Southern Copper Corporation September, 2020

0 I. Introduction

1 Safe Harbor Statement

This presentation contains certain statements that are neither reported financial results nor other historical information. These estimates are forward-looking statements within the meaning of the safe-harbor provisions of the securities laws. These forward-looking estimates are subject to risk and uncertainties that could cause actual results to differ materially from the expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Southern Copper’s (SCC) ability to control or estimate precisely, such as future market conditions, commodity prices, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date of this presentation. SCC does not undertake any obligation to publicly release any revision to these forward-looking estimates to reflect events or circumstances after the date of this presentation.

2 Corporate Structure

100.0% (*) AMERICAS MINING CORPORATION 88.9% (*) Public Float

11.1% (*)

99.29 % 99.96 %

SCC Peru Branch Minera Mexico

(*) As of June 30, 2020 3 Copper – The Best Fundamental Story in Commodities

Solid Fundamentals Copper Consumption by Region

Other ― COVID-19 has dramatically changed the expected supply 11% Japan and demand balance, affecting both of them. 4% ― As of June 30th, refined copper inventories increased by USA 8% 48K tons since Dec-19. China 49% ― Difficult to predict any market direction. At this point, equilibrium has been found at a much lower activity level. Europe 16%

Asia Ex China LME Copper Cash Price vs. Inventories 12% Wood Mackenzie 2018

3.50 1,000,000 Copper Consumption by End-use 900,000 3.00 800,000 Transport 2.50 700,000 Consumer & General 11% 600,000 Products 2.00 25% 500,000 1.50 400,000

1.00 300,000 Electrical 200,000 Network 0.50 24% 100,000

0.00 - Industrial Machinery

10%

9-Jul-19

4-Apr-17

2-Jan-15

6-Dec-16 1-Nov-19

31-Jul-17 19-Jul-18

30-Apr-15 15-Apr-16

26-Jun-20

22-Mar-18 12-Mar-19

28-Feb-20

25-Aug-15 18-Dec-15 11-Aug-16 23-Nov-17 13-Nov-18

LME COMEX shanghai LME Cash ► Refined copper inventories have decreased by 34%, since its Construction peak in March, 2018. Wood Mackenzie 2018 30% 4 Southern Copper Strengths

►Highest copper reserves of the industry

►Excellent organic growth projects

►Low cost, fully integrated operations

►Experienced management team

►Strong financial performance / investment grade since 2005

►Outstanding dividend history

►Good long-term copper & by-product fundamentals

5 II. Overview of Operations

6 Company Overview

Copper Reserves 1: 67.6 mmt Mexico

Buenavista El Pilar 2020 Cash Cost $ 0.72/lb. Santa Eulalia La Caridad

El Arco Santa Barbara San Martin 2020 Estimates (@ $2.75 x Lb of Cu): Charcas Copper Production: 997 kt San Luis Potosi Sales: $ 7.5 B Taxco EBITDA: $ 3.5 B Peru 47% of Sales

Key 2 #1 copper company by reserves Michiquillay Copper open pit mines Underground mines 3 #5 copper producer Smelters and Refineries #10 copper smelter 3 Projects Los Chancas 3 #7 refinery Cuajone Tia Maria Source: Company Filings Ilo Toquepala Notes: 1 Copper contained in reserves based on US$2.90 per pound of copper as of December 31, 2019 2 Based on available companies reports 3 Wood Mackenzie Limited 2017 7 World’s Largest Copper Reserves

Copper Reserves as Reported SCC Highlights

► #1 mine life among copper producers 80 ► #5 world’s largest producer of mined copper 70 67.6 ► Highly diversified geographical presence 60 52.6 ► Four large-scale open-pit mines 50 46.6 44.4 ► A strong pipeline of world class copper 40 greenfield projects and several other opportunities 30 28.8 Mine Life (years of production) Copper Reserves (Mt) 20 19.2 17.3 13.1 10 100 94 0 80

