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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-14066

SOUTHERN COPPER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		13-3849074
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7310 North 16th St, Suite 135 Phoenix, AZ		85020
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (602) 264-1375

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common stock, par value $0.01 per share

SCCO

New York Stock Exchange

Lima Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ⌧

As of July 31, 2025 there were outstanding 804,067,925 shares of Southern Copper Corporation common stock, par value $0.01 per share.

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Southern Copper Corporation (“SCC”)

INDEX TO FORM 10-Q


		Page No.
Part I. Financial Information:

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3

	Condensed Consolidated Statements of Earnings for the three and six-month periods ended June 30, 2025 and 2024	3

	Condensed Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2025 and 2024	4

	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	5

	Condensed Consolidated Statements of Cash Flows for the three and six-month periods ended June 30, 2025 and 2024	6

	Condensed Consolidated Statements of Changes in Equity for the three and six-month periods ended June 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements	8-38

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39-59

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	60-61

Item 4.	Controls and procedures	62

	Report of Independent Registered Public Accounting Firm	63

Part II. Other Information:

Item 1.	Legal Proceedings	64

Item 1A.	Risk Factors	64

Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	64

Item 4.	Mine Safety Disclosures	64

Item 5.	Other Information	65

Item 6.	List of Exhibits	65-68


	Signatures	69

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PART I — FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in millions, except for per share amounts)
Net sales (including sales to related parties, see note 5)	$	3,051.0	$	3,118.3	$	6,172.9	$	5,718.1
Operating cost and expenses:
Cost of sales (exclusive of depreciation, amortization and depletion shown separately below)		1,211.7		1,248.9		2,530.9		2,406.5
Selling, general and administrative		32.5		33.9		64.1		64.8
Depreciation, amortization and depletion		206.2		209.6		430.0		418.6
Exploration		13.7		18.6		25.4		31.2
Total operating costs and expenses		1,464.0		1,511.0		3,050.4		2,921.1

Operating income		1,587.0		1,607.3		3,122.5		2,797.0

Interest expense		(105.6)		(94.1)		(207.9)		(188.3)
Capitalized interest		11.6		10.8		22.0		24.5
Interest income		53.1		26.5		101.8		53.8
Other income (expense)		(2.3)		(19.9)		(16.0)		(0.9)
Income before income taxes		1,543.9		1,530.6		3,022.4		2,686.2
Income taxes (including royalty taxes, see Note 4)		576.0		578.8		1,108.7		1,002.1
Net income before equity earnings of affiliate		967.9		951.8		1,913.7		1,684.0
Equity earnings (loss) of affiliate, net of income tax		8.8		2.0		12.1		8.6
Net income		976.7		953.8		1,925.8		1,692.6
Less: Net income attributable to the non-controlling interest		3.2		3.6		6.4		6.4
Net income attributable to SCC	$	973.4	$	950.2	$	1,919.4	$	1,686.2

Per common share amounts attributable to SCC:
Net earnings-basic and diluted	$	1.21	$	1.21	$	2.39	$	2.15

Weighted average shares outstanding-basic and diluted		807.8		785.6		804.1		783.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in millions)
COMPREHENSIVE INCOME:
Net income and comprehensive income	$	976.7	$	953.8	$	1,925.8	$	1,692.6
Total comprehensive income		976.7		953.8		1,925.8		1,692.6
Comprehensive income attributable to the non-controlling interest		3.2		3.6		6.4		6.4
Comprehensive income attributable to SCC	$	973.4	$	950.2	$	1,919.4	$	1,686.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Southern Copper Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	June 30,		December 31,
	2025		2024

	(in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	3,334.9	$	3,258.1
Short-term investments		675.4		245.3
Accounts receivable trade		1,557.7		1,189.6
Accounts receivable other (including related parties 2025- $14.8 and 2024 - $13.5)		70.1		54.2
Inventories		1,005.2		1,048.9
Prepaid taxes		334.3		346.7
Other current assets		24.7		31.7
Total current assets		7,002.4		6,174.3

Property and mine development, net		9,915.0		9,883.3
Ore stockpiles on leach pads		1,149.3		1,145.8
Intangible assets, net		121.7		124.6
Right-of-use assets, net		700.7		739.5
Deferred income tax		260.4		310.6
Equity method investment		120.8		111.9
Other non-current assets		284.5		223.5
Total assets	$	19,554.7	$	18,713.5

LIABILITIES
Current liabilities:
Current portion of long-term debt	$	—	$	499.8
Accounts payable (including related parties 2025- $102.3 and 2024- $49.2)		647.2		615.2
Accrued income taxes		264.6		635.2
Accrued workers’ participation		162.9		280.8
Accrued interest		115.0		97.1
Lease liabilities current		84.0		81.8
Other accrued liabilities		55.3		38.1
Total current liabilities		1,329.0		2,248.1

Long-term debt, net of current portion		6,748.2		5,758.5
Lease liabilities		616.7		657.6
Deferred income taxes		136.4		124.5
Non-current taxes payable		100.4		104.9
Other liabilities and reserves		60.7		35.6
Asset retirement obligation		509.9		546.1
Total non-current liabilities		8,172.3		7,227.3

Commitments and contingencies (Note 10)
STOCKHOLDERS’ EQUITY (NOTE 11)
Common stock par value $0.01; shares authorized, 2025 and 2024–2,000; shares issued, 2025 and 2024–884.6		8.8		8.8
Additional paid-in capital		5,890.7		5,026.0
Retained earnings		6,459.4		6,839.6
Accumulated other comprehensive income		(2.2)		(2.2)
Treasury stock, at cost, common shares		(2,371.9)		(2,700.7)
Total Southern Copper Corporation stockholders’ equity		9,984.8		9,171.6
Non-controlling interest		68.6		66.6
Total equity		10,053.4		9,238.1
Total liabilities and equity	$	19,554.7	$	18,713.5

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

	(in millions)
OPERATING ACTIVITIES
Net income	$	976.7	$	953.8	$	1,925.8	$	1,692.6
Adjustments to reconcile net earnings to net cash provided from operating activities:
Depreciation, amortization and depletion		206.2		209.6		430.0		418.6
Equity earnings of affiliate, net of dividends received		(5.8)		(0.6)		(8.9)		(6.4)
Loss (gain) on foreign currency transaction effect		3.8		(8.1)		17.8		(4.3)
Provision for deferred income taxes		25.0		4.0		53.2		23.2
Other, net		8.7		5.5		23.1		11.1
Change in operating assets and liabilities:
Increase in accounts receivable		(9.6)		(328.3)		(368.1)		(481.2)
(Increase) decrease in inventories		(45.1)		(16.7)		40.2		(24.9)
(Decrease) increase in accounts payable and accrued liabilities		(121.2)		(145.6)		(394.9)		6.2
(Increase) decrease in other operating assets and liabilities		(61.9)		288.5		(19.9)		(13.1)
Net cash provided by operating activities		976.8		962.1		1,698.2		1,621.8
INVESTING ACTIVITIES
Capital expenditures		(235.7)		(331.8)		(553.5)		(545.6)
Proceeds from sale (purchase) of short-term investments, net		(457.3)		0.1		(430.1)		270.1
Net cash used in investing activities		(692.9)		(331.7)		(983.6)		(275.5)
FINANCING ACTIVITIES
Repayments of debt		(500.0)		—		(500.0)		—
Proceeds from issuance of debt		—		—		993.8		—
Payments of debt issuance costs		—		—		(6.4)		—
Cash dividends paid to common stockholders		(557.4)		—		(1,110.7)		(618.5)
Other, net		(3.0)		—		(4.2)		(1.6)
Net cash used in financing activities		(1,060.4)		—		(627.5)		(620.1)
Effect of exchange rate changes on cash and cash equivalents		(4.9)		(7.3)		(10.2)		(2.4)
(Decrease) increase in cash and cash equivalents		(781.4)		623.1		76.8		723.8
Cash and cash equivalents, at beginning of period		4,116.3		1,252.2		3,258.1		1,151.5
Cash and cash equivalents, at end of period	$	3,334.9	$	1,875.3	$	3,334.9	$	1,875.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Southern Copper Corporation

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2025		2024		2025		2024

	(in millions)
TOTAL EQUITY, beginning of period	$	9,636.7	$	7,605.9	$	9,238.1	$	7,481.2
STOCKHOLDERS’ EQUITY, beginning of period		9,568.3		7,541.7		9,171.6		7,418.1
CAPITAL STOCK:
Balance at beginning and end of period:		8.8		8.8		8.8		8.8
ADDITIONAL PAID-IN CAPITAL:
Balance at beginning of period		5,433.0		3,541.4		5,026.0		3,532.8
Dividends paid in common stock		443.9		726.1		853.7		726.1
Other activity of the period		13.8		(10.6)		10.9		(2.0)
Balance at end of period		5,890.7		4,256.9		5,890.7		4,256.9
TREASURY STOCK:
Southern Copper common shares
Balance at beginning and end of the period		(2,194.1)		(2,766.6)		(2,337.3)		(2,766.7)
Dividends paid in common stock		195.6		199.5		338.8		199.5
Used for corporate purposes		0.1		0.2		0.2		0.2
Balance at end of period		(1,998.4)		(2,567.0)		(1,998.4)		(2,567.0)
Parent Company common shares
Balance at beginning of period		(360.1)		(390.6)		(363.4)		(382.3)
Other activity, including dividend, interest and foreign currency translation effect		(13.5)		11.3		(10.2)		3.1
Balance at end of period		(373.5)		(379.3)		(373.5)		(379.3)
Treasury stock balance at end of period		(2,371.9)		(2,946.2)		(2,371.9)		(2,946.2)
RETAINED EARNINGS:
Balance at beginning of period		6,682.8		7,156.7		6,839.6		7,033.5
Net earnings		973.4		950.2		1,919.4		1,686.2
Dividends declared and paid, common stock, per share, 2025- $1.40, 2024– $0.80		(557.4)		—		(1,110.7)		(618.5)
Dividends paid in common stock		(639.5)		(925.6)		(1,192.5)		(925.6)
Other activity		—		(0.4)		3.7		5.3
Balance at end of period		6,459.4		7,180.9		6,459.4		7,180.9
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Balance at beginning of period		(2.2)		(8.0)		(2.2)		(8.0)
Other comprehensive income (loss)		—		—		—		—
Balance at end of period		(2.2)		(8.0)		(2.2)		(8.0)
STOCKHOLDERS’ EQUITY, end of period		9,984.8		8,492.5		9,984.8		8,492.5
NON-CONTROLLING INTEREST, beginning of period		68.4		64.2		66.6		63.1
Net earnings		3.2		3.6		6.4		6.4
Distributions paid		(3.1)		(0.1)		(4.4)		(1.8)
NON-CONTROLLING INTEREST, end of period		68.6		67.7		68.6		67.7
TOTAL EQUITY, end of period	$	10,053.4	$	8,560.2	$	10,053.4	$	8,560.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Southern Copper Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1— DESCRIPTION OF THE BUSINESS:

