SCCO Southern Copper Corp/ - 10-K

ITEM 1A. RISK FACTORS

Every investor or potential investor in Southern Copper Corporation should carefully consider the following risk factors.

Financial risks

Our financial performance is highly dependent on the price of copper and the other metals we produce.

Our financial performance is significantly affected by the market prices of the metals that we produce, particularly the market prices of copper, molybdenum, zinc and silver. Historically, these prices have been subject to wide fluctuations and are affected by numerous and complex factors beyond our control. Market prices are affected by a number of factors, including global economic and political conditions in general, and in particular by: international policies and regulations in the ambits of trade, taxes and tariffs; levels of supply and demand; the availability and cost of substitutes; inventory levels maintained by users; actions of participants in the commodities markets; interest rates; expectations regarding future inflation rates; currency exchange rates and changes in technology. In addition, the market prices of copper and certain other metals have on occasion been subject to rapid short-term changes. At the start of the pandemic in 2020, copper prices were initially negatively impacted by economic uncertainty. Copper prices began to recover in mid-2020 and continued to strengthen, reaching record levels in 2025. Volatility in global economic growth, particularly in developing countries, has the potential to adversely affect future demand and prices for commodities. Geopolitical uncertainty and protectionism have the potential to inhibit international trade and negatively impact business confidence, which can create price volatility and constraints on our ability to trade in certain markets.

In addition to the factors discussed above, copper prices may be affected by demand from China, which is currently the largest consumer of refined copper and concentrate in the world.

Over the last three years, approximately 75.9% of our revenues were generated from the sale of copper; 10.9% from molybdenum; 5.7% from silver; and 3.6% from zinc. Please see the distribution of our revenues per product on Item 8 “Financial Statements and Supplementary Data” Note 18 “Segment and Related Information—Sales value per segment”.

See also the historical average price of our products on Item 1 Business caption “Metals prices”.

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We cannot predict if metals prices will rise or fall in the future. Extended significant future declines in metals prices, particularly copper, could have a material adverse impact on our results of operations, financial condition and value of our assets. Under very adverse market conditions, we might consider curtailing or modifying some of our mining and processing operations. We may be unable to decrease our costs in an amount sufficient to offset reductions in revenues, in which case, we may incur losses, which may be material.

Declines in the prices of metals we sell could also result in metals inventory adjustments and impairment charges for our long-lived assets. Other events that could result in the impairment of our long-lived assets include, but are not limited to, decreases in estimated proven and probable mineral reserves and any event that might have a material adverse effect on current and future expected mine production costs.

Volatility in metals prices may also impact the price of our outstanding securities.

Although our results of operations and cash flow will reflect fluctuations in the prices of copper and other metals we produce, short-term volatility in prices may generate significant fluctuations in the price of our securities. Such volatility in the price of our securities may not be reflective of our operating performance or financial results.

Our business requires levels of capital investments that we may not be able to maintain.

Our business is capital intensive. Significant capital investments are required specifically for the exploration and exploitation of copper and other metal reserves, mining, smelting and refining costs, the maintenance of machinery and equipment and compliance with laws and regulations. We must continue to invest capital to maintain or increase the amount of copper reserves that we exploit and the amount of copper and other metals we produce. We cannot assure you that we will be able to maintain our production at levels that generate sufficient cash, or that we will have access to sufficient financing to continue our exploration, exploitation and refining activities at or above present levels.

Restrictive covenants in the agreements governing our indebtedness and the indebtedness of our Minera Mexico subsidiary may restrict our ability to pursue our business strategies.

Our financing instruments and those of our Minera Mexico subsidiary include financial and other restrictive covenants that, among other things, limit our and Minera Mexico’s abilities to incur additional debt and sell assets. If either we or our Minera Mexico subsidiary fails to comply with these obligations, we could be in default under the applicable agreements. This situation, if not addressed or waived, could require immediate repayment of debt obligations. Our Minera Mexico subsidiary is further limited by the terms of its outstanding notes, which also restrict the Company’s applicable incurrence of debt and liens. In addition, future credit facilities may contain limitations on our capacity to incur additional debt and liens, dispose of assets, or pay dividends to our common stockholders.

We may not pay a significant amount of our net income as cash dividends on our common stock in the future.

We have distributed a significant amount of our net income as dividends since 1996. Our dividend practice is subject to change at the discretion of our Board of Directors at any time. The amount that we pay in dividends is subject to a number of factors, including the results of our operations; our financial condition; cash requirements; tax considerations; future prospects; legal restrictions; contractual restrictions in credit agreements; limitations imposed by the government of Peru, Mexico and other countries where we have significant operations; and other factors that our Board of Directors may deem relevant. Depending on our capital investment program and global economic conditions, it is possible that future dividend distributions will be lower than the levels seen in recent years.

Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.

Through 2025, the Company recognized the expected future tax benefit from deferred tax assets when the tax benefit was considered more likely than not to be realized. A valuation allowance is provided for those deferred tax assets for which management believes that the related benefits will not be realized. Determining the amount of the valuation allowance and assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income and existing tax laws. There can be no assurance that the Company will

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be able to recognize the expected future benefits of deferred tax assets; this inability could have a material adverse effect on the Company’s financial results.

Operational risks

Our actual reserves and resources may not conform to our current estimates of our ore deposits and our long-term viability depends on our ability to replenish mineral reserves and resources.

There is a degree of uncertainty attributable to the estimation of reserves and resources. Until reserves are actually mined and processed, the quantity of ore and grades must be considered estimates only. We disclose proven and probable reserves and measured, indicated and inferred resources, each as defined in Item 1300 of Regulation S-K (“S-K 1300”). Additionally, the scientific and technical information concerning our mineral projects in this Form 10-K has been reviewed and approved by third-party “qualified persons” pursuant to S-K 1300. We may be required in the future to revise our reserves and resources estimates based on our actual production. We cannot assure you that our actual reserves and resources conform to geological, metallurgical or other expectations or that the estimated volume and grade of ore will be recovered. Market prices of our metals, increased production costs, reduced recovery rates, short-term operating factors, royalty charges and other factors may render proven and probable reserves uneconomic to exploit and may result in revisions of reserves data from time to time. Reserves data may not be indicative of future results of operations. Our reserves are depleted as we mine. We depend on our ability to replenish our mineral reserves and resources for our long-term viability. We use several strategies to replenish and increase our mineral reserves and resources, including exploration and investment in properties located near our existing mine sites and investing in technology that could extend the life of a mine by allowing us to cost-effectively process ore types that were previously considered uneconomic. Acquisitions may also contribute to increasing mineral reserves and resources, and we review potential acquisition opportunities on a regular basis. However, we cannot assure you that we will be able to continue with our strategy to replenish reserves indefinitely.

Our operations are subject to risks, some of which are not insurable.

The business of mining, smelting and refining copper, zinc and other metals is subject to a number of risks and hazards, including industrial accidents, labor disputes, unusual or unexpected geological conditions, changes in the regulatory environment, environmental hazards, weather and other natural phenomena, such as seismic activity, wall failures and rock slides in our open-pit mines, structural collapses of our underground mines or tailings impoundments, and lower than expected ore grades or recovery rates. The Company’s operations may also be affected by mudslides and flash floods caused by torrential rains.

Such occurrences could result in damage to, or destruction of, mining operations resulting in monetary losses and possible legal liability. In particular, surface and underground mining and related processing activities present inherent risks of injury to personnel, loss of life and damage to equipment.

During recent years, social and political demands have caused violence which could result in damage to, or destruction of, mining operations resulting in monetary losses and possible legal liability.

In our proactive approach to managing operational sustainability risks, we have implemented the Critical Risk Registry, aligning with the International Council on Mining and Metals (ICMM) Good Practice Guide on Health and Safety Critical Control Management. This robust system addresses both environmental and health and safety risks, ensuring compliance with best practices. By focusing on critical controls through this approach, we optimize resource allocation and bolster our efforts in sustainability risk management.

To enhance the monitoring of controls, we recently introduced a comprehensive company procedure and digital tool. This platform facilitates detailed oversight by establishing clear roles, responsibilities, timelines, reminders, and notifications. It streamlines the chain of command, enabling the prompt identification of deviations from established protocols and facilitating the implementation of corrective actions along with subsequent monitoring. Through the digital tool, we can measure, verify, and audit controls, promptly identifying instances of incorrect implementation or threshold breaches.

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In addition, we maintain insurance against many of these and other risks, which under certain circumstances may not provide adequate coverage. Insurance against certain risks, including certain liabilities for environmental damage or hazards as a result of exploration and production, is not generally available to us or other companies within the mining industry. Nevertheless, recent environmental legal initiatives contemplate requirements for environmental damage insurance. If these regulations come into force, we will have to analyze the need to obtain said insurance. We do not have nor do we intend to obtain, political risk insurance. We cannot assure you that these and other uninsured events will not have an adverse effect on our business, properties, operating results, financial condition or prospects.

Our operations are subject to risks associated with the management of waste rock and tailings storage facilities, which are subject to significant environmental, safety and engineering challenges that could adversely affect our business.

The waste rock and tailings produced in our mining operations represent our largest volume of waste material. Managing a high volume of waste rock and tailings presents significant environmental, safety and engineering challenges and risks primarily relating to structural stability, geochemistry, water quality and dust generation. We maintain large tailings impoundments containing ground rock sand that is moistened with water; these areas are effectively large dams that must be engineered, built and monitored to assure structural stability and avoid leakages or structural collapse. Our tailings impoundments must have effective programs to suppress dust emissions to meet regulatory requirements, which vary depending on the jurisdiction, and to limit potential impacts of our operations’ dust emissions on the environment and the adjacent communities. Management of this waste is regulated in the jurisdictions where we operate and our waste management programs are designed to comply with our permits, approved environmental impact studies and applicable laws.

Defects and/or failures of tailings storage facilities, other impoundments or stockpiles at any of our mining operations could cause severe, and in some cases catastrophic, property and environmental damage and loss of life, as well as adversely affect our business and reputation.

The importance of careful design, management and monitoring of large tailings impoundments has grown in recent years due to large-scale tailings dam failures at the mining operations of companies, unaffiliated with the Company, which caused extensive property and environmental damage and, in certain instances, resulted in the loss of life. The failure or loss of integrity of a tailings storage facility or related waste management infrastructure—whether due to operational deficiencies, extreme weather events, seismic activity, regulatory constraints or other factors beyond our control—could result in the release of tailings, process water or other materials, causing environmental harm and potential impacts to surrounding communities, damage to, or destruction of mining operations, resulting in monetary losses and possible legal liability. Such events could materially adversely affect our results of operations and financial condition, disrupt operations, damage our reputation, and subject the Company to regulatory enforcement actions, fines, remediation obligations and claims from governmental authorities or third parties. For more information regarding our tailings dams, please see Item 2 “Properties—Slope Stability—Tailings Dams.”

Changes in the demand level for our products and copper sales agreements could adversely affect our revenues.

