Financial Analysis

NOTE 13COMMITMENTS AND CONTINGENCIES: Environmental matters: The Company has established comprehensive environmental conservation programs at its mining facilities in Peru and Mexico. The Companys environmental programs include water recovery systems to conserve water and minimize the impact on nearby streams, reforestation programs to stabilize the surface of the tailings dams and the implementation of scrubbing technology in the mines to reduce dust emissions, among others. Environmental capital investments in years 2025, 2024 and 2023 were as follows (in millions): 2025 2024 2023 Peruvian operations $ 22.1 $ 4.4 $ 7.7 Mexican operations 193.6 173.0 100.6 $ 215.7 $ 177.4 $ 108.3 Peruvian operations : The Companys operations are subject to applicable Peruvian environmental laws and regulations. The Peruvian government, through the Ministry of Environment (MINAM) conducts annual audits of the Companys Peruvian mining and metallurgical operations. Through these environmental audits, matters relating to environmental and legal compliance, atmospheric emissions, effluent monitoring and waste management are reviewed. The Company believes that it is in material compliance with applicable Peruvian environmental laws and regulations. Peruvian law requires that companies in the mining industry provide assurances for future mine closure and remediation. In accordance with the requirements of this law, the Companys closure plans were approved by MINEM. See Note 10 Asset retirement obli …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11FINANCING: Long-term debt (in millions): Carrying value as of Face Issuance Issuance December 31, amount discount costs 2025 9.250% Yankee bonds due 2028 $ 51.2 $ $ $ 51.2 5.250% Minera Mexico Senior unsecured notes due 2032 1,000 (5.5) (5.7) 988.8 7.500% Senior unsecured notes due 2035 1,000 (9.3) (6.1) 984.6 6.750% Senior unsecured notes due 2040 1,100 (5.9) (4.7) 1,089.4 5.250% Senior unsecured notes due 2042 1,200 (16.0) (5.3) 1,178.7 5.875% Senior unsecured notes due 2045 1,500 (14.4) (7.6) 1,478.1 4.500% Minera Mexico Senior unsecured notes due 2050 1,000 (11.3) (8.8) 979.9 Total $ 6,851.2 $ (62.3) $ (38.2) 6,750.7 Less, current portion Total long-term debt $ 6,750.7 Carrying value as of Face Issuance Issuance December 31, amount discount costs 2024 3.875% Senior unsecured notes due 2025 $ 500 $ (0.1) $ (0.1) $ 499.8 9.250% Yankee bonds due 2028 51.2 51.2 7.500% Senior unsecured notes due 2035 1,000 (9.9) (6.6) 983.5 6.750% Senior unsecured notes due 2040 1,100 (6.1) (4.9) 1,089.0 5.250% Senior unsecured notes due 2042 1,200 (16.6) (5.5) 1,177.9 5.875% Senior unsecured notes due 2045 1,500 (14.7) (7.8) 1,477.5 4.500% Minera Mexico Senior unsecured notes due 2050 1,000 (11.6) (9.0) 979.4 Total $ 6,351.2 $ (59.0) $ (33.9) 6,258.3 Less, current portion (499.8) Total long-term debt $ 5,758.5 The bonds, referred above as Yankee bonds, contain a covenant requiring Minera Mexico to maintain a ratio of EBITDA to interest expense of not less than 2.5 to 1.0 as such terms …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 15FAIR VALUE MEASUREMENT: Subtopic 820-10 of ASC Fair value measurement and disclosures -Overall establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below: Level 1 -Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 -Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities). Level 3 -Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (other than accounts receivable associated with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 6INTANGIBLE ASSETS: As of December 31, (in millions) 2025 2024 Mining concessions $ 121.2 $ 121.2 Mine engineering and development studies 19.8 19.8 Software 83.0 77.8 224.0 218.8 Accumulated amortization: Mining concessions (48.4) (46.4) Mine engineering and development studies (19.8) (19.8) Software (75.4) (69.9) (143.6) (136.1) Goodwill 41.9 41.9 Intangible assets, net $ 122.4 $ 124.6 Amortization of intangibles for the years ended December 31, 2025, 2024 and 2023 totaled $7.5 million, $9.1 million and $7.9 million, respectively. Estimated amortization is as follows: Estimated amortization expense (in millions): 2026 $ 5.4 2027 3.4 2028 2.4 2029 2.3 2030 2.2 Total 2026 - 2030 $ 15.7 Average annual $ 3.1 Goodwill includes $17.0 million generated in 1997 as a result of purchasing a third party interest in the Buenavista mine. It also includes $24.9 million representing the amount of the purchase price in excess of the fair value of the net assets acquired from El Pilar mine. This goodwill is attributable to future benefits that the Company expects to realize from the mine and will not be deductible for income tax purposes. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7INCOME TAXES: Since March 2009, Grupo Mexico, through its wholly-owned subsidiary AMC, owns an interest in excess of 80% of SCC. Accordingly, SCCs results are included in the consolidated tax return for AMC for U.S. federal income tax reporting. Following its policy regarding the use of estimates, the Company estimates income taxes currently payable or receivable as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company provides current and deferred income taxes, as if it were filing a separate U.S. federal income tax return. The components of the provision for income taxes for the three years ended December 31, 2025, are as follows: (in millions) 2025 2024 2023 U.S. federal and state: Current $ $ (4.8) $ 4.6 Deferred Uncertain tax positions (0.6) 0.6 (5.4) 5.2 Foreign (Peru and Mexico): Current 2,463.3 1,985.8 1,491.0 Deferred (33.9) (52.2) (59.1) Uncertain tax positions 40.7 47.1 81.8 2,470.1 1,980.7 1,513.7 Total provision for income taxes $ 2,470.1 $ 1,975.3 $ 1,518.9 The source of income is as follows: (in millions) 2025 2024 2023 Earnings by location: U.S. $ 40.7 $ 31.5 $ 23.3 Foreign Peru 2,319.2 1,796.4 1,151.3 Mexico 4,424.4 3,529.5 2,781.2 6,743.6 5,325.9 3,932.5 Earnings before taxes on income $ 6,784.3 $ 5,357.4 $ 3,955.8 The reconciliation of the statutory income tax rate to the effective tax rate …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 9LEASES: The Company has operating leases for power generating facilities, vehicles and properties. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some of the Companys leases include both lease and non-lease components which are accounted for separately. The Companys leases have remaining lease terms of less than one year to seven years, and do not include options to extend the leases. The Companys lease agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Companys lease contracts do not have any material residual value guarantees or material restrictive covenants. As none of the Companys leases provides an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average remaining lease term for the Companys leases is six years, and the weighted average discount rate for these leases is 5.08%. The operating lease expense recognized in the years ended December 31, 2025, 2024 and 2023 was classified as follows (in millions): Classification 2025 2024 2023 Cost of sales (exclusive of depreciation, amortization and depletion) $ 112.6 $ 106.0 $ 115.4 Selling, general and administrative 0.1 0.1 0.1 Exploration 0.1 0.1 0.1 Total lease expense $ 112.8 $ 106.2 $ 115.6 Maturities of lease liabilities are as follows: Lease l …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

ADOPTION OF INCOME TAX DISCLOSURES STANDARD In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The guidance enhances the transparency and decision usefulness of income tax disclosures by requiring, among other things, expanded disclosures related to the effective tax rate reconciliation and income taxes paid. Adoption of ASU 2023-09 requires public entities to: Present a tabular reconciliation of the statutory federal income tax rate to the effective income tax rate using specified categories, including a requirement to disaggregate reconciling items that exceed a quantitative threshold; Disclose income (loss) before income taxes disaggregated between domestic and foreign operations; and Disclose in the supplemental disclosures within the statement of cash flows, income taxes paid, net of refunds received, disaggregated by federal, state, and foreign jurisdictions, including further disaggregation for individual jurisdictions that are significant. The Company adopted ASU 2023-09 effective January 1, 2025, on a retrospective basis. The adoption of this guidance did not have a material impact on the Companys consolidated financial position, results of operations, or cash flows, as the amendments primarily affect disclosure requirements. The Company has also updated its supplemental disclosure within the statement of cash flows beginning in the year …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 12BENEFIT PLANS: Mexican operations: Defined contribution plan The Companys Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees (the Mexican Plan). The components of net periodic benefit costs calculated