Southern Copper Corporation (“Southern Copper”, "SCC" or the “Company”) is a majority-owned, indirect subsidiary of Grupo Mexico S.A.B. de C.V. (“Grupo Mexico”). As of June 30, 2025, Grupo Mexico, through its wholly-owned subsidiary Americas Mining Corporation (“AMC”) owned 88.9% of the Company’s capital stock. The condensed consolidated financial statements presented herein consist of the accounts of Southern Copper, a Delaware corporation, and its subsidiaries. The Company is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico. The Company conducts its primary operations in Peru through a registered branch (the "Peruvian Branch" or “Branch” or “SPCC”). The Peruvian Branch is not a corporation separate from the Company. The Company's Mexican operations are conducted through subsidiaries. The Company also conducts exploration activities in Argentina, Chile, Mexico and Peru.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s financial position as of June 30, 2025 and the results of operations, comprehensive income, cash flows and changes in equity for the three and six months ended June 30, 2025 and 2024. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. The December 31, 2024 balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements at December 31, 2024 and notes included in the Company’s 2024 annual report on Form 10-K.

NOTE 2 — SHORT-TERM INVESTMENTS:

Short-term investments were as follows (in millions):


	At June 30,			At December 31,
	2025			2024
Trading securities	$	675.3		$	245.2
Weighted average interest rate		4.6	%		4.7	%

Available-for-sale	$	0.1		$	0.2
Weighted average interest rate		0.8	%		0.9	%
Total	$	675.4		$	245.3

Trading securities consisted of bonds issued by public companies and were publicly traded. Each financial instrument was independent of the others. The Company had the intention to sell these bonds in the short-term.

Available-for-sale investments consist of securities issued by public companies. Each security is independent of the others and as of June 30, 2025, and December 31, 2024, included asset and mortgage-backed obligations. As of June 30, 2025 and December 31, 2024, gross unrealized gains and losses on available-for-sale securities were not material.

The Company earned interest related to these investments, which was recorded as interest income in the condensed consolidated statement of earnings. Also, the Company redeemed some of these securities and recognized gains (losses) due to changes in fair value, which were recorded as other income (expense) in the condensed consolidated statement of earnings.

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The following table summarizes trading investment activity (in millions):


	Three months ended				Six months ended
	June 30,				June 30,
	2025		2024		2025		2024
Trading:
Interest earned	$	7.2	$	7.6	$	9.5	$	13.7
Unrealized gain (loss) at the end of the period	$	(*)	$	(*)	$	(*)	$	(*)

(*) Less than $0.1 million.

NOTE 3 — INVENTORIES:

Inventories were as follows:


	At June 30,		At December 31,
(in millions)	2025		2024
Inventory, current:
Metals at average cost:
Finished goods	$	56.6	$	55.9
Work-in-process		303.9		343.8
Ore stockpiles on leach pads		228.3		217.2
Supplies at average cost		416.3		431.9
Total current inventory	$	1,005.2	$	1,048.9
Inventory, long-term:
Ore stockpiles on leach pads	$	1,149.3	$	1,145.8

During the six-month periods ended June 30, 2025 and 2024, total leaching costs capitalized as non-current inventory of ore stockpiles on leach pads amounted to $128.2 million and $128.8 million, respectively. Leaching inventories recognized in cost of sales amounted to $113.6 million and $107.5 million for the six months ended June 30, 2025 and 2024, respectively.

NOTE 4 — INCOME TAXES:

The income tax provision and the effective income tax rate for the six-month period ended June 30, 2025 and 2024 consisted of (in millions):


	2025			2024
Statutory income tax provision	$	930.0		$	852.3
Peruvian royalty		33.3			29.1
Mexican royalty		94.7			75.7
Peruvian special mining tax		50.7			45.0
Total income tax provision	$	1,108.7		$	1,002.1

Effective income tax rate		36.7	%		37.3	%

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 decrease in the effective income tax rate in 2025 compared to the same period in 2024 was primarily attributable to uncertain tax positions recorded in the U.S., Peruvian and Mexican jurisdictions.

Peruvian royalty and special mining tax: The Company has accrued $84.0 million and $74.1 million of royalty charge and special mining tax as part of the income tax provision for the first six months of 2025 and 2024, respectively.

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Mexican mining royalty: The Company has accrued $94.7 million and $75.7 million of royalty taxes as part of the income tax provision for the first six months of 2025 and 2024, respectively. The increase in 2025 over 2024 is partially attributable to the increase in the mining royalty rate, and increased sales due to the impact of metal prices. As previously reported, effective January 1, 2025, the rates for the mining royalty and the additional royalty increased from 7.5% to 8.5%, and from 0.5% to 1%, respectively.

Accounting for uncertainty in income taxes: In the second quarter of 2025, the Company made payments for uncertain tax positions of $35.4 million in the Peruvian jurisdiction to avoid potential further interest and penalties related to the 2018 tax year that is still open. The Company also recorded current and non-current liabilities for the Peruvian jurisdiction that increased the tax expense by approximately $13.9 million. The Company has a net current liability of $21.8 million in the Peruvian jurisdiction, which represent anticipated cash payments within 12 months.

U.S. Tax Law updates:

On July 4, 2025, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” (the “Act”) – and commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law. The Act includes changes to both international and domestic tax provisions but did not change the overall corporate tax rate. The Act reduces the deduction percentages for some income inclusions, reduces foreign income taxes deemed paid and limits deductions that are allocated and apportioned to the foreign tax credit limitation within the Global Intangible Low-Taxed Income (“GILTI”) renamed Net CFC Tested Income (“NCTI”). The Act increases the Base Erosion and Anti-Abuse Tax (“BEAT”) rate. The Act makes changes to the foreign tax credit provisions regarding the allocation and apportionment of foreign taxes; the treatment of certain dividends; and the inclusion of income from Controlled Foreign Corporations (CFC’s). The Company estimates that these taxes and the enacted changes will not be material, but the Company will continue to monitor U.S. Tax policy regarding this new legislation.

For calendar year companies, the Act must be recognized in the financial statements in the third quarter of 2025. The impact of changes in the tax law on deferred tax assets and deferred tax liabilities will be recognized discretely in continuing operations. Any impact on current taxes payable related to ordinary income will be included in the annual effective tax rate in the period of enactment, which is the third quarter of 2025.

Pillar Two updates: Large multinational businesses with more than €750 million in total revenue must pay a minimum effective tax rate under Pillar Two of 15% on taxable income arising in each jurisdiction where they operate. Certain provisions of Pillar Two took effect January 1, 2024, while others went into effect January 1, 2025. If jurisdictions want to implement Pillar Two they will need to do so through domestic legislation. The countries in which the Company has significant operations have yet to enact Pillar Two into law and have not formally announced plans to implement these rules. Currently there is no impact to the Company but the Company will continue to monitor these developments and analyze any potential impact that Pillar Two may have on future results.

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 Company’s 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,(ii) any potential related party transaction process with aggregate consideration

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between $8.0 million and $10.0 million be authorized by the General Counsel and Chief Financial Officer of the Company and (iii) that all related party transactions, including any Material Affiliate Transaction, be reported to the Audit Committee of the Board of Directors or to its subcommittee of related party transactions.

Receivable and payable balances with related parties are shown below (in millions):


	At June 30,		At December 31,
	2025		2024
Related parties receivable current:
Grupo Mexico and affiliates:
Asarco LLC	$	8.1	$	7.1
AMMINCO Apoyo Administrativo, S.A. de C.V. (“AMMINCO”)		(*)		(*)
Ferrocarril Mexicano, S.A. de C.V.		(*)		(*)
Mexico Generadora de Energia S. de R.L. ("MGE")		5.1		5.4
Mexico Compania Constructora S.A de C.V.		(*)		(*)

Related to the controlling group:
Empresarios Industriales de Mexico, S.A. de C.V.		1.2		0.9
Mexico Transportes Aereos, S.A. de C.V. ("Mextransport")		0.2		—
Operadora de Cinemas, S.A. de C.V.		0.1		0.1
	$	14.8	$	13.5

Related parties payable:
Grupo Mexico and affiliates:
AMMINCO	$	9.5	$	6.0
Asarco LLC		33.8		6.0
Eolica El Retiro, S.A.P.I. de C.V.		0.4		0.4
Ferrocarril Mexicano, S.A. de C.V.		4.4		2.9
Grupo Mexico Servicios		2.7		4.3
MGE		36.4		15.9
Mexico Compania Constructora S.A de C.V.		7.2		8.0
Parque Eolico de Fenicias, S. de R.L. de C.V.		6.2		2.6
Grupo Mexico Servicios de Ingenieria, S.A. de C.V.		0.9		2.1
Related to the controlling group:
Boutique Bowling de Mexico, S.A. de C.V.		0.4		0.5
Mextransport		0.1		0.1
Operadora de Cinemas, S.A. de C.V.		0.2		0.4
	$	102.3	$	49.2

(*) Less than $0.1 million.

