SOUTHERN COPPER CORP/

NOTE 1— DESCRIPTION OF THE BUSINESS:

Southern Copper Corporation (“Southern Copper”, "SCC" or the “Company”) is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). As of June 30, 2026, Grupo Mexico, through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The condensed consolidated financial statements presented herein consist of the accounts of Southern Copper, a Delaware corporation, and its subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico. The Company conducts its primary operations in Peru through a registered branch (the "Peruvian Branch" or “Branch” or “SPCC”). The Peruvian Branch is not a corporation separate from the Company. The Company's Mexican operations are conducted through subsidiaries. The Company also conducts exploration activities in Argentina, Chile, Mexico and Peru.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s financial position as of June 30, 2026 and the results of operations, comprehensive income, cash flows and changes in equity for the six months ended June 30, 2026 and 2025. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year. The December 31, 2025 balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2025 and notes included in the Company’s 2025 annual report on Form 10-K. The accounting policies and practices followed in these condensed consolidated financial statements are the same as those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

NOTE 2 — SHORT-TERM INVESTMENTS:

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

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

Available-for-sale investments consist of securities issued by public companies. Each security is independent of the others and as of June 30, 2026, and December 31, 2025, included asset and mortgage-backed obligations. As of June 30, 2026, 2025 and December 31, 2025, gross unrealized gains and losses on available-for-sale securities were not material.

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

The following table summarizes trading investment activity (in millions):

NOTE 3 — INVENTORIES:

Inventories were as follows:

During the six-month periods ended June 30, 2026 and 2025, total leaching costs capitalized as non-current inventory of ore stockpiles on leach pads amounted to $100.2 million and $128.2 million, respectively. Leaching inventories recognized in cost of sales amounted to $139.6 million and $113.6 million for the six months ended June 30, 2026 and 2025, respectively.

NOTE 4 — INCOME TAXES:

The income tax provision and the effective income tax rate for the six-month periods ended June 30, 2026 and 2025 consisted of (in millions):

These provisions include income taxes for Peru, Mexico and the United States. The Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The effective income tax rate for 2026 remained relatively consistent with that of the corresponding period in 2025.

Peruvian royalty and special mining tax: The Company has accrued $156.0 million and $84.0 million of royalty charge and special mining tax as part of the income tax provision for the first six months of 2026 and 2025, respectively.

Mexican mining royalty: The Company has accrued $175.2 million and $94.7 million of royalty taxes as part of the income tax provision for the first six months of 2026 and 2025, respectively. The year-over-year increase reported was driven by growth in sales, which was mainly attributable to higher metal prices.

Accounting for uncertainty in income taxes: In the second quarter of 2026, the Company made no payments for uncertain tax positions. The current and non-current liabilities recorded for the Peruvian jurisdiction increased the tax expense by approximately $15.4 million. The Company has a net current liability of $24.7 million in the Peruvian jurisdiction, which represents anticipated cash refunds or payments due within the next 12 months. The IRS and other tax authorities routinely audit the Company's tax returns. The Company believes it has adequately provided for uncertain tax positions in each jurisdiction.

U.S. Tax Law updates:

On July 4, 2025, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (the “Act”) – and commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. The Act includes changes to both international and domestic tax provisions but did not change the overall corporate tax rate. The Act reduces the deduction percentages for some income inclusions as well as foreign income taxes deemed paid, and limits the deductions that are allocated and apportioned to the foreign tax credit limitation within the Net CFC Tested Income (“NCTI”). The Act increases the Base Erosion and Anti-Abuse Tax (“BEAT”) rate. The Act makes changes to the foreign tax credit provisions for allocation and apportionment of expenses; treatment of certain dividends; and inclusion of income from Controlled Foreign Corporations (CFC’s). The tax law changes did not materially affect the Company’s financial statements.

Pillar Two (Organization for Economic Co-operation and Development “OECD”) updates: Large multinational businesses with more than €750 million in total revenue must pay a minimum effective tax rate under Pillar Two of 15% on taxable income arising in each jurisdiction where they operate. If jurisdictions want to implement Pillar Two, they will need to do so through domestic legislation. The countries in which the Company has significant operations have yet to enact Pillar Two into law and have not formally announced plans to implement these rules. Currently, the Company has not been impacted but will continue to monitor these developments and analyze any potential impact that Pillar Two may have on future results.

NOTE 5 — RELATED PARTY TRANSACTIONS:

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

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

Purchase and sale activity:

Grupo Mexico and affiliates:

The following table summarizes the purchase and sale activities with Grupo Mexico and its affiliates in the six-month periods ended June 30, 2026 and 2025 (in millions):

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

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

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

In 2012, the Company signed a power purchase agreement with MGE, whereby MGE supplies some of the Company’s Mexican operations with power through 2032. MGE hastwo natural gas-fired combined cycle power generating units, with a net total capacity of 516.2 megawatts and has been supplying power to the Company since December 2013. In the first six months of 2026, MGE supplied approximately 18.3% of its power output to third-party energy users, compared to 0.3% in the same period of 2025.

In 2014, Mexico Generadora de Energia Eolica, S. de R.L. de C.V, an indirect subsidiary of Grupo Mexico, located in Oaxaca, Mexico, acquired Eolica el Retiro, S.A.P.I. de C.V. (“Eolica el Retiro”). Eolica el Retiro is a windfarm with 37 wind turbines. This company started operations in January 2014 and began to sell power to Industrial Minera Mexico, S.A. de C.V. and subsidiaries (“IMMSA”) and other subsidiaries of Grupo Mexico in the third quarter of 2014. In the

first six months of 2026, Eolica El Retiro supplied approximately 16.6% of its power output to IMMSA and Mexcobre, compared to 11.7% in the same period of 2025.