in accordance with ASC 715 Compensation retirement benefits, using December 31 as a measurement date, consist of the following: (in millions) 2025 2024 2023 Service cost $ 2.7 $ 2.2 $ 2.3 Interest cost 3.7 3.0 3.2 Expected return on plan assets (7.7) (5.1) (5.5) Amortization of net actuarial loss 0.1 0.1 Amortization of prior service cost / (credit) (0.4) 0.2 0.7 Amortization of net loss/(gain) 0.2 Net periodic benefit cost $ (1.4) $ 0.3 $ 0.8 The change in benefit obligation and plan assets and a reconciliation of funded status are as follows: As of December 31, (in millions) 2025 2024 Change in benefit obligation: Projected benefit obligation at beginning of year $ 36.1 $ 39.7 Service cost 2.7 2.2 Interest cost 3.7 3.0 Benefits paid (3.4) (3.7) Actuarial loss 2.6 1.6 Inflation adjustment 4.2 (6.7) Projected benefit obligation at end of year $ 45.9 $ 36.1 Change in plan assets: Fair value of plan assets at beginning of year $ 68.8 $ 64.0 Actual return on plan assets 23.9 16.0 Employer contributions (0.9) (0.6) Currency exchange rate adjustment 8.8 (10.6) Fair value of plan assets at end of year $ 100.6 $ 68.8 Funded status at end of year: $ 54.7 $ 32.7 ASC-715 amount …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 17RELATED PARTY TRANSACTIONS: The Company has entered into certain transactions in the ordinary course of business with parties that are controlling shareholders or their affiliates. These transactions include the lease of office space, air and railroad transportation, construction services, energy supply, and other products and services related to mining and refining. The Company lends and borrows funds among affiliates for acquisitions and other corporate purposes. These financial transactions bear interest and are subject to review and approval by senior management, as are all related party transactions. Article Nine of the Amended and Restated Certificate of Incorporation of the Company prohibits the Company from engaging in a Material Affiliate Transaction that was not the subject of prior review by a committee of the Board of Directors with at least three members, each of whom is independent, and defines a Material Affiliate Transaction as a transaction or series of related transactions between Grupo Mexico or one of its affiliates (other than the Company or its subsidiaries), on the one hand, and the Company or one of its subsidiaries, on the other hand, that involves consideration of more than $10.0 million in the aggregate. It is the Companys policy that (i) a Material Affiliate Transaction not be entered into or continued without the review and approval by the Audit Committee or its subcommittee of related party transactions comprised of independent directors, …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 18SEGMENT AND RELATED INFORMATION: Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit. The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, type of products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition, each mine within the individual group earns revenues from similar type of customers for their products and services and each group incurs expenses independently, including commercial transactions between groups. Intersegment sales are based on arms length prices at the time of sale. These may not be reflective of actual prices realized by the Company due to various factors, including additional processing, timing of sales to outside customers and transportation cost. Added to the segment data is information regarding the Companys sales. The segments identified by the Company are: 1. Peruvian operations, which include the Toquepala and Cuajone mine complexes and the smelting and refining plants, including a precious metals plant, industrial railroad and port facilities that service both mines. The Peruvian operations …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 14STOCKHOLDERS EQUITY Treasury Stock: Activity in treasury stock in the years 2025 and 2024 was as follows (in millions): 2025 2024 Southern Copper common shares Balance as of January 1, $ 2,337.3 $ 2,766.6 Dividends paid in common stock (711.6) (428.9) Used for corporate purposes (0.3) (0.4) Balance as of December 31, 1,625.4 2,337.3 Parent Company (Grupo Mexico) common shares Balance as of January 1, 363.4 382.4 Other activity, including dividend, interest and foreign currency transaction effect 45.4 (19.0) Balance as of December 31, 408.8 363.4 Treasury stock balance as of December 31, $ 2,034.2 $ 2,700.7 Common Stock: Dividends paid