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Purchase and sale activity:

Grupo Mexico and affiliates:

The following table summarizes the purchase and sale activities with Grupo Mexico and its affiliates in the six-month periods ended June 30, 2025 and 2024 (in millions):


	2025		2024
Purchase activity
Asarco LLC	$	28.0	$	2.7
Eolica El Retiro, S.A.P.I. de C.V.		1.0		4.0
Ferrocarril Mexicano, S.A. de C.V.		21.3		24.0
Grupo Mexico Servicios		10.1		10.1
AMMINCO		5.0		5.0
MGE		109.8		92.3
Mexico Compania Constructora S.A. de C.V.		24.8		44.0
Parque Eolico de Fenicias, S. de R.L. de C.V.		20.3		—
Grupo Mexico Servicios de Ingenieria S. A. de C.V.		4.7		9.5
Total purchases	$	225.0	$	191.6
Sales activity
Asarco LLC	$	27.4	$	14.3
AMMINCO		(*)		(*)
Ferrocarril Mexicano, S.A. de C.V.		—		(*)
MGE		31.9		23.3
Total sales	$	59.3	$	37.6

(*) Less than $0.1 million.

Grupo Mexico, the parent and the majority indirect stockholder of the Company, and its affiliates provide various services to the Company. These services are primarily related to accounting, legal, tax, financial, treasury, human resources, price risk assessment and hedging, purchasing, procurement and logistics, sales and administrative and other support services. The Company pays AMMINCO and Grupo Mexico Servicios, subsidiaries of Grupo Mexico, for these services and expects to continue requiring these services in the future.

In the first six months of 2025, the Company did not make donations to Fundacion Grupo Mexico, A.C., an organization dedicated to promoting the social and economic development of the communities close to the Company’s Mexican operations. In the same period of 2024, the Company donated $1.5 million to this organization.

The Company’s Mexican operations paid fees for freight services provided by Ferrocarril Mexicano, S.A. de C.V., which is a subsidiary of Grupo Mexico. The Company´s Peruvian and Mexican operations paid fees for engineering services provided by Grupo Mexico Servicios de Ingenieria, S.A. de C.V., and the Company’s Mexican operations paid fees for construction services provided by Mexico Compania Constructora S.A. de C.V. Both companies are subsidiaries of Mexico Proyectos y Desarrollos, S.A. de C.V., which is a subsidiary of Grupo Mexico.

The Company’s Mexican operations purchased copper cathodes, concentrate and starter sheets from Asarco LLC and also paid fees as reimbursement of freight fees. Additionally, the Company´s Mexican operations purchased power from MGE. Both companies are subsidiaries of Grupo Mexico.

In 2012, the Company signed a power purchase agreement with MGE, whereby MGE supplies some of the Company’s Mexican operations with power through 2032. MGE has two natural gas-fired combined cycle power generating units, with a net total capacity of 516.2 megawatts and has been supplying power to the Company since December 2013. In the first six months of 2025, MGE supplied approximately 0.3% of its power output to third-party energy users, compared to 4.0% in the same period of 2024.

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In 2014, Mexico Generadora de Energia Eolica, S. de R.L. de C.V, an indirect subsidiary of Grupo Mexico, located in Oaxaca, Mexico, acquired Eolica el Retiro, S.A.P.I. de C.V. (“Eolica el Retiro”). Eolica el Retiro is a windfarm with 37 wind turbines. This company started operations in January 2014 and began to sell power to Industrial Minera Mexico, S.A. de C.V. and subsidiaries (“IMMSA”) and other subsidiaries of Grupo Mexico in the third quarter of 2014. In the first six months of 2025, Eolica El Retiro supplied approximately 11.7% of its power output to IMMSA and Mexcobre, compared to 37.0% in the same period of 2024.

In 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V. (“Parque Eolico de Fenicias”), an indirect subsidiary of Grupo Mexico, located in Nuevo Leon, Mexico. This contract commits to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. This agreement started in the third quarter of 2024. In the first six months of 2025, Parque Eolico de Fenicias supplied approximately 85.5% of its power output to IMMSA.

The Company sold copper starter sheets, lime and sulfuric acid to Asarco LLC. The Company´s Mexican operations received fees for transportation and administrative services that were provided to Asarco and also received fees for natural gas and services provided to MGE, a subsidiary of Grupo Mexico. Additionally, the Company´s Mexican operations received fees for rental services provided to AMMINCO.

Companies with relationships to the controlling group:

The following table summarizes the purchase and sales activities with other Larrea family companies in the six-month periods ended June 30, 2025 and 2024 (in millions):


	2025		2024
Purchase activity
Boutique Bowling de Mexico S.A. de C.V.	$	0.3	$	0.3
Mextransport		1.2		1.2
Operadora de Cinemas S.A. de C.V.		0.2		0.2
Total purchases	$	1.7	$	1.7

Sales activity
Boutique Bowling de Mexico S.A. de C.V.	$	0.1	$	0.1
Empresarios Industriales de Mexico, S.A. de C.V.		0.2		0.1
Mextransport		1.1		1.2
Operadora de Cinemas S.A. de C.V.		0.1		0.1
Total sales	$	1.5	$	1.5

(*) amount is lower than $0.1 million

The Larrea family controls a majority of the capital stock of Grupo Mexico and has extensive interests in other businesses, including transportation, real estate and entertainment. The Company engages in certain transactions in the ordinary course of business with other entities controlled by the Larrea family relating to the lease of office space, air transportation and entertainment.

The Company’s Mexican operations paid fees for entertainment services provided by Boutique Bowling de Mexico, S.A. de C.V. and Operadora de Cinemas, S.A. de C.V. Both companies are controlled by the Larrea family. Mextransport provides aviation services to the Company´s Mexican operations. This is a company controlled by the Larrea family.

In addition, the Company received fees for building rental and maintenance provided to Boutique Bowling de Mexico, S.A. de C.V. and Operadora de Cinemas, S.A. de C.V. The Company´s Mexican operations received fees from Mextransport for reimbursement of maintenance expenses for rental services and also received fees from Empresarios Industriales de Mexico S.A. de C.V. for security services.

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Equity Investment in Affiliate: The Company has a 44.2% participation in Compañia Minera Coimolache S.A. (“Coimolache”), which it accounts for on the equity method. Coimolache owns Tantahuatay, a gold mine located in northern Peru.

In addition, the Company has a 30.0% participation in Apu Coropuna S.R.L. (“Apu Coropuna”), which it accounts for on the equity method. Apu Coropuna is a company which undertakes exploration activities in the Pucay prospect, located in Arequipa, Peru. The exploration results were not favorable; consequently, the Company is evaluating liquidating its participation in this company.

It is anticipated that in the future the Company will enter into similar purchase and sale transactions with these same parties.

NOTE 6 — FINANCING:

Minera Mexico S.A. de C.V. Notes:

On February 12, 2025, SCC’s subsidiary, Minera Mexico S.A. de C.V., issued $1.0 billion of fixed-rate senior notes. This debt was issued in one tranche, due in 2032 at an annual interest rate of 5.625%. Interest on the notes will be paid semi-annually in arrears. The Company intends to use the net proceeds from this offering (i) to finance Minera Mexico’s capital expenditures and (ii) for general corporate purposes, in each case in compliance with applicable law. The notes were issued with an underwriters’ discount of $6.2 million. Additionally, issuance costs of $6.4 million associated with these notes were paid and 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.

The notes constitute general unsecured obligations of Minera Mexico.

In connection with the transaction, on February 12, 2025, Minera Mexico entered into a supplemental indenture with Computershare Trust Company N.A., as trustee, which provides for the issuance and sets forth the terms of the notes described above. The indenture contains covenants that limit Minera Mexico's ability to, among other things, incur certain liens securing indebtedness; engage in certain sale and leaseback transactions; and enter into certain consolidations, mergers, conveyances or transfers of all or substantially all of Minera Mexico's assets.

Credit risk rating:

In February 2025, Moody’s investors service assigned its Baa1 as the debt rating on the new notes issued. Also on February 2025, Fitch and Standard & Poor’s ratings services assigned its ‘BBB+’, as the debt rating on the new notes issued.

Debt repayment:

On April 22, 2025, the Company made a payment of $509.7 million related to the first tranche of the fixed-rate senior unsecured notes issued on April 2015. This included the principal payment of $500 million and $9.7 million of accrued interest as of the aforementioned payment date.

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 Company’s leases include both lease and non-lease components which are accounted for separately. The Company’s leases have remaining lease terms of less than one year to eight years, and do not include options to extend the leases. The Company’s lease agreements do not contain options to purchase the leased assets or to terminate the leases before the expiration date. In addition, the Company’s lease contracts have no material residual value guarantees or material restrictive covenants. As none of the

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Company’s 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 remaining lease term for the Company’s leases is approximately six years, and the weighted average discount rate for these leases is 4.92%.

The operating lease expense recognized in the six-month periods ended June 30, 2025 and 2024 was classified as follows (in millions):


Classification	2025		2024
Cost of sales (exclusive of depreciation, amortization and depletion)	$	57.6	$	48.7
Selling, general and administrative		(*)		(*)
Exploration		0.1		0.1
Total lease expense	$	57.7	$	48.8

(*) amount is lower than $0.1 million.