Our financial results may be affected by fluctuations in demand for the refined, semi-refined metal products and concentrates we sell at both the industrial and consumer level, and may also be affected by changes in the global economy, including economic upturns and downturns of differing magnitudes. Changes in technology, industrial processes, concerns over weaknesses in the global economy and consumer habits may affect the level of demand to the extent that those increase or decrease the need for our metal products. Our revenues may also be adversely affected by events of force majeure that could have a negative impact on our sales agreements. These events include acts of nature, labor strikes, fires, floods, wars, transportation delays, government actions or other events that are beyond the control of the parties to the agreement.

However, the success of the energy transition is intrinsically linked to copper, our key product, critical for the production of technological solutions to the decrease the global greenhouse gas (GHG) emissions. Given copper's crucial role in electrification and the generation of clean energies, there exists an increasing expectation from both corporate entities

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and societal stakeholders that copper sourcing should emanate from entities committed to rigorous and responsible production practices.

This commitment has driven us to pledge certifications for all our copper production under international standards.

Interruptions of energy supply or increases in energy, fuel and gas costs, shortages of water supply, critical parts, equipment, skilled labor and other production costs may adversely affect our results of operations.

We require substantial amounts of fuel oil, electricity, water and other resources for our operations. Fuel, gas and power costs constituted approximately 26% of our total production costs in 2025 and 2024, and 29% in 2023. We rely upon third parties for our supply of the energy resources consumed in our operations. Therefore prices for and availability of energy resources may be subject to change or curtailment due to new laws or regulations; imposition of new taxes or tariffs; interruptions in production by suppliers; and variations in global prices or market conditions, among other factors. Regarding water consumption, although each of our operations currently has sufficient water supplies to cover its operational demands, the loss of some or all water rights for any of our mines or operations, in whole or in part, shortages relative to the water to which we have rights or a lack of additional back-up water supplies at an acceptable cost, or at all, could require us to curtail or shut down mining production and could prevent us from pursuing expansion opportunities, thereby increasing and/or accelerating costs or foregoing profitable operations. In addition, future shortages of critical parts, equipment and skilled labor could adversely affect our operations and development projects.

Our Company is subject to health and safety laws that may restrict our operations, result in operational delays or increase our operating costs and adversely affect our financial results of operations.

We are required to comply with occupational health and safety laws and regulations in Peru and Mexico where our operations are subject to periodic inspections by the relevant governmental authorities. These laws and regulations govern, among others, health and safety workplace conditions, including high risk labor and the handling, storage and disposal of chemical and other hazardous substances. We believe our operations comply in all material respects with applicable health and safety laws and regulations in the countries in which we operate. Compliance with existing and new laws and regulations that may be applicable to us in the future could increase our operating costs and adversely affect our financial results of operations and cash flows.

Our objective is to preserve the health and safety of our workforce by implementing occupational health and training programs and safety incentives at our operations that meet all regulatory requirements and enhance employee performance. Despite the Company’s efforts, we are not exempt from accidents. These are reported to Mexican and Peruvian authorities as required. Regarding non-fatal accidents, during the last four years, the Company’s Dart rate (rate to measure workplace injuries severe enough to warrant Day Away from work, job Restrictions and/or job Transfers) was much lower than the MSHA Dart rate (the MSHA Dart rate is published by the U.S.’s Mine Safety and Health Administration, and is used as an industry benchmark).

In 2025, we recorded four fatalities (three employees and one contractor). In 2024, we recorded one fatality of a contractor and in 2023, we recorded five fatalities (two contractors and three employees). The amounts paid to the Mexican and Peruvian authorities for reportable accidents had no adverse effects on our results. Under Mexican and Peruvian law penalties and fines for safety violations are generally monetary, but in certain cases may lead to the temporary or permanent shutdown of the affected facility or the suspension or revocation of permits or licenses. Additionally, violations of security and safety laws and regulations at our Peruvian operations can be considered criminal activity and punishable by a sentence of up to 10 years of prison.

Our metals exploration efforts are highly speculative in nature and may be unsuccessful.

Metals exploration is highly speculative in nature because it involves many risks and is frequently unsuccessful. Once mineralization is discovered, it may take a number of years from the initial phases of drilling until production is possible. During such time the economic feasibility of production may change. Substantial expenditures must be made to determine proven and probable mineral reserves, which requires drilling to establish the metallurgical processes that will be needed to extract the metals from the ore and, in the case of new properties, to construct mining and processing

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facilities. We cannot assure you that our exploration programs will result in the expansion or replacement of current production with new proven and probable mineral reserves.

Development projects have no operating history upon which we can base estimates of proven and probable mineral reserves and estimates of future cash operating costs. Estimates are, to a large extent, based upon the interpretation of geological data obtained from drill holes and other sampling techniques and on pre-feasibility or feasibility studies that generate estimates of cash operating costs based upon anticipated tonnage and grades of ore to be mined and processed; the configuration of the ore body; expected recovery rates of the mineral from the ore; comparable facility and equipment operating costs; anticipated climatic conditions; and other factors. As a result, actual cash operating costs and economic returns based upon the development of proven and probable mineral reserves may differ significantly from those originally estimated. Moreover, significant decreases in actual or expected prices may mean reserves, once found, will be uneconomical to produce.

We may be adversely affected by challenges relating to slope stability.

Our open-pit mines get deeper as we mine them, presenting certain geotechnical challenges including the possibility of slope failure. If we are required to decrease pit slope angles or provide additional road access to prevent such a failure, our stated reserves could be negatively affected. Furthermore, hydrological conditions relating to pit slopes, renewal of material displaced by slope failures and increased stripping requirements could also negatively affect our stated reserves. We take action to maintain slope stability, but we cannot assure you that we will not have to take additional action in the future or that our actions taken to date will be sufficient. Unexpected slope failures, or additional requirements to prevent slope failures, may negatively affect our results of operations and financial condition and may diminish our stated mineral reserves.

We may be adversely affected by labor disputes.

In the last several years, we have experienced several strikes and other labor disruptions that have had an adverse impact on our operations and operating results. As of December 31, 2025, unions represented approximately 51% of our workforce in Peru and 71% in Mexico. Currently, we have labor agreements in effect for our Mexican and Peruvian operations.

Our Taxco mine in Mexico has been on strike since July 2007. It is expected that operations at this mine will remain suspended until these labor issues are resolved. In addition, workers at the San Martin mine were on strike from July 2007 to August 2018. After eleven years of an illegal stoppage, we resumed control of the San Martin mine in August 2018. During this period, the San Martin facilities deteriorated, and we undertook a major renovation to restart operations during the second quarter of 2019 for a total expense of approximately $90.5 million. For additional information, see Item 2, “Properties—Mexican IMMSA Unit—San Martin and Taxco”, and Note 13, “Commitments and Contingencies—Labor matters”, to the consolidated financial statements.

We cannot assure you when the pending strike will be settled, or that in the future we will not experience strikes or other labor related work stoppages that could have a material adverse effect on our financial condition and results of operations.

Our mining operations or metal production projects may be subject to stoppage and additional costs due to community actions and other factors.

In recent years, global mining activity has been pressured by neighboring communities for financial commitments to fund social benefit programs and infrastructure improvements. Our projects in Peru are not exempt from these demands. Our Tia Maria project in Peru has experienced delays while trying to resolve issues with community groups.

Seemingly in the Peruvian mining environment, it is becoming crucial to obtain acceptance from local communities for projects in their areas, which may entail compliance with the demands for substantial investments in community infrastructure development and modernization to proceed with the mining projects.

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We are confident that we will move forward with the Tia Maria project. However, we cannot assure you when and that we will incur no additional costs for community infrastructure development and modernization to obtain approval from the communities for current or future mining projects.

In 2022, violent protests by some of communities adjoining the Cuajone mine negatively affected the mine’s operations. In February 2022, the railway between Cuajone and Ilo was blocked and Viña Blanca water reservoir facilities were seized, cutting off the water supply to some residents of the Cuajone mining camp.

After numerous efforts to restore order through dialogue by the authorities, the Peruvian government declared a state of emergency in the Moquegua region in April 2022 and ordered the protestors to return the Viña Blanca facilities and the railway to the Company. After an evaluation of the damage, the Company resumed production at the Cuajone mining unit and the facilities are currently operating at full capacity.

On April 30, 2022, the Peruvian government issued a Ministerial Resolution to set up a three-party-dialogue-table involving community members, government representatives and Company executives to better understand and address the concerns of all parties. Between 2023 and 2024, several meetings were held with community representatives, but no agreements were reached. In January 2025, new community representatives were appointed for two years. These individuals have demonstrated a greater willingness to engage in dialogue and are interested in collaborating with the Company on joint social programs. As of January 2026, the Company continues to engage in ongoing discussions with community representatives, and we are implementing high-impact projects that address community needs. Additionally, several preliminary meetings were held to evaluate reopening negotiations to purchase land required for the Cuajone operations.

However, we cannot guarantee that any additional incidents will not arise or assert that any future incidents that occur will imply no adverse impacts for our facilities, the results of our operations or our financial position.

In addition, collective action lawsuits and civil action lawsuits have been filed against the Company in Mexico through both federal courts and state courts in Sonora. Constitutional lawsuits have also been filed against various government authorities and the Company. These lawsuits are seeking damages and demand remediation actions to restore the environment. The Company believes that the lawsuits are without merit and that it is not possible to determine the extent of the damages sought. Moreover, the Company cannot offer any assurances that the outcome of these lawsuits will not have adverse effects on the Company.

Environmental regulation, climate change and other regulations may increase our costs of doing business, restrict our operations or result in operational delays.

Our exploration, mining, milling, smelting and refining activities are subject to a number of Peruvian and Mexican laws and regulations, including environmental laws and regulations, and certain industry technical standards. Additional matters subject to regulation include, but are not limited to, concession fees, transportation, production, water use and discharge, power use and generation, use and storage of explosives, surface rights, housing and other facilities for workers, reclamation, taxation, labor standards, mine safety and occupational health. As the world and the countries in which we operate become more conscious of the importance of environmental aspects, we expect additional environmental laws and regulations will be enacted over time.

Please refer to Note 13 “Commitments and Contingencies—Environmental matters” of our financial statements for further information on this subject.

The potential physical impacts of climate change on our operations are highly uncertain and depend on the geographic location of our facilities. These may include droughts and the associated changes in rainfall patterns, water shortages, changes in sea levels, and high temperatures. These effects may adversely impact the cost, production and financial performance of our operations. In addition, substantial weather-related conditions could impact our relationships and arrangements with our major customers and suppliers by materially affecting the normal flow of our transactions, especially seaborne transactions. For example, severe weather events could damage transportation infrastructures and lead to interruptions or delays in the supply of key inputs and raw materials or sold products.

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We monitor fluctuations in weather patterns in the areas where we operate. Aligned with government efforts, we measure our carbon footprint and have updated our climate strategy to reduce the contributions to greenhouse gas emissions of our operations. We also evaluate our water demand, as weather changes may result in increases or decreases that affect our needs.

Efforts to comply with more stringent environmental protection programs in Peru and Mexico and with relevant trade agreements could impose constraints on operations and imply additional costs. Consequently, we may need to make significant investments in this regard in the future. We cannot assure you that current or future legislative, regulatory or trade developments will not have adverse effects on our business, properties, operating results, financial condition or prospects.