in common stock: Stock dividend activity in 2025 was as follows: Total Effect in Common stock Average Number of Additional Effect in dividend Market price Shares Paid Paid-in capital Treasury Stock Date of payment per share per share as Dividends ($ in millions) ($ in millions) February 27, 2025 0.0073 $ 95.86 5,769,600 $ 409.9 $ 143.2 May 19, 2025 0.0099 $ 81.13 7,881,820 443.9 195.6 September 4, 2025 0.0101 $ 99.47 8,120,705 606.2 201.5 November 28, 2025 0.0085 $ 129.74 6,903,252 724.3 171.3 Total 0.0358 28,675,377 $ 2,184.3 $ 711.6 On December 31, 2025, and on December 31, 2024, 65,497,804 shares and 94,185,981 shares of SCCs common stock were in Treasury, respectively. These shares are used for the Directors stock award plans and are available for general corporate purposes. SCC share repurchase program: In 2008, the Board of Directo …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 20SUBSEQUENT EVENTS: Dividends : On January 22, 2026, the Board of Directors authorized a quarterly cash dividend of $1.00 per share of common stock and a stock dividend of 0.0085 shares of common stock per share of common stock, payable on February 27, 2026, for shareholders of record at the close of business on February 10, 2026. In lieu of fractional shares, cash will be distributed to each shareholder who would otherwise have been entitled to receive a fractional share, based on a share price of $179.93, which is the average of the high and low share price on January 22, 2026. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

NOTE 10 COMMITMENTS AND CONTINGENCIES: Environmental matters: The Company has established comprehensive environmental conservation programs at its mining facilities in Peru and Mexico. The Companys environmental programs include water recovery systems to conserve water and minimize the impact on nearby streams, reforestation programs to stabilize the surface of the tailings dams and the implementation of scrubbing technology in the mines to reduce dust emissions, among others. Environmental capital investments in the six-month periods ended June 30, 2026 and 2025 were as follows (in millions): 2026 2025 Peruvian operations $ 4.6 $ 6.9 Mexican operations 133.5 84.2 $ 138.1 $ 91.1 Peruvian operations: The Companys operations are subject to applicable Peruvian environmental laws and regulations. The Peruvian government, through the Ministry of the Environment (MINAM) conducts annual audits of the Companys Peruvian mining and metallurgical operations. Through these environmental audits, matters relating to environmental and legal compliance, atmospheric emissions, effluent monitoring and waste management are reviewed. The Company believes that it is in material compliance with applicable Peruvian environmental laws and regulations. Peruvian law requires that companies in the mining industry provide assurances for future mine closure and remediation. In accordance with the requirements of this law, the Companys closure plans were approved by MINEM. See Note 8 Asset retirement obli …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 6 FINANCING: On June 24, 2026, the Company (including and acting exclusively for the benefit of its Peruvian branch Southern Peru Copper Corporation, Sucursal del Peru, SPCC) issued $1,250 million of fixed-rate senior unsecured notes. This debt was issued in one tranche, due in 2036 at an annual interest rate of 5.350%. These notes will be general unsecured obligations of the Company and will rank equally with all of its existing and future unsecured and unsubordinated debt. Interest on the notes will be paid semi-annually in arrears. The net proceeds from this offering will be used exclusively by SPCC for the development of the Tia Maria project, the financing of the capital expenditure program of SPCC, and/or for general corporate purposes of SPCC, including but not limited to working capital (and expenses due in the short term). The notes were issued with an issuance discount of $2.5 million. Additionally, estimated issuance costs of $6.3 million associated with these notes were deferred. The unamortized balance of the discount and the costs are presented net of the carrying value of the debt issued and are amortized as interest expense over the life of the loan. Pursuant to an Indenture, dated April 16, 2010 (the Indenture), between the Company and Computershare Trust Company, National Association, as trustee (the Trustee), the Company and the Trustee entered into a Seventh Supplemental Indenture dated as of June 