Maturities of lease liabilities are as follows:


	Lease liabilities
Year	(in millions)
2025	$	57.7
2026		115.1
2027		114.6
2028		114.0
2029		112.9
After 2029		317.3
Total lease payments	$	831.5
Less: interest on lease liabilities		(130.9)
Present value of lease payments	$	700.7

NOTE 8 — ASSET RETIREMENT OBLIGATION:

Peruvian operations:

The Company maintains an asset retirement obligation for its mining properties in Peru, as required by the Peruvian Mine Closure Law. In accordance with the requirements of this law, the Company’s closure plans were approved by the Peruvian Ministry of Energy and Mines (“MINEM”). The closure cost recognized for this liability includes the cost, as outlined in its closure plans, of dismantling the Toquepala and Cuajone concentrators, the Ilo smelter and refinery, and the shops and auxiliary facilities at the three units. As part of the closure plans, the Company is required to provide annual guarantees over the estimated life of the mines, based on a present value approach, and to furnish the funds for the asset retirement obligation. This law requires a review of closing plans every five years.

Currently, the Company has pledged the value of its Lima office complex for 27% of the guarantee and with a stand-by letter of credit for the other 73% as a security for this obligation. Through January 2025, the Company has provided total guarantees of $98.5 million.

On July 20, 2021, the Peruvian Government published Law 31347, which requires companies in the production stage to set aside additional guarantees for progressive closure of its operations. The resources that back these guarantees will be returned to the Company when activities cease and the regulatory agency verifies that all closure measures have been satisfactorily completed. Under this Law, companies must include activities for environmental remediation within the closure schedule and assume costs associated with environmental impacts that are identified during audits. On March 19, 2025, the regulation attached to this Law was published. This new regulation establishes a three-year period to update

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the guarantee constitution table, including the main components of progressive closure. The Company is initiating the corresponding actions to comply with this new requirement within the established time frame, but does not expect this Law to have a material effect on its financial statements.

In April 2024, the Company adjusted its estimate for the asset retirement obligation due to an update of the closure plan for its Ilo facility. The effect was a decrease of $3.2 million in the asset retirement obligation.

Mexican operations:

The Company has recognized an estimated asset retirement obligation for its mining properties in Mexico as part of its environmental commitment. Even though there is currently no enacted law, statute, ordinance, written or oral contract requiring the Company to carry out mine closure and environmental remediation activities, the Company believes that a constructive obligation presently exists based on the remediation requirements caused by the closure of any facility. The overall cost recognized for mining closure in Mexico includes the estimated costs of dismantling concentrators, smelter and refinery plants, shops and other facilities.

In December 2024, the Company adjusted its estimate for the asset retirement obligation for its Mexican operations, mainly due to a detailed review of the closing activities required and an update to life-of-mine plans for the Buenavista operations. The effect was a decrease in the asset retirement obligation to the order of $119.2 million.

The following table summarizes the asset retirement obligation activity for the six-month periods ended June 30, 2025 and 2024 (in millions):


	2025		2024
Balance as of January 1	$	546.1	$	612.6
Changes in estimates		(48.5)		(7.7)
Closure payments		—		—
Accretion expense		12.2		14.3
Balance as of June 30,	$	509.9	$	619.2

NOTE 9 — BENEFIT PLANS:

Post retirement defined benefit plans:

The Company’s 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 has two non-contributory defined benefit pension plans covering former salaried employees in the United States and certain former expatriate employees in Peru. Effective October 31, 2000, the Board of Directors amended the qualified pension plan to suspend the accrual of benefits.

The components of net periodic benefit costs for the six-month periods ended June 30, 2025 and 2024 are as follows (in millions):


	Six months ended
	June 30,
(in millions)	2025		2024
Service cost	$	1.2	$	1.3
Interest cost		1.9		2.0
Expected return on plan assets		(3.6)		(3.2)
Amortization of prior service cost / (credit)		0.1		0.2
Amortization of net loss/(gain)		0.1		—
Net periodic (benefit) cost	$	(0.3)	$	0.3

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Post-retirement health care plans:

In Mexico, health services are provided by the Mexican Institute of Social Security.

The components of net periodic benefit cost for the six-month periods ended June 30, 2025 and 2024 are as follows (in millions):


	Six months ended June 30,
(in millions)	2025		2024
Interest cost	$	1.0	$	1.1
Amortization of net loss (gain)		—		—
Amortization of prior service cost/ (credit)		—		—
Net periodic benefit cost	$	1.0	$	1.1

NOTE 10 — COMMITMENTS AND CONTINGENCIES:

Environmental matters:

The Company has established comprehensive environmental conservation programs at its mining facilities in Peru and Mexico. The Company’s 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, 2025 and 2024 were as follows (in millions):


	2025		2024
Peruvian operations	$	6.9	$	2.0
Mexican operations		84.2		92.8
	$	91.1	$	94.8

Peruvian operations: The Company’s 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 Company’s 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 Company’s closure plans were approved by MINEM. See Note 8 “Asset retirement obligation” for further discussion of this matter.

Air Quality Standards (“AQS”): In June 2017, MINAM enacted a supreme decree which defined new AQS for daily sulfur dioxide in the air. As of June 30, 2025, the Company reported a daily average level of µg/m3 of SO2, which falls below the AQS requirement.

In November 2023, MINAM enacted a new AQS for Cadmium, Arsenic and Chromium in particulate matter less than ten microns (PM₁₀). A review of the Company´s chemical monitoring results has determined that the Company´s operations will not be significantly impacted by the new standards and concentration values in place. The Company´s results are expected to continue to fall below regulatory AQS.

Soil Environmental Quality Standards (“SQS”): In 2013, the Peruvian government enacted Soil Quality Standards. In accordance with the regulatory requirements of the law, the Company prepared Soil Decontamination Plans (“SDP”) for environmentally impacted sites at each of its operation units (Toquepala, Cuajone and Ilo) with the assistance of consulting companies. The costs of these SDPs are not material, either individually or in aggregated form, for the financial statements of the Company.

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Climate change: On April 17, 2018, the Peruvian government enacted Law N. 30754, which promotes public and private investments in climate change management and establishes a Climate Change Framework. The law proposes creating an institutional framework to address climate change in Peru and outlines new measures for climate change mitigation, such as provisions to address an increase in carbon capture and use of carbon sinks; afforestation and reforestation practices; land use changes; sustainable systems of transportation, solid waste management, and energy systems. This climate change framework law incorporates obligations from the Paris Agreement. Supreme Decree 013-2019 published on December 31, 2019, enacted statutory regulations, which are applicable to all Peruvian institutions and agencies. It is expected that additional Peruvian regulations will be applicable to non governmental entities. However, no carbon pricing mechanism is currently applicable to the Company’s operations in Peru.

Mexican operations: The Company’s operations are subject to applicable Mexican federal, state and municipal environmental laws, to Mexican official standards, and to regulations for the protection of the environment, including regulations relating to water supply, water quality, air quality, noise levels and hazardous and solid waste.

The principal legislation applicable to the Company’s Mexican operations is the Federal General Law of Ecological Balance and Environmental Protection (the “General Law”), which is enforced by the Federal Bureau of Environmental Protection (“PROFEPA”). PROFEPA monitors compliance with environmental legislation and enforces Mexican environmental laws, regulations and official standards. It may also initiate administrative proceedings against companies that violate environmental laws, which in the most extreme cases may result in the temporary or permanent shutdown of non-complying facilities, the revocation of operating licenses and/or other sanctions or fines. Amendments to the General Law enacted in 2011 enabled individuals or entities to contest administrative acts, including environmental authorizations, permits or concessions granted, without the need to demonstrate the existence of harm to the environment as long as it can be argued that harm may be caused. Additionally, in 2013, the Environmental Liability Federal Law was enacted, establishing general guidelines for actions considered likely to cause environmental harm.

Guaymas sulfuric acid spill: In July 2019, there was an incident at the Company´s Marine Terminal in Guaymas, Sonora, that caused the discharge of approximately three cubic meters of sulfuric acid into the sea in the industrial port area. PROFEPA, after two inspections, declared a partial shutdown of the storage process and transportation of sulfuric acid at the terminal arguing the absence of an authorization of environmental impact, despite the fact that the Company’s exempt to the permit because these facilities have been in operation since 1979, prior to the 1988 Mexican General Law of Ecological Balance and the Protection of the Environment. The Company has solved this issue and expects to restart operations in the near future.

Climate change: Several taxes are applicable to the Company’s mining operations in Mexico, including federal and state fossil fuel taxes, and the requirements associated with Mexico’s emission trading scheme. These taxes range from $9/tCO2 to $18/tCO2 in 2023, approximately. These regional taxes are applicable in the States of Baja California, Zacatecas and San Luis Potosí, as well as a federal tax linked to the import of fuels. In addition, an emission trading scheme (ETS) in Mexico is currently available to the Company which is only applicable to two business units, the metallurgic and lime plants in Sonora, which both generate annual GHG emissions levels above the threshold of 100,000 tCO2 per year contemplated by the scheme. These two units are required to report and verify their emissions once a year. Units that emit more than 25,000 tonnes CO2 equivalent per year (all of our Mexican units) are required to report their emissions to the National Emissions Registry (RENE) annually and to verify the reported emissions every three years. Total expenses to ensure annual compliance with climate change regulations in Mexico are not material to the Company.

On May 09, 2023, Mexican Congress approved several changes effective immediately to the Mining Law, National Waters Law, the General Law of Ecological Balance and Environmental Protection, and the General Law for the Prevention and Integral Management of Waste. The main changes include reducing mining concession terms from 50 to 30 years; new restrictions and conditions on water use; requirements to provide guarantees for closure and remediation of operations; and a contribution of 5% of net earnings to indigenous communities for new projects and significant changes to exploration rules.