Our mining and metal production projects may expose us to new risks.

Our Company is in the midst of a large expansion program, which may expose us to additional risks in terms of industrial accidents. While we believe our contractors employ safety standards and other procedures to ensure these projects are completed with proper governance, it is possible that increased activity at our sites could cause environmental accidents or endanger human life.

Our business depends upon information technology systems that may be adversely affected by disruptions, damage, cyber-attacks, failure and risks associated with implementation and integration.

Our operations depend upon information technology systems that may be subject to disruption, damage or failure from different sources, including, without limitation, the installation of malicious software, computer viruses, security breaches, cyber-attacks and defects in design. In recent years, cybersecurity incidents have increased in frequency and include, but are not limited to, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the corruption of data. We have taken appropriate preventive measures to mitigate potential risks by implementing an information security management system that conducts frequent monitoring; which ensures the application of controls that are frequently reviewed and tested.

Given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to manipulation or improper use of our systems and networks, operational delays, situations that compromise confidential or otherwise protected information, destruction or corruption of data, security breaches, or financial losses from remedial actions, any of which could have a material adverse effect on the cash flows, competitive position, financial condition or results of our operations.

Our business is exposed to certain risks associated with artificial intelligence (“AI”) and other new technologies.

Information and operational technology systems continue to evolve and, in order to remain competitive, we must implement new technologies in a timely, cost-effective and efficient manner. For example, nowadays a major number of software, hardware, services and in general technological solutions vendors are including AI components for a very wide range of applications; and we may find improvement opportunities by developing and applying AI in several of our business and operational processes. These applications may become important in our operations over time. Our ability to implement new technologies, including AI, may affect our competitiveness and, consequently, our results of operations.

In addition, we may utilize AI and other new technologies in software provided by third parties to enhance our capabilities in producing copper, improving business processes and responding to threats to our technology platforms.  The use of AI when lacking of a strategy and a governance model may increase our exposure to cybersecurity risks and additional risks relating to the protection of data.

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Other risks

Global and local market conditions, including the high competitiveness in the copper mining industry, may adversely affect our profitability.

Our industry is cyclical in nature and fluctuates with economic cycles. Therefore, we are subject to the risks arising from adverse changes in domestic and global economic and political conditions, such as a potential global recession, Russia’s invasion of Ukraine, lower levels of consumer and corporate confidence, lower business investment, higher unemployment, reduced income and asset values in many areas, currency volatility and limited availability of credit and access to capital. Additionally, we face competition from other copper mining and producing companies around the world. Along these lines, significant competition exists to acquire properties that produce or are capable of producing copper and other metals, and some of our main competitors have consolidated, which makes them more diversified than we are.

We cannot assure you that changes in market conditions, including competition, will not adversely affect our ability to compete in the future on the basis of price or other factors with companies that may benefit from future favorable trading or other arrangements.

We are controlled by Grupo Mexico, which exercises control over our affairs and policies and whose interests may be different from yours.

As of December 31, 2025, Grupo Mexico owned indirectly 88.9% of our capital stock. Some of our officers and directors, and those of Minera Mexico, are also directors and/or officers of Grupo Mexico and/or of its affiliates. We cannot assure you that the interests of Grupo Mexico will not conflict with those of our minority stockholders. Grupo Mexico has the ability to determine the outcome of substantially all matters submitted for a vote to our stockholders and thus exercises control over our business policies and affairs, including the following:

the composition of our Board of Directors and, as a result, any determinations of our Board concerning our business direction and policy, including the appointment and removal of our officers;

determinations concerning mergers and other business combinations, including those that may result in a change of control;

whether dividends are paid or other distributions are made and the amount of any dividends or other distributions;

sales and dispositions of our assets;

the amount of debt financing that we incur; and

the approval of capital projects.

We cannot assure you that an increase in the financial obligations of Grupo Mexico or AMC, which may be attributable to financing or to other reasons, will not result in a scenario in which our parent corporations obtain loans, increase dividends or receive other funding from us.

In addition, we have in the past engaged in, and expect to continue engaging in, transactions with Grupo Mexico and its other affiliates that are related party transactions and may present conflicts of interest. For additional information regarding the share ownership of, and our relationships with, Grupo Mexico and its affiliates, see Note 17 “Related Party Transactions” to the consolidated financial statements.

Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operations.

We are currently, and may in the future become, subject to litigation, arbitration or other legal proceedings with other parties. If rulings are against the Company, these legal proceedings, or others that could be brought against us in the future, may adversely affect our financial position or prospects. For further detailed discussion of pending litigation, please see Note 13 “Commitment and Contingencies—Litigation matters” of the consolidated financial statements.

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Developments in the United States, Europe and emerging market countries may adversely affect the Company business, the market value and trading price of our common stock and our debt securities.

The business, market value and trading price of securities of companies with significant operations in Peru and Mexico is, to varying degrees, affected by the economic policies and market conditions in the United States, Europe and emerging market countries. Although economic policies and conditions in these countries may significantly differ from policies and conditions in Peru or Mexico, the market’s reactions to developments in any of these countries may adversely affect the Company’s business causing a fluctuation on the market value or the trading price of our securities, including debt securities.

In addition, in recent years economic conditions in Mexico have shown to have an increased correlation to U.S. economic conditions. Therefore, changes in economic policies and conditions in the United States could also have a significant adverse effect on Mexican economic conditions, affecting our business and the price of our common stock or debt securities.

We cannot assure you that the market value or trading prices of our common stock and debt securities, will not be adversely affected by events in the United States or elsewhere, including emerging market countries.

Potential developments in U.S. policy, regulatory uncertainty, threats or imposition of tariffs and trade tensions may materially affect our business, financial condition and results of operations.

Our business operations may be adversely affected by changes in regulatory policy or the imposition of new tariffs or other trade restrictions, which could significantly increase our costs, pricing strategies, disrupt our supply chain and complicate international sourcing and customer relationships. Uncertainty about future trade or tariff measures may hinder planning, force pricing adjustments, and reduce our competitiveness. If such developments occur, they could have a material adverse effect on our margins, results of operations and market position.

Changes in international trade policies and relationships may materially adversely affect global commodity prices and market conditions and our business, financial condition and results of operations. The adoption and expansion of trade restrictions; tariffs, taxes or other governmental trade measures and uncertainty about such trade measures could reduce the demand for our products, increase our costs, disrupt customer and supplier relationships and harm the U.S. economy, any of which could materially impair our cash flows, competitive position, financial condition and results of operations. In July 2025, the U.S. announced trade agreements with the European Union and Japan. On July 30, 2025, the U.S. announced a 50% tariff on semi-finished copper products and copper-intensive derivative products, which became effective on August 1, 2025. Additionally, reciprocal tariffs with China have been suspended until November 10, 2026. On February 20, 2026, the U.S. Supreme Court issued an opinion that limited the President’s authority to impose certain tariffs under emergency powers, which may affect the scope, duration and future use of tariff measures by the U.S. presidential administration. In response, the U.S. presidential administration declared they would impose a 15% global tariff. These developments have produced and may continue to produce market volatility for our principal products and our common stock. We cannot assure investors that future tariff actions, trade tensions, or related regulatory changes will not adversely affect our product prices, stock price, financial condition or results of operations.

Although we maintain risk management and mitigation programs, we cannot assure that these measures will successfully prevent or lessen the impact of political, regulatory, and trade-related risks on our operations and financial results.

Other international risks

We are a company with substantial assets located outside of the United States. We conduct production operations in Peru and Mexico and exploration activities in these countries as well as in Chile and Argentina. Accordingly, in addition to the usual risks associated with conducting business in foreign countries, our business may be adversely affected by political, economic and social uncertainties in each of these countries. Such risks include possible expropriation or nationalization of property, confiscatory taxes or royalties, possible foreign exchange controls, changes in the national policy toward foreign investors, extreme environmental standards, etc.

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Our international operations must comply with the U.S. Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws in the other jurisdictions in which we operate. There has been a substantial increase in global enforcement of these laws in recent years. As such, our corporate policies and processes may not prevent or detect all potential breaches of the law. Any violation of those laws could result in significant criminal or civil fines and penalties, litigation, and loss of operating licenses or permits, and may damage our reputation, which could have a material adverse effect on our cash flows, results of operations and financial condition.

Our insurance does not cover most losses caused by the aforementioned risks. Consequently, our production, development and exploration activities in these countries could be substantially affected by factors out of our control, some of which could materially and adversely affect our financial position or results of operations.

We may be adversely affected by natural disasters, pandemics and other catastrophic events, and by man-made problems such as terrorism, which could disrupt our business operations and our business continuity. Furthermore, disaster recovery plans may not adequately protect us from a serious disaster.

Natural disasters, adverse weather conditions, floods, pandemics, acts of terrorism and other catastrophic or geo-political events may cause damage or disruption to our operations, international commerce and the global economy, which could have an adverse effect on our business, operating results, and financial condition.

Risks Associated with Doing Business in Peru and Mexico

There is uncertainty as to the termination and renewal of our mining concessions.

Under the laws of Peru and Mexico, mineral resources belong to the state and government. Therefore, concessions are required in both countries to explore or exploit mineral reserves. In Peru, our mineral rights derive from concessions from Ministry of Energy and Mines (“MINEM”) for our exploration, exploitation, extraction and/or production operations. In Mexico, our mineral rights derive from concessions granted, on a discretionary basis, by the Ministry of Economy, pursuant to Mexican mining law and regulations thereunder.

Mining concessions in both Peru and Mexico may be terminated if the obligations of the concessioner are not satisfied. In Peru, we are obligated to pay certain fees for our mining concession. In Mexico, we are obligated, among other things, to explore or exploit the relevant concession, to pay any relevant fees, to comply with all environmental and safety standards, to provide information to the Ministry of Economy and to allow inspections by the Ministry of Economy. Any termination or unfavorable modification of the terms of one or more of our concessions, or failure to obtain renewals of such concessions subject to renewal or extensions, could have a material adverse effect on our financial condition and prospects.

Peruvian economic and political conditions, as well as illegal mining activities may have an adverse impact on our business.

A significant portion of our operations is conducted in Peru. Accordingly, our business, financial condition or results of operations could be affected by changes in the political, regulatory or economic developments in the country and changes in the economic or other policies of the Peruvian government. Over the past several decades, Peru has had a succession of regimes with differing political agendas and policies. In the twentieth century, past governments have frequently intervened in the nation’s economy and social structure. Among other actions, past governments have imposed controls on prices, exchange rates and local and foreign investments; placed limitations on imports; restricted companies’ abilities to dismiss employees and have prohibited the remittance of profits to foreign investors.

Between 2019 and February 2026, Peru experienced heightened political instability in a context marked by ongoing investigations into allegations of corruption and confrontation on the political front. Significant political turmoil in Peru led to a shutdown of the Peruvian Congress and the removal of five Peruvian presidents.

On October 10, 2025, the Peruvian congress invoked its powers under the Constitution to remove the President from office, amidst general concerns about rising threats to personal security throughout the country. The president of the

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Peruvian congress immediately assumed the presidency, in the absence of a Vice President. However, on February 17, 2026, the interim president was impeached four months into his term. On February 18, 2026, a new interim president was appointed. This new president leads a transitional government in Peru, which is due to hold general elections in April 2026 amidst political turmoil.

