Santiago, May 29, 2026 - Codelco reported its results for the first quarter of 2026, a period marked by a favorable price environment for copper and its by-products, in parallel with a decrease in the company's own production.

Own production reached 272 thousand fine metric tons (tmf) in the first quarter, a figure 8.1% lower than the same period in 2025. Considering the attributed production of El Abra (49%), Anglo American Sur (20%) and Quebrada Blanca (10%), total production reached 300 thousand tmf, 7.5% below the 324 thousand tons recorded in that period last year.

In the financial sphere, EBITDA (earnings before interest, taxes, depreciation and amortization) reached US$ 2.143 billion, while contributions to the State —including Reserved Law and Royalty— totaled US$ 430 million.

When comparing production by work center with respect to the same period in 2025, the Radomiro Tomic Division showed an increase of 12%, totaling 71,600 tons, due to better grades in oxidized minerals and greater shipments of sulfides to the Chuquicamata concentrator; while the Salvador Division increased its production to 11,700 tons, 80% more than the 6,500 tons of the same period in 2025 thanks to the start-up of the Rajo Inca project.

On the other hand, the El Teniente, Ministro Hales, Chuquicamata, Gabriela Mistral, and Andina divisions registered year-on-year declines of 26%, 10%, 18%, 14%, and 6%, respectively. At El Teniente, production continues to be affected by the fatal accident in July of last year, which limited normal mine operations, while Chuquicamata was impacted by lower ore availability at the plant, and Ministro Hales by declining ore grades. Meanwhile, Gabriela Mistral underwent scheduled maintenance during the period, and Andina experienced a decrease in its ore feed to the plant.

This behavior affected period costs. Direct cost (C1) rose 10% to 231.8 US cents per pound, due to currency appreciation, lower production, and increased costs for materials, operating services at Teniente, and maintenance at Gabriela Mistral, El Salvador, and Chuquicamata. Net cathode cost (C3) increased 6.3% to 397.5 US cents per pound, for the same reasons as C1, which were offset by the impact of the exchange rate on changes in peso-denominated liabilities.

“These results reflect a demanding quarter operationally, where the company had to face production constraints, lower ore grades, and higher costs. Our focus is on strengthening operational continuity, safety, cost control, and ensuring sustainable surplus generation for the State of Chile,” said Rubén Alvarado, CEO of Codelco.

Increase in profit for the period

The EBITDA of US$2.143 billion recorded in the first quarter represents an increase of US$795 million, equivalent to 59%, compared to the figure for the first quarter of 2025. This variation is mainly explained by the higher price of copper in international markets, as well as other by-products such as molybdenum.

Regarding contributions to the Treasury, they totaled US$430 million in the period, that is, 94% more than in the first quarter of 2025. Meanwhile, the consolidated profit attributable to Codelco for the quarter reached US$290 million, almost five times more than the US$60 million recorded in the same period last year.

Progress of structural projects

Regarding Codelco's structural projects, the first phase of the continuity infrastructure of Level 1 of Chuquicamata Underground (which has been in operation since 2019) reached a progress of 92%.

In the El Teniente, Andes Norte, and Diamante project portfolio, construction is 81% and 55% complete, respectively. Both projects have resumed construction activities, while work continues on options for continuity and commencement of operations based on the results of the investigation following the July 2025 accident.

At the Salvador Division, the Rajo Inca project has reached 95% completion. Production began in December 2024, and the project is currently in its ramp-up phase, with design capacity expected to be achieved during 2027.

MILESTONES FOR THE FIRST QUARTER OF 2026

• On January 14, the Environmental Assessment Commission (COEVA) of the Antofagasta Region unanimously approved the Environmental Impact Study (EIA) of the project “Future Development Ministro Hales Division (DMH)”, with an investment of US$ 2.8 billion.
• On January 27, Codelco completed a US$1.25 billion financing operation through the issuance of an 11-year bond and the reopening of a bond maturing in 2053, with yields of 5.529% and 6.156%, respectively. The operation attracted an order book exceeding US$9 billion, with institutional investors participating with more than 380 purchase orders.
• On January 30, Codelco signed an agreement with Neuvol, Chile's first collective management system for used and end-of-life tires, to add value to this key input for its operations. As part of its compliance with the Extended Producer Responsibility Law (REP Law), the first step was the processing of the first 47.52 tons of tires from mining equipment at Chuquicamata Underground.
• On February 3, Codelco and Schneider Electric signed a Memorandum of Understanding (MoU) for the development and application of technologies in automation, advanced analytics, digital twins and energy management.
• On March 5, Codelco and Microsoft signed a MoU establishing a framework for collaboration to evaluate joint initiatives in artificial intelligence, advanced analytics, automation, and digital security.
• On March 25, the Joint Mining Plan between Codelco's Andina Division and Anglo American's Los Bronces operation finished receiving the free competition authorizations that imply its materialization, as part of the requirements of the agreement signed in September 2025.

Codelco