—		—		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives-Not classified as hedges:
Provisionally priced sales:
Copper		589.5		589.5		—		—
Molybdenum		274.5		274.5		—		—
Total	$	1,109.3	$	1,109.2	$	0.1	$	—

The Company’s short-term trading securities investments were classified as Level 1 because they were valued using quoted prices of the same securities as they consisted of bonds issued by public companies and were publicly traded. The Company’s short-term available-for-sale investments are classified as Level 2 because they are valued using quoted prices for similar investments.

The Company’s accounts receivables associated with provisionally priced copper sales are valued using quoted market prices based on the forward price on the LME or on the COMEX. Such value is classified within Level 1 of the fair value hierarchy. Molybdenum prices are established by reference to the publication Platts Metals Week and are considered Level 1 in the fair value hierarchy.

NOTE 12 — REVENUE:

The Company’s net sales were $2,930.9 million and $8,649.0 million in the three and nine-month period ended September 30, 2024, compared to $2,505.6 million and $7,600.2 million in the same period of 2023. The geographic breakdown of the Company’s sales is as follows (in millions):


	Three Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	694.0	$	138.2	$	8.6	$	(44.9)	$	795.9
United States		281.1		0.4		134.8		—		416.3
Peru		—		1.7		169.0		(1.8)		169.0
Brazil		—		8.2		113.1		—		121.3
Chile		—		—		117.0		—		117.0
Other American countries		11.6		—		6.6		—		18.2
Europe:
Switzerland		180.4		24.9		195.5		—		400.9
Italy		—		7.6		86.3		—		93.9
Spain		97.8		—		22.3		—		120.2
Other European countries		(1.6)		3.7		166.5		—		168.7
Asia:
China		251.1		0.1		51.8		—		303.0
Singapore		20.2		(*)		28.4		—		48.5
Japan		57.1		—		86.0		—		143.1
Other Asian countries		10.9		—		4.1		—		15.0
Total	$	1,602.7	$	184.9	$	1,189.9	$	(46.6)	$	2,930.9

(*) Less than $0.1 million.

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NOTE 13 — REVENUE:


	Three Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate &
	Open-Pit		Unit		Operations		Elimination		Consolidated
The Americas:
Mexico	$	712.6	$	113.1	$	—	$	(36.6)	$	789.1
United States		257.4		—		144.7		—		402.1
Peru		—		9.6		113.1		(9.6)		113.1
Brazil		—		9.3		91.0		—		100.3
Chile		—		—		90.9		—		90.9
Other American countries		13.1		—		5.7		—		18.8
Europe:
Switzerland		81.7		8.6		146.7		—		237.0
Italy		0.5		3.6		95.9		—		100.0
Spain		106.8		—		18.3		—		125.1
Other European countries		35.7		5.7		64.9		—		106.3
Asia:
China		166.7		0.4		25.8		—		192.9
Singapore		45.3		3.2		64.2		—		112.7
Japan		15.5		—		74.0		—		89.5
Other Asian countries		26.9		0.1		0.8		—		27.8
Total	$	1,462.2	$	153.6	$	936.0	$	(46.2)	$	2,505.6

The Company’s net sales were $3,121.9 million in the three-month period ended March 31, 2025, compared to $2,599.8 million in the same period of 2024. The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions):


	Three Months Ended March 31, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	725.2		135.9		0.2	$	861.3	$	(48.2)	$	813.1
United States		286.0		—		123.1		409.1		—		409.1
Peru		—		1.2		224.3		225.5		(0.7)		224.8
Brazil		—		7.3		130.1		137.3		—		137.3
Chile		—		—		109.6		109.6		—		109.6
Other American countries		11.6		—		2.0		13.5		—		13.5
Europe:
Switzerland		219.7		5.6		168.4		393.7		—		393.7
Italy		—		5.3		100.1		105.4		—		105.4
Spain		108.7		—		50.9		159.6		—		159.6
Other European countries		3.0		0.2		186.9		190.0		—		190.0
Asia:
China		279.7		—		3.9		283.6		—		283.6
Singapore		19.2		—		23.8		43.0		—		43.0
Japan		81.7		—		133.8		215.5		—		215.5
Other Asian countries		14.7		—		8.8		23.5		—		23.5
Total	$	1,749.4	$	155.5	$	1,266.0	$	3,170.8	$	(48.9)	$	3,121.9


	~~Nine~~Three Months Ended ~~September~~March 3031, 2024
			Mexican
	Mexican		IMMSA		Peruvian		~~Corporate &~~Segment		Corporate &
	Open-Pit		Unit		Operations		~~Elimination~~Total		~~Consolidated~~Elimination		Consolidated
The Americas:
Mexico	$	~~1,939~~591.93	$	~~365~~106.52	$	257.89	$	~~(119~~705.2)3	$	~~2,212~~(33.0)	$	672.3
United States		~~878~~272.72		21.47		~~237~~38.07		—312.6		~~1,118.1~~		312.6
Peru		—		208.74		~~503~~165.29		~~(20~~174.9)3		~~502~~(8.93)		166.1
Brazil		—		309.20		~~357~~116.0		—124.9		~~387.2~~		124.9
Chile		—		—		~~343~~94.34		—94.4		~~343.3~~		94.4
Other American countries		327.32		—		174.91		—11.3		~~50.2~~		11.3
Europe:
Switzerland		~~494~~161.58		6515.63		~~444~~52.40		—229.0		~~1,004.5~~		229.0
Italy		(*)		206.10		~~270~~75.03		—81.3		~~290.1~~		81.3
Spain		~~339~~110.43		—		6819.08		—130.1		~~407.4~~		130.1
Other European countries		8658.06		9.1.4		~~406~~106.09		—166.8		~~501.1~~		166.8
Asia:
China		~~761~~175.46		31.61		~~221~~109.7		—286.4		~~986.7~~		286.4
Singapore		8317.57		(02.6)		9942.3		—57.3		~~182.1~~		57.3
Japan		~~138~~54.40		—		~~432~~190.29		—245.0		~~570.6~~		245.0
Other Asian countries		5317.04		—		394.7		—22.1		~~92.7~~		22.1
Total	$	41,~~807~~466.20	$	~~516~~146.64	$	31,~~465~~028.47	$	~~(140~~2,641.1)	$	~~8,649~~(41.03)	$	2,599.8

(*) Less than $0.1 million.

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The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three-month periods ended March 31, 2025 and 2024 (in millions):


	~~Nine~~Three Months Ended ~~September~~March 3031, ~~2023~~2025
			Mexican
	Mexican		IMMSA		Peruvian		~~Corporate &~~Segment		Corporate, Other &		Total
	Open-~~Pit~~pit		Unit		Operations		~~Elimination~~Total		~~Consolidated~~Eliminations		Consolidated
The Americas:
Copper	$	1,379.2	$	21.3	$	1,049.6	$	2,450.1	$	(18.1)	$	2,432.0
Mexico	$	1,902.9	$	368.0	$	—	$	(105.5)	$	2,165.4
Molybdenum		164.4		—		136.1		300.5		—		300.5
United States		851.9		8.6		397.0		—		1,257.5
Silver		100.3		49.5		49.4		199.3		(22.6)		176.6
Peru		—		17.4		386.5		(17.5)		386.4
Zinc		51.5		67.4		—		118.9		(7.5)		111.4
Brazil		—		24.7		267.1		—		291.8
Other		53.9		17.2		30.9		102.0		(0.7)		101.4
Chile		(8.4)		—		260.5		—		252.1
Total	$	1,749.4	$	155.5	$	1,266.0	$	3,170.8	$	(48.9)	$	3,121.9
Other American countries		33.3		0.6		20.7		—		54.6
Europe:
Switzerland		393.0		20.6		431.2		—		844.8
Italy		0.7		13.1		306.3		—		320.1
Spain		319.3		—		37.8		—		357.1
Other European countries		109.4		16.5		162.1		—		288.0
Asia:
China		459.3		1.4		84.4		—		545.1
Singapore		154.2		3.2		173.4		—		330.8
Japan		107.6		—		313.3		—		420.9
Other Asian countries		77.1		0.2		8.3		—		85.6
Total	$	4,400.3	$	474.3	$	2,848.6	$	(123.0)	$	7,600.2

The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three and nine-month period ended September 30, 2024 and 2023 (in millions):


	Three Months Ended ~~September~~March 3031, 2024
			Mexican
	Mexican		IMMSA		Peruvian		~~Corporate, Other &~~Segment		~~Total~~Corporate, Other &		Total
	Open-pit		Unit		Operations		~~Eliminations~~Total		~~Consolidated~~Eliminations		Consolidated
Copper	$	1,~~284~~206.12	$	2627.95	$	~~968~~829.10	$	~~(18~~2,062.0)7	$	~~2,261~~(19.0)	$	2,043.7
Molybdenum		~~153~~144.36		—		~~143~~129.50		—273.6		~~296.8~~—		273.6
Silver		8566.7		4835.35		4031.41		~~(22~~133.7)3		~~151~~(21.7)		111.6
Zinc		284.53		8965.32		—		(469.8)5		~~113.~~0.6		70.1
Other		5144.2		2018.42		3839.06		(1102.1)0		~~108~~(1.42)		100.8
Total	$	1,~~602~~466.70	$	~~184~~146.94	$	1,~~189~~028.97	$	~~(46~~2,641.6)1	$	~~2,930~~(41.93)	$	2,599.8


	Three Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	1,118.1	$	23.7	$	755.0	$	(22.2)	$	1,874.6
Molybdenum		230.3		—		112.8		—		343.1
Silver		62.4		40.1		23.5		(22.0)		104.0
Zinc		—		69.8		—		0.2		70.0
Other		51.4		20.0		44.7		(2.2)		113.9
Total	$	1,462.2	$	153.6	$	936.0	$	(46.2)	$	2,505.6

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	Nine Months Ended September 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	3,837.3	$	96.2	$	2,798.8	$	(60.9)	$	6,671.4
Molybdenum		511.2		—		438.4		—		949.6
Silver		243.8		136.0		111.4		(70.7)		420.5
Zinc		77.6		224.7		—		(4.3)		298.0
Other		137.3		59.8		116.7		(4.1)		309.7
Total	$	4,807.2	$	516.6	$	3,465.4	$	(140.1)	$	8,649.0


	Nine Months Ended September 30, 2023
			Mexican
	Mexican		IMMSA		Peruvian		Corporate, Other &		Total
	Open-pit		Unit		Operations		Eliminations		Consolidated
Copper	$	3,501.4	$	65.1	$	2,294.9	$	(56.5)	$	5,804.9
Molybdenum		561.5		—		337.6				899.1
Silver		181.9		121.1		74.2		(59.4)		317.8
Zinc		—		224.6		—		0.5		225.1
Other		155.5		63.5		141.9		(7.6)		353.3
Total	$	4,400.3	$	474.3	$	2,848.6	$	(123.0)	$	7,600.2

The opening and closing balances of receivables by reporting segment of the Company were as follows (in millions):


			Mexican
	Mexican		IMMSA		Peruvian		~~Corporate &~~Segment		Corporate &
	Open-Pit		Unit		Operations		~~Elimination~~Total		~~Consolidated~~Elimination		Consolidated

As of September 30, 2024:
As of March 31, 2025:
Trade receivables	$	~~874~~930.7	$	7854.62	$	~~577~~563.02	$	—1,548.1	$	~~1,530.2~~—	$	1,548.1
Related parties, current		2628.2		1516.24		0.41		~~(29~~44.5)7		12(29.37)		15.0

As of December 31, 2023:
As of December 31, 2024:
Trade receivables	$	~~556~~623.30	$	4959.17	$	~~535~~506.79	$	—1,189.6	$	~~1,141.1~~—	$	1,189.6
Related parties, current		2539.7		025.91		01.83		(066.1)2		27(52.37)		13.5

As of ~~September~~March 3031, ~~2024~~2025, the Company has long-term contracts with promises to deliver the following products in ~~2024~~2025:


Copper concentrates (in tonnes)		~~177~~212,500
Copper cathodes (in tonnes)		48,000
Molybdenum concentrates (in tonnes)		21,~~315~~250
Sulfuric acid (in tonnes)		~~251~~365,~~143~~000

Provisionally priced sales: AtAs ~~September~~of 30March 31, ~~2024~~2025, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the ~~September~~March 3031, ~~2024~~2025 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement.

