Southern Copper Corporation (NYSE and BVL: SCCO) 2Q21 net sales were $2,897.0 million, 62.3% higher than 2Q20 mainly due to higher market metal prices for all our products.

Metal prices increased for copper (+81.8%, LME), molybdenum (+68.6%) zinc (+48.3%), silver (+61.9%) and gold (+6.2%). On a year- to- date basis, net sales were 54.9% higher than in 2020.

2Q21 net income was $932.7 million, which represented a 259.4% increase with regard to the $259.5 million registered in 2Q20. The net income margin in 2Q21 was 32.2%, versus 14.5% in 2Q20. Our aggressive capital investment program which has spent US$ 10.6 billion in the last 10 years worked alongside an improvement in market prices to drive growth in net income this quarter. Through these investments, our Company has significantly increased its production in the last decade for copper (+109%), molybdenum (+49%) and silver (+70%) while improving cost efficiency and productivity. On a YoY basis, net income was 257.7% higher than in 2020. 2Q21 adjusted EBITDA was $1,862.4 million, which represented an increase of 141.9% with regard to the $770.0 million registered in 2Q20. The adjusted EBITDA margin in 2Q21 was 64.3% versus 43.1% in 2Q20. Adjusted EBITDA in 6M21 was $3,416.9 million, 129.5% higher than in 6M20. The adjusted EBITDA margin in 6M21 was 62.9% vs 42.5% in 6M20. Copper production decreased 6.3% in 2Q21 in quarter-on-quarter terms to 237,110 tons. This result was driven by a drop in ore grades due to stripping and maintenance works that were rescheduled to this year after having been postponed in 2020 due the COVID 19 pandemic. Copper production fell 3.9% YoY to 475,512 tons. We expect copper production in 2021 to total 960,000 tons. By-product production: Mined zinc production increased 8.9% this quarter due to an uptick in production at both the Charcas mine and the San Martin mine; these results were partially offset by lower production at the Santa Barbara mine. Molybdenum production decreased (-10.8%) in 2Q21 compared to 2Q20 due to a decrease in production at both the Toquepala and Buenavista mines; these results were partially offset by higher production at Cuajone and La Caridad. Mined silver production decreased by 16.1% in 2Q21 after production fell at our IMMSA, Buenavista and Toquepala operations. Operating cash cost per pound of copper, including by-product revenue credits, was $0.59 in 2Q21, which represented an improvement of 11.5% compared to the $0.66 reported in 2Q20. In 6M21, the operating cash cost per pound of copper, including by-product revenue credits, was $0.66. This represented an improvement of 7.5% compared to the $0.72 reported in 6M20. These results were mainly due to an increase in by-product revenue credits, which was partially offset by an uptick in production costs. Cash flow from operating activities in 6M21 was $1,844.2 million, which represented an increase of 106.2% over the $894.5 million posted in 6M20. This improvement was attributable to strong cash generation at our operations, which was driven by an increase in metal prices and in cost-control efficiencies. RESULTS SECOND QUARTER AND SIX MONTHS 2021 SECOND QUARTER AND SIX MONTHS 2021 RESULTS SOUTHERN COPPER 2Q21 www.southerncoppercorp.com Page 2 of 11 In 2Q21, we spent $219.8 million on capital investments, which reflected a 94.0% increase with regard to 2020 and represented 23.6% of net income this quarter. In the first half of the year, we spent $452.4 million on capital investments, which represented 26.7% of net income. Dividends: On July 22, 2021, the Board of Directors authorized a dividend of $0.90 per share payable on August 26, 2021 for shareholders of record at the close of business on August 12, 2021.

Mr. German Larrea, Chairman of the Board, commenting on the Company's progress and current circumstances, said: 'Continuing with our pledge to support the fight against the COVID-19 pandemic, we have partnered with the Ministry of Health in Peru to provide logistics to distribute and apply COVID-19 vaccines in the regions of Arequipa, Tacna, Moquegua, Cajamarca and Apurimac.

This cooperative effort, which is the Company's latest large-scale effort to combat the pandemic in both Mexico and Peru, will facilitate the process to vaccinate 424,000 people. All of these initiatives reflect the Company's steadfast commitment to protecting the health, safety and well-being of our employees, their families and the communities in our operating areas. On July 28th, Mr. Pedro Castillo will be sworn into office as the new President of Peru. We commend the Republic of Peru's support of democracy, which has been unwavering over the last 20-plus years.

At this time, the Company would like to reiterate its commitment to continue working with the government to underpin and bolster the country's economic recovery. In 2020, Southern Peru Copper Corporation, our Peruvian Branch, was at the top of the Lima Stock Exchange's list of corporate tax contributors. We anticipate that in 2021, SPCC will also be a major tax contributor, based on projections for productivity and an upward trend in international metal prices. The Company's significant fiscal contributions have been possible under the current tax structure, which applies progressive rates for the special mining tax and royalties.'

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 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.

Contact:

Raul Jacob

Tel: + (602) 264-1375

Email: southerncopper@southernperu.com.pe

Web: www.southerncoppercorp.com

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