In 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V. (“Parque Eolico de Fenicias”), an indirect subsidiary of Grupo Mexico, located in Nuevo Leon, Mexico. This contract commits to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. This agreement started in the third quarter of 2024. In the first six months of 2026, Parque Eolico de Fenicias supplied approximately 98.0% of its power output to IMMSA, compared to 85.5% in the same period of 2025.

The Company sold copper starter sheets, lime and sulfuric acid to Asarco LLC. The Company´s Mexican operations received fees for transportation and administrative services that were provided to Asarco and also received fees for natural gas and services provided to MGE, a subsidiary of Grupo Mexico. In the second quarter of 2026, the price of natural gas sold to MGE experienced a significant decrease and turned negative due to market conditions, resulting in a net credit of $9.3 million. Additionally, the Company´s Mexican operations received fees for rental services provided to AMMINCO.

Companies with relationships to the controlling group:

The following table summarizes the purchase and sales activities with other Larrea family companies in the six-month periods ended June 30, 2026 and 2025 (in millions):

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

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

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

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

In addition, the Company has a 30.0% participation in Apu Coropuna S.R.L. (“Apu Coropuna”), which it accounts for on the equity method. Apu Coropuna is a company which undertakes exploration activities in the Pucay prospect,

located in Arequipa, Peru. The exploration results were not favorable; consequently, the Company is evaluating liquidating its participation in this company.

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

NOTE 6 – FINANCING:

On June 24, 2026, the Company (including and acting exclusively for the benefit of its Peruvian branch Southern Peru Copper Corporation, Sucursal del Perú, “SPCC”) issued $1,250 million of fixed-rate senior unsecured notes. This debt was issued in one tranche, due in 2036 at an annual interest rate of 5.350%. These notes will be general unsecured obligations of the Company and will rank equally with all of its existing and future unsecured and unsubordinated debt. Interest on the notes will be paid semi-annually in arrears. The net proceeds from this offering will be used exclusively by SPCC for the development of the Tia Maria project, the financing of the capital expenditure program of SPCC, and/or for general corporate purposes of SPCC, including but not limited to working capital (and expenses due in the short term). The notes were issued with an issuance discount of $2.5 million. Additionally, estimated issuance costs of $6.3 million associated with these notes were deferred. The unamortized balance of the discount and the costs are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan.

Pursuant to an Indenture, dated April 16, 2010 (the “Indenture”), between the Company and Computershare Trust Company, National Association, as trustee (the “Trustee”), the Company and the Trustee entered into a Seventh Supplemental Indenture dated as of June 24, 2026 (the “Seventh Supplemental Indenture”). The Seventh Supplemental Indenture provides for the issuance and sets forth the terms of the notes described above. The Indenture and the Seventh Supplemental Indenture contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness; engage in certain sale and leaseback transactions; and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets.

Credit risk rating:

In June 2026, Moody’s investors service assigned its Baa1 as the debt rating on the new notes issued. Also on June 2026, Fitch and Standard & Poor’s ratings services assigned its ‘BBB+’, as the debt rating on the new notes issued.

NOTE 7 — LEASES:

The Company has operating leases for power generating facilities, vehicles and properties. The Company recognizes leasing expenses for these leases on a straight-line basis over the lease term. Some of the Company’s leases include both lease and non-lease components which are accounted for separately. The Company’s leases have remaining lease terms for periods ranging from less thanone year toseven years, and donot include options to extend the leases. The Company’s lease agreements donot contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Company’s lease contracts have no material residual value guarantees or material restrictive covenants. As none of the Company’s leases stipulate an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The weighted average of the remaining lease term for the Company’s leases is approximatelysix years, and the weighted average discount rate for these leases is 5.02%.

The operating lease expense recognized in the six-month periods ended June 30, 2026 and 2025 was classified as follows (in millions):

Maturities of lease liabilities are as follows:

NOTE 8 — ASSET RETIREMENT OBLIGATION:

Peruvian operations:

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

Currently, the Company has pledged the value of its Lima office complex for 26% of the guarantee and with a stand-by letter of credit for the other 74% as a security for this obligation. Through January 2026, the Company has provided total guarantees of $110.3 million.

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

In December 2025, the Company updated estimates for all of its facilities; the effect was a $5.7 million decrease in the asset retirement obligation and a $2.6 million reduction in the retirement asset; the difference of $3.1 million was recorded as a reduction in cost of goods sold. Additionally, in the first quarter of 2026, the Company updated its estimate

for the Toquepala operations; the effect was a $9.2 million increase in the asset retirement obligation and a $6.0 million increase in the retirement asset; the difference of $3.2 million was recorded as an increase in cost of goods sold.

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

In 2025, the Company adjusted its estimate for the asset retirement obligation for its Mexican operations, mainly due to a detailed review of the closing activities required and an update to life-of-mine plans for the Buenavista operations. The effect of this change was a $106.7 million decrease in the asset retirement obligation and a $48.8 million reduction in the retirement asset; the difference of $57.9 million was recorded as a reduction in cost of goods sold.