3332

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~~Following~~The following are the provisionally priced copper and molybdenum sales outstanding atas ~~September~~of 30March 31, ~~2024~~2025:


	Sales volume	Priced at
	(million lbs.)	(per pound)	Month of settlement
Copper	~~153~~200.84	4.440	~~October~~April ~~2024~~2025 through ~~January~~August 2025
Molybdenum	1716.2	2119.795	~~October~~April ~~2024~~2025 through ~~January~~July 2025

The provisional sales price adjustment included in accounts receivable and net sales as of ~~September~~March 3031, ~~2024~~2025 incorporates a positive adjustment of 30$26.5 million for copper and a negative adjustment of 6$18.58 million for molybdenum.

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or on operating results.

NOTE 13 — SEGMENT AND RELATED INFORMATION:

NOTE 14 — SEGMENT AND RELATED INFORMATION:

Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit.

The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, types of products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition, each mine within the individual group earns revenues from similar types of customers for their products and services and each group incurs expenses independently, including commercial transactions between groups.

Financial information is regularly prepared for each of the three segments and the results of the Company’s operations are regularly reported to the Chief Operating Decision Maker (“CODM”) on the segment basis. The CODM of the Company focuses on operating income and on total assets as measures of performance to evaluate different segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry.

Financial information relating to Southern Copper Corporation’s segments is as follows:


	Three Months Ended ~~September~~March 3031, ~~2024~~2025
	(in millions)
			Mexican				~~Corporate, other~~		Corporate, other
	Mexican		IMMSA		Peruvian		~~and~~Segment		and
	Open-pit		Unit		Operations		~~eliminations~~Total		~~Consolidated~~eliminations		Consolidated
Net sales outside of segments	$	1,596.7	$	144.3	$	1,189.9	$	—	$	2,930.9
Net sales to external customers	$	1,749.4	$	106.5	$	1,266.0	$	3,121.9	$	—	$	3,121.9
Intersegment sales		~~6.0~~		4048.69		—		~~(46~~48.6)9		—(48.9)		0.0
Cost of sales (exclusive of depreciation, amortization and depletion)		~~612~~668.70		~~123~~112.20		~~543~~597.91		~~(56~~1,377.8)2		~~1,223~~(58.10)		1,319.2
Selling, general and administrative		1716.19		3.2.7		9.10		128.87		313.20		31.7
Depreciation, amortization and depletion		~~105~~97.47		19.38		7994.95		8212.50		~~213~~11.17		223.8
Exploration		1.3		2.64		7.3.8		27.05		134.2		11.7
Operating income	$	~~866~~965.25	$	3618.64	$	~~549~~561.75	$	(21,545.2)5	$	~~1,450~~(9.39)		1,535.5
Less:
Interest, net										~~(44.8)~~		(43.2)
Other income (expense)										~~21.2~~		(13.7)
Income taxes										(526.4)
Income before income taxes											$	1,478.5
Equity earnings of affiliate										(0.5)
Capital investment	$	134.6	$	21.4	$	160.1	$	316.1	$	1.7	$	317.8
Non-controlling interest										(3.1)
Property and mine development, net	$	4,951.1	$	794.9	$	3,816.9	$	9,562.9	$	371.7	$	9,934.6
Net income attributable to SCC									$	896.7
Total assets	$	9,185.2	$	1,214.5	$	5,295.6	$	15,695.3	$	4,096.0	$	19,791.2
Capital investment	$	145.2	$	30.2	$	67.2	$	3.7	$	246.4
Property and mine development, net	$	4,852.6	$	784.9	$	3,776.5	$	513.1	$	9,927.1
Total assets	$	8,975.0	$	1,196.6	$	5,473.9	$	2,770.0	$	18,415.5

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	Three Months Ended ~~September~~March 3031, ~~2023~~2024
	(in millions)
			Mexican				~~Corporate, other~~		Corporate, other
	Mexican		IMMSA		Peruvian		~~and~~Segment		and
	Open-pit		Unit		Operations		~~eliminations~~Total		~~Consolidated~~eliminations		Consolidated
Net sales outside of segments	$	1,462.2	$	107.4	$	936.0	$	—	$	2,505.6
Net sales to external customers	$	1,466.0	$	105.1	$	1,028.7	$	2,599.8	$	—	$	2,599.8
Intersegment sales		—		4641.23				~~(46~~41.2)3		—(41.3)		—
Cost of sales (exclusive of depreciation, amortization and depletion)		~~591~~594.6		~~133~~129.37		~~490~~474.96		~~(40.~~1),198.9		~~1,175~~(41.73)		1,157.6
Selling, general and administrative		1817.91		2.6		9.4		129.81		321.78		30.8
Depreciation, amortization and depletion		9699.97		1619.82		8881.64		10200.23		~~212~~8.57		209.0
Exploration		13.96		2.1.8		85.18		311.42		151.5		12.7
Operating income	$	~~752~~751.90	$	(16.28)	$	~~339~~457.05	$	~~(21~~1,201.5)7	$	~~1,069~~(12.20)		1,189.7
Less:
Interest, net										~~(60.7)~~		(53.2)
Other income (expense)										~~8.9~~		19.0
Income taxes										(395.3)
Income before income taxes											$	1,155.5
Equity earnings of affiliate										(0.1)
Capital investment	$	107.1	$	31.8	$	70.5	$	209.4	$	4.4	$	213.8
Non-controlling interest										(2.5)
Property and mine development, net	$	4,836.2	$	765.0	$	3,771.2	$	9,372.4	$	410.8	$	9,783.2
Net income attributable to SCC									$	619.5
Total assets	$	9,242.2	$	1,193.0	$	5,353.1	$	15,788.3	$	1,001.0	$	16,789.3
Capital investment	$	141.5	$	40.1	$	76.1	$	5.0	$	262.7
Property and mine development, net	$	4,634.3	$	727.4	$	3,616.2	$	752.9	$	9,730.8
Total assets	$	8,531.7	$	1,153.6	$	4,643.2	$	2,636.5	$	16,965.0


	Nine Months Ended September 30, 2024
	(in millions)
			Mexican				Corporate, other
	Mexican		IMMSA		Peruvian		and
	Open-pit		Unit		Operations		eliminations		Consolidated
Net sales outside of segments	$	4,801.1	$	382.5	$	3,465.3	$	—	$	8,649.0
Intersegment sales		6.0		134.0		—		(140.1)		—
Cost of sales (exclusive of depreciation, amortization and depletion)		1,870.3		362.8		1,544.6		(148.3)		3,629.6
Selling, general and administrative		52.3		9.1		28.2		6.4		96.0
Depreciation, amortization and depletion		307.7		56.7		241.1		26.2		631.7
Exploration		7.3		7.0		23.8		6.4		44.4
Operating income	$	2,569.6	$	80.9	$	1,627.6	$	(30.9)		4,247.3
Less:
Interest, net										(154.7)
Other income (expense)										20.3
Income taxes										(1,528.6)
Equity earnings of affiliate										8.1
Non-controlling interest										(9.5)
Net income attributable to SCC									$	2,582.9
Capital investment	$	486.9	$	91.5	$	203.6	$	10.0	$	792.0
Property and mine development, net	$	4,852.6	$	784.9	$	3,776.5	$	513.1	$	9,927.1
Total assets	$	8,975.0	$	1,196.6	$	5,473.9	$	2,770.0	$	18,415.5

35NOTE 15 — SUBSEQUENT EVENTS:

Table of Contents


	Nine Months Ended September 30, 2023
	(in millions)
			Mexican				Corporate, other
	Mexican		IMMSA		Peruvian		and
	Open-pit		Unit		Operations		eliminations		Consolidated
Net sales outside of segments	$	4,400.3	$	351.3	$	2,848.6	$	—	$	7,600.2
Intersegment sales		—		123.0		—		(123.0)		—
Cost of sales (exclusive of depreciation, amortization and depletion)		1,781.9		411.5		1,442.7		(118.5)		3,517.6
Selling, general and administrative		51.7		7.9		27.9		6.6		94.1
Depreciation, amortization and depletion		288.1		51.6		253.0		32.7		625.4
Exploration		4.6		6.0		20.2		8.7		39.5
Operating income	$	2,274.0	$	(2.7)	$	1,104.8	$	(52.5)		3,323.6
Less:
Interest, net										(180.5)
Other income (expense)										24.9
Income taxes										(1,170.2)
Equity earnings of affiliate										(10.3)
Non-controlling interest										(7.3)
Net income attributable to SCC									$	1,980.2
Capital investment	$	406.3	$	102.6	$	232.5	$	11.8	$	753.2
Property and mine development, net	$	4,634.3	$	727.4	$	3,616.2	$	752.9	$	9,730.8
Total assets	$	8,531.7	$	1,153.6	$	4,643.2	$	2,636.5	$	16,965.0

NOTE 14 — SUBSEQUENT EVENTS:

Dividends:

On ~~October~~April 1710, ~~2024~~2025, the Board of Directors authorized a quarterly cash dividend of $0.70 per share of common stock and a stock dividend of 0.~~0062~~0099 shares of common stock per share of common stock, payable on ~~November~~May 2119, ~~2024~~2025 ~~for~~to shareholders of record at the close of business on ~~November~~May 62, ~~2024~~2025.

In lieu of fractional shares, cash will be distributed to each shareholder who would otherwise have been entitled to receive a fractional share, based on a share price of $~~112~~81.4313, which is the average of the high and low share price on ~~October~~April 1710, ~~2024~~2025.

~~Shareholders~~Financing: will not be required to take any action to receive the stock dividend. After the payment date, shareholders' book entry accounts will be credited with the additional shares that represent the stock dividend. When shares are held in a brokerage account in the name of a broker, the additional shares will be distributed to the broker on the shareholder's behalf. The stock dividend is administered by Computershare, the Company's transfer agent.

