CODELCO: CORPORACION NACIONAL DEL COBRE DE CHILE 2025-10-02 T-11:17

120 Directors and Executive Officers

The following table sets forth the current directors and executive officers of CODELCO and their positions:

Name

Directors(‘)

Máximo Pacheco Matte ……ccccoonccccnonocccnnnnncccnnnnncccnnnnnaccnnnnnnss Eduardo Bitrán Colodro……..ccccooccccnnnnncccnnnnnaconononacinnnaninicanono Ricardo Álvarez FuenteS …ooononnonnnonnnnonncnnonnnncnnoncnncnnnnos Tamara Agnic MartÍNezZ …ooooooooooooononnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnos Josefina Montenegro Araneda …ooooonoonnnonononnnnnnnnnnnnnnnnnnnnnnnnoss Alfredo Moreno CharM€…ooccccnnnccnnnnniccnnnnnicccnnonanccnnonanicanonanos Nelson Cáceres Hernández …..occccconcccnnnnncccnnnnnoccnnnoniacicononinicns Ricardo Calderón Galaz………oooonnccnnnnccccnnnnncccnnnnanccnnonanicnnonanos Alejandra Wood HUidoObro…….oooooononoonoooonnnnnnnnononnnnnnnononononos

Executive Officers

Rubén Alvarado VIBaT …ooooooononooooononnnnnnnnnononnnnnnononnnnnnnnnnnnnnnos Alejandro Sanhueza DiaZ…..oooonnnnnnnoooooooooooonnnnnnnnnnnnnnnnnnonnnoos Mary Carmen Llano AranzaStl…ooonnnnnnnnnnnonoooooonnnnnnnnnnnnnnnnnnoos Sebastián Court Benvenuto …oocccccncnccnncncnnncnnninininannnininannnannnns Braim Chiple CendegUl….ooooonnonnononononononnnonononnnnnnnnnnnnnnonnnonnnos Julio Cuevas ROSS ..00ooooooooooooooooonnnnnnnnnnnnnnonnnononononononononnnnonnnnos Julio Díaz RIVETA ….ooooooonnonnooooonononnnnnnnnnnnnnononononononnnnnnnnnnnnnnnos

Gabriel Méndez Serquelra ……ooocccccccnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnoss

Maurici0 ACUÑA ÑD…ooocccnnnnncccnnnnaccnnnnnncncnnnnnacinononacinnnnanicanonanos Macarena Vargas LOSAdA ….ooooonnnnnnonononononnnnnnnnnnnnnnnnnnnnnnnnnnnos Mauricio Barraza Gallardo…………..oooccccnnnncccnnnnncccnnnnncccnnnnnos: Raúl Puerto Mendoza……ooocccccnnoccccnonicccnnonanccnnonanicnnonanicanonanos

Olivar Hernández Giugliano …………cccccccnncnnnnnnnnnnnnnnnnnnnnnnnnnss René Galleguillos Pallauta………….oo…nnnnnnnnnnnnnananonoooonnnnnnnnoos Claudia Dominguez Sepúlveda………ococccccccnccnnnnnnnnnnnnnnnnnnnnoss Gonzalo Lara SKiDa …ooooocooocococcccccccccnnonononononnnnnnnnnnnnnnnnnannnnnos Claudia Cabrera ColTOA.ooooooooooocnnnccccnonononononnonnnnnnnncnnnnnnnanannnos Patricio Viveros LÓPEZ …oooooooooooooooononnnnnnnnnnnnnnnnnnononnnononnnnnnoos Ricardo Weishaupt Hidalgo …….ooononnnnnonnnonononononooonnnnonnnnnnnnoos Claudio Sougarret Larroquete……..cocccccccccnnncnnnnnnnnnnnnnnnnnnnnnnos Lindor Quiroga Bugueño ……ccccccccnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnos

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Position

ChairmanY6) Director96) Director96) Director96) Director 96) Director96) DirectorYO) DirectorV6) Director 96)

Chief Executive Officer

Vice President of Finance

Vice President – Human Resources

Vice President – Strategic and Management Control Vice President of Sales

Vice President – Projects

Vice President – Mining Resources and Development Management

Vice President – Corporate Affairs £ Sustainability

Vice President Procurement Vice President – Legal Vice President – Operations General Auditor

Head of Finance

General Manager – Chuquicamata Division General Manager – Radomiro Tomic Division General Manager – Mina Ministro Hales Division General Manager – Gabriela Mistral Division General Manager – Salvador Division

General Manager – Ventanas Division

General Manager – El Teniente Division

General Manager – Andina Division

Appointed by the President of Chile from a shortlist jontly submitted by the Federation of Copper Supervisors (FESUC) and the National

Association of Copper Supervisors (ANSCO).
Directly appointed by the President of Chile.
Term expires May 2026.

Appointed by the President of Chile from a short list presented by the Council of Senior Public Management (Consejo de la Alta Dirección

Pública).
Term expires May 2029.
Term expires May 2027.

Appointed by the President of Chile from a short list presented by Unions.

Term expires April 2029,

121 There is no family relationship between any director or executive officer and any other director or executive officer. The business address for the executives and directors previously listed is Huérfanos 1270, 6th floor, Santiago, Chile, postal code 8340424. No executive holds a position as an employee outside of CODELCO.

Committees of the Board of Directors Audit, Benefits and Ethics Committee (Comité de Auditoría, Compensaciones y Ética)

CODELCO”s audit, benefits and ethics committee consists of Tamara Agnic Martínez (Chair), Ricardo Álvarez Fuentes (Vice Chair), Eduardo Bitrán Colodro and Alfredo Moreno Charme, who may invite others to assist in 1ts work. The audit, benefits and ethics committees primary responsibility 1s to support the Board of Directors by providing and improving internal controls by reviewing transactions with related parties and the work of CODELCOS*Ss internal audit department. The committee also analyzes and reviews the work and reports of the external auditors. The committee is also responsible for analyzing observations made by Chilean regulatory entities and for recommending measures to be taken by the management in response. CODELCO”s audit, benefits and ethics committee is not subject to the independence and other requirements to which U.S. public companies are subject.

Projects and Investment Committee (Comité de Proyectos y Financiamiento de Inversiones)

The projects and investment committee consists of Ricardo Álvarez Fuentes (Chair), Tamara Agnic Martínez (Vice Chair), Ricardo Calderón Galaz, Alfredo Moreno Charme and Eduardo Bitrán Colodro. This committee analyzes and recommends major mining development projects and financing of these projects.

Management Committee (Comité de Gestión)

The management committee consists of Alfredo Moreno Charme (Chair), Josefina Montenegro Araneda (Vice-Chair), Alejandra Wood Huidobro, Ricardo Álvarez Fuentes and Nelson Cáceres Hernández The committee 1s primarily responsible for the management of the Companys divisions and key projects. It also reviews and evaluates the performance of subsidiaries and affiliated companies.

Sustainability Committee (Comité de Sustentabilidad)

The sustainability committee consists of Alejandra Wood Huidobro (Chair), Nelson Cáceres Hernández (Vice-Chair), Tamara Agnic Martínez, Josefina Montenegro Araneda and Ricardo Calderón Galaz, The committee advises the Board of Directors with respect to matters of sustainability, providing assistance to the Board of Directors in the Companys sustainability policies and goals as well as analyzing the efficacy of the Companys policies and management systems in the areas of health, safety and the environment.

Science, Technology and Innovation Committee (Comité de Ciencias, Tecnología e Innovación) The science, technology and innovation committee consists of Eduardo Bitrán Colodro (Chair), Josefina Montenegro Araneda (Vice-Chair), Ricardo Calderón Galaz, Alejandra Wood Huidobro and Nelson Cáceres

Hernández. This committee was formed in 2016 and discusses the challenges facing the corporation with respect to science and technology.

122 RELATED PARTY TRANSACTIONS

In the ordinary course of its business, CODELCO engages in a variety of transactions on arms-length terms with certain related parties. For information regarding these transactions, see note 3 to the Consolidated Financial Statements.

In 1ts dealings with Cyprus El Abra Corporation (a subsidiary of Freeport-McMoRan Inc.), the partner in SCM El Abra, CODELCO acts through a subsidiary, as agent. CODELCO does not sell copper to Nordeutsche Affinerie Group, its partner in Deutsche Giessradht GmbH.

Pursuant to Article 147 of the Law No. 18,046 on Corporations (the Corporations Act), CODELCO may only enter into operations with related parties 1f 1ts intent 1s to benefit the corporate interest, 1f 1ts price, terms and conditions are consistent with those prevailing in the market when approved, and 1f 1t follows certain requirements and procedures established by the law, including the Norma de Carácter General No. 501 published by the CMF on January 8, 2024, (General Rule No. 501, hereinafter NCG 501) by virtue of changes made the Chilean Corporations Act by Law No. 21,314 on Market Agents, of 2021. NG 501 came into effect as of September 1, 2024, and establishes the minimum mentions that general habitual policies must contain and regulates the public disclosure of transactions with related parties (OPR).

According to Article 146 of the Corporations Act, as amended, OPR of CODELCO include any and all negotiations, acts, contracts or operations in which the Company must take part, as well as:

(1) one or more related persons to the Company, pursuant to the definition contained in Article 100 of Law No. 18,045 (the Securities Market Law, as amended);

(11) a board member, manager, a main executive or a liquidator of CODELCO, acting directly or on behalf of any persons other than the Company, or their respective spouses or relatives up to the second degree (consanguinity or affinity);

(111) a corporation or partnership in which one of the persons mentioned in (11) above are direct or indirect owners of 10.0% or more of its capital, board members, managers or main executives; (1v) those persons specifically established under CODELCOs bylaws or reasonably identified by the Directors? Committee, as applicable, even 1f the transaction with such persons (a) 1s not of a relevant amount, (b) is conducted on a regular basis (as per the regularity policy determined by the Board of Directors of CODELCO) or (c) is entered into with a subsidiary of CODELCO in which the Company holds a direct or indirect ownership interest of at least 95.0%; and (v) any company in which a board member, manager or main executive of CODELCO has served as a board member, manager, main executive or liquidator, during the last 18 months.

Article 100 of the Securities Market Law provides that the following persons constitute a related party:
(1) the other entities of the business conglomerate to which a company belongs; (11) parents, subsidiaries and equity-method investors and investees of a company; (111) all directors, managers, officers and liquidators of a company, and their spouses or blood relatives to the second degree, or any entity controlled, directly or indirectly, by any of the abovementioned individuals; (1v) any person that, by their own actions or with other persons under a joint action agreement, may appoint at least one member of the management of a company or controls 10.0% or more of the capital or voting capital of a stock company; and (v) other entities or persons deemed a related party by the CMF.

The rules, requirements and procedures to approve operations with related parties apply both to the operations of CODELCO as well as to those of its subsidiaries, regardless of their legal nature, except for some exemptions set forth in Article 147 of the Corporations Act in which related-party transaction may be executed without the requirements referred to above, with the prior approval of the Board of Directors.

123 The breach of any of the restrictions on related party transactions will not affect the validity of the transaction. However, CODELCO or the President of Chile may demand from the breaching party, the re.mbursement for an amount equivalent to the benefits gained by the breaching party resulting from the transaction.
Additionally, CODELCO or the President of Chile may claim damages. Finally, the breaching party bears the burden of proof that the transaction was carried out according to the law.

CODELCO”s policy for transactions with related parties 1s defined and governed by a specific internal regulation created pursuant to general policies established by the Board of Directors and in connection with the guidance provided by Decree Law 1,350 and the Corporations Act. CODELCOS*s internal regulation prescribes the manner in which transactions between CODELCO and related entities must be carried out and provides for sanctions 1f the requirements of the regulation are not met.

124 FOREIGN INVESTMENT AND EXCHANGE CONTROLS IN CHILE

As a general matter, the Central Bank of Chile is, among other things, responsible for monetary policies and for exchange controls in Chile. Most Chilean companies must inform the Central Bank of any international issue of bonds and if the proceeds of the issuance are not left abroad, should be brought into Chile through a bank or other participant in the Formal Exchange Market. Article 23 of Decree Law No. 1,350 provides that CODELCO has an obligation to return the total proceeds of 1ts exports to Chile, but has no obligation to convert such proceeds to Chilean pesos beyond its peso requirements. These proceeds from its exports are deposited at the Central Bank of Chile, and withdrawals against such foreign exchange deposits are made to cover CODELCOs expenses. As a result, CODELCO does not require foreign exchange approval in connection with the issuance or placement of, or payments upon the notes. See Regulatory Framework–Payment of Obligations.

125 DESCRIPTION OF NOTES

Each series of notes will be issued pursuant to an indenture, dated as of February 5, 2019 (the base indenture), among CODELCO and The Bank of New York Mellon, as trustee, paying agent, transfer agent and registrar (the trustee), as amended and supplemented by the fifteenth supplemental indenture, dated January 13, 2025 (together with the base indenture, the indenture), between CODELCO and the trustee.

The following description of certain provisions of the notes and of the indenture is subject to and is qualified in its entirety by reference to the provisions of the notes and the indenture, copies of which are available for inspection at the office of the trustee at 240 Greenwich Street, New York, New York 10286. CODELCO urges you to read the indenture because it, and not this description, defines your rights as holders of the notes issued under the indenture.

General

Each series of notes will be issued by CODELCO, and CODELCO will be liable therefor and obligated to perform all covenants and agreements to be performed by CODELCO pursuant to each series of notes and the indenture, including the obligations to pay principal, interest and Additional Amounts (as defined below under Payment of Additional Amounts), 1f any. The trustee under the indenture is The Bank of New York Mellon (the trustee, which term shall include any successor trustee under the indenture).

The indenture provides for the issuance by CODELCO from time to time of notes in one or more series up to an aggregate principal amount of notes as from time to time may be authorized by CODELCO, subject to all required government authorizations. Notes having the same date of maturity and Interest Payment Dates (as defined below), payable in the same currency, bearing interest at the same rate and the terms of which are otherwise identical, are referred to as a series. The notes offered hereby will be issued in two serles.

CODELCO previously issued U.S.$750,000,000 aggregate principal amount of 6.330% notes due 2035 on January 13, 2025, which are referred to herein as the original 2035 notes, and U.S.$750,000,000 aggregate principal amount of 6.780% notes due 2055 on January 13, 2025, which are referred to herein as the original 2055 notes and, together with the original 2035 notes, as the original notes. The notes offered hereunder are a further issuance of and will be fully fungible with the original notes, except that the notes offered and sold in reliance on Regulation S will be subject to certain U.S. selling restrictions. Accordingly, the notes offered hereby and sold in reliance on Regulation S will have temporary CUSIP and ISIN numbers during a 40-day distribution compliance period commencing on their date of issuance. After such 40-day distribution compliance period, the notes offered hereby and sold in reliance on Regulation S will have the same CUSIP and ISIN numbers as, and will be fungible with, the original notes issued on January 13, 2025 sold in reliance on Regulation S. The notes offered and sold in reliance on Rule 144A will have, commencing on their date of issuance, the same CUSIP and ISIN numbers as, and will be fungible with, the original notes originally issued on January 13, 2025 and offered and sold in reliance on Rule 144A. The 2035 notes offered hereby and the original 2035 notes will form a single series of securities and will vote as one class for all purposes under the indenture. The 2055 notes offered hereby and the original 2055 notes will form a single series of securities and will vote as one class for all purposes under the indenture.

Upon the consummation of this offering, the aggregate principal amount of the original 2035 notes and the 2035 notes offered hereby will be U.S$700,000,000 and the aggregate principal amount of the original 2055 notes and the 2055 notes offered hereby will be U.S.5700,000,000.

Each series of notes offered hereby will bear interest at the applicable rates per annum set forth on the cover page of this offering memorandum from July 13, 2025. Interest on the 2035 notes will be payable semi-annually in arrears on January 13 and July 13 of each year, beginning on January 13, 2026, or, if any such date 1s not a Business Day (as defined below), on the next succeeding Business Day (the 2035 Interest Payment Dates) to the person or persons (each, a Holder) in whose name such notes are registered in the Security Register (as defined below) at the close of business December 29 and June 28, respectively, preceding the applicable Interest Payment Date (each a 2035 Record Date). Interest on the 2055 notes will be payable semi-annually in arrears on January 13 and July 13 of each year, beginning on January 13, 2026, or, 1f any such date 1s not a Business Day (as defined below), on the next succeeding Business Day (the 2055 Interest Payment Dates) to the person or persons (each, a Holder)

126 in whose name such notes are registered in the Security Register (as defined below) at the close of business on December 29 and June 28, respectively, preceding the applicable Interest Payment Date (each a 2055 Record Date). Interest on the notes will be calculated on the basis of a 360-day year of twelve 30-day months. For the purposes hereof, the term Business Day means a day on which banks in The City of New York are not authorized or required by law or executive order to be closed.

Moneys paid by CODELCO to the trustee or any paying agent for the payment of principal of (and premium, if any) or interest on any of the notes and remaining unclaimed at the end of two years after the date on which such principal (and premium, if any) or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall, together with interest made available for payment thereof, be repaid to CODELCO, whereupon all liability of the trustee or such paying agent with respect to such moneys shall cease.

The 2035 notes will mature on January 13, 2035 and the 2055 notes will mature on January 13, 2055.
Neither series of notes will be redeemable prior to maturity except as described below and in the event of certain developments affecting taxation, in that case at a price equal to the outstanding principal amount thereof, together with any Additional Amounts and accrued interest to the redemption date. On the maturity date of any series of notes, CODELCO will be required to pay 100% of the then outstanding principal amount of such series of notes plus accrued and unpaid interest thereon and Additional Amounjts, if any.

Ranking

The original notes are, and the notes offered hereby will, constitute, direct, general, unsecured, unconditional and unsubordinated obligations of CODELCO. The notes rank and will rank without any preference among them and equally with all other unsecured and unsubordinated obligations of CODELCO, other than certain obligations granted preferential treatment pursuant to Chilean law. It is understood that this provision will not be construed so as to require CODELCO to make payments under the notes ratably with payments being made under any other obligations. The indenture contains no restriction on the amount of additional indebtedness which may be incurred by CODELCO or its subsidiaries; however, as set forth under –Limitation on Liens below, the indenture contains certain restrictions on the ability of CODELCO and its subsidiaries to incur secured indebtedness.

Registration, Form and Delivery

The trustee will initially act as paying agent, transfer agent and registrar for each series of notes. Each series of notes will be issued upon the closing of this offering in definitive, fully registered form, without coupons, in denominations of U.S.$200,000 principal amount at maturity and multiples of U.S.$1,000 in excess thereof. The notes will be exchangeable, and transfers thereof will be registrable, at the office of the registrar for the notes. No charge will be made to holders of the notes in connection with any exchange or registration of transfer, but CODELCO may require payment of a sum sufficient to cover any tax or other governmental charge payable in that connection.

The trustee will maintain at its office in the City of New York, currently located at 240 Greenwich Street, New York, New York 10286, a security register (the Security Register) with respect to the notes. The name and address of the registered Holder of each note and the amount of each note will be recorded in the applicable Security Register, and the trustee and CODELCO may treat the person in whose name the note is registered as the owner of such note for all purposes. For so long as a series of notes are represented by one or more Global Notes, the registered owner of such a Global Note, in accordance with the terms of the indenture, may be treated at all times and for all purposes by CODELCO and the trustee as the sole owner with respect to such notes, with respect to all payments on such notes and for all other purposes under the terms of such notes and the indenture.

Each series of notes is being offered and sold in connection with the initial offering thereof solely to qualified institutional buyers, as that term is defined in Rule 144A under the Securities Act, pursuant to Rule 144A, and in offshore transactions to persons other than U.S. persons, as defined in Regulation S under the Securities Act, in reliance on Regulation S. Following the initial offering of the notes, the notes may be resold to qualified institutional buyers pursuant to Rule 144A, non-U.S. persons in reliance on Regulation S and pursuant to Rule 144 under the Securities Act, as described under Transfer Restrictions.

127 The Global Notes

Rule 144A Global Note

Each series of notes offered and sold to qualified institutional buyers pursuant to Rule 144A will initially be issued in the form of one or more registered notes in global form, without interest coupons. The Rule 144A Global Notes will be deposited on the date of the closing of the sale of the notes with, or on behalf of, The Depository Trust Company (DTC), and registered in the name of Cede £ Co., as nominee of DTC, or will remain in the custody of the trustee as custodian for DTC. Interests in the Rule 144A Global Note will be available for purchase only by qualified institutional buyers.

Regulation S Global Note

Each series of notes offered and sold in offshore transactions to non-U.S. persons in reliance on Regulation S under the Securities Act will initially be issued in the form of one or more registered notes in global form, without interest coupons. The Regulation S Global Notes will be deposited upon issuance with, or on behalf of, a custodian for DTC.

Except as set forth below, each Rule 144A Global Note and the Regulation S Global Note (collectively the Global Notes) may be transferred, in whole and not in part, solely to another nominee of DTC or to a successor of DTC or its nominee. Beneficial interests in the Global Notes may not be exchanged for notes in physical, certificated form (referred to as certificated notes) except in the limited circumstances described below.

The notes will be subject to certain restrictions on transfer and will bear a restrictive legend as set forth under Transfer Restrictions.

All interests in the Global Notes are subject to the procedures and requirements of DTC. Those interests held through Euroclear or Clearstream are subject to the procedures and requirements of such systems.

Euroclear and Clearstream will hold interests in the Global Notes on behalf of their participants through customers securities accounts in their respective names on the books of their respective depositaries. Such depositaries, in turn, will hold such interests in the Global Notes in customers securities accounts in the depositaries names on the books of DTC.

Exchanges Among the Global Notes

Prior to the 40th day after the later of the commencement of the offering of the notes and the date of the closing of the sale of the notes (the period through and including the 40th day, the restricted period), transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of this interest through the corresponding Rule 144A Global Note will be made only in accordance with applicable procedures and upon recerpt by the trustee of a written certification from the transferor of the beneficial interest in the form provided in the indenture to the effect that such transfer is being made to a person whom the transferor reasonably believes 1s a qualified institutional buyer within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A. Such written certification will no longer be required after the expiration of the restricted period.

Transfers by an owner of a beneficial interest in the Rule 144A Global Note to a transferee who takes delivery of such interest through the corresponding Regulation S Global Note, whether before or after the expiration of the restricted period, will be made only upon receipt by the trustee of a certification from the transferor to the effect that such transfer is being made in accordance with Regulation S under the Securities Act.

Any beneficial interest in one of the Global Notes that 1s transferred to a person who takes delivery in the form of an interest in another Global Note will, upon transfer, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, 1f any, and other procedures applicable to beneficial interests in such other Global Note for as long as 1t remains such an interest.

128 Certain Book-Entry Procedures for the Global Notes

The descriptions of the operations and procedures of DTC, Euroclear and Clearstream set forth below are provided solely as a matter of convenience. These operations and procedures are solely within the control of the respective settlement systems and are subject to change by them from time to time. Neither CODELCO nor the initial purchasers take any responsibility for these operations or procedures, and investors are urged to contact the relevant system or 1ts participants directly to discuss these matters.

DTC has advised CODELCO that it 1s (1) a limited purpose trust company organized under the laws of the State of New York, (11) a banking organization within the meaning of the New York Banking Law, (111) a member of the Federal Reserve System, (1v) a clearing corporation within the meaning of the Uniform Commercial Code, as amended, and (v) a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended (the Exchange Act). DTC was created to hold securities for 1ts participants and facilitates the clearance and settlement of securities transactions between participants through electronic book-entry changes to the accounts of its participants, thereby eliminating the need for physical transfer and delivery of certificates. DTCs participants include securities brokers and dealers (including the initial purchasers), banks and trust companies, clearing corporations and certain other organizations. Indirect access to DTCs system 1s also available to other entities such as banks, brokers, dealers and trust companies, or indirect participants that clear through or maintain a custodial relationship with a participant, either directly or indirectly. Investors who are not participants may beneficially own securities held by or on behalf of DTC only through participants or indirect participants.

CODELCO expects that pursuant to procedures established by DTC (1) upon deposit of each Global Note, DTC will credit the accounts of participants designated by the initial purchasers with an interest in the Global Note and (11) ownership of the notes will be shown on, and the transfer of ownership thereof will be effected only through, records maintained by DTC (with respect to the interests of participants) and the records of participants and the indirect participants (with respect to the interests of persons other than participants).

The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Accordingly, the ability to transfer interests in the notes represented by a Global Note to such persons may be limited. In addition, because DTC can act only on behalf of its participants, who in turn act on behalf of persons who hold interests through participants, the ability of a person having an interest in notes represented by a Global Note to pledge or transfer such interest to persons or entities that do not participate in DTCs system, or to otherwise take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect of such interest.

So long as DTC or its nominee is the registered owner of a Global Note, DTC or such nominee, as the case may be, will be considered the sole owner or holder of the notes represented by the Global Note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a Global Note will not be entitled to have notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of certificated notes, and will not be considered the owners or holders thereof under the indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the trustee thereunder. Accordingly, each holder owning a beneficial interest in a Global Note must rely on the procedures of DTC and, if such holder is not a participant or an indirect participant, on the procedures of the participant through which such holder owns its interest, to exercise any rights of a holder of notes under the indenture or such Global Note. CODELCO understands that under existing industry practice, in the event that CODELCO requests any action of holders of notes, or a holder that is an owner of a beneficial interest in a Global Note desires to take any action that DTC, as the holder of such Global Note, 1s entitled to take, DTC would authorize the participants to take such action and the participants would authorize holders owning through such participants to take such action or would otherwise act upon the instruction of such holders. Neither CODELCO nor the trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, notes by DTC, or for maintaining, supervising or reviewing any records of DTC relating to such notes.

Payments with respect to the principal of, premium, 1f any, and interest on any notes represented by a Global Note registered in the name of DTC or its nominee on the applicable record date will be payable by the trustee to or at the direction of DTC or its nominee in its capacity as the registered holder of the Global Note representing such notes under the indenture. Under the terms of the indenture, CODELCO and the trustee may treat

129 the persons in whose names the notes, including the Global Notes, are registered as the owners thereof for the purpose of receiving payment thereon and for any and all other purposes whatsoever. Accordingly, neither CODELCO nor the trustee has or will have any responsibility or liability for the payment of such amounts to owners of beneficial interests in a Global Note (including principal, premium, if any, and interest). Payments by the participants and the indirect participants to the owners of beneficial interests in a Global Note will be governed by standing instructions and customary industry practice and will be the responsibility of the participants or the indirect participants and DTC.

Transfers between participants in DTC will be effected in accordance with DTCs procedures, and will be settled in same-day funds. Transfers between participants in Euroclear or Clearstream will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Subject to compliance with the transfer restrictions applicable to the notes, cross-market transfers between the participants in DTC, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected through DTC in accordance with DTCs rules on behalf of Euroclear or Clearstream, as the case may be, by its respective depositary. However, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines of such system. Euroclear or Clearstream, as the case may be, will, 1f the transaction meets 1ts settlement requirements, deliver instructions to its respective depositary to take action to effect final settlement on 1ts behalf by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Euroclear participants and Clearstream participants may not deliver instructions directly to the depositaries for Euroclear or Clearstream.

Because of time zone differences, the securities account of a Euroclear or Clearstream participant purchasing an interest in a Global Note from a participant in DTC will be credited, and any such crediting will be reported to the relevant Euroclear or Clearstream participant, during the securities settlement processing day (which must be a business day for Euroclear and Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interest in a global security by or through a Euroclear or Clearstream participant to a participant in DTC will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTCs settlement date.

Although DTC, Euroclear and Clearstream have agreed to the foregoing procedures to facilitate transfers of interests in the Global Notes among participants in DTC, Euroclear and Clearstream, they are under no obligation to perform or to continue to perform such procedures, and such procedures may be discontinued at any time. Neither CODELCO nor the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants or indirect participants of their respective obligations under the rules and procedures governing their operations.

Certificated Notes

With respect to each series of notes, 1f (1) CODELCO notifies the trustee in writing that DTC 1s no longer willing or able to act as a depositary or DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary 1s not appointed within 90 days of such notice or cessation; (11) CODELCO, at its option, notifies the trustee in writing that 1t elects to cause the issuance of notes in definitive form under the indenture; or
(111) upon the occurrence of certain other events as provided in the indenture, then, upon surrender by DTC of the Global Notes, certificated notes will be issued to each person that DTC identifies as the beneficial owner of the notes represented by the Global Notes. Upon any such issuance, the trustee 1s required to register such certificated notes in the name of such person or persons (or the nominee of any thereof) and cause the same to be delivered thereto.

Neither CODELCO nor the trustee shall be liable for any delay by DTC or any participant or indirect participant in identifying the beneficial owners of the related notes and CODELCO and the trustee may conclusively rely on, and shall be protected in relying on, instructions from DTC for all purposes (including with respect to the registration and delivery, and the respective principal amounts, of the notes to be issued).

130 Covenants

CODELCO has agreed to restrictions on its activities for the benefit of holders of the notes. The following restrictions will apply to the notes:

Consolidation, Merger, Conveyance, Sale or Lease

Nothing contained in the indenture prevents CODELCO from consolidating with or merging into another corporation or conveying, transferring or leasing its properties and assets substantially as an entirety to any person, provided that: (1) the corporation formed by such consolidation or into which CODELCO is merged or the person which acquires by conveyance or transfer, or which leases, the properties and assets of CODELCO substantially as an entirety 1s a corporation organized and existing under the laws of Chile and expressly assumes, by supplemental indenture, the due and punctual payment of the principal of and interest and Additional Amounts, if any, on all outstanding notes and the performance of every covenant in the indenture on the part of CODELCO to be performed or observed; (11) immediately after giving effect to such transaction no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and (111) CODELCO has delivered to the trustee an officers certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture complies with the foregoing provisions relating to such transaction.

