Antofagasta Adjusting Estimates for 2Q26 Operating Results

Research evidence excerpt

Antofagasta Adjusting Estimates for 2Q26 Operating Results

UK | Metals & Mining

Antofagasta EquityJulyResearch15, 2026

ESTIMATE CHANGEAdjusting Estimates for 2Q26 Operating Results

As outlined in our note published earlier today (HERE), Anto's 2Q results RATING HOLD

reflected a modest production miss and a more notable cost miss. Offsetting PRICE 3,843.00p^

this, FY2026 production guidance remains unchanged, major growth projects PRICE TARGET | % TO PT 4,000.00p | +4%

continue to advance on schedule, and deferred copper production is expected 52W HIGH-LOW 4,475p - 1,811p

to support stronger results in 2H26. ANTO remains a high-quality copper FLOAT (%) | ADV MM (USD) 32.6% | 63.86

exposure, but valuation continues to justify a Hold rating and 4000p price target. MARKET CAP £37.9B | $50.8B

TICKER ANTO LN

Medium-Term Outlook: Supported by its project pipeline, we forecast Antofagasta’s copper ^Prior trading day's closing price unless otherwise noted.

production to increase by approximately 20% by the end of the decade, driven primarily by

Centinela’s Second Concentrator and ongoing optimization initiatives across the portfolio. This

production growth, combined with our constructive copper price outlook, should drive meaningful FY (Dec) CHANGE TO JEFe JEF vs CONS

EBITDA expansion and strengthen Anto's cash flow generation over the medium term. 2026 2027 2026 2027

EBITDA NM <-1% NA NA

ANTO Copper Production Profile (kt), 2021-2030E Copper production growth... EPS <-1% <-1% +12% +16%

900 $1.80

600 $1.20 2026 ($) 1Half 2Half FY

EPS -- -- 2.07

300 $0.60

PREV 2.09

0 $0.00

2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E

Attributable Copper, LHS Consolidated Copper, LHS Net Cash Costs ($/lb), RHS

.

Source: Company filings, Jefferies estimates