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• ExxonMobil for copper
• Archer Daniels Midland (ADM) for base metals

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• Copper: A base metal widely used in electrical wiring, plumbing, and construction due to its excellent conductivity and malleability.
• Molybdenum: A refractory metal used as an alloying agent in steel to enhance strength, hardness, and corrosion resistance, and also in various chemical applications.
• Zinc: A bluish-white metal primarily used for galvanizing steel to prevent corrosion, and also in alloys like brass and for die-casting.
• Silver: A precious metal used in jewelry, coinage, silverware, and industrial applications due to its high electrical conductivity and reflective properties.
• Gold: A highly valued precious metal prized for its rarity, malleability, corrosion resistance, and use in jewelry, coinage, and electronics.

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Southern Copper (NYSE: SCCO) sells primarily to other companies.

As a major producer of copper and other metals like molybdenum, zinc, and silver, Southern Copper operates in a global commodity market. The company's public filings indicate that no single customer accounted for 10% or more of its consolidated net sales in 2023, 2022, or 2021. Therefore, Southern Copper does not disclose the names of specific "major customers" by company name.

Instead, its customer base consists of a broad range of industrial companies worldwide that utilize these metals as raw materials for further processing or manufacturing. The categories of companies that purchase Southern Copper's products include:

• Copper: Primarily wire rod and continuous cast rod producers, and to a lesser extent, foundries and chemical companies. These customers use copper for applications in electrical wiring, electronics, plumbing, and various industrial components.
• Molybdenum: Primarily large steel mills and chemical companies. Molybdenum is used to strengthen steel alloys and as a catalyst in various chemical processes.
• Zinc: Primarily refiners, and to a lesser extent, foundries and chemical companies. Zinc is essential for galvanizing steel, in die-casting alloys, and in chemical compounds.
• Silver: Primarily trading companies. Silver has diverse applications in electronics, jewelry, coinage, and industrial uses.

Geographically, Southern Copper's sales are distributed across major industrial regions, with sales to customers in Asia accounting for 54% of its net sales in 2023, followed by Europe (20%), North America (15%), and South America (11%).

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Oscar González Rocha, President, Chief Executive Officer, and Director

Mr. González Rocha, a civil engineer by profession, has over 40 years of experience in the mining industry and has been associated with Southern Copper's Mexican operations since 1976. He previously served as Director General of Mexicana de Cobre S.A. de C.V. (from 1986 to 1999) and Buenavista del Cobre S.A. de C.V. (from 1990 to 1999), both wholly-owned by Grupo Mexico S.A.B. de C.V., where he oversaw the development of the "La Caridad" and "Cananea" metallurgical projects. After Grupo Mexico acquired ASARCO in 1999, he was appointed President, Chief Operating Officer, and Director of Southern Peru Copper Corporation (now Southern Copper Corporation). He became a Director of Grupo Mexico in 2002 and was appointed President and CEO of Southern Copper Corporation in October 2004. Mr. González Rocha has also served as CEO and Director of Asarco LLC since August 2010 and as President and CEO of Americas Mining Corporation, a holding company of Grupo Mexico, since 2014/2015. There is no information indicating that Mr. González Rocha founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

Raúl Jacob Ruisanchez, Vice President of Finance, Treasurer, and Chief Financial Officer

Mr. Jacob Ruisanchez has served as Southern Copper's Vice President of Finance and Chief Financial Officer since April 2013, and as Treasurer since April 2016. He joined the company in 1992 and has held various positions primarily focused on financial planning, treasury, corporate finance, investor relations, and project evaluation. Prior to his current role, he was the company's Comptroller from 2011 to 2013, and also served as Director of Controller and Finance for the Company's Peruvian Branch and Vice President and CFO of Southern Peru Limited. He was recognized by Institutional Investor as the top Chief Financial Officer in the Latin America mining industry in 2021 and was ranked among the top three CFOs four times between 2014 and 2020. Mr. Jacob Ruisanchez was President of the Peruvian National Mining, Oil and Energy Association from 2021 to 2023 and remains a member of its Board of Directors and Executive Committee. He holds an economics degree from Universidad del Pacifico, a Master's Degree from the University of Texas, a Degree in International Business Management from the Stockholm School of Economics, and a Senior Manager Degree from IE Business School. There is no information indicating that Mr. Jacob Ruisanchez founded or sold other companies, or has a pattern of managing companies backed by private equity firms.

German Larrea Mota-Velasco, Chairman of the Board

Mr. Larrea Mota-Velasco has been the Chairman of Southern Copper since 1999. He previously served as the company's Chief Executive Officer from 1999 to 2004. Mr. Mota-Velasco also holds the positions of Chairman, President, and Chief Executive Officer of Grupo Mexico SAB de CV, Southern Copper's parent company, and has been Chairman and Chief Executive Officer of Grupo Ferroviario Mexicano SA de CV since 1997. His experience also includes serving as Executive Vice Chairman and Director of Grupo Mexico, and as Chairman and CEO of Empresarios Industriales de Mexico SA de CV (EIM) and Fondo Inmobiliario. He leads a holding company involved in various sectors including mining, construction, railways, real estate, and drilling.

Julian Jorge Lazalde Psihas, Secretary

Mr. Lazalde Psihas has served as the Secretary of Southern Copper Corporation since 2009. Additionally, he holds the titles of Director, Executive Vice President, and General Counsel of Asarco LLC since 2009. He is also the General Counsel of Americas Mining Corporation. Before these roles, he was the General Counsel of Asarco Inc., the predecessor of Asarco LLC, from 2006 to 2009.