Limitation on Liens

Nothing contained in the indenture restricts or prevents CODELCO or any Restricted Subsidiary (as defined below) from incurring any additional indebtedness; provided that neither CODELCO nor any Restricted Subsidiary will (1) issue, assume or guarantee any indebtedness for money borrowed (Debt) 1f such Debt 1s secured by a lien upon, or (11) directly or indirectly secure any outstanding Debt by a lien upon, any Principal Property (as defined below) or upon any shares of stock of, or indebtedness of, any Restricted Subsidiary, now owned or hereafter acquired, without effectively providing that the notes shall be secured equally and ratably with such Debt, except that the foregoing restrictions shall not apply to (1) liens on any Principal Property acquired, constructed or improved after the date of issuance of the notes to secure or provide for the payment of the purchase price or cost of construction or improvements (including costs such as increased costs due to escalation, interest during construction and similar costs) thereof incurred after the date of the issuance of the notes, or existing liens on property acquired, provided such liens shall not apply to any property theretofore owned by CODELCO or any Restricted Subsidiary other than theretofore unimproved real property, (11) liens on any Principal Property or shares of stock or indebtedness acquired from a corporation merged with or into CODELCO or a Restricted Subsidiary, (111) liens to secure Debt of a Restricted Subsidiary to CODELCO or another Subsidiary, (1v) the sale or other transfer of any interest in property of the character commonly referred to as a production payment, (v) liens over any property at the time of acquisition of such property by CODELCO or any of its Restricted Subsidiaries which lien was not (or 1s not) created in connection with such acquisition, (vi) liens in existence on the date of the offering of the notes, (vi1) liens on deposits to secure, or any lien otherwise securing, the performance of bids, statutory obligations, surety bonds, appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business, (vi11) liens created on any property to secure Debt incurred in connection with the financing of such property, the repayment of which Debt is to be made from the revenues arising out of, or other proceeds of realization from, such property, with recourse to those revenues and proceeds and other property used in connection with, or forming the subject matter of, such property, but without recourse to any other property of CODELCO or any Restricted Subsidiary and (ix) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien referred to in the foregoing clauses (1) to (111) or (v), (vi) and (vi11), inclusive of any Debt secured thereby, provided that the principal amount of Debt so secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement and that such extension, renewal or replacement lien shall be limited to all or part of the property which secured the lien extended, renewed or replaced (plus improvements on or additions to such property). Notwithstanding the foregoing, CODELCO and one or more Restricted Subsidiaries may issue, assume or guarantee Debt secured by liens which would otherwise be subject to the foregoing restrictions in an aggregate principal amount which, together with the ageregate outstanding principal amount of all other Debt of CODELCO and its Restricted Subsidiaries that would otherwise be subject to the foregoing restrictions (not including Debt permitted to be secured under clauses (1) through (1x) above) and the aggregate value of the sale-and-lease-back transactions described under –Limitation on Sale-and-Lease-Back Transactions below (other than sale-and-lease-back transactions the proceeds of which

131 have been applied as provided in clause (b) under –Limitation on Sale-and-Lease-Back Transactions below), does not at the time of issuance, assumption or guarantee thereof exceed 20.0% of Consolidated Net Tangible Assets.

Consolidated Net Tangible Assets means the total of all assets (including reevaluations thereof as a result of commercial appraisals, price level restatement or otherwise) appearing on the consolidated balance sheet of CODELCO and its Subsidiaries as of the then most recent date filed by CODELCO with the CMF, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets (which term shall not be construed to include such reevaluations), less the aggregate of the current liabilities of CODELCO and its Subsidiaries appearing on such balance sheet. The term Principal Property means any mineral property, concentrator, smelter, refinery or rod mill located within Chile, of CODELCO or any Subsidiary except any such property, plant or facility which the Board of Directors by resolution declares 1s not of material importance to the total business conducted by CODELCO and its Subsidiaries as an entity. The term Subsidiary means any corporation more than 50.0% of the outstanding voting stock of which is owned, directly or indirectly, by CODELCO and of which CODELCO has the power to direct the management. The term Restricted Subsidiary means (1) any Subsidiary which owns, directly or indirectly, any Principal Property and (11) any Subsidiary which owns, directly or indirectly, any stock or debt of a Restricted Subsidiary.

Limitation on Sale-and-Lease-Back Transactions

The indenture provides that neither CODELCO nor any Restricted Subsidiary will enter into any arrangement with any person (other than CODELCO or a Restricted Subsidiary), or to which any such person is a party, providing for the leasing to CODELCO or a Restricted Subsidiary for a period of more than three years of any property or assets which has been or is to be sold or transferred by CODELCO or such Restricted Subsidiary to such person or to any person (other than CODELCO or a Restricted Subsidiary) to which funds have been or are to be advanced by such person on the security of the leased property or assets unless either (1) CODELCO or such Restricted Subsidiary would be entitled, pursuant to the provisions described under –Limitation on Liens above, to incur Debt in a principal amount equal to or exceeding the value of such sale-and-lease-back transaction, secured by a lien on the property or assets to be leased, without equally and ratably securing the notes, or (11) CODELCO, during or immediately after the expiration of six months after the effective date of such transaction (whether made by CODELCO or a Restricted Subsidiary), applies to the voluntary retirement of indebtedness of CODELCO (including the notes) maturing by 1ts terms more than one year after the original creation thereof (Funded Debt) an amount equal to the value of such transaction, less an amount equal to the sum of (a) the principal amount of notes delivered, within six months after the effective date of such arrangement, to the trustee for retirement and cancellation and (b) the principal amount of other Funded Debt voluntarily retired by CODELCO within such six-month period, in each case excluding retirements of notes and other Funded Debt as a result of conversions or pursuant to mandatory sinking fund or mandatory prepayment provisions or by payment at maturity.

Periodic Reports

CODELCO will furnish, to the noteholders and to prospective purchasers of notes, upon request to the trustee, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the notes are not freely transferable under the Securities Act.

Events of Default

An Event of Default with respect to each series of notes 1s defined in the indenture as being any of the following (each an Event of Default): (1) default for 30 days in payment of any interest on such notes; (11) default in payment of principal of such notes; (111) default in the performance, or breach, of any covenant or warranty or obligation of CODELCO in the indenture and continuance of such default or breach for a period of 60 days after written notice is given to CODELCO by the trustee or to CODELCO and the trustee by the holders of at least 33 13% in aggregate principal amount of the notes; (1v) default under any bond, debenture, note or other evidence of indebtedness for money borrowed, or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by CODELCO or any Subsidiary, whether such indebtedness now exists or shall hereafter be created, in an aggregate principal amount exceeding U.S.$50.0 million (or 1ts equivalent in any other currency or currencies) which default (x) shall constitute the failure to pay any portion of the principal of such indebtedness when due and payable, whether at maturity, upon

132 redemption or acceleration or otherwise, or (y) shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which 1t would otherwise become due and payable, in either case, if such default shall continue for more than 30 Business Days and within such 30 Business Days the time for payment of such amount has not been expressly extended (provided that 1f such default under such indenture or instrument shall be remedied or cured by CODELCO or waived by the holders of such indebtedness, then the event of default with respect to the notes shall be deemed likewise to have been remedied, cured or walved); and (v) certain events of bankruptcy or insolvency of CODELCO or any Significant Subsidiary. Significant Subsidiary 1s defined in the indenture as a Subsidiary, the total assets of which exceed 10.0% of the total assets of CODELCO and its subsidiaries on a consolidated basis as of the end of the most recently completed year. The trustee shall not be charged with knowledge of any Event of Default with respect to the notes unless a written notice of such default or Event of Default shall have been given to an officer of the trustee who has direct responsibility for the administration of the indenture and the notes by CODELCO or any holder of notes.

The indenture provides that (1) 1f£ an Event of Default (other than an Event of Default described in clause (v) above) shall have occurred and be continuing with respect to the notes, either the trustee or the holders of not less than 33!3% of the total principal amount of the notes of such series then outstanding may declare the principal of all such outstanding notes and the interest accrued thereon, if any, to be due and payable immediately and (11) If an Event of Default described in clause (v) above shall have occurred, the principal of all such outstanding notes and the interest accrued thereon, if any, shall become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of such notes. The indenture provides that the notes owned by CODELCO or any of its affiliates shall be deemed not to be outstanding for certain purposes, including declaring the acceleration of the maturity of the notes. Upon the satisfaction by CODELCO of certain conditions, including (1) the payment of all fees and expenses of the trustee, (11) CODELCOs deposit with the trustee of a sum sufficient to pay all outstanding amounts then due on the applicable notes (other than principal due by virtue of the acceleration) together with interest on such amounts through the date of the deposit and (111) all Events of Default (other than non-payment of principal that became due by virtue of the acceleration upon the event of default) have been cured or walved, the declaration described in clause (1) of this paragraph may be annulled by the holders of a majority of the total principal amount of the applicable notes then outstanding. Past defaults, other than non-payment of principal, interest and compliance with certain covenants, may be waived by the holders of a majority of the total principal amount of the applicable notes outstanding.

The trustee must give to the holders of the notes notice of all uncured defaults known to 1t with respect to the notes within 30 days after a Responsible Officer of the trustee has received written notification of such a default (unless such default shall have been cured); provided, however, that, except in the case of default in the payment of principal, interest or Additional Amounts, the trustee shall be protected in withholding such notice 1f 1t in good faith determines that the withholding of such notice is in the interest of the holders of the notes. Responsible Officer 1s defined in the indenture as any officer of the trustee with direct responsibility for the administration of the indenture and, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

No holder of notes may institute any proceeding, judicial or otherwise, under the indenture unless (1) such holder shall have given the trustee written notice of a continuing Event of Default with respect to the notes of that series, (11) the holders of not less than 33!3% of the total principal amount of the notes of that series then outstanding shall have made written request to the trustee to institute proceedings in respect of the Event of Default, (111) such holder or holders shall have offered the trustee such reasonable indemnity as the trustee may require, (1v) the trustee shall have failed to institute an action for 60 days thereafter and (v) no inconsistent direction shall have been given to the trustee during such 60-day period by the holders of a majority of the total principal amount of the notes of such series. Such limitations, however, do not apply to any suit instituted by a holder of a note for enforcement of payment of the principal or interest on the notes on or after the respective stated maturity expressed in such notes.

The indenture provides that, subject to the duty of the trustee during default to act with the required standard of care, the trustee will be under no obligation to exercise any of 1ts rights or powers under the indenture at the request or direction of any holders of the notes, unless such holders shall have offered to the trustee reasonable indemnity.

133 CODELCO is required to furnish to the trustee annually a statement as to the performance by CODELCO of certain of its obligations under the indenture and as to any default in such performance.

Payment of Additional Amounts

All payments of principal and stated interest under each series of notes by CODELCO will be made without deduction or withholding for or on account of any present or future taxes, assessments, duties or governmental charges of whatever nature imposed or levied by or on behalf of Chile or any political subdivision or territory or possession thereof or therein (the Taxing Jurisdiction) unless the withholding or deduction of such taxes, assessments, duties or governmental charges is required by law or regulation or by the official interpretation thereof.
In that event, CODELCO will pay to each Holder of a note such additional amounts (Additional Amounts) as may be necessary in order that each net payment on such note after such deduction or withholding will not be less than the amount provided for in such note to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts will not apply to:

(1) any tax, assessment, duty or other governmental charge that would not have been so deducted or withheld but for (1) the existence of any present or former connection between the Holder or the beneficial owner of the note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and the Taxing Jurisdiction imposing such tax, assessment, duty or other governmental charge (including, without limitation, such Holder or beneficial owner (or such fiduciary, settler, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein) other than the mere recelpt of payments in respect of a note or the holding or ownership of a note or beneficial interest therein; or (11) the presentation of a note (where presentation 1s required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

(11) any estate, inheritance, gift, sales, transfer, personal property, capital gains, excise or similar tax, assessment, duty or other governmental charge;

(111) any tax, assessment, duty or other governmental charge that is payable other than by withholding from payments of (or in respect of) principal of, or any interest on, the notes; (1v) any tax, assessment, duty or other governmental charge that would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of the note, 1f compliance 1s required by statute or by regulation of the Taxing Jurisdiction as a precondition to relief or exemption from all or part of such tax, assessment, duty or other governmental charge, or to a reduction in the applicable tax rate, and proper notice has been sent to the Holder or beneficial OWner; or (v) any combination of items (1), (11), (111), and (1v) above.

Nor shall Additional Amounts be paid with respect to any payment of the principal of or any interest on any note to any Holder or beneficial owner that is a fiduciary or partnership or other than the sole beneficial owner of such note to the extent such payment would be required by the laws of the Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had 1t been a Holder of such note.

IfCODELCO pays Additional Amounts in respect of the Chilean withholding tax on payments of interest or premium, if any, made by CODELCO in respect of each series of notes to a Foreign Holder (as defined in Taxation-Chilean Taxation) assessed at a rate 0£ 4.0%, and a refund is provided with respect to such withholding tax, CODELCO shall have the right to receive and be entitled to such funds from the relevant Taxing Jurisdiction.

134 Redemption

CODELCO will not be permitted to redeem the notes before their stated maturity, except as set forth below.
The notes will not be entitled to the benefit of any sinking fund-meaning that CODELCO will not deposit money on a regular basis into any separate account to repay your notes. In addition, you will not be entitled to require CODELCO to repurchase your notes from you before the stated maturity.

Optional Redemption CODELCO may redeem on one or more occasions some or all of the notes before they mature.

Prior to October 13, 2034 (three months prior to their maturity date of the 2035 notes) (the 2035 Par Call Date), CODELCO may redeem the 2035 notes at 1ts option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the 2035 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and

(2) 100% of the principal amount of the 2035 notes to be redeemed, plus, ín either case, accrued and unpaid interest thereon to the redemption date.

Prior to July 13, 2054 (six months prior to their maturity date of the 2055 notes) (the 2055 Par Call Date), CODELCO may redeem the 2055 notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the 2055 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the date of redemption, and

(2) 100% of the principal amount of the 2055 notes to be redeemed, plus, ín either case, accrued and unpaid interest thereon to the redemption date.

On or after the 2035 Par Call Date and the 2055 Par Call Date, as applicable, CODELCO may redeem each series of notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

Treasury Rate means, with respect to any redemption date, the yield determined by CODELCO in accordance with the following two paragraphs.

The Treasury Rate shall be determined by CODELCO after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as Selected Interest Rates (Daily) – H.15 (or any successor designation or publication) (H.15) under the caption U.S. government securities–Treasury constant maturities-Nominal (or any successor caption or heading). In determining the Treasury Rate, CODELCO shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable Par Call Date (the Remaining Life); or (2) 1f there 1s no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15

135 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) 1f there 1s no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

Ifon the third Business Day preceding the redemption date H.15 or any successor designation or publication 1s no longer published, CODELCO shall calculate the Treasury Rate based on the rate per annum equal to the semi- annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the applicable Par Call Date, CODELCO shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, CODELCO shall select from among these two or more United States Treasury securities the United States Treasury security that 1s trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

CODELCO’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. CODELCO will notify the trustee of the redemption price promptly after the calculation thereof and the trustee shall have no duty to determine, or verify the calculation of, the redemption price.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary?s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of notes to be redeemed. For so long as the notes are listed on the Luxembourg Stock Exchange and the rules of the Euro MTF market so require, CODELCO will cause notices of redemption to be announced through the Luxembourg Stock Exchange.

In the case of a partial redemption, selection of definitive notes for redemption will be made by lot. No notes of a principal amount of U.S.$1,000 or less will be redeemed in part. If any note in definitive form is to be redeemed in part only, the notice of redemption that relates to such note will state the portion of the principal amount of the note to be redeemed. A new definitive note in a principal amount equal to the unredeemed portion of such note will be issued in the name of the holder of such note upon surrender for cancellation of the original definitive note. For so long as the notes are held by DTC (or another depositary), the redemption of the notes shall be done in accordance with the policies and procedures of the depositary, which may be made on a pro rata pass-through distribution of principal basis.

Unless CODELCO defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

Tax Redemption

Each series of notes may be redeemed at the election of CODELCO, in whole, but not in part, by the giving of notice as provided in –Notices below (which notice shall be irrevocable), at a price equal to the outstanding principal amount thereof, together with any Additional Amounts and accrued and unpaid interest to the redemption date, 1f, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder, including a holding by a court of competent jurisdiction) of the Taxing Jurisdiction, or any change in the official application, administration or interpretation of such laws, regulations or rulings in such Taxing Jurisdiction,

136 CODELCO has or will become obligated to pay Additional Amounts on the applicable notes in excess of the Additional Amounts that would be payable were payments of interest on the notes subject to the 4.0% of Chilean Interest Withholding Tax (as defined under Taxation-Chilean Taxation) (Excess Additional Amounts), and if such change or amendment is announced or becomes effective on or after the date of the agreement to purchase the notes and such obligation cannot be avoided by CODELCO taking measures 1t considers reasonable and that are available to 1t (for this purpose, reasonable measures shall not include any change in CODELCOS*s or any successors jurisdiction of incorporation or organization or location of its principal executive or registered office); provided, however, that no such notice of redemption shall be given earlier than 60 days prior to the earliest date on which CODELCO would be obligated to pay such Excess Additional Amounts, were a payment in respect of the notes then due. Prior to the giving of notice of redemption of such notes, CODELCO will deliver to the trustee an officers certificate and a written opinion of recognized Chilean counsel independent of CODELCO to the effect that all governmental approvals necessary for CODELCO to effect such redemption, 1f any, have been or at the time of redemption will be obtained and in full force and effect and that CODELCO is entitled to effect such a redemption, and setting forth in reasonable detail the circumstances giving rise to such right of redemption. See Taxation- Chilean Taxation.

Notices

For so long as the notes are outstanding in global form, notices to be given to holders will be given to the depositary, in accordance with 1ts applicable procedures as in effect from time to time. If notes are issued in individual definitive form, notice to holders of the notes will be given by mail to the addresses of such holders as they appear in the security register. In addition, so long as the notes are listed on the Luxembourg Stock Exchange and the rules of such exchange so require, notices will also be published in a leading newspaper having general circulation in Luxembourg (which 1s expected to be Luxemburger Wort) or on the website of the Luxembourg Stock Exchange (www.luxse.com). Any such notice will be deemed to have been delivered on the date of first publication.

Replacement of Notes

In case of mutilated, destroyed, lost or stolen notes, application for replacement thereof may be made to the trustee or CODELCO. Any such note shall be replaced by the trustee in compliance with such procedures, and on such terms as to evidence and indemnification, as the trustee or CODELCO may require and subject to any applicable law or regulation. All such costs as may be incurred in connection with the replacement of any notes shall be borne by the applicant. Mutilated notes must be surrendered before new ones will be issued.

Modification of the Indenture

CODELCO and the trustee may, without the consent of the holders of notes, amend, waive or supplement the indenture or the notes for certain specified purposes, including among other things: (1) to evidence CODELCOs succession by another corporation, and the assumption by such party of CODELCO”s obligations; (11) to add to CODELCOS*”s covenants or surrender any of its rights or powers for the benefit of all or any series of notes; (111) to cure any ambiguity, defect or inconsistency in the indenture; (1v) to provide for the issuance of any new series of securities, andor add to the rights of any holders of any series of notes; (v) to provide for the appointment of a successor trustee; (vi) to add any additional Events of Default for the benefit of any or all series; (vi1) to provide for the issuance of securities in bearer form; and (v111) to make any other change to the indenture as shall not adversely affect the interests of any holder of the notes.

In addition, with certain exceptions, the indenture and the notes may be modified by CODELCO and the trustee with the consent of the holders of a majority in aggregate principal amount of the notes of the series affected thereby then outstanding, but no such modification may be made without the consent of the holder of each outstanding note affected by the modification which would:

(1) change the maturity of any principal of, or any premium on, or any installment of interest on, any note, or reduce the principal amount thereof or the rate of interest or any premium (or Additional Amounts, if any) payable thereon, or change the method of computing the amount of principal thereof or interest or premium (or Additional Amounts, 1f any) payable thereon on any date, or change any place of payment where, or the coin or currency in which, the principal or interest

137 (including Additional Amounts) on any note are payable, or impair the right of holders to institute suit for the enforcement of any such payment on or after the date when due;

(11) reduce the percentage in aggregate principal amount of outstanding notes of such series, where the consent of holders is required for any such modification or for any walver of compliance with certain provisions of the indenture or certain defaults thereunder and their consequences provided for in the indenture; or

(111) modify provisions relating to waiver of certain defaults, waiver of certain covenants and the provisions summarized in this paragraph, including provisions governing the amendment of the indenture, except to increase any such percentage or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holder of each outstanding note affected by the modification.

The indenture provides that the notes owned by CODELCO or any of its affiliates shall be deemed not to be outstanding for, among other purposes, consent to any such modification.

Defeasance and Covenant Defeasance

With respect to each series of notes, CODELCO, at its option, at any time upon the satisfaction of certain conditions described below, may elect to be discharged from 1ts obligations with respect to the notes. In general, upon a defeasance, CODELCO shall be deemed to have paid and discharged the entire indebtedness represented by the applicable notes and to have satisfied all of 1ts obligations under such notes, except for: (1) the rights of holders of notes to receive, solely from the trust fund established for such purposes, payments in respect of the principal of, and interest, and Additional Amounts, 1f any, on the notes when such payments are due; (11) certain provisions relating to ownership, registration and transfer of the notes; (111) the covenant relating to the maintenance of an office or agency in New York City, and (1v) certain provisions relating to the rights, powers, trusts, duties and immunities of the trustee.

In addition, CODELCO, at its option, at any time, upon the satisfaction of certain conditions described below, may discharge its obligation to comply with the covenants specified above under -Consolidation, Merger, Conveyance, Sale or Lease, –Limitation on Liens and -Limitation on Sale-and-Lease-Back Transactions. In order to cause a defeasance or covenant defeasance with respect to the notes, CODELCO will be required to (1) deposit funds or obligations issued by the United States in an amount sufficient to provide for the timely payment of principal, interest and all other amounts due under the notes with the trustee, and (11) satisfy certain other conditions, including delivery to the trustee of an opinion of independent tax counsel of recognized standing to the effect that beneficial owners of notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred.
Such opinion of counsel in the case of defeasance must refer to and be based upon a ruling of the U.S. Internal Revenue Service (IRS) or a change in applicable U.S. federal income tax law occurring after the date of the indenture.

Governing Law; Submission to Jurisdiction; Sovereign Immunity

The indenture provides that 1t and the notes will be governed by, and will be construed and interpreted in accordance with, the law of the State of New York. The indenture provides that CODELCO will maintain at all times during the life of the notes an office or agent in the Borough of Manhattan, The City of New York, upon whom process may be served in any action arising out of or based on the notes which may be instituted in the Supreme Court of the State of New York or the United States District Court for the Southern District of New York, in either case in the Borough of Manhattan, The City of New York, by any holder of a note, and CODELCO will expressly accept the jurisdiction of any such court.

To the extent that CODELCO may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with respect to the notes, to claim for itself or its revenues or assets any immunity from suit, jurisdiction, attachment in aid or execution of a judgment or prior to a judgment, execution of a judgment or any

138 other legal process with respect to 1ts obligations under the notes, and to the extent that in any such jurisdiction there may be attributed to CODELCO such an immunity (whether or not claimed), CODELCO will irrevocably agree not to claim and will irrevocably waive such immunity to the maximum extent permitted by law.

Article 226 of the Mining Code of Chile prohibits the attachment and judicial sale of a debtors mining concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating to those mining concessions, except with respect to mortgages. However, a debtor may consent to such attachment and sale, provided that the consent 1s given in the same judicial proceeding in which the attachment and sale is sought. The general waiver of immunity by CODELCO in the notes will not be effective with respect to immunity under Article 226. In addition, pursuant to the Constitution, mining concessions corresponding to mining deposits exploited by CODELCO upon its creation in 1976 may not be subject to attachment or to any act of disposition by CODELCO.

Further Issues of Notes

With respect to each series of notes, without the consent of the holders, CODELCO may create and issue additional notes with terms and conditions that are the same (or the same except as to scheduled interest payments prior to the time of issue of the additional notes) as the terms and conditions of such series of notes. CODELCO may consolidate the additional notes to form a single series with such notes; provided, however, that unless such additional notes are issued under a separate CUSIP and ISIN number, such additional notes must be part of the same issue as the outstanding series of notes, issued pursuant to a qualified reopening of the outstanding series of notes, or issued with less than a de minimis amount of original issue discount, in each case for U.S. federal income tax purposes.

139 TAXATION General

The following 1s a summary of certain Chilean tax and U.S. federal income tax considerations (and certain EU-related tax consequences) relating to the purchase, ownership and disposition of notes. The summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the notes, and, except to the extent certain EU-related tax consequences are described below, 1t does not describe any tax consequences arising under the laws of any national, state, or local taxing jurisdiction other than the United States and Chile.

This summary is based on the tax laws of Chile and the United States as in effect on the date of this offering memorandum, as well as regulations, rulings and decisions of Chile and the United States available on or before such date and now in effect, and the provisions of the Treaty (as defined below). All of the foregoing is subject to change, which may apply retroactively and could affect the continued validity of this summary.

Prospective purchasers of the notes should consult their own tax advisors as to the Chilean, United States or other tax consequences of the purchase, ownership and disposition of the notes, taking into account the application of the tax considerations discussed below to their particular situation, as well as the application of state, local, foreign or other tax laws.

Chilean Taxation

The following is a general summary of the material consequences under Chilean tax law, as currently in effect, of an investment in the notes made by a Foreign Holder.

On December 19, 2023, the Treaty to Avoid Double Taxation signed between Chile and the United States in 2010 (modified by two reservations in June 2023 by the U.S. Senate) (the Treaty), came into force, after the United States notified Chile of the completion of the approval procedure. The Treaty should not provide a more beneficial tax treatment on withholding taxes than the established Chilean domestic law regarding interest payments made under the notes to foreign holders.

For purposes of this summary, the term Foreign Holder means (1) an individual not resident or domiciled in Chile or (11) a legal entity that 1s not incorporated under the laws of Chile, unless the notes are acquired by or assigned to a branch, agent, representative or a permanent establishment of such entity in Chile. For purposes of Chilean taxation, (a) an individual 1s a resident of Chile if such individual has remained in Chile, uninterruptedly or not, for a period or periods that in total exceed 183 days within a twelve-month period, and (b) an individual is domiciled in Chile if such individual resides in Chile with the actual or presumptive intention of remaining in Chile notwithstanding the time resided in Chile (the intention will be determined according to factual circumstances such as the acceptance of a long-term employment within Chile or the relocation of ones family to Chile, if heshe obtains the majority of hisher income in Chile, or 1f heshe has a principal place of business in Chile).

Under Chiles Income Tax Law, payments of interest or premium, if any, in respect of the notes to a Foreign Holder will generally be subject to a Chilean withholding tax assessed at a rate of 35.0%. However, interest and premium (analogous to interest) from bonds or debentures issued in foreign or local currency by companies Incorporated in Chile (1.e., CODELCO) are subject to a reduced tax rate of 4.0% (the Chilean Interest Withholding Tax).

A Foreign Holder will not be subject to any Chilean taxes in respect of payments of principal made by CODELCO with respect to the notes.

As described above, CODELCO has agreed, subject to specific exceptions and limitations, to pay to the holders of notes Additional Amounts in respect of the Chilean Interest Withholding Tax in order that any interest or premium the Foreign Holder receives, net of the Chilean Interest Withholding Tax, equals the amount which would have been received by such Foreign Holder in the absence of such withholding. See Description of Notes-Payment of Additional Amounts.

140 The Income Tax Law provides that a Foreign Holder 1s subject to income tax on Chilean source income.
Chilean source income is defined by the Income Tax Law as income arising from goods located in Chile or activities performed in Chile, regardless of the domicile or residence of the taxpayer. Article 11 of the Income Tax Law also states that bonds and other private or public securities issued in Chile by taxpayers domiciled, resident or established in Chile, such as CODELCO, will be deemed to be located in Chile. Consequently, as the notes are issued outside of Chile, capital gains arising from the disposition of the notes should not be deemed as Chilean source income.
Therefore, any capital gains realized by a Foreign Holder on the sale or other disposition of the notes issued outside of Chile should not be subject to any Chilean taxes.

A Foreign Holder will not be liable for estate, gift, inheritance or similar taxes with respect to 1ts holdings unless the notes held by a Foreign Holder are either located in Chile at the time of such Foreign Holders death, or, 1f the notes are not located in Chile at the time of a Foreign Holders death, 1f such notes were purchased or acquired with funds obtained from Chilean sources.

As a general rule, the issuance of the notes is subject to stamp tax at a rate of 0.066% per month or fraction thereof elapsed between the issuance and the maturity of the notes, calculated over the principal amount of the notes, with a maximum 0.8% stamp tax over the principal amount, which will be payable by CODELCO. If the stamp tax 1s not paid when due, Chiles stamp tax law imposes penalties (fines, interests, and inflation adjustments), which will also be payable by CODELCO. In addition, until such tax (and any penalty) is paid, Chilean courts would not enforce any action brought with respect to the notes. We have agreed to pay promptly such tax when due.

U.S. Federal Income Taxation

This summary of U.S. federal income tax considerations deals with U.S. Holders (as defined below) that will hold notes as capital assets and whose functional currency is the U.S. dollar. It does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular investors decision to purchase notes and generally does not address the tax treatment of U.S. Holders that may be subject to special tax rules, such as certain banks, tax-exempt entities, partnerships (or entities classified as partnerships for U.S. federal Income tax purposes) or partners therein, insurance companies, regulated investment companies, dealers in securities or currencies, traders in securities electing to mark to market, U.S. expatriates, U.S. Holders holding the notes in connection with a trade or business conducted outside the United States, nonresident alien individuals present in the United States for 183 days or more during a taxable year, or persons that will hold notes as part of an integrated investment (including a straddle) consisting of the notes and one or more other positions. This discussion only addresses U.S. Holders of notes that acquire such notes in this offering at their initial offering price.

As used in this section –U.S. Federal Income Taxation, the term U.S. Holder means a beneficial owner of a note that is a citizen or resident of the United States or a U.S. domestic corporation or that otherwise will be subject to U.S. federal income taxation on a net income basis in respect of the notes.

This summary is based on the U.S. Internal Revenue Code of 1986 (the Code), as amended to the date hereof, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury Regulations, changes to any of which subsequent to the date of this offering memorandum may affect the tax consequences described herein. Moreover, as described above, the Treaty may also affect the tax consequences described herein.
Investors should consult their own tax advisors in determining the tax consequences to them of purchasing, owning, and disposing of the notes, including the application in their particular circumstances of the U.S. federal income tax considerations discussed below, as well as the application of state, local, non-U.S. or other tax laws, the alternative minimum tax or the Medicare tax on net investment income or the special timing rules prescribed under section
451(b) of the Code and possible changes in tax laws.