On April 22, 2025, the Company made a payment of $509.7 million related to the first tranche of the fixed-rate senior unsecured notes issued on April 2015. This included the principal payment of $500 million and $9.7 million of accrued interest as of the aforementioned payment date.

Table of Contents

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion provides information that management believes is relevant to an assessment and understanding of the condensed consolidated financial condition and results of operations of Southern Copper Corporation and its subsidiaries (collectively, “SCC”, “the Company”, “our”, and “we”). This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with the Management Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our annual report on Form 10-K for the year ended December 31, ~~2023~~2024.

EXECUTIVE OVERVIEW

Business: Our business is primarily the production and sale of copper. In the process of producing copper, a number of valuable metallurgical by-products are recovered, which we also produce and sell. Market forces outside of our control largely determine the sale prices for our products. Our management, therefore, focuses on value creation through copper production, cost control, production enhancement and maintaining a prudent capital structure to remain profitable. We endeavor to achieve these goals through capital spending programs, exploration efforts and cost reduction programs. Our aim is to remain profitable during periods of low copper prices and to maximize financial performance in periods of high copper prices.

We are one of the world’s largest copper mining companies in terms of production and sales and our principal operations are in Peru and Mexico. We also have exploration programs in Chile, ~~Argentina~~ and ~~Ecuador~~Argentina. In addition to copper, we produce significant amounts of other metals, either as a by-product of the copper process or through a number of dedicated mining facilities in Mexico.

Outlook: Various key factors will affect our outcome. These include, but are not limited to, the following:

● Sales structure: In the ~~third~~first quarter of ~~2024~~2025, ~~approximately~~ 77.19% of our revenue came from the sale of copper; 109.16% from molybdenum; 5.27% from silver; 3.96% from zinc; and 3.72% from ~~various~~ other products, including gold, sulfuric acid, and other materials.

● Copper: In the ~~third~~first quarter of ~~2024~~2025, the LME copper price increased to $4.24 from an average of $3.7983 per pound in the ~~third~~first quarter of ~~2023~~2024 ~~to $4.17~~ (+10.07%). Based on supply and demand dynamics, we ~~are expecting a slight market surplus of about 100,000 tonnes of copper for 2024. At this point in time, we~~ estimate that the ~~copper~~deficit ~~supply~~at ~~will~~2025 ~~register~~year-end ~~growth~~will ofstand ~~2.7%~~at ~~and~~approximately ~~demand~~300,000 2tonnes.~~3%.~~ ~~Looking~~Regarding atcopper ~~demand,~~inventories ~~although we still see weak demand from China~~worldwide, we ~~believe~~estimate ~~the~~that ~~recently~~they announced economic measures will promote economic growth and fuel demand from the world’s largest copper consumer. Furthermore, a resilient US economy and new demand from decarbonization technologies, coupled with needs driven by artificial intelligence, are ~~expected~~currently tocovering ~~bolster~~about ~~support~~one ~~for~~week ~~long-term~~of ~~copper~~global demand.

●In ~~Molybdenum:~~the ~~Accounted~~first ~~for~~quarter ~~10.1%~~ of ~~our~~2025, ~~sales~~the incopper ~~the~~market ~~third~~registered ~~quarter~~a ofsignificant ~~2024~~arbitrage difference between COMEX and isLME ~~currently~~prices. ~~our~~At ~~most~~its ~~important~~peak ~~by-product.~~in ~~Molybdenum~~March ~~prices~~26, ~~averaged~~2025, ~~$21.68~~the COMEX price was 73 cents per pound inor ~~the~~17% ~~third~~above ~~quarter~~the ofLME ~~2024,~~price. ~~compared~~This tohuge ~~$23.59~~difference inreflected the ~~same~~strong ~~period~~possibility ofthat ~~2023,~~a ~~reflecting~~25% atariff ~~decrease~~will ofbe 8imposed on U.1%S. copper imports.

~~Molybdenum~~Although iswe ~~mainly~~maintain ~~used~~a invery ~~the~~positive ~~production~~long-term ofoutlook ~~special alloys~~ for ~~stainless~~copper, ~~steel~~we ~~that~~believe ~~require~~an ~~significant~~intense ~~hardness~~commercial ~~and~~war ~~corrosion~~between ~~and~~the ~~heat resistance~~U.S. ~~New~~and ~~uses~~China ~~for~~will ~~this~~affect ~~metal~~economic ~~are~~growth ~~associated with lubricants~~worldwide, ~~sulfur~~consequently ~~filtering~~impacting ofcopper ~~heavy oils and shale gas production~~demand.

~~For~~● Molybdenum: Accounted for 9.6% of our sales in the ~~short~~first ~~term,~~quarter weof ~~believe~~2025 ~~molybdenum~~and is currently our most important by-product. Molybdenum prices ~~will~~averaged ~~have~~$20.43 ~~good~~per ~~support~~pound ~~due~~in tothe afirst ~~market~~quarter ~~deficit~~of ~~and~~2025, ~~higher~~compared ~~demand~~to ~~coming~~$19.84 ~~from~~in the ~~aerospace~~same ~~and~~period ~~defense~~of ~~industries~~2024, reflecting an increase of 3.0%.

●Molybdenum ~~Silver:~~is ~~Represented~~mainly ~~5.2%~~used in the production of ~~our~~special ~~sales~~alloys infor ~~the~~stainless ~~third~~steel ~~quarter~~that ofrequire ~~2024.~~significant Wehardness, ~~believe~~corrosion ~~that~~and ~~silver~~heat ~~prices~~resistance. ~~will~~New beuses ~~supported~~for bythis ~~its~~metal ~~extensive~~are ~~industrial~~associated ~~applications~~with lubricants, ~~particularly~~sulfur infiltering ~~electronics,~~of ~~solar~~heavy ~~energy,~~oils and ~~electric~~shale ~~vehicles~~gas production. ~~Although the~~

For 2025, we believe that prices will hold at the current level of about $20.00 per pound given its diverse applications in critical industries.

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supply is expected to remain stable, growing demand from emerging technologies could lead to a tighter market. This increased demand is likely to sustain higher prices over the long term.

● ~~Zinc~~Silver: ~~Average~~Represented ~~zinc~~5.7% ~~prices~~of ~~increased~~our ~~14.5%~~sales in the ~~third~~first quarter of ~~2024 versus the figure in 2023~~2025. We believe ~~zinc~~that ~~has~~silver ~~strong~~prices ~~long-term~~will ~~fundamentals,~~be ~~driven~~supported by ~~sustained industrial~~ demand, ~~particularly~~for inindustrial ~~the~~use ~~construction~~ and ~~automotive~~precious ~~sectors~~metals. Although current supply levels are stable, a forecasted reduction in mine production and the closing of key refineries suggest that supply will tighten over time. As demand continues to grow, this imbalance is expected to put upward pressure on prices in the long run. Zinc represented 3.9% of our sales in the third quarter of 2024.

● ~~Production~~Zinc: ~~For~~Average ~~2024,~~zinc weprices ~~expect~~increased to16.2% ~~produce~~in ~~975,000~~the ~~tonnes~~first quarter of ~~copper,~~2025 anversus ~~increase~~the same period of 72024.0% ~~over~~We ~~2023’s~~believe ~~final~~zinc ~~print.~~has ~~This~~strong ~~growth~~long-term ~~will~~fundamentals, bedriven ~~fueled~~ by ~~recovery~~sustained atindustrial ~~our~~demand, ~~SX-EW~~particularly ~~facilities~~in atthe ~~Buenavista;~~construction ~~higher~~and ~~production~~automotive sectors. Although current supply levels are stable, a forecasted reduction in ~~Peru;~~mine production and ~~copper~~the ~~production~~closing atof ~~our~~key ~~new~~refineries ~~Buenavista~~suggest ~~zinc~~that ~~concentrator~~supply will tighten over time. As demand continues to grow, ~~which~~this imbalance is ~~operating~~expected atto ~~full~~put ~~capacity~~upward pressure on prices in the long run. Zinc represented 3.6% of our sales in the first quarter of 2025.

We● ~~also~~Production: ~~expect to produce 28,200 tonnes of molybdenum, which represents an increase of 5.0% over our 2023 production level.~~ In ~~2024~~2025, we expect toour ~~produce~~copper ~~20.8 million ounces of silver, an increase of 12.8% compared to 2023~~ production ~~results. Additionally, we expect~~ to ~~produce~~reach ~~120~~968,~~300~~200 tonnes ~~of zinc from our mines~~, ~~which~~a ~~represents~~decrease ~~an increase~~ of ~~84.~~0.6% ~~compared~~over tofinal ~~our 2023~~ production ~~level~~in 2024. ~~This~~Last ~~growth~~year ~~will~~we bedrove ~~driven~~our byPilares ~~the~~project ~~Buenavista~~to ~~Zinc~~full ~~concentrator.~~capacity Weand we expect this ~~facility~~project to ~~produce~~contribute 5432,~~800~~300 ~~tonnes~~tons of ~~zinc~~copper in ~~2024. For~~ 2025 ~~and on, we expect to produce over 154,000 tonnes per year~~.

●Regarding ~~Capital~~by-products, ~~Investments:~~we Inexpect ~~the~~to ~~nine~~produce ~~month~~170,100 ~~period~~tonnes of ~~2024~~zinc from our mines, weup ~~spent~~31% ~~$792~~from 2024 production level.0 ~~million~~This ongrowth ~~capital~~will ~~investments;~~be ~~this~~driven ~~represented~~by 30the production of our Buenavista Zinc concentrator (105,400 tonnes), which is operating at full capacity.7% We also expect to produce 27,400 tonnes of ~~net~~molybdenum ~~income~~in ~~and~~2025, anwhich ~~increase~~represents a decrease of 5.25% compared to ~~the~~2024 ~~amount~~production ~~registered~~levels ~~for~~but ~~the~~is ~~same~~4.5% ~~period~~above inour ~~2023~~initial plan. For silver, we expect to produce 22.8 million ounces of this metal, an increase of 9% compared to last year’s production.

●	Capital Investments: In the first quarter of 2025, we spent $317.8 million on capital investments; this represented 34.0% of net income and an increase of 48.7% compared to the amount registered in the same period of 2024.

KEY MATTERS

Below, we discuss several matters that we believe are important to understand the results of our operations and financial condition. These matters include, (i) our earnings, (ii) our production, (iii) our “operating cash costs” as a measure of our performance, (iv) metal prices, (v) business segments, (vi) the effect of inflation and other local currency issues, and (vii) our capital investment and exploration program.