Because we have significant operations in Peru, we cannot provide any assurance that political developments and economic conditions, including any changes to economic policies or the adoption of other reforms proposed by existing or future administrations in Peru and/or other factors will have no material adverse effects on market conditions, the prices of our securities, our ability to obtain financing, our results of operations, or our financial condition.

Mexican economic and political conditions, as well as drug-related violence, may have an adverse impact on our business.

The Mexican economy is highly sensitive to economic developments in the United States, mainly because of its high level of exports to this market. Other risks in Mexico are increases in taxes on the mining sector and higher royalties, such as those enacted in 2013. As has occurred in other metal producing countries, the mining industry may be perceived as a source of additional fiscal revenue.

In addition, public safety organizations in Mexico are under significant stress, as a result of drug-related violence. Recently, in February 2026, clashes between organized crime factions and federal authorities in Jalisco and Guanajuato resulted in periods of instability, disrupting commercial and logistics activities in such areas. This situation creates potential risks, particularly for transportation of minerals and finished products, which may affect a small portion of our production. Drug-related violence has had a limited impact on our operations, as it has tended to concentrate outside of our areas of production. The potential risks to our operations might increase if the violence spreads to our areas of production.

On May 9, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, the 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 aspects of the Company´s business that will be affected by the legislation are the terms for mining concessions from 50 to 30 years; new conditions on water use; provision of guarantees for site closure and remediation; a new 5% contribution of net earnings to indigenous communities for new projects and significant changes to exploration rules.

Down the line, the aforementioned changes could trigger amendment, additions and repeals of provisions of a number of laws, including the Mining Law, the National Water Law, the General Law for Ecological Balance and Environmental Protection and the General Law for the Prevention and Management of Mine Waste.

Although the Company believes that there will be no material impact on the Company's current operations or financial situation as a result of these changes, we cannot assure you that future developments in these laws will not affect our business.

Additionally, on September 15, 2024, the constitutional reform to the Judiciary approved by the Mexican Congress was published and became effective, which establishes that judges, magistrates and ministers of the Mexican Supreme Court of Justice will be elected by the citizens. It is currently not possible to determine the effects of the reform on the Company's operations.

Because we have significant operations in Mexico, we cannot provide any assurance that political developments and economic conditions, including any changes to economic policies or the adoption of other reforms proposed by existing or future administrations in Mexico, or the advent of drug-related violence in the country, will have no material adverse effect on market conditions, the prices of our securities, our ability to obtain financing, our results of operations or our financial condition.

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Peruvian inflation and fluctuations in the sol exchange rate may adversely affect our financial condition and results of operations.

Although the U.S. dollar is our functional currency and our revenues are primarily denominated in U.S. dollars, as we operate in Peru, portions of our operating costs are denominated in Peruvian soles. Accordingly, when inflation or deflation in Peru is not offset by a change in the exchange rate of the sol, our financial position, results of operations, cash flows and the market price of our common stock could be affected.

Inflation in Peru in 2025, 2024 and 2023 was 1.5%, 2.0% and 3.2%, respectively. In 2025, the sol appreciated 10.7% against the U.S. dollar, versus a 1.5% depreciation in 2024 and a 2.8% appreciation in 2023. Although the Peruvian government’s economic policy reduced inflation and the economy has experienced significant growth in the past decade, we cannot assure you that inflation will not increase from its current level or that such economic growth will continue in the future at similar rates or at all. Additionally, a global financial economic crisis could negatively affect the Peruvian economy.

To manage the volatility related to the risk of currency rate fluctuations, we may enter into forward exchange contracts. We cannot assure you, however, that currency fluctuations will not have an impact on our financial condition and results of operations.

Mexican inflation, restrictive exchange control policies and fluctuations in the peso exchange rate may adversely affect our financial condition and results of operations.

Although all of our Mexican operations’ sales of metals are priced and invoiced in U.S. dollars, a substantial portion of its costs are denominated in pesos. Accordingly, when inflation in Mexico increases without a corresponding depreciation of the peso, the net income generated by our Mexican operations is adversely affected. Inflation in Mexico was 3.7% in 2025, 4.2% in 2024 and 4.7% in 2023. The peso appreciated 11.4% against the U.S. dollar in 2025, versus a 20.0% depreciation in 2024 and a 12.7% appreciation in 2023. The peso has been subject in the past to significant volatility, which may not have been proportionate to the inflation rate and may not be proportionate to the inflation rate in the future.

Currently, the Mexican government does not restrict the ability of Mexican companies or individuals to convert pesos into dollars or other currencies. While we do not expect the Mexican government to impose any restrictions or exchange control policies in the future, it is an area we closely monitor. We cannot assure you the Mexican government will maintain its current policies with regard to the peso or that the peso’s value will not fluctuate significantly in the future. The imposition of exchange control policies could impair Minera Mexico’s ability to obtain imported goods and to meet its U.S. dollar-denominated obligations and could have an adverse effect on our business and financial condition.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

EXECUTIVE SUMMARY

This Management’s Discussion and Analysis of Financial Condition and Results of Operations relates to and should be read together with our Audited Consolidated Financial Statements as of and for each of the years in the three-year period ended December 31, 2025. Therefore, unless otherwise noted, the discussion below of our financial condition and results of operations is for Southern Copper Corporation and its subsidiaries (collectively, “SCC,” “Southern Copper,” “the Company,” “our,” and “we”) on a consolidated basis for all periods. Our financial results may not be indicative of our future results.

This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in the forward-looking statements as a result of a number of factors. See Item 1 “Business—Cautionary Statement.”

For details on the discussion on variations between 2024 and 2023, please see Management´s Discussion and Analysis of Financial Condition and Results of Operations, on the 2024 Form 10-K.

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 an active ongoing exploration program in Chile and Argentina.

We believe we hold one of the world’s largest copper reserves and resources positions. As of December 31, 2025, our copper mineral reserves, estimated at a copper price of $3.30 per pound, totaled 108,955 million pounds of contained copper, distributed in the following locations:

Copper contained in ore reserves

Million pounds

Mexican open‑pit

Peruvian operations

Development projects

Total

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

Sales structure: In the last three years, approximately 75.9% of our revenues came from the sale of copper; 10.9% from molybdenum; 5.7% from silver; 3.6% from zinc; and 3.9% from various other products, including gold, sulfuric acid and other materials.

Copper: In 2025, copper accounted for approximately 74.8% of our sales. The average LME copper price increased from $4.15 per pound in 2024 to $4.51 in 2025 (+8.7%), while COMEX prices rose from $4.22 to $4.82 per pound (+14.2%) in the same period.

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Based on current supply and demand dynamics, we are currently estimating a copper market deficit of 320,000 tonnes for 2026. Copper inventories worldwide were at the end of January 2026 at 1,054,000 tonnes. We estimate that this inventory currently covers approximately 14 days of global demand.

Molybdenum: Represented approximately 10.5% of our sales in 2025. Average molybdenum prices increased from $21.21 per pound in 2024 to $22.01 per pound in 2025 (+3.8%), reflecting favorable market conditions during the year.

Silver: Silver represented 7.3% of our sales in 2025. Average silver prices increased from $28.25 per ounce in 2024 to $39.99 per pound in 2025 (+41.6%). We believe that long-term silver prices will be supported by the intensive industrial use of this metal.

Zinc: Average zinc prices increased 3.2% in 2025 versus the figure recorded in 2024. This metal represented 3.9% of our sales in 2025.

Production: In 2026, we expect our copper production to stand at 911,400 tonnes, mainly due to lower ore grades. We are reviewing this forecast to improve it throughout the year.

Regarding by-products, we expect to produce 26,000 tonnes of molybdenum from our mines. We also expect to produce 23.7 million ounces of silver and 165,500 tonnes of zinc in 2026.

Capital investments: Capital investments were $1,325.3 million in 2025. This is 29.0% higher than in 2024 and represented 30.5% of net income. To achieve its full production potential, the Company is developing an organic growth plan to increase our copper volume production to 1.6 million tonnes by 2033.

For 2026, the Board of Directors approved a capital investment program of $1,925.5 million.

KEY MATTERS

Below, we discuss several matters that we believe are important to understand our results of operations and financial condition. These matters include (i) earnings, (ii) production, (iii) “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 years ended December 31, 2025 (in millions, except copper price and per share amounts):

Variance

Copper price LME

Copper price COMEX

Pounds of copper sold

Net sales

Cost of sales

Operating income

Income before income taxes

Net income attributable to SCC

Earnings per share

Cash dividend per share

Stock dividend per share

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Net sales in 2025 reached a record high of $13,420.0 million and represented an increase of $1,986.6 million (+17.4%) compared to 2024. This performance was supported by higher sales volumes of molybdenum (+7.4%), zinc (+19.3%), and silver (+15.3%), together with higher prices for copper (+8.7% LME; +14.2% COMEX), silver (+41.6%), molybdenum (+3.8%) and zinc (+3.2%). Additionally, net sales in 2025 were positively impacted by upward adjustments of $197.8 million related to provisionally priced sales, reflecting the increase in metal prices.

Costs of sales (exclusive of depreciation, amortization, and depletion) increased by 10.7% in 2025 compared to the figures recorded in 2024, mainly reflecting higher costs related to workers’ participation, purchased copper, repair materials, and energy. These increases were partially mitigated by lower expenses associated with inventory consumption, freight, and reagents.

In 2025, net income attributable to SCC reached a record high of $4,334.9 million and represented a 28.4% increase compared to 2024. This performance, which was mainly driven by higher sales volumes and increased interest income, was partially offset by higher cost of sales and income taxes. Net income attributable to SCC in 2024 was 15.5% above 2023’s net income; mainly reflecting higher sales volumes and improved metal prices for most of our products.

Production: The table below contains mine production data of our Company for the three years ended December 31, 2025:

Variance

Volume

Volume

Copper (in million pounds)

Molybdenum (in million pounds)

Zinc (in million pounds)

Silver (in million ounces)

The table below contains copper production data from each of our mines for the three years ended December 31, 2025:

Variance

Copper (in million pounds):

Volume

Volume

Toquepala

Cuajone

La Caridad

Buenavista

IMMSA

Total mined copper

2025 compared to 2024:

Copper mine production in 2025 decreased 1.8% to stand at 2,108.2 million pounds. This decline was mainly driven by lower production at Toquepala (-0.4%; due to lower ore grades and lower SX-EW output); Cuajone (-1.3%; due to lower ore grades); and Buenavista (-4.3%; due to lower ore grades and recoveries, and the full dedication of the new concentrator to zinc production, partially offset by higher SX-EW output). These decreases were partially offset by higher production at La Caridad (+2.9%; due to higher ore grades and recoveries) and IMMSA (+4.8%; due to higher ore grades and higher mineral volume processed).

Molybdenum production increased 7.4% to 68.7 million pounds in 2025, compared to 63.9 million pounds in 2024. This increase was mainly driven by higher production at Toquepala (+18.2%) and La Caridad (+7.4%). These gains were partially offset by lower production at Buenavista (-2.8%) and Cuajone (-0.7%).

