SCC reports 3Q21 results

RESULTS

THIRD QUARTER AND NINE

MONTHS 2021

Investor Relations:

Raul Jacob Victor Pedraglio +[phone]

October 26, 2021

Southern Copper Corporation (NYSE and BVL: SCCO)

• 3Q21 net sales were $2,680.9 million, which represented a 25.9% increase with regard to 3Q20 that was primarily attributable to higher market metal prices for our main products. Metal prices increased for copper (+43.6%, LME), molybdenum (+143.5%) and zinc (+28.3%). On a year-to-date basis, net sales were 43.9% higher than in 2020.

• Net income in 3Q21 was $867.6 million, which represented a 71.5% increase with regard to the $506.0 million registered in 3Q20. The net income margin in 3Q21 was 32.4%, versus 23.8% in 3Q20. On a YoY basis, net income was 161.6% higher than in 2020. These significant improvements were attributable to higher sales and our strict cost control measures.
• 3Q21 adjusted EBITDA was $1,709.3 million, which represented an increase of 51.8% with regard to the $1,125.9 million registered in 3Q20. The adjusted EBITDA margin in 3Q21 was 63.8% versus 52.9% in 3Q20. Adjusted EBITDA in 9M21 was $5,126.2 million; 96.1% higher than in 9M20. The adjusted EBITDA margin in 9M21 was 63.2% vs 46.4% in 9M20.
• Cash flow from operating activities in 9M21 was $3,064.7 million, which represented an increase of 181.6% over the $1,688.0 million posted in 9M20. This improvement was attributable to strong cash generation at our operations, which was driven by an uptick in metal prices and in cost-control efficiencies.
• Copper production registered a slight decrease of 0.6% in 3Q21 in quarter-on-quarter terms and hit the 245,146-ton mark. Higher production at our Cuajone unit (+10%) was offset by lower levels at our other open pit operations due to variations in ore grade and recoveries. Copper production fell 2.8% YoY to 720,658 tons. We expect copper production in 2021 to total 957,000 tons.
• By-productproduction: Molybdenum production increased (+5.4%) in 3Q21 compared to 3Q20 due to an uptick in production at both the Toquepala and Buenavista mines; these results were partially offset by lower production at the Cuajone and La Caridad mines. Mined zinc production decreased 1.8% this quarter due to lower production at the Charcas and Santa Barbara mines; these results were partially offset by higher production at the San Martin mine. Mined silver production decreased by 8.8% in 3Q21 after production fell at our IMMSA, Buenavista and Toquepala operations.
• Operating cash cost per pound of copper, including by-product revenue credits, was $0.58 in 3Q21, which represented an improvement of 9.9% compared to the $0.65 reported in 3Q20. In 9M21, the operating cash cost per pound of copper, including by-product revenue credits, was $0.64. This reflected an improvement of 7.5% compared to the $0.69 reported in 9M20. These results were mainly attributable to an increase in by-product revenue credits, which was partially offset by an uptick in production costs.

		THIRD QUARTER AN NINEX MONTHS 2021 RESULTS		SOUTHERN COPPER

• In 3Q21, we spent $243.1 million on capital investments, which reflected an 80.7% increase with regard to 2020 and represented 28.0% of net income this quarter. As of September 30, 2021, we had spent $695.5 million on capital investments, which represented 27.1% of net income.
• Michiquillay project. On September 3, 2021 the Company signed a Social Agreement with the Michiquillay Community. Additionally, on October 1, 2021 the Peruvian Ministry of Energy and Mines approved the semi-detailed Environmental Impact Study for the project.
  The Social Agreement with the Michiquillay community represents an opportunity to improve the quality of life of the residents of Michiquillay via our strong social programs and backed by a solid framework for technical work at the project level. Talks for signing a similar agreement are being conducted with the La Encañada Community, where we expect positive results. These events are important steps that will allow Southern Copper to initiate an in-depth exploration program in 1Q22.
• Dividends: On October 21, 2021, the Board of Directors authorized a dividend of $1.00 per share payable on November 23, 2021 for shareholders of record at the close of business on November 10, 2021.

Mr. German Larrea, Chairman of the Board, commenting on the Company´s progress and current circumstances, said: "While there are concerns about Chinese copper consumption in the short term due to real estate troubles and power shortages, we believe that projections for copper demand due to growth in public infrastructure investment in the United States and global initiatives to address climate change will provide significant tailwinds. The combination of these factors will provide strong support for copper and other metals we produce in coming decades.