Earnings: The table below highlights key financial and operational data of our Company for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 (in millions, except copper price, percentages and per share amounts):


		Three months ended ~~September~~March 3031,								~~Nine months ended September 30,~~
	~~2024~~2025		~~2023~~2024		Variance		% Change		~~2024~~		~~2023~~		~~Variance~~		~~% Change~~
Copper price LME		4.1724		3.7983		0.3841	10.07	%		~~4.14~~		~~3.90~~		~~0.24~~	~~6.2~~	%
Pounds of copper sold		~~535~~537.90		~~495~~518.45		4018.5	83.26	%		~~1,563.8~~		~~1,482.5~~		~~81.3~~	~~5.5~~	%
Net sales	$	23,~~930~~121.9	$	2,~~505~~599.68	$	~~425~~522.31	1720.01	%	$	~~8,649.0~~	$	~~7,600.2~~	$	~~1,048.8~~	~~13.8~~	%
Operating income	$	1,~~450~~535.35	$	1,~~069~~189.27	$	~~381~~345.18	3529.61	%	$	~~4,247.3~~	$	~~3,323.6~~	$	~~923.7~~	~~27.8~~	%
Net income attributable to SCC	$	~~896~~945.79	$	~~619~~736.50	$	~~277~~209.29	4428.75	%	$	~~2,582.9~~	$	~~1,980.2~~	$	~~602.7~~	~~30.4~~	%
Earnings per share	$	1.1519	$	0.8095	$	0.3524	4325.83	%	$	~~3.32~~	$	~~2.56~~	$	~~0.76~~	~~29.7~~	%
Dividends per share	$	0.60	$	1.00	$	(0.40)	(40.0)	%	$	1.40	$	3.00	$	(1.60)	(53.3)	%
Dividends per share (cash and stock)	$	1.40	$	0.80	$	0.60	75.0	%

Net sales in the ~~third~~first quarter of ~~2024~~2025 totaled $23,~~930~~121.9 million, ~~which~~reflecting ~~represented~~ a ~~substantial increase of 17~~20.01% increase compared to ~~net sales in~~ the same period ofin ~~2023~~2024. This ~~growth~~performance was ~~primarily~~mainly ~~attributable~~supported toby ~~growth~~higher inprices ~~the~~for ~~sales volumes of~~ copper (LME, +810.27%), molybdenum (+53.60%), silver (+1738.4%), and zinc (+5016.12%)., ~~Higher~~along ~~metal~~with ~~prices~~increased ~~for~~sales volumes of copper (+103.06%~~, LME~~), ~~silver~~molybdenum (+249.79%), ~~and~~silver ~~zinc~~ (+14.51%), ~~further~~and ~~boosted~~zinc ~~sales. This positive performance was somewhat offset by a decline in molybdenum prices~~ (-8+42.14%).

38Net income attributable to SCC for the first quarter of 2025 reached $945.9 million, reflecting a significant increase of 28.5% compared to the same period in 2024. This strong performance was primarily supported by a rise in net sales (+20.1%), driven by improvements in metal prices and sales volumes; this was partially offset by an increase in the cost of sales (+14.0%), primarily associated with inventory variance; higher workers' participation; and an increase in income tax expense (+25.8%).

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~~Net~~Production: ~~income~~The ~~attributable~~table tobelow ~~SCC~~highlights ~~for~~our ~~the~~mine ~~third~~production ~~quarter~~data offor ~~2024 reached $896.7 million, marking a 44.7% increase compared to~~ the ~~same~~three-month ~~period~~periods inended ~~2023.~~March ~~This~~31, ~~strong~~2025 ~~performance was primarily supported by a 17.0% rise in sales driven by improvements in pricing~~ and ~~higher sales volumes but slightly offset by a 3.1% increase in the cost of sales and a 33.2% rise in income taxes.~~2024:


	Three months ended March 31,
	2025	2024	Variance	% Change
Copper (in million pounds)	529.6	529.6	0.0	0.0	%
Molybdenum (in million pounds)	16.9	15.6	1.3	8.6	%
Silver (in million ounces)	5.4	4.8	0.7	13.8	%
Zinc (in million pounds)	86.8	58.1	28.7	49.3	%

~~Net~~The ~~sales~~table ~~for~~below ~~the~~highlights ~~nine-month~~our ~~period~~mine ofproduction ~~2024~~data ~~increased~~for ~~13.8% compared to~~ the ~~same~~three-month ~~period~~periods inended ~~2023.~~March ~~This growth was driven by higher sales volumes of copper (+5.5%)~~31, ~~molybdenum~~2025 ~~(+11.6%), silver (+13.7%),~~ and ~~zinc (+39.3%). Better results were also supported by higher prices for copper (+6.2%, LME) and silver (+16.0%), which were nonetheless offset by a drop in prices for molybdenum (-17.4%).~~2024:

Net income attributable to SCC for the nine-month period of 2024 increased by 30.4% compared to the same period in 2023. This performance was mainly driven by a 13.8% increase in sales, reflecting higher sales volumes and metal prices for most of our by-products. However, this growth was tempered by a slight rise in operating costs of 2.9% and a 30.6% increase in income taxes.


	Three Months Ended March 31,
Copper (in million pounds):	2025	2024	Variance	% Change
Toquepala	140.5	138.2	2.3	1.7	%
Cuajone	91.2	90.9	0.3	0.3	%
La Caridad	61.0	65.0	(4.0)	(6.2)	%
Buenavista	231.2	229.9	1.3	0.6	%
IMMSA	5.7	5.6	0.1	1.9	%
Total mined copper	529.6	529.6	0.0	0.0	%

~~Production:~~Copper ~~The~~mine ~~table~~production ~~below~~in ~~highlights~~the ~~our~~first ~~mine~~quarter ~~production~~of ~~data~~2025 ~~for~~remained stable at 529.6 million pounds, matching the ~~three~~volume registered in the same period of 2024. This level was supported by increased production at Toquepala (+1.7%; due to higher ore grades and ~~nine~~milling), Buenavista (+0.6%; due to higher SX-~~month~~EW ~~period~~production), ~~ended~~Cuajone ~~September~~(+0.3%; 30due to higher ore grades), ~~2024~~and IMMSA (+1.5%; due to higher ore grades). These gains were offset by lower production at La Caridad (−6.2%; due to lower ore grades and ~~2023:~~recoveries).


	Three months ended September 30,					Nine months ended September 30,
	2024	2023	Variance	% Change		2024	2023	Variance	% Change
Copper (in million pounds)	556.1	498.5	57.6	11.5	%	1,620.2	1,492.4	127.8	8.6	%
Molybdenum (in million pounds)	16.0	15.1	0.9	6.0	%	48.5	43.3	5.2	11.9	%
Silver (in million ounces)	5.3	4.4	0.9	21.5	%	15.3	13.6	1.7	12.5	%
Zinc (in million pounds)	68.5	35.9	32.6	90.9	%	191.5	107.1	84.4	78.8	%

~~The~~Molybdenum ~~table~~production ~~below~~increased ~~highlights~~8.6% ~~our~~in ~~mine~~the ~~production~~first ~~data~~quarter ~~for~~of ~~the~~2025 ~~three~~compared ~~and~~to ~~nine-month~~the same period ~~ended~~in ~~September~~2024. 30This growth was largely driven by improved production at our Toquepala (+13.3%), ~~2024~~La Caridad (+11.6%), and ~~2023:~~Buenavista (+10.3%) mines, primarily due to higher ore grades. However, this performance was partially mitigated by a decrease in production at our Cuajone (-9.9%) mine, which was driven by lower ore grades.


	Three Months Ended September 30,					Nine Months Ended September 30,
Copper (in million pounds):	2024	2023	Variance	% Change		2024	2023	Variance	% Change
Toquepala	143.4	123.3	20.1	16.3	%	423.7	353.8	69.9	19.8	%
Cuajone	90.2	74.7	15.5	20.8	%	271.0	238.5	32.5	13.7	%
La Caridad	64.4	61.3	3.1	5.1	%	193.9	179.1	14.8	8.3	%
Buenavista	253.0	233.6	19.4	8.3	%	715.8	705.4	10.4	1.5	%
IMMSA	5.1	5.6	(0.5)	(8.4)	%	15.8	15.6	0.2	1.5	%
Total mined copper	556.1	498.5	57.6	11.5	%	1,620.2	1,492.4	127.8	8.6	%

~~Third~~Silver ~~quarter: Copper~~ mine production increased 13.8% in the ~~third~~first quarter of ~~2024~~2025 ~~increased~~compared byto ~~11.6%,~~the ~~reaching~~same ~~556.1~~period ~~million~~in ~~pounds~~2024. This growth was ~~primarily~~ driven by higher production ~~levels~~ at ~~Cuajone~~our ~~(+20.8%;~~Buenavista ~~due to higher ore grades and milling), Toquepala~~ (+1649.31%~~; due to higher ore grades~~), ~~Buenavista~~IMMSA (+87.35%~~; due to higher ore grades and recoveries~~), and LaCuajone ~~Caridad~~ (+50.13%~~; due to higher ore grades~~) operations. ~~Growth~~However, this performance was slightly ~~offset~~tempered by ~~reduced~~a decline in production at ~~the~~our ~~IMMSA~~La Caridad (-82.49%;) ~~due~~and toToquepala ~~lower ore grades~~(-0.9%) ~~unit~~mines.

~~Molybdenum~~Zinc production increased ~~by 6~~49.03% in the ~~third~~first quarter of ~~2024~~2025 compared to the same period in ~~2023~~2024. This significant growth was ~~mainly~~primarily ~~due~~driven toby ~~higher~~full-capacity ~~production~~operations at ~~our~~the ~~Toquepala (+51.2%), Cuajone (+47.7%), and~~ Buenavista ~~(+15.0%)~~Zinc ~~mines~~concentrator, which ~~was~~produced ~~primarily~~25,333 ~~driven~~tonnes byof anzinc ~~increase~~ in ~~ore~~the ~~grades.~~first ~~This~~quarter ~~performance~~of ~~was somewhat offset by a reduction in production at our La Caridad (-29~~2025.~~9%) mine, which was attributable to a decrease in ore grades.~~

~~Silver~~Operating ~~mine~~Cash ~~production~~Costs: ~~increased~~An byoverall ~~21.5%~~benchmark inthat ~~the~~we ~~third~~use, ~~quarter~~which is a common industry metric to measure performance is operating cash costs per pound of ~~2024~~copper ~~compared~~produced. Operating cash cost is a non-GAAP measure that does not have a standardized meaning and may not be comparable to ~~the~~similarly ~~same~~titled ~~period~~measures inprovided ~~2023~~by other companies. This ~~growth~~non-GAAP ~~was~~information ~~attributable~~should tonot ~~higher~~be ~~production~~considered atin ~~our~~isolation ~~Buenavista~~or ~~(+45~~as substitute for measures of performance determined in accordance with GAAP.~~6%),~~ ~~Cuajone~~A reconciliation of our operating cash cost per pound of copper produced to the cost of sales (~~+32.2%)~~exclusive of depreciation, ~~Toquepala~~amortization ~~(+31.4%~~and depletion) as presented in the consolidated statement of earnings is presented under the subheading, ~~and~~“Non-GAAP ~~IMMSA~~Information ~~(+5.6%)~~Reconciliation” ~~operations~~on page 50. ~~This~~We ~~performance~~disclose ~~was~~operating ~~slightly~~cash ~~offset~~cost byper apound ~~decrease~~of incopper ~~production~~produced, atboth ~~our~~before Laand ~~Caridad~~net (of by-~~1.5%)~~product ~~mine~~revenues.