Silver mine production increased 15.3% in 2025, primarily due to higher production at our Buenavista (+30.7%), La Caridad (+21.9%), IMMSA (+11.4%) and Cuajone (+4.2%) operations. This growth was slightly offset by a decline in production at our Toquepala mine (-3.1%).

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Zinc production increased by 36.1% in 2025, mainly reflecting higher output at our Buenavista Zinc concentrator (+81.6%). This increase was supported by full-capacity operations at this facility, which produced 257.4 million pounds in 2025.

Operating Cash Costs: An overall benchmark used by us and 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 125. 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 will allow our management and stakeholders to see a presentation of 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.

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.

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Our operating cash cost per pound of copper produced, as defined above, is presented in the table below for the three years ended December 31, 2025:

Operating cash cost per pound of copper produced(1)

(In millions, except cost per pound and percentages)

Value

Value

Total operating cash cost before by‑product revenues

Total by‑product revenues

Total operating cash cost net of by‑product revenues

Total pounds of copper produced(2)

Operating cash cost per pound before by ‑ product revenues

By ‑ products per pound revenues

Operating cash cost per pound net of by ‑ product revenues

These are non-GAAP measures, see page 125 for reconciliation to GAAP measure.

Net of metallurgical losses.

2025 compared to 2024:

For the year 2025, the operating cash cost per pound before by-product revenues increased from $2.13 to $2.17, mainly due to the unit cost effect of a slight decrease in copper production (-1.1%) and higher production costs (+3.2%); this was partially offset by lower treatment and refining charges due to market conditions. Additionally, a 27.2% increase in by-product revenues per pound helped reduce the operating cash cost per pound net of by-product revenues from $0.89 to $0.58. This 34.0% reduction was primarily supported by higher sales volumes of molybdenum, silver and zinc.

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, especially for copper, molybdenum, zinc and silver.

We are subject to market risks arising from the volatility of copper and other metals prices. For instance, during the period from January 2016 through December 2025, the LME copper settlement price varied from a low of $1.96 per pound in 2016 to a record high of $5.68 per pound in 2025. The Metals Week Molybdenum Dealer Oxide weekly average price, in turn, ranged from a low of $5.10 per pound in 2016 to a high of $38.50 per pound in 2023. Metal prices historically have been subject to wide fluctuations and are affected by numerous factors beyond our control, as described further in Item 1A Risk Factors . These factors, which affect each commodity to varying degrees, include international economic and political conditions, levels of supply and demand, the availability and cost of substitutes, inventory levels maintained by producers and others and, to a lesser degree, inventory carrying costs and currency exchange rates. In addition, the market prices of certain metals have on occasion been subject to rapid short-term changes due to economic concerns and financial investments.

For 2026, assuming that expected metal production and sales are achieved; 2025 tax rates are unchanged and giving no effects relative to potential cost changes, metal price sensitivity factors indicate the following change in estimated annual net income attributable to SCC resulting from metal price changes:

Copper

Molybdenum

Zinc

Silver

Change in metal prices (per pound except silver—per ounce)

Change in net earnings (in millions)

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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. Our Mexican open-pit operations include La Caridad and Buenavista mine complexes, the smelting and refining plants and support facilities, which service both mines. Our IMMSA unit includes five underground mines and several industrial processing facilities.

Segment information is included in our review of “Results of Operations” in this item and also in Note 18 “Segment and Related Information” of the 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 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 7A “Quantitative and Qualitative Disclosures about Market Risk” for more detailed information.

Capital Investment Program: We made capital investments of $1,325.3 million in 2025 and $1,027.3 million in 2024. In general, the capital investments and projects described below are intended to increase production, decrease costs or address social and environmental commitments.

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The table below contains information on our capital investments for the three years ended December 31, 2025 (in millions):

Peruvian projects:

Tia Maria project

Los Chancas project

Relocation of leaching crusher at Toquepala

Sheet stripping machine and permanent cathodes refurbishment – Ilo Refinery

Modernization of the slab stripping machine at Toquepala

New maintenance workshop at the Cuajone concentrator

Replacement of cooling pump and piping – Ilo

Electric cogeneration – Ilo smelter

Tailings disposal—Quebrada Honda dam

HPGR optimization at Cuajone

Maintenance workshops at Cuajone

Quebrada Honda filter plant

Maintenance workshops at Toquepala concentrator

Toquepala expansion project

Other projects

Sub‑total projects

Maintenance and replacement

Net change in capital expenditures incurred but not yet paid

Total Peruvian expenditures

Mexican projects:

New Buenavista concentrator

Buenavista Zinc project

Pilares Mine

Expansion of mine pit at Buenavista

Lime plant - Sonora

MexCobre - Bella Union Mine

IMMSA - Mine development

Project MexArco

San Fernando mineshaft rehabilitation

New tailing disposal deposit at Buenavista mine

Over elevation of tailings deposit N° 7 at La Caridad mine

San Martin mine restoration

Other projects

Sub‑total projects

Maintenance and replacement

Net change in capital expenditures incurred but not yet paid

Total Mexican expenditures

Total capital investments

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In 2026, we plan to invest $1,925.5 million in capital projects. In addition to our ongoing capital maintenance and replacement spending, our principal capital programs include the following:

Projects in Peru :

Our investments in Peruvian projects that are being built or for which basic or detail engineering is being conducted could surpass $10.3 billion in the next decade.

The Company’s investment program is underpinned by openness of the Peruvian government and institutions to private investment; strong local community support; and respect for the rule of law. With the support and assistance of Peruvian authorities, the Company is moving forward to secure the administrative permits and licenses that are required prior to investment. We believe the projects’ construction and subsequent operating phases will generate new poles of development; create significant job opportunities; and drive growth in tax revenues at both national and regional levels.

Tia Maria - Arequipa: This greenfield project, located in Arequipa, Peru, will use state of the art SX-EW technology with the highest international environmental standards with a capacity of 120,000 tonnes of SX- EW copper cathodes per year.

Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $20.2 billion and contribute $4.6 billion in taxes and royalties during the first 20 years of operation. The project budget has been set at $1,805 million.

Project update: As of December 31, 2025, the Company had committed $790 million to different project activities. Large-scale earthmoving works have mobilized 1.7 million tonnes of material from the La Tapada deposit. Purchase orders to acquire metallic structures for secondary and tertiary crushing have been issued for the dry area. At the SX-EW process level, state-of-the-art technology has been selected for our main equipment. Access roads and platforms, as well as the temporary contractor camp have been completed.

Regarding energy supply, all earthworks for the electrical main substation have been completed; foundation works are currently underway, and the transmission line is being built. Next efforts will focus on developing the main and secondary components of the project’s dry and wet areas and setting up a temporary camp.

At the end of 2025, progress at Tia Maria stood at 24% and 3,589 new jobs had been generated; 978 of these positions were filled with local applicants. To the fullest extent possible, we intend to fill the 5,000 jobs estimated to be required during Tia Maria´s construction phase prioritizing workers from the Islay province. In 2027, when we start operations, the project will generate 764 direct jobs and 5,900 indirect jobs.

Projects in Mexico:

SCC has several projects in its Mexican pipeline that may boost organic growth if they are found to be of value for both stakeholders and the communities in which we operate. These projects are Angangueo, Chalchihuites and the Empalme Smelter, which could bolster our position as a fully integrated copper producer. We are having ongoing discussions with the current administration to continue rolling out SCC’s Mexican investments for $10.2 billion.

El Pilar - Sonora: This low-capital intensity copper greenfield project is strategically located in Sonora, Mexico, approximately 45 kilometers from our Buenavista mine. Its copper oxide mineralization contains estimated proven and probable reserves of 317 million tonnes of ore with an average copper grade of 0.249%. We anticipate that El Pilar will operate as a conventional open-pit mine with an annual production capacity of 36,000 tonnes of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX-EW technology.

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, strategic and operating fit, expected return on investment, required

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investment, estimated production, estimated cash-flow profile, social and environmental considerations, among other factors. All capital spending plans will continue to be reviewed and adjusted to respond to changes in the economy and market conditions.

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 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.

Project update: As of December 31, 2025, we had continued to implement environmental and social programs in the communities of Tapayrihua and Tiaparo, which are located within the direct area of influence of the Los Chancas Mining Project. Despite these efforts, the presence of illegal miners within the project area has prevented the project from advancing. In this context, the Company continues to take actions with the relevant authorities to regain control of the project area.

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 update: The comprehensive review of the geological information used to estimate the project’s mineral resources has been duly audited in accordance with the SEC’s mining disclosure standards under Regulation S-K 1300. Subsequently, the Company intends to use this information to estimate mineral reserves and develop the corresponding mine plan.

El Arco - Baja California : This is a world-class copper deposit located in the central part of the Baja California peninsula with sulfide 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 ktpy SX-EW operations.

Detailed engineering is still underway for the concentrator, SX-EW plant, water desalination, logistics infrastructure and power delivery.

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

Southern Copper Corporation is among the top three mining companies with the highest ratings for sustainability in 2025. In the Corporate Sustainability Assessment 2025 (“CSA”) of S&P Global, which publishes an annual performance review of the sustainability practices of 13,000 companies from across the globe, SCC’s sustainability rating rose four points in 2025, placing the Company among the leaders in the Mining and Metals sector’s performance rankings, with a rating that is more than twice the industry’s average. This is our sixth consecutive year in the MILA Pacific Alliance category of the Dow Jones’s Best-in-Class Index, and our first year included in its Emerging Markets category.

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Occupational safety and health of our workforce are priorities. Strong operating discipline and robust preventive safety culture drove a 14% reduction in employee lost-time injuries in 2025, outperforming comparable rates reported across the mining sector.

Tía María: Our commitment to the Islay province and the Arequipa region is embodied in a comprehensive social strategy through which we have successfully implemented initiatives in education, healthcare, digital inclusion, and productive development that empower communities and create shared value. These efforts are designed to strengthen local capacities and support sustainable regional growth.

A core pillar of this strategy is boosting productive development and competitiveness, particularly in agriculture and local businesses. In agriculture, the Technology for Agriculture program has integrated 35 of the Tambo Valley’s 40 organizations, covering 26% of its farmland. This human-centric innovation has directly benefited 53% of the valley’s families, cut production costs by 20% and strengthened the region’s economic resilience.

To complement these initiatives, SPCC Peru Branch launched a structured, replicable local supplier development model at Tía María in partnership with the Arequipa Chamber of Commerce and Industry (“CCIA”). This program assessed 168 local companies and strengthened 103, exceeding initial targets and enabling their integration into the project value chain. Contracts awarded to local suppliers rose from 99 to 159 and contracted value increased from $4.1 million to $13.3 million, demonstrating measurable gains in competitiveness and operational capacity of local businesses as the project advances toward construction.

Our social commitment includes large-scale regional development through the Works for Taxes mechanism, converting our social vision into tangible public assets such as modern healthcare facilities, high-performance schools, research centers, and road infrastructure that support sustainable growth. We also prioritize digital inclusion, currently providing internet access to 5,400 local students and residents. By anchoring our social programs in the Tía María project and our broader presence in Arequipa, we aim for our operations to catalyze systemic well-being and lasting regional progress.

