Diario | Latin America

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Diario | Latin America

Latin America | Diario EquityJulyResearch6, 2026

Exhibit 1 - SCCO - Copper Reserves &Diario | Latin America

Resources (metal content, bn lb)

Charting LatAm, Colombia Food Retail, El Niño Weather Call, GMexico, GPS, 160140 146.0

97.3 100Industrias Peñoles, Itausa, Jeronimo Martins, Metals & Mining, PriceSmart, 120 80

c50% potential upliftSouthern Copper, Suzano, Ultrapar. 6040 in copper reserves 20

LatAm Miners: Unlocking the Next Wave of Copper Projects. The improving political landscape

in Chile, Peru & Argentina strengthens the case for LatAm miners to accelerate copper and

lithium developments. For SCCO and parent GMex, faster permitting and greater policy certainty .Source: Company data; Jefferies ests. *Reserves; **Inferred

Resources

could unlock key growth projects that we believe remain underappreciated by the market. While

commodity prices retreated as Iran tensions eased, our constructive view on copper remains Exhibit 2 - US Added Effective Tariff Rate since

unchanged. We keep our Buy call on SCCO and Hold on GMex. Jan-20, 2025 [%]

16%

Ultrapar (Hold) | Ipiranga sale attracts global bidders. According to local media (Estadao, The Rio 14%12%

Times), Ultrapar’s process to divest a stake in its fuel distribution subsidiary has attracted several 10%

potential global bidders, including Couche-Tard (Buy). Reportedly, discussions remain at an early 8%

stage, but we believe that this underscores the attractiveness of Brazil’s fuel convenience market. 6%4%

For Ultrapar, the monetisation of its Ipiranga stake is key to providing funding for it to expand into 2%

other segments. The companies have not commented on the news. Ipiranga accounts for c65% of 0%

Ultrapar’s EBITDA and is the third-largest fuel retailer in Brazil. Mexico Canada Average

.