39We define operating cash cost per pound of copper produced before by-product revenues as cost of sales (exclusive of depreciation, amortization and depletion), plus selling, general and administrative charges, treatment and refining charges net of sales premiums; less the cost of purchased concentrates, workers’ participation and other miscellaneous charges, including royalty charges, and the change in inventory levels; divided by total pounds of copper produced by our own mines.

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Zinc production increased by 90.9% in the third quarter of 2024 compared to the same period in 2023. This significant growth was primarily attributed to the production start-up at the Buenavista zinc concentrator, which produced 14,453 tonnes during the period.

Nine months: Mined copper production in the nine-month period of 2024 increased by 8.6%. This growth was mainly attributable to higher production at our Peruvian operations, where Toquepala was up 19.8% and Cuajone, 13.7%, both on the back of an improvement in ore grades. Production at our Mexican operations also rose over the period, registering growth of 2.8%.

Molybdenum production, in the nine-month period of 2024 increased 11.9% compared to the same period in 2023. This growth was primarily driven by growth in output at our Toquepala mine (+65.8%), which reflected better ore grades and recoveries. Our Cuajone (+17.0%) and Buenavista (+10.6%) mines also performed well during this timeframe. Growth in production was, nonetheless, somewhat attenuated by a decline in production at the La Caridad mine, which was down 15.4%.

Silver mine production increased by 12.5% in the nine-month period of 2024 compared to the same period in 2023. This was largely attributable to higher output across our operations, including Toquepala (+27.2%), Buenavista (+20.6%), Cuajone (+13.5%), La Caridad (+9.0%), and IMMSA (+1.6%) operations.

Zinc production increased 78.8% in the nine-month period of 2024. This growth was primarily driven by production start-up at the Buenavista zinc concentrator, which produced 37,801 tonnes during the period.

Operating Cash Costs: An overall benchmark that we use, which is a common industry metric to measure performance is operating cash costs per pound of copper produced. Operating cash cost is a non-GAAP measure that does not have a standardized meaning and may not be comparable to similarly titled measures provided by other companies. This non-GAAP information should not be considered in isolation or as substitute for measures of performance determined in accordance with GAAP. A reconciliation of our operating cash cost per pound of copper produced to the cost of sales (exclusive of depreciation, amortization and depletion) as presented in the consolidated statement of earnings is presented under the subheading, “Non-GAAP Information Reconciliation” on page 58. We disclose operating cash cost per pound of copper produced, both before and net of by-product revenues.

We define operating cash cost per pound of copper produced before by-product revenues as cost of sales (exclusive of depreciation, amortization and depletion), plus selling, general and administrative charges, treatment and refining charges net of sales premiums; less the cost of purchased concentrates, workers’ participation and other miscellaneous charges, including royalty charges, and the change in inventory levels; divided by total pounds of copper produced by our own mines.

In our calculation of operating cash cost per pound of copper produced, we exclude depreciation, amortization and depletion, which are considered non-cash expenses. Exploration is considered a discretionary expenditure and is also excluded. Workers’ participation provisions are determined on the basis of pre-tax earnings and are also excluded. Additional exclusions from operating cash costs are items of a non-recurring nature and the mining royalty charge as it is based on various calculations of taxable income, depending on which jurisdiction, Peru or Mexico, is imposing the charge. We believe these adjustments allow our management and stakeholders to more fully visualize our controllable cash cost, which we believe is one of the lowest of all copper-producing companies of similar size.

We define operating cash cost per pound of copper produced net of by-product revenues as operating cash cost per pound of copper produced, as defined in the previous paragraph, less by-product revenues and net revenue (loss) on sale of metal purchased from third parties.

In our calculation of operating cash cost per pound of copper produced, net of by-product revenues, we credit against our costs the revenues from the sale of all our by-products, including, molybdenum, zinc, silver, gold, etc. and the net revenue (loss) on sale of metals purchased from third parties. We disclose this measure including the by-product revenues in this way because we consider our principal business to be the production and sale of copper. As part of our copper production process, much of our by-products are recovered. These by-products, as well as the processing of copper purchased from third parties, are a supplemental part of our production process and their sales value contribute to covering part of our incurred fixed costs. We believe that our Company is viewed by the investment community as a copper company, and is valued, in large part, by the investment community’s view of the copper market and our ability to produce copper at a reasonable cost.

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copper purchased from third parties, are a supplemental part of our production process and their sales value contribute to covering part of our incurred fixed costs. We believe that our Company is viewed by the investment community as a copper company, and is valued, in large part, by the investment community’s view of the copper market and our ability to produce copper at a reasonable cost.

We believe that both of these measures are useful tools for our management and our stakeholders. Our cash costs before by-product revenues allow us to monitor our cost structure and address areas of concern within operating management. The measure operating cash cost per pound of copper produced net of by-product revenues is a common measure used in the copper industry and is a useful management tool that allows us to track our performance and better allocate our resources. This measure is also used in our investment project evaluation process to determine a project’s potential contribution to our operations, its competitiveness and its relative strength in different price scenarios. The expected contribution of by-products is generally a significant factor used by the copper industry to determine whether to move forward or not in the development of a new mining project. As the price of our by-product commodities can have significant fluctuations from period to period, the value of its contribution to our costs can be volatile.

Our operating cash cost per pound of copper produced, before and net of by-product revenues, is presented in the table below for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:

Operating cash cost per pound of copper produced (1)

(In millions, except cost per pound and percentages)


		Three Months Ended ~~September~~March 3031,								~~Nine Months Ended September 30,~~
	~~2024~~2025		~~2023~~2024		Variance		% Change		~~2024~~		~~2023~~		~~Variance~~		~~% Change~~
Total operating cash cost before by‑product revenues	$	1,~~046~~050.2	$	1,~~073~~079.0	$	(2628.8)	(2.57)	%	$	~~3,230.6~~	$	~~3,120.3~~	$	~~110.3~~	~~3.5~~	%
Total by‑product revenues	$	(~~639~~658.35)	$	(~~604~~532.32)	$	(35126.03)	523.87	%	$	~~(1,887.9)~~	$	~~(1,752.3)~~	$	~~(135.6)~~	~~7.7~~	%
Total operating cash cost net of by‑product revenues	$	~~406~~391.97	$	~~468~~546.78	$	(61155.81)	(1328.24)	%	$	~~1,342.7~~	$	~~1,368.0~~	$	~~(25.3)~~	~~(1.8)~~	%
Total pounds of copper produced(2)		~~535~~511.26		~~478~~510.38		560.98	110.92	%		~~1,559.2~~		~~1,435.7~~		~~123.5~~	~~8.6~~	%
Operating cash cost per pound before by‑product revenues	$	12.9505	$	2.2411	$	(0.2906)	(132.08)	%	$	~~2.07~~	$	~~2.17~~	$	~~(0.10)~~	~~(4.7)~~	%
By‑products per pound revenues	$	(1.19)	$	(1.26)	$	0.07	(5.5)	%	$	(1.21)	$	(1.22)	$	0.01	(0.8)	%
By‑product revenues per pound	$	(1.29)	$	(1.04)	$	(0.25)	23.5	%
Operating cash cost per pound net of by‑product revenues	$	0.7677	$	01.9807	$	(0.2230)	(2228.64)	%	$	~~0.86~~	$	~~0.95~~	$	~~(0.09)~~	~~(9.7)~~	%

(1) These are non-GAAP measures. Please see page 5750 for reconciliation to GAAP measure.

(2)	Net of metallurgical losses.

In the ~~third~~first quarter of ~~2024~~2025, the operating cash cost per pound before by-product revenues ~~dropped~~decreased from $2.2411 to $12.9505, ~~reflecting~~mainly adriven ~~13.0%~~by ~~improvement~~lower inoperating ~~production~~costs ~~efficiency~~(-2.8%). By-product revenues per pound ~~also~~increased ~~saw~~significantly, arising ~~slight~~by ~~decrease,~~23.5% ~~going~~ from $1.2604 to $1.1929. ~~This~~As ~~contributed to~~ a ~~notable~~result, ~~reduction in~~ the operating cash cost per pound net of by-product revenues, ~~which~~declined ~~dropped from $0~~28.~~98 to $0.76, a 22.6~~4% ~~decline.~~from ~~This decrease reflects positive cost management measures and higher production volumes, which offset the effect of lower by-product revenues.~~

For the nine-month period of 2024, the operating cash cost per pound before by-product revenues fell from $2.17 to $2.07, representing a 4.7% improvement. Total operating cash costs, however, increased 3.5% to $3,230.6 million, while by-product revenues per pound remained relatively steady, falling marginally from $1.22 to $1.21. As a result, the operating cash cost per pound net of by-product revenues decreased 9.7%, going from $0.95 to $0.86. Copper production increased by 8.6% to 1,559.2 million pounds during this period, which reflects ongoing improvements in operating efficiency and cost controls.

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$1.07 to $0.77. This reduction reflects effective cost management and higher by-product revenues, primarily from zinc, silver, and molybdenum due to increases in reported prices and sales volumes.

Metal Prices: The profitability of our operations is dependent on, and our financial performance is significantly affected by, the international market prices for the products we produce, and for copper, molybdenum, zinc and silver in particular.

We are subject to market risks arising from the volatility of copper and other metal prices. For the remaining ~~three~~nine months of ~~2024~~2025, assuming that expected metal production and sales are achieved,; tax rates remain unchanged and giving no effects ~~are~~relative ~~generated~~to by potential ~~hedging~~cost ~~programs~~changes, metal price sensitivity factors would indicate the following change in estimated net income attributable to SCC resulting from metal price changes:


	Copper		Molybdenum		Zinc		Silver
Change in metal prices (per pound except silver—per ounce)	$	0.10	$	1.00	$	0.10	$	1.00
Change in net earnings (in millions)	$	3192.65	$	826.23	$	618.06	$	310.16

Business Segments: We view our Company as having three reportable segments and manage it on the basis of these segments. These segments are (1) our Peruvian operations, (2) our Mexican open-pit operations and (3) our Mexican underground operations, known as our IMMSA unit. Our Peruvian operations include the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad and port facilities that service both mines. The Peruvian operations produce copper, with significant by-product production of molybdenum, silver and other material. Our Mexican open-pit operations include the La Caridad-Pilares and Buenavista mine complexes, the smelting and refining plants and support facilities, which service ~~both~~these mines. The Mexican open -pit operations produce copper, with significant by-product production of molybdenum, silver and other material. Our IMMSA unit includes ~~five~~three operating underground mines ~~that produce zinc, lead, copper, silver~~ and ~~gold, and~~ several industrial processing facilities ~~for zinc, copper and silver~~.

Segment information is included in our review of “Results of Operations” in this item and also in Note 1314 “Segment and Related Information” of our condensed consolidated financial statements.