Adopting best international practices for tailings management. With a preventive focus and an eye on minimizing risks, we are proactively implementing the International Council on Mining and Metals (“ICMM”) Global Industry Standard on Tailings Management across our main operations. Our four open-pit mines in Mexico and Peru have earned The Copper Mark accreditation for compliance with the Global Industry Standard on Tailings Management set forth by the ICMM. This accreditation confirms that best international practices are followed, giving authorities, neighboring communities and other stakeholders confidence in the safety of our operations.

HEALTH AND SAFETY

The safety, health and well-being of our employees are the bedrock of SCC’s values and remain our highest priorities. We are committed to providing a safe, healthy work environment for employees, contractors and suppliers at our facilities or in adjacent areas. Workplace safety is paramount and a shared responsibility; all personnel must follow established policies and procedures to protect themselves and our facilities. For detailed health and safety performance, see Grupo Mexico's Sustainability Report at https://www.gmexico.com/en/reports-and-brochures/. This reference is provided for informational purposes only and is not intended to create an active link or incorporate the website’s contents into this Report on Form 10-K.

Strong operating discipline and robust preventive safety culture drove a 14% reduction in employee lost-time injuries in 2025 compared to 2024, outperforming comparable rates reported across the mining sector. In 2025, the La Caridad Unit’s SX-EW Plant, was honored with the Mexican Mining Chamber’s (“Camimex”) “Silver Helmet” award for the

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“Metallurgical Plants with up to 500 workers” during the opening ceremony of the XXXVI International Mining Convention, recognizing it as one of Mexico’s safest operations.

We have reaffirmed our commitment to ISO-certified occupational health and safety management systems: all SCC units passed follow-up audits and retained ISO 45001 certification in 2025. This progress advances our pursuit of the “The Copper Mark” accreditation for responsible copper production.

We are rolling out a Behavioral Safety Program across all SCC’s units to promote safe practices, leverage human behavior for compliance and encourage proactive, mutually supportive vigilance among employees, with the goal of strengthening safe behaviors and reducing accident rates at our operations. We are also implementing a Critical Risk Registry to manage environmental and safety risks, enabling identification, prevention, mitigation, and remediation of accidents at our operations that could affect personnel safety and community relationships.

ENVIRONMENT

Southern Copper Corporation is committed to meeting the needs of future generations by promoting inclusive, sustainable development that benefits all and to continually improve our environmental performance. We promote best environmental practices across our operations to support the transition to a green economy. All our operations maintain ISO 14001 environmental management certifications and in 2025, all our units passed follow-up audits, retaining their ISO 14001 certifications.

We are committed to preserving the environment by implementing measures that generate positive biodiversity impacts. As set out in the Company’s Environmental Policy, we have developed biodiversity management plans aligned with the International Council on Mining and Metals Good Practice Guidance for Mining and Biodiversity. These plans strengthen our ability to implement effective mitigation measures and help preserve and improve the environment at our operations.

To strengthen environmental risk management, we created an Internal Committee for Review of Tailings Systems to improve oversight, safety management and communication between operations and executive leadership. These measures support alignment with the ICMM’s Global Industry Standard on Tailings Management. To maintain high water recovery levels at our tailings dams, we perform compartmentalization actions within our tailings impoundments and use amphibious equipment to prevent tailings stagnation. These actions reduce evaporation and the residence time of tailings, while raising water recovery to over 70% of total tailings/water inflow to the dams from concentrator plants.

We have also advanced our biodiversity protection efforts. Since 2023, the Buenavista del Cobre Environmental Management Unit has maintained a Wildlife Habitat Council certification, recognizing our contributions to prevent the extinction of the Mexican grey wolf. These initiatives have significantly increased populations of this critically endangered species their natural habitat in Mexico. Going forward, we will continue to collaborate with institutions and authorities to advance the common good in the regions in which we operate.

COMMUNITY OUTREACH

Southern Copper Corporation prioritizes being a good neighbor to the communities near our operations. By working together, we collaborate on shared social and economic development goals and support the United Nations’ Sustainable Development Goals. We base community engagement on transparency and trust, and aim to build lasting relationships.

Our Community Development model has three key components: 1) Responsible coexistence, which promotes positive and healthy relationships with neighboring communities through open ongoing communication channels for addressing complaints and concerns; 2) Economic development: which focuses on sharing economic value generated by our

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operations with the community, and 3) Human development, which enhances the skills of community members to empower them as the primary drivers of local progress.

Our primary tool for fostering responsible coexistence is the Support and Attention Center, a grievance mechanism for external stakeholders active at 100% of our sites and resolving complaints in an average of nine days.

In relation to economic development, we trained 1,219 people in mining communities in 2025, including 829 people in employment, 390 people in regional vocational and productive skills and 368 local businesses to support the development of small and medium mining suppliers. In addition, we invested $25.2 million in social infrastructure in Mexico and Peru. In Mexico, we finished the Urban Improvement and Safe Pedestrian Crossings in Esqueda, Sonora and began the construction of a sports center in Nacozari, Sonora. In Peru, we continue to prioritize collaboration with the government to close social infrastructure gaps through the Works for Taxes mechanism, with the awarding of four projects in the education and health sectors. This performance was recognized by the government with the “OXI Raymi 2025” Award, highlighting the Company’s contribution to the country’s sustainable development.

During the year, progress was made on the development of more than ten technical studies and the beginning of strategic infrastructure projects, including studies for the creation of a research center and specialized laboratories in Arequipa, as well as urban road improvement works in Mirave, Tacna. In addition, two infrastructure projects were completed in Tacna and Moquegua: the construction of the municipal slaughterhouse in Cairani and the improvement of the La Ronda irrigation canal (Stage II) in La Capilla, benefiting more than 1,200 residents in rural areas.

We consolidated the Youth Orchestras and Choirs program promoted by SCC, benefiting 2,042 students across 16 communities in Mexico and Peru and held 105 artistic performances in 2025. In collaboration with the San Luis Potosí Arts Center and the Potosino Institute of Arts, we presented photographic exhibitions, workshops and appreciation conferences as part of the “Fotovision” International Festival and the 433rd anniversary of the founding of the city of San Luis Potosí in Mexico.

CLIMATE CHANGE

We recognize the urgency of tackling climate change and are committed to supporting the objectives of the Paris Agreement, protecting the environment, reducing the environmental footprint of our operations, and effectively managing climate-related risks and opportunities. We understand that climate change will influence our strategy in multiple ways, and we aim to align it with global business trends demanding products with lower carbon footprints. Our focus is on continuously enhancing the responsible use of natural resources while adhering to legal standards for preventing, mitigating, controlling and remediating environmental impacts.

To improve our performance on climate-related issues, we have embarked on a multi-year effort to align our climate change disclosures with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Since 2020, Grupo Mexico’s Sustainable Development Report has included a section about climate-related risks and opportunities, in which it is described that over the medium and long term, extreme climate events such as droughts or rainfalls might intensify. It also mentions the actions we have undertaken to mitigate any potential effects derived from these events, and how we plan to adapt our operations.

Additionally, detailed information is provided about new short, medium and long-term Scope 1 and 2 climate targets, strategy and governance mechanisms, and emissions and energy metrics based on Sustainability Accounting Standards Board (“SASB”) standards. Additionally, since 2023 the report includes Scope 3 targets and preliminary capital allocation data for decarbonization projects. For a more detailed overview of this progress, see https://www.gmexico.com/en/Pages/development.aspx. The reference is provided for informational purposes only and is not intended to create an active link or incorporate the website’s content into this Report on Form 10-K.

As part of our emission reduction initiatives, as of August 2024, we began receiving renewable energy from the Fenicias wind park, operated by Grupo Mexico Infraestructura . As of December 2025, the wind park is fully operational and we estimate that it is supplying its full capacity to our mining operations, and consequently SCC will avoid CO 2 emissions of approximately 250,000 tonnes per year, which is equivalent to 7% of our carbon footprint. Additionally, in the first

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quarter of 2025, for a second consecutive year, we received clean energy certificates from one of our electricity suppliers in Peru, indicating that all the electrical energy consumed in Peru in 2024 was derived from renewable sources, and we expect to receive the 2025 certificates in the first half of 2026. Consumption of renewable electrical energy at our operations increased from 23% to 36% in 2024, and we expect this indicator to be even higher in 2025, once we receive the certificates. Therefore, we have already met our 2027 target of deriving 25% of our electricity from renewable sources.

The execution of our climate strategy has markedly improved our performance in several external climate evaluations. In the S&P Global through the Corporate Sustainability Assessment (“CSA”), in which we have participated since 2020, we earned a climate governance score of 100 out of 100 in 2025, a 10 point increase from 2024, confirming the progress we have made in recent years. This excellent rating recognized the publication of our Climate Policy and the Board-level Sustainability Committee’s ongoing oversight of our climate change strategy, which evaluates management of the risks and opportunities associated with climate change. For a second consecutive year, we scored 100 in the Task Force on Climate-related Financial Disclosures (“TCFD”) category in 2025, which assesses management and disclosure of financial risks and opportunities related to climate change.

For a third consecutive year, the investor-led Climate Action 100+ initiative recognized our efforts to develop a roadmap for emissions reductions and rated us in full compliance with the TCFD category.

We have participated in the Carbon Disclosure Project (“CDP”) annual Climate Change assessment since 2016 and completed our first Water Security assessment in 2022. For the 2024 questionnaires, we received a “B” rating for both, the third highest score of eight levels, which is one level above the mining sector and the North American regional averages.

In 2026, we will explore implementing an internal carbon price and update our 2021 scenario analysis to identify emerging risks and assess future financial impacts from climate-related risks and opportunities.

HUMAN RIGHTS

We are committed to enforcing the United Nations Guiding Principles on Business and Human Rights. We maintain policies and procedures that serve as a guide to our employees, and a Code of Business Conduct for suppliers, contractors and relevant business partners, which contain several human rights provisions.

We maintain a human rights’ due diligence process to identify, prevent, mitigate, and remediate adverse impacts on community human rights. It has the following three main components:

1) Participatory Social Diagnosis to allow communities to raise human rights concerns,

2) Social Management Plans that define actions to address those concerns, and

3) Service and Attention Center (“SAC”), a mechanism developed with guidance from the United Nations Office of the High Commissioner for Human Rights in Mexico that allows communities to communicate their concerns to us immediately.

SCC also maintains a human rights due diligence process to protect the rights of employees and contractor staff. Work environment surveys, complaint hotlines, and the due diligence process support compliance with our General Human Rights Policy. We are implementing a Strategic Workplace Plan, focused on capacity building; communication campaigns; revising of human resources processes to increase inclusivity and equity; and making physical workplace adjustments to address women’s needs.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our significant accounting policies are discussed in Note 2 “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements, included in Item 8 “Financial Statements and Supplementary Data” of this Annual Report.

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

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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: mineral 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 operating lease liabilities, valuation allowances for deferred tax assets and unrecognized tax benefits. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Mineral Reserves : For mineral reserve estimation, we use metal price assumptions of $3.30 per pound for copper and $10.00 per pound for molybdenum. These prices are intended to conservatively approximate average prices over the long term and are based on internal estimates for the curves of long-term metal prices.