68

SCC

First

Anglo Xstrata

Codelco 60

Freeport

Rio Rio Tinto

Glencore Quantum

American 49 BHP Billiton 40 36 34 Source 10K 10K Annual Rep. 20F Reserve Rep. Annual Rep. Annual Rep. Annual Rep. 27 27 26 23 21 Period Dec.31, 2019 Dec.31, 2019 Dec.31, 2019 Jun. 30, 2019 Dec. 31, 2019 Dec. 31, 2019 Dec. 31, 2019 Dec. 31, 2019 20 Cu Price $2.90 $2.50 $2.96 $2.65 N/A $3.00 $2.70 $2.97 0 SCC SCC SCC after Freeport First Anglo Codelco BHP Rio Tinto Xstrata 2015 2019 expansion Quantum American Billiton (2028)

8 Geographic Footprint & Product Diversification

2019 Revenue by Product 2019 Revenue by Market

Other Silver 4% Zinc 3% Asia 40% 4% Peru 5% Molybdenum 8% Other LatAm 7%

Europe 8%

Copper 81%

United States 12%

Mexico 28%

9 Low Cost Operations

Cash Cost per Pound of Copper Produced Low Cost Drivers Net of By-Products

1.2 1.11  Fully integrated low cost operations  World class assets 1.0 0.95 0.92 0.87 0.88  Significant SX-EW production

0.8 (US$/lb) 0.76  Strong by-product credits 0.67  Management focus on cost efficiency and growth 0.6

2015 2016 2017 2018 2019 1Q20 2Q20 Operating Cash Cost per Pound of Copper Cost Structure (1) Produced

Other Operating 19% Materials 18%

1.70 1.66 1.54 Fuel 1.49 1.52 13% (US$/lb) 1.44 Maintenance 1.42 21% 1.26 Power 15% 1.20 Labor 2015 2016 2017 2018 2019 1Q20 2Q20 14% 10 (1) 2019 2019 Copper Production Cash Cost by Company

Global Weighted Avg.

138.0 c/lb

11 III. Financial Overview

12 SCC Financial Summary

(US$ MM) 2017 2018 2019 2020 E

Copper Price (LME) US$ per pound 2.80 2.96 2.72 2.62 2.75 Income Statement: Net Revenues $6,655 $7,097 $7,286 $7,257 $7,503 EBITDA 3,292 3,556 3,527 3,322 3,526 EBITDA Margin 49% 50% 48% 46% 47% U.S. Income Tax Reform Adjustment (743) Net Income 729 1,543 1,486 1,466 1,600 Dividends paid per share 0.59 1.40 1.60 0.60 0.60 Balance Sheet Statement: Cash, Equivalents & Short Term Investments $1,055 $1,058 $2,006 $2,640 $2,783 Total Assets 13,771 14,485 16,407 17,083 17,260 Total Debt 5,957 5,960 6,941 6,541 6,541 Total Liabilities 7,621 7,872 9,549 9,098 9,141 Total Shareholders' Equity 6,108 6,567 6,810 7,933 8,067 Cash Flow Statement: Capital Expenditures $1,024 $1,121 $708 $800 $800 Free Cash Flow 1 953 1,114 1,204 1,377 1,520 Dividends paid to common shareholders 456 1,082 1,237 464 464

Total Debt / EBITDA 1.8x 1.7x 2.0x 2.0x 1.9x Net Debt / EBITDA 1.5x 1.4x 1.4x 1.2x 1.1x

1 Free Cash Flow defined as net cash from operating activities less capital expenditures.

13 Solid Financial Performance

Top Tier Margins and Conservative Leverage for Increased Financial Flexibility

2019 EBITDA Margin (%) 2019 Total Debt / EBITDA (x) Amortization Schedule

Rio Tinto 0.6 2020 $400 BHP 52%

2022 Anglo $300 0.9 Antofagasta 49% American 2025 $500

BHP 1.1 SCC 48% 2028 $51

Antofagasta 1.0 2035 $1,000 Rio Tinto 48%

2040 $1,100 First SCC 2.0 Quantum 40% 2042 $1,200

Anglo Freeport 4.6 American 34% 2045 $1,500

First 2050 $1,000 Freeport 15% Quantum 4.8

Source: Bloomberg Consensus Source: Company Reports and Bloomberg Consensus 14 Investment Program to Significantly Increase Production Board approved Other projects