24, 2026 (the Seventh Supplemental Indenture). The Sev …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The geographic breakdown of the Companys sales is attributed to countries based on location of customer, and is summarized as follows (in millions): Three Months Ended June 30, 2026 Mexican Mexican IMMSA Peruvian Segment Corporate & Open-Pit Unit Operations Total Elimination Consolidated The Americas: Mexico $ 1,010.6 $ 206.0 $ $ 1,216.5 $ (75.4) $ 1,141.2 United States 269.0 4.0 306.4 579.4 579.4 Peru 340.9 340.9 340.9 Brazil 5.6 185.1 190.7 190.7 Chile 174.5 174.5 174.5 Other American countries 15.6 14.7 30.3 30.3 Europe: Switzerland 255.5 36.4 141.5 433.4 433.4 Italy 2.9 158.5 161.4 161.4 Spain 210.6 40.9 251.5 251.5 Other European countries 201.9 13.0 79.8 294.7 294.7 Asia: China 302.2 12.6 314.7 314.7 Singapore (0.2) 4.5 4.3 4.3 Japan 218.7 114.8 333.5 333.5 Other Asian countries 28.2 10.2 38.5 38.5 Total $ 2,511.9 $ 267.9 $ 1,584.4 $ 4,364.3 $ (75.4) $ 4,289.0 Six Months Ended June 30, 2026 Mexican Mexican IMMSA Peruvian Segment Corporate & Open-Pit Unit Operations Total Elimination Consolidated The Americas: Mexico $ 1,945.2 $ 444.5 $ $ 2,389.8 $ (167.3) $ 2,222.4 United States 560.4 8.2 595.6 1,164.1 1,164.1 Peru 633.4 633.4 633.4 Brazil 15.1 397.5 412.6 412.6 Chile 355.8 355.8 355.8 Other American countries 31.3 19.8 51.1 51.1 Europe: Switzerland 507.5 78.5 319.6 905.7 905.7 Italy 8.7 281.2 290.0 290.0 Spain 374.4 81.7 456.1 456.1 Other European countries 489.2 31.5 204.6 725.2 725.2 Asia: China 611.6 33.8 645.4 645.4 Singapore 30.6 6.6 37.2 37.2 Japan 334.8 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

NOTE 12 FAIR VALUE MEASUREMENT: Subtopic 820-10 of ASC Fair value measurement and disclosures Overall establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities). Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable (excluding accounts receivable associated with provisionally priced sales) and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table, which provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 4 INCOME TAXES: The income tax provision and the effective income tax rate for the six-month periods ended June 30, 2026 and 2025 consisted of (in millions): 2026 2025 Statutory income tax provision $ 1,505.1 $ 930.0 Peruvian royalty 69.7 33.3 Mexican royalty 175.2 94.7 Peruvian special mining tax 86.3 50.7 Total income tax provision $ 1,836.3 $ 1,108.7 Effective income tax rate 36.4 % 36.7 % These provisions include income taxes for Peru, Mexico and the United States. The Mexican royalty, the Peruvian royalty and the Peruvian special mining tax are included in the income tax provision. The effective income tax rate for 2026 remained relatively consistent with that of the corresponding period in 2025. Peruvian royalty and special mining tax : The Company has accrued $156.0 million and $84.0 million of royalty charge and special mining tax as part of the income tax provision for the first six months of 2026 and 2025, respectively. Mexican mining royalty : The Company has accrued $175.2 million and $94.7 million of royalty taxes as part of the income tax provision for the first six months of 2026 and 2025, respectively. The year-over-year increase reported was driven by growth in sales, which was mainly attributable to higher metal prices. Accounting for uncertainty in income taxes: In the second quarter of 2026, the Company made no payments for uncertain tax positions. The current and non-current liabilities recorded for the Peruvian jurisdiction increased the tax expense …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7 LEASES: The Company has operating leases for power generating facilities, vehicles and properties. The Company recognizes leasing expenses for these leases on a straight-line basis over the lease term. Some of the Companys leases include both lease and non-lease components which are accounted for separately. The Companys leases have remaining lease terms for periods ranging from less than one year to seven years, and do not include options to extend the leases. The Companys lease agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Companys lease contracts have no material residual value guarantees or material restrictive covenants. As none of the Companys leases stipulate an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average of the remaining lease term for the Companys leases is approximately six years, and the weighted average discount rate for these leases is 5.02%. The operating lease expense recognized in the six-month periods ended June 30, 2026 and 2025 was classified as follows (in millions): Classification 2026 2025 Cost of sales (exclusive of depreciation, amortization and depletion) $ 57.4 $ 57.6 Selling, general and administrative 0.1 (*) Exploration (*) 0.1 Total lease expense $ 57.5 $ 57.7 Maturities of lease liabilities are as follows …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