Qualified Reopening.

For U.S. federal income tax purposes, the 2035 notes are expected to be treated as issued in a qualified reopening of the original 2035 notes and 2055 notes are expected to be treated as issued in a qualified reopening of the original 2055 notes. Debt instruments issued in a qualified reopening are deemed to be part of the same issue as the original debt instruments for U.S. federal income tax purposes. Under the treatment described in this paragraph, the 2035 notes will be deemed to have the same issue date and the same issue price as the original 2035

141 notes and the 2055 notes will be deemed to have the same issue date and the same issue price as the original 2055 notes. This discussion assumes that the 2035 notes are issued in a qualified reopening of the original 2035 notes and the 2055 notes are issued in a qualified reopening of the original 2055 notes.

Pre-Reopening Accrued Interest.

The initial offering price for the notes will include amounts attributable to interest accrued from July 13, 2025, which we call pre-reopening accrued interest. Pre-reopening accrued interest will be included in the accrued interest to be paid on the notes on the first interest payment date after the issuance of the notes. In accordance with applicable U.S. Treasury regulations, for U.S. federal income tax purposes, we will treat the notes as having been issued for a price that does not include any pre-reopening accrued interest. We intend to treat the portion of the first stated interest payment equal to the pre-reopening accrued interest as a nontaxable return of such pre-reopening accrued interest and, accordingly, 1t generally will not be includable in income. U.S. Holders should consult their tax advisors regarding the tax treatment of pre-reopening accrued interest.

Payments of Interest and Additional Amounts.

The gross amount of stated interest and Additional Amounts (1.e., without reduction for Chilean taxes withheld, and not including any amounts representing pre-reopening accrued interest) will be taxable to a U.S.
Holder as ordinary interest income at the time 1t accrues or 1s actually or constructively received in accordance with the holder?s method of accounting for U.S. federal income tax purposes.

A U.S. Holder that purchases the notes offered hereby at a cost (excluding any amount attributable to pre- reopening accrued interest) greater than the principal amount of those notes will be considered to have purchased those notes at a premium, and generally may elect to amortize the premium (as an offset to interest income) using a constant yield method over the remaining term of those notes. However, because we may redeem the notes prior to maturity at a premium, special rules apply that may reduce, eliminate or defer the amount of premium that a U.S.
Holder may amortize with respect to the notes. Ifa U.S. Holder makes the election to amortize premium, it generally will apply to all taxable debt instruments that the U.S. Holder holds during the taxable year for which the election is made, as well as any taxable debt instruments that such U.S. Holder subsequently acquires. In addition, a U.S. Holder may not revoke the election without the consent of the IRS. U.S. Holders that elect to amortize the premium will be required to reduce their adjusted tax basis in the notes by the amount of premium amortized during their holding period. For U.S. Holders that do not elect to amortize premium, the amount of premium will be included in their adjusted tax basis in the notes. Therefore, 1f a U.S. Holder does not elect to amortize premium and holds the notes to maturity, such U.S. Holder generally will be required to treat the premium as capital loss when the notes mature.

Subject to generally applicable limitations and conditions, Chilean interest withholding tax paid at the appropriate rate applicable to the U.S. Holder may be eligible for credit against such U.S. Holder*s U.S. federal income tax liability. These generally applicable limitations and conditions include requirements adopted by the IRS in regulations promulgated in December 2021 and any Chilean tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. Holder. In the case of a U.S. Holder that either (1) 1s eligible for, and properly elects, the benefits of the Treaty, or (11) consistently elects to apply a modified version of these rules under temporary guidance and complies with specific requirements set forth in such guidance, the Chilean tax on interest generally will be treated as meeting the requirements and therefore as a creditable tax. In the case of all other U.S.
Holders, the application of these requirements to the Chilean tax on interest is uncertain and we have not determined whether these requirements have been met. If the Chilean tax 1s not a creditable tax for a U.S. Holder or the U.S.
Holder does not elect to claim a foreign tax credit for any foreign income taxes, the U.S. Holder may be able to deduct the Chilean tax in computing the U.S. Holders taxable income for U.S. federal income tax purposes, subject to applicable limitations and requirements. Interest and Additional Amounts will constitute income from sources without the United States and, for U.S. Holders that validly claim foreign tax credits, generally will constitute passive category income for foreign tax credit purposes.

The availability and calculation of foreign tax credits and deductions for foreign taxes may depend on a
U.S. Holders particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary guidance can be relied upon until additional

142 guidance is issued that withdraws the temporary guidance. U.S. Holders should consult their own tax advisors regarding the application of these rules to their particular situations.

Taxation of Dispositions. A U.S. Holder will generally recognize taxable gain or loss upon the sale, exchange, redemption or other taxable disposition of the notes in an amount equal to the difference between the amount realized upon such sale, exchange, redemption or other disposition (less any accrued interest and, in the case of a redemption, any Additional Amounts with respect to accrued interest, which will be taxable in the manner described above under –Payments of Interest and Additional Amounts) and such U.S. Holders adjusted tax basis in those notes. A U.S. Holders adjusted tax basis in a note will generally equal the cost of the note to such Holder (excluding any amount attributable to pre-reopening accrued interest) reduced by any amortizable bond premium previously amortized. Such gain or loss will generally be capital gain or loss, and will be long-term capital gain or loss 1f the notes are held for more than one year. Certain non-corporate U.S. Holders (including individuals) may be eligible for a preferential rate in respect of long-term capital gain. The deduction of capital losses 1s subject to limitations.

Specified Foreign Financial Asset Reporting. Certain U.S. Holders that own specified foreign financial assets with an aggregate value in excess of U.S.$50,000 on the last day of the taxable year or U.S.$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets. Specified foreign financial assets include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer (which may include the notes issued in certificated form) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. Holders who fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. Prospective investors should consult their own tax advisors concerning the application of these rules to their investment in the notes in their particular circumstances.

Information Reporting and Backup Withholding. Payments of interest and Additional Amounts on the notes and sales or redemption proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting and to backup withholding unless the holder is an exempt recipient that, if required, establishes 1ts exemption or in the case of backup withholding, the holder provides a correct taxpayer identification number and certifies that 1t is not subject to backup withholding.

Any amounts withheld under the backup withholding rules from a payment to a holder generally will be refunded (or credited against such holder?s U.S. federal income tax liability, 1f any), provided the required information is properly furnished to the IRS on a timely basis.

The Proposed European Financial Transaction Tax

On February 14, 2013, the European Commission published a proposal for a directive for a common financial transaction tax (the FTT) in Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain (the Participating Member States). Political consensus on a final directive for the FTT has not yet been achieved. Additional EU Member States may decide to participate andor certain of the Participating Member States (in addition to Estonia which meanwhile withdrew) may decide to withdraw.

Whether the FTT will ultimately be implemented and, if so, in what form, as well as the transactions that may be covered by it, is uncertain at this stage. If enacted, the FTT could apply under certain circumstances to transactions involving the notes. The mechanism by which the FTT would be applied and collected 1s not yet known, but ifthe FTT or any similar tax 1s adopted, transactions in the notes could be subject to higher costs, and the liquidity of the market for the notes may be diminished.

Prospective holders of the notes are advised to seek their own professional advice in relation to the consequences of the FTT that could be associated with subscribing for, purchasing, holding and disposing of the notes.

143 PLAN OF DISTRIBUTION

Subject to the terms and conditions of the purchase agreement among CODELCO, BofA Securities, Inc., Crédit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC, the initial purchasers have severally, and not jointly, agreed to purchase from the Company the following respective principal amounts of notes listed opposite their name below at the initial offering prices set forth on the cover page of this offering memorandum, less commissions:

Principal Amount of Principal Amount of Initial Purchasers 2035 Notes 2055 Notes (in U.S.$) BOofA Securitl8s, ÍNC……ooooooocccnnnnnonooonccnnnnnnonancnnnnnnnnananancnnnnos $175,000,000 $175,000,000 Crédit Agricole Securities (USA) INC. …ooconcnncncnnonicncncncccnino $175,000,000 $175,000,000 II A $175,000,000 $175,000,000 Santander US Capital Markets LLC ..ooococnnnnnnnonoooonnnnnnnnnnnnss $175,000,000 $175,000,000 Tot ccccnnnncnononooooooooooooonnnerrrrrrrrrrns $700,000,000 $700,000,000

The purchase agreement provides that the obligations of the several initial purchasers to purchase the notes offered hereby are subject to certain conditions precedent and that the initial purchasers will purchase all of the notes offered by this offering memorandum if any of these notes are purchased. The initial purchasers may use any of their affiliates to offer and sell any of the notes. The initial purchasers are offering the notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the notes, and other conditions contained in the purchase agreement, such as the receipt by the initial purchasers of officer?s certificates and legal opinions. The initial purchasers reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

After the initial offering, the initial purchasers may change the offering price and other selling terms.

CODELCO has agreed to indemnify the initial purchasers against certain liabilities, including liabilities under the Securities Act, and to contribute to payments the initial purchasers may be required to make in respect of any of these liabilities.

The notes have not been registered under the Securities Act. Each initial purchaser has agreed that 1t will offer or sell the notes only (1) in the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act or (11) in offshore transactions in reliance on Regulation S under the Securities Act. The notes being offered and sold pursuant to Regulation S may not be offered, sold or delivered in the United States or to, or for the account or benefit of, any U.S. person, unless the notes are registered under the Securities Act or an exemption from, the registration requirements thereof 1s available. Resales of the notes are restricted as described under Transfer Restrictions.

Until forty (40) days after the later of the commencement of the offering and the closing date, any offer or sale of notes within the United States by a broker-dealer (whether or not participating in this offering) may violate the registration requirements of the Securities Act, unless such offer or sale 1s made pursuant to Rule 144A under the Securities Act or another available exemption from the registration requirements thereof. Terms used above have the meanings given to them by Regulation S and Rule 144A under the Securities Act.

CODELCO has agreed, that for a period of 30 days from the date of the purchase agreement, CODELCO will not, without prior consent of the initial purchasers, offer, sell or contract to sell, or otherwise dispose of (or enter into any transaction which 1s designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by CODELCO or any affiliate of CODELCO or any person in privity with CODELCO or any of its affiliates), directly or indirectly, or announce any public or broadly marketed offering of, any U.S. dollar-denominated debt securities issued or guaranteed by CODELCO in the international capital markets (other than the notes).

144 Each series of notes 1s a new issue of securities without an established trading market. We intend to apply to list both series of notes on the Official List of the Luxembourg Stock Exchange; however, neither series of notes have been listed yet. Both series of notes are expected to trade on the Euro MTF market of the Luxembourg Stock Exchange. See General Information-Listing. The initial purchasers may make a market in the notes after completion of the offering, but will not be obligated to do so and may discontinue any market-making activities at any time without notice. No assurance can be given as to the liquidity of the trading market for the notes or that an active market for the notes will develop. Ifan active public trading market for the notes does not develop, the market price and liquidity of the notes may be adversely affected. If notes of a series are traded, they may trade at a discount from their initial offering price, depending on prevailing interest rates, the market for similar securities, our operating performance and financial condition, general economic conditions and other factors.

In connection with the offering of each series of notes, the initial purchasers may engage in overallotment, stabilizing transactions and syndicate covering transactions. Overallotment involves sales in excess of the offering size, which creates a short position for the initial purchasers. Stabilizing transactions involve bids to purchase the notes in the open market for the purpose of pegging, fixing or maintaining the price of the notes. Syndicate covering transactions involve purchases of the notes in the open market after the distribution has been completed in order to cover short positions. Stabilizing transactions and syndicate covering transactions may cause the price of the notes to be higher than 1t would otherwise be in the absence of those transactions. If the initial purchasers engage in stabilizing or syndicate covering transactions, they may discontinue them at any time without notice.

The initial purchasers and therr affiliates have performed and may in the future perform certain commercial banking, investment banking or advisory services for us from time to time for which they have received customary fees and expenses. The initial purchasers may, from time to time, continue to engage in transactions with and perform services for us in the ordinary course of their business.

In addition, in the ordinary course of their business activities, the initial purchasers and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities andor instruments of ours or our affiliates. Certain of the initial purchasers or their affiliates that have a lending relationship with us routinely hedge, and certain other of those initial purchasers or their affiliates that have a lending relationship with us may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, such initial purchasers and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the notes offered hereby. Any such short positions could adversely affect future trading prices of the notes offered hereby.
The initial purchasers and their affiliates may also make investment recommendations andor publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to customer that they acquire, long andor short positions in such securities and instruments.

Delivery of the notes is expected on or about October 2, 2025, which will be the third business day following the date of pricing of the notes (this settlement cycle being referred to as T+3). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day prior to delivery of the notes hereunder will be required, by virtue of the fact that the notes initially may settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement.
Purchasers of the notes who wish to trade notes prior to the business day before their date of delivery hereunder should consult their own advisor.

Notice to Prospective Investors in the European Economic Area (EEA) The notes are not intended to be offered, sold or otherwise made available to and will not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who 1s one (or more) of:

(1) a retail client as defined in point (11) of Article 4(1) of MIFID IP; or

145
(11) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MIFID Il.

Consequently, no key information document required by Regulation (EU) No 12862014 (as amended, the PRIIPs Regulation) for offering or selling the notes or otherwise making them available to retail investors in the EEA, has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

Notice to Prospective Investors in the United Kingdom

The notes are not intended to be offered, sold or otherwise made available to and will not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who 1s one (or more) of:

(1) A retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017565 as 1t forms part of domestic law by virtue of the EUWA; or

(11) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the FSMA) and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 6002014 as 1t forms part of domestic law by virtue of the EUWA.

Consequently, no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue ofthe EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

This offering memorandum is for distribution only to and is directed only at (1) persons who are outside the United Kingdom or (11) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) or (111) high net worth companies and other persons to whom 1t may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as relevant persons). The notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with relevant persons. Any person who 1s not a relevant person should not act or rely on this document or any of its contents.

Notice to Prospective Investors in Canada

The notes may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages 1f this offering memorandum (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchasers province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchasers province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the initial purchasers are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

146 Notice to Prospective Investors in Brazil

The offer and sale of the notes have not been and will not be registered with the Brazilian Securities Commission (comissáo de valores mobiliarios, or CVM) and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated 13 July 2022, as amended (CVM Resolution 160) or unauthorized distribution under Brazilian laws and regulations. The notes will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the notes through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of the notes on regulated securities markets in Brazil 1s prohibited.

Notice to Prospective Investors in Hong Kong

The notes may not be offered or sold in Hong Kong by means of any document other than (a) to professional investors as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the SFO) and any rules made under the SFO Ordinance; or (b) in other circumstances which do not result in the document being a prospectus as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that ordinance; and no advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which 1s directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except 1f permitted to do so under the securities laws of Hong Kong) other than with respect to the notes which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under that ordinance.

Notice to Prospective Investors in Italy

The offer of the notes has not been registered with the Commissione Nazionale per le Societa e la Borsa (Italian Securities and Exchange Commission, or the CONSOB) pursuant to Italian securities legislation and, accordingly, the notes may not be offered, sold or distributed to the public in the Republic of Italy (Italy) nor may copies of this offering memorandum or of any other document relating to the notes be distributed in Italy, except:

(1) to investitori qualificati (qualified investors), as defined in Article 2, paragraph (e) of the Prospectus Regulation as implemented by Article 34-ter of CONSOB Regulation No.11971 of May 14, 1999, as amended from time to time, (the Issuers Regulation); or

(11) in any other circumstances where an express exemption from compliance with the restrictions on offers to the public applies, as provided under Article 100 of the Italian Legislative Decree No.58 of February 24, 1998, as amended from time to time, (the Financial Services Act) and Article
34-ter of the Issuers Regulation.

Moreover, and subject to the foregoing, any offer, sale or delivery of the notes or distribution of copies of this offering memorandum or any other document relating to the notes in Italy under (1) or (11) above must be:

(1) made by an investment firm, bank or financial intermediary permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended from time to time (the Banking Act);

(11) in compliance with Article 129 of the Banking Act and the implementing guidelines of the Bank of Italy, as amended from time to time, pursuant to which the Bank of Italy may request information on the issue or the offer of securities in Italy; and

(111) in compliance with any other applicable laws and regulations or requirement imposed by the Bank of Italy, CONSOB or other Italian authority.

147 Any investor purchasing the notes in this offering 1s solely responsible for ensuring that any offer or resale of the notes 1t purchased in the offering occurs in compliance with applicable Italian laws and regulations.

Notice to Prospective Investors in Japan

The notes have not been and will not be registered under the Financial Instruments and Exchange Act, and the notes have not been offered or sold and will not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except as pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan.

Notice to Prospective Investors in Singapore

This offering memorandum has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this offering memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, of such notes, whether directly or indirectly, to persons in Singapore other than (1) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA), (11) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or
(111) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the notes are subseribed or purchased under Section 275 of the SFA by a relevant person which is:

(1) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which 1s owned by one or more individuals, each of whom is an accredited investor; or

(11) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust 1s an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the notes pursuant to an offer made under Section 275 of the SFA, except:

(1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), or to any person arising from an offer referred to in Section 275(1A), or Section 276(41(1(B) of the SFA;

(11) where no consideration is or will be given for the transfer;

(111) where the transfer is by operation of law; (1v) as specified in Section 276(7) of the SFA; or (v) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

Notification under Section 309(B)(1)(c) of the SFA. The Company has determined that the Securities are (A) prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and (B) Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

148 Notice to Prospective Investors in Switzerland

The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (FinSA) and no application has or will be made to admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this document nor any other offering or marketing material relating to the notes, constitutes or will constitute a prospectus pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly available in Switzerland.

Notice to Prospective Investors in Chile

The notes may not be offered or sold in Chile, directly or indirectly, by means of a Public Offer (as defined under Law No. 18,045 and regulations from the CMF). Chilean institutional investors (such as banks, pension funds and insurance companies) are required to comply with specific restrictions relating to the purchase of the notes. Pursuant to Chilean law, a public offering of securities 1s an offering that is addressed to the general public or to certain specific categories or groups thereof. Considering that the definition of public offering is quite broad, even an offering addressed to a small group of investors may be considered to be addressed to a certain specific category or group of the public and therefore be considered public under applicable law. On June 27, 2012, the CMF issued Norma de Carácter General No. 336 (General Rule No. 336, hereinafter NCG 336), which 1s intended to govern the private offering of securities in Chile. NCG 336 provides that the offering of securities that meet the conditions described therein shall not be considered public offerings in Chile and shall be exempted from complying with the general rules applicable to public offerings.

The following information is provided to prospective investors pursuant to NCG 336:

l. Date of commencement of the offer: September 29, 2025. The offer of the notes is subject to CMF rule (norma de caracter general) No. 336, dated June 27, 2012, as amended, issued by the CMF.

2. The subject matter of this offer are securities not registered with the securities registry (registro de valores) or the foreign securities registry (registro de valores extranjeros) kept by the CMF. As a consequence, the notes are not subject to the oversight of the CMF.

3. Since the notes are not registered in Chile, the issuer 1s not obliged to provide public information about the notes in Chile.

4. The notes shall not be subject to public offering in Chile unless registered with the relevant securities registry kept by the CMF.

Notice to Prospective Investors in China

The notes are not being offered or sold and may not be offered or sold, directly or indirectly, in the Peoples Republic of China (the PRC) (for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan), except as permitted by the securities laws of the PRC.

Notice to Prospective Investors in the Dubai International Financial Centre

This offering memorandum relates to an Exempt Offer in accordance with the Markets Rules 2012 of the Dubai Financial Services Authority (DFSA). This offering memorandum is intended for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this offering memorandum nor taken steps to verify the information set forth herein and has no responsibility for this offering memorandum. The notes to which this offering memorandum relates may be illiquid andor subject to restrictions on their resale. Prospective purchasers of the notes offered should conduct their own due diligence on the notes. If you do not understand the contents of this offering memorandum, you should consult an authorized financial advisor.

149 Notice to Prospective Investors in Taiwan

The notes have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and the notes may not be sold, issued or offered within Tarwan through a public offering or in a circumstance which constitutes an offer within the meaning of the Securities and Exchange Act of Tarwan requiring registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Tarwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the notes in Taiwan.

Notice to Prospective Investors in the Republic of Korea

The notes have not been and will not be offered, delivered or sold directly or indirectly in Korea or to any resident of Korea except as otherwise permitted under applicable Korean laws and regulations.

150 TRANSFER RESTRICTIONS

The notes have not been and will not be registered under the Securities Act or with any securities regulatory authority in any jurisdiction and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons except that notes may be offered or sold to (1) Qualified Institutional Buyers (QIBs) in reliance upon the exemption from the registration requirement of the Securities Act provided by Rule 144A and (11) persons other than U.S. persons as such term is defined in Regulation S under the Securities Act (Foreign Purchasers) in offshore transactions in reliance upon Regulation $.

Each purchaser of the notes that is not a Foreign Purchaser will be deemed to:

(1) represent that 1t is purchasing the notes for its own account or an account with respect to which it exercises sole investment discretion and that 1t and any such account is a QIB and is aware that the sale to 1t is being made in reliance on Rule 144A;

(11) acknowledge that the notes have not been and will not be registered under the Securities Act or with any securities regulatory authority in any jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except as set forth below;

(111) agree that 1f 1t should resell or otherwise transfer the securities, 1t will do so only pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, in each case in accordance with all applicable securities laws of the states of the United States or any other applicable jurisdiction; (1v) agree that 1t will deliver to each person to whom it transfers notes notice of any restrictions on transfer of such notes; (v) agree that 1t 1s not an affiliate (within the meaning of Rule 144 under the Securities Act) of the Bank; and (vi) acknowledge that CODELCO, the trustee, the initial purchasers and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements. If it is acquiring any notes for the account of one or more QIBs, 1t represents that 1t has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account. If any of the acknowledgements, representations or agreements 1t 1s deemed to have been made by the purchase of notes is no longer accurate, 1t will promptly notify CODELCO and the initial purchasers.

Each 144A Global Note will bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) OR ANY STATE SECURITIES LAW. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MA Y BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (RULE 144A)) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR (B) IT IS A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS OF PARAGRAPH (k)2)G) OF RULE 902 UNDER) REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE NOTES EVIDENCED HEREBY UNDER RULE 144(d) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTES EXCEPT IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF

151 THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND ONLY (A) TO THE ISSUER OR A SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHOM THE SELLER REASONABLY BELITEVES IS A QUALTFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALITFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION (IF APPLICABLE). PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (E) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. THIS NOTE IS SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF, THIS LEGEND WILL BE REMOVED ONLY AT THE OPTION OF THE ISSUER.

Each purchaser of notes that is a Foreign Purchaser will be deemed to:

(1) represent that 1t is purchasing the notes for its own account or an account for which 1t exercises sole investment discretion and that 1t and any such account is a Foreign Purchaser that is outside the United States and acknowledge that the notes have not been and will not be registered under the Securities Act or with any securities regulatory authority in any jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except as set forth below; and

(11) agree that 1f 1t should resell or otherwise transfer the notes prior to the expiration of a restricted period (defined as 40 days after the later ofthe commencement of the offering and the closing date with respect to the notes), 1t will do so only (aJX(1) outside the United States in compliance with Rule 904 under the Securities Act or (2) to a QIB in compliance with Rule 144A, and (b) in accordance with all applicable securities laws of the states of the United States or any other applicable jurisdiction.

Each Regulation S Global Note will bear the following legend:

THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR WITH ANY SECURITIES REGULATORY AGENCY IN ANY JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, THIS SECURITY IS SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. PRIOR TO THE EXPIRATION OF A 40-DAY RESTRICTED PERIOD OR SUCH LATER DATE AS THE COMPANY MAY NOTIFY TO THE TRUSTEE, THIS SECURITY, OR ANY BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A)J(1) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (2) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT IN COMPLIANCE WITH RULE 144A, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

152 The transfer or exchange of a beneficial interest in a Regulation S Global Note for a beneficial interest in a corresponding 144A Global Note prior to the expiration of the restricted period will be made only in accordance with applicable procedures upon receipt by the trustee of a duly completed certificate from the transferor to the effect that such transfer is being made in accordance with Rule 144A under the Securities Act. Such written certification will no longer be required after the expiration of the restricted period. The transfer or exchange of a beneficial interests in a Rule 144A Global Note for a corresponding beneficial interest in a Regulation S Global Note, whether before or after the expiration of the restricted period, will be made only upon receipt by the trustee of a written certification from the transferor to the effect that such transfer is being made in accordance with Regulation S under the Securities Act.

For so long as the notes are listed on the Luxembourg Stock Exchange, 1f the notes are ever issued in certificated form: . Certificated Notes will be delivered by the trustee as described in this offering memorandum and at the offices of the paying agent; and . holders of notes in certificated form will be able to transfer or exchange their notes at the offices of the transfer agent.

Any resale or other transfer, or attempted resale of other transfer, made other than in compliance with the above stated restrictions shall not be recognized by us.

For further discussion of the requirements (including the presentation of transfer certificates) under the indenture to effect exchanges or transfers of interests in Global Notes, see Description of Notes-Registration, Form and Delivery-Certain Book-Entry Procedures for the Global Notes.

We have prepared this offering memorandum solely for use in connection with the offer and sale of the notes outside the United States, for the private placement of the notes in the United States and for the listing on the Luxembourg Stock Exchange. We and the initial purchasers reserve the right to reject any offer to purchase, in whole or in part, for any reason, or to sell less than the amount of notes offered pursuant to Rule 144A under the Securities Act. This offering memorandum does not constitute an offer to any person in the United States other than any QIB under the Securities Act to whom an offer has been made directly by the initial purchasers or an affiliate of the initial purchasers.

Each purchaser of notes must comply with all applicable laws and regulations in force in any jurisdiction in which it purchases, offers or sells notes or possesses or distributes this offering memorandum or any part of it and must obtain any consent, approval or permission required by it for the purchase, offer or sale by 1t of notes under the laws and regulations in force in any jurisdiction to which it 1s subject or in which 1t makes such purchases, offers or resales, and neither the Company nor the initial purchasers shall have any responsibility therefor.

153 VALIDITY OF THE NOTES

The validity of the notes will be passed upon for CODELCO by Cleary Gottlieb Steen £ Hamilton LLP, New York, New York, United States counsel for CODELCO, and by Carey y Cía. Ltda., Chilean counsel to CODELCO, and for the initial purchasers by Allen Overy Shearman Sterling US LLP, special New York, New York, United States counsel for the initial purchasers, and by Garrigues Chile Limitada, special Chilean counsel for the initial purchasers. Cleary Gottlieb Steen £ Hamilton LLP may rely without independent investigation as to all matters of Chilean law on Carey y Cía. Ltda., and Allen Overy Shearman Sterling US LLP may rely without independent investigation as to all matters of Chilean law on Garrigues Chile Limitada.

154 INDEPENDENT AUDITORS

The financial statements of CODELCO and its subsidiaries as of and for the years ended December 31, 2024 and 2023, and as of and for the years ended December 31, 2023 and 2022, included in this offering memorandum, have been audited by PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada, independent auditors, as stated in their report appearing herein.

155 GLOSSARY OF CERTAIN MINING TERMS

Andesite: A fine-gramed volcanic rock, usually dark grey in color, with an average composition of
50.0-60.0% sulphur dioxide.

Anode Copper: Blister copper that has undergone further refinement to remove impurities. In an anode furnace, the blister copper 1s blown with air and a hydrocarbon redundant to upgrade its purity to approximately 99.5% copper.
It is then cast into keystone-shaped slabs that are shipped to an electrolytic refinery.

Anodic Slime: Á product with a high content of precious metals that settles on the bottom of an electrolytic cell in the copper refinery during the production of copper cathodes. The product is called anode, or anodic, slime due to 1ts muddy appearance. Anode slimes have a high commercial value based on their precious metals content (silver, gold, platinam and palladium).

Blister Copper: Copper that has been cast after passing through a converter. Blister copper is approximately 99.0% copper and takes its name from the blisters that form on the surface during cooling.

Breccia: A rock conglomerate made up of highly angular coarse fragments.

Calcopyrite: A combination of copper and iron sulfide with a metallic yellow-gold color, containing 34.7% copper,
30.0% iron and 26.0% sulfur.

Cathode: Copper produced by an electrochemical refining process that has been melted and cast into cakes, billets, wire bars or rods usually weighing approximately 90kg.

Concentration: The process by which crushed and ground ore is separated into metal concentrates and reject material through processes such as flotation. Concentrates are shipped to a smelter for further processing.

Concentrator: A plant where concentration takes place.
Converter: A plant that conducts a principal phase of the smelting process, blowing oxygen-enriched air through, molten metal, causing oxidation and the removal of sulfur and other impurities. In the case of copper, the product of this process is blister copper.

Copper Concentrate: A product of the concentrator usually containing 25.0% to 30.0% copper. It is the raw feed material for smelting.

Copper Grade: The concentration of copper in a given volume of rock, usually expressed as a percentage.

Dacite: A fine-grained volcanic rock similar in composition to andesite but containing a greater abundance of quartz crystals that are frequently visible to the naked eye.

Development: Activities related to the building of infrastructure and the stripping and opening of mineral deposits, commencing when economically recoverable reserves can reasonably be estimated to exist and generally continuing until commercial production begins.

Diorite: A dark, coarsely crystalline igneous rock, similar in composition to granite that is composed principally of silica, alumina, calcium and iron.

Electrolytic Refining: Electrochemical refining of copper anodes. Copper anodes are placed between layers of refined copper sheets in a tank through which an acid copper sulfate solution is circulated. A low voltage current is introduced, causing the transfer of copper from the anodes to the pure copper sheets, and producing 99.98% copper cathodes. Impurities, often containing precious metals, settle to the bottom of the tank.

Electrowinning: The process of directly recovering copper from solution by the action of electric currents.

156 Exploration: Activities associated with ascertaining the existence, location, extent or quality of a mineral deposit.
Fine Copper: 99.99% pure copper obtained through metallurgical processes.

Flotation: Á process of copper concentrate production in which mineral particles attach themselves to the bubbles in an oily froth and rise to the surface, where they are skimmed off. This process is used primarily for the concentration of sulfide ores.