The following table summarizes the asset retirement obligation activity for the six-month periods ended June 30, 2026 and 2025 (in millions):

NOTE 9**—**** BENEFIT PLANS:**

Post retirement defined benefit plans:

The Company’s Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees. In addition, the Company had a noncontributory defined benefit pension plan covering former salaried employees in the United States and certain former expatriate employees in Peru (the “Expatriate Plan”). On July 24, 2025, the Board of Directors of the Company authorized the termination of the Expatriate Plan. This termination became effective December 1, 2025 and had no material impact on the Company’s financial statements. The Expatriate Plan’s benefit obligation was settled by the purchase of annuity contracts to transfer the plan’s remaining obligations to third parties. The termination process was completed on April 30, 2026.

The components of net periodic benefit costs for the six-month periods ended June 30, 2026 and 2025 are as follows (in millions):

Post-retirement health care plans:

Starting in 2011, the Mexican Institute of Social Security began providing health care services to retired workers of the Buenavista unit and their families. These services are free of charge to the retired workers, and their costs are covered by the Company.

The components of net periodic benefit cost for the six-month periods ended June 30, 2026 and 2025 are as follows (in millions):

NOTE 10 — COMMITMENTS AND CONTINGENCIES:

Environmental matters:

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

Environmental capital investments in the six-month periods ended June 30, 2026 and 2025 were as follows (in millions):

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

Air Quality Standards (“AQS”): In June 2017, MINAM enacted a supreme decree which defined new AQS for daily sulfur dioxide in the air. As of June 30, 2026, the Company reported a daily average level of µg/m3 of SO2, which falls below the AQS requirement.

In November 2023, MINAM enacted a newAQS for Cadmium, Arsenic and Chromium in particulate matter less than ten microns (PM 10). A review of the Company´s chemical monitoring results has determined that the Company´s operations will not be significantly impacted by the new standards and concentration values in place. The Company´s results are expected to continue to fall below regulatoryAQS.

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

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

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

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

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

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

On May 9, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, National Waters Law, the General Law of Ecological Balance and Environmental Protection, and the General Law for the Prevention and Integral Management of Waste. The main changes include reducing mining concession terms from 50 to 30 years; new restrictions and conditions on water use; requirements to provide guarantees for closure and remediation of operations; and a contribution of 5% of net earnings to indigenous communities for new projects and significant changes to exploration rules.

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

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

Litigation matters:

Peruvian operations:

Peruvian Labor Shares

In 1996, Edgardo García Ataucuri and other former employees filed a lawsuit against the Company seeking the delivery of “labor shares” (acciones laborales), which were issued by the Peruvian Branch pursuant to the legal requirements of a Peruvian Law issued in 1979 (which has since been repealed), which mandated that mining workers receive a 10% share of their employer enterprises’ pre-tax profits. This participation was distributed 40% in cash and 60% in equity interest in the enterprise. The Twenty-Second Civil Court of Lima ruled in favor of the plaintiffs and ordered the delivery of labor share certificates. The ruling was upheld by the Civil Chamber Court in 2000 and by the Supreme Court in 2009.

The proceedings are currently in the judgment execution stage. The Court ordered a registered lien on 10,501,857 “investment shares” (formerly referred to as “Labor Shares”) held by the Peruvian Branch and by its Peruvian affiliate, Compañía Minera Los Tolmos S.A.

On September 16, 2025, the First Civil Court of Lima issued Resolution No. 686, ordering the initiation of a transfer in payment through the registration of a transfer of ownership of labor shares, now referred to as investment shares, involving 8,488,383 shares. The Company subsequently challenged Resolution No. 686 by filing a motion for nullity. On December 19, 2025, the First Civil Court dismissed that motion through Resolution No. 736. However, upon the Company's appeal, the Superior Court annulled Resolution No. 736, leaving the Company's challenge to Resolution No. 686 yet to be resolved.

In addition to the motions filed in the underlying proceedings, the Company filed a constitutionalamparo action challenging the Court's interpretation of the value of the labor share (according to the Company's position, it is incorrect to treat a labor share as equivalent in value to a current investment share, given that the applicable conversion ratio is actually 10,000,000 labor shares for one current investment share). On February 11, 2026, the Ninth Constitutional Court of Lima issued Resolution No. 4 in Case No. 11956-2025-0-1801-JR-DC-09, declaring the amparo claim well-founded for failing to provide adequate grounds and reasoning. Accordingly, the Court declared null and void the resolutions issued in the civil enforcement proceedings, namely: (i) Resolution No. 505 (September 23, 2015), (ii) Resolution No. 518 (October 23, 2015), and (iii) Resolution No. 08 (May 16, 2025), which ordered the attachment by registration over shares held by Compañia Minera Los Tolmos S.A. and the Peruvian Branch and had served as the basis for the subsequent order requiring the delivery of the investment shares. The Company then requested the immediate enforcement of the first-instance judgment. On February 24, 2026, the Constitutional Court granted that request through Resolution No. 01 and ordered the First Civil Court of Lima, on a provisional basis, to refrain from implementing any registration, transfer, or change-of-ownership measures arising from the attachment ordered by Resolutions No. 505 and No. 518 and Appellate Resolution No. 08. Furthermore, on February 24, 2026, the Company was served notice of the appeal that the defendant filed against Resolution No. 4. As of June 30, 2026, the case was pending resolution.

On March 3, 2026, the First Civil Court was officially served with the judgment issued by the Ninth Constitutional Court. Subsequently, on April 8, 2026, through Resolution No. 846, the First Civil Court informed the parties that, in strict compliance with the order requiring it to refrain from taking certain actions, it would suspend any procedural activity based on those rulings. Accordingly, the Court suspended the implementation of Resolution No. 686, specifically the issuance and transmission of the instructions to transfer ownership of the shares attached pursuant to Resolutions No. 505 and No. 518 and Appellate Resolution No. 08. This suspension was ordered on a provisional basis

and would remain in effect for as long as Resolution No. 01 issued in Case No. 11956-2025-81-JR-DC-09 by the Ninth Constitutional Court remained in force.