NOTE 9 BENEFIT PLANS: Post retirement defined benefit plans: The Companys Mexican subsidiaries have a defined contribution pension plan for salaried employees and a non-contributory defined benefit pension plan for union employees. In addition, the Company had a noncontributory defined benefit pension plan covering former salaried employees in the United States and certain former expatriate employees in Peru (the Expatriate Plan). On July 24, 2025, the Board of Directors of the Company authorized the termination of the Expatriate Plan. This termination became effective December 1, 2025 and had no material impact on the Companys financial statements. The Expatriate Plans benefit obligation was settled by the purchase of annuity contracts to transfer the plans remaining obligations to third parties. The termination process was completed on April 30, 2026. The components of net periodic benefit costs for the six-month periods ended June 30, 2026 and 2025 are as follows (in millions): Six months ended June 30, (in millions) 2026 2025 Service cost $ 1.6 $ 1.2 Interest cost 2.0 1.9 Expected return on plan assets (4.7) (3.6) Amortization of prior service cost / (credit) 0.1 0.1 Amortization of net loss/(gain) (0.6) 0.1 Net periodic (benefit) cost $ (1.6) $ (0.3) Post-retirement health care plans: Starting in 2011, the Mexican Institute of Social Security began providing health care services to retired workers of the Buenavista unit and their families. These services are free of char …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 5 RELATED PARTY TRANSACTIONS: The Company has entered into certain transactions in the ordinary course of business with parties that are controlling shareholders or their affiliates. These transactions include the lease of office space, air and railroad transportation, construction services, energy supply, and other products and services related to mining and refining. The Company lends and borrows funds among affiliates for acquisitions and other corporate purposes. These financial transactions bear interest and are subject to review and approval by senior management, as are all related party transactions. Article Nine of the Amended and Restated Certificate of Incorporation of the Company prohibits the Company from engaging in a Material Affiliate Transaction that was not the subject of prior review by a committee of the Board of Directors with at least three members, each of whom is independent, and defines a Material Affiliate Transaction as a transaction or series of related transactions between Grupo Mexico or one of its affiliates (other than the Company or its subsidiaries), on the one hand, and the Company or one of its subsidiaries, on the other hand, that involves consideration of more than $10.0 million in the aggregate. It is the Companys policy that (i) a Material Affiliate Transaction not be entered into or continued without the review and approval by the Audit Committee or its subcommittee of related party transactions comprised of independent directors, …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 13 REVENUE: The geographic breakdown of the Companys sales is attributed to countries based on location of customer, and is summarized as follows (in millions): Three Months Ended June 30, 2026 Mexican Mexican IMMSA Peruvian Segment Corporate & Open-Pit Unit Operations Total Elimination Consolidated The Americas: Mexico $ 1,010.6 $ 206.0 $ $ 1,216.5 $ (75.4) $ 1,141.2 United States 269.0 4.0 306.4 579.4 579.4 Peru 340.9 340.9 340.9 Brazil 5.6 185.1 190.7 190.7 Chile 174.5 174.5 174.5 Other American countries 15.6 14.7 30.3 30.3 Europe: Switzerland 255.5 36.4 141.5 433.4 433.4 Italy 2.9 158.5 161.4 161.4 Spain 210.6 40.9 251.5 251.5 Other European countries 201.9 13.0 79.8 294.7 294.7 Asia: China 302.2 12.6 314.7 314.7 Singapore (0.2) 4.5 4.3 4.3 Japan 218.7 114.8 333.5 333.5 Other Asian countries 28.2 10.2 38.5 38.5 Total $ 2,511.9 $ 267.9 $ 1,584.4 $ 4,364.3 $ (75.4) $ 4,289.0 Six Months Ended June 30, 2026 Mexican Mexican IMMSA Peruvian Segment Corporate & Open-Pit Unit Operations Total