Flux: A high grade silica, which reacts with iron oxides formed during smelting and converting stages to create a molten slag.

Geological Resources (measured, indicated and inferred): Concentrations or occurrences of materials in such form, quantity (tonnage and ore grade) and quality, based on specific geological evidence and knowledge, which allows for the calculation of the amount, ore grade and quality of the material with some level of confidence.

Grade A Copper: Electrolytic copper, in the form of cathodes, that (1) 1s at least 99.99% pure, (11) meets the LMEs highest standards for copper quality, and (111) 18 named in the LME-approved list of brands of Grade A copper.

Indicated Resources (geological or mineral resources): Resources about which CODELCOs knowledge is substantial but less extensive than 1ts knowledge of measured resources.

Inferred Resources (geological or mineral resources): Resources about which CODELCOs knowledge is only indirect.

Intrusion: Á geologic processes in which magmatic material flows to the earth?s surface through pre-existing rocks.
Leached Capping: An abundant mass of iron oxide concentrated in the upper zones of a porphyry copper deposit.

Leaching: The process of extracting a soluble metallic compound from an ore by selectively dissolving it in a suitable solvent.

Matte: A high density liquid that is produced during the concentrate fusion stage of the pyro-metallurgical process.

Matte Sulfide: A high density liquid containing copper and iron sulfides that is produced of the concentrate fusion stage of the pyro-metallurgical process.

Measured Resources (geological or mineral resources): Resources about which CODELCOs knowledge 1s both extensive and direct.

Milling: A treatment process in which ore is ground into a fine powder.
Mine: Mines are the source of mineral -bearing material found near the surface or deep in the ground.

Mineral Deposit: A mineralized underground body that has been probed by a sufficient number of closely -spaced drill holes andor underground sampling measurements to support an estimate of sufficient tonnage and ore grade to warrant further exploration or development. Mineral deposits or mineralized materials do not qualify as commercially minable ore reserves (i.e., proved reserves or probable reserves), as prescribed under standards of the
U.S. Bureau of Mines Circular 831 0f£ 1980, until a final and comprehensive economic, technical, and legal feasibility study based upon the test results has been concluded.

Mineral Resources (measured, indicated and inferred): Geological resources about which CODELCO has achieved increased knowledge and which enable CODELCO to generate a long-term mining plan for the exploitation of such resources.

Mineralization: A deposit of rock containing one or more minerals for which the economics of recovery have not yet been established.

157 Molybdenum: A metallic element, grayish in color, that resembles chromium and tungsten in many properties, and 1s used especially in strengthening and hardening steel.

Ore: A mineral or aggregate of minerals from which metal can be economically mined or extracted.
Ore Grade: The average amount of metal expressed as a percentage or in ounces per metric ton.
Ore Deposit: Category including all geological resources, mineral resources and ore reserves.

Ore Reserves: The economically mineable part of a mineral resource.

Ounces: Unit of weight. A troy ounce equals 31,103 grams or 1.097 avoirdupois ounces.
Outokumpu Flash Furnace: Pyro-metallurgical technology used to smelt copper concentrate.
Overburden: The alluvium and rock that must be removed in order to expose an ore deposit.

Oxide Ore: Metalliferous minerals altered by weathering, surface waters, and their conversion, partly or wholly, into oxides, carbonates, or sulfates.

Pierce Smith Converter: Horizontal furnace to remove impurities from white metal by oxidation.
Porphyry: Rock with siliceous minerals and fine-medium grained size.
Porphyry-type Ore Body: Deposit of porphyric rocks with economic mineralization.

Probable Ore Reserves: Ore reserves about which CODELCOs knowledge is substantial but less extensive than 1ts knowledge of proved ore reserves.

Proved Ore Reserves: Ore reserves about which CODELCOs knowledge is both extensive and direct. Quantities of proved ore reserves are computed from dimensions revealed in outcrops, trenches, workings or drill holes, and grade and quality are computed from the results of detailed sampling. Sites for inspection, sampling and measurement of proved ore reserves are spaced so closely together, and the geologic character of the ore 1s so well defined, that 1ts size, shape, depth and mineral content are well established.

Reclamation: The process of restoring mined land to a condition established by applicable law. Reclamation standards vary widely, but usually address issues of ground and surface water, topsoil, final slope gradients, overburden and revegetation.

Refining: The purification of crude metallic substances.

Reverberatory Furnace: A furnace with a shallow hearth and a ceiling that reflects flames toward the hearth or radiates heat toward the surface of the charge.

Rod Mill: A large rotating cylinder in which metal rods are used for grinding ore.

Slag: A residue of the smelting process containing iron and other impurities, which the Company disposes of with 1ts other industrial solid waste.

Smelting: A pyro-metallurgical process in which metal is separated by fusion from those impurities with which it may be chemically combined or physically mixed.

Solvent Extraction: A method of separating one or more substances from a chemical solution by treatment with a suitable organic solvent.

158 Subvertical: Amount of waste material removed during mining per metric ton of ore extracted in a near-vertical spatial orientation.

Sulfide Ore: Ore characterized by the inclusion of metal in the crystal structure of a sulfide mineral.

Tabular: Having a near-rectangular geometric configuration close to a rectangular shape.

Tailings: Finely ground rock from which valuable minerals have been extracted by concentration.

Teniente Converter: A horizontal rotary furnace into which matte, concentrates and flux are placed, and through which oxygen-rich air is blown to provide sufficient heat to smelt the concentrates. Off-gases are captured and transported to the acid plant.

Teniente Modified Converter: An advanced pyro-metallurgical technology used to smelt copper concentrate.

Ton: A unit of weight. One metric ton equals 2,204.6 pounds. One short ton equals 2,000 pounds. Unless otherwise specified in this document, tons refers to metric tons.

Tourmaline: A dark-green hydrosilicate that exists in altered rock zones in some ore deposits.

159 GENERAL INFORMATION Authorization

The Ministry of Finance of Chile authorized CODELCO to commence negotiations to issue bonds abroad through Resolution (Oficio Ordinario) No. 1,625 dated August 6, 2025. The Ministry of Finance of Chile authorized the issuance of the notes by Resolution No. 2066 dated September 27, 2025,

CODELCOS*s Board of Directors authorized the issuance of the notes in its ordinary session of August 28, 2025 by means of Reserved Agreement No. 412025. CODELCO has obtained all other consents and authorizations necessary under Chilean law for the issuance of the notes.

Litigation

CODELCO is not involved in any litigation or arbitration proceeding which is material in the context of the issuance of the notes. CODELCO is not aware of any material litigation or arbitration proceeding that is pending or threatened.

Clearing

CODELCO has applied to have the notes accepted into DTCs book-entry settlement system. The notes have been accepted for clearance through the clearing systems of Euroclear System and Clearstream Banking, S.A.
The notes offered hereby and sold in reliance on Regulation S will have temporary CUSIP and ISIN numbers during a 40-day distribution compliance period commencing on the Issue Date. After such 40-day distribution compliance period, the notes offered hereby and sold in reliance on Regulation S will have the same CUSIP and ISIN numbers as, and will be fungible with, the original notes issued on January 13, 2025 sold in reliance on Regulation S. The notes offered and sold in reliance on Rule 144A will have, commencing on their date of issuance, the same CUSIP and ISIN numbers as, and will be fungible with, the original notes issued on January 13, 2025 and offered and sold in reliance on Rule 144A.

The securities codes for the 2035 notes are:

CUSIP Number ISIN Number Rule 144A Global Note 21987B BL1 US21987BBL18 Regulation S Global Note P3143N BVS USP3143NBVS57 Temporary CUSIP Number Temporary ISIN Number Regulation S Global Note P3143N BX1 USP3143NBX14 The securities codes for the 2055 notes are: CUSIP Number ISIN Number Rule 144A Global Note 21987B BM9 US21987BBM90 Regulation S Global Note P3143N BW3 USP3143NBW31 Temporary CUSIP Number Temporary ISIN Number Regulation S Global Note P3143N BY9 USP3143NBY096

Listing CODELCO”s LEI Code is 549300UVMBCBCIPSUI170.

CODELCO has initially appointed The Bank of New York Mellon, as trustee, paying agent, transfer agent and registrar.

160 As long as the notes are listed on the Luxembourg Stock Exchange, you may receive free of charge copies of the following documents at the offices of the listing agent or paying agent on any business day: this offering memorandum; the indenture attaching the forms of the notes; CODELCOS*s statutory documents;

English translations of the official letter authorizing the incurrence of indebtedness as issued by the Ministry of Finance; and the most recent annual report, including the Audited Annual Consolidated Financial Statements, of CODELCO.

Electronic copies of the indenture may be made available, free of charge, upon reasonable request of any holder of the notes during usual business hours on any weekday (excluding Saturday, Sundays and public holidays) at the offices of the trustee at 240 Greenwich Street, New York, New York 10286.

Financial Position

There has been no material adverse change in CODELCO”s financial position and prospects since the date of the last financial information included in the offering memorandum.

161 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Pase No.
Interim Consolidated Financial Statements as of and for the six-month periods ended June 30, 2025 and 2024 Interim consolidated statements of financial posSItION …….ocooconccncnnnnnncncnnnnnncncncnnnnoncnnonononcnnon F-5 Interim consolidated statements OÍ INCOME …oooocccncncnnnncncnnnncncncononononcnnnnnnonconnnononcnnnnononcnnnnons F-7 Interim consolidated statements of comprehensive INCOME …oococccnonncncncnnnncnconnncnnncncnnononcnnnnons F-8 Interim consolidated statements of changes 1M eQqUItY …..ooococconocncnnnncncncnnnncncncnconnnoncnnononcncnnons F-9 Interim consolidated statements of cash fÍOWS………….oooocoonococncnnnocnnncnconnnoncnconnnononcnnnncnnononons F-11 Notes to the interim consolidated financial Statements…….oo.oocccncnonccncnononncncnnocnnnncnnnnnnnncnnnnnnss F-12

Consolidated Financial Statements as of and for the years ended December 31, 2024 and 2023 and Independent Auditors Report

Independent auditors report from PricewaterhouseCoopers

Consultores, Auditores y Compañía Limitada ……oooonononncncncnncnconnncnnncncnnnnoncncnnnnononcnnnncnnnnanons F-102 Consolidated statements of financial pOSItION …….oooonononncnononncnconnncnnncnconnnoncncnnnnononcnnnncncnconons F-108 Consolidated statements OÍ INCOME …ooocoonccncncnnnnoncnnnnoncncnconnnoncnnonnnoncnnnnnnoncnnnnnnnnoncnnnnnncnnnnnns F-110 Consolidated statements of comprehensive INCOME ….oooococncncnonncncnnnnoncncnnncnnnncnnnnononcnnanononcnnnns F-111 Consolidated statements of changes 1M eQUIÉY …..ococoonococncncnonncnconnncnoncncononononcnnnnononcnnnncnnnconnns F-112 Consolidated statements Of cash TÍOWS……….oocococccnoconocncnnnononncononononcononononconnnonononcnnnnnncnnnnons F-114 Notes to consolidated financial Statements ……o.ooocnononocnnnonocncnnnnnonocononononcnnnnononcnnnnononcnnnnnnnnss F-115

Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2022 and Independent Auditors Report

Independent auditors report from PricewaterhouseCoopers

Consultores, Auditores y Compañía Limitada ……oooonononncncncnncnconnncnnncncnnnnoncncnnnnononcnnnncnnnnanons F-213 Consolidated statements of financial pOSItION …….oooonononncnononncnconnncnnncnconnnoncncnnnnononcnnnncncnconons F-218 Consolidated statements OÍ INCOME …ooocoonccncncnnnnoncnnnnoncncnconnnoncnnonnnoncnnnnnnoncnnnnnnnnoncnnnnnncnnnnnns F-220 Consolidated statements of comprehensive INCOME ….oooococncncnonncncnnnnoncncnnncnnnncnnnnononcnnanononcnnnns F-221 Consolidated statements of changes 1M eQUIÉY …..ococoonococncncnonncnconnncnoncncononononcnnnnononcnnnncnnnconnns F-222 Consolidated statements Of cash TÍOWS……….oocococccnoconocncnnnononncononononcononononconnnonononcnnnnnncnnnnons F-224 Notes to consolidated financial Statements ……o.ooocnononocnnnonocncnnnnnonocononononcnnnnononcnnnnononcnnnnnnnnss F-225

F-1 Y

CODELCO

Corporación Nacional del Cobre de Chile

Interim Consolidated Financial Statements As of June 30, 2025

CONTENT INTERIM CONSOLIDATED FINANCIAL STATEMENTS (A free translation from the original in Spanish)

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION conccccccocccccoccnooocrncorcnocorcnocoronoo INTERIM CONSOLIDATED STATEMENTS OF INCOME concccccccoccocorccncorcnocorononorononoroncorcnonorcnonorcnonorcnno INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ccccccccccccoccocorcnocoronocooonoo INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUlT Y ioonnccccccocccccoccncooccocorccocorcoooooonoo INTERIM CONSOLIDATED STATEMENTS OF CASH FLO WS .ccccccoccccooccccorccocorcoocorononorcocoocnncorcnonoronoo NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS occcccccccccocccocorcncoocrocoocnonooonoos
2. Basis of presentation of the consolidated financial statements …………ooccoocoocnocnnonooconccncconcnnncnonnos F-13
1. Critical accounting estimate ……….ocoocoocnccncnncnncnnccncnncnncnncnocnornornornornornornornornnrnornorncnncncncnrcrnarnarons F-14
2. Material accounting policies …………ooococcoccocnocnocnononnnorooroocccnocnncnornoroornornornornornornornorncncnccsrnorcaronons F-18
3. New standards and interpretations adopted by the CorporationN…………ocoocoocooccccoccnccnccnccoccncnocnnos F-34
4. New accounting pronoUNCEeMenTS …..occoccccnccocnccncnccnocornocncnocnonornorncnornonornorrnornonarnorcnorncnsrnocncnarnnons F-35
1. Cash and cash equivalentsS ………..oocooccocnocncnnocnccnccncnncnoccncnocnornnrnornornornornornornnrnoronrncrncncncnrocnarnnrons F-36
2. Trade and other receivables………….oocoocoocnoroccnococcnonoocnccnccoccocnncnornoroornoronrnornornornornorccnncccnccrnaronos F-36
3. Balances and transactions with related parties…………oooooccoccocnocoornornornocnorcocnocnocnccnccncnoccncnorcoronrnnos F-38
4. INVENtOFri8S……ooccoccoccocnncnncnocnocnonnonnonncnnccncnncnncnncnnrnnrnnrnornornorncrnccncnncnncnnrnnrnnrnnnnernornorncnnccnccnccnccncnnenns F-43 5, Income taxes and deferred taxes …….ooocoocccccoocnoccncconcnnconoconrnnnonoronrnncnnoronrnccnoronrnncnonronrnnccnarnaroncnones F-44
6. Current tax assets and liabilities ……………..ooooooroocoonocnocnocnocnncnoccncnorooroornoronrnocnorcorocnncnocncnornrcrnnrons F-46
7. Property, plant and equipmMent………occccccccncnocnncnocnncnocnocnncnonncnncnncncnnrnornnrnornornornornornonocnnccccrcaronen F-47
8. LeQasesS coococococcococonnonoconconoconcoroconroroconrorononrorononroronnnrorononroronnnrrnnnnroronnnrrononrrncnnnrnconnrnccnrrcccnnarononess F-50 9, Intangible Assets other than goodwill ……………….oocoocooccococcccnncnoconccoconcnoroocnornorcornorooncnnccocnrcoronons F-51
10. Investments accounted for using the equity method…………oocoocoocccccoocnoccnoconcnoccnccnoconconaconconcnocnnos F-52
11. SubsidiariesS…….ooconccocnnononccnonnoconccnonnoconccnocoocnncnnornornnconornornnconcrnornnconornornncnncrnornncnncrnornncnnccnarnacnncnnnss F-56
12. AAA AED F-56
13. Current and non-current financial assets ………..ooooorooccoonoornncconcnoronccnccnoroncncoroornccnoronrnccnoronrnnccoons F-57
14. Other financial liabilities ………………oooooocooccocnooroncconnooronccoocooronocoorooronononrnoronoroornoroncnoornoroncrcaronronanons F-58
15. Fair Value of financial assets and liabilities ……………ooooooccoonooroncnoononcnoorooronccooronrosccoccooronccncrnoroncnonos F-66
16. Market value hierarchy for items at market value ………….oooocoocooconccoocnoronccocconconcconcnaroncncacnaroncnnnos F-66
17. Trade and other accounts payable ………….oooocooccocnococcnccncnncnoconcnornoronrnoronrnornorcornornococncncnsrcornrnnnns F-68
18. Other provisiONS …….coocooccoccoroocnccnocnoconcnocnorocnncnncnornornornornornornonornorno ron ron rnornornornornornorocnncnncnconrnnrones F-69
19. Employee benefits ………ooooocoocccccoocnoccncconcnoccnoconcnocnnornnrnoconornornonnooroornnrnnoroornnrnnoronrnnronoronrnaronccnccoons F-70
20. EQUitV….oococcccnccocnonncnncnocornononornonornornrno ron nr corno nero nnr no rnr nero nnr nono nero nnrnorrnornonornorrnorncnsrnorrnarncnananoss F-73
21. ReVeNnUe .ococcocococcococonconoconcnroconcorocnncnrconnnrcnnnnrcnnnnrocononrronnnrncnnnororonnnrrnncnronnncnrcnncnrorcccnroroccnnarononess F-75
22. Expenses by Nature …..coococccccnccnccnccnccncnncnncnocnnrnornornornornornoroornnrrnnnnorno ron rnnrnornornornornornorocnnccccarnnrnnen F-75
23. Asset impairMent……oooccccncnccncnncnccnccncnocrnocnonornorornornonornorornornonnrnornrnorcnnrnorrnorccnsrnorrnorncnsrnocncnanonons F-76
24. Other income and expenseS….occoccocnococcnccnocnocnocnccnonncnncnncnoroornornnrnarnornornoronrnnrnornorocrncnncncnarnrcarnnrons F-76
25. FINance COStS….oococccccnccnccncnncnncnorncnnonnccnccncnnccncnnrnnrnnrnnrnnrnornornornccncnncnncnnrnnronrnnrnornornorncnnccnccnccnccncnnnnns F-77
26. Operating SegmentS……cooccccocnccncnncnocncnocncnnrnonncnornonornornrnornonnrnornrnornonornornrnarnonorrnornonsrnorncnarccnnrccnnono F-78
27. Exchange difference…….occoococccoccnoccncconcnononoconcnoronoronrnoronornornoronornnrnnnnnoronrnnnnoronrncrnnrnarnncnnarnarnncnnnes F-83
28. Statement of cash flOWS………….ooocoocoocccccnoconccnoconcnoccnoconrnnccoornornoccnorncroornoroncronrnnronoronrnoroncronrnnronanons F-84
29. Risk Management ……occccncnnccncnncnncnocnncnorocnocnncnornornornornornornornoroncnnrnornn ron ron rnnrnornornnrnorncnncnrncccarcarnns F-84
30. Derivatives CONtractS ……ooococcoccnoccncnnccncnncnncnncnonnornoroonnonncnnccncnncnncnncnncnnrnnrnnrnornornornccncnnccnccccnccnccncnnens F-88
31. Contingencies and restrictiONS…………oocooccoccornoroonnornoroocnornoroornccncnncnocnnonornornnrnnrnornccncnncnrcornsrnrnnrons F-91
32. ¡ETE AAA F-95

F-3 9 copeELcO

33.
34.
35.
36.

Balance in foreign CUrrenNCy…….oococccnccnocnnccnocnncnnoconrnncnnoronrnncnnornoroncnnornnrnnrnnoronrnnonoronrnnnncronrnoccnons

Sancti0NS ……oooo..o.
The environment ..
Subsequent Events

F-4 Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of June 30, 2025 (unaudited) and December 31, 2024 (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

A 310-2025 17-31-2074 Menrate Currañ? 21500 Lavh del ecnih equivalents 1 875424 Si B2Ó Oia ciitetit liñamtdal Are 13 57 5654 167,904 COthe tunment non financial au pets $4 510 31,162 Frde añ orbher cutter retenidas 2 ¿BASA? 1,104,730 Acccunz receivabls 16m ¡ate PNTIDAR 3 2.0724 30,384 Curreat verdor, ñ 2.637.960 ¿441677 Cuérerel Tak frtETs h 1,57] 1,814 Total current ate ti 6 ,ddb, 153 Mon-current atrete Othes non-currer Ímanciól síseta 13 678,576 587.761 Cria on-Currerd son financial arneta 1,259 1,200 Alon-current áccounts receimabés d 141,278 vs PDA Aertcrits secervale liga related partes 3 224 ¿24 Ron-current ne mbornes a 552045 536,157 imeslments acounited lor sana euuaty method 10 2991111 23914,150 intengialo as other than good will q DE ARA 09,399 Property, plara and equipment p 319.010.671 17,145,935 Might) 1ñas tE E 306,453 119499 MRon-currernt ias 017005 ls 79135 ¡4 157 Detéerred Lar assets 5 105, 445 107036 Total non-current añiala 43,254,230 Total sureto 29,700,715

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

F-5 Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of June 30, 2025 (unaudited) and December 31, 2024 (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

Equity and labilities

Llabilitió

Current lia nditiss

A AN

L rai lia bollo

Trade ánd othe pryables

Aito parable 10 relared ernpijé DOlher 350 term promos.

Currerd tar lab es, curtend

Curtera puredsins lor empres ber=fm COhher non financial labs ies

Total current abi

Nen-currard habilbtids

Other financial habilities

Ledqwr laten

Mit cuinet pr al

Ciher long-term proreorH

Determed ús habia len

Non urrent provtlona lor employer Ganel da Uiher nar financial linbiie;

Total norecurrent lisis

Total habilita

Equity

Shale capital

Retairesd Lárning [Lcianes]

Diner tederas

Equity atiributable to owner sl pares Ron certicdling interenta

Total culty

Total Labáities and saque

F-6

Micra m- MS 14 1452 400 A 158,567 17 1,959,361 il 167,441 18 1,007,941 T 29,151 19 157,8 41,147

14 9,451,925 ñ 241,60 4,479

18 2,175,097 . 58,877,061 ió 1,006,685 3,649

15,113.45)
240,199.110 5,619,423

(867,512)

20,8 5 107,772 10,464,633

J0.b 70, 783

14,173,410 51,517,534

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

12-11-2024

150003 139,938 1411,166 147,778 764,470 21,409 390,547 39,331 2,950,132

21,112,251 231,413

4 au 2212644 3,715,220 041,360

2 250 13,441,907 14,359,725

2,019,443 EFE 5,157 1H 10,599,645 701, Súd 11,901,449 45, 700,718 Y copeLco

Arana

Cost of naa

Con urgin

Chin nirne Dio in ti fran air AA

Cite +xperara e Barri Pata Life ares ÚOsino dore óperálinp actora Fináne er ncun

Ermua coda imagine a rra A rea rra loas eri la arco rn r yn PAS 9

A a ad da methot Earbharas Possep]| gain Inconsa dor che perod belara tas linpimn= bai PEAMLE Neira hos 1ha peroo Prot Lou) atiributable bo; Citi E Sh Lar Mnn-cordtr ner ni rereridr Melina hos ha paro

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

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

INTERIM CONSOLIDATED STATEMENTS OF INCOME For the six and three-month periods ended June 30, 2025 and 2024 (unaudited) (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

LG b–1-1075 xr $ + 3035 31 E 741,394

+4 (6,472,151 ¿da 19 544 2 (17 5011 Ps (153 5H
12.b 41,011,658)

17135

15,471 5 (7 J01 ] pun

111,161 dd ¡0h

1.1-2034 de 1. 207%
80-30-2024 b-50. 30
2011.50 4537064 (54572541 – (LAD1 46 2,075, 45%
411 11.751 (40,154 5 PE (5517 AE (0 LAA A (555,117 ¿2,736 14 743 755,945 71d ASP 174484 PL 01
175 11144)
41,990 207.
me,173 A 652,707 MTS 4 D.46% AL 287,347 Til, 1004 70,177 AOSTA nto 202,347 EE

4-1.26234
2-30 2014

4 443,500 ¡111000 |

1,730,500 21 (4,2401

11431541] (1057,716] 11,718 433,970 5 7 (114,50 ] na!

4! Dub

11045,1304 10, (50,411 140,175

Loa, cu? =,145 140,375 Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the six and three-month periods ended June 30, 2025 and 2024 (unaudited) (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

Kota WN Dj B-1- 204 $ 13043 d-1- 5074 MN SA O 207 Ma 2074

Pruta 1156, 0na 15.377 110,275 Comprahanaee incoma Comporñents od cormnprecarnidsa incor hat wil nos be recia o profit pr lodos Por ché peñoo. batoré tests Combiebétie rd Mo Laa], ein O 1, GU OA EA dela rent cda

Total other comprahenive income thai all mot dba reclasaiñad to profit or loas for ME

10 1,480 17 dde (851 | che peros, belora tasa

Comperenti cl conprehanros ntecie Abal ordl d recia Lo pra PA or lar lor iha parcd, belcra tan

Esphange Alterna om Eranala tio orcas! Ea 0 reg Echar Tririlatron delerenoas, Dbeite AOMe ARAS (5,8596) (4,3604 7,001] 2.001 445 Hor Hedge

Mitin) ara O Caio Dios ld Pele Tan (145 50 a 6h 105,180 186 5) Grencial espa measured at falr sabia wet chenges in other comprahaniiva

Incarra

Carga in e de vas 07 di a PO 13 Compeehámiteo ntoro That Will Bs Nactassiad To Profit Or Lois Bañora Tus

Other comprehensive invoma before tazas

19931

(1394] 118,110 (1.254] in 115-434 (3,0451 incoros Laa relsted to compananta A sona tana reiaiad io remera ol derlmed here coma alimir ‘ 3 ¡25L;j (155| (504) 514 Hor py Lera Inbarrmé Cassi related 19 compoñeñnti of comprehensive inooma Us al no da ELA reclarsdiad lo profs se losa hos Uh partod ingorre teves rela d do comen ol commprehenis incgoma tn ill le eeclaidctied +o profa or toda los 154 párivd ie rá reláled 1 Cainmprebenider incorrecto Minis Perilgpe 5 04 237 (22081 152 357] d 133 coma laa relalad .x fenántial depiarti cra sl far pá Urb chargrá a ias) ‘ 1135881 Mir mareo MEAT incor teves rele d 10 componente ol ceriprehenids incoma tn ml da reclamo ted ta proba or loss Tor Ue perisd pin

Comprebenaive incóme 1,592 Total comprohanabes incooma 121,467 Comperhériivé coma, iberia bla 10

Lp Arcirna Malta dana lde ta cnireri Ol paren 61,430 261 +98 A7 559 VOFGPO

Limpreimraids carta irndalds la rear tiens 5.5065 5 4056 + HA Toral comprehenales income MO sE 11.967

The accompanying notes are an integral part of these interim consolidated financial statements.
Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the periods between January 1 and June 30, 2025 and 2024 (unaudited) (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

AFETA 2é QuA Hori Pie Priri e 0 AA ira rl A raici AS TES ES lola Parar RT cu. or cii oy AEREA Ed Fic A soria Lo TA HA IÓ pm e hi A calle a, Mi a Prize Aenidi o LE nada or E A ¿e ray A Fota 7d Fota 20 Lois y ads ad 1 4039 MAA | ñ Ñ 3

A rel ri de Ti ante! le 40d L51, 5d 0 ¿18 de A fo IÓ Ll 451 AA Haro AE LEAR a did 15,408) CHE.088) UNA 4. . | 6400 A UA 3, vod $5 die: ¡Erie | De E Li A o E ¡dl ‘ 140 31,500 1,410 4H boraaea [de de] ir

Da raro si O 100401

FRA. EEN] MALT)

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

F-9 Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the periods between January 1 and June 30, 2025 and 2024 (unaudited) (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

Muirr ni rñ

Pierprarió Lin a el e a rl [Park dl ar Folios 167834 Lar rampa ci can Pia A PA A a Aa dc da dir a E, A Fra par aiii mn cl dr saber mail. a er ¿La Aa na lato a seri der ¿a nn ies E A Mata 20 nta 0

Carra ida Pis 02:14 2ád ¡A l ¡ATP FAR Di La EE (rd fhespre 5 rap A ena Me 1303, [54 101058 TEMA Iba Ak a 4 Ej | 4h pa 13. TEA] 1, Fid] LEAD “alarmar heras rota le Moi 1.244 114 ‘ 42, 716) 167-398 ¡0.918 a A A HS 1143] PTE (1491 Hi (En4 Loa rm dr a pd – fa, a] BN 115 – ¿puál 111 AA, 2 FEF 30 5a 1,104

Cary ir sm 6 E FO DA LMLAATL JAJA] ¡TT MAL] h COIE A

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

F-10 Y copeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the six-month periods ended June 30, 2025 and 2024 (unaudited) (In thousands of US dollars – ThUSS) (A free translation from the original in Spanish)

Mota i-J- 20055 1-1-2024 Le 6-30-2026 56-30-2024 Cah Roe rom operating activi Recespls brown pales of goods ánd sendermg ol senices 8,558,361 2.567.471 Orhes cash racer bom operating ácimitles ¿8 1,65) 858 1,367,411 Payments 10 paper libt eoodh and ARA [5,164,650) (5,183,672) Pagos a y por cuenta de ios empleados (065,733) ¿4399 831] Orhés cash payrrenda rom opera cirios ¿8 11,221,641) (1,556,186 income Las pard) (47,633) (58,850) Nat cañh inflow from operating ectrvíties 2,119,447 2,147,193 Cash dona from (ued in) invaating activities Other cash payments 10 acquire equity or debi eitrumen tol obser entes : 234,569] Burchusts ol propeite, clan al equipment (266,711] (0,275,675] interest recorurd 150491 7 Ab Other cash out los 104 649 (1,0380) Met cash cutilowas meeting activitias MEA (2. 43,118) Cash Rows from [used in) financing actreitórs Amowats fowm long-term loans and bonds 14641000 2000 000 mantas pom art der aná 204, 000 Total armounte Írora loan and boga 1,700,000 3,000,000 Panpments ol lana and liondls (687,193| Lease Madnliy paytrerns (102,751) (77,635) Candendk pad (200,000) Interes! paid (5760311) (1442,744] Gthes cañh obio. 6,108 (50, 5441] Met cash infiows trorn én Hinancing activities 1,448,681 Met incraate (decreáre] in coh anal cab equivalernta before the alecs ol asuchariga rate – 173,578 1,171,716 changes £Hhect ol exchange rete changes on cash and cash equrialento Eheci of cschange rate ¿haraes on car h ad card esquiva lenta 150078 (13,480) Met increase decreate] in carh and cash equivalento 1,157,827 Cash and cash equivaleens al begainrseg 0d period ] 65) 2740 1341043 Cash and cash equivalente at end of period 1 2,499,870

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

P-11 Y copDeLco

CORPORACIÓN NACIONAL DEL COBRE DE CHILE NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024 (Monetary values in thousands of United States dollars, unless another currency or unit is indicated)

1. Corporate information

Corporación Nacional del Cobre de Chile (hereinafter referred to as Codelco or the Corporation), is, in Management’s opinion, the largest copper producer in the world.
Codelco’s most important product is refined copper, primarily in the form of cathodes. The Corporation also produces copper concentrates, blister and anode copper and by-products such as molybdenum, anode slime and sulfuric acid.