The Tia Maria Mining Project

There areeight lawsuits filed against the Peruvian Branch of the Company related to the Tia Maria project. The lawsuits seek (i) to declare null and void the resolution that approved the Environmental Impact Assessment of the project; (ii) the cancellation of the project and the withdrawal of mining activities in the area; (iii) to annul the mining concession application for the Tia Maria project; (iv) to annul the resolution that approved the construction license; (v) to suspend construction work on the project; and (vi) to declare the expiration of the Environmental Impact Assessment. The lawsuits were filed by Messrs. Ernesto Mendoza Padilla (filed May 26, 2015), Juan Alberto Guillen Lopez (filed June 18, 2015), Junta de Usuarios del Valle del Tambo (filed April 30, 2015), Gobierno Regional de Arequipa (filed December 16, 2019), Municipalidad Distrital de Dean Valdivia (filed January 24, 2020), Cristhian Torres Quispe et al. (filed March 20, 2025), Juan Miguel Meza Igme et al. (filed March 28, 2025) and Néstor Eloy Arocena Canazas (filed December 02, 2025).

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

The Mendoza Padilla case was initially rejected by the lower court on July 8, 2015. This ruling was confirmed by the Superior Court on June 14, 2016. On July 12, 2016, the case was appealed before the Constitutional Court. On November 20, 2018, the Constitutional Court reversed the previous decisions and remanded the case to the lower court for further action. In the third quarter of 2020, the Company was notified that the complaint had been reinstated. The Company answered the complaint on September 15, 2020. On December 2, 2020, the lower court issued a resolution, considering the complaint answered. On September 27, 2021, the Court ordered to temporarily archive the case. As of June 30, 2026, the case was pending resolution.

The Guillen Lopez case is currently before the lower court. Oral arguments took place on July 19, 2019. On January 7, 2020, the Judge decided to suspend the proceedings until the del Carpio Lazo case is concluded. On March 8, 2022, The Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On September 7, 2023, the Judge cancelled the suspension and declared the case ready for a resolution. On May 18, 2024, the Judge declared, once again, that the case was ready for resolution. As of June 30, 2026, the case was pending resolution.

The Junta de Usuarios del Valle del Tambo case is currently before the lower court. In May 2016, the Company was included in the process after the Ministry of Energy and Mines filed a civil complaint. On March 6, 2019, the Company was formally notified of the lawsuit and answered the complaint on March 20, 2019. On July 8, 2019, the Company requested the suspension of the proceeding until the del Carpio Lazo case is concluded. On March 11, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On January 5, 2024, the Peruvian Branch reiterated its petition to continue the process given that a final decision has already been handed down in Carpio Lazo case. As of June 30, 2026, the case was pending resolution.

The Gobierno Regional de Arequipa case is currently before the Superior Court. The Company answered the complaint on September 15, 2020. On March 15, 2023, the Judge dismissed the lawsuit. On May 30, 2025, the Superior Court vacated the dismissal and remanded for a new judgment. On January 23, 2026, the lower court again ruled in favor of SPCC. On May 5, 2026, the Superior Court affirmed the first instance decision dismissing the lawsuit. However, on June 4, 2026, the plaintiff filed an extraordinary appeal (recurso de casación). On June 16, 2026, the Superior Court ordered that the case file be forwared to the Supreme Court for resolution of the extraordinary appeal. As of June 30, 2026, the case was pending resolution.

The Municipalidad Distrital de Dean Valdivia case is currently before the lower court. On August 17, 2022, the Company was formally notified of the lawsuit and answered the complaint on September 2, 2022. The Peruvian Branch

informed the Court the result of the del Carpio Lazo case. On May 19, 2026, the Judge dismissed the lawsuit. The deadline for the plaintiff to appeal that decision is currently pending expiration. As of June 30, 2026, the case was pending resolution.

The Torres Quispe case is currently before the lower court. On May 20, 2025, the Company was formally served with the lawsuit and filed and answered the complaint on June 2, 2025. On July 11, 2025, the Court ruled in favor of SPCC. The plaintiff filed an appeal. On April 24, 2026, the Superior Court affirmed the final ruling Therefore, as of June 30, 2026, the case is closed.

The Juan Miguel Meza Igme case is currently before the lower court. On August 28, 2025, SPCC was formally served with the lawsuit. On September 10, 2025, the Company answered the complaint. As of June 30, 2026, the case was pending resolution.

The Néstor Eloy Arocena Canazas case is currently before the lower court. On March 4, 2026, the Company was formally served with the complaint and filed its answer on March 18, 2026. As of June 30, 2026, the case was pending resolution.

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

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

In 2012, the Pasto Grande Project, an entity of the Regional Government of Moquegua, filed a lawsuit against the Peruvian Branch alleging property rights over a certain area used by the Peruvian Branch and seeking the demolition of the tailings dam where the Peruvian Branch has deposited its tailings from the Toquepala and Cuajone operations since 1995. The Peruvian Branch has had title to use the area in question since 1960 and has constructed and operated the tailings dams with proper governmental authorization since 1995. Following a motion filed by the Peruvian Branch, the lower court included MINEM as a defendant in this lawsuit. MINEM has answered the complaint and denied the validity of the claim. On July 2, 2022, the case was temporarily archived. On May 26, 2023, the Judge ordered termination of the proceeding due to the lack of interest of the plaintiff. On June 2, 2023, the plaintiff appealed the termination of the proceeding. On September 18, 2023, the Superior Court reversed the termination and ordered the Judge to continue the proceeding. As of June 30, 2026, the case was pending resolution.