These amendments to the law have been challenged and are being reviewed by the Supreme Court. The Company is not expecting any negative impacts on its operations.

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The Company believes that all of its facilities in Peru and Mexico are in material compliance with environmental, mining and other applicable laws and regulations. The Company also believes that continued compliance with environmental laws of Mexico and Peru will have no material adverse effects on the Company’s business, properties, or operating results.

Litigation matters:

Peruvian operations:

The Tia Maria Mining Project

There are six lawsuits filed against the Peruvian Branch of the Company related to the Tia Maria project. The lawsuits seek (i) to declare null and void the resolution that approved the Environmental Impact Assessment of the project; (ii) the cancellation of the project and the withdrawal of mining activities in the area; (iii) to annul the mining concession application for the Tia Maria project; (iv) to annul the resolution that approved the construction license; and (v) to suspend construction work on the project. The lawsuits were filed by Messrs. Ernesto Mendoza Padilla (filed May 26, 2015), Juan Alberto Guillen Lopez (filed June 18, 2015), Junta de Usuarios del Valle del Tambo (filed April 30, 2015), Gobierno Regional de Arequipa (filed December 16, 2019), Municipalidad Distrital de Dean Valdivia (filed January 24, 2020) and Cristhian Torres Quispe et al. (filed March 20, 2025).

It should be noted that the Supreme Court of Justice of Peru has already issued a final ruling on the Carpio Lazo case challenging the approval of the Environmental Impact Assessment (EIA) of the Tía Maria project (notified on February 22, 2022), which ratified the legality of said Environmental Impact Assessment. The Judiciary recognized SPCC's strict compliance with all applicable environmental regulations during the approval stages of the Tía María EIA. This decision should have a favorable impact on the cases described below:

The Mendoza Padilla case was initially rejected by the lower court on July 8, 2015. This ruling was confirmed by the Superior Court on June 14, 2016. On July 12, 2016, the case was appealed before the Constitutional Court. On November 20, 2018, the Constitutional Court reversed the previous decisions and remanded the case to the lower court for further action. In the third quarter of 2020, the Company was notified that the complaint had been reinstated. The Company answered the complaint on September 15, 2020. On December 2, 2020, the lower court issued a resolution, considering the complaint answered. On September 27, 2021, the Court ordered to temporarily archive the case. As of June 30, 2025, the case was pending resolution.

The Guillen Lopez case is currently before the lower court. Oral arguments took place on July 19, 2019. On January 7, 2020, the Judge decided to suspend the proceedings until the del Carpio Lazo case is concluded. On March 8, 2022, The Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On September 7, 2023, the Judge cancelled the suspension and declared the case ready for a resolution. On May 18, 2024, the Judge declared, once again, that the case was ready for resolution. As of June 30, 2025, the case was pending resolution.

The Junta de Usuarios del Valle del Tambo case is currently before the lower court. In May 2016, the Company was included in the process after the Ministry of Energy and Mines filed a civil complaint. On March 6, 2019, the Company was formally notified of the lawsuit and answered the complaint on March 20, 2019. On July 8, 2019, the Company requested the suspension of the proceeding until the del Carpio Lazo case is concluded. On March 11, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On January 5, 2024, the Peruvian Branch reiterated its petition to continue the process given that a final decision has already been handed down in Carpio Lazo case. As of June 30, 2025, the case was pending resolution.

The Gobierno Regional de Arequipa case is currently before the Superior Court. The Company answered the complaint on September 15, 2020. On February 8, 2021, the Judge decided to suspend the proceeding until the del Carpio Lazo case was concluded. On March 24, 2022, the Peruvian Branch informed the Court that the del Carpio Lazo case had concluded. On March 28, 2022, the Judge cancelled the suspension. On May 24, 2022, the parties presented their closing arguments. On March 15, 2023, the Judge dismissed the lawsuit. The plaintiff missed the chance to appeal the ruling, therefore, the Judge declared the case had concluded in favor of the Peruvian Branch. On October 20, 2023, the Superior

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Court declared that the plaintiff had not been properly informed of the ruling and ordered issuance of a new notification of the First Instance ruling. The Superior Court instructed the First Instance Court to inform the Gobierno Regional de Arequipa that it must establish a new address to ensure proper notification. On April 16, 2024, the Gobierno Regional de Arequipa filed an appeal against the first instance decision. The Superior court notified the Company of the appeal, and the Peruvian Branch responded on June 10, 2024. On August 7, 2024, an oral hearing took place. On May 30, 2025, the Superior court vacated the ruling that dismissed the lawsuit and remanded for a new judgment. As of June 30, 2025, the case was pending resolution.

The Municipalidad Distrital de Dean Valdivia case is currently before the lower court. On August 17, 2022, the Company was formally notified of the lawsuit and answered the complaint on September 2, 2022. The Peruvian Branch informed the Court the result of the del Carpio Lazo case. As of June 30, 2025, the case was pending resolution.

The Torres Quispe case is currently before the lower court. On May 20, 2025, the Company was formally served with the lawsuit and filed and answered the complaint on June 2, 2025. On July 11, 2025, the Court ruled in favor of SPCC. The plaintiff filed an appeal. As of July 22, 2025, the case was pending resolution.

The Company asserts that these lawsuits are without merit and is vigorously defending against them. The potential contingency amount for these cases cannot be reasonably estimated by management at this time.

Special Regional Pasto Grande Project (“Pasto Grande Project”)

In 2012, the Pasto Grande Project, an entity of the Regional Government of Moquegua, filed a lawsuit against the Peruvian Branch alleging property rights over a certain area used by the Peruvian Branch and seeking the demolition of the tailings dam where the Peruvian Branch has deposited its tailings from the Toquepala and Cuajone operations since 1995. The Peruvian Branch has had title to use the area in question since 1960 and has constructed and operated the tailings dams with proper governmental authorization since 1995. Following a motion filed by the Peruvian Branch, the lower court included MINEM as a defendant in this lawsuit. MINEM has answered the complaint and denied the validity of the claim. On July 2, 2022, the case was temporarily archived. On May 26, 2023, the Judge ordered termination of the proceeding due to the lack of interest of the plaintiff. On June 2, 2023, the plaintiff appealed the termination of the proceeding. On September 18, 2023, the Superior Court reversed the termination and ordered the Judge to continue the proceeding. As of June 30, 2025, the case was pending resolution.

The Peruvian Branch asserts that the lawsuit is without merit and is vigorously defending against it. The amount of this contingency cannot be reasonably estimated by management at this time.

Mexican operations:

The Accidental Spill at Buenavista Mine of 2014

Regarding the 2014 accidental spill of copper sulfate solution at a leaching pond in the Buenavista mine, the following legal procedures are pending against the Company:

On August 19, 2014, PROFEPA, as part of the administrative proceeding initiated after the spill, announced the filing of a criminal complaint against Buenavista del Cobre S.A. de C.V. (“BVC”), a subsidiary of the Company, to determine those responsible for environmental damages. During the second quarter of 2018, the criminal complaint was dismissed. This decision was appealed and was pending resolution as of June 30, 2025.

On October 12, 2023, SEMARNAT publicly announced the filing of another criminal complaint regarding the Sonora River spill, arguing that remediation of damages to the river was incomplete and compensation for said damages was insufficient. The Company has been directed to provide information regarding remediation activities and compensation for damages. The Company strongly believes that it has duly completed all remediation and compensation-related activities as required by the competent Mexican authorities and as such, this new complaint lacks merit.

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Through the first half of 2015, six collective action lawsuits were filed in federal courts in Mexico City and Sonora against two subsidiaries of the Company seeking economic compensation, clean up and remedial activities in order to restore the environment to its pre-existing conditions. Three of the collective action lawsuits have been dismissed by the court. The remaining three lawsuits are still pending: two were filed by Acciones Colectivas de Sinaloa, A.C. and one, by Defensa Colectiva, A.C.; requesting precautionary measures about construction of facilities for monitoring public health services and prohibiting the closure of the Rio Sonora Trust. As of June 30, 2025, these cases remain in the same stage.

Similarly, during 2015, eight civil action lawsuits were filed against BVC in the state courts of Sonora seeking damages for alleged injuries and for moral damages as a consequence of the spill. The plaintiffs in the state court lawsuits are: Jose Vicente Arriola Nunez et al; Santana Ruiz Molina et al; Andres Nogales Romero et al; Teodoro Javier Robles et al; Gildardo Vasquez Carvajal et al; Rafael Noriega Souffle et al; Grupo Banamichi Unido de Sonora El Dorado, S.C. de R.L. de C.V; and Marcelino Mercado Cruz. In 2016, three additional civil action lawsuits, claiming similar damages, were filed by Juan Melquicedec Lebaron; Blanca Lidia Valenzuela Rivera et al and Ramona Franco Quijada et al. In 2017, BVC was served with thirty-three additional civil action lawsuits, claiming similar damages. The lawsuits were filed by Francisco Javier Molina Peralta et al; Anacleto Cohen Machini et al; Francisco Rafael Alvarez Ruiz et al; Jose Alberto Martinez Bracamonte et al; Gloria del Carmen Ramirez Duarte et al; Flor Margarita Sabori et al; Blanca Esthela Ruiz Toledo et al; Julio Alfonso Corral Dominguez et al; Maria Eduwiges Bracamonte Villa et al; Francisca Marquez Dominguez et al; Jose Juan Romo Bravo et al; Jose Alfredo Garcia Leyva et al; Gloria Irma Dominguez Perez et al; Maria del Refugio Romero et al; Miguel Rivas Medina et al; Yolanda Valenzuela Garrobo et al; Maria Elena Garcia Leyva et al; Manuel Alfonso Ortiz Valenzuela et al; Francisco Alberto Arvayo Romero et al; Maria del Carmen Villanueva Lopez et al; Manuel Martin Garcia Salazar; Miguel Garcia Arguelles et al; Dora Elena Rodriguez Ochoa et al; Honora Eduwiges Ortiz Rodriguez et al; Francisco Jose Martinez Lopez et al; Maria Eduwiges Lopez Bustamante; Rodolfo Barron Villa et al, Jose Carlos Martinez Fernandez et al, Maria de los Angeles Fabela et al; Rafaela Edith Haro et al; Luz Mercedes Cruz et al; Juan Pedro Montaño et al; and Juana Irma Alday Villa. In the first quarter of 2018, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by Alma Angelina Del Cid Rivera et al. On October 3, 2024, BVC was served with another civil action lawsuit, claiming similar damages. The lawsuit was filed by María Lourdes Martínez Navarro et al. As of June 30, 2025, all of these cases were pending resolution.