The Corporation trades its products based on a policy aimed to sell refined copper to manufacturers or producers of semi-manufactured products.

These products contribute to diverse fields of community development, particularly those intended to improve areas such as public health, energy efficiency, and sustainable development, among others.

The Corporation is registered under Securities Registry No. 785 of the Chilean Commission for the Financial Market (the CMF) and is subject to its supervision. According to Article No. 10 of Law No. 20392 (related to the new Corporate Governance of Codelco), such supervision shall be on the same terms as publicly traded companies, notwithstanding the provisions in Decree Law (D.L.) No.1349 of 1976, which created the Comisión Chilena del Cobre (Chilean Copper Commission).

Codelcos head office is in Santiago, Chile, at 1270 Huérfanos Street, telephone number (56-
2) 26903000.

Codelco was incorporated through D.L. No. 1350 of 1976, which is the statutory decree applicable to the Corporation. In accordance with the statutory decree, Codelco is a government-owned mining, industrial and commercial company, which is a separate legal entity with its own equity. Codelco Chile currently carries out its mining business through its Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina, El Teniente and Ventanas divisions.

The Corporation also carries out similar activities in other mining deposits in association with third parties.

During 2024, the Corporation enters the lithium business with the acquisition of Lithium Power International Limited “LPI”. This acquisition will make the Blanco Project viable through synergies with the Corporation’s assets and permits in the Salar de Maricunga, and thus develop a world-class lithium project. Additionally, in May 2024, Codelco signed an association agreement with Sociedad Química y Minera de Chile S.A. (SQM), which

F-12 Y copDeLco establishes the conditions to implement a public-private partnership for the development of mining, productive and commercial activities related to the exploration and exploitation of certain mining properties located in the Salar de Atacama, Antofagasta Region.

In accordance with letter e) of Article 10 of Law No. 20392, Codelco is governed by its organic standards set forth in Decree Law No. 1350 (D.L. No. 1350) and that of its by-laws, and in matters not covered by them and, insofar as they are compatible and do not contradict the provisions of such standards, by the rules that govern publicly traded companies and the common laws as applicable to them.

In accordance with D.L. No. 1350 Section IV related to the Company’s Exchange and Budget Regulations. Codelcos financial activities are conducted following an annual budgeting program that is composed of an Operations Budget, an Investment Budget, and a Debt Amortization Budget.

The income obtained by Codelco in each period is subject to the tax regime established in Article 26 of D.L. N*1,350, which refers to Decree Laws N* 824, on Income Tax, of 1974, and N*2398 (Article 2), of 1978, which are applicable to Codelco. It is also subject to the terms of Law No. 21591 on mining royalties.

According to Law No. 13196, the return on foreign currency of the Corporation’s foreign sales (real income), of its copper production, including its by-products, is taxed at 10%. The effectiveness of this obligation for Codelco is specified in the explanatory note in section 1l!.
24 letter c) of this report.

The subsidiaries whose financial statements are included in these interim consolidated financial statements correspond to companies located in Chile and abroad, which are detailed in Note ll.2.d.

The associates, all located in Chile, are detailed in the explanatory note in section 111.10.
2. Basis of presentation of the consolidated financial statements

The interim consolidated statements of financial position as of June 30, 2025 and the consolidated statements of financial position as of December 31, 2024, the interim consolidated statement of income, comprehensive income for the six and three-month periods ended June 30, 2025 and 2024, changes in equity and cash flows for the six -month periods ended June 30, 2025 and 2024 have been prepared in accordance with International Accounting Standard No. 34 (IAS 34) Interim Financial Reporting, incorporated into the accounting standards of the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (hereinafter 1ASB).

These consolidated financial statements include all the information and disclosures required in the annual financial statements.

The interim consolidated financial statements (unaudited) of the Corporation are presented in thousands of United States dollar (U.S. dollar).

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Responsibility for information and estimates made

The Board of Directors of the Corporation has been informed of the information included in these consolidated financial statements and expressly declared its responsibility for the consistent and reliable nature of the information included as of June 30, 2025, which financial statements fully comply with IFRS. These unaudited interim consolidated financial statements as of June 30, 2025 were approved by the Board of Directors at a meeting held on July 31, 2025.

Accounting policies

These unaudited interim consolidated financial statements reflect the financial position of Codelco and subsidiaries as of June 30, 2025 and December 31, 2024, as well as the results of their operations for the six and three-month periods ended June 30, 2025 and 2024, changes in equity and cash flows for the six month periods ended June 30, 2025 and 2024, and their related notes, all prepared and presented in accordance with lAS 34 “Interim Financial Reporting, considering the respective presentation regulations of the Financial Market Commission (CMF)”.

1. Critical accounting estimate

In preparing these interim consolidated financial statements (unaudited), the use of certain critical accounting estimates and assumptions that affect the amounts of assets and liabilities recognized as of the date of the financial statements and the amounts of revenue and expenses recognized during the reporting period is required. Such preparation also requires the Corporation’s Management to exercise ¡ts judgment in the process of applying the Corporation’s accounting policies. The areas involving a greater degree of judgment or complexity or areas in which the assumptions and estimates are significant for the consolidated financial statements are described as follows:

a) Useful economic lives and residual values of property, plant and equipment: the useful lives and residual values of property, plant and equipment that are used for calculating depreciation are determined based on technical studies prepared by internal specialists.
The technical studies consider specific factors related to the use of assets

Where there are indications that the useful lives of these assets or their residual values may have changed from previous estimates, this should be done using technical estimates to determine the impact of any changes.

b) Ore reserves: the measurements of ore reserves are based on estimates of the ore resources that are legally and economically exploitable and reflect the technical and environmental considerations of the Corporation regarding the amount of resources that could be exploited and sold at prices exceeding the total cost associated with the extraction and processing.

The Corporation applies judgment in determining the ore reserves, and as such, possible changes in these estimates might significantly impact the estimates of net revenues over

F-14 Y copDeLco time. In addition, these changes might lead to modifications in usage estimates, which might have an effect on depreciation and amortization expense, calculation of stripping cost adjustments, determination of impairment losses, expected future disbursements related to decommissioning and restoration obligations, long term defined benefits plans accounting and the accounting for financial derivative instruments.

The Corporation estimates its reserves and mineral resources based on the information certified by the Competent Persons internal and external of the Corporation, who are defined and regulated according to Law No. 20235. These estimates correspond to the application of the Certification Code of Ore Reserves, Resources and Exploration, issued by the Mining Committee which was instituted through the law.

Notwithstanding the foregoing, the Corporation periodically reviews its estimation models, supported by experts who, in some divisions, also certify the reserves determined from these models.

Impairment of non-financial assets: the Corporation reviews the carrying amount of its non-financial assets to determine whether there is any indication that the carrying amount may not be recoverable. If any such indicator exists, the recoverable amount of the assets is estimated to determine the extent of the impairment loss. In testing impairment, the assets are grouped into cash generating units (“CGUs”) to which the assets belong, if applicable. The recoverable amount of these CGUs is calculated as the present value of the expected future cash flows from such assets, considering a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the assets is lower than their carrying amount, an impairment loss is recognized.

The Corporation defines the CGUs and also estimates the timing and cash flows that such CGUSs will generate. Subsequent changes in the grouping of the CGU, or changes in the assumptions supporting the estimates of cash flows or the discount rate, may impact the carrying amounts of the corresponding assets.

Estimates of assumptions influencing the calculation of cash flows, such as the price of copper or treatment charges and refining charges, among others, are determined based on studies conducted by the Corporation using uniform criteria over different periods.
Any change in these criteria may have an impact on the recoverable amount of the assets being tested for impairment.

The Corporation has assessed and defined that the CGUs are constituted at the level of each of its current operating divisions, with the exception of the Ventanas Division Smelter and Refinery operations, which are analyzed separately.

In assessing impairment in subsidiaries and associates, the Corporation uses the higher of value in use or fair value less costs to determine the recoverable amount. This recoverable amount may consider elements such as Life of Mine (LOM), reserves andor mining resources, among others, for mining operation evaluations. In addition, the evaluation may incorporate market variables such as for example, the price of copper and other commodities, cost of production inputs, exchange rates, discount rates and other market information for long-term asset valuation.

P-15 Y copDeLco

d) Provisions for decommissioning and site restoration costs: when a disruption is caused by the ongoing development or production of a mining property, an obligation to incur decommissioning and restoration costs arises. Costs are estimated based on a formal closure plan and are reassessed as of each reporting period or as of the date such obligations become known. The initial estimate of decommissioning and site restoration costs is recognized as property, plant, and equipment in accordance with ¡AS 16, and simultaneously a liability in accordance with lAS 37, is recorded.

For these purposes, a defined list of mine sites, facilities and other equipment are studied under this process, considering the engineering level profile, the cubic meters of assets that will be subject to removal and restoration, weighted by a structure of market prices of goods and services, reflecting the best current knowledge related to carrying out such activities, as well as techniques and more efficient construction procedures to date. In the process of valuation of these activities, the assumptions of the exchange rate for tradable goods and services are made, as well as a discount rate, which considers the time value of money and the risks associated with the liabilities, which is determined based, where applicable, on the currency in which dishbursements are expected to be made.

The liability amounts recognized at the end of each reporting date represent management’s best estimate of the present value of the future decommissioning and site restoration costs. Changes in the estimate of the liability because of changes in the estimated future costs or in the discount rate are added to or deducted from the respective asset cost. The amount deducted from the cost of the asset shall not exceed it carrying amount. Ifa decrease in the liability exceeds the carrying amount of the asset, the excess is recognized immediately in profit or loss.

If the adjustment results in an addition to the cost of the asset, Codelco considers whether this is an indicator that the new carrying amount of the asset may not be fully recoverable. lf such an indicator exists, Codelco tests the asset for impairment by estimating its recoverable amount, and accounts for any impairment loss in accordance with lAS 36.

Costs arising from the installation of a plant or other site preparation work, discounted to their net present value, are provided for and capitalized at the beginning of each project as soon as the obligation to incur such costs arises. These decommissioning costs are charged to net income over the life of the mine, through depreciation of the corresponding asset. Depreciation expense is included in cost of sales, while the discount in the provision is included in finance costs.

e) Provisions for employee benefits: Provisions for employee benefits related to severance payments and health benefits for services rendered by the employees are determined based on actuarial calculations using the projected unit credit method and are recognized in other comprehensive income or s (depending on the accounting standards applicable) on an accrual basis.

The Corporation uses assumptions to determine the best estimate of future obligations related to these benefits. Such estimates, as well as assumptions, are determined by

F-16 Y copDeLco

f)

g)

h)

j)

k) management using the assistance of external actuaries. These assumptions include demographic assumptions, discount rate and expected salary increases and rotation levels, among other factors.

Accruals for open invoices: the Corporation uses information on future copper prices, through which it recognizes adjustments to its revenues and trade receivables, due to the conditions in provisional pricing arrangements. These adjustments are updated monthly, See Notes 2 q) Revenue from contracts with customers of Note 2 Significant accounting policies below.

Fair value of derivatives and other financial instruments: management may use its judgment to choose an adequate and proper valuation method for financial instruments that are not quoted in an active market. In the case of derivative financial instruments, assumptions are based on observable market inputs, adjusted depending on factors specific to the instruments among others.

Lawsuits and contingencies: The Corporation assesses the probability of lawsuits and contingency losses on an ongoing basis according to estimates performed by its legal advisors. For cases in which management and the Corporation’s legal advisors believe that a loss is not probable of occurring or where probable, may not be estimated reliably, no provisions are recognized. When it is considered more likely than not that a loss is probable and it may be reliably estimated, a provision is recognized.

Application of IFRS 16: includes the following:

-Estimation of the lease term

-Determine if it is reasonably certain that an extension or termination option will be exercised.

-Determination of the appropriate rate to discount lease payments.

Revenue recognition: the Corporation determines appropriate revenue recognition for its contracts with customers by analyzing the type, terms and conditions of each contract or agreement with a customer.

As part of the analysis, the management must make judgments about whether an agreement or contract is legally enforceable, and whether the agreement includes separate performance obligations. In addition, estimates are required to allocate the total price of the transaction to each performance obligation based on the stand-alone selling price of the promised goods or services underlying each performance obligation.
(The Corporation applies the constraint on variable consideration as defined in IFRS 15, if applicable).

Stripping costs – Costs incurred in removing mine waste materials (overburden) in open pits that are in production, that provide access to mineral deposits, are recognized in property, plant, and equipment, when the following criteria set out in IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine are met:

– – lItis probable that the future economic benefits associated with the stripping activity will flow to the entity.

F-17 Y copDeLco

– – lItis possible to identify the components of an ore body for which access has been improved because of the stripping activity, and
– The costs relating to that stripping activity can be measured reliably.

The stripping costs are amortized based on the production units of production extracted from the ore body related to the specific stripping activity which generated this amount.

Although the abovementioned estimates have been made based on the best information available as of the date of issuance of these consolidated financial statements, it is possible that new developments could lead the Corporation to modify these estimates in the future.
Such modifications, if any, would be adjusted prospectively, recognizing the effects of the change in estimate in future consolidated financial statements, as required by lAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors.

On the other hand, the costs of activities for the removal of sterile material during the production stage, whose benefit is realized in the form of produced inventory, must be recognized in accordance with lAS 2.

2. Material accounting policies

a. Period covered – The accompanying consolidated financial statements of Corporación Nacional del Cobre de Chile include the following statements:

– Interim Consolidated Statement of Financial Position as of June 30, 2025 (unaudited) and Consolidated Statement of Financial Position as of December 31, 2024.

– Interim Consolidated Statement of Income (unaudited) for the six and three-month periods ended June 30, 2025 and 2024.

– Interim Consolidated Statements of Comprehensive Income (unaudited) for six and the three-month periods ended June 30, 2025 and 2024.

– Interim Consolidated Statements of Changes in Equity (unaudited) for six-month periods ended June 30, 2025 and 2024.

– – Interim Consolidated Statements of Cash Flows (unaudited) for the six-month periods ended June 30, 2025 and 2024.

b. Basis of preparation – These interim consolidated financial statements (unaudited) of the Corporation as of June 30, 2025 have been prepared in accordance with the instructions of the Commission for the Financial Market which fully comply with International Financial Reporting Standards (IFRS) issued by the IASB.

The consolidated statements of financial position as of December 31, 2024, and the statements of income, equity and cash flows for the six and three-month period ended June 30, 2024 (unaudited), which are included for comparative purposes, have been prepared in accordance with IFRS as issued by the lASB, on a basis consistent with the basis used for the same period ended June 30, 2025, except for the adoption of new IFRS standards and interpretations adopted by the Corporation as of June 30, 2025, which are disclosed in number 3 “New standards and interpretations adopted by the Corporation” in section ll of this report.

F-18 Y copDeLco

These interim consolidated financial statements (unaudited) have been prepared from accounting records held by the Company.

c. Functional currency – The functional currency of Codelco is the U.S. dollar, which is the currency of the primary economic environment in which the Corporation operates and the currency in which it receives its revenues.

The functional currency of subsidiaries, associates, and joint ventures is the currency of the primary economic environment in which those entities operate and the currency in which they receive their revenues. For some subsidiaries and associates that are an extension of the operations of Codelco (entities that are not self-sustaining and whose main transactions are with Codelco); the functional currency is also the U.S. dollar.

The presentation currency of Codelco’s interim consolidated financial statements (unaudited) is the U.S. dollar.

d. Basis of consolidation – The financial statements comprise the consolidated statements of the Corporation and its subsidiaries.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Corporation obtains control, and continue to be consolidated until the date such control ceases. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement from the date the Corporation gains control until the date when the Corporation ceases to control the subsidiary.

The annual financial statements of the subsidiaries are prepared for the same reporting period as the Corporation, using consistent accounting policies.

All assets, liabilities, equity, income, expenses, and cash flows related to transactions between consolidated companies are fully eliminated on consolidation. The value of the non-controlling interest of shareholders in equity and in the results of subsidiaries is presented, respectively, as “Non-controlling interests” in the consolidated statement of financial position and “Income (loss) attributable to non-controlling interests and “Comprehensive income (loss) attributable to non-controlling interests” in the consolidated statements of income.

The following companies have been consolidated:

F-19 Y copeLco

Functi 6-30-2025 12-31-2024 e % Ownership % Ownership Direct | Indirect | Total Total

Taxpayer ID No COMPANY currency

Foreign Chile Copper Limited England GBP 100.00 – 100.00 100.00 Foreign Codelco do Brasil Mineracao Brazil BRL – 100.00 100.00 100.00 Foreign Codelco Group Inc. USA USD 100.00 – 100.00 100.00 Foreign Codelco Kupterhandel GmbH Germany EURO 100.00 – 100.00 100.00 Foreign Codelco Metals Inc. USA USD – 100.00 100.00 100.00 Foreign Codelco Services Limited England GBP – 100.00 100.00 100.00 Foreign Codelco Shanghai Company Limited China RMB 100.00 – 100.00 100.00 Foreign Codelco Singapore P.L Singapore USD 100.00 – 100.00 100.00 Foreign Codelco USA Inc. USA USD – 100.00 100.00 100.00 Foreign Codelco Canada Canada USD 100.00 0.00 100.00 100.00 Foreign Ecometales Limited Channel Islands USD – 100.00 100.00 100.00 Foreign Exploraciones Mineras Ándinas Ecuador Ecuador USD – 10000 100.00 100.00 EMSAEC S.A.
Foreign Lithium Power International Ltd. Australia AUD – 100.00 100.00 100.00

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For the purposes of these interim consolidated financial statements, associates, acquisitions and disposals are defined as follows:

– – Subsidiaries: A subsidiary is an entity over which the Corporation Control is exercised if, and only if, the following elements are present govern the operating and financial policies to obtain benefits from their activities; (ii) exposure or rights to the variable returns of these companies; and (iii) ability to use the power to influence the amount of returns.

subsidiaries, has control.
: (1) power to

The Corporation reassesses whether it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.

F-20 Y copDeLco

The interim consolidated financial statements include all assets, liabilities, revenues, expenses, and cash flows of Codelco and its subsidiaries, after eliminating all inter- company balances and transactions.

Associates: An associate is an entity over which Codelco has significant influence.
Significant influence is the power to participate in the financial and operating policy decisions of the associate but is not control or joint control over those policies.

Codelco’s interest ownership in associates is recognized in the consolidated financial statements under the equity method. Under this method, the initial investment is recognized at cost and adjusted thereafter to recognize changes in Codelco*s share of the comprehensive income of the associate, less any impairment losses or other changes to the investment in net assets of the associate.

The Corporation adjusts the proportional gains or losses obtained by the associate after acquisition to take into account the effects that may exist in the depreciation of the fair value of the assets considered at the date of acquisition.

Acquisitions and disposals: The result of businesses acquired are incorporated in the consolidated financial statements from the date when control is obtained; the results of businesses sold during the period are included in the consolidated financial statements up to the effective date of disposal. Gains or losses on disposal is the difference between the sale proceeds (net of expenses) and the carrying amount of the net assets attributable to the ownership interest that has been sold (and, where applicable, the associated cumulative translation adjustment).

If control is lost over a subsidiary, the retained ownership interest in the investment will be recognized at its fair value.

At the acquisition date of an investment in a subsidiary, associate or joint venture, any excess of the cost of the investment (consideration transferred) plus the amount of the non-controlling interest in the acquiree plus the fair value of any previously held equity interest in the acquiree, where applicable, over Codelco*s share of the net fair value of the identifiable assets and acquired liabilities is recognized as goodwill. Any excess of Codelco’s share of the net fair value of the identifiable assets and acquired liabilities over the consideration transferred, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired.

e. Foreign currency transactions and reporting currency conversion – Transactions in currencies other than the Corporation’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, foreign currency transactions denominated in foreign currencies are converted at the rates prevailing at that date. Gains and losses due to the effect of foreign currency transactions are included in the consolidated statement of income for the period within “Exchange gains (losses) in foreign currencies.

At the end of the reporting period, monetary assets and liabilities denominated in Unidades de Fomento (“UF”) have been denominated in ThUSS, considering the

F-21 9 copELcO exchange rates in effect at the end of each period (6-30-2025: USS 42,07; 12-31-2024: USS 38,55; 6-30-2024: USS 39,79). Expenses and income in local currency have been expressed in dollars at the observed exchange rate, corresponding to the date of the accounting record of each transaction.

The translation of the financial statements of subsidiaries, associates and jointly controlled entities, whose functional currency is different from Codelco’s presentation currency, is performed as follows for consolidation purposes:

– Assets and liabilities are converted using the prevailing exchange rate on the reporting date.

– Income and expenses for each statement of income are translated at average exchange rates for the period.

– – All resulting exchange differences are recognized in comprehensive income and accumulated in equity under the heading Reserve on exchange differences on translation.

The exchange rates used in each reporting period were as follows:

Closing exchange rates

Relationshi ? EETETTES 12-31-2024 6-30-2024

USD f CLP 0.00107 0.00100 0.00106 USD GBP 1.3174 1.25345 1.26406 USD BRL 0.18420 0.16189 0,17920 USD EURO 1.144 1.03896 1.014 USD AUD 0.6564 0.62212 0.6611 USD f HKD 0.1239 0.12880 0.12307 USD RMB 0.13970 0.13672 0,13702

f. Offsetting balances and transactions – As a general standard, assets and liabilities, revenue, and expenses, are not offset in the financial statements, except for those cases in which offsetting is required or is allowed by a standard and the presentation reflects the substance of the transaction.

Income or expenses arising from transactions which, for contractual or legal reasons, permit the possibility of offsetting and which the Corporation intends to liquidate for their net value or realize the assets and settle the liabilities simultaneously, are stated net in the statement of income.

. Property, plant and equipment and depreciation – ltems of property, plant and equipment are initially recognized at cost. After initial recognition, they are measured at cost, less any accumulated depreciation and any accumulated impairment losses.

The cost of property, plant and equipment includes the costs of expansion, modernization or improvements that represent an increase in productivity, capacity or efficiency, or an increase in the useful life of the assets, and are capitalized as an increase in the cost of the related assets.

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The assets included in property, plant and equipment are depreciated, as a general rule, using the units of production method, when the activity performed by the asset is directly attributable to the mine production process. In other cases, a straight-line depreciation criterion is used.

The assets included in property, plant and equipment and certain intangibles (software) are depreciated over their economic useful lives, as described below:

Category Vida Útil

Land No depreciation

Land on the mine site Production unit

Buildings Linear depreciation 20 — 50 years Builldines in Undereround Mine Levels Level Production Unit

Vehicles Linear depreciation 3– 7 years Plants and Machinery Production unit

Foundries Production unit

Refineries Production unit

Mining Rights Production unit support teams Production unit

Intangibles – Softwares Linear depreciation up to 2 years

Open pit and underground development Production Unit

Estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and any change in estimates is recognized prospectively.

Additionally, depreciation methods and estimated useful lives of assets, especially plants, facilities and infrastructure may be revised at the end of each year or during the year according to changes in the structure of reserves of the Corporation and productive long-term plans updated as of that date.

This review may be made at any time if the conditions of ore reserves change significantly because of new known information, confirmed, and officially released by the Corporation.

The gain or loss resulting from the disposal or retirement of an asset is calculated as the difference between the price obtained on disposal and the value recorded in the books, recognizing the charge or credit to income for the period.

Construction in progress includes the amounts invested in the construction of property, plant and equipment and in mining development projects. Construction in progress is transferred to assets in operation once the testing period has ended and when they are ready for use; at that point, depreciation begins to be recognized.

Borrowing costs that are directly attributable to the acquisition or construction of assets that require a substantial period before they are ready for use or sale are capitalized as part of the cost of the corresponding items of property, plant, and equipment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1. Notwithstanding the above, those reserves and resources acquired as part of

F-23 Y copDeLco acquisition of entities accounted for as business combinations, are recognized at their fair value.

h. Intangible assets – The Corporation initially recognizes these assets at acquisition cost.
The cost is amortized systematically over their useful lives, except in the case of assets with indefinite useful lives, which are not amortized, and are assessed for impairment at least once a year and, in any case, whenever there is an indication that impairment may have occurred. At the end of each reporting period, these assets are measured at their cost less any accumulated amortization (when applicable) and any accumulated impairment losses.

The expenditures for the development of Technology and Innovation Projects are recognized as intangible assets at their cost and are considered to have indefinite useful lives. Recognition applies, if and only if, all the following have been demonstrated:

– – Thetechnical feasibility of completing the intangible asset so that it will be available for use or sale;

– The intention to complete the intangible asset is to use or sell ¡t;;

– – The ability to use or sell the intangible asset;

– – That the intangible asset will generate probable future economic benefits;

– The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and

– The disbursement attributable to the intangible asset during its development can be reliably appraised.

Research expenses for technology and innovation projects are recognized in profit or loss when incurred.

¡. Impairment of property, plant and equipment and intangible assets – Property, plant and equipment and intangible assets with finite useful lives are reviewed for impairment to verify whether there is any indication that the carrying amount may not be recoverable. lf such an indication exists, the recoverable amount of the asset is estimated to determine the amount of the impairment to be recorded.

For intangible assets with indefinite useful lives, their recoverable amounts are annually estimated at the end of each reporting period.

When an asset does not generate cash flows that are independent from other assets, Codelco determines the recoverable amount of the CGU to which the asset belongs.

The Corporation has defined each of its divisions as a cash generating unit.

Recoverable amount of an asset isthe higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. On the other hand, the fair value less cost of disposal is usually determined for operational assets considering the Life of Mine (LOM), based on a model of discounted cash flows, while the assets not

F-24 Y copDeLco included in LOM as resources and potential resources to exploit are measured by using a market model of multiples for comparable transactions.

If the recoverable amount of an asset or CGU ¡is estimated to be less than it is carrying amount, an impairment loss is recognized immediately in profit or loss, reducing the carrying amount to its recoverable amount. In the event of a subsequent reversal of the impairment, the carrying amount is increased to the revised estimate of the recoverable amount, but to the extent that it does not exceed the carrying amount that would have been determined had no impairment been previously recognized.

The estimates of future cash flow for a CGU are based on future production forecasts, future prices of basic products and future production costs. Under IAS 36 Impairment of Assets, there are certain restrictions for future cash flows estimates related to future restructurings and future cost efficiencies. When calculating value in use, it is also necessary to base the calculations on the spot exchange rate at the date of calculation.

j. Expenditures for exploration and evaluation of mineral resources, mine development and mining operations – The Corporation has defined an accounting policy for each of these expenditures.

Development expenses for deposits under exploitation whose purpose is to maintain production levels are recognized in profit or loss when incurred.

Exploration and evaluation costs such as: drillings of deposits, including expenses necessary to locate new mineralized areas and engineering studies to determine their potential for commercial exploitation are recognized in profit or loss, normally at the pre-feasibility stage.

Pre-operating and mine development expenses (normally after feasibility engineering is reached) incurred during the execution of a project and until its start-up are capitalized and amortized in relation to the future production of the mine. These costs include stripping of waste material, constructing the mines infrastructure and other works carried out prior to the production phase.

Finally, costs for defining of new areas or deposit areas in exploitation and of mining operations (PP£E) are recognized in property, plant and equipment and are amortized through profit or loss over the period during which the benefits are obtained.

In accordance with the criteria outlined above, the costs associated with acquired exploration and mining exploitation licenses that are part of a project in the feasibility stage will be classified as property, plant, and equipment. Prior to this stage, these assets will be presented as non-amortizable intangible assets.

k. Income taxes and deferred taxes – Codelco and its Chilean subsidiaries recognize annually income taxes based on the net taxable income determined as per the standards established in the Income Tax Law and Article 2 of D.L. 2398, and the Mining Royalty Tax referred to in Law No. 21590. Its foreign subsidiaries recognize income taxes according to the tax regulations of the respective countries.

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In addition, Codelco’s taxable income in each period is subject to the tax regime established in Article 26 of D.L. No. 1350, and it must pay the encumbrances in March, June, September, and December of each year, based on a provisional tax calculation.

The deferred taxes arising from temporary differences and other events that create differences between the accounting and tax bases of assets and liabilities, are recorded in accordance with the standards established in IAS 12 Income tax.

Deferred taxes are also recognized for undistributed profits of some subsidiaries and associates, at the remittance tax rate on dividends paid by these companies to the Corporation.

Il. Inventories – Inventories are measured at cost when such does not exceed net realizable value. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale (i.e., marketing, sales, and distribution expenses). Costs of inventories are determined according to the following methods:

– Finished products and products in process: These inventories are measured at their average production cost determined using the absorption costing method, including labor, depreciation of fixed assets, amortization of intangibles and indirect costs of each period. Inventories of products in process are classified in current and non- current, according to the normal cycle of operation.

– Materials in warehouse: These inventories are valued at acquisition cost and the Corporation determines an allowance for obsolescence considering that slow- moving materials in the warehouse remain in stock.

