Southern Copper Third Quarter Results

Southern Copper Corporation Statement

This is an automated translation of the press release issued in Spanish

Net sales for 3Q24 were $2,930.9 million. This represented an increase of 17.0% versus 3Q23, which was driven by the growth in sales volumes of all our products. Copper grew (+7.7%), molybdenum (+5.7%), and copper (+1.1%). %), zinc (+50.1%) and silver (+19.0%). We also benefited from higher metal prices, copper (+10.0%, LME), zinc (+14.5%) and silver (+24.7%). %), while the price of molybdenum decreased (-8.1%).

On a year-over-year basis, net sales represented growth of 13.8% over the 2023 baseline, reflecting increased sales volumes of copper (+7.7%), molybdenum (+11.6%), zinc (+39.3%). %) and silver (+14.2%). Regarding prices, we recorded higher prices for copper (+6.2%) and silver (+16.0%) and a decrease in molybdenum (-17.4%).

Net income in 3Q24 was $896.7 million, which represented an increase of 44.7% compared to the $619.5 million recorded in 3Q23. Net income margin in 3Q24 was 30.6%, versus 24.7% in 3Q23. These Improvements were primarily driven by both increased sales and our strict cost control measures.

In 9M24, net income was $2,582.9 million, representing a 30.4% increase compared to the $1,980.2 million reported in 9M23. Net profit margin in 9M24 was 29.9%, versus 26.1% in 9M23.

Adjusted EBITDA in 3Q24 was $1,684.6 million, which represented an increase of 30.5% compared to $1,290.6 million recorded in 3Q23. Adjusted EBITDA margin in 3Q24 was 57.5% versus 51.5% in 3Q23. Adjusted EBITDA In 9M24 it was $4,899.3 million, 23.3% higher than in 9M23. The adjusted EBITDA margin in 9M24 stood at 56.6% vs. 52.3% in 9M23.

Cash flow from operating activities in 3Q24 was $1,439.5 million, an increase of 37.1% versus the figure for 3Q23. In 9M24, cash flow from operating activities was $3,061.2 million, which represented an increase of $1,439.5 million. 1.0% on $3,032.1 million published in 9M23.

Copper production in 3Q24 was higher than in 3Q23 on a quarter-over-quarter basis and stood at 252,219 tonnes, an increase of 11.5%. Our quarterly result reflects higher production at all of our open pit operations. Production at our Peruvian operations increased 18.0% quarter-over-quarter, driven by higher ore grades and recoveries.

At our Mexican operations, production increased 7.3% quarter-over-quarter. On a YoY basis, copper production increased 8.6% in 2024 to 734,963 tonnes.

The full statement is attached to the top right of the note.