Certain financial information is based on reserve estimates calculated on the basis of current average prices. These include amortization of intangible assets and mine development. Variations in mineral reserve estimations from changes in metal price assumptions generally do not create material changes in our financial results. However, significant decreases in metal prices could adversely affect our earnings by causing, among other things, asset impairment charges, please see “Assets impairment” below.

Ore stockpiles on leach pads : The leaching process is an integral part of the mining operations carried out at our open-pit mines. We capitalize the production cost of leachable material at our Toquepala, La Caridad and Buenavista mines, recognizing it as inventory. The estimates of recoverable mineral content contained in the leaching dumps are supported by engineering studies. As the production cycle of the leaching process is significantly longer than the conventional process of concentrating, smelting and electrolytic refining, we include current leach inventory (as part of work-in-process inventories) and long-term leach inventory on our balance sheet. Amortization of leachable material is recorded by the units of production method.

The capitalization of long-term inventory-Ore stockpiles in leach pads is based on the allocation of copper content recoverable between ore and leach material. In addition, inventory consumption is valued at the average unit cost.

Asset Retirement Obligation : Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation.

Asset retirement obligations are further discussed in Note 10 “Asset Retirement Obligation” to the consolidated financial statements included herein.

Revenue Recognition : For certain of our sales of copper and molybdenum products, customer contracts allow for pricing based on a month subsequent to shipping, in most cases within the following three months and in a few cases, in a period that can exceed three months. In such cases, revenue is recorded at a provisional price at the time of shipment. The provisionally priced copper sales are adjusted to reflect forward LME or COMEX copper prices at the end of each month until a final adjustment is made to the price of the shipments upon settlement with customers pursuant to the terms of the contract. In the case of molybdenum sales, for which there are no published forward prices, the provisionally priced sales are adjusted to reflect the market prices at the end of each month until a final adjustment is made to the price of the

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shipments upon settlement with customers pursuant to the terms of the contract. (See details in “Provisionally Priced Sales” under this Item 7).

Income Taxes : In preparing our consolidated financial statements, we recognize income taxes in each of the jurisdictions in which we operate. For each jurisdiction, we calculate the actual amount currently payable or receivable, as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in rate is recognized through the income tax provision in the period that the change is enacted.

A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. In determining the amount of the valuation allowance, we consider estimated future taxable income, as well as feasible tax planning strategies in each jurisdiction. If we determine that we will not realize all or a portion of our deferred tax assets, we will increase our valuation allowance with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense.

The Company’s operations are in multiple jurisdictions where uncertainties can arise in the application of complex tax regulations. The final taxes paid are dependent upon many factors, including audits and negotiations with tax authorities. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these estimates in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, final taxes paid may be materially different from the Company’s current estimate of the tax liabilities. If its estimate of tax liabilities proves to be less than the ultimate assessment, or payment of these amounts ultimately proves to be more than the recorded amounts, the difference would be recognized in the period when the Company determines the change.

Asset Impairments : We evaluate our long-term assets when events or changes in economic circumstances indicate that the carrying amount of such assets may not be recoverable. Our evaluations are based on business plans that are prepared using a time horizon that is reflective of our expectations of metal prices over our business cycle. We are currently using an average copper price of $3.50 per pound and an average molybdenum price of $10.00 per pound in our business plans, which reflect what we believe is the lower level of the current price environment. The results of our impairment sensitivity analysis, which included a stress test using a copper price assumption of $2.80 per pound and a molybdenum price assumption of $6.00 per pound, showed projected discounted cash flows in excess of the carrying amounts of long-lived assets by margins ranging from 2.8 to 7.5 times said amounts.

We use an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life to measure whether the assets are recoverable and measure any impairment compared to fair value.

Leases : The Company has concluded that all of its existing lease contracts are operating lease contracts. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation by the Company to make lease payments that arise from the lease. Lease right-of-use assets and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. As the Company’s lease contracts do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the inception date to determine the present value of lease payments.

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RESULTS OF OPERATIONS

The following table highlights key financial results for each of the years in the three-year period ended December 31, 2025 (in millions):

Variance

Statement of Earnings Data

Net sales

Operating costs and expenses

Operating income

Non‑operating income (expense)

Income before income taxes

Income taxes

Deferred income taxes

Equity earnings of affiliate

Net income attributable to non‑controlling interest

Net income attributable to SCC

Net sales in 2025 reached a record high of $13,420.0 million and represented an increase of $1,986.6 million (+17.4%) compared to 2024. This performance was supported by higher sales volumes of molybdenum (+7.4%), zinc (+19.3%), and silver (+15.3%) as well as better prices for copper (+8.7% LME; +14.2% COMEX), silver (+41.6%), molybdenum (+3.8%) and zinc (+3.2%). Additionally, net sales in 2025 were positively impacted by upward adjustments of $197.8 million related to provisionally priced sales, reflecting the increase in metal prices.

The table below outlines the average published market metals prices for our metals for each of the three years in the three-year period ended December 31, 2025:

% Variance

Copper price ($per pound—LME)

Copper price ($per pound—COMEX)

Molybdenum price ($per pound)(1)

Zinc price ($per pound—LME)

Silver price ($per ounce—COMEX)

Platt’s Metals Week Dealer Oxide.

The table below provides our metal sales as a percentage of our total net sales:

Year Ended

December 31,

Sales as a percentage of total net sales

Copper

Molybdenum

Silver

Zinc

Other by‑products

Total

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The table below provides our copper sales by type of product (in million pounds). 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.

Variance

Copper Sales (million pounds)

Refined (including SX‑EW)

Rod

Concentrates and other

Total

The table below provides our copper sales volume by type of product as a percentage of our total copper sales volume:

Year ended December 31,

Copper Sales by product type

Refined (including SX‑EW)

Rod

Concentrates and other

Total

OPERATING COSTS AND EXPENSES

The table below summarizes the production cost structure by major components for the three years ended December 31 2025, 2024 and 2023 as a percentage of total production cost:

Year ended December 31,

Power

Labor

Fuel

Maintenance

Operating materials

Other

Total

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2025-2024: Operating costs and expenses were $6,418.3 million in 2025 compared to $5,878.7 million in 2024. The increase of $539.6 million was primarily due to:

Operating cost and expenses for 2024 ($ in millions)

Plus:

Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:

- Workers participation

- Repairing materials, principally heavy equipment spare parts

- Sales expenses

- Exchange rate variance

- Energy costs

- Inventory variance

- Operations contractors

- Explosives

- Other, net

Increase in volume and cost of metals purchased from third parties.

Increase in depreciation, amortization and depletion expense.

Increase in selling, general and administrative expenses.

Less:

Decrease in exploration expense.

Operating cost and expenses for 2025 ($ in millions)

Variance

NON ‑ OPERATING INCOME (EXPENSE)

Interest expense

Capitalized interest

Other income (expense)

Interest income

Total non‑operating income (expense)

2025-2024 : Non-operating income and expense were a net expense of $217.4 million in 2025, compared to a net expense of $197.3 million in 2024. The $20.1 million increase in net expense in 2025 was mainly due to:

$(53.2) million decrease in other income (expense). In 2024, this item included $31.2 million income due to insurance recovery in Peru, and the 2025 figures include a write-off of certain expenses related to the Tia Maria project.

$(35.2) million increase in interest expense net of capitalized interest due to the Minera Mexico debt issuance in February 2025; partially offset by,

$68.3 million increase in interest income due to higher cash and cash equivalents balances in 2025.

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Income taxes

Year Ended

December 31,

Provision for income taxes ($ in millions)

Effective income tax rate

The income tax provision includes Peruvian, Mexican and U.S. federal income taxes.

Components of income tax provision for 2025, 2024 and 2023 include the following ($ in millions):

Statutory income tax provision

Peruvian royalty

Mexican royalty

Peruvian special mining tax

Total income tax provision

The decrease in the effective income tax rate in 2025 compared to the same period in 2024 was primarily attributable to a variance in uncertain tax positions recorded in the U.S., Peruvian and Mexican jurisdictions.

Equity earnings of affiliate

In 2025, 2024 and 2023 we recognized $34.0 million, $6.4 million and $(2.2) million in equity earnings, respectively, which were associated with our 44.2% interest in the Tantahuatay mine.

Net Income attributable to the non-controlling interest

Net income attributable to the non-controlling interest in 2025 was $13.3 million, $11.8 million in 2024, and $9.5 million in 2023.

Net Income attributable to SCC

Net income attributable to SCC in 2025 amounted to $4,334.9 million, a 28.4% increase from the $3,376.8 million reported in 2024. The rise in net income for 2025 was largely driven by higher metal prices and increased sales volumes for our main by-products.

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SEGMENT RESULTS ANALYSIS

We have three segments: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations. Please see a detailed definition of these segments in Item 1 “Business—Business Reporting Segments.”

The following table presents the volume of sales by segment of copper and our significant by-products for each of the years in the three-year period ended December 31, 2025:

Variance

Copper Sales (million pounds)

Peruvian operations

Mexican open‑pit

Mexican IMMSA unit

Other and intersegment elimination

Total copper sales

Variance

By ‑ product Sales (million pounds, except silver—million ounces)

Peruvian operations:

Molybdenum contained in concentrate

Silver

Mexican open‑pit operations:

Molybdenum contained in concentrate

Silver

Zinc‑refined and in concentrate

IMMSA unit

Zinc‑refined and in concentrate

Silver

Other and intersegment elimination

Silver

Zinc‑refined and in concentrate

Total by‑product sales

Molybdenum contained in concentrate

Zinc‑refined and in concentrate

Silver

Peruvian Open-pit Operations:

Variance

Net sales

Operating costs and expenses

Operating income

Net sales in 2025 increased by $643.0 million compared to 2024. This improvement was mainly driven by higher sales volumes for copper (+0.4%), molybdenum (+12.2%) and silver (+16.6%) and by better prices for copper (LME, +8.7%), silver (+41.6%) and molybdenum (+3.8%).

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Operating costs and expenses:

2025-2024: Operating costs and expenses were $2,647.0 million in 2025 compared to $2,512.1 million in 2024. The increase of $134.8 million was primarily due to:

Operating costs and expenses for 2024 ($ in millions)

Plus:

Increase in other cost of sales (exclusive of depreciation, amortization and depletion), mainly attributable to:

- Inventory variance

- Repairing materials, principally heavy equipment spare parts

- Exchange rate variance

- Workers participation

- Other net, partially offset by

- Labor expenses

- Operations contractors

- Fuel

Increase in depreciation, amortization and depletion expense.

Increase in selling, general and administrative expenses.

Less:

Decrease in cost of metals purchased from third parties.

Decrease in exploration expenses.

Operating costs and expenses for 2025 ($ in millions)

Mexican Open-pit Operations:

Variance

Net sales

Operating costs and expenses

Operating income

Net sales in 2025 increased by $1,305.9 million compared to 2024. This growth primarily reflects improvements in sales volumes of zinc (+99.0%), molybdenum (+3.3%) and silver (+11.0%). Positive developments for metal prices, mainly copper (COMEX, +14.2%), silver (+41.6%), molybdenum (+3.8%) and zinc (+3.2%), bolstered this performance. Start-up at the Buenavista zinc concentrator played a pivotal role, as zinc sales volumes reached 205.8 million pounds for the period. However, this was slightly offset by a decline in the sales volume of copper (-2.0%).