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

The Accidental Spill at Buenavista Mine of 2014

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

On August 19, 2014, PROFEPA, as part of the administrative proceeding initiated after the spill, announced the filing of a criminal complaint against Buenavista del Cobre S.A. de C.V. (“BVC”), a subsidiary of the Company, to determine those responsible for environmental damages. During the second quarter of 2018, the criminal complaint was dismissed. This decision was appealed and was pending resolution as of June 30, 2026.

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

Through the first half of 2015, six collective action lawsuits were filed in federal courts in Mexico City and Sonora againsttwo subsidiaries of the Company seeking economic compensation, clean up and remedial activities in order to restore the environment to its pre-existing conditions. Three of the collective action lawsuits have been dismissed by the court. The remaining three lawsuits are still pending: two were filed by Acciones Colectivas de Sinaloa, A.C. andone, by Defensa Colectiva, A.C.; requesting precautionary measures about construction of facilities for monitoring public health services and prohibiting the closure of the Rio Sonora Trust. As of June 30, 2026, these cases remain in the same stage.

Similarly, during 2015, eight civil action lawsuits were filed against BVC in the state courts of Sonora seeking damages for alleged injuries and for moral damages as a consequence of the spill. The plaintiffs in the state court lawsuits are: Jose Vicente Arriola Nunez et al; Santana Ruiz Molina et al; Andres Nogales Romero et al; Teodoro Javier Robles et al; Gildardo Vasquez Carvajal et al; Rafael Noriega Souffle et al; Grupo Banamichi Unido de Sonora El Dorado, S.C. de R.L. de C.V; and Marcelino Mercado Cruz. In 2016, three additional civil action lawsuits, claiming similar damages, were filed by Juan Melquicedec Lebaron; Blanca Lidia Valenzuela Rivera et al and Ramona Franco Quijada et al. In 2017, BVC was served with thirty-three additional civil action lawsuits, claiming similar damages. The lawsuits were filed by Francisco Javier Molina Peralta et al; Anacleto Cohen Machini et al; Francisco Rafael Alvarez Ruiz et al; Jose Alberto Martinez Bracamonte et al; Gloria del Carmen Ramirez Duarte et al; Flor Margarita Sabori et al; Blanca Esthela Ruiz Toledo et al; Julio Alfonso Corral Dominguez et al; Maria Eduwiges Bracamonte Villa et al; Francisca Marquez Dominguez et al; Jose Juan Romo Bravo et al; Jose Alfredo Garcia Leyva et al; Gloria Irma Dominguez Perez et al; Maria del Refugio Romero et al; Miguel Rivas Medina et al; Yolanda Valenzuela Garrobo et al; Maria Elena Garcia Leyva et al; Manuel Alfonso Ortiz Valenzuela et al; Francisco Alberto Arvayo Romero et al; Maria del Carmen Villanueva Lopez et al; Manuel Martin Garcia Salazar; Miguel Garcia Arguelles et al; Dora Elena Rodriguez Ochoa et al; Honora Eduwiges Ortiz Rodriguez et al; Francisco Jose Martinez Lopez et al; Maria Eduwiges Lopez Bustamante; Rodolfo Barron Villa et al, Jose Carlos Martinez Fernandez et al, Maria de los Angeles Fabela et al; Rafaela Edith Haro et al; Luz Mercedes Cruz et al; Juan Pedro Montaño et al; and Juana Irma Alday Villa. In the first quarter of 2018, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by Alma Angelina Del Cid Rivera et al. On October 3, 2024, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by María Lourdes Martínez Navarro et al. As of June 30, 2026, all of these cases were pending resolution.

In 2015, four constitutional lawsuits (juicios de amparo) were filed before Federal Courts against various authorities and against a subsidiary of the Company, arguing; (i) the alleged lack of a waste management program approved by SEMARNAT; (ii) the alleged lack of a remediation plan approved by SEMARNAT with regard to the August 2014 spill; (iii) the alleged lack of community approval regarding the environmental impact authorizations granted by SEMARNAT toone subsidiary of the Company; and (iv) the alleged inactivity of the authorities with regard of the spill in August 2014. The plaintiffs of these lawsuits are: Francisca Garcia Enriquez, et al filedtwo lawsuits, Francisco Ramon Miranda, et al and Jesus David Lopez Peralta et al. In the third quarter of 2016, four additional constitutional lawsuits, claiming similar damages were filed by Mario Alberto Salcido et al; Maria Elena Heredia Bustamante et al; Martin Eligio Ortiz Gamez et al; and Maria de los Angeles Enriquez Bacame et al. In the third quarter of 2017, BVC was served with another constitutional lawsuit filed by Francisca García Enriquez et al. In 2018, BVC was served withtwo additional constitutional lawsuits that were filed against SEMARNAT by Norberto Bustamante et al. With regard to the constitutional lawsuit filed by Maria Elena Heredia Bustamante et al; in which it was claimed the lack of community approval regarding the authorization granted by SEMARNAT to build the new BVC tailings dam, on September 5, 2018, the Supreme Court of Justice issued a resolution establishing that such authorization was granted to BVC in compliance with the applicable legislation. However, SEMARNAT must carry out a public meeting to inform the community of the technical aspects required to build the dam, potential impacts and prevention measures. This public meeting will have no material effects to BVC’s operations. SEMARNAT has carried out the consultation ordered by the Supreme Court. As a result, it has informed the corresponding Judge about its compliance with the resolution, in which BVC was required to implement additional measures of environmental impact prevention, such as: (i) the building of at least three monitoring wells downstream from the curtain of the contingency dam in a period of six months; (ii) monitoring of the groundwater level and water quality every six months; (iii) carrying out rain collection work in order to restore water to the Sonora River basin, with six months granted to present the execution program; (iv) determine the location of wildlife conservation and protection areas and define the need to establish biological corridors; (v) obtain