Focusing on SCC operations, I am glad to report that 91.4% of our labor force was vaccinated as of October 10, 2021. This has allowed us to resume our activities and capture opportunities for efficiencies as we emerge from a highly challenging context. In tandem, we are recovering normal operating levels at all of our mines as we bring capital investment execution levels up to speed.

We believe we are beginning a new stage of the COVID 19 crisis, where outbreaks will be better controlled worldwide, which bodes well for strong recovery across the globe.

Key Financial Data

					Third Quarter							Nine Months
		2021			2020			Variance				2021			2020			Variance
						$			%							$			%
							(in millions except per share amount and %s)
Sales	$2,680.9	$2,129.1	$551.8		25.9%	$8,110.4	$5,634.2	$2,476.2	43.9%
Cost of sales	927.5	948.9	(21.4)		(2.3)%	2,856.8	2,881.3	(24.5)	(0.9)%
Operating income	1,507.8	943.9	563.9		59.7%	4,534.6	2,054.3	2,480.3	120.7%
Net income	$867.6	$506.0	$361.6		71.5%	$2,564.2	$980.3	$1,583.9	161.6%
Net income margin	32.4%	23.8%		8.6pp%	36.1%	31.6%	17.4%		14.2pp%	81.6%
Adjusted EBITDA	1,709.3	1,125.9	583.4		51.8%	5,126.2	2,614.7	2,511.5	96.1%
Adjusted EBITDA margin	63.8%	52.9%		10.9pp%	20.6%	63.2%	46.4%		16.8pp%	36.2%
Income per share	$1.12	$0.65	$0.47		72.3%	$3.32	$1.27	$2.05	161.4%
Capital investments	243.1	134.5	108.6		80.7%	695.5	348.8	346.7	99.4%

3Q21

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		THIRD QUARTER AN NINEX MONTHS 2021 RESULTS		SOUTHERN COPPER

Capital Investments

Peruvian Projects

Our current portfolio for approved projects in Peru totals $2.8 billion, $1.6 billion of which has already been invested. If we include the up-and-coming Michiquillay ($2.5 billion) and Los Chancas ($2.6 billion) projects, our total investment program in Peru reflects a commitment of $7.9 billion.

Tia Maria - Arequipa: Southern Copper has been consistently working to promote the welfare of the population of the Islay province. As part of these efforts, we have implemented successful social programs in education, healthcare and productive development to improve the quality of life in the region. We have also promoted agricultural and livestock activities in the Tambo Valley and supported growth in manufacturing, fishing and tourism in Islay.

On January 7th 2021, the mayor of the Islay province (Arequipa, Peru) awarded a City Diploma to SPCC in recognition of the Company's efforts to assist the population of Islay during the COVID-19 pandemic. SPCC provided medical beds and assistance, tests, oxygen, personal protection equipment and food stuffs to the population in the area of influence of the Tia Maria project.

We reiterate our view that the initiation of construction activities at Tia Maria will generate significant economic opportunities for the Islay province and the Arequipa region. Given the current Peruvian economic situation, it is crucial to move ahead on projects that will stimulate a sustainable growth cycle. We will make it a priority to hire local labor to fill the 9,000 jobs (3,600 direct and 5,400 indirect) that we expect to generate during Tia Maria's construction. When operating, we expect Tia Maria to directly employ 600 workers and indirectly provide jobs for another 4,200. Additionally, from day one of our operations, we will generate significant contributions to revenues in the Arequipa region via royalties and taxes.

We expect the Peruvian government to acknowledge the significant progress the project has made on the social front and the important contributions that Tia Maria will generate for Peru´s economy and, consequently, take the necessary steps to provide SCC with adequate support to initiate construction.

Mexican Projects

Buenavista Zinc - Sonora: This project is located within the Buenavista facility and includes the development of a new concentrator to produce approximately 100,000 tons of zinc and 20,000 tons of copper per year. We have completed the engineering study. In order to continue with the project, stronger preventive measures to combat COVID-19 have been put in place. Procurement has progressed 93% and all the main equipment is on site. Construction site works are in progress. The project has all the necessary permits and the capital budget is $413 million. As of September 30, 2021, we had invested $196.8 million in this project. We expect to initiate operations in 2023. When completed, this new facility will double the Company's zinc production capacity and provide 490 direct jobs and 1,470 indirect jobs.

Pilares - Sonora: Located 6 kilometers from La Caridad, this project consists of an open-pit mine operation with an annual production capacity of 35,000 tons of copper in concentrate. A new 25-meter wide off-road facility for mining trucks has been built and will be used to transport the ore from the pit to the primary crushers at the La Caridad copper concentrator. This project will significantly improve the overall mineral ore grade (combining the 0.78% expected from Pilares with the 0.34% from La Caridad). The budget for Pilares is $159 million of which we have invested $81.4 million. We expect the project to begin production in the 1Q22.