In 2015, four constitutional lawsuits (juicios de amparo) were filed before Federal Courts against various authorities and against a subsidiary of the Company, arguing; (i) the alleged lack of a waste management program approved by SEMARNAT; (ii) the alleged lack of a remediation plan approved by SEMARNAT with regard to the August 2014 spill; (iii) the alleged lack of community approval regarding the environmental impact authorizations granted by SEMARNAT to one subsidiary of the Company; and (iv) the alleged inactivity of the authorities with regard of the spill in August 2014. The plaintiffs of these lawsuits are: Francisca Garcia Enriquez, et al filed two lawsuits, Francisco Ramon Miranda, et al and Jesus David Lopez Peralta et al. In the third quarter of 2016, four additional constitutional lawsuits, claiming similar damages were filed by Mario Alberto Salcido et al; Maria Elena Heredia Bustamante et al; Martin Eligio Ortiz Gamez et al; and Maria de los Angeles Enriquez Bacame et al. In the third quarter of 2017, BVC was served with another constitutional lawsuit filed by Francisca García Enriquez et al. In 2018, BVC was served with two additional constitutional lawsuits that were filed against SEMARNAT by Norberto Bustamante et al. With regard to the constitutional lawsuit filed by Maria Elena Heredia Bustamante et al; in which it was claimed the lack of community approval regarding the authorization granted by SEMARNAT to build the new BVC tailings dam, on September 5, 2018, the Supreme Court of Justice issued a resolution establishing that such authorization was granted to BVC in compliance with the applicable legislation. However, SEMARNAT must carry out a public meeting to inform the community of the technical aspects required to build the dam, potential impacts and prevention measures. This public meeting will have no material effects to BVC’s operations. SEMARNAT has carried out the consultation ordered by the Supreme Court. As a result, it has informed the corresponding Judge about its compliance with the resolution, in which BVC was required to implement additional measures of environmental impact prevention, such as: (i) the building of at least three monitoring wells downstream from the curtain of the contingency dam in a period of six months; (ii) monitoring of the groundwater level and water quality every six months; (iii) carrying out rain collection work in order to restore water to the Sonora River basin, with six months granted to present the execution program; (iv) determine the location of wildlife conservation and protection areas and define the need to establish biological corridors; (v) obtain photographic or videographic evidence every six months; (vi) submitting to SEMARNAT two years before the closure

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and abandonment of the site, or earlier if necessary, the closure program that includes the cleaning and restoration of the soil including Mexican regulation NOM-141; (vii) include the measures in the Environmental Monitoring Program according to the environmental components impacted; and (viii) hiring an external environmental consultant to validate compliance with the current and new conditions imposed. The foregoing does not impact BVC’s operations. Additionally, the lawsuits filed by Maria de los Angeles Enriquez Bacame and Norberto Bustamante have been dismissed and closed without prejudice to the Company. As of June 30, 2025, the remaining cases were pending resolution.

It is currently not possible to determine the extent of the damages sought in these state and federal lawsuits but the Company believes that these lawsuits are without merit. Accordingly, the Company is vigorously defending against them. Nevertheless, the Company believes that none of the legal proceedings resulting from the spill, individually or in the aggregate, would have a material effect on its financial position or results of operations.

Labor matters:

Peruvian operations: 54.0% of the Company's 5,204 Peruvian employees were unionized as of June 30, 2025. Currently, there are six separate unions, none of which represents the majority of workers, as defined by current Peruvian labor legislation.

In the fourth quarter of 2024, the Company signed long-term extensions of the collective bargaining agreements with five of its six unions, each lasting six years and commencing on the day after the expiration of the prior agreements, in accordance with the law. As a result of these agreements, the Company made a signing payment to each worker in the fourth quarter of 2024, totaling $62 million, approximately.

In February 2025, the Company signed a three-year extension of the collective bargaining agreement with the remaining union. The Company made a signing payment to each worker of the union, totaling approximately $6.3 million. This allows the Company to ensure that economic benefits and working conditions are consistently applied to all unionized workers. Additionally, the Company reached agreements with the six unions to ensure uninterrupted operation of its facilities, preventing stoppages by the unions and workers during extension periods for collective bargaining.

In the second quarter of 2025, the Company began implementing of the collective bargaining agreements signed with the six unions. Meetings have been held with the unions to execute different points that were agreed upon during the collective bargaining, and those additional agreements to ensure that operations can develop normally until at least 2027. Additionally, the union environment is in a state of flux given that elections will be held in 2025 to choose representatives for four of the Company's six unions, which represent 1,830 workers as of June 30, 2025. The Company believes that solid collective bargaining agreements are in place to ensure that its operations develop normally despite changes in elected representatives. It is also confident that it is in a good position to manage issues and circumstances moving forward.

The Company maintains regular dialogue with union representatives to ensure labor harmony and proper management of labor relations. Southern Peru has collective bargaining agreements with each of the six unions, the earliest of which expires in 2027 and the latest, in 2033. These agreements regulate benefits related to compensation and working conditions.

Mexican operations: In recent years, the Mexican operations have experienced a positive improvement in their labor environment, as workers opted to change their affiliation from the Sindicato Nacional de Trabajadores Mineros, Metalurgicos y Similares de la Republica Mexicana (the “National Mining Union”) to other less politicized unions.

The workers of the San Martin mine were on strike since July 2007. On February 28, 2018, the striking workers of the San Martín mine of IMMSA held an election to vote on the union that would hold the collective bargaining agreement at the San Martin mine. The Federacion Nacional de Sindicatos Independientes (the National Federation of Independent Unions) won the vote by a majority. Nevertheless, the vote was challenged by the National Mining Union. On June 26, 2018, the Federal Mediation and Arbitration Board issued a ruling recognizing the election results. Due to the agreement between workers and the Company to end the protracted strike, on August 22, 2018, the Federal Mediation and

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Arbitration Board authorized the restart of operations of the San Martin mine. Such authorization was challenged by the National Mining Union. On April 4, 2019, the Federal Mediation and Arbitration Board recognized, once again, the election results from February 28, 2018, by which the National Federation of Independent Unions won by a majority. In the last quarter of 2019, a Federal Court issued a resolution that established that the Labor Court should analyze the list of workers with the right to vote in the union election. The Company and the National Federation of Independent Unions challenged such determination before the Supreme Court of Justice. Such challenges were dismissed by the Supreme Court. Consequently, on September 6, 2021, the Federal Mediation and Arbitration Board issued a new resolution determining that, based on the documents submitted by the National Federation of Independent Unions and given the status of the strike until 2018, it was not possible to create a registry of workers holding a right to vote. Therefore, in case of a strike, any collective bargaining proceedings shall remain suspended. On June 9, 2023, the Federal Mediation and Arbitration Board, in a ruling that veered from its previous stance, did not recognize the common representatives of the coalition workers and consequently ruled that the agreement which such representatives had made with the Company to lift the strike in 2018 lacked validity. Notwithstanding, on June 14, 2023 the Federal Mediation and Arbitration Board handed down a ruling that terminated the strike and ordered workers to resume activities within 15 days. The Mining Union filed a protective action (Amparo) against this resolution, which is pending resolution as of June 30, 2025.

Additionally, the Mining Union filed a complaint before the Government of the United States of America under the rules of the Rapid Response Mechanism contained in the Mexico-United States-Canada Treaty (“T-MEC”), alleging denial of free association rights. On April 26, 2024, the arbitration panel of the Labor Rapid Response Mechanism ruled in favor of the Government of Mexico, determining that they did not have jurisdiction to rule on the denial of union rights at the mine. The Company collaborated by providing background information on the case and followed up every stage of the arbitration.

The Company´s operations at the San Martin unit continue to evolve normally and the conflict is expected to be resolved in accordance with the legal framework set by labor authorities; any actions taken will respect the will of the workers

In the case of the Taxco mine, its workers have been on strike since July 2007. After several legal procedures, in August 2015, the Supreme Court decided to assert jurisdiction over the case and to rule on it directly. As of June 30, 2025, the case was pending resolution without further developments.

It is expected that operations at the Taxco mine will remain suspended until the labor issues are resolved. In view of the lengthy strike, the Company has reviewed the carrying value of the Taxco mine to ascertain whether impairment exists. The Company concluded that there is a non-material impairment of the assets located at this mine.

Other legal matters:

The Company is involved in various other legal proceedings incidental to its operations, but the Company does not believe that decisions adverse to it in any such proceedings, individually or in the aggregate, would have a material effect on its financial position or results of operations.

Other commitments:

Peruvian Operations:

Michiquillay

In June 2018, the Company signed a contract for the acquisition of the Michiquillay copper project in Cajamarca, Peru, at a purchase price of $400 million (the “Contract”). Michiquillay is a world-class mining project with estimated inferred mineral resources of 2,288 million tonnes and an estimated copper grade of 0.43%. It is expected to produce 225,000 tonnes of copper per year (along with by-products of molybdenum, gold and silver) for an initial mine life of more than 25 years.

