SOUTHERN COPPER CORP/

Previous wording

We believe we hold one of the world’s largest copper reserves and resources positions. As of December 31, 2024, our copper mineral reserves, estimated at a copper price of $3.30 per pound, totaled 112,668 million pounds of contained copper, distributed in the following locations:

Current wording

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:

Previous wording

For 2025, the Board of Directors approved a capital investment program of $1,598.0 million.

Current wording

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

Previous wording

We are subject to market risks arising from the volatility of copper and other metals prices. For instance, during the period from January 2015 through December 2024, the London Metal Exchange (LME) copper settlement price varied from a low of $1.96 per pound in 2016 to a record high of $4.92 per pound in 2024, and the Metals Week Molybdenum Dealer Oxide weekly average price ranged from a low of $4.30 per pound in 2015 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 1ARisk 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.

Current wording

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 1ARisk 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.

Previous wording

Capital Investment Program: We made capital investments of $1,027.3 million in 2024 and $1,008.6 million in 2023. In general, the capital investments and projects described below are intended to increase production, decrease costs or address social and environmental commitments.

Current wording

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.

Previous wording

In 2025, we plan to invest $1,598.0 million in capital projects. In addition to our ongoing capital maintenance and replacement spending, our principal capital programs include the following:

Current wording

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:

Previous wording

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 tons of SX- EW copper cathodes per year.

Current wording

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.

Previous wording

Tia Maria will generate significant revenues for the Arequipa region from day one of its operations. At current copper prices, we expect to export $17.5 billion and contribute $3.4 billion in taxes and royalties during the first 20 years of operation. After a thoughtful and detailed review, the new project budget has been set at $1,802 million.

Current wording

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.

Previous wording

Project update: As of December 31, 2024, the Company had generated more than 614 jobs, 492 of which were filled with local applicants. To the fullest extent possible, we intend to fill the 3,500 jobs estimated to be required during Tia Maria’s construction phase prioritizing workers from the Islay province. When we start operations in 2027, the project will generate 764 direct jobs and 4,800 indirect jobs.

Current wording

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.

Previous wording

The Company 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.

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

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 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.

Current wording

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

Previous wording

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 tons of oxides with a copper content of 0.45% and 52 million tons of sulfides with a copper content of 0.59%. The Los Chancas project envisions an open-pit mine with a combined operation of concentrator and SX-EW processes to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The estimated capital investment is $2,600 million and operations are expected to begin in 2031. We continue to engage in social and environmental improvements for the local communities and are working on the project’s environmental impact assessment.

Current wording

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.

Previous wording

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 greenfield mining project with inferred mineral resources of 2,288 million tons and an estimated copper grade of 0.43%. When developed, we expect Michiquillay to produce 225,000 tons of copper per year (along with by-products of molybdenum, 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 taxes and royalties to the local, regional and national governments

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

Project update: The Company has completed the environmental baseline study for the mine. Currently, more detailed engineering is being conducted for the concentrator, SX-EW plant as well as for water desalination, logistics infrastructure and power delivery.

Current wording

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

Previous wording

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

Current wording

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.

Previous wording

Southern Copper Corporation, among the top 10 mining companies with the highest ratings for sustainability in 2024. Corporate Sustainability Assessment (CSA) of S&P Global, which publishes an annual performance review of the sustainability practices of 13,000 companies from across the globe, situated Southern Copper Corporation among the best-rated companies of 248 companies in the Mining and Metals sector in 2024. With a score that is twice the average of our peers in the mining industry, SCC’s sustainability rating rose 9 points year-over-year. This marks our sixth consecutive year on the Dow Jones’s Sustainability Index, and we have also been included in the Sustainability Emerging Markets Index.

Current wording

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.

Previous wording

Occupational safety and health of our workforce. Operating discipline and the strength of our preventive safety culture led to a 28% reduction in the number of employee accidents involving lost-time injuries in 2024. These results compare favorably with the rates reported by other companies in the mining sector.

Current wording

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.

Previous wording

Best international practices for tailings management. With a preventive focus and an eye on minimizing risks, we are making progress in our efforts to implement the Global Industry Standard on Tailings Management of the International Council on Mining and Metals (ICMM) at our main operations. We have completed a gap analysis of our open pit mining operations and continue efforts to establish that all of SCC’s facilities comply with this standard.