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Operating costs and expenses:

2025-2024 : Operating costs and expenses were $3,347.8 million in 2025 compared to $2,932.9 million in the same period of 2024. The increase of $414.9 million was primarily due to:

Operating costs and expenses for 2024 ($ in millions)

Plus:

Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:

- Workers participation

- Energy costs

- Sales expenses

- Operations contractors

- Repairing materials, principally heavy equipment spare parts

- Other net, partially offset by

- Exchange rate variance

Increase in volume and cost of metals purchased from third parties.

Increase in selling, general and administrative expenses.

Less:

Decrease in depreciation, amortization and depletion expense.

Decrease in exploration expense.

Operating costs and expenses for 2025 ($ in millions)

Mexican Underground Operations (IMMSA):

Variance

Net sales

Operating costs and expenses

Operating income

Net sales in 2025 increased by $103.8 million compared to 2024. This improvement was mainly supported by higher sales volumes of silver (+8.0%) and lead (+18.2%), as well as better prices for copper (COMEX, +14.2%), zinc (+3.2%) and silver (+41.6%). These positive effects were partially offset by lower sales volumes of copper (-15.0%) and zinc (-10.0%).

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Operating costs and expenses:

2025-2024 : Operating costs and expenses were $645.4 million in 2025 compared to $574.9 million in the same period of 2024. The increase of $70.5 million was primarily due to:

Operating costs and expenses for 2024 ($ in millions)

Plus:

Increase in other cost of sales (exclusive of depreciation, amortization and depletion), which is mainly attributable to:

- Workers participation

- Exchange rate variance

- Operations contractors

- Repairing materials, principally heavy equipment spare parts

- Other net, partially offset by

- Inventory variance

Increase in volume and cost of metals purchased from third parties.

Increase in depreciation, amortization and depletion expense.

Increase in selling, general and administrative expenses.

Increase in exploration expense.

Operating costs and expenses for 2025 ($ in millions)

Intersegment Eliminations and Adjustments:

The net sales, operating costs and expenses and operating income discussed above will not be directly equal to amounts in our consolidated statement of earnings because the adjustments to intersegment operating revenues and expenses must be taken into account. Please see Note 18 “Segment and Related Information” of the consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

The following discussion relates to our liquidity and capital resources for each of the years in the three-year period ended December 31, 2025.

Cash Flow:

The following table shows the cash flow for the three year period ended December 31, 2025 (in millions):

Variance

Net cash provided by operating activities

Net cash used in investing activities

Net cash used in financing activities

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Net cash provided by operating activities:

The 2025, 2024 and 2023 change in net cash from operating activities include (in millions):

Variance

Net income

Depreciation, amortization and depletion

Benefit for deferred income taxes

Loss on foreign currency transaction effect

Other adjustments to net income

Operating assets and liabilities

Net cash provided by operating activities

Significant items added to (deducted from) net income to arrive at operating cash flow include depreciation, amortization and depletion, deferred tax amounts and changes in operating assets and liabilities.

2025: Net income was $4,348.2 million, which represented 91.5% of the net operating cash flow.

Changes in operating assets and liabilities reduced cash flow by $512.7 million and was driven by the following variances:

$(761.6) million increase in accounts receivable, principally at our Mexican operations.

$326.2 million increase in accounts payable and accrued liabilities, mainly reflecting higher accrued income taxes and workers’ participation at our Peruvian and Mexican operations, both attributable to an increase in income before taxes in 2025.

$22.1 million net decrease in inventories, mainly consumed at our Peruvian operations.

$ (99.4) million increase in other operating assets and liabilities, net.

Net cash used in investing activities:

2025: Net cash used for investing activities in 2025 included $1,325.3 million for capital investments. This included $836.6 million of investments at our Mexican operations and $488.7 million at our Peruvian operations. For further information, please see “Capital Investment Program” under this Item on page 104.

The 2025 investing activities also included net purchase of short-term investments of $359.3 million.

2024: Net cash used for investing activities in 2024 included $1,027.3 million for capital investments. This included $756.0 million of investments at our Mexican operations and $271.3 million at our Peruvian operations. For further information, please see “Capital Investment Program” under this Item on page 104.

The 2024 investing activities also included net proceeds of short-term investments of $354.0 million.

Net cash used in financing activities:

2025: Net cash used in financing activities in 2025 totaled $2,007.2 million and included an issuance by Minera Mexico of $1,000.0 million of fixed-rate senior notes; the repayment of $500.0 million of fixed-rate senior unsecured notes; and cash dividend distributions of $2,485.1 million.

2024: Net cash used in financing activities in 2024 was $1,645.2 million and included a cash dividend distribution of $1,637.2 million.

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Other Liquidity Considerations

We expect that we will meet our cash requirements for 2026 and beyond from cash on hand and internally generated funds. In addition, we believe that we will be able to access additional external financing on reasonable terms, if required.

As of December 31, 2025, $1.620.1 million of the Company´s total cash and cash equivalents, and short-term investments of $4,909.3 million were held in foreign subsidiaries. The cash and cash equivalents and short-term investments maintained in our foreign operations are generally used to cover local operating and investment expenses. Earnings of the Company’s Peruvian branch are not subject to transition taxes since they are taxed in the United States on a current basis.

Dividends: On January 22, 2026, the Board of Directors authorized a quarterly cash dividend of $1.00 per share of common stock and a stock dividend of 0.0085 shares of common stock per share of common stock, payable on February 27, 2026, for shareholders of record at the close of business on February 10, 2026.

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 $179.93, which is the average of the high and low share price on January 22, 2026.

FINANCING

Our total debt as of December 31, 2025 was $6,750.7 million, compared to $6,258.3 million at December 31, 2024, net of the unamortized discount and issuance costs of notes issued under par for $100.5 million and $92.8 million as of December 31, 2025 and 2024, respectively. This debt is all denominated in dollars at fixed interest rates at a weighted average rate of 5.93%.

On February 5, 2025, our subsidiary Minera Mexico S.A. de C.V. issued $1 billion of fixed-rate senior unsecured notes. This debt is due in 2032 and has an annual interest rate of 5.625%. The proceeds of the offering are intended to provide the Company with additional liquidity to finance our Mexican capital expenditures and Minera Mexico’s general corporate purposes.

Please see Note 11 “Financing” for a discussion about the covenants requirements related to our long-term debt.

Capital Investment Program

A discussion of our capital investment program is an important part of understanding our liquidity and capital resources. We expect to meet the cash requirements for these capital investments from cash on hand, internally generated funds and from additional external financing if required. For information regarding our capital expenditure programs, please see the discussion under the caption “Capital Investment Program” under this Item 7.

CONTRACTUAL AND OTHER OBLIGATIONS

As of December 31, 2025, our most significant contractual obligations include interest and principal on debt, workers’ participation, pension and post-retirement obligations, payments for operating leases, asset retirement obligations, and commitments for purchasing energy and for capital investment projects.

Interest on debt is calculated at rates in effect at December 31, 2025. As all our debt is at fixed rates, future expenditures will not change due to rate changes. Please refer to Note 11 “Financing” of the consolidated financial statements for a description of our long-term debt arrangements and credit facilities.

Workers’ participation is currently calculated based on Peruvian Branch and Mexican pre-tax earnings. In Peru, the provision for workers’ participation is calculated at 8% of pre-tax earnings. The current portion of this participation, which is accrued during the year, is based on the Peruvian Branch’s taxable income and is largely distributed to workers

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after final results are determined for the year. Amounts in excess of 18 times a worker’s salary are distributed to governmental bodies. In Mexico, workers’ participation is determined using the guidelines established in the Mexican income tax law at a rate of 10% of pre-tax earnings as adjusted by the tax law. In 2021, there was a change in the Ley Federal del Trabajo ("Federal Labor Law"), effective in 2022. Under this change, the amount payable to a worker cannot be higher than the maximum between the worker’s salary for a three-month period and the average of the participation received in the last three years.

Operating leases include lease payments for power generating facilities to MGE, vehicles and properties. Please refer to Note 9 “Leases” of the consolidated financial statements.

Pension and post-retirement obligations include the benefits expected to be paid under our pension and post-retirement benefit plans. Please refer to Note 12 “Benefit Plans” of the consolidated financial statements.

Asset retirement obligations include the aggregate amount of closure and remediation costs for our Peruvian mines and facilities to be paid under the mine closure plans approved by MINEM and the closure and remediation costs of our Mexican operations. See Note 10 “Asset Retirement Obligation” of the consolidated financial statements.

In June 2014, we entered into a power purchase agreement for 120 megawatt (“MW”) with the state company Electroperu S.A., which began supplying energy for our Peruvian operations for twenty years starting on April 17, 2017. In July 2014, we entered into a power purchase agreement for 120MW with a private power generator Kallpa Generacion S.A. (“Kallpa”), which began supplying energy for our Peruvian operations for ten years starting on April 17, 2017. In May 2016, we 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 April 30, 2029. In the third quarter of 2024, Parque Eolico de Fenicias began supplying energy to the IMMSA unit. For further information, please see Note 17 “Related party transactions”.

Additionally, we have a commitment to purchase power for our Mexican operations from MGE, a subsidiary of Grupo Mexico through 2032. See Note 13 “Commitment and Contingencies—Other commitments”.

Our long-term estimated power costs are subject to change as energy generation costs change and our forecasted power requirements through the life of the agreements change. In addition, as of December 31, 2025, the Company has committed approximately $1,310.5 million for the development of its capital investment projects. These include committed purchase orders and executed contracts for our Mexican projects and for our Peruvian expansion projects.

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NON-GAAP INFORMATION RECONCILIATION

Operating cash cost: Following is a reconciliation of “Operating Cash Cost” (see page 102) to cost of sales (exclusive of depreciation, amortization and depletion) as reported in our consolidated statement of earnings, in millions of dollars and dollars per pound in the table below:

$ per

$ per

$ per

$ millions

pound

$ millions

pound

$ millions

pound

Cost of sales (exclusive of depreciation, amortization and depletion)

Add:

Selling, general and administrative

Sales premiums, net of treatment and refining charges

Less:

Workers’ participation

Cost of metals purchased from third parties

Royalty charge and other, net

Inventory change

Operating Cash Cost before by ‑ product revenues

Add:

By‑product revenues(1)

Net revenue on sale of metal purchased from third parties

Total by‑product revenues

Operating Cash Cost net of by ‑ product revenues

Total pounds of copper produced (in millions)

By-product revenues included in our presentation of operating cash cost contain the following:

$ per

$ per

$ per

$ millions

pound

$ millions

pound

$ millions

pound

Molybdenum

Silver

Zinc

Sulfuric Acid

Gold

Other

Total

The by-product revenue presented does not match with the sales value reported by segment on page 184 because the above table excludes purchases from third parties, which are reclassified to net revenue on sale of metal purchased from third parties.

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