– Materials in transit: These inventories are measured at cost incurred at the end of reporting period. Any difference because of an estimate of net realizable value of the inventories lower than it carrying amount is recognized in profit or loss.

m. Dividends – In accordance with Article 6 of D.L. 1350, the Corporation has a mandatory obligation to distribute its net income as presented in the financial statements. The payment obligation is recognized on an accrual basis. (see note 20).

n. Employee benefits – Codelco recognizes a provision for employee benefits when there is a present obligation (legal or constructive) as a result of services rendered by its employees.

The employment contracts stipulate, subject to compliance with certain conditions, the payment of an employee severance indemnity when an employment contract ends. In general, this corresponds to one monthly salary per year of service and considers the components of the final remuneration which are contractually defined as the basis for the indemnity. This employee benefit has been classified as a defined benefit plan.

Codelco has also agreed to post-employment medical care benefits for certain retirees.
This employee benefit has been classified as a defined benefit plan.

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These plans continue to be unfunded as of June 30, 2025.

The employee severance indemnity and the post-employment medical plan obligations are determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. The defined benefit plan obligations recognized in the statement of financial position represent the present value of the accrued obligations. Actuarial gains and losses are recognized immediately in other comprehensive income and will not be reclassified to profit or loss.

The Corporation’s management uses assumptions to determine the best estimate of these benefits. The assumptions include an annual discount rate, expected increases in salaries and turnover rate, among other factors.

In accordance with its operating optimization programs to reduce costs and increase labor productivity by incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value. In case of employee retirement programs which involve multi-year periods, the accrued obligations are updated using a discount rate determined based on financial instruments denominated in the same currency and similar maturities that will be used to pay the obligations.

o. Provisions for decommissioning and site restoration costs – The Corporation recognizes a provision for the estimated future costs of decommissioning and restoration of mining projects in development or production when a mining activity causes a disruption under a constructive or legal obligation. Costs are estimated on the basis of a formal closure plan and cost estimates are annually reviewed.

Costs arising from the obligation to dismantle a plant installation or other site preparation work, discounted to their present value, are provided for and capitalized at the beginning of each project or at the origin of the constructive or legal obligation as soon as the obligation to incur such costs arises.

These decommissioning and restoration costs are recorded in income through the depreciation of the asset that gave rise to such cost, and the use of the provision is made when the decommissioning materializes. Subsequent changes in estimates of decommissioning-related liabilities are added to or deducted from the costs of the related assets in the period in which the adjustment is made.

Other restoration costs, outside the scope of lAS 16, Property, Plant and Equipment, are provided for at their present value against operating results and the use of the provision is made in the period in which the restoration work is performed.

The accretion of the discount on a closure liability due to the passage of time is recognized as a finance expense in the statement of income.

p. Leases – The Corporation evaluates its contracts at initial application to determine whether they contain a lease The Corporation recognizes a right-of-use asset and a

F-27 Y copDeLco corresponding liability for lease with respect to all lease agreements in which Codelco is the lessee, except for short-term leases (defined as a lease with a lease term of twelve months or less) and leases of low-value assets. For these leases, the Corporation recognizes the lease payments as an operating cost on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits of the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using the interest rate implicit in the lease. If this rate cannot be easily determined, the Corporation uses the incremental borrowing rate.

The incremental rate for loans used by Codelco is determined by estimating the interest rate that the Corporation would have to pay for borrowing the necessary funds to obtain an asset of an equivalent nature similar in value to the right-of-use asset of the respective lease, in a similar economic environment over a similar term.

Lease payments included in the measurement of the lease liability mainly include fixed payments, variable payments that depend on an index or a rate and the exercise price of a purchase option. Variable payments that do not depend on an index or a rate are excluded.

The lease liability is subsequently measured as follows: the carrying amount increased to reflect the interest on the lease liability (using the effective rate method) and the carrying amount is reduced to reflect the lease payments made.

The Corporation revalues the lease liability as to the discount rate (and makes the corresponding adjustments to the asset for respective right of use) through a modified discount rate when:

– There isa change in the term of the lease, or

– There is a change in the assessment of an option to purchase the underlying asset, or

– There isa change in an index or rate which generates a change in cash flows.

Right-of-use assets comprise the amount of the present value of payments not made at the contract inception date, and lease payments made before or up to the inception date, less lease incentives received and any initial direct costs incurred plus other decommissioning and site restoration costs. The right-of-use assets are subsequently measured at cost less accumulated depreciation and accumulated losses due to impairment.

When the Corporation incurs a cost obligation to dismantle or remove a leased asset, restore the location in which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured in accordance with |AS 37. Costs are included in the corresponding right-of- use asset unless those costs are incurred to produce inventories.

The right-of-use assets are depreciated during the shorter period between the term of the lease and the useful life of the underlying asset. If a lease transfers the ownership of

F-28 Y copDeLco the underlying asset or the cost of the right-of-use asset reflects that the Corporation expects to exercise its option to purchase, the right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation is made from the start date of the lease.

The Corporation applies lAS 36 to determine if a right-of-use asset is impaired and recognizes any impairment loss identified, as described in the accounting policy for Property, plant and equipment.

q. Revenue from Contracts with Customers – Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to customers.

Sale of mineral goods and or by-products: Contracts with customers for the sale of mineral goods and or by-products include the performance obligation for the delivery ofthe physical goods and the associated transportation service, at the place agreed with the customers. The Corporation recognizes revenue from the sale of goods when the performance obligation is satisfied according to the shipment or dispatch of the products, in accordance with the agreed conditions, such revenue being subject to variations related to the content and or sale price at the date of its liquidation. Notwithstanding the foregoing, there are some contracts where the performance obligation is satisfied when there is receipt of the product instead of the buyer’s corresponding destination, thus recognizing revenue at the time of said transfer. When services of transport of goods are provided, the Corporation recognizes revenue when the service obligation is satisfied.

Sales that have discounts associated with volume subject to compliance with goals are recognized net, estimating the probability that the volume target will be reached.

Sales contracts include a provisional price at the shipment date. The final price is generally based on the London Metals Exchange (“LME”) price. Revenue from sales of copper is measured using estimates of the future spread of metal prices on the LME andor the spot price at the date of shipment, with subsequent adjustments made upon final pricing recognized as revenue. The terms of sales contracts with customers contain provisional pricing arrangements whereby the selling price for metal concentrate is based on prevailing spot prices on a specified future date after shipment to the customer (the quotation period). Consequently, the final price is set at the dates indicated in the contracts. Adjustments to provisional sale prices occur based on movements in quoted market prices on the LME up to the date of final pricing. The period between provisional invoicing and final pricing is typically between one and nine months. Changes in fair value over the quotation period and until final pricing are estimated by reference to forward market prices for applicable metals.

As indicated in the note related to hedging policies in the market of metal derivatives, the Corporation enters into operations in the market of metal derivatives. Gains and losses from those which are fair value hedges contracts are recognized as revenues.

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Fr.

– Rendering of services: Additionally, the Corporation recognizes revenue for rendering services, which are mainly related to the processing of minerals bought from third parties. Revenue from rendering of services is recognized when the amounts can be measured reliably and when the services have been provided.

Derivatives contracts – Codelco uses derivative financial instruments to reduce the risk of fluctuations in sales prices of its products and of exchange rates.

Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently measured to their fair value at the end of each reporting period.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under the item “Cash flow hedge reserve. The gain or loss relating to the ineffective portion is immediately recognized in profit or loss and included in the Finance cost or Finance income line items, depending on the effect of such ineffectiveness. The amount recognized in comprehensive income is reclassified to income, in the same line in which the effects generated by the hedged item are recorded once the results of the hedged transactions are recorded in the same line or until the maturity date of such transactions.

A hedge is considered highly effective when ¡it meets the requirements of IFRS 9. At the time of discontinuation of the hedge contract or the associated designated accounting and according to the circumstances of each case, the accumulated gainloss on the derivative instrument remains in equity until the hedge transaction occurs, or if discontinuation is expected to occur, the amount in equity is reclassified to profit or loss.

The total fair value of hedging derivatives is classified as non-current financial asset or liability, if the remaining maturity of the hedged ¡tem is greater than twelve months, and as current financial asset or liability if the remaining maturity of the hedged item is less than twelve months.

The derivative contracts held by the Corporation have been entered into to apply the risk hedging policies and are accounted for as indicated below:

– – Hedging policies for exchange rate risk: The Corporation enters into exchange rate derivatives to hedge exchange rate variations between the U.S. dollar and the currencies of transactions the Corporation undertakes. In accordance with the policies established by the Board of Directors, these hedge transactions are only entered into when there are recognized assets or liabilities, forecasts of highly probable transactions or firm commitments. The Corporation does not enter into derivative transactions for non-hedging purposes.

– Hedging policies for metal market prices risk: In accordance with the policies established by the Board of Directors, the Corporation entered into derivative contracts to reduce the inherent risks in the fluctuations of metal prices.

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Hedging policies seek to protect expected cash flows from product sales operations by adjusting, when necessary, physical sales contracts to its commercial policy.
When the sales commitments are fulfilled and the metal derivative contracts are settled, there is an offset between the results of the sales transactions and the results of hedging using metal derivatives.

Hedging transactions carried out by the Corporation in the metal derivatives market are not undertaken for speculative purposes.

Embedded derivatives: The Corporation has established a procedure that allows for evaluation of the existence of embedded derivatives in financial and non-financial contracts. Where there is an embedded derivative, and the host contract is not a financial instrument and the characteristics and risks of the embedded derivative are not closely related to the host contract, the derivative is required to be recognized separately.

s. Segment reporting – The Corporation has defined its Divisions as its operating segments in accordance with the requirements of IFRS 8, Operating Segments. The mining deposits in operation, where the Corporation conducts ¡ts extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina and El Teniente. Additional to this divisition is Ventanas operating in the melting area. All these Divisions have a separate operational management, which reports to the Chief Executive Officer, through the Vice-President of Operations, respectively. Main revenue and expenses ¡items controlled by the Head Office are allocated to the Divisions.

t. Presentation of Financial Statements – For purposes of lAS 1 Presentation of Financial Statements, the Corporation presents its statement of financial position classified as current and non-current” and its statements of income “by function” and cash flows using the direct method.

u. Current and non-current financial assets – The Corporation determines the classification of its financial assets at the time of initial recognition and reviews it at each closing date.
The classification depends on the business model in which the investments are managed and the contractual characteristics of their cash flows.

The Corporation’s financial assets are classified into the following categories:

At fair value through profit or loss:

Initial recognition: This category includes those financial assets that do not qualify in the business model to collect contractual cash flows, nor do such cash flows come exclusively from capital and interest. These instruments are initially recognized at fair value.

Subsequent recognition: Their subsequent recognition is performed at fair value, with any changes in fair value recorded in the Consolidated Statement of Comprehensive Income under the line item Other gains (losses).

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v.

Amortized cost:

Initial recognition: This category includes those financial assets that qualify in the business model and that are held for the purpose of collecting contractual cash flows and that meet the “Solely Payment of Principal and Interest” (SPPI) criterion. This category includes certain Trade and other current receivables, and the loans included in other non-current financial assets.

Subsequent recognition: These (debt) instruments are subsequently measured at amortized cost using the effective interest method. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any impairment allowance

Interest income is recognized in profit or loss and is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in profit or loss in the Foreign exchange difference line item.

At fair value through other comprehensive income:

Initial measurement: Financial assets that meet the criteria “Solely payments of principal and interest” (SPPI) are classified in this category and must be maintained within a business model both to collect the cash flows and to sell the financial assets.
These instruments are initially recognized at fair value. In this section, investments in equity instruments are also included.

Subsequent recognition: Their subsequent valuation is at fair value. Interest income calculated using the effective interest rate method, foreign exchange gains and losses, impairment, and dividends are recognized in income. Other net gains and losses are recognized in other comprehensive income. On derecognition, the gains and losses accumulated in comprehensive income while for investments in equity instruments, their reclassification is recorded in retained earnings. Codelco has irrevocably elected to present subsequent changes in the fair value of the investment in equity instruments in other comprehensive income

Financial liabilities – Financial liabilities are initially recognized at fair value net of transaction costs. Subsequent to their initial recognition, the valuation of the financial liabilities will depend on their classification, within which the following categories are distinguished:

Financial liabilities at fair value through profit or loss: This category includes financial liabilities defined as held for trading.

Changes in fair value associated with own credit risk are recorded in other comprehensive income unless doing so creates an accounting mismatch.

Financial liabilities measured at amortized cost: This category includes all financial liabilities other than those measured at fair value through profit or loss.

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The Corporation includes in this category bonds, obligations and other current payables.

These financial liabilities are measured using the effective interest rate method, recognizing interest expense based on the effective rate.

The method of the effective interest rate corresponds to the method of calculating the amortized cost of a financial liability and the allocation of interest expenses during the corresponding period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

Trade and other current payables are financial liabilities that do not explicitly accrue interest and are recognized at their nominal value, which approximates its fair value.

Financial liabilities are derecognized when the liabilities are paid or expire.

w. Impairment of financial assets – The Corporation measures the loss allowance at an amount equal to lifetime expected credit losses for certain of its trade receivables. For these, it uses the simplified approach as required under IFRS 9.

The provision matrix is based on the Corporation’s historical credit loss experience over the expected life of such trade receivables and is adjusted for forward-looking estimates considering the most relevant macroeconomic factors that affect bad debts.

Other accounts receivable and other financial assets are reviewed using reasonable and sustainable information that is available without cost or disproportionate effort in accordance with IFRS 9 to determine the credit risk of the respective financial assets. A provision for impairment losses on trade receivables and other financial assets is established when there is objective evidence that the amounts due may not be fully recovered.

Xx. Statement of cash flows – The statement of cash flows reflects changes in cash that took place during the period, determined under the direct method. The Corporation has defined the following:

– Cash flows: Inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes in value.

– Operating activities: Are the principal revenue-producing activities of the Corporation and other activities that are not investing or financing activities.

– – Investing activities: These are the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.

– Financing activities: These are activities that result in changes in the size and composition of net equity and borrowings of the Corporation.

F-33 Y copDeLco da.

Bank overdrafts are classified as external resources in current liabilities.

Law No. 13196- Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at 10%. The amount recognized for this concept is presented in the statement of income within the line item Other expenses by function. See explanatory note in section III. Note 24 letter c) of this financial statements.

Cost of sales – Cost of sales is determined according to the absorption costing method, including the direct and indirect costs, depreciation, amortization and any other expenses directly attributable to the production process.

Classification of current and non-current balances – In the consolidated statement of financial position, the balances are classified according to their maturities, that is, as current for those with a maturity equal to or less than twelve months and as non- current for those with a greater maturity. Where there are obligations whose maturity is less than twelve months, but whose long-term refinancing is insured upon a decision by the Corporation whose intention is to refinance, through credit agreements available unconditionally with long-term maturity, these could be classified as non- current liabilities.

3. New standards and interpretations adopted by the Corporation

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the Corporation’s annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards, interpretations and amendments, effective from January 1, 2025, which refer to:

a) Lack of interchangeability (Amendments to lAS 21). The amendments provide guidance to specify when a currency is interchangeable and how to determine the exchange rate when it is not.

b) Amendments to SASB standards to improve their international applicability The amendments remove and replace jurisdiction-specific references and definitions in the SASB standards, without substantially altering industries, topics, or metrics.

The application of these amendments had no impact on the Corporation’s consolidated financial statements, but may affect the accounting for future transactions or arrangements.

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4. New accounting pronouncements

The following new standards, modifications and interpretations had been issued by the lASB, but their application is not yet mandatory:

Presentation and disclosures in financial statements IFRS 18

Subsidiaries without public accountability: Disclosure information IFRS 19

Amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments

Annual Improvements to IFRS Accounting Standards – Volume 11

Applicable for annual periods beginning on or after January 1,
2027.

Not yet approved for use in the EU.

Applicable for annual periods beginning on or after January 1,
2027.

Not yet approved for use in the EU..

Annual reporting periods beginning on or after January 1,
2026.

Not yet approved for use in the EU.

Annual reporting periods starting on or after 1 January
2026.

Not yet approved for use in the EU.

Not yet approved for use in the EU IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in the financial statements.

IFRS 19 specifies the disclosure requirements that a subsidiary may apply instead of the disclosure requirements of other IFRS Accounting Standards.

Address issues identified during the post-implementation review of the classification and measurement requirements of IFRS 9 Financial Instruments.

Includes the following amendments:

IFRS 1: Hedge accounting by a first- time adopter.

IFRS 7: Gain or loss on derecognition.
IFRS 7: Disclosure of the deferred difference between fair value and transaction price.

IFRS 7: Introduction and disclosures about credit risk.

IFRS 9: Derecognition of lessee’s lease liabilities.

IFRS 9: Transaction price.

IFRS 10: Determination of a “de facto agent”.

IAS 7: Cost method

Management is currently evaluating the impact of the adoption of these new regulations and modifications. It is not expected to have a significant impact on the consolidated financial statements, with the exception of the application of IFRS 18, which will change the presentation of the Corporation’s Consolidated Statements of Income.

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IN. EXPLANATORY NOTES

1. Cash and cash equivalents

The detail of cash and cash equivalents as of June 30, 2025 and December 31, 2024, is as follows: lem 6-30-2025 12-31-2024 ThuUss5 Thuss Cash on hand 101 114 Bank balances 380,209 447456 Time Deposits 469 486 219,146 Mutual funds – Money market 19.628 14 104

Total cash and cash equivalents 875,424 680,820

Interest on time deposits is recognized on an accrual basis using the contractual interest rate of each of these instruments.

The Corporation does not hold any significant amounts of cash and cash equivalents that have a restriction on use.

Cash and cash equivalents meet the low credit risk exemption under IFRS 9. The classification of time deposits meet the requirements of lAS 7.

2. Trade and other receivables

a) Trade and other receivables

The following table sets forth trade and other receivables balances, with their corresponding expected credit loss provision:

Current Non-current tiem 60-074 17-31-1074 6 10 207% 17-31-1074 THAESS Tus THUSS TRUSS iméde receivables (1] 2,507,115 2.149,61? – Earcitd Creolll Loss provision (4) (1,040 (1,5u8) tubitotal trade recciuables, not 2,150,445 2,244,071 Qiñeraccourts recelvatile |2| 420,062 ARA, 167 Ri 79, 08 ixpected Cregit Loss provision (1| 125,600] (24,658 ; – Obie aber socountis recervalrle, nel 454,462 560,709 $81,278 79,08 Toi A A 4,104, ME 30,218 0, PA

(1) Trade receivables correspond to the sales of copper and its by-products, those that in general are sold in cash or bank credit notes.
(2) Other receivables mainly consist of the following items e Remaining tax credit susceptible to refund VAT and other taxes receivable, amounting to ThUS$234,393 and ThUS$632,368 as of June 30, 2025 and December 31, 2024, respectively.

e Receivables owed by the Corporation’s personnel, for short-term and long-term current loans of ThUSS70,750 and ThUSS79,761 respectively (as of December 31,

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2024 ThUS5115,884 and ThUSS76,932 respectively), both deducted monthly from their salaries. Mortgage loans granted to the Corporation’s personnel amounting to ThUSS23,605 , which are mainly long-term, are with mortgage guarantees (as of December 31, 2024 ThUS$22,644).

Advances to suppliers and contractors, to be deducted from the respective payment statements for ThUS$121,211 and ThUSS$85,767 as of June 30, 2025 and

December 31, 2024, respectively.

As of June 30, 2025, there are no accounts receivable for maquila services to ENAMI (as of December 31, 2024, these services amounted to ThUSS1,127).
Additionally, in order to complement the commercial commitments between Codelco and ENAMI, the Corporation purchases copper concentrate and by- products and sells cathodes to ENAMI. Both Codelco and ENAMI are companies owned by the State of Chile

(3) The Corporation recognizes an expected credit loss provision based on its expected credit loss model.

The reconciliation of changes in the expected credit loss provision, were as follows: £-10- 24075 17-11-4024 La Tus muss Gpening babance 26,154 22,011 Imeréa bs zo Fai Discharges f applications . (4,213) Movement, sutilcta!l Hi (2,61) Closing balance

The balance of past due but not impaired balances is as follows: :

Ageing 6-30-2025 12-31-2024 ThUs$ ThUs$ Less than 90 days 2,720 3,024 90 days – 1 year 1,404 2,214 Over 1 year 978 946

Total unprovisioned past-due debt 5,102 6,184

b) Accruals for open sales invoices

The Corporation adjusts its revenues and trade receivable balances, based on future copper prices through the recognition of an accrual for open sales invoices.

When future price of copper is lower than the provisional invoicing price, the accrual is presented in the statement of financial position as follows:

For those customers that have due balances with the Corporation, the accrual is presented as a deduction from the line item trade and other current receivables.

For those customers that do not have due balances with the Corporation, the accrual is presented in the line item trade and other current payables.

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When the future copper price is higher than the provisional invoicing price, the accrual is added to the line item trade and other current receivables.

In accordance with the above, as of June 30, 2025, a debit balance of ThUSS191,684. As of December 31, 2024, it was a credit balance of ThUS$139,383.

As of December 31, 2024, a balance of ThUS$9,379 from the provision for negative unfinalized invoices, associated with customers who do not maintain balances owed to Codelco, was reclassified to the item Trade payables in current liabilities. Added to the balance presented in the item Trade receivables and other accounts receivable, this results in a net negative provision of ThUss148,762.

3. Balances and transactions with related parties
a) Transactions with related persons

In accordance with Law on New Corporate Governance, the members of Codelco*s Board are, in terms of transactions with related persons, subject to the provisions of Title XVI of Law on Corporations, which sets the requirements regarding transactions with related parties in publicly traded companies and their subsidiaries).

Notwithstanding the foregoing, pursuant to the provisions of the final paragraph of Article 147 b) of Title XVI, which contains exceptions to the approval process for transactions with related parties, the Corporation has established a general policy over customary transactions (which was communicated through a significant event notice to the CMP), that defines customary transactions as those carried out with its related parties in the normal course of business, which contributes to the social interest and are necessary to the normal development of Codelcos activities.

Likewise, consistent with the referred to above standard, the Corporation has implemented as part of its internal regulatory framework, a specific policy dealing with business between related persons and companies with Codelcos executives. Codelco’s Corporate Policy No.18 (CCP No. 18), the latest version currently in force, was approved by the Chief Executive Officer and the Board of Directors.

Accordingly, Codelco without the authorization required in CCP No. 18 and of the Board of Directors, as required by Law or by the Corporation by-laws, shall not enter into any contracts or agreements involving one or more Directors, its Chief Executive Officer, the members of Division’s Managing Committees, Vice-presidents, Legal Counsel, General Auditor, Division Chief Executive Officers, Advisors of Senior Management, employees who must make recommendations andor have the authority to award tenders, assignments of purchases andor contracting goods and services, and employees in management positions (up to fourth hierarchical level in the organization), including their spouses, children and other relatives up to second degree of relation, with a direct interest, represented by third parties or on behalf of another person. Likewise, CCP No.
18 requires administrators of Corporation’s contracts to declare all related persons and disqualify himselfherself if any related persons are involved within the field of hisher job responsibilities.

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This prohibition also includes the companies in which such administrators are involved through ownership or management, either directly or through representation of other natural persons or legal entities, as well as those individuals who also have ownership or management in those companies.

The Board of Directors has been informed and approved certain transactions as defined in CCP No. 18.

These operations include those shown in the following table, for the total amounts mentioned, which must be executed within the time periods specified in each contract:

E E ada de LEA á Da Cani tel A NN A A A pa =1 ha mu ar Parar Ha L 5 i Vi Le A rl FT en A TL AAA r- E A A 1 wr, Cr 1 E mr 0] E db bo ka er 1 re L a == gt ud Le ==! a i di , = an – o a 3 a me. Ll ar 1 1 y EN A j A EA 12348 pa ! a . m ru mio La ” – i Um 7 A . a lai 15 Ej – E” Ln m ” a = El un ll . 4 e al db = 11 = > md, 1 3 Li ita e e E mE = nr té = 18
a . LE a Umi a al Fs E sy Lis r> a ‘ JE sa. Fab Lie PP. 1 an = Lu i a e 1 a ea = – á ii dr Wer Ny ñ y re

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b) (Continuation)

A A Vagpa a dy aa aar al . “e a a . . ma o

Key Management of the Corporation d-L- HU |

A e

151 l-Ll 1 rm tr FT de ES SETA

In accordance with the policy established by the Board of Directors and its related regulations, the transactions with the Directors, the Chief Executive Officer, Vice Presidents, Corporate Auditor, the members of the Divisional Management Committees and Divisional General Managers shall be approved by the Board of Directors.

During the six and three-month periods ended June 30, 2025 and 2024, the members of the Board of Directors have received the following amounts as per diems, salaries and fees: Lin. lidia DO Mo Lar Sa el e 1 ar

La ba – hi. 157 UN A E ba 0 ba A | –.

ral a e a mat rA i Sur ds. – y pr A sa. ‘ E

Jar Uy a a , Ls E 0 5 -=

La e ra a mía LA ML +

E me Le 28 a he Ula o. > gún Ej mo l-1-2E30 H Mraua ER A e1:-2430

Ala

By Decree Law (DL) No. 70, promulgated on February 5, 2024, established the compensation for the Corporation’s Directors. The compensation to Board of Director members is as follows:

a. The Directors of Codelco will receive a fixed monthly compensation of Ch54,413,071 (four million four hundred thirteen thousand seventy-one Chilean pesos) for meeting attendance. The payment of the monthly compensation requires at least one meeting attendance each month.

F-40 Y copDeLco

c)

b. The Chairman of the Board will receive a fixed monthly compensation of Ch58,826,140 (eight million eight hundred and twenty-six thousand one hundred and forty Chilean pesos).

c. Each member of the Directors Committee, whether the one referred to in Article 50 bis) of Law No. 18046 or another established by the Corporation by-laws, will receive a fixed additional monthly compensation of Ch$1,471,022 (one million four hundred and seventy-one thousand and twenty-two Chilean pesos) for meeting attendance, regardless of the number of committees of which they are members. In addition, the Chairman of the Directors Committee will receive a fixed monthly compensation of Ch$2,942,047 (two million nine hundred and forty-two thousand- and forty-seven-pesos Chilean pesos).

d. The compensation established in the legal text is effective for a period of two years, as from June 1, 2024, and will not be adjusted during said period.

The salaries and benefits granted to the Corporation’s executives are exclusively governed by the Codelco Executive Salaries and Benefits Manual.

On the other hand, the short-term benefits to key management of the Corporation, paid during the six-month periods ended June 30, 2025 and 2024, amount to ThUS$8,674 and ThUSS6,545 respectively.

During the six-month periods ended June 30, 2025 and 2024, severance payments and other payments associated with the retirement of Codelco’s senior executives were ThUSS502 and ThUSS1,302, respectively.

There were no payments for other non-current benefits during the six month ended June 30, 2025 and 2024, other than those mentioned in the preceding paragraph.

There are no share-based payment plans.
Transactions with companies in which Codelco has ownership interest

The Corporation undertakes commercial and financial transactions that are necessary for its activities with ¡ts subsidiaries, associates and joint ventures (related parties).
The financial transactions correspond mainly to loans granted (mercantile current accounts.

Commercial transactions with related companies mainly consist of purchasessales of products or rendering of services carried out under market conditions and prices, which do not bear any interest or indexation.

The Corporation does not make expected credit loss provision accounts on the main items receivable from its related companies since these have been subscribed with the relevant safeguards in the respective debt agreements.

F-41 Y copeELcO

The detail of accounts receivable and payable between the Corporation and its related parties as of June 30, 2025 and December 31, 2024 ¡s as follows:

Accounts receivable from related entities:

Latrel ir rel ponlo Mai cria her . cp Ls LE31- 0H AA LEA FAS TRAS E. TELS Ti HA Ro dorm ra hi LA Chil ELIAS Li L TH y de e AA LA TT ji die LLE cdi Ñ Midi? Premi Berceo Mirta 5 ps ile LME Land y Eb A 22200 Toa Cora rra! Mile 1i rr Cria EE un 1.423 J 258 AH AR rar Mae RA Criis CATA ES 7 1503 eii ta or A ds di er lira ni hijo ie ud d y Full dal Lope A A A Accounts payable to related entities: Camerr Hao CUrTEEL Vaipatrás 14 Ca A Amare e Carra cé lgrer “a 140-5234 12.11.1504 6035 12.313-3074 ue dla da a E Pros PL PmLbil PniToS 10230008 ns Armin a DA ¿Fiá ddr 1133 151935 el dt ida ado Cote erro Ll dere CP lr 13 14554 4 1602530657 Fara teciperadosa de Mesias Hb Cia MEC E 1155 ¿57 1,193 TE 00.048 Exiors Rimirg 4 Cala ANOETA CE pg al 10547 Tora A E The following table sets forth the transactions carried out between the Corporation and its related entities during the six and three-month periods ended June 30, 2025 and 2024 are detailed below: Lom cd Ba A k Ed Ll LT s ae FA A e A AA Y 2 ma e -a a al o a a A 0 A: > un = an a | MULA =.E ji 1 a. ka A AS a 1 J E u- EE 1 had ña bo >!” 10 == L . . ‘ 0 16 Ue n54 EL Hu nm. Low e] A FE MAS 4 _- ¡ P E 1 Las 1 – A A la lr
a. AA E A mr La ñ MN Ln ie ¡Ln 2 ad a Lid
2. y pa AA A a a 1 ji Pd] A -: EZ A 01. Par er rr rn e A ad Las me >* , 3 n Hi ne P u ! ii. Mi a SAS AA AN PT ru ] Ps | al * mo ms a o o a o pre ha n E E L F

d) Additional information

The purchasesales of products transactions with Anglo American Sur S.A., are regular business activity transactions to buysell copper and other products. On the other hand, there are certain transactions related to the contract entered into with the subsidiary Inversiones Mineras Nueva Acrux SpA (whose non-controlling shareholder is Mitsui) and Anglo American Sur S.A., under which the latter agreed to sell a portion of its annual copper output to said subsidiary.

F-42 Y coDeELcO

4.