photographic or videographic evidence every six months; (vi) submitting to SEMARNATtwo years before the closure and abandonment of the site, or earlier if necessary, the closure program that includes the cleaning and restoration of the soil including Mexican regulation NOM-141; (vii) include the measures in the Environmental Monitoring Program according to the environmental components impacted; and (viii) hiring an external environmental consultant to validate compliance with the current and new conditions imposed. The foregoing does not impact BVC’s operations. Additionally, the lawsuits filed by Maria de los Angeles Enriquez Bacame and Norberto Bustamante have been dismissed and closed without prejudice to the Company. As of June 30, 2026, the remaining cases were pending resolution.

It is currently not possible to determine the extent of the damages sought in these state and federal lawsuits but the Company believes that these lawsuits are without merit. Accordingly, the Company is vigorously defending against them. Nevertheless, the Company believes that none of the legal proceedings resulting from the spill, individually or in the aggregate, would have a material effect on its financial position or results of operations.

Labor matters:

Peruvian operations: Approximately 49.2% of the Company's 5,643 Peruvian employees were unionized as of June 30, 2026. Currently, there aresix separate unions, none of which represents the majority of workers, as defined by current Peruvian labor legislation.

In the fourth quarter of 2024, the Company signed long-term extensions of the collective bargaining agreements with five of itssix unions, each lastingsix years and commencing on the day after the expiration of the prior agreements, in accordance with the law. As a result of these agreements, the Company made a signing payment to each worker in the fourth quarter of 2024, totaling $62 million, approximately.

In February 2025, the Company signed athree-year extension of the collective bargaining agreement with the remaining union. The Company made a signing payment to each worker of the union, totaling approximately $6.3 million. This allows the Company to ensure that economic benefits and working conditions are consistently applied to all unionized workers. Additionally, the Company reached agreements with thesix unions to ensure uninterrupted operation of its facilities, preventing stoppages by the unions and workers during extension periods for collective bargaining.

In the second quarter of 2025, the Company began implementing of the collective bargaining agreements signed with thesix unions. Meetings have been held with the unions to execute different points that were agreed upon during the collective bargaining, and those additional agreements to ensure that operations can develop normally until at least 2027.

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

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

The workers of the San Martin mine were on strike since July 2007. On February 28, 2018, the striking workers of the San Martín mine of IMMSA held an election to vote on the union that would hold the collective bargaining agreement at the San Martin mine. The Federacion Nacional de Sindicatos Independientes (the National Federation of Independent Unions) won the vote by a majority. Nevertheless, the vote was challenged by the National Mining Union. On June 26, 2018, the Federal Mediation and Arbitration Board issued a ruling recognizing the election results. Due to the agreement between workers and the Company to end the protracted strike, on August 22, 2018, the Federal Mediation and Arbitration Board authorized the restart of operations of the San Martin mine. Such authorization was challenged by the National Mining Union. On April 4, 2019, the Federal Mediation and Arbitration Board recognized, once again, the election results from February 28, 2018, by which the National Federation of Independent Unions won by a majority. In the last quarter of 2019, a Federal Court issued a resolution that established that the Labor Court should analyze the list of workers with the right to vote in the union election. The Company and the National Federation of Independent Unions

challenged such determination before the Supreme Court of Justice. Such challenges were dismissed by the Supreme Court. Consequently, on September 6, 2021, the Federal Mediation and Arbitration Board issued a new resolution determining that, based on the documents submitted by the National Federation of Independent Unions and given the status of the strike until 2018, it was not possible to create a registry of workers holding a right to vote. Therefore, in case of a strike, any collective bargaining proceedings shall remain suspended. On June 9, 2023, the Federal Mediation and Arbitration Board, in a ruling that veered from its previous stance, did not recognize the common representatives of the coalition workers and consequently ruled that the agreement which such representatives had made with the Company to lift the strike in 2018 lacked validity. Notwithstanding, on June 14, 2023 the Federal Mediation and Arbitration Board handed down a ruling that terminated the strike and ordered workers to resume activities within 15 days. The Mining Union filed a protective action (Amparo) against this resolution, which is pending resolution as of June 30, 2026.

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

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

In the case of the Taxco mine, its workers have been on strike since July 2007. After several legal procedures, in August 2015, the Supreme Court decided to assert jurisdiction over the case and to rule on it directly. As of June 30, 2026, the case was pending resolution without further developments.

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

Other legal matters:

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

Other commitments:

Peruvian Operations:

Michiquillay

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

In 2021, the Company signed social agreements with the Michiquillay and La Encañada communities. In addition, in October 2021, the Peruvian Ministry of Energy and Mines approved the semi-detailed environmental impact study for the project. In the last quarter of 2022, the Company informed MINEM that exploration activities had begun and that it initiated an in-depth assessment of existing mineral resources. In 2023, in accordance with the social agreements with the Michiquillay and La Encañada communities, the Company has hired unskilled labor and is paying for the use of surface land. The Company is supporting social programs in both communities. Additionally, the geological information obtained from drilling programs have been used by the Company to develop the models required to estimate the

deposit’s mineral resources. A conceptual study is ongoing to determine the best location for a conventional and/or filtered tailings storage facility. Hydrological, hydrogeological, and geotechnical studies are also being conducted.

