Southern Copper Corporation

- No specific mention of any current or future fundraising through debt or equity in the transcript. - Capital investment plans continue with over $20.5 billion expected for the decade, funded from operations and cash flow. - In 2025, capital investments were $1.3 billion, reflecting increased spending but no note of new financing. - The company focuses on maintaining a strong cash position and dividend payments, with a recent quarterly cash dividend of $1 per share announced. - Raul Jacob mentioned that dividend decisions are subject to the Board's discretion based on cash flow and financial needs, but no statement indicated plans to raise funds via debt or equity. - Overall, the transcript suggests Southern Copper is funding ongoing projects, like Tia Maria, primarily through operating cash flow without new equity or debt issuance announcements.

- Southern Copper's current capital investment program for this decade exceeds $20.5 billion, including projects in Peru and Mexico. - In 2025, they spent $1.3 billion on capital investments, a 29% increase year-on-year, representing 30% of net income. - The Tia Maria project in Peru has an estimated capital budget of $1.8 billion, 24% complete as of end 2025, with $800 million already committed. Construction is on track for production to start mid-2027. - Los Chancas project in Apurimac, Peru, is impacted by illegal miners; company is working with authorities to regain control and progress. - Michiquillay project in Cajamarca, Peru, a $2.5 billion world-class greenfield mine, is under geological review and will move towards mineral reserve estimation and mine planning. - Cuajone concentrator expansion is being considered; investment decision pending board approval. - Capex for Tia Maria in 2026 forecasted to be about $508 million due to improved payment terms.

- Copper production expected at 911,400 tons in 2026, a 4.7% decrease from 2025 due to lower ore grades in Peru, with gradual recovery expected post-2027. - Production forecast rises to 970,000 tons in 2028 with full-year contribution from Tia Maria. - Further growth to 1.06 million tons projected for 2029 and 2031. - By-product production growth anticipated, with silver expected at 24 million ounces in 2026, slightly down 2% from 2025. - Zinc production increased significantly in 2025 (+36%) and expected to sustain strong levels. - Record sales of $13.4 billion in 2025, a 17% increase over 2024, driven by higher production and metal prices. - Adjusted EBITDA reached a record $7.8 billion in 2025, up 22% year-on-year. - The company aims for long-term copper production of 1.6 million tons at competitive costs, reflecting commitment to sustainable growth.

- Southern Copper expects stable to slightly declining copper production near term, with 911,400 tons in 2026 (4.7% decrease from 2025) due to lower ore grades, but production is forecasted to rise with expansions: - Slightly above 900,000 tons in 2027 - 970,000 tons in 2028 with full-year Tia Maria contribution - 1.06 million tons in 2029 and 2031 - Expansion and new reserves at Buenavista and Caridad aim to reverse production declines post-2030. - Capital investments exceeding $20.5 billion over the decade highlight strong growth focus. - Record net income in 2025 was $4.3 billion (+28% YoY); adjusted EBITDA was $7.8 billion (+22% YoY). - Cost control measures and by-product credits support profitability. - Board discretion on dividend increases suggests potential higher cash dividends but no definitive guidance. - Overall, growth and profit improvements are expected as projects like Tia Maria ramp up from 2027 onward.

- For Tia Maria project, there are committed purchase orders totaling approximately $800 million. - The cash outflow forecast for Tia Maria in 2026 is about $508 million, which is lower than the initially expected $900 million due to improved payment terms. - No specific details on other pending or expected orders are provided in the transcript. - The budget for Tia Maria remains largely unchanged, with planned construction completion by mid-2027 and production start in the second half of 2027. - For Cuajone expansion, preparatory work is ongoing but investment decision and related orders are pending submission and approval by the Board.