Inflation and Exchange Rate Effect of the Peruvian Sol and the Mexican Peso: Our functional currency is the U.S. dollar and our revenues are primarily denominated in U.S. dollars. Significant portions of our operating costs are denominated in Peruvian sol and Mexican pesos. Accordingly, when inflation and currency devaluation/appreciation of the Peruvian currency and Mexican currency occur, our operating results can be affected. In recent years, exchange rate volatility has been high but has had a limited effect on our results. Please see Item 3. “Quantitative and Qualitative Disclosures about Market Risk” for more detailed information.

Capital Investment Programs: We made capital investments of $~~792~~317.08 million in the ~~nine-month~~first ~~period~~quarter of ~~2024~~2025, compared to $~~753~~213.28 million in the same period of ~~2023~~2024. In general, the capital investments and investment projects described below are intended to increase production, decrease costs or address social and environmental commitments.

Set forth below are descriptions of some of our current expected capital investment programs. We expect to meet the cash requirements for these projects by utilizing cash on hand; internally generated funds and additional external financing. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy and market conditions.

Projects in ~~Peru~~Mexico:

~~Quebrada~~Minera ~~Honda~~Mexico ~~dam~~is ~~expansion~~planning ~~– Tacna: This project aims~~ to ~~enlarge~~invest ~~the~~more ~~main~~than ~~and~~$600 ~~lateral~~million ~~dams~~ in ~~Quebrada~~2025 ~~Honda~~at ~~and~~both ~~includes~~its ~~the~~open ~~relocation~~pit and ~~repowered~~underground ofmines. ~~some~~Half ~~facilities due to dam growth and implementation~~ of ~~other~~this ~~facilities~~investment ~~for~~will ~~water~~be ~~recovery,~~used ~~among~~to ~~other~~guarantee ~~factors.~~the ~~The~~viability ~~drainage works and removal~~ of ~~Eolic~~long-term ~~material~~operations ~~for~~by ~~the~~actively ~~main~~modernizing and ~~lateral~~updating ~~dam, as well as complementary operational works are completed~~assets. WeThe ~~have~~remaining ~~also~~funds ~~installed~~will ~~two~~target ~~cyclone~~improvements ~~nests~~in ~~for~~water ~~the~~usage ~~main~~and ~~dam, which are currently operating. Additionally, purchases are pending for equipment for~~ tailings ~~hauling.~~management ~~We intend~~ to ~~build~~ensure ~~administrative~~safety ~~facilities~~and ~~down~~efficiency ~~the~~in ~~line.~~our ~~This project has a total budget of $165~~operations.0 ~~million~~In addition, ~~of which~~ we ~~have~~will ~~invested~~invest ~~$152.0~~in ~~million~~efforts asto ofbolster ~~September~~optimization ~~30,~~and ~~2024~~growth.

4239

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~~Tia~~El ~~Maria~~Pilar - ~~Arequipa~~Sonora: This low-capital intensity copper greenfield project, is strategically located in ~~Arequipa~~Sonora, ~~Peru~~Mexico, ~~will~~approximately ~~use~~45 ~~state~~kilometers from our Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of ~~the~~317 ~~art~~million ~~SX-EW~~tonnes ~~technology~~of ore with ~~the~~an ~~highest~~average ~~international~~copper ~~environmental~~grade ~~standards~~of ~~with~~0.249%. We anticipate that El Pilar will operate as a conventional open-pit mine with an annual production capacity of ~~120~~36,000 tonnes of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX- EW ~~copper~~technology. ~~cathodes~~The ~~per~~budget ~~year.~~for El Pilar is $310 million.

The ~~Company~~results ~~has~~from ~~consistently~~experimental ~~promoted~~pads ~~the~~in ~~welfare of~~ the ~~population~~leaching ofprocess ~~the~~have ~~Islay~~confirmed ~~province~~adequate ~~and~~levels ~~the~~of ~~Arequipa~~copper ~~region.~~recovery Asand ~~part~~we ofare ~~these~~evaluating ~~efforts,~~different weoptions ~~have~~for ~~implemented~~optimization. ~~several~~The ~~successful~~Company ~~social~~is ~~programs~~engaging in ~~education,~~project ~~healthcare~~development and ~~productive~~on-site ~~development~~environmental toactivities. ~~improve~~Mine ~~the~~life ~~quality~~is ofestimated ~~life~~at in13 ~~the region~~years.

~~Our~~The ~~current~~Company ~~social~~has ~~programs~~several projects in ~~Islay~~its ~~help~~Mexican ~~reduce~~pipeline ~~the~~that ~~costs~~may ofboost ~~agricultural~~organic ~~production~~growth byif ~~improving~~they ~~productivity with cutting-edge technology. Additionally, we~~ are ~~working~~found to ~~provide~~be ~~internet~~of ~~access~~value tofor ~~4,600~~both ~~school~~stakeholders ~~students.~~and Onthe ~~top~~communities ofin ~~this,~~which we ~~are~~operate. ~~committed~~These toprojects ~~developing~~are ~~health facilities~~Angangueo, ~~high~~Chalchihuites ~~performance~~and ~~schools,~~the ~~research~~Empalme ~~centers~~Smelter, ~~and~~which ~~roads~~could inbolster ~~the~~our ~~Arequipa~~position ~~region~~as ~~via~~a ~~the~~fully ~~“work~~integrated ~~for~~copper ~~taxes” mechanism~~producer.

~~Tia~~Projects ~~Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $17.5 billion and contribute $3.4 billion~~ in ~~taxes and royalties during the first 20 years of operation. The Company is currently reviewing its historical capital budget for Tia Maria of $1.4 billion. We will update this budget by year-end.~~Peru:

~~Project~~Tia ~~update:~~Maria As- ofArequipa: ~~September~~This ~~30,~~greenfield ~~2024~~project, ~~the~~located ~~Company~~in ~~had generated more than 422 jobs~~Arequipa, ~~355 of which were filled with local applicants. To the fullest extent possible~~Peru, wewill ~~intend~~use tostate ~~fill~~of the ~~9,000~~art ~~jobs~~SX-EW ~~estimated~~technology ~~to be required during Tia Maria’s construction~~ with ~~workers from~~ the ~~Islay~~highest ~~province.~~international ~~When~~environmental westandards ~~start~~with ~~operations~~a incapacity ~~2027~~of 120,000 ~~the~~tons ~~project~~of ~~will~~SX- ~~generate~~EW ~~600~~copper ~~direct~~cathodes ~~jobs~~per ~~and 4,800 indirect jobs~~year.

InTia Maria will generate significant revenues for the ~~coming~~Arequipa ~~months,~~region wefrom ~~expect~~day toone ~~build~~of ~~roads~~its ~~and~~operations. ~~access~~At ~~points;~~current ~~train~~copper ~~operators;~~prices, ~~update~~we ~~the~~expect ~~topographic~~to ~~network;~~export ~~install~~$18.2 billion and ~~delimit~~contribute ~~properties~~$3.8 ~~along~~billion ~~the~~in ~~living~~taxes ~~fence;~~and ~~install~~royalties aduring ~~temporary~~the ~~camp;~~first ~~and~~20 ~~begin~~years ~~earthmoving~~of ~~activities~~operation. InThe ~~2025,~~project webudget ~~expect~~has ~~construction~~been toset ~~begin~~at $1,802 million.

Project update: As of March 31, 2025, the Company had generated more than 628 jobs, 503 of which were filled with local applicants. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tia Maria’s construction phase prioritizing workers from the Islay province. When we start operations in 2027, the project will generate 764 direct jobs and 5,900 indirect jobs.

The project is in the early construction phase, with progress on access roads and platforms reaching 61%. The Company will advance these efforts alongside work to set up a temporary camp, engage in massive earthworks, and roll out mine-opening activities. To date, we have installed 59 kilometers of live fence to delimit the property.

Potential projects:

We have a number of other projects that we may develop in the future. We continuously evaluate new projects on the basis of our long-term corporate objectives, expected return on investment, environmental concerns, required investment and estimated production, among other considerations. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy and market conditions.

El Arco - Baja California: This is a world-class copper deposit located in the central part of the Baja California peninsula with ore reserves of over 1,230 million tonnes with an average ore grade of 0.40% and 141 million tonnes of leach material with an average ore grade of 0.27%. The project includes an open-pit mine with a combined 120 ktpd concentrator and 28 ktpa SX-EW operations. ~~Annual production is expected to total 190,000 tonnes of copper and 105,000 ounces of gold.~~

Project update: ~~The~~Detailed ~~Company~~engineering ~~has~~is ~~completed~~still ~~the~~underway ~~environmental baseline study~~ for the ~~mine~~concentrator, ~~concentrator~~SX-EW ~~and~~plant, ~~industrial~~water ~~facilities~~desalination, ~~and~~logistics ~~will~~infrastructure ~~proceed to submit the Environmental Impact Statement (Manifestacion de Impacto Ambiental “MIA”) to the Secretary of Environment~~ and ~~Natural Resources “SEMARNAT” to request the respective environmental impact permits. The Company is currently preparing studies for the port,~~ power ~~lines, townsites and auxiliary facilities~~delivery.

ElLos ~~Pilar~~Chancas - ~~Sonora~~Apurimac: This ~~low-capital intensity copper~~ greenfield project, ~~is strategically~~ located in ~~Sonora~~Apurimac, ~~Mexico~~Peru, ~~approximately~~is 45a ~~kilometers~~copper ~~from~~and ~~our~~molybdenum ~~Buenavista~~porphyry ~~mine~~deposit. ~~Its~~Current estimates of indicated copper ~~oxide~~mineral ~~mineralization~~resources ~~contains~~are ~~estimated~~98 ~~proven~~million ~~and~~tonnes ~~probable~~of ~~reserves~~oxides with a copper content of ~~317~~0.45% and 52 million tonnes of ~~ore~~sulfides with ana ~~average~~ copper ~~grade~~content of 0.~~249~~59%. WeThe ~~anticipate~~Los ~~that~~Chancas Elproject ~~Pilar~~envisions ~~will~~an ~~operate as a conventional~~ open-pit mine with ana ~~annual~~combined ~~production~~operation ~~capacity~~ of ~~36,000~~concentrator ~~tonnes~~and ofSX-EW ~~copper~~processes ~~cathodes.~~that ~~This~~are ~~operation~~expected ~~will~~to ~~use~~produce ~~highly~~130,000 ~~cost~~tonnes ~~efficient~~of copper and ~~environmentally~~7,500 ~~friendly~~tonnes ~~SX-EW~~of ~~technology~~molybdenum annually. The ~~budget~~estimated ~~for~~capital Elinvestment ~~Pilar~~ is $~~310~~2,600 million. and the project is

Los Chancas - Apurimac: This greenfield project, located in Apurimac, Peru, is a copper and molybdenum porphyry deposit. Current estimates of indicated copper mineral resources are 98 million tonnes of oxides with a copper content of 0.45% and 52 million tonnes of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit

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~~mine with a combined operation of concentrator and SX-EW processes that are~~ expected to ~~produce 130,000 tonnes of copper and 7,500 tonnes of molybdenum annually. The estimated capital investment is $2,600 million and the project is expected to~~ begin operating 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: ~~The~~On February 4, 2025, the Company ~~continues~~acquired to3,125 ~~engage~~hectares inof ~~coordinated~~surface ~~efforts~~land ~~with~~from the ~~Peruvian~~Tiaparo ~~authorities~~community. toThis ~~eradicate~~was ~~illegal~~an ~~mining~~important ~~activities~~step in securing our stake in the Los Chancas project. ~~Once~~Between ~~this~~March ~~process~~12 ~~has~~and ~~concluded~~14, we2025, ~~will~~a ~~resume~~group ~~the~~of ~~environmental~~illegal ~~impact~~miners ~~assessment~~attacked ~~and~~the ~~begin~~project's ~~hydrogeological~~facilities and ~~geotechnical~~set ~~studies.~~fire Weto ~~will~~our ~~also~~camps ~~begin~~in aMazopampa 40and Patahias,~~000~~ ~~meters~~damaging ~~in-fill~~both ~~drilling~~equipment ~~campaign~~and tofacilities. ~~gather~~The ~~additional~~Company ~~information~~is oncoordinating with the ~~geological~~authorities ~~characteristics~~to ofremove the ~~Los~~75 ~~Chancas~~illegal ~~deposit~~miners who are squatting on our property so that project development can continue.