Inventories

Inventories as of June 30, 2025 and December 31, 2024 are detailed as follows:

Cisrénd Monacurnient em EMS 1231. 1MAM 6305 1241-4049 Pres nus This Er

Cinca prohurtas AE 215372 tobloial Tinivbed producto, net 313,57 ¿APA POLA CUA DO HE ENE 552 060 535, 157 Haibiotal ruda ln proves. me L.530,006 1-18,38 199 146,15 Mareriats in were rouse sd arnes 977 DEl $51 5662 Hu PE NS Ot CUESTA E YI 1293 483) 11443,1991 obrsral motera la dre e A, MEL 744,550 175,455 – Total mvestones METI ETE AA

Inventories recognized in cost of sales during the six-month periods ended June 30, 2025 and 2024, correspond to finished products and amount to ThUSS$6,468,681 and ThUSS5,948,509, respectively, which do not consider the cost of processing services of ThUSS3,581 and ThUSS3,995, respectively.

During the six-month periods ended June 30, 2025, US$35,038 was reclassified from the inventory item for strategic inventories to the property, plant and equipment item.
(ThUss91,280 as of December 31, 2024).

The reconciliation of changes in the allowance for obsolescence is detailed below:

Morament cimnolerence prowinionr cl Ms

Thiss This Opening balanc) Composition of income tax (expense)
1-1-2075 1-1-2024 4-1-2025 4-1-2024 Composition 6-30-2025 -6-30-2024 – 6-30-2025 – 6-30-2024 Thus5 Thus5 Thus5 ThUus5 Deferred tax effect (240,229) – (328,182) (118114) (49,845) Current tax expense (72,055) (42 760) (43,053) (40, 945) Adjustments to previous periods a 581 aa Other = (9) – Total income tax (expense) (311,844) – (370,365) – (160,727) ENPAE

F-44 Y copDeLco

d) The following table sets forth the reconciliation of the effective tax rate: $ ia Parana. 1 ua Pas Ear ua Ey, Eo FLA dde a Dura Tate

Hara Paigrh ¿L ia el res br libre de hor uo 137,5 La ql FET ia [ao 1 da ia all to e – rl . ns ad dí o AE 1.547] LA rd mid 14 440)= HS a ld 434. 30 434 +10 Li ITA 1571494] EIA AS

SS a pnl a ¡A LEAF 1 nd 11,407 Ulea pad 0 A da e A + 1: DAL Fort rca tias MEAT h y +04 Lar is lan Farm Pr cóa An. nc sta des ¡LITE tTaial

5 ur tri ela hará Fri ta per] Y PR Lab i Wi “El úl Cd: ia LA 5 mai ¡e sa pri bm ‘ 1 4 159 pol 1%] UTE Li ls E) i ¡dd AAA AA A E A da, ea AF E (Geri (Ai Era A ura FA

A E imita ui 18 sd ii PL de nEl rias cta a MAA

For the calculation of deferred tax, the Corporation has applied the following taxes rates:

a. Income Tax, the Corporation has applied a rate of 25% to calculate deferred income tax and first category income tax. As a state company, the Corporation is classified as those companies of article 14 letter G of the Income Tax Law, incorporated in the Tax Reform Law No. 21210 of February 24, 2020, maintaining the General Regime of Taxation.
Meanwhile, the national subsidiaries and associates, by default, have applied the Partially Integrated taxation system with a rate of 27% for both years. Foreign subsidiaries and associates have applied the tax rates in force in their respective countries.

b. Additional rate of 40%. Article 2 of Decree Law 2398 establishes an additional 40% income tax rate on the Corporation’s taxable income plus the share of retained earnings of companies not organized as corporations or joint stock companies and the dividends actually received from the latter.

c. Mining Taxes On August 10, 2023, Law No. 21591 on Mining Royalty was published in the Official Gazette, effective as of January 1, 2024. The law establishes that the mining royalty tax is comprised of two components: The ad valorem component and the mining margin component. The ad valorem component corresponds to 1% of copper sales and applies to miners whose copper sales represent more than 50% of total sales. The mining margin component applies a rate of between 8% and 26% on mining operating margins in the range of 20% to 80%.

F-45 Y copDeLco

Codelco has recognized in its third quarter financial statements the following effects for each component of the Mining Royalty:

– – Mining Margin Component: During the six-month periods ended June 30, 2025, an expense of ThUSS94,904, was determined, which is presented in income tax expense in the income statement, of which ThUS$25,296 corresponds to the effect of deferred taxes.

– Ad Valorem Component: For the six-month periods ended June 30, 2025, an expense of ThUS$S59,486, was determined, which is presented in other expenses by function in the income statement (see note 24, letter b).

6. Current tax assets and liabilities

The current tax balance is presented net of monthly provisional payments as an asset or liability in Current Taxes determined as indicated in section ll.

policies, 2.k):

Recoverable taxes

Current tax assets

Total current tax assets

PPM payable Tax provision

Current tax llabilities

Total current tax llabilities

Mon-current tax 455ets

Non-current tax assets (1) Total non-current tax assets

(1) Non-current tax assets correspond to tax credit balances that the entity expects to recover in future fiscal periods. These assets include tax credits, prepaid taxes, and other recoverable balances from the tax authority, whose realization is not expected to occur in the short term.

F-46

6-30-2025 12-31-2024 ThUss5 Thus5

1,571 1,814 1,571 1,814

6-30-2025 12-31-2024 ThUs5 Thus5 25,798 14,347 3,353 7,552 29,151 21,899

6-30-2025 12-31-2024 ThUs5 ThUs5 825,139 788,357

825,139 788,351

Main accounting Y copeELcO

7. Property, plant and equipment

a) The items of property, plant and equipment as of June 30, 2025 and December 31, 2024, are as follows:

Property, plant and equipment, gross:

Works in progress Land

Buildings

Plant and equipment Fixtures and fittings Motor vehicles Lands improvement Mining operations Mine development Other assets

Total property, plant and equipment, gross

Property, plant and equipment, accumulated depreciation

Land

Buildings

Plant and equipment

Fixtures and fittings

Motor vehicles improvements to land

Mining operations

Mine development

Other assets

Total property, plant and equipment, accumulated depreciation

Property, plant and equipment, net

Works in progress Land

Buildings

Plant and equipment Fixtures and fittines Motor vehicles improvements to land Mining operations Mine development Other assets

Total property, plant and equipment, net

F-47

6-30-2025 ThUss5 10,966,422

224,265 7,262,536 22,980,679 52,347 2,241,447 9,589,564 12,959,350 7,543,312 720,183

6-30-2025 ThUs$ 25,097 4,118,810 14,042,675 47,784 1,904,805 5,047,758 8,268,911 1,468,496 399,148

6-30-2025 ThUs5 10,966,422

199,168 3,143,726 8,938,004

4,563

336,642 4,541,806 4,690,439 6,074,816

321,035

12-31-2024 ThUus$ 9,963,413

236,006 7,272,305 22,805,264 52,854 2,234,449 9,261,049 12,021,286 7,303,348 719,947

74,340,105 71,869,921

12-31-2024 Thus$ 24,345 4,042,936 13,707,741 47,441 1,862,046 4,901,294 7,938,008 1,435,852 364,319

35,323,484 34,323,982

12-31-2024 Thuss5 9,963,413 211,661 3,229,369 9,097,523 5,413 372,403 4,359,755 4,083,278 5,867,496 355,628

39,016,621 37,545,939 “Y copeLco | Corporación Nacional del Cobre de Chile

b) Movements in property, plant and equipment el eras hdd Pan Had rr Lory iaa Mp Vila dn apt el dd Lili Tica e Ena qa + Larra a –raa ri! cn A ibid ogro Tap Ted PELAS rear Eruió tud. fund A A A A a a AS 201 il L2ER Heb e 7m07015 Ldn 110401 Lib, Fa Hana JA 1 a A] 19.5 0d Cl POT el Al rin! o” mu li A A ii nna d , A tr A re Ca ar, a pl pl AAA 03] ALAN a] ni MA MLErrE, a PEA Hr] ¿ll dad (110384574 an ras de e y tia los rd A A PT, ¡al ed sir ds 14m 1178 1 E d rd ¿Ek A O pas mb ELA! ¿14 El ¡dret L1er4 ditTFn El AE) * SAA

A a] pr lea oe Cdra] e rr] rd o A A an a a le Pi ad LÁL, Ped Tu 1d Bs Bes al ir + rr pla al rr Pai bil A de A A a PASA PLA Paid id tirsrL UPC A LIA di Pi? de A FED A $ He DS mA Hdi. LF Da A AT A A Al e, A AN AA VAL AP Laa a an úl POLEN 1530 LIITOTA A a A A (1 47] ICON a] LEA mai nia apo ¡8 A 61 CAES] 0 dl
– pe, o pro a dp a pr pm, proa a ¿0 bs Fl 1541 AGS 11415 ads “sm 101 ab La 1JES ru AS PAE A A RARA PA a AA LE A, pad FLEU] Ll mo. ¡TOR JUL a 111553 APA ALA ir par, a rl rl, rara der | e rr mr ad a ar an ql

A A

F-48 Y copeELcO

c)

d)

e)

f)

g)

h)

The balance of construction in progress is directly associated with the operating activities of the Corporation and relates to the acquisition of equipment for projects in construction and associated costs for their completion.

The Corporation has signed insurance policies to cover the possible risks to which the various property, plant and equipment items are subject, as well as the possible claims that may arise for the period of its activities. Such policies sufficiently cover the risks to which they are subject in Management’s opinion.

Capitalized interest costs for the six-month periods ended June 30, 2025 and 2024, amounted to ThUS$214,152 and ThUSS151,154, respectively. The annual capitalization rate was 5.07% and 4.87% at June 30, 2025 and 2024, respectively.

Expenses on exploration and drilling of deposits recognized in profit or loss and the cash outflows disbursed for the same concepts are presented in the following table:

1-1-2025 1-1-2024

Expenditure on exploration and drilling resorvoirs – 6-30-2025 6-30-2024 ThUss5 ThuUss

Met income for the period 64 811 39,979

Cash outflows disbursed 42 859 25,007

The detail of “Other assets under “Property, plant and equipment” is as follows:

231- a Hide e f- 330-2025 12-31-2072

TALUSS Miss White Propect Arseta 13] 234,314 ¿24.816 Mamberances and o her major apuadar 37 0% 106623 Dir Ars4754 – Calama Vian z 308 CAN B 5H] 71388

Other asseta, net 355,628

(1) Corresponds to the assets acquired in the purchase of the company Lithium Power International Limited in 2024. The value assigned to such assets was determined based on the consideration paid in the purchase transaction, plus transaction costs.

As of June 30, 2025 and December 31, 2024, the costs of acquired exploration and mining exploitation licenses that are part of a project in a pre-feasibility stage are presented under the category of Intangible Assets.

The Corporation currently has no ownership restrictions relating to assets belonging to Property, plant and equipment, except for leased assets whose legal title corresponds to the lessor.

Codelco has not pledged property, plant and equipment as collateral for debt obligations.

F-49 Y copeELcO

Leases

8.1 Right-of-use assets

As of June 30, 2025 and December 31, 2024, the breakdown of the right of use asset category is:

Detail

Right-of-use assets, gross Right-of-use assets, accumulated depreciation Total right-of-use assets, net

6-30-2025 12-31-2024

ThUs$ ThUs$ 1057310 954168 670,965 575,719

386,345 378,449

Movements during the six-month ended June 30, 2025 and year ended December 31, 2024 are as follows:

Recóncillaticao of changes in Rightoftuoe celo

Opening balance

Incredtos

Dapensaliór ncredate (Qe teaye] di To ot lies e Angra deteementy, right ofue pets

Total moverments

Closing balance

The composition by asset class is as follows:

Right-of-use assets, net, by asset class

Buildings

Land

Plant and equipment Fixtures and fittings Motor vehicles Right-of-use assets Total

8.2 Liabilities for current and non-current leases

6:30-2025 12-31-2034 Miss TALIES 373,449 390,754 304,003 154,078
1955824) -(1649051]

1155] (6,334) 13] q1)
7,496 (12,307)

6-30-2025 12-31-2024

Thuss ThUs$ 3,647 4,714 212 253 185,150 153,979 7,591 8,031 164,997 184,730 24,748 26,742

386,345 378,449

As of June 30, 2025 and December 31, 2024, the payment commitments for leasing operations are summarized in the following table: rca oral ES
] .

Lures=2 avd ir yrrerl TS: Pas up 1090 depa 51.431 53517] més bas 0 dei 9 lá 1 pá ies 14,197] rave Mas 1 pera a La dl pr 125540 FLA, 140] we 1 yadri 10 Dra 2,425 ¡6 24h] mr 4 dr e la A prat 4,17 ERA Ar a UL A yr LAA] TAL] nare East year! 0, DIS (5,0571

Tota (a. FTE

F-50

12-31- $224

Moi EL isi=real

Mis hu Hiirs Ficdd Mm, Tilo (4,570 l
105,444 104 501 (11 843) 18,231 47314 CUA 10H] MEF 18 54 qu, cal |
10.77% 17, 7] ¡4 0301
18,14% 15365 (2.54 | 4, AT 61,11 F 6,2311

LAT (45 r2ál

ALE

£7.110 45,77 27,141 ¡7207 57,104 SLP

Y copeELcO

9. Intangible Assets other than goodwill

Leasing operations are generated by service contracts, mainly for motor vehicles, plants and equipment and facilities.

The expense related to short-term leases, low-value assets and variable leases not included inthe measurement of lease liabilities, during the six-month ended June 30, 2025 and 2024, is presented in the following table:

Lease expense

Short-term leases Low value assets

Variable leases not included in the measurement of lease liabilities

TOTAL

1-1-2025 1-1-2024
6-30-2025 6-30-2024 ThUs$ ThUs5

10,854 11,064 4,844 4,328 510,345 464,833

526,043 480,225

a) The composition of intangible assets other than goodwill is presented below:

Composition of intangible assets

Intangible assets with defined useful life, net Intangible assets with indefinite useful life

Total

b) Statement of Balances:

c) a NN A A a a her E Sr

Dr PERA Ed EA

Statement of Movements:

Mirra

A A A A E e Aci Dior Tha Cocca

A A o A dr a rs e

Morrs ar] iros dr Orbe r Than Loc dl hal ptr dell DI Ma Ct Pd lr E 18 200,

F-51

ThUs5 38,523 260,460 298,983 e ml du rd. E a

MES pará, AS, TT) 1 mM di ¡15 19 555 21] CA £54 135 RE] 44 y 500 182 411 HAMTE O DA 17635 22,005 28 334

6-30-2025 – 12-31-2024

ThUuss5

38,889 260,460

299,349 pl Aia

E LE era

A (43 bb 20412 234 moucil

2.197

Taderarda.
a a | Pater, add ale Ba Hr di da e E Hi EL p15 PA a] ani

117121

112414

A

IFH cul mA (HH = Y copeELcO ds LES Qu: hd TE Paid aa dai Mg FU … Pig LEO Lira Pr Par de jet

Enea loa ad Ari po rr A Tia rr A A A a A 6 10 LA Pan ¿ui TUE a A Large rice Ari DI Mia e ira, ergo da dir A Peri La Kg AN rn ¡dolia 5 SS ir -h dio 54] ir a ar] pri Air es Man la 1044 14 Fiaói rep du (ierr Mee ata rg rr il 14-224

d) Additional Information:

As of June 30, 2025 and 2024, the Corporation holds intangible assets amounting to ThUSS$260,000, corresponding to mining properties that became part of Codelco’s assets in 2012 as part of the acquisition of shares in Anglo American Sur S.A. (see letter jof section Il on Main Accounting Policies).

10. Investments accounted for using the equity method

The value of the investment and the accrued results of investments accounted for using the equity method are presented below: a el aa ea de iran dl Cieoefy E A A A a lija 1 ha d A E A MOSES LA RS ME ka A “as MaAg E mi Mz LE hno Lora LA HL 197 ! 1 de az E (1,411 LE LS8c! La ingia rra rica lar Ly TL A Lu UA la 7 APA. 157 LE Le E Ele A] 25 de Ep 6 MAA vid Ho deu hp ER LE ¡1.48 ni M4 LIF dni Et A ld o e LE e Pa 14% JR: ¡pl Lac Ms=ra Pr ZA Ma Hi + 15 A ¿3 tan de LPR dE PLE Furia lo a e An E 153 32 A pe Pads o FLO 1 : Bj A26 1 as Corra a O ll TG Aza La du Eo o Al ia Y 43 TUE LL Ada IN TES TOA! EXEC TES

a) Associates Nuevo Cobre S.A.

On November 8, 2023 the strategic association between Codelco and Nuevo Cobre S.A.
(Former Agua de la Falda S.A.) was formalized, where the company changes its corporate name.

As of June 30, 2025, Codelco holds a 42.26% ownership interest in Nuevo Cobre S.A, with the remaining 57.74% owned by Minera Rio Tinto.

The corporate purpose of this company is to exploit deposits of copper and other minerals, in the Atacama region of Chile.

Sociedad Contractual Minera El Abra Sociedad Contractual Minera El Abra was incorporated in 1994. As of June 30, 2025,

Codelco holds a 49% ownership interest, with the remaining 51% owned by Cyprus El Abra Corporation, a subsidiary of Freeport-McMoRan Copper €: Gold Inc.

F-52 Y copDeLco

The company business activities involve the extraction, production and selling of copper cathodes.

Sociedad Contractual Minera Purén

As of June 30, 2025, Codelco holds a 35% ownership interest, with the remaining 65% owned by Compañía Minera Mantos de Oro.

This company’s corporate purpose is to explore, identify, survey, investigate, develop and exploit mining deposits in order to extract, produce and process minerals.

Inca de Oro S.A.

On June 1, 2009, Codelco’s Board of Directors approved the incorporation of a new company aimed at conducting studies to enable the continuation of the Inca de Oro Project, with Codelco holding 100% ownership of the shares.

As of June 30, 2025, Codelco holds a 30.60% ownership interest in Inca de Oro S.A.
(PanAust IDO Ltda. holds the remaining 69.40%).

Planta Recuperadora de Metales SpA.

On December 3, 2012, Planta Recuperadora Metales SpA was incorporated by Codelco, which held a 100% ownership interest in this company.

In 2014, LS-Nikko Copper Inc. was incorporated into the ownership of this company

As of June 30, 2025, Codelco holds a 34% interest in the capital stock of Planta Recuperadora de Metales SpA, with control remaining with LS-Nikko Copper Inc. based on the elements of control described in the shareholders’ agreement.

The principal business activity of the company is the processing of intermediate products of the refining and processing of copper and other metals aiming to recover copper, other metals and other sub products, their transformation to commercial products and the selling and distribution of all classes of goods or inputs derived from such process.

Anglo American Sur S.A.

The principal activities of the Company are the exploration, extraction, exploitation, production, processing and trading of minerals, concentrates, precipitates, copper bars and all metallic and non-metallic minerals, all fossil substances and liquid and gaseous hydrocarbons. This includes the exploration, exploitation and use of all natural energy sources capable of industrial use and the products or by-products obtained, as well as any other related, connected or complementary activities on which the shareholders agree.

As of June 30, 2025, the control of Anglo American Sur S.A. is held by Inversiones Anglo American Sur S.A. with 50.06%, while one of the companies that make up the non-

F-53 Y copeELcO controlling interest is Inversiones Mineras Becrux SpA., which is controlled by Codelco with a 67.80% shareholding, and exercises significant influence over Anglo American Sur S.A. with 29.5%.

On August 24, 2012, Codelco recognized the acquisition of ownership interest in Anglo American Sur S.A. which resulted in the initial recognition of the cost of the investment for ThUSS6,490,000 that corresponded to the proportionate share (29.5%) of the net fair value of the identifiable assets and liabilities acquired.

In determining the share of the fair value of the identifiable assets and liabilities acquired, the Corporation considered the resources and mineral reserves that could be measured reliably.

Subsequent to its initial recognition, the value of this investment was adjusted due to an impairment loss recorded as of December 31, 2015 and December 31, 2023, in accordance with lAS 36.

Following the adjustments mentioned in the previous paragraph, as of June 30, 2025 and December 31, 2024, no indicators were identified that would require additional impairments on the recoverable amount of the investment held in Anglo American Sur
S.A.

Kairos S.A.

As of June 30, 2025, the control ofthe company lies in Honeywell Chile S.A. which owns 60% of the shares while Codelco owns the remaining 40%.

The purpose of the company is to provide automation and control services for industrial and mining activities and to provide technology and software licenses.

The following tables present the assets and liabilities as of June 30, 2025 and December 31, 2024 of investments in associates, as well as their respective results during the six and three-month ended June 30, 2025 and 2024 and the main movements in investments as of that date.
EiIP2025 12-11-2011 ás and lishidries pos Pi
154) >] Al MF CiPOnr Aiels 2054 1738 1,247 108 PMan-ir rear] mart 6 341554 6 11437 Canreni a ii imt EA 1041354 More cereal lata 2572 MER 2.61,201
1-1-2025 1-1-10)4 2-1-2035 2 1-20729 Profa [loss h-10-2025 + 530-7024 6 0-1074 6-5 2004 THuES MALES TAL TL Rm ar 1,724, 3d GAR ISO Pe TO 351,082 China ry PAT (01,644 7354 (1,461 4151 1165 549] (8311441 Profa Por 1h pared 246,619 355,875 60,400 149,341

F-54 Y copeELcO

1-1-2025 1-1-2024 Movement Investment in Associates 6-30-2025 6-30-2024 ThUss ThUss Opening balance 2,934,150 – 2,866,698 Dividends (3,315) – Comprehensive income 54,529 81,990 Other 7,747 131 Closing balance

The following tables present a detail of the assets and liabilities of the most significant associates as of June 30, 2025 and December 31, 2024, as well as their respective results during the six and three-month ended June 30, 2025 and 2024:

Anglo American Sur S.A.

hacets and bil b-30-2025 12-11-2074 MIS mui Osio arts 10371 900 ESA 000 MONA TOA art $41,000 2.077 5000 Carat LA 819, AZ 15,131 Mor “rre Lebiltie” 1,09 07 1 .1009,000
2-1-1025 1-1-2074 4-1-2025 4-1-2074 Protn (loss) 6-30-2025 65-30-2024 6-30-2025 6-30-2014 MAIS ASS TS TM Erro 1,200,000 1,213,000 607 000 119,000 Crd y rr ad 11,157.38 (1044 1701 (551,503) (5679, 351 | PrAn tor tha period 11,34) 144.540 15.17 De. 740 Sociedad Contractual Minera El Abra
630-3025 (12.21.2034 Assets and Labilties TUEz THUES Currom arsers $76.205 903,356 Man+Ccurrent aseos SS505z – 1,013,938 Curremr lbaciities LL ETS 140,006 Nonrcurrent lis bslines 285 15d ¿78,158 11075 11204 33-20235 313074 Pic [hornr) Ab ¿075 6407074 -640:24075 – 60402074 Tus Tus *hii54 THuUS5S heernue 317,658 456 446 (1553 973] 250, ¿4d Ordonary elpenses and ocher (da 2111 (398,766) 414 455 (213,196) Profa fos the pertod a 5396034 2,56 17,046

b) Additional information on unrealized profits

Codelco carries out copper purchase and sale operations with Sociedad Contractual Minera El Abra. As of June 30, 2025 and December 31, 2024, the value of finished products under the Inventories caption did not present balances for unrealized profit provision.

As of June 30, 2025 and December 31, 2024, the Corporation maintains a balance for unrealized profits from the purchase of LNG terminal rights of use from Sociedad Contractual Minera El Abra for ThUS$1,878 and ThUSS1,960 respectively.

F-55 Y coDeELcO

c) Share of profit or loss for the period

The income before taxes, corresponding to the proportion of Anglo American Sur S.A.
results recognized for the period ended June 30, 2025, was a profit of ThUsS15,265 (utility of ThUSS$49,820 for the period ended June 30, 2024). There were no adjustments to said income for the period ended June 30, 2025 and 2024, associated with the fair value of the net assets of this company recognized at the acquisition date, whether due to depreciation, write-offs or other types of adjustments.

11. Subsidiaries

The following tables set forth a detail of assets, liabilities and profit (loss) of the Corporation’s subsidiaries, prior to consolidation adjustments:

Aññeto and ha blicas 430-1075 12-31-2024 Dri This CiUlren AE Ei rl 210,477? Por arre] OSO UB Pa A, Cuiten? hill ió, hb 1 ¿11.961 Ma patri la E 618.275 SU 09
1-1-2075 1-1-204 d-1-¿073 4:1-2024 Profa [loma] Ei0-PD075 bh 10 2020 A-0-2025 107-2074 MLS ThL5s TAS TAL Com 057 4531148 289,555 143,538 CUATRO ares ar el (134 CA) (EA 7 Ti | (155 Au EF (Losa) profit for the period (1) Ain (1,01) 16,067

12. Other non-current financial assets

As of June 30, 2025 and December 31, 2024, the composition of other non-current financial assets is as follows: , 6-30-2025 – 12-31-2024 Other financial assets, non-current ThUs5 ThUs$ investment Quebrada Blanca 5.4. (1) 599.058 579,127 investment in shares 1,083 1,012 Other derivatives 25,040 4 1136 Other 3,455 3,486

Total 628,636 587,761

(1) On September 5, 2024, the acquisition of the preferred series B shares held by ENAMI in Compañía Minera Teck Quebrada Blanca S.A. was completed for a total consideration of ThUS$520,000. As of December 31, 2024, the valuation of this asset was updated to ThUS$579,127. This increase was recognized within the other comprehensive income, net of its respective deferred taxes, totaling a net increase of ThUS$20,694.

As of June 30, 2025, the fair value of the investment amounted to ThUS$599,058. The change in the fair value was recognized in other comprehensive income, net of the corresponding deferred tax liability of ThUSS6,976.

F-56 Y copeELcO

The Corporation used the discounted cash flow model to estimate the cash projections from distributions to the preferred Series B, based on the Life of Mine. These projections consider production estimates, operating costs, and capital costs as of the acquisition date, along with other market estimates such as mineral prices and a discount rate ranging between 7% and 9%. Additionally, resources not included in the plan, as well as potential resources to be explored, have been valued separately using a market model.

13. Current and non-current financial assets

Current and non-current financial assets included in the statement of financial position are as follows:
+I-1055 mid Ar Emma adas Modas Grial iria pa ¡casó 041 Amoriird did balseros Lisa lot] Prapr=Tall

Fatal ie armar ra lisa ral parir nora pap ¡fl CAR] dr his ens iia in? Paid, “HA SELFDO “EDO ñ La rd tos As 16563 En 7 475,334 “ida ar A pd ar La TI TRATA dd 3! 444,107 fran – Cir ran MI An 20 le il E y e A a ME dl a 94 anorá hi. rn PA ral Y dr rd er 3d Fi E A A A ol | 3 575%%h Cir > – cir Pra al aia SOTA 23033 a rad POTAJ Lai 441 7 50 1,401,114 151 Figs MAGA rr

As of June 30, 2025, there is no balance related to time deposit instruments with a maturity exceeding 90. December 31, 2024, the balance of the item ‘Other current financial assets’ includes ThUS$102,862, invested in such instruments. Additionally, as of June 30, 2025, this item includes a balance of ThUS$57,400 for cash deposit guarantees associated with the operations mentioned in note 30 b.1.

19-41-3004 de >? == ao Ars ti | pe foil Vara

Cl e Ii ere el ler pario La siria – LENTA ús iai Erral aja Peor CA marta m4 cd bc Pp WA

Paul dit] AS PS Puuo Pa A A ld ¿E A Ar A FA Aa E id de LIFE 1,302, H0 A A a Fi, Fám to a e pr rl e ho uña y, Aa cn Cil RAR BA PIDA Arta ACA edi Sid NT EN lio dd ¿EM vi Bs A Dira añ. carr Pb AO Td ¡da ó 4.14 5A7.Mi EPIAL A Ls ar 54 0 HO Aló E] Lia 16

– – Fair value through profit or loss: As of June 30, 2025 and December 31, 2024, this category includes unfinished product sales invoices. Section l1.2.q.

– – Fair value through comprehensive income: This category includes investments in equity instruments (see note 12).

F-57 Y copeELcO

– – Amortized cost: It corresponds to financial assets held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal outstanding. These assets are not quoted in an active market.

The effects on profit or loss recognized for these assets are mainly from financial income and exchange differences from balances denominated in currencies other than the functional currency.

No material impairments were recognized in trade and other receivables.

– – Derivatives for Hedging: Corresponds to the balance for changes in the fair value of derivative contracts to cover existing transactions (cash flow hedges) and that affect profit or loss when transactions are settled or when, to the extent required by accounting standards, a compensation effect is charged (credited) to the income statement. The detail of derivative hedging transactions is included in the Note 30.

As of June 30, 2025 and December 31, 2024 there were no reclassifications between the different categories of financial instruments.

14. Other financial liabilities Other financial liabilities consist of loans with financial institutions and bond issuance obligations, which are recorded by the Corporation at amortized cost using the effective interest rate method.

The following tables set forth other currentnon-current financial liabilities:

6302005 Cirreuad Mon aurren! ecni Amorttred Medarmg morte: dede sat dera es Tobal comi HerbaniAEr TotH Pia a hUbs Thiisó Aras his FR Loans rom Hnariral entibres 319,553 – $19,352 1,360,147 – 1,269,127 dino ce if 178,681 – AS E – 70,775,001 Hedging Sbligations – 167 494 167 494 716 1716 Ótmer financial laabil’lbbes 16,287 . 16,583 116081 . 110,081 Fold
17-41-1074 Cual Pinrscraa mari Mia Aamortired Hedone amorticed Hesdping oh derrralhrer Tolal so derhrathrer Told ALIS MALES MILISS MILES MALESS Milo iosns rom tirmenciól emitles 518,658 $15,698 1960735 1,960,735 Bond 00 patons 999 395 9331445 189241745 19243745 Hedgirg obli paticrs 1401 24.010 1 ¿2.418 210,418 Cir Fasncia! able 47.351 q7 1562 tea LPI

– Bond obligations:

On May 10, 2005, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 6,900,000 of a single series labeled Series B, which consists of

F-58 Y copDeLco

6,900 bonds for UF 1,000 each. These bonds are payable in a single installment on April 1, 2025, at an annual interest rate of 4% and semi-annual interest payments. The payment of interest and principal was made on March 31, 2025.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under Rule 144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single installment on September 21, 2035, at an annual interest rate of 5.6250% and semi-annual interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule 144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single installment on October 24, 2036, at an annual interest rate of 6.15% and semi-annual interest payments.