As per the Contract, the Company paid $12.5 million on the date of signing the Contract and $12.5 million in June 2021. The remaining balance of $375.0 million will be paid if the Company decides to develop the project. Therefore, it is not

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a present obligation. In June 2022, the Company notified the Peruvian authorities of the end of the suspension period and the start of the preoperational period that lasts 12 years, but can be automatically extended for three more years, provided that the Feasibility Study of the project has been approved. The start of the preoperational period does not imply a payment obligation, but the Company must support an investment of $20 million during the first five years of this period, which includes exploration activities as well as the development of social programs.

In April 2025, considering the challenges for the development of the Michiquillay Project, the Company entered into an agreement with the Peruvian authorities to extend the preoperational period by three additional years, without prejudice of the Company’s right to extend it for three more years, as initially established in the Contract. This extension also deferred by three years the payment term to pay the $375.0 million outstanding balance of the purchase price. The Company was required to pay $21.0 million cash consideration for this extension and commit an additional $15 million in social investments between the fourth and sixth years of the preoperational period.

In 2021, the Company signed social agreements with the Michiquillay and La Encañada communities. In addition, in October 2021, the Peruvian Ministry of Energy and Mines approved the semi-detailed environmental impact study for the project. In the last quarter of 2022, the Company informed MINEM that exploration activities had begun and that it initiated an in-depth assessment of existing mineral resources. In 2023, in accordance with the social agreements with the Michiquillay and La Encañada communities, the Company has hired unskilled labor and is paying for the use of surface land. The Company is supporting social programs in both communities. Additionally, the Company continues exploration activities on this project and as of June 30, 2025, had drilled 145,928 meters and obtained 59,098 drill core samples for chemical analysis. Diamond drilling has provided information to update geological modeling and interpret the distribution of mineralization in geological sections, which are required to evaluate mineral resources. Geo-metallurgical studies have been completed; hydrological, hydrogeological and geotechnical studies for the project will begin shortly.

Social agreements with the Michiquillay and La Encañada communities represent an opportunity to improve quality of life for their residents through the Company´s strong social programs, backed by a solid framework for technical work at the project level. The main commitments signed by the Company regarding the social agreements are related to providing support for agricultural and livestock activities, financial support for local initiatives, and social programs in favor of education, water management, waste disposal, and healthcare for vulnerable groups.

Corporate Social Responsibility

The Company has a corporate social responsibility policy to maintain and promote the continuity of its mining operations while obtaining the best results. The main objective of this policy is to integrate the Company´s operations with local communities in the areas of influence of its operations by creating permanent positive relationships to develop optimum social conditions and promote sustainable development in the area. Accordingly, the Company has made the following commitments:

Tacna Region: In connection with the Toquepala concentrator expansion, the Company has committed to fund various social and infrastructure improvement projects in Toquepala’s neighboring communities. The total amount committed for these purposes is S/445.0 million (approximately $125.4 million as of June 30, 2025). In relation to this commitment, the Company has completed the construction of a school with an investment of S/18.8 million (approximately $5.3 million as of June 30, 2025) and agricultural infrastructure projects and studies with an investment of S/112.4 million (approximately $31.7 million as of June 30, 2025). Among the most important projects are the construction of the Cularjahuira dam for S/15.6 million (approximately $4.4 million as of June 30, 2025) and the engineering study for the Callazas dam for S/2.6 million (approximately $0.7 million as of June 30, 2025). Additionally, the Company has committed S/60.6 million (approximately $17.1 million as of June 30, 2025) to basic infrastructure projects, including a drinking water project for S/9.6 million (approximately $2.7 million as of June 30, 2025) which was recently completed.

As the Toquepala expansion project was completed, the Company considers that these commitments constitute present obligations of the Company and consequently has recorded a liability of $28.8 million in its condensed consolidated financial statements as other liabilities as of June 30, 2025.

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In addition, the Company has committed S/102.1 million (approximately $28.8 million as of June 30, 2025) for the construction of a high-achievement school, and S/ 67.8 million (approximately $19.1 million as of June 30, 2025) in four infrastructure projects in the Tacna region under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Moquegua Region: In the Moquegua region, the Company participates in a “development roundtable” with local municipal authorities and community representatives to discuss social needs to determine how the Company can contribute to sustainable development in the region. Although the development roundtable is not currently meeting, during previous sessions it discussed the possibility of creating a Moquegua Region Development Fund, for which the Company has offered a contribution of S/1,000 million (approximately $281.8 million as of June 30, 2025). While the final funding agreement has yet to be signed, the Company has already committed to contributing S/251.3 million (approximately $70.8 million as of June 30, 2025) to different projects, including S/108.4 million (approximately $30.5 million as of June 30, 2025) to fund an educational project for which S/107.9 million (approximately $30.4 million as of June 30, 2025) has already been invested; this project already has approved resolutions from the provinces of Ilo and Sánchez Cerro. Additionally, construction of the treatment plant in Ilo continues, which entails a total investment of S/105.5 million (approximately $29.7 million as of June 30, 2025). As of June 30, 2025, the project had advanced 58%. On the education front, S/18.2 million (approximately $5.1 million as of June 30, 2025) has been executed to build three schools in Moquegua, all of which have been completed. On the agricultural front, S/6.9 million (approximately $1.9 million as of June 30, 2025) has been invested to develop two infrastructure projects.

In addition, in the last three years, the Company has committed S/228 million (approximately $64.2 million as of June 30, 2025) to build three educational infrastructure projects and one basic sanitation project, and has invested S/3.9 million (approximately $1.1 million as of June 30, 2025) to conduct pre-investment studies in the Moquegua region, all under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Apurimac Region: The Company has committed S/84 million (approximately $23.7 million as of June 30, 2025) to build two educational infrastructure projects under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Arequipa Region: The Company has committed S/110.2 million (approximately $31.1 million as of June 30, 2025) to build two educational infrastructure projects and S/6.3 million (approximately $1.8 million as of June 30, 2025) to finance previous studies for infrastructure projects, under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Cajamarca Region: The Company has committed S/0.7 million (approximately $0.2 million as of June 30, 2025) to finance the pre-investment studies of a health project under the “Works for Taxes” (obras por impuestos) program, which allows the Company to use these amounts as an advance payment of taxes.

Power purchase agreements

●	Electroperu S.A.: In June 2014, the Company entered into a power purchase agreement for 120 megawatts (“MW”) with the state power company Electroperu S.A., under which Electroperu S.A. began supplying energy for the Peruvian operations for twenty years starting on April 17, 2017.

●

Kallpa Generacion S.A. (“Kallpa”): In July 2014, the Company entered into a power purchase agreement for 120MW with Kallpa, under which Kallpa will supply energy for the Peruvian operations for ten years starting on April 17, 2017 and ending on April 30, 2027. In May 2016, the Company signed an additional power purchase agreement for a maximum of 80MW with Kallpa, under which Kallpa began supplying energy for the Peruvian operations related to the Toquepala Expansion and other minor projects starting on May 1, 2017 and ending on October 31, 2029.

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Mexican operations:

Power purchase agreements

●	MGE: In 2012, the Company signed a power purchase agreement with MGE, an indirect subsidiary of Grupo Mexico, to supply power to some of the Company’s Mexican operations through 2032. For further information, please see Note 5 “Related party transactions”.

●

Eolica el Retiro, S.A.P.I. de C.V.: In 2013, the Company signed a power purchase agreement with Eolica el Retiro, S.A.P.I. de C.V., a windfarm energy producer that is an indirect subsidiary of Grupo Mexico, to supply power to some of the Company´s Mexican operations. For further information, please see Note 5 “Related party transactions”.

●

Parque Eolico de Fenicias, S. de R.L. de C.V.: On February 20, 2020, the Company signed a power purchase agreement with Parque Eolico de Fenicias, S. de R.L. de C.V., an indirect subsidiary of Grupo Mexico, to supply 611,400 MWh of power per year to some of the Company´s Mexican operations for 20 years. In the third quarter of 2024, Parque Eolico de Fenicias began supplying energy to the IMMSA unit. For further information, please see Note 5 “Related party transactions”.

Corporate operations:

Commitment for capital projects

As of June 30, 2025, the Company had committed approximately $609.5 million to capital investment project developments.

Tax contingency matters: Tax contingencies are provided for under ASC 740-10-50-15 Uncertain tax position (see Note 4 “Income taxes”).

NOTE 11 — STOCKHOLDERS’EQUITY:

Treasury Stock:

Activity in treasury stock in the six-month periods ended June 30, 2025 and 2024 was as follows (in millions):


	2025		2024
Southern Copper common shares
Balance as of January 1,	$	2,337.3	$	2,766.7
Dividends paid in common stock		(338.8)		(199.5)
Used for corporate purposes		(0.2)		(0.2)
Balance as of June 30,		1,998.4		2,567.0

Parent Company (Grupo Mexico) common shares
Balance as of January 1,		363.4		382.3
Other activity, including dividend, interest and foreign currency translation effect		10.2		(3.1)
Balance as of June 30,		373.5		379.3
Treasury stock balance as of June 30,	$	2,371.9	$	2,946.2

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Common Stock:

Dividend paid in common stock:

On February 27, 2025, the Company paid a dividend of 0.0073 shares per common share, which represented a reduction of 5,769,600 shares of common stock in treasury for a total of $143.2 million.

On May 19, 2025, the Company paid a dividend of 0.0099 shares per common share, which represented a reduction of 7,881,820 shares of common stock in treasury for a total of $195.6 million.

On June 30, 2025 and on December 31, 2024, 80,528,161 and 94,185,981 shares of SCC’s common stock were in Treasury, respectively.