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 281 million tons of ore with an average copper grade of 0.301%. We anticipate that El Pilar will operate as a conventional open-pit mine with an annual production capacity of 36,000 tons of copper cathodes. This operation will use highly cost efficient and environmentally friendly SX-EW technology. The budget for El Pilar is $310

3Q21

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		THIRD QUARTER AN NINEX MONTHS 2021 RESULTS		SOUTHERN COPPER

million. We expect production to begin in 2023 and the mine life is estimated at 13 years. The results from experimental pads in the leaching process have confirmed adequate levels of copper recovery. Basic engineering study is finished and the Company continues developing project and site environmental activities.

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 2.4 billion tons with an ore grade of 0.422%; 0.3 billion tons of leach material with an ore grade of 0.288%; and 0.11 grams of gold per ton. The project includes an open-pit mine combining concentrator and SX-EW operations. Annual production is expected to total 190,000 tons of copper and 105,000 ounces of gold with an estimated capital budget of $2.9 billion. The Company has started the baseline study and is reviewing the basic engineering analysis to request the environmental impact permit. Several years back, we began to acquire the rights to all relevant mining concessions in the area; this process was completed in 2020.

Environmental, Social & Governance (ESG) Investment

Several programs and initiatives have been launched by the Company to help communities face the COVID-19 pandemic in all regions where we operate. In Peru, a partnership was established with the government in July 2021 to help vaccinate 40% of the population in the 5 regions where our operations are located. The Company donated over $2.45 million to help build, modernize, equip and operate vaccination centers. About 92% of the 850,000 vaccines contemplated in this initiative have been administered by government personnel. To date, 91.4% of Southern Copper Corporation's workforce has been vaccinated against COVID-19.

The Mining Chamber of Mexico recognized La Caridad's mine, refinery and metallurgical plants for top safety performance in their respective categories in 2020. La Caridad mine received the "Silver Helmet" (Casco de Plata) in the category for open pit mining operations with more than 500 employees. The refinery and metallurgical plants received the same distinction in the category for metallurgical plants and smelters with up to 500 employees.

Southern Copper Corporation reaffirms its commitment to preserving and improving the environment by implementing actions to generate a net positive impact on biodiversity through our operations. To fulfil this commitment, which is outlined in the Company'sEnvironmental Policy, we have developed action plans for biodiversity management that are aligned with the guide for Good Practice Guidance for Mining and Biodiversity published by the International Council on Mining and Metals (ICMM). These plans further improve the Company's capacity to implement effective mitigation measures and contribute to the preservation and improvement of the environment in which we operate.

Southern Copper Corporation recognizes the importance and urgency of tackling climate change. The Company's operational greenhouse gases emissions have decreased significantly over the last 3 years (and dropped by 4% in 2020 alone) despite an increase in production volumes. In 2020, we also began to align our disclosure of efforts to manage climate-relatedrisks and opportunities with the recommendations of the TCFD (Task Force on Climate-relatedFinancial Disclosures). Grupo México's Sustainable Development Report 2020 included a section with specific details on our progress in this regard. We are in the process of setting new absolute emission reduction targets to further mitigate our carbon footprint.

The government of Sonora recognized Southern Copper Corporation for being a "Culturally Responsible Company" for the voluntary initiatives implemented to promote and safeguard the state's history, culture and traditions. Three of the community programs launched by the Company were pinpointed as particularly relevant: the Itinerant Documentary Cinema Workshop, which led to the creation of over 200 videos; the support provided for organizing the Festival Alfonso Ortiz Tirado (FAOT) in Nacozari and Cananea; and the creation of Youth Orchestras. These educational music programs, which are offered to 2,100+ children in the communities surrounding our mining operations in Mexico and Peru, have led to the creation of six orchestras and four choirs.

3Q21

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		THIRD QUARTER AN NINEX MONTHS 2021 RESULTS		SOUTHERN COPPER

Conference Call

The Company's third quarter earnings conference call will be held on Wednesday, October 27, 2021, beginning at 10:00 AM - EST (9:00 AM Lima and Mexico City time).

To participate:

Dial-in number: 877-455-8486 in the U.S. 629-228-0768 outside the U.S.

Raul Jacob, SCC Vice President of Finance, Treasurer & CFO

Conference ID: 4209898 and "Southern Copper Corporation Third Quarter 2021 Earnings Results"

3Q21

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