On July 17, 2012, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation S, for a total nominal amount of ThUS$2,000,000, a part of which, was divided into two parts, one of which has already been amortized in 2022, while the other part is due to mature on July 17, 2042, corresponding to an amount of ThUSS750,000 at an annual interest rate of 4.25%..

On October 18, 2013, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$950,000, payable in a single installment on October 18, 2043, at an annual interest rate of 5.625% and semi-annual interest payments.

On July 9, 2014, the Corporation issued and placed bonds in the international financial markets, under Rule 144-A and Regulation S, for a nominal of EUR$600,000,000, at an annual interest rate of 2.25% and annual interest payments. On October 22, 2021, principal was amortized in the amount of ThHEURS200,116, reaching a total of ThEUR$399,884. The related payment was made on July 9, 2024.

On November 4, 2014, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$980,000, payable in a single installment on November 4, 2044, at an annual interest rate of 4.875% and semi-annual interest payments.

On September 16, 2015, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$2,000,000, payable in a single installment on September 16, 2025, at an annual interest rate of 4.5% and semi-annual interest payments. On August 22, 2017 and February 12, 2019, principal was paid for an amount of ThUS$S378,645 and ThUSS552,754 respectively. On December 22, 2020, principal was amortized in the amount of ThUS$392,499. On January 7, 2021, principal was amortized in the amount of ThUS$5,000. On October 22, 2021, principal was amortized in the amount of ThUS$273,867, reaching a total amount of ThUS$397,235.

On August 24, 2016, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 10,000,000 of a single series labeled Series C, which consists of 20,000 bonds for UF 500 each. These bonds are payable in a single installment on August 24, 2026, at an annual interest rate of 2.5% and semi-annual interest payments.

F-59 Y copDeLco

On August 1, 2017, the Corporation issued and placed bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThUS$2,750,000.
One portion corresponds to an amount of ThUSS1,500,000, maturing on August 1, 2027 with an annual coupon rate of interest of 3.625% and semi-annual interest. On December 22, 2020 and January 7, 2021, principal was paid in the amount of thUS$227,154 and ThUSS5,000 respectively. The other portion contemplates a maturity date of August 1, 2047, corresponding to an amount of ThUS$1,250,000 with an annual coupon of 4.5% and semi-annual interest payments.

On May 18, 2013, Codelco issued a bond for US$600 million with 30-year maturity in the market of Formosa, Taiwan. The bond issued is denominated in US dollars, which will mature on May 18, 2048, had a yield of 4.85% and a prepayment option at the ¡issue value that can be exercised from the fifth year onwards at its par value.

On February 5, 2019, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of ThUS$1,300,000, which maturity will be 5 February 2049 with a coupon of 4.375% per annum and interest payments on a semi-annual basis.

On July 22, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of AUD $ 70,000,000, whose maturity will be in a single installment on July 22, 2039, with a coupon of 3.58% annual and interest payment annually.

On August 23, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of ThUS$130,000, whose maturity will be in a single installment on August 23, 2029, with a coupon of 2.869% annual and interest payment semiannually.

On September 30, 2019, the Corporation made an issue and placement of bonds in the North American market, under rule 144-A and Regulation S, for a total nominal amount of ThUSS2,000,000 whose maturity will be, under one tranche, on September 30, 2029 corresponding to an amount of ThUSS1,100,000 with a 3% annual coupon. The other tranche contemplates a maturity on January 30, 2050, corresponding to an amount of ThUSS900,000. On January 14, 2020 and October 22, 2021, a capital increase was made for a nominal amount of ThUS$1,000,000 and ThUS$S780,000, respectively, reaching a total amount of ThUSS2,680,000 with a coupon of 3.70% per annum.

On November 7, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of HKDS 500,000,000, whose maturity will be in a single installment on November 7, 2034, with a coupon of 2.84% annual and interest payment annually.

On January 14, 2020, the Corporation issued and placed bonds in the North American market, under rule 144-A and Regulation S, for a nominal amount of ThUS$1,000,000, the maturity of which will be in a single installment on 14 January 2030, with a coupon of 3.15% per annum and payment of interest every six months.

On May 6, 2020, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a nominal amount of ThUSS$3800,000 whose maturity

F-60 Y copDeLco will be in a single installment on January 15, 2031, with a coupon of 3.75% per annum and interest paid every six months.

On December 14, 2020, the Corporation carried out an issuance and placement of bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThUS$500,000 whose maturity will be in a single installment on January 15, 2051, with a coupon of 3.15% per annum and interest payment on a semi-annual basis. On February 2, 2023, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of ThUS$900,000 whose maturity will be in a single installment on February 2, 2033, with a coupon of 5.125% per annum and interest paid every six months.

On September 8, 2023, the Corporation issued bonds in the U.S. market under Rule 144-A and Regulation S for a total nominal amount of ThUS$2,000,000 maturing on January 8, 2034 for an amount of ThUS$1,300,000, with a coupon of 5.95% per annum, and on September 8, 2053, for an amount of ThUS$5700,000, with a coupon of 6.30% per annum, which, on January 26, 2024, underwent a capital increase for a nominal amount of ThUSS500,000, reaching a total of ThUS$1,200,000. Both notes have semiannual interest payments.

On January 26, 2024, the Corporation issued and placed bonds in the North American market under rule 144-A and Regulation S for a total nominal amount of ThUS$1,500,000, the maturity of which will be in a single installment on 26 January 2036, with a coupon of
6.44% per annum and payment of interest every six months.

On January 13, 2025, the Corporation issued bonds in the U.S. market under Rule 144-A and Regulation S for a total nominal amount of ThUS$1,500,000, maturing on January 13, 2035 for an amount of ThUS$750,000, with a coupon of 6.33% per annum, and on January 13, 2055 for the remaining ThUS$5750,000, with a coupon of 6.78% per annum. Both notes have semi-annual interest payments.

– – Covenants and future financing agreements:

As of June 30, 2025 and 2024, the Corporation is not required to comply with any financial covenants related to borrowings from financial institutions or bond obligations.

On March 28, 2025, Codelco signed a financing agreement with the Japan Bank for International Cooperation for ThUS$466,000. Subsequently, on March 31, 2025, the Corporation signed a financing agreement with Banco Santander S.A. (Spain) for ThUSS500,000 (see Note 36). Additionally, on May 9, 2025, Codelco signed a financing agreement with Bank of America N.A. for ThUS$200,000. As of June 30, 2025, none of these financings have been executed. The agreement with the Japan Bank for International Cooperation has a maximum term of three years, while the agreements with Banco Santander and Bank of America have a maximum term of six months.

F-61 Y coneLco | corporación Nacional del Cobre de Chile

As of June 30, 2025, the details of loans from financial institutions and bond obligations are as follows: pepiHl

555586 1] ¿ sp

0655555 11

– pubgl

Nominal and effective interest rates presented above correspond to annual rates.

F-63 | GYconeico | corporación Nacional del Cobre de Chile

The undiscounted amounts that the Corporation will have to disburse to settle the obligations with financial institutions, are as follows: iO Tola Curt 1 bra E ted a Proa Artea rd Aiaras! rada E pia vel sa Ma A ita lia ka ra La loe “rad ir ad ss y ao -arhir el ers ar 10 Dis iii Her pri Era quí Pra quart id! Mori Euprad “MAS miAs Prurd Hairid 514 hito A 1 501% 3 Fé dal 1020 105 44) > Lar Li e LA d TÍ a TIA a POT Pa, 143 .
har + red TEA LS AA a dp do a Bro ls Le, d FA A FER NE 41 Una 115 – ha ma a e a La ia Hi, ser A ada 440 Pra pri Depa fir da A, Po 4 118 lr as tagdé ra TA ALFA Dejar Drs Lara Fa AI hm. lar ll [1,148 Le 040 83 a sd AS dar? Ls Las ¿ud TA 4 A Lar y + tAS4ó 17,158 ph has ES lr? Li arica po E deb má Aa Pad a mu Das AE más LÍA El Pira Ce ic E ADA RA la A 0, 4 qa ra LES ib 15m Er 004 SSA PAD TIA TES MAI MO 14d A ID ¿BA a TA A ES 21103 – MO 44 A FA EDO ¡PA 411% 10 AA a 17350 A E 8 0,4 1,474 LH TEA 1D LA OZ LA 10 25m A 15 Ls TW dai A EA cd DAD Ja A AA TIT 1 117% ha A a 1D 15500) DOS WR 114300 1.715 400 A da 40 rd h daa, h 19m, A al 1,40 155 LA Limo Lan 1.1.0 dar ¿dd a an 0 AS h TU a pá! rial la cod “0750 aso CS FI DOo> dr Td e ib] ini a dali 2 1rk a PEL Fh umd EE ana a el 10M 15 1 a dr 44 d bd FA id d ¡A 4 irih A al ha Ar pr ql Lua ed Ln a Lain die DE dd A Já ds BL A uo a a LIA a TATU FM ar Aé a La 2,15 LIFLEA ANA AAA AA ¡Al 2 pá a Ajá a 714811 ¡ALA EE] maño mu 0.2 ES da) jad EP AL ná á 1% 119 a a] NOT A A en en aro 4d AA le uti e dd Ue — mel muy 4 uu mr pao pa 4d 4, iHrh MEX> a ir d de ali A ara 15418 PA db AE) 4110 a a] ¡lada 1,0 -Fud: 20% 144 48EFL ERA Li 2H ba –_E a 14 Júb 5416 ES MAT LA71400 A PAI Td EFE A A mAs ar . di AAA a a aw maso sd LA72,736 4 bh ld: ¡BO 144 BPE E La d TEA LAA A LL II 15 0 1200 LL 50m ¿TIH1A DALIA LA AAA LriÓ dl a yw a PO 2100 ALO 1 LAIA 1.
MH JU A Y FA Lei mA A ha Lam al Aa 1AÓ HATE LL CEA 7d ¿MED 240.113 BARI Td A EE NI ind h HE ar ha ar pal A YE MFTO a EE a EE LAA, ES arg Jal AA A 10d A re EDS hr Lar al rar ra 15140 Je] ae 1 au ro ia 3d A rd Er E E he arma ar Ae ad FAO Ei 00 Hal Or 405 O 155,066 ada ds 16 e ATA ai ad Add PAaiñn “41H uta 1.1 TL 3,220 dis MO BA LIA 1) L FU LA HL

ATI Ej A PI de Y ES ¿A

A PA HAL po 74%

Nominal and effective interest rates presented above correspond to annual rates.

F-64 “Y coneLco | Corporación Nacional del Cobre de Chile

10-55-1334 O A A Mara * quen cb a da Tapa Laa Par Hom Fall a. da Forma da Dm deb ek e A Sd] e a A Dar dl el ¿RN mia pep is pd Y Po Hard LA ibarkl erl fra gal via nl FLA boa A RT A + LA TOA 4 PES Carr RA LL 151.448 – A A na a de is arar TL Pi EL JUb = lasoo de * baby Ls 5 a, “E a 0 E 48.058 – Alar” amó ara ii ur * su 1 parar abi 5 o e Mo A LA LES 5 EN% ¡a Ari A e Mara der E End ima AS db Parma ve” al ¿DA BAT An (A 6 IA 1515 NO de A 4 485 11454 Fraids diari Tira E ra um A Ma 14 FR ip IS 14 bl Ir BT liar Je tail Ls TES he LU AR de do La oh et 0713 de ds Hi Fla Pepe Pera E al LAS da or la La LU LE a a AA mr yu laca End ina lo RA SA A] Lin SLSES md, E ul da A TR le ás ll aÉk la ¡A 1 A ER AA as Ll PEA ES ia A aer cia cu Ll.
Fs da ari pur Lira 4 Lp dañe a E ide aio ash abb – EPA Id AA ia] il. Pur. 1 de Fi áÉÁ A ci ¿Pd ema al da 61M 1 fu) Ha ¿WA Pád pa SP eds A dea 10 PS AÁá a* iia, LA 4175 ES cut. A HALF BRE id A LA e ML i: Fago A ar Led Lo 4 cal qe l 155 041) A.FEF AA pia ds de od Ln La 140% E + – lá Fils 4 11 MS dd aa hack Fo pi Mpal 1 A A Laa E FUF | FU a La UA la, Ca hi, cuña de, CR: A 0 A a dd e Al LAA 4 FA 6 LA Por a! ALE T JE 1) ¡A e 4d PES TA d. Sei ds dá Ei e LA A A A É Ea EA ARA GIE Lana. a. Fi LA 1.019 BT pad os ¿rs “kh A A pá paa fu ELM e A + Fa a Pú HL SETAS LAS la, darle bo LT. A al sl e AS 141 E ¿17321 ¡LL 44 a ar id in ls Le A dd AAA dl ri dia ais 64 505 Ha IM A pda des Ar LS d ¿Tu d, e E 5 la ap ALd 6 Ai FS PA LALA ¡ra pd Bd a iria FA 1d A ARA 9 4d id Adi Lo dr Li 7: 154 Er UE A BD 144 807, ¿4 LA SU d. fir. A A aro ar_77b PARE 153588 1554 LAA A ATA Ln di FAA Ús A LEE St Fu AH q! Hi ¿364 5d 3 ii ión A SAN LAS AS dns, A ¡Ei LLE? 20.35 ado ME 1445 50 LAA Fs ¡a ia An a AL d 0 AAA APP APO EF LF EUA Cu FA q 15 ÓN e A Bras a dl A A Les li LI ir A a pd Eh 1 1 (a MN do LA AO dd di AA ¡Fall LA ES A RÁ de faF PF cia ni 5d ¡A Ana: dd Aula A Le EST bh, añ A da 47 M1. HLHO o +. Pia dada Aro E inbi LE ir AA RAÁ o E. A] – Borda a in ¡TA A e EL LM EME Júb q by is TAL AT Fed 1 13 250 Mr

MA dio 1 hindi. da Mera – ha O E ad DO 414.500 9.014.000 PIE LOL AH. 0D ACT FT A

Ae FE bl ia it a ALL LE a 20 EAT il 111118 5H

Nominal and effective interest rates presented above correspond to annual rates.

F-65 “Y copeLcOo

15.

16.

The following table details the changes in CODELCO’s liabilities classified as financing activities in the statement of cash flows, including changes in cash and non-cash changes during the six-month periods ended June 30, 2025 and year ended December 31, 2024: cad a rs a

La Ea $ a la ri e e A Earl ra PR pa E a y A A 15 A rn q LA ta e rie] 9] A Min al | mt Fin 4] 1 E E = A] 2 dde at mm, dan ¿Pia sd, ki i a a 245 2 “il ¡adi Loi ata e a A Mis sil ur ru 1 rad E. 1 e á A O ha ri mal FAL I mm há
– Li bb iñ LN 2 Bis 1 di bib ra 1] Ey A a A TES A A | AA E a A 1 al i- A e Fi == [1] ii ell pm Y pd | e trái ‘ = FE = mL lp gl LAA 511] 7 dismi 113 ‘ n qa ar nu Ai ma FU na LE EE ‘ 4
– qe uta ilamito 70 00 Li – 1 ca mo: Er yd e El d YE Lee UA fire UA LAA Á, md ‘ ¡mr
J. 1 4 la L

A APA ES Y IRA pl] rat

LT FU

101 a ja, a ¡da

(1) The financial costs presented in the statement of income include the capitalization of interest, which as of June 30, 2025 and 2024 amount to US$ 214,152 and USS 151,154, respectively.

Fair Value of financial assets and liabilities

The fair value of financial assets other than equity instruments approximates their carrying value. Regarding equity instruments, see note 16.

Regarding financial liabilities, the following table shows a comparison as of June 30, 2025 between the carrying amount and the fair value of financial liabilities other than those whose carrying amount is a reasonable approximation of fair value:

Eurrgésipon ua pi yr Par ala Bash welira Far rd irrrt betta ba miro da ol Jura 10, 2024 Trurlá Pra Pula Pido Earl lolicon percata Conil ELMER IA

Market value hierarchy for items at market value

Each of the market values calculated for the Corporation’s portfolio of financial instruments is supported by a calculation methodology and data inputs. An analysis of each of these methodologies has been carried out to determine to which of the following levels they can be assigned:

– Level 1 corresponds to fair value measurement methodologies using market shares (unadjusted) in active markets to which the Corporation has access at the measurement date and considering identical Assets and Liabilities.

F-66

Y copeELcO

Level 2 corresponds to fair value measurement methodologies using quoted market price data, not included in Level 1, that are observable for the Assets and Liabilities measured, either directly (prices) or indirectly (derived from prices). For hybrid contracts without finalized price: sales of metals with provisional prices for the period are adjusted to the market price at the end of the period. Gains and losses arising from the market valuation of open sales are recognized through adjustments to revenue in the income statement and to trade accounts receivable in the balance sheet. The forward prices at the end of the period are used for the sales of copper. These forward prices are quoted market prices on the LME. For currency swaps: they are valued using a discounted cash flow analysis valuation model that includes observable credit spreads and using the yield curve applicable over the life of the instruments.

Level 3 corresponds to fair value measurement methodologies using valuation techniques that include data on the Assets and Liabilities valued, which are not based on significant observable market data.

Based on the methodologies, inputs, and definitions described above, the following market levels have been determined for the Corporation’s portfolio of financial instruments held as Of June 30, 2025 and December 31, 2024:

Fanta rd Ha bA a Valido clan br e OREA Lairal 1 Lawal 7 Laval 3 Total

ALIS A du Ch Apra Ae Hilial contraria yeith ron Bralued grs 11522500 1,151,565 A Pa E ¿5 DD Mz ud lord ha 1673 10,633 hr al ira tornar 151 TEL A NS 550.057 5940539 fnmancol da bilria.
Mhirtal hará 2rantrAaoll ps 166,723 Cross inter NWE 2.447 5,347

Financial aurora end Debrikeias 1 Tale vadan clannifiad bey A Laigad 1 Laval 7 Level 3 Total himrarihy

HA PHuURS LAT Frias Hago ia ep Hilo) contraria eh ea Bra Med re LO 1,709,512 CIA CURA AA 5 Qué 6 IA Muda lisiah 1h rr 34,104 14,143 br all rs + iria bl yd 16% E A ¿ME 579,137 rancia! dnbilrien.
Rrtal hawes 2 ontrast 60 2ú, 500 CEA TIM RTY WA 190.425 10,773

No transfers were made between the different levels of the market hierarchy for the reporting period.

F-67 “Y copeLco

17. Trade and other accounts payable

a) Details of trade accounts payable, sundry accounts payable and other current accounts payable are shown in the following table:

Curt Lia bla iemrrá 630-2025 -12-31:-2074 ThLI5S TL Trade creditos 1,124 449 1,527 544 Para bles to employoe 10937 18,514 07129 Pu lors. 103315 105,950) Weitbholkdra Tamés 25,111 74,126 GQrher accounts payable 175,149 74,702

Trade creditors mainly include operating accounts payable, and obligations associated with investment projects.

b) The following is a schedule of maturities of payments to trade creditors as of June 30, 2025 and December 31, 2024: de of la 10, 207% droits ondo 1o paper Terra Credñon enh current due date Up to 10 Sar Mm. Bl – $5 1 – 130 133-365 Ms yor Toral

Thuas MLS MIS Mus His Mhuas This Moe] MP a die 18] A BS va din Lera rs 1395 175 00% rá 5 + : 1.407.304 Dirt ¿5 PDD ER 700 Total

Le ol du 0, 2043 Aroa cri lo papel Imirrvá fopultiri eii verda ri pto Dira 31-60 $l- 0 $l- 173 L5-465 166 ed cr Tanál

FRuE hi pS Mais Fran Thih mus Locdi M.11 1 ax dy 16 1,014 d bi 41.165 Jr A 15, +5 hh IFE 17 14] q pa 1919 311-114 Ciber AL Es 1417 156 23 1565 11.645 Tari ad

Sel Derember 31, 2074 drrcurt apornding do yr jermma

Copiar de al de dee Up dto Pida – 31-63 61-45 91-170 A Toral

MULtLS Pues Thlusó rió mus Hhirs$ dut Lots 5h pad $3] ¡42 | vó $41.915 50 +50 Pb 1353 da $ 1139 35799 917 (Hhe A a A E Total 1460.410 3d 1dñ 45% 3 LA Lara

A A E A A A

Ssupilen 1h orerdor prpmién Upto Hd i- 6 61- 51-110 125-555 -‘ Hard er Tubal

ThLIGS mis Turó miss This Fri esó Mis [a 18 167 Tb Ñ 154 57 17 31.067 OT 4 520 1.454 1.455 1001 1.475 1341 13.719 (Hu db 4 4 1 4 00 Le Total EI EI IO Y copeELcO

18. Other provisions

The detail of other current and non-current provisions at the dates mentioned is as follows:

Currena Mor yrrent Mier promos £-30-2033 (241-5034 d-30-2078 12-31-2004 TrsS Ls ThL5s PhLid5 Diperanira (36 737316 67 25 Alareglisg 17] 49,341 45,772 Liar Mo. ¿3H 155, TES LI” La 213591 an.2 Ad valoren vú 23d Qehs prada Loria 48.713 41.037 1461 553 Cinser, desommisi or and ever lem 13 ¿OL A 21512 (4 Legal DOcerarga SGT RE Total

(1) Corresponds to provisions for purchases and services relating to the operation, not invoiced at the end of the period.

(2) Corresponds to provisions related to sales, which consider freight, stowage and unstowage expenses.

(3) Corresponds to provisions for future closure costs related mainly to tailings dams, closure of mine sites and other assets. This cost value is calculated at discounted present value, using cash flows relating to plans with an evaluation horizon ranging from 10 to 60 years. The rates used to discount future cash flows are calculated based on the Life of Mine LOM of each of the operations, distinguishing rates in UF for those obligations in Chilean pesos and rates in U.S. dollars for those obligations in U.S. dollars. These discount rates include the risks associated to the liability being determined, except for those included in the cash flows.

Below is a table with the discount rates used:

60-163 Y 11.45-2074 cm. A

Curenes Aa be ute Cutiarep Ae De db

Cálida hilicira 163% 17% ¿AT Lira fria 65% Mi LA 5 Hur Mrhto Hat 151% 37H 2.14% 250 A LEMA 195% ¿OA 161% QHadormrora Tam 3. TA 4 ad 2 A La, a dice ¿ETA 1 2.0% 161% TaitaHie LN 135% 20 1.72% Van ee ura d 15M 20% 177%

The Corporation determines and recognizes this liability in accordance with the accounting policy described in Note 2, letter 0) of section Il on Significant Accounting Policies.

The movement in Other provisions, non-current was as follows:

F-69 Y copeELcO

E-L-207 L-1-5504 LEIA L2-El IDA Cat LA ba CET rave derriba Loria as Poca Prawimnr, ¿Egea 0 A Trial a a] narra Pila, Moró sde Po ña Fei mzs Fs M4. Tits E SH 2,582,144 43.507 21 EA EJ3 Par. E 12,173 1,112 540 = a pri Aa (M1 7 (344, PRA] a 9u li. Fila LAA 12,105 1d,LE5 PAN bl.=EF En el Lair (43 (1.584) 11 [6 dm Entra rta rr ! A 1 1124 2d 1d? | 119,004 Lem cams da rr | a (LAT la (4. JH05] 15 6 17) EM ¡3d Lia . pr dl dd A E

19. Employee benefits

a) Provisions for post-employment benefits and other long-term benefits

Provision for post-employment benefits mainly corresponds to employee severance indemnities and medical care plans. The provision for severance indemnities recognizes the contractual obligation that the Corporation has with its employeesretirees. The provision for medical care plans recognizes the contractual obligation that the Corporation has with its retirees to cover their medical care costs. Both benefits operate within the regulatory framework set forth in the collective bargaining or other agreements between the Corporation and its employees.

These provisions are recorded in the statement of financial position at the present value of the estimated future obligations. The discount rate used is determined based on the rate of financial instruments corresponding to the same currency in which the obligations will be paid and with similar maturities.

The defined benefit obligations are denominated in Chilean pesos; therefore the Corporation is exposed to foreign exchange rate risk.

The results arising from adjustments and changes in actuarial variables are charged or credited to the statement of comprehensive income for the period in which they occur.

During the six-month periods ended June 30, 2025, there were no relevant modifications to the post-employment benefit plans.

The following actuarial assumptions were used in the actuarial calculation of the defined benefit plans: ti 2005 12-11-7024 Arromipriboanió hair

Aeriirtca plsiós ah e Hesbh dá Pr red id Pa 53txM 55M 5d EM 5 HEM Votriarp Serial Tino Male dl Herria rem Me 310% LEA E 30% + 10% pintar ¿il Vir Raio dar Rrpuermiprt ali] OA e dr E CER Fi, CHO Alar serra real An! rr del A a py Future ate el doses re bento HG E O 0 O lastra talon Prado rele A A 3, A Mir sá hi rad en Por pr aio CHEO AWEO CARO 14320 CREAR LO Aya pe burton Ol luluse car ler ¿pedia | 9.4 12.24 4As 12.31 late Mrs rreard Aye rn] Ma 5 El e Lina Ein de Ars fl dl LE] FA

F-70 Y copeELcO

The discount rates correspond to the rates in the secondary market of government bonds issued in Chile. The projected annual inflation corresponds to an awareness above the long- term target publicly declared by the Central Bank of Chile and is derived from the market expectation as of December 31, 2024. The rotation rates have been determined after reviewing the Corporation’s own experience by studying the cumulative behavior of outflows over the last three years with respect to the current allocations. The expected rate of salary increases has been estimated using the long-term behavior of historical salaries paid by the Corporation. The mortality tables used were those issued by the CMF, which are considered an appropriate representation of the Chilean market given the lack of comparable statistical series to develop independent studies. The financial duration of the liabilities corresponds to the average maturity of the payment flows of the respective defined benefits.

b) The detail of current and non-current provisions for employment benefits as of the dates mentioned is as follows: a Non oarent Enmployer birefii provieotn £30-207% -12-31-2028 -630-3025 – 12-31-2071 Ss Maris Miurs5 TAS

Emplirpera! lee lagar aprendi 11055 102,47] A 14,137 3137 579,63 51,545 fic 14,58 A, 711 TE 161.581 154,53) MIL CAE POE mi 572 373 215,005 2 63% Aeajuermeni plana luer lebier e | a y 310 dm] 2 ARO CA A | ¿1 AD) 197 ll

Total 367,116 di, 54) BLA 43% del

The reconciliation of the balances of the provisions for post-employment benefits is presented below:

1-1 -DORE 11-044
– 310-2624 17:31-p0dd Pioyseraria Hatirariert Hualth pls Estirarnent db plan ala Trab 1111455 hi5 TMLAS Dprriag biarca 570,882 349,055 617.624 452,817 Ari Cast E $88] 65.212 45.12] Fiiafre 21 LN] 40d 14449 97m dnd canirunAició 151.114 (MOCIA 31H] (5,5611 detal (arrb lrbes 3 11,225 1,3058 (10,7 5ub1o1al 571,541 401,891 645,415 429,619 Lores HTA on lore cacheo ce 223 ¿3,636 (74, 333] (205513 Cima Palanca $00,773 40,537 STO MM 140,050

The balance of the defined benefit liability as of June 30, 2025, comprises a portion of ThUS$35,137 and ThUSS522 for the severance indemnity and the medical care plan, respectively. As of December 31, 2026, a balance of ThUS$658,774 has been projected for the provision for severance indemnities and ThUS$413.240 for health benefits The flows of compensation payments during the next twelve months reach an expected monthly average of ThUS$52,928 for severance indemnities and ThUSS44 for health benefit plans.

F-71 Y copeLcoO

The technical revaluation of the liability (actuarial gainloss defined under 1AS19) for severance indemnities and health plan benefits as of June 30, 2025 has been performed with a charge to equity, which is broken down into an actuarial loss of ThUSS3 for severance indemnities and actuarial gain of ThUS$1,222, for the health plans.

The following is a review of the sensitivities of the provisions, when going from a medium scenario to a low or high scenario with unitary percentage variations, respectively, and both effects of reduction or increase on the book balance of these provisions:

Sevararmia haras dos year 0d Ara Lucrmjd Mediur Hagi Aedurtion – Interes PFráriciad Ped dr, FL ADE 3.06% 5, ¿1 5. Eb% 1.15% 1,47 isa pelear he real aer ln me a ti LL ú sis A Ea 1.141 Demográpas oct alo rataLos 3.0% e A dore 5. 1077 Cria AL an raid Lábde 25.00%, CAJA 5 A O 0 ¡A uN

Health benefits end piba Lor Medir High Redinction – Mcrarie fanal 2 Mecd ca mbr raka 4,90 4,21% 5 AA EXA 2.05% Fauanciadl tae on heáhihi infliticrn A a 7% E EW 3 39% 2.3% Densgrapta elle planned rrbeement sr Ms A (ar 4. FAR 153 Deanográita Her 07 FortaliPa Tacón ¿5.00% -CBI- RYO ¿> OA OA Al

c) Provisions for early retirement plans and termination bonuses

In accordance with its operating optimization programs to reduce costs and increase labor productivity by incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value.

As of June 30, 2025 and December 31, 2024, there is a current balance of ThUS$S981 and ThUSS 7,310 respectively. Related non-current balances amount to ThUSS4,851 and ThUS5$4,470 respectively. These amounts have been determined using a discount rate equivalent to that used for calculating employee benefits provisions and whose outstanding balances are part of the balances as of June 30, 2025 and December 31, 2024.

d) Employee benefits expenses

The employee benefit expenses recognized classified by nature are as follows:

Lipensa by Hatura ol Employes henafas 1-1-2025 1-1-2074 d-1-107% d-1-2074
6- 30-125 6-30 2024 E30- 015 56-30-2079 THiu5S5 muss TAS TRUE Hernefzs – Shirt Drten (FAR 17395 (717 651 1615217] 67233) Henebes- Post ermbory ment (447) 113,838 13,401 (1,000 aah rereermont lar año Comes er an A (14513) 18,0281 (7,43) (5 443) denebss far pia cl arios (455331 34,571| 126,573] (16675;

Total

AMOS] (77418 (asadas) [HN S05)

F-72 Y copeLco

20. Equity

The Corporation’s