Michiquillay Project - Cajamarca: In June 2018, Southern Copper signed a contract for the acquisition of the Michiquillay project in Cajamarca, Peru. Michiquillay is a world class mining project with inferred mineral resources of 2,288 million tonnes and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) at a competitive cash-cost for an initial mine life of more than 25 years. We estimate an investment of approximately $2.5 billion will be required and expect production start-up by 2032. Michiquillay will become one of Peru´s largest copper mines and will create significant business opportunities in the Cajamarca region; generate new jobs for the local communities; and contribute with taxes and royalties to the local, regional and national governments.

~~Project~~We ~~update:~~estimate Asan investment of ~~September~~approximately ~~30,~~$2.5 ~~2024,~~billion ~~the~~will ~~total~~be ~~progress~~required ofand ~~the~~expect ~~exploration~~production ~~project~~start-up ~~was~~by ~~30%~~2032. ByMichiquillay ~~this~~will ~~date,~~become weone ~~have~~of ~~drilled~~Peru´s ~~120,923~~largest ~~meters~~copper mines and ~~obtained~~will ~~39,234~~create ~~drill~~significant ~~core~~business ~~samples~~opportunities ~~for~~in ~~chemical~~the ~~analysis.~~Cajamarca ~~Diamond~~region; ~~drilling~~generate ~~will~~new ~~continue~~jobs ~~and will provide information~~ for the ~~interpretation~~local ofcommunities; ~~geological sections related to mineralization, geological modeling~~ and ~~mineral~~contribute ~~resource~~with ~~evaluation.~~taxes ~~Geo-metallurgical studies are currently underway; hydrological~~ and ~~hydrogeological~~royalties ~~studies~~to ~~for~~ the ~~project~~local, ~~will~~regional ~~begin~~and ~~shortly~~national governments.

~~The~~Project ~~Company~~update: ~~continues~~As toof ~~work~~March ~~with~~31, 2025, total progress on exploration for the ~~Michiquillay~~project reached 39%. A total of 145,928 meters were drilled (total program = 148,000 meters), and La47,990 ~~Encañada~~core ~~communities~~samples ~~based~~were oncollected for chemical analysis. Diamond drilling will continue to provide essential data to interpret geological sections related to mineralization; develop geological models; and assess mineral resources. Geo-metallurgical, hydrological and hydrogeological studies have begun, and the ~~guidelines~~geotechnical ofstudy ~~corresponding~~for ~~social~~the ~~agreements~~project is set to begin soon.

The aforementioned information is based solely on estimates. We cannot make any assurances that we will undertake any of these projects or that the information noted is accurate.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) PRACTICES

~~Responsible~~We ~~Production~~are improving Peru's educational infrastructure. ~~Our~~Two ~~three~~high-performance ~~operations~~schools in(“COAR”) ~~Peru,~~built ~~Cuajone,~~by ~~Toquepala~~Southern Copper Corporation in the Tacna and ~~Ilo,~~Moquegua regions were ~~awarded~~inaugurated ~~with~~by ~~The~~the ~~Copper~~President ~~Mark~~of the Republic of Peru and ~~The~~the ~~Molybdenum~~Minister ~~Mark~~of ~~certifications~~Education. A total of $60 million were invested through the Works for ~~responsible~~Taxes ~~production~~mechanism. ~~following~~The anschools ~~independent~~feature ~~third~~top-~~party~~level ~~assessment~~services, ofwhich ~~environmental~~have been designed to maximize students' academic, ~~social~~artistic, and ~~governance~~athletic ~~performance (ESG)~~abilities. WeEvery ~~are~~year, ~~proud~~these COAR will educate 600 outstanding students from vulnerable areas, as we actively contribute to closing ~~report~~educational ~~that~~gaps ~~all~~in ~~our~~the ~~open~~country. ~~pit~~Work ~~copper~~to ~~and~~build ~~molybdenum~~a ~~production~~new ~~has~~COAR ~~been~~in ~~certified~~the ~~under~~Apurímac ~~these~~region ~~standards~~is slated to begin soon.

~~Education~~Our ~~infrastructure~~social ~~for~~practices ~~Arequipa~~are recognized once again. WeFor ~~delivered~~the third consecutive year, we received the ~~Center~~Exceptional ~~for~~Company ~~Research~~award, ~~with~~which ~~specialized~~recognizes ~~engineering~~our ~~laboratories~~commitment to ~~the~~Mexican ~~Universidad~~communities. ~~Nacional~~This dedistinction, ~~San~~bestowed ~~Agustín~~by dethe ~~Arequipa~~Business ~~(UNSA)~~Coordinating Council, ~~Peru.~~the ~~This~~Communications ~~facility~~Council, ~~which~~and ~~was~~the ~~built~~Institute ~~under~~for the ~~Works~~Promotion ~~for~~of ~~Taxes~~Quality, ~~mechanism~~applauds atour ainitiatives ~~cost~~to ofdrive ~~$18~~regional ~~million,~~economic isand ~~equipped~~recreational ~~with~~development 24by ~~laboratories~~developing the Tamosura and ~~will~~Pinacate urban parks in the mining municipalities of Cananea and Nacozari, Sonora. Every year, more than 50,000 users benefit 6from the sports,~~500~~ ~~students~~recreational, and ~~174~~cultural ~~researchers.~~facilities developed by the Company.

~~Recognition~~We ~~for~~maintain ~~the~~our ~~architectural~~rating ~~and social value of the Cultural Center~~ in ~~Charcas.~~climate ~~The~~change ~~Cultural~~and ~~Center,~~water ~~located~~security in ~~Charcas,~~the ~~San~~CDP ~~Luis Potosi~~evaluation, ~~Mexico, obtained first place in~~ the ~~Noldi~~world’s ~~Schreck~~leading ~~awards~~environmental ~~(350~~disclosure ~~entries)~~platform. inWe ~~the~~are ~~categories~~part ~~“private institutional architecture” and “repurposing~~ of ~~buildings.” This space, which began operations in~~ the ~~summer~~more ofthan ~~2023~~24,800 ~~has~~companies ~~hosted over 4~~that,~~700~~ ~~participants~~in ~~and 120 volunteers across 200 activities related to education~~2024, ~~culture,~~voluntarily ~~health,~~reported ~~and~~their ~~sports.~~environmental ~~The~~impacts ~~Cultural Center, which is open~~ to ~~the public~~CDP, isrepresenting ~~now~~nearly ~~considered~~two-thirds aof ~~cultural~~global ~~attraction~~market ~~and~~capitalization. ~~receives visits from tourists~~SCC, ~~locals~~as ~~and~~part ~~state~~of ~~authorities.~~

Dr. Vagón has provided more than 80 thousand medical services over the last 10 years. In September 2024, Dr. Vagón, which is Fundación Grupo México’s health program, visited Cananea to provide more than 6,000 free medical

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~~services~~Grupo ~~to 2~~Mexico,~~050~~ ~~people.~~ranked ~~Patients~~above ~~were~~the ~~evaluated~~average byfor ~~specialists~~both ~~and~~the ~~needy~~materials ~~candidates~~sector ~~received medicine, eyeglasses~~ and ~~hearing~~the ~~aids.~~North ~~During~~America ~~these~~region ~~interventions,102~~in ~~elderly~~evaluations ~~residents~~for ~~received~~both ~~cataract surgery to help them recover their sight~~categories.

ACCOUNTING ESTIMATES

Our discussion and analysis of financial condition and results of operations, as well as quantitative and qualitative disclosures about market risks, are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of these consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We make our best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: ore reserves, revenue recognition, ore stockpiles on leach pads and related amortization, estimated impairment of assets, asset retirement obligations, determination of discount rates related to the financial lease liabilities, classification of operating leases versus financial leases, valuation allowances for deferred tax assets, unrecognized tax benefits and fair value of financial instruments. We base our estimates on historical experience and on various other assumptions that we believe reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

NEW ACCOUNTING DISCLOSURE RULES

The U.S. Securities and Exchange Commission released its final climate disclosure rule in March 2024. It requires that, when material, annual reports and registration statements include disclosures about greenhouse gas emissions under Scope 1 and Scope 2 as well as other climate-related subjects. The requirements for disclosure will begin phasing in for fiscal years beginning on or after January 1, 2025. As we examine the new rule's impacts, we anticipate updating the climate-related disclosures in our Form 10-K for the fiscal year of adoption when defined.

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RESULTS OF OPERATIONS

The following highlights key financial results for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:

Three Months Ended

~~Nine Months Ended~~

~~September~~March 3031,

~~September 30,~~

Statement of Earnings Data

~~2024~~2025

~~2023~~2024

Variance

% Change

~~2024~~

~~2023~~

~~Variance~~

~~% Change~~

Net sales

23,~~930~~121.9

2,~~505~~599.68

~~425~~522.31

1720.01

~~8,649.0~~

~~7,600.2~~

~~1,048.8~~

~~13.8~~

Operating costs and expenses

(1,~~480~~586.64)

(1,~~436~~410.41)

(44176.23)

312.15

~~(4,401.7)~~

~~(4,276.6)~~

~~(125.1)~~

~~2.9~~

Operating income

1,~~450~~535.35

1,~~069~~189.27

~~381~~345.18

3529.61

~~4,247.3~~

~~3,323.6~~

~~923.7~~

~~27.8~~

Non‑operating income (expense)

(2357.60)

(5134.82)

28(22.28)

~~(54~~66.4)6

~~(134.4)~~

~~(155.6)~~

~~21.2~~

~~(13.6)~~

Income before income taxes

1,~~426~~478.75

1,~~017~~155.45

~~409~~323.30

4028.20

~~4,112.9~~

~~3,168.0~~

~~944.9~~

~~29.8~~

Income taxes

(~~526~~532.48)

(~~395~~423.34)

(~~131~~109.14)

3325.28

~~(1,528.6)~~

~~(1,170.2)~~

~~(358.4)~~

~~30.6~~

Equity earnings of affiliate

(03.5)3

(06.1)7

(03.4)

~~400~~(50.03)

~~8.1~~

~~(10.3)~~

~~18.4~~

~~(178.7)~~

Net income attributable to non‑controlling interest

(3.12)

(2.58)

(0.64)

2414.03

~~(9.5)~~

~~(7.3)~~

~~(2.2)~~

~~30.0~~

Net income attributable to SCC

~~896~~945.79

~~619~~736.50

~~277~~209.29

4428.75

~~2,582.9~~

~~1,980.2~~

~~602.7~~

~~30.4~~

NET SALES

In the ~~third~~first quarter of ~~2024~~2025 totaled $23,~~930~~121.9 million, ~~which~~reflecting ~~represented~~ a ~~substantial increase of 17~~20.01% increase compared to ~~net sales in~~ the same period ofin ~~2023~~2024. This ~~growth~~performance was ~~primarily~~mainly ~~attributable~~supported toby ~~growth~~increased in sales volumes of copper (+83.26%), molybdenum (+59.69%), silver (+1714.41%), and zinc (+5042.14%)., ~~Higher~~along ~~metal~~with higher prices for copper (LME, +10.07%~~, LME~~), ~~silver~~molybdenum (+243.70%), ~~and~~silver ~~zinc~~ (+1438.54%), ~~further~~and ~~boosted~~zinc ~~sales. This positive performance was somewhat offset by a decline in molybdenum prices~~ (-8+16.12%).