2017-2020 2021-2024 MEXICO PERU Buenavista: El Arco Conc. & SX/EW 2H27 - Los Chancas Conc. & SX/EW - $3.1B program to increase capacity Pilares 2022 - $159M 35K Tons Cu $2.8B 190K Tons Cu, 105K Oz 1H27 - $2.8B - 130K Tons Cu, from 180K Tons Cu to 500K Tons Cu, Au 7.5K Tons Mo 4.6K Tons Mo Ilo Smelter & Refinery Buenavista Zinc Conc. 2022 - $413M 20K Empalme Smelter 1H25 - Expansion 1H25 - $1.3 Tons Cu, 100K Tons Zn $1.1B

Toquepala Concentrator Expansion Michiquillay 1H28 - $2.5B - El Pilar 1Q22 - $256M – 35K Tons Cu 4Q18 - $1.2B - 100K Tons Cu, 3.1K 225K Tons Cu Tons Mo Tia Maria SX/EW 2H24 – $1.4B - 120K Tons Cu

2018-2028 Capex Program Overview (MM) 2018-2028 Copper Production Forecast (‘000 MT Cu)

1,752 3,400 1,800

2,960 1,600 +98% 3,000 2,862 Average: 2,738 1,400 2,600 $1.8 B 1,298 1,159 2,126 1,200 1,105 1,127 2,200 2,031 2,076 1,067 994 997 986 1,705 1,000 950 1,800 884 800 1,400 1,053 600 1,000 800 678 400 600 358 200 200 0 15 Source: SCC2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Best-in-class Mining Projects Reaching Completion Providing Competitive Cash Costs and Increased Production Levels

Project Capital Intensity at SCC Projects Initial Capex % of Total Incremental Production Capital Intensity Type (US$ MM) Capex Cu Eq. (kt/y) (US$/tpy Cu Eq.) Brownfield Projects Toquepala concentrator expansion Expansion (N) 1,253.2 8.5% 100.0 12,532 Buenavista SXEW III Expansion (N) 1,363.5 9.3% 120.0 11,363 Buenavista concentrator expansion Expansion (N) 1,785.4 12.1% 188.0 9,497 Buenavista Zinc Probable 413.0 2.8% 61.7 6,697 Pilares Extension 159.0 1.1% 35.0 4,543 Total / Weighted average intensity 4,974.1 33.8% 504.7 9,856

Greenfield Projets Tia Maria SXEW Probable 1,400.0 9.5% 120.0 11,667 Los Chancas Probable 2,800.0 19.0% 150.0 18,667 Michiquillay Possible 2,500.0 17.0% 225.0 11,111 El Pilar Probable 256.0 1.7% 35.0 7,314 El Arco Possible 2,800.0 19.0% 209.8 13,343 Total / Weighted average intensity 9,756.0 66.2% 739.8 13,187

Industry-Wide Capital Intensity Comparison vs. SCC Projects Weighted average project capital intensity of existing projects US$ 000 per tonne of Cu equivalent annual incremental production

16.0 14.7 14.0 13.2 12.7 12.6 12.3 11.8 12.0 9.9 10.0

8.0 5.9 6.0

4.0

2.0

- Restarts Extensions of existing Expansions to existing Expansions new SCC Brownfield Probable Possible SCC Greenfield mine life Mine/Plant (X) process plant (N)

Source: Wood Mackenzie (Global copper mine supply summary, 1Q 2019); SCC filings and presentations Key Differentiators to Achieve Lower Capital Intensity • Reduced mining preparation cost due to low pre stripping for Tia Maria and Buenavista projects 16 • Experienced project development team focused on capital efficiency SCC’s Major Strengths

SCC is the Premier Copper Play • World class assets in investment grade countries. • #1 in reserves of any company with various organic growth prospects. - Copper production heading towards 1.8M Tons by 2028. • Capacity to deliver projects through flexible capital structure and significant cash generation capability. Investments focused on cost competitiveness. • Fully integrated low cost operations. Expects cash cost of $0.72 per pound by 2020. • Outstanding dividend history. • Experienced management with proven track record.

SCC EBITDA and % Margin (in US$ millions)

$3,292 $3,556 $3,527 $3,526 $2,728 $2,212 47% $1,945 50% 48% 47%

49% 38% 41%

2014 2015 2016 2017 2018 2019 2020E

Cu price $3.11 $2.50 $2.21 $2.80 $2.96 $2.72 $2.75 17