Directors’ Stock Award Plan:

The Company has established a Director´s 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 are entitled to an award of 1,600 shares of common stock upon election to the Board of Directors and are eligible to receive 1,600 additional shares of common stock per year thereafter. Commencing with the second quarter of 2021, Directors receive quarterly awards of 400 shares, contingent upon attendance of each quarterly Board meeting. The fair value of the award is measured each year at the date of the grant. On May 27, 2022, the Company’s stockholders approved a five-year extension of the Plan until January 27, 2028. On May 23, 2025, the Company’s stockholders approved an extension of the Plan for three years until January 27, 2031, and an amendment to the Plan to provide an annual grant of 200 additional shares to each eligible Director, contingent upon their attendance of all Board of Director’s meetings for the year. The award is not subject to vesting requirements.

For the first six months of 2025 and 2024, the stock-based compensation expense associated with the Plan totaled $0.6 million and $0.9 million, respectively.

The activity of the Plan for the six-month periods ended June 30, 2025 and 2024 was as follows:


	2025	2024
Total SCC shares reserved for the plan	600,000	600,000
Total shares granted at January 1,	(444,400)	(428,800)
Granted in the period	(6,400)	(8,800)
Total shares granted at June 30,	(450,800)	(437,600)
Remaining shares reserved	149,200	162,400

Parent Company common shares:

Total common shares of Grupo Mexico held by the treasury stood at 54,595,684 and 61,972,864 as of June 30, 2025 and December 31, 2024, respectively.

Employee Stock Purchase Plan:

2018 Plan: In November 2018, the Company offered a stock purchase plan to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 37.89 Mexican pesos (approximately $1.86) for the initial subscription, which expires in October 2026. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

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If Grupo Mexico pays dividends on shares during the eight-year period, the participants will be entitled to receive the dividend in cash for all shares that have been fully purchased and paid as of the date that the dividend is paid. If the participant has only partially paid for shares, the entitled dividends will be used to reduce the remaining liability owed for purchased shares.

In the case of voluntary or involuntary resignation/termination of the employee, the Company will pay to the employee the fair market sales price on the date of resignation of the fully paid shares, net of costs and taxes. When the fair market sales value of the shares is higher than the purchase price, the Company will apply a deduction over the amount to be paid to the employee based on a decreasing schedule specified in the plan.

In case of retirement or death of the employee, the Company will render the buyer or his legal beneficiary, the fair market sales value as of the date of retirement or death of the shares effectively paid, net of costs and taxes.

The stock based compensation expense for the six-month period ended June 30, 2025 and 2024 and the unrecognized compensation expense under this plan were as follows (in millions):


	2025		2024
Stock based compensation expense	$	0.3	$	0.3
Unrecognized compensation expense	$	0.7	$	1.4

The following table presents the stock award activity of this plan for the six-month periods ended June 30, 2025 and 2024:


			Unit Weighted Average
	Shares		Grant Date Fair Value
Outstanding shares at January 1, 2025	1,901,089	$	1.86
Granted	—	$	—
Exercised	(602,500)		1.86
Forfeited	—		—
Outstanding shares at June 30, 2025	1,298,589	$	1.86
Outstanding shares at January 1, 2024	1,962,936	$	1.86
Granted	—		—
Exercised	(41,742)		1.86
Forfeited	—		—
Outstanding shares at June 30, 2024	1,921,194	$	1.86

2025 Plan: In April 2025, the Company offered a new stock purchase plan (the “New Employee Stock Purchase Plan”) to eligible employees through a trust that acquires series B shares of Grupo Mexico stock for sale to its employees, and employees of subsidiaries, and certain affiliated companies. The purchase price was established at 92.52 Mexican pesos (approximately $4.94) for the initial subscription, which expires in April 2033. Every two years employees will be able to acquire title to 50% of the shares paid in the previous two years. The employees will pay for shares purchased through monthly payroll deductions over the eight-year period of the plan. At the end of the eight-year period, the Company will grant the participant a bonus of 1 share for every 10 shares purchased by the employee. Any future subscription will be at the average market price at the date of acquisition or the grant date.

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The following table presents the stock award activity of this plan for the six-month period ended June 30, 2025:


			Unit Weighted Average
	Shares		Grant Date Fair Value
Outstanding shares at January 1, 2025	—		—
Granted	2,372,449	$	4.94
Exercised	—		—
Forfeited	—		—
Outstanding shares at June 30, 2025	2,372,449	$	4.94

Executive Stock Purchase Plan:

Grupo Mexico also offers a stock purchase plan to certain members of its executive management; to executive management at its subsidiaries; and to certain affiliated companies. Under this plan, participants will receive cash incentive bonuses to purchase shares of Grupo Mexico, which are deposited in a trust.

Non-controlling interest:

The following table presents the non-controlling interest activity for the six-month periods ended June 30, 2025 and 2024 (in millions):


	2025		2024
Balance as of January 1,	$	66.6	$	63.1
Net earnings		6.4		6.4
Dividend paid		(4.4)		(1.8)
Balance as of June 30,	$	68.6	$	67.7

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

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measured at fair value in the condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024 (in millions):


	At June 30, 2025				At December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:

Current portion of long-term debt level 1	$	—	$	—	$	499.8	$	498.4

Long-term debt level 1		6,697.1		6,755.2		5,707.3	$	5,653.6
Long-term debt level 2		51.2		53.7		51.2		53.1
Total long-term debt	$	6,748.2	$	6,808.9	$	5,758.5	$	5,706.7

Long-term debt is carried at amortized cost and its estimated fair value is based on quoted market prices classified as Level 1 in the fair value hierarchy except for the case of the Yankee bonds, which qualify as Level 2 in the fair value hierarchy as they are based on quoted prices in markets that are not active.

Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as follows as of June 30, 2025 and December 31, 2024 (in millions):


	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	June 30,		identical assets		inputs		inputs
Description	2025		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	675.3	$	675.3	$	—	$	—
—Available-for-sale debt securities:
Corporate bonds		—		—		—		—
Asset backed securities		—		—		—		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives—Not classified as hedges:
Provisionally priced sales:
Copper		1,050.2		1,050.2		—		—
Molybdenum		354.2		354.2		—		—
Total	$	2,079.8	$	2,079.7	$	0.1	$	—

(*) Less than $0.1 million

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	Fair Value at Measurement Date Using:
					Significant
	Fair Value		Quoted prices in		other		Significant
	as of		active markets for		observable		unobservable
	December 31,		identical assets		inputs		inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Short term investment:
—Trading securities	$	245.2	$	245.2	$	—	$	—
—Available-for-sale debt securities:
Asset backed securities		—		—		—		—
Mortgage backed securities		0.1		—		0.1		—
Accounts receivable:
—Embedded derivatives-Not classified as hedges:
Provisionally priced sales:
Copper		589.5		589.5		—		—
Molybdenum		274.5		274.5		—		—
Total	$	1,109.3	$	1,109.2	$	0.1	$	—

The Company’s short-term trading securities investments were classified as Level 1 because they were valued using quoted prices of the same securities as they consisted of bonds issued by public companies and were publicly traded. The Company’s short-term available-for-sale investments are classified as Level 2 because they are valued using quoted prices for similar investments.

The Company’s accounts receivables associated with provisionally priced copper sales are valued using quoted market prices based on the forward price on the LME or on the COMEX. Such value is classified within Level 1 of the fair value hierarchy. Molybdenum prices are established by reference to the publication Platts Metals Week and are considered Level 1 in the fair value hierarchy.

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NOTE 13 — REVENUE:

The Company’s net sales were $3,051.0 million and $6,172.9 million in the three and six-month periods ended June 30, 2025, compared to $3,118.3 million and $5,718.1 million in the same periods of 2024. The geographic breakdown of the Company’s sales is attributed to countries based on location of customer, and is summarized as follows (in millions):


	Three Months Ended June 30, 2025
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	714.7	$	151.1	$	—	$	865.7	$	(61.0)	$	804.7
United States		277.6		0.2		78.2		356.0		—		356.0
Peru		—		(0.2)		213.4		213.2		(0.2)		212.9
Brazil		—		8.3		153.9		162.1		—		162.1
Chile		—		—		132.1		132.1		—		132.1
Other American countries		10.8		—		8.0		18.8		—		18.8
Europe:
Switzerland		221.6		15.1		187.5		424.2		—		424.2
Italy		—		3.8		109.0		112.8		—		112.8
Spain		136.6		—		26.5		163.1		—		163.1
Other European countries		0.7		1.1		79.9		81.7		—		81.7
Asia:
China		225.2		—		7.6		232.8		—		232.8
Singapore		22.5		—		25.7		48.2		—		48.2
Japan		125.5		—		146.4		272.0		—		272.0
Other Asian countries		19.5		—		10.1		29.6		—		29.6
Total	$	1,754.8	$	179.3	$	1,178.2	$	3,112.3	$	(61.3)	$	3,051.0


	Three Months Ended June 30, 2024
			Mexican
	Mexican		IMMSA		Peruvian		Segment		Corporate &
	Open-Pit		Unit		Operations		Total		Elimination		Consolidated
The Americas:
Mexico	$	654.7	$	121.0	$	9.3	$	785.1	$	(41.3)	$	743.8
United States		325.4		0.3		63.5		389.2		—		389.2
Peru		—		10.6		168.2		178.7		(10.8)		167.9
Brazil		—		13.1		127.9		141.0		—		141.0
Chile		—		—		131.9		131.9		—		131.9
Other American countries		13.5		—		7.2		20.7		—		20.7
Europe:
Switzerland		152.3		25.4		196.9		374.6		—		374.6
Italy		—		6.4		108.4		114.8		—		114.8
Spain		131.3		—

SOUTHERN COPPER CORP/ 10-Q