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ANTOFAGASTA PLC Antofagasta plc NEWS RELEASE , 16 MARCH 2021 PRELIMINARY RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 Strong EBITDA margins and balance sheet Antofagasta plc CEO Iván Arriagada said : " The year has been challenging , but we have successfully kept our people safe and healthy , achieved our production and exceeded our cost targets , and increased EBITDA by 12.3 % to $ 2.7 billion , yielding a 53 % EBITDA margin . I am proud of how everyone at Antofagasta has worked together and adjusted to overcome the year's challenges . " Our resilient operations performed well with high levels of throughput and our Cost and Competitiveness Programme delivered benefits of $ 197 million , nearly double the targeted amount . Our balance sheet strengthened even further . " Full year copper production was 733,900 tonnes and net cash costs were $ 1.14 / lb , reflecting the company's agility in changing operating conditions . " In 2021 , we will continue to focus on our safety and operating performance , and we expect copper production to be 730-760,000 tonnes at a net cash cost of $ 1.25 / lb as ore grades increase at Centinela Concentrates and our operating efficiency remains high . " We are delighted that 100 % of our mining division's electricity consumption in 2022 will be from renewable sources . " The Board has declared a final dividend of 48.5 cents per share , bringing the total dividend for the year to 54.7 cents per share , equivalent to a pay - out ratio of 100 % . " Financial performance HIGHLIGHTS • Revenue for the full year was $ 5,129 million , 3.3 % higher than in 2019 reflecting increases in gold realised prices , partially offset by the decrease in sales volumes copper and EBITDA ( ¹ ) was $ 2,739 million , 12.3 % higher than the previous year on higher revenue and lower unit costs due to the weaker Chilean peso , lower input costs and continued tight cost control • EBITDA margin ( 2 ) increased to 53.4 % from 49.1 % in 2019 • • • • • • Cost and Competitiveness Programme generated benefits of $ 197 million , nearly double the original target of $ 100 million Cash flow from operations was $ 2,431 million , 5.4 % lower than in 2019 as the higher copper price increased working capital Strong balance sheet with net debt of $ 82 million at the end of 2020 , equivalent to a Net Debt / EBITDA ratio of 0.03 times Capital expenditure increased to $ 1,307 million ( 3 ) , $ 229 million higher than in 2019 due to increased capital expenditure on the Los Pelambres Expansion project Underlying earnings per share from continuing operations and excluding exceptional items ( ¹ ) of 54.7 cents , 7.5 % higher than in 2019 with higher EBITDA offset by higher depreciation and amortisation , and tax Earnings per share from continuing and discontinued operations including exceptional items were 50.6 cents , 0.4 cents lower than in 2019 1