Antofagasta Plc (ANTO.L): JunQ‘26: Guidance maintained, though 2H execution risks have increased; Buy

Research evidence excerpt

Antofagasta Plc (ANTO.L): JunQ‘26: Guidance maintained, though 2H execution risks have increased; Buy

Equity Research

15 July 2026 | 9:34PM BST

Antofagasta Plc (ANTO.L): JunQ’26: Guidance maintained, though 2H

execution risks have increased; Buy

Anto reported JunQ copper production of 142kt, 4% below GSe and 6% below Matt Greene

+44(20)7051-0489 |

Visible Alpha Consensus. Production guidance was maintained, although our matt.greene@gs.com

Goldman Sachs International

forecast falls to 649kt from 656kt previously and now sits below the lower end of

Riccardo D’Agata

guidance. A meaningful step up in 2H production is required, particularly at Los +44(20)7051-0958 |

Pelambres, where ~60% of annual production would need to be delivered in 2H to riccardo.dagata@gs.comGoldman Sachs International

reach the midpoint. The near-term outlook may also face challenges, with Anto

among a handful of miners instructed by authorities in Chile to activate contingency

plans following adverse weather warnings, which could disrupt mining activities and

broader logistics in Q3.

On balance, 1H’26 realised prices and unit costs were broadly in line with GSe. Gross

unit cost guidance was raised by $0.10/lb, although GSe was already at the upper

end of the revised range, while net unit cost guidance was unchanged given stronger

molybdenum and gold prices relative to the company’s assumptions (GSe remains

around the midpoint of the range - see Exhibit 1). Unit costs were impacted by a

one-off bonus payment related to a revised 3yr labour agreement at Centinela,

costing ~$0.18/lb in 2Q. Two further payments are expected at Centinela in 2H’26,

along with another at Zaldivar. With labour agreements linked to and periodically