Current wording

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.

Previous wording

The safety, health and well-being of our employees are the bedrock of SCC’s value system and our top priorities. We are committed to creating a safe and healthy work environment for our employees, contractors and suppliers, whether they work at our facilities or in surrounding areas. Workplace safety is of utmost importance to SCC and is a shared responsibility; all employees are required to comply with established policies and procedures to safeguard their integrity and that of our facilities. For more details on our health and safety performance, please refer to Grupo Mexico's Sustainability Report at https://www.gmexico.com/en/Pages/development.aspx. We are referring our investors to Grupo Mexico's website for informative purposes only. We do not intend for this internet link to be an active link or to otherwise incorporate the contents of the website into this Report on Form 10-K.

Current wording

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.

Previous wording

We have reaffirmed our commitment to maintain ISO-certified occupational health and safety management systems, and all units at SCC successfully passed follow-up audits for ISO 45001 and retained their certification in 2024. This represents a significant step in our quest to obtain accreditation for responsible copper production under The Copper Mark certification.

Current wording

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.

Previous wording

Southern Copper Corporation aims to fulfill the needs of future generations by promoting development that benefits all, both today and in the long-term. We are committed to continuously improving our environmental performance and to promoting the adoption of the best environmental practices at our operations to contribute to the transition to a green economy. To this end, we have achieved ISO 14001 certification for the environmental management systems at all our operations. We are also committed to preserving the environment by implementing actions to generate a positive impact on biodiversity through our operations. To fulfill this commitment, which is outlined in the Company’s Environmental Policy, we have developed action plans for biodiversity management that are aligned with the Good Practice Guidance for Mining and Biodiversity guide published by the International Council on Mining and Metals (ICMM). We believe these plans further improve the Company’s capacity to implement effective mitigation measures and contribute to the preservation and improvement of the environment at our operations.

Current wording

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.

Previous wording

Regarding our environmental risk management, we are aligning our tailings systems to the ICMM’s Global Standard on Tailings Management and have improved our governance framework by implementing an Internal Committee for Review of Tailings Systems to bolster safety management and communication between operations and top management.

Current wording

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.

Previous wording

We have also made progress in our commitment to protect biodiversity. In 2023, the Environmental Management Unit at Buenavista del Cobre received certification from the Wildlife Habitat Council, which recognized our contributions to efforts to prevent the extinction of the Mexican grey wolf. These actions have allowed populations of this critically endangered species to increase its numbers significantly within in their natural habitat in Mexico. Going forward, we will continue to work side-by-side with institutions and authorities to serve the common good in the regions in which we operate.

Current wording

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.

Previous wording

Southern Copper Corporation prioritizes being a good neighbor in the localities near our operations. Working together with the communities, we have the opportunity to collaborate and forge a path based on common objectives for social and economic development as we work to support the United Nations’ Sustainable Development Goals. We believe that community outreach must be based on transparency and trust and strive to promote long-lasting ties.

Current wording

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.

Previous wording

Our Community Development model has three components: 1) responsible coexistence: to foster a positive and healthy coexistence with our neighbor communities, and to have open and ongoing channels of communication to address complaints and concerns; 2) economic development: it is important to share the economic value our operations generate

Current wording

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

Previous wording

The primary tool to ensure a responsible coexistence is our grievance mechanism for external stakeholders (Service and Attention Center) that operates at 100% of our sites and resolves complaints in an average of five days.

Current wording

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.

Previous wording

SCC recognizes the importance and urgency of tackling climate change and is committed to supporting the objective of the Paris Agreement, preserving the environment, minimizing the environmental footprint of our operations, and efficiently managing climate-related risks and opportunities. We recognize that climate change will influence our strategy in various ways, and we aim to meet the expectations of the global business trends that are increasingly demanding products with lower carbon footprints. Our focus is to continuously improve the responsible use of natural resources while complying with legal standards for prevention, mitigation, control and remediation of environmental impacts.

Current wording

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.