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

As per the purchase agreement, the Company paid $12.5 million on the date of signing the Contract and $12.5 million in June 2021. The remaining balance of $375.0 million will be paid if the Company decides to develop the project. Therefore, it is not a present obligation. In June 2022, the Company notified the Peruvian authorities of the end of the suspension period and the start of the preoperational period that lasts 12 years, but can be automatically extended forthree more years, provided that the Feasibility Study of the project has been approved. The start of the preoperational period does not imply a payment obligation, but the Company must support an investment of $20 million during the first five years of this period, which includes exploration activities as well as the development of social programs.

In April 2025, considering the challenges for the development of the Michiquillay Project, the Company entered into an agreement with the Peruvian authorities to extend the preoperational period bythree additional years, without prejudice of the Company’s right to extend it forthree more years, as initially established in the Contract. This extension also deferred bythree years the payment term to pay the $375.0 million outstanding balance of the purchase price. The Company was required to pay $21.0 million cash consideration for this extension and commit an additional $15 million in social investments between the fourth and sixth years of the preoperational period.

Corporate Social Responsibility

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

Tacna Region: In connection with the Toquepala concentrator expansion, the Company has committed to fund various social and infrastructure improvement projects in Toquepala’s neighboring communities. The total amount committed for these purposes is S/445.0 million (approximately $130.4 million as of June 30, 2026). In relation to this commitment, the Company has completed the construction of a school with an investment of S/18.8 million (approximately $5.5 million as of June 30, 2026) and agricultural infrastructure projects and studies with an investment of S/112.4 million (approximately $32.9 million as of June 30, 2026). Among the most important projects are the construction of the Cularjahuira dam for S/15.6 million (approximately $4.6 million as of June 30, 2026) and the engineering study for the Callazas dam for S/2.6 million (approximately $0.8 million as of June 30, 2026). Additionally, the Company has invested S/60.6 million (approximately $17.8 million as of June 30, 2026) to basic infrastructure projects, including a drinking water project for S/9.6 million (approximately $2.8 million as of June 30, 2026) and has committed S/1.2 million (approximately $0.4 million as of June 30, 2026) for other projects.

As the Toquepala expansion project was completed, the Company believes that these commitments constitute present obligations and consequently recorded a liability of $29.9 million as other liabilities as of June 30, 2026 in its condensed consolidated financial statements.

In addition, the Company has allocated S/102.1 million (approximately $29.9 million as of June 30, 2026) for the construction of a high-achievement school, and has allocated S/81.9 million (approximately $24.0 million as of June 30, 2026) forfour infrastructure projects in the Tacna region under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Moquegua Region: In the Moquegua region, the Company participates in a “development roundtable” with local municipal authorities and community representatives to discuss social needs to determine how the Company can contribute to sustainable development in the region. Although the development roundtable is not currently meeting, during previous sessions it discussed the possibility of creating a Moquegua Region Development Fund, for which the Company has offered a contribution of S/1,000 million (approximately $293.0 million as of June 30, 2026). While the final funding agreement has yet to be signed, the Company has already committed to contributing S/258.9 million (approximately $75.9 million as of June 30, 2026) to different projects, including S/108.8 million (approximately $31.9 million as of June 30, 2026) to fund an educational project for which S/108.6 million (approximately $31.8 million as of June 30, 2026) has already been invested; this project already has approved resolutions from the provinces of Ilo and Sánchez Cerro. Additionally, construction of the treatment plant in Ilo continues and as of June 30, 2026 the project had advanced 64%, with an investment of S/112.4 million (approximately $32.9 million as of June 30, 2026). On the education front, S/18.2 million (approximately $5.3 million as of June 30, 2026) has been executed to build three schools in Moquegua, and S/5.4 million (approximately $1.6 million as of June 30, 2026) has been committed fortwo additional schools and for scholarship funding in Moquegua. On the agricultural front, S/6.9 million (approximately $2.0 million as of June 30, 2026) has been invested to developtwo infrastructure projects.

In addition, the Company has allocated S/279.0 million (approximately $81.7 million as of June 30, 2026) tofour educational infrastructure projects, three out of which are under execution and a new project that was entrusted to the Company in 2026. The Company has also allocated S/3.9 million (approximately $1.1 million as of June 30, 2026) to conduct pre-investment studies in the Moquegua region, all under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Apurimac Region: The Company has allocated S/122.7 million (approximately $36.0 million as of June 30, 2026) to buildtwo educational infrastructure projects andone health project under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Arequipa Region: The Company has allocated S/308.7 million (approximately $90.4 million as of June 30, 2026) to build five educational infrastructure projects and S/6.3 million (approximately $1.8 million as of June 30, 2026) to finance previous studies for infrastructure projects, under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Cajamarca Region: The Company has allocated S/0.7 million (approximately $0.2 million as of June 30, 2026) to finance the pre-investment studies of a health project under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Power purchase agreements

Solidarity contribution for social and development programs in Sonora, Mexico:

In January 2026, the Board of Directors of SCC approved a voluntary and solidarity contribution of up to 1.5 billion Mexican pesos (approximately $87 million) with the aim of strengthening and supporting government plans and programs for the economic progress and wellbeing of the population of the state of Sonora, Mexico, to be made through Minera Mexico and its subsidiaries. In accordance with this, on February 9, 2026, the Company contributed 500 million Mexican pesos (approximately $29 million) to the Mexican Institute of Social Security in Sonora, Mexico.