For the nine-month period of 2024, net sales increased 13.8% compared to the same period in 2023. This growth was driven by higher sales volumes of copper (+5.5%), molybdenum (+11.6%), silver (+13.7%), and zinc (+39.3%). Better performance was also bolstered by higher metal prices for copper (+6.2%, LME) and silver (+16.0%), which were offset by a drop in molybdenum (-17.4%) prices.42

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The table below outlines the average published market metal prices for our metals for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:


	Three Months Ended March 31,	~~Three Months Ended September 30,~~					~~Nine Months Ended September 30,~~
	~~2024~~2025		~~2023~~2024		% Change		~~2024~~		~~2023~~		~~% Change~~
Copper price ($per pound—LME)	$	4.1724	$	3.7983	10.07	%	$	~~4.14~~	$	~~3.90~~	~~6.2~~	%
Copper price ($per pound—COMEX)	$	4.2357	$	3.7786	1218.24	%	$	~~4.21~~	$	~~3.90~~	~~7.9~~	%
Molybdenum price ($per pound)(1)	$	2120.6843	$	2319.5984	(83.1)0	%	$	~~21.07~~	$	~~25.50~~	~~(17.4)~~	%
Zinc price ($per pound—LME)	$	1.2629	$	1.1011	1416.52	%	$	~~1.22~~	$	~~1.22~~	—	%
Silver price ($per ounce—COMEX)	$	2932.4331	$	23.6035	2438.74	%	$	~~27.21~~	$	~~23.46~~	~~16.0~~	%

(1)	Platts Metals Week Dealer Oxide

The table below provides our metal sales as a percentage of our total net sales for the three ~~and nine~~-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:


		Three Months Ended				~~Nine Months Ended~~
	~~September 30,~~	March 31,				~~September 30,~~
Sales as a percentage of total net sales		~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Copper		77.19	%	7478.86	%	~~77.1~~	%	~~76.4~~	%
Molybdenum		109.16	%	1310.75	%	~~11.0~~	%	~~11.8~~	%
Silver		5.27	%	4.23	%	~~4.9~~	%	~~4.2~~	%
Zinc		3.96	%	2.87	%	~~3.4~~	%	~~3.0~~	%
Other by‑products		3.72	%	43.59	%	~~3.6~~	%	~~4.6~~	%
Total		100.0	%	100.0	%	~~100.0~~	%	~~100.0~~	%

The table below provides our copper sales by type of product for the three ~~and nine~~-month ~~period~~periods ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. The difference in value between products is the level of processing. At the market price, concentrates take a discount since they require smelting and refining processes, while refined and rod copper receive premiums due to their purity and presentation.

Three Months Ended ~~September~~March 3031,

~~Nine Months Ended September 30,~~

Copper Sales (million pounds)

~~2024~~2025

~~2023~~2024

Variance

% Change

~~2024~~

~~2023~~

~~Variance~~

~~% Change~~

Refined (including SX‑EW)

~~279~~250.83

~~289~~267.03

(917.20)

(36.23)

~~797.4~~

~~824.9~~

~~(27.5)~~

~~(3.3)~~

Rod

7891.75

8491.78

(6.0.3)

(70.13)

~~259.4~~

~~258.8~~

~~0.6~~

~~0.2~~

Concentrates and other

~~177~~195.42

~~121~~159.74

5535.78

4522.85

~~507.0~~

~~398.8~~

~~108.2~~

~~27.1~~

Total

~~535~~537.90

~~495~~518.45

4018.5

83.26

~~1,563.8~~

~~1,482.5~~

~~81.3~~

~~5.5~~

The table below provides our copper sales volume by type of product as a percentage of our total copper sales volume for the three ~~and nine~~-month period ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:


	~~Three months ended September 30,~~	Three months ended March 31,				~~Nine months ended September 30,~~
Copper Sales by product type		~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Refined (including SX‑EW)		5246.26	%	5851.36	%	~~51.0~~	%	~~55.6~~	%
Rod		1417.70	%	17.17	%	~~16.6~~	%	~~17.5~~	%
Concentrates and other		3336.13	%	2430.67	%	~~32.4~~	%	~~26.9~~	%
Total		100.0	%	100.0	%	~~100.0~~	%	~~100.0~~	%

4743

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OPERATING COSTS AND EXPENSES

The table below summarizes the production cost structure by major components as a percentage of total production cost:


	Three months ended ~~September~~March 3031,				~~Nine months ended September 30,~~
	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Power	1012.39	%	1213.40	%	~~12.4~~	%	~~13.6~~	%
Labor	1211.19	%	11.8	%	~~11.8~~	%	~~11.5~~	%
Fuel	1615.02	%	16.0	%	~~16.0~~	%	~~15.5~~	%
Maintenance	2524.28	%	22.07	%	~~22.0~~	%	~~21.5~~	%
Operating material	1918.69	%	1819.94	%	~~18.9~~	%	~~19.8~~	%
Other	16.83	%	1817.91	%	~~18.9~~	%	~~18.1~~	%
Total	100.0	%	100.0	%	~~100.0~~	%	~~100.0~~	%

~~Third quarter:~~ Operating costs and expenses were $1,~~480~~586.64 million in the ~~third~~first quarter of ~~2024~~2025, compared to $1,~~436~~410.41 million in the same period of ~~2023~~2024. The increase of $44176.23 million was primarily due to:


v
	Operating cost and expenses for the third quarter of 2023			$	1,436.4
Operating cost and expenses for the first quarter of 2024			$	1,410.1
	Plus:
Plus:
	•	Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:			55.9
•	Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:			152.7
	- Inventory variance	~~- Repairing materials, principally heavy equipment spare parts~~79.9	~~25.4~~
	- Workers participation	~~- Foreign currency effect~~47.1	~~25.0~~
	- Repairing materials, principally heavy equipment spare parts	~~- Workers participation~~19.0	~~19.9~~
	- Exchange rate variance	~~- Inventory variance~~10.2	~~8.3~~
	- Other net	~~- Leachable material~~(3.7)	~~7.9~~
		This was partially offset by a decrease in:
•	Increase in depreciation, amortization and depletion expense.			14.8
		- Energy costs	(21.8)
•	Increase in volume and cost of metals purchased from third parties.			8.9
		- Sales expenses	(5.4)
•	Increase in selling, general and administrative expenses.			0.9
		- Other net	(3.4)
Less:
	•	Increase in depreciation, amortization and depletion expense.			0.6
•	Decrease in exploration expense.			(0.9)
	Less:
Operating cost and expenses for the first quarter of 2025			$	1,586.4
	•	Decrease in the volume and cost of metals purchased from third parties.			(8.5)
	•	Decrease in exploration expense.			(2.3)
	•	Decrease in selling, general and administrative expenses.			(1.5)
	Operating cost and expenses for the third quarter of 2024			$	1,480.6

NON-OPERATING INCOME (EXPENSE)

48Non-operating income (expense) represented a net expense of $56.9 million in the three-month period ended March 31, 2025, compared to a net expense of $34.2 million in the same period of 2024.

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Nine months: Operating costs and expenses were $4,401.7 million for the nine-month period of 2024 compared to $4,276.6 million in the same period of 2023. The increase of $125.1 million was primarily due to:


Operating cost and expenses for the nine months of 2023			$	4,276.6
Plus:
•	Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:			137.4
	- Repairing materials, principally heavy equipment spare parts	84.2
	- Workers participation	34.5
	- Fuel	34.3
	- Labor costs	26.6
	- Reagents	19.6
	- Foreign currency effect	7.3
	- Other net	8.4
	This was partially offset by a decrease in:
	- Energy costs	(57.0)
	- Inventory variance	(20.5)
•	Increase in depreciation, amortization and depletion expense, mainly in our peruvian operations			6.3
•	Increase in exploration expense.			4.9
•	Increase in selling, general and administrative expenses.			1.9
Less:
•	Decrease in the volume and cost of metals purchased from third parties.			(25.4)
Operating cost and expenses for the nine months of 2024			$	4,401.7

The $22.7 million increase in the expense level was due to:

●	$32.7 million increase in other expense, which includes a $9.9 million asset impairment at Tia Maria project.

●	$11.4 million increase in interest expense, net of capitalized interest, partially offset by

●	$21.4 million increase in interest income due to higher cash balances.

NON-OPERATING INCOME (EXPENSES)

Non-operating income (expense) represented a net expense of $23.6 million and $134.4 million in the three and nine months ended on September 30, 2024 compared to a net expense of $51.8 million and $155.6 million in the three and nine months ended September 30, 2023.

~~Third quarter: The $28.2 million decrease in the expense level was due to:~~44

●Table ~~$12.3~~of ~~million increase in other income, which includes a $15.0 million insurance payment for damages at our Cuajone operations.~~Contents

● $17.5 million increase in interest income due to higher cash available and

● $1.6 million increase in interest expense, net of capitalized interest.

Nine months: The $21.2 million decrease in the expense level was principally due to:

● $26.8 million increase in interest income due to higher cash available,

● $4.6 million increase in other expense,

● $1.0 million increase in interest expense net of capitalized interest, and

INCOME TAXES


	~~Nine~~Three Months Ended
	~~September~~March 3031,
	~~2024~~2025			~~2023~~2024
Provision for income taxes ($in millions)	$	1,528.6		$	1,170.2
Provision for income taxes ($ in millions)	$	532.8		$	423.4
Effective income tax rate		3736.20	%		36.96	%

In addition to the income taxes of Peru, Mexico and the United States, the provision for income taxes also includes the mining royalties from Peru and Mexico and the Peruvian special mining tax.

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Filing Compare · SOUTHERN COPPER CORP/