Previous wording

In our commitment to improving performance on these critical issues, we have embarked on a multi-year process 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 sections on climate-related risks and opportunities, more detailed information about new short-, medium- and long-term Scope 1 and 2 climate targets, strategy and governance mechanisms, and new emissions and energy metrics informed by Sustainability Accounting Standards Board (SASB) standards. In our 2023 Sustainability Development Report, we included Scope 3 targets and preliminary capital allocation figures on decarbonization projects. The report can be accessed at https://www.gmexico.com/en/Pages/development.aspx. We are referring our investors to Grupo Mexico's website for details on these initiatives for informative purposes only. We do not intend for this internet link to be an active link or to otherwise incorporate the contents of the website into this Report on Form 10-K.

Current wording

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.

Previous wording

As part of our emission reduction efforts, the Company started receiving renewable energy from theFenicias wind park, operated byGrupo Mexico Infraestructura, in August 2024. Once this wind park supplies its full capacity to our mining operations, SCC will reduce its CO 2 emissions approximately 250,000 tonnes per year, which is equivalent to 7% of our carbon footprint. Additionally, in the first quarter of 2024, we received clean energy certificates from one of our electricity suppliers in Peru. With this, all the electrical energy we consumed in Peru in 2023 came from renewable sources. Measurements indicate that consumption of renewable electrical energy at SCC increased from 23% to 36% in

Current wording

As part of our emission reduction initiatives, as of August 2024, we began receiving renewable energy from theFenicias wind park, operated byGrupo 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

Previous wording

The execution of our climate strategy has allowed us to significantly improve our performance in several climate evaluation initiatives. In the sustainability evaluation conducted by S&P Global through the Corporate Sustainability Assessment (“CSA”) in which we have participated in this assessment since 2020, we scored 90 out of 100 for climate governance once again in 2024, which ratifies the progress we have made since 2023. This high rating recognized our efforts to publish our Climate Policy and our on-going supervision of the implementation of our climate change strategy, which evaluates management of the risks and opportunities associated with climate change by the Sustainable Development Committee at the Board level of Southern Copper Corporation. In a repeat of last year’s performance, we scored 100 in the Task Force on Climate-related Financial Disclosures (“TCFD”) category in 2024, which assesses management and disclosure of financial risks and opportunities related to climate change.

Current wording

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.

Previous wording

In addition, the investor-led Climate Action 100+ initiative recognized our efforts to develop an emissions reduction roadmap and gave us a full compliance rating in the TCFD category for the second consecutive year.

Current wording

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.

Previous wording

Since 2016, SCC has been participating in Carbon Disclosure Project (“CDP”) annual evaluation of Climate Change, and in 2022, we participated in our first evaluation of Water Security. In 2024, our 2023 results for both questionnaires were “B” (third best score on a scale of eight levels), which is one level above the average score in the mining sector and the overall score for the North American region.

Current wording

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.

Previous wording

At SCC, we are committed to enforcing the United Nations Guiding Principles on Business and Human Rights. We have a series of policies and procedures that serve as a guide to all employees and suppliers, and the Code of Conduct for Suppliers, Contractors and Relevant Business Partners, which includes several sections related to human rights.

Current wording

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.

Previous wording

We have a human rights’ due diligence process in place to identify, prevent, mitigate or correct adverse impacts on the human rights of communities. In the Mining and Infrastructure divisions, this process has three main components:

Current wording

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:

Previous wording

Participatory Social Diagnosis to allow communities to voice their concerns regarding human rights,

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

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Service and Attention Center (SAC), a tool that was designed with guidance from the United Nations High Commissioner for Human Rights Mexico Office and that allows communities to immediately communicate their concerns with us.

Current wording

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.

Previous wording

SCC also has a human rights due diligence process in place to protect the rights of employees (both the Company’s and those of contractors). The work environment surveys, Complaint Hotlines, and due diligence process are tools that enable us to comply with the commitments included in the General Human Rights Policy. We are currently implementing a Strategic Workplace Plan, which focuses primarily on capacity building; communication campaigns; revision of human resources processes to promote greater inclusivity and equity; and physical changes to working areas to address women’s needs.

Current wording

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.

Previous wording

Our discussion and analysis of financial condition and results of operations, as well as quantitative and qualitative disclosures about market risks, are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of these consolidated financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We make our best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include: 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.

Current wording

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.

Previous wording

Mineral Reserves: For ore 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.

Current wording

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.