Power purchase agreements

Corporate operations:

Commitment for capital projects

As of June 30, 2026, the Company had committed approximately $1,634.7 million to capital investment project developments.

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

NOTE 11 — STOCKHOLDERS’EQUITY:

Treasury Stock:

Activity in treasury stock in the six-month periods ended June 30, 2026 and 2025 was as follows (in millions):

As of June 30, 2026 and December 31, 2025,50,267,580 and 65,497,804 shares of SCC’s common stock were in Treasury, respectively.

Common Stock:

Dividends paid in common stock:

Stock dividend activity in the six-month period ended June 30, 2026 was as follows:

Directors’ Stock Award Plan:

The Company has established a Director´s Stock Award Plan (the “Plan”) for certain non-employee directors. Southern Copper has reserved 600,000 shares of common stock for the Plan. Under the Plan, participants are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the grant. On May 27, 2022, the Company’s stockholders approved afive-year extension of the Plan until January 27, 2028. On May 23, 2025, the Company’s stockholders approved an extension of the Plan forthree years until January 27, 2031, and an amendment to the Plan to provide an annual grant of 200 additional shares to each eligible Director, contingent upon their attendance of all Board of Director’s meetings for the year. The award is not subject to vesting requirements.

For the first six months of 2026 and 2025, the stock-based compensation expense associated with the Plan totaled $1.5 million and $0.6 million, respectively.

The activity of the Plan for the six-month periods ended June 30, 2026 and 2025 was as follows:

Parent Company common shares:

Total common shares of Grupo Mexico held by the treasury stood at 50,208,315 and 52,355,259 as of June 30, 2026 and December 31, 2025, respectively.

Employee Stock Purchase Plan:

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

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

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

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

The stock based compensation expense for the six-month periods ended June 30, 2026 and 2025 and the unrecognized compensation expense under this plan were as follows (in millions):

The following table presents the stock award activity of this plan for the six-month periods ended June 30, 2026 and 2025:

2025 Plan: In April 2025, the Company offered a new stock purchase plan (the “New Employee Stock Purchase Plan”) to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 92.52 Mexican pesos (approximately $4.51) for the initial subscription, which expires in April 2033. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over theeight-year period of the plan. At the end of theeight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

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

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

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

The following table presents the stock award activity of this plan for the six-month periods ended June 30, 2026 and 2025:

The stock-based compensation expense and the unrecognized compensation expense under this plan for the six-month periods ended June 30, 2026 and 2025 were as follows (in millions):

Executive Stock Purchase Plan:

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

Non-controlling interest:

The following table presents the non-controlling interest activity for the six-month periods ended June 30, 2026 and 2025 (in millions):

NOTE 12 — FAIR VALUE MEASUREMENT:

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

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

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

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

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (excluding accounts receivable associated with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table, which provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025 (in millions):

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

Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as follows as of June 30, 2026 and December 31, 2025 (in millions):

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

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

NOTE 13 — REVENUE:

The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions):

The following table presents information regarding the sales value by reporting segment of the Company’s significant products for the three-month and six-month periods ended June 30, 2026 and 2025 (in millions):

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

As of June 30, 2026, the Company has long-term contracts with promises to deliver the following products in 2026:

Provisionally priced sales: As of June 30, 2026, the Company has recorded provisionally priced sales of copper and zinc at average forward prices per pound, and molybdenum at the June 30, 2026 market price per pound. These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) copper prices, LME zinc prices and Dealer Oxide molybdenum prices in the future month of settlement.

The following are the provisionally priced copper, molybdenum and zinc sales outstanding as of June 30, 2026:

The provisional sales price adjustment included in accounts receivable and net sales as of June 30, 2026 incorporates positive adjustments of $13.1 million for copper, $50.1 million for molybdenum and $2.9 million for zinc.

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

NOTE 14**—**** SEGMENT AND RELATED INFORMATION:**

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

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

Financial information is regularly prepared for each of thethree segments and the results of the Company’s operations are regularly reported to the Chief Operating Decision Maker (“CODM”) on the segment basis. The CODM of the

Company is the Chief Executive Officer, who focuses on operating income and on total assets as measures of performance to evaluate different segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry.

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

NOTE 15**—**** EARNINGS PER SHARE:**

The following table sets forth the computation of basic and diluted earnings per share (dollars and shares in millions except per share data):

On September 4, 2025 and November 28, 2025, the Company paid stock dividends of 0.0101 and 0.0085 shares per common share, respectively. Additionally, on February 27, 2026 and May 29, 2026, the Company paid stock dividends of 0.0085 and 0.0100 shares per common share, respectively. Earnings per share have been adjusted retroactively to reflect these changes in capital structure, in accordance with GAAP.

NOTE 16**—**** SUBSEQUENT EVENTS:**

Dividends:

On July 16, 2026, the Board of Directors authorized a quarterly cash dividend of $1.10 per share of common stock and a stock dividend of 0.0120 shares of common stock per share of common stock, payable on August 27, 2026 to shareholders of record at the close of business on August 11, 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 $177.32, which is the average of the high and low share price on July 16, 2026.

Solidarity contribution for social and development programs in Sonora, Mexico:

On July 24, 2026, the Company contributed 500 million Mexican pesos (approximately $29 million) to SEMARNAT as part of the Solidarity contribution for social and development programs in Sonora.