Elimination Consolidated The Americas: Mexico $ 1,945.2 $ 444.5 $ $ 2,389.8 $ (167.3) $ 2,222.4 United States 560.4 8.2 595.6 1,164.1 1,164.1 Peru 633.4 633.4 633.4 Brazil 15.1 397.5 412.6 412.6 Chile 355.8 355.8 355.8 Other American countries 31.3 19.8 51.1 51.1 Europe: Switzerland 507.5 78.5 319.6 905.7 905.7 Italy 8.7 281.2 290.0 290.0 Spain 374.4 81.7 456.1 456.1 Other European countries 489.2 31.5 204.6 725.2 725.2 Asia: China 611.6 33.8 645.4 645.4 Singapore 30.6 6.6 37.2 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 14 SEGMENT AND RELATED INFORMATION: Company management views Southern Copper as having three reportable segments and manages it on the basis of these segments. The reportable segments identified by the Company are: the Peruvian operations, the Mexican open-pit operations and the Mexican underground mining operations segment identified as the IMMSA unit. The three reportable segments identified are groups of mines, each of which constitute an operating segment, with similar economic characteristics, types of products, processes and support facilities, similar regulatory environments, similar employee bargaining contracts and similar currency risks. In addition, each mine within the individual group earns revenues from similar types of customers for their products and services and each group incurs expenses independently, including commercial transactions between groups. Financial information is regularly prepared for each of the three segments and the results of the Companys operations are regularly reported to the Chief Operating Decision Maker (CODM) on the segment basis. The CODM of the Company is the Chief Executive Officer, who focuses on operating income and on total assets as measures of performance to evaluate different segments and to make decisions to allocate resources to the reported segments. These are common measures in the mining industry. Financial information relating to Southern Copper Corporations segments is as follows: Three Months Ended June 30, 2026 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11 STOCKHOLDERSEQUITY: Treasury Stock: Activity in treasury stock in the six-month periods ended June 30, 2026 and 2025 was as follows (in millions): 2026 2025 Southern Copper common shares Balance as of January 1, $ 1,625.4 $ 2,337.3 Dividends paid in common stock (377.8) (338.8) Used for corporate purposes (0.2) (0.2) Balance as of June 30, 1,247.4 1,998.4 Parent Company (Grupo Mexico) common shares Balance as of January 1, 408.8 363.4 Other activity, including dividend, interest and foreign currency translation effect 25.9 10.2 Balance as of June 30, 434.7 373.5 Treasury stock balance as of June 30, $ 1,682.1 $ 2,371.9 As of June 30, 2026 and December 31, 2025, 50,267,580 and 65,497,804 shares of SCCs common stock were in Treasury, respectively. Common Stock: Dividends paid in common stock: Stock dividend activity in the six-month period ended June 30, 2026 was as follows: Total Effect in Common stock Average Number of Additional Effect in dividend Market price Shares Paid Paid-in capital Treasury Stock Date of payment per share per share as Dividends ($ in millions) ($ in millions) February 27, 2026 0.0085 $ 179.93 6,961,959 $ 1,079.9 $ 172.8 May 29, 2026 0.0100 $ 187.45 8,260,265 1,343.4 205.0 Total 0.0185 15,222,224 $ 2,423.3 $ 377.8 Directors Stock Award Plan: The Company has established a Directors Stock Award Plan (the Plan) for certain non-employee directors. Southern Copper has reserved 600,000 shares of common stock for the Plan. Under the Plan, participants …

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NOTE 16 SUBSEQUENT EVENTS: Dividends : On July 16, 2026, the Board of Directors authorized a quarterly cash dividend of $1.10 per share of common stock and a stock dividend of 0.0120 shares of common stock per share of common stock, payable on August 27, 2026 to shareholders of record at the close of business on August 11, 2026 . In lieu of fractional shares, cash will be distributed to each shareholder who would otherwise have been entitled to receive a fractional share, based on a share price of $177.32, which is the average of the high and low share price on July 16, 2026. Solidarity contribution for social and development programs in Sonora, Mexico: On July 24, 2026, the Company contributed 500 million Mexican pesos (approximately $29 million) to SEMARNAT as part of the Solidarity contribution for social and development programs in Sonora. …

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