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The key risks to Southern Copper's business include:

1. Volatility in Copper Prices: Southern Copper's revenue and profitability are highly dependent on the fluctuating global prices of copper and other metals it produces. Economic slowdowns, especially in major consuming countries like China, geopolitical uncertainties, and supply chain disruptions can significantly impact demand and prices.
2. Political and Regulatory Risks in Peru and Mexico: Operating in Peru and Mexico exposes Southern Copper to considerable political and regulatory instability. This includes risks from changes in mining laws, environmental regulations, potential tax reforms, and social opposition or protests from local communities. Such factors can lead to operational disruptions, project delays (such as the Tia Maria project in Peru), and increased costs.
3. Environmental and Sustainability Concerns: The company faces risks associated with stringent environmental regulations, water scarcity, and the growing demand for sustainable mining practices. Past incidents of environmental pollution and ongoing scrutiny over environmental impact, including waste disposal and water management, can lead to increased operational costs, legal challenges, and damage to the company's reputation.

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The escalating global emphasis on environmental, social, and governance (ESG) factors, coupled with increasing resource nationalism and community opposition in key operating regions like Peru and Mexico, constitutes a clear emerging threat. This trend leads to stricter environmental regulations, prolonged permitting processes, higher operational costs, increased tax/royalty burdens, and a greater risk of project delays or cancellations due to social unrest. The ability to secure and maintain a social license to operate is becoming progressively more challenging and expensive, directly impacting Southern Copper's expansion plans and profitability.

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Southern Copper's main products are copper, molybdenum, zinc, and silver. The addressable markets for these products are global.

• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030. The Asia Pacific region accounted for the largest revenue share of 74.7% in the global copper market in 2024.

• Molybdenum: The global molybdenum market size was valued at approximately USD 5.32 billion in 2023 and is anticipated to reach around USD 6.70 billion by 2030, exhibiting a CAGR of about 3.92% during the forecast period (2025-2030). Asia-Pacific holds the largest share of the molybdenum market.

• Zinc: The global zinc market expanded from USD 36.26 billion in 2024 to USD 38.14 billion in 2025, with projections reaching USD 54.11 billion by 2032, at a CAGR of 5.13%. Asia-Pacific holds the largest share of the zinc market, both in terms of production and consumption.

• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033). Asia-Pacific is anticipated to hold the largest share of the silver market.

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Southern Copper (SCCO) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors, including the commissioning of major projects, expanded production from existing operations, and favorable commodity prices.

Here are 5 expected drivers of Southern Copper's future revenue growth:

1. Commissioning and Ramp-Up of the Tía María Project: The Tía María copper project in Peru is a significant near-term growth driver. The project received its long-awaited mining license in late 2025 and is expected to begin production by late 2026 or early 2027, adding 120,000 tonnes of copper annually over its projected 20-year lifespan. This project is currently 25% complete, with initial construction phases substantially finished.
2. Increased Copper Production from the El Pilar Project: The El Pilar copper project in Sonora, Mexico, is anticipated to contribute to revenue growth within the next 2-3 years. This low-capital intensity project is expected to begin production in 2025 with an annual capacity of 36,000 tons of copper cathodes.
3. Expanded Zinc and Associated Copper Output from the Buenavista Zinc Concentrator and Pilares Project: The Buenavista Zinc Concentrator in Mexico, which initiated operations and ramp-up in the second half of 2023, is forecast to be a significant contributor to revenue growth as it reaches full capacity. This facility is expected to double the company's zinc production capacity by adding 100,000 tons of zinc and 20,000 tons of copper per year. Additionally, the Pilares project in Mexico, which began operating in Q4 2022, will continue to deliver 35,000 tons of copper annually, enhancing the overall mineral ore grade processed at the La Caridad facilities.
4. Growth in By-Product Production (Molybdenum and Silver): Southern Copper has consistently reported increases in the production of by-products such as molybdenum and silver. For example, molybdenum production rose 9% in Q1 2025, and refined silver production saw a 21.5% increase in Q3 2024. The company expects continued growth in silver production, projecting 23 million ounces in 2025, a 10% increase from 2024. These increases, often driven by higher ore rates and new projects, will bolster overall revenue.
5. Favorable Commodity Prices: Southern Copper's revenue growth is also expected to benefit from potentially favorable market conditions leading to higher commodity prices for copper and its by-products. Recent earnings reports indicate that higher metal prices for copper, zinc, and silver have already contributed to increased sales. Analysts' consensus for 2026 also reflects a bullish outlook, with projected revenue improvements, partly due to the tight copper market conditions and sustained demand driven by renewable energy technologies and electrification.

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Share Repurchases

• Southern Copper has not made any share repurchases since the third quarter of 2016.
• A $3 billion share repurchase program was authorized by the Board of Directors, of which $2.9 billion has been used to acquire 119.5 million shares; however, there has been no recent activity under this program.

Share Issuance

• In Q3 2025, Southern Copper announced a stock dividend of 0.0085 shares per common share, payable on November 28, 2025.
• For Q2 2025, a stock dividend of 0.0101 shares per common share was authorized.
• In Q1 2024, the Board approved a stock dividend of 0.0104 shares per common share, utilizing treasury shares.

Capital Expenditures

• Southern Copper has an ongoing capital investment program exceeding $15 billion for the current decade, focused on projects in Peru and Mexico.
• In Q3 2025, capital expenditures amounted to $349.2 million. Investments in Q1 2025 were $317.8 million, an increase from $213.8 million in Q1 2024.
• Major projects include the Tía María project in Peru with an increased investment of $1.8 billion (targeted for 2027, 120,000 tons copper capacity), El Arco in Mexico with $2.9 billion (targeted for 2030, 190,000 tons copper capacity), and Michiquillay in Peru with $2.5 billion (targeted for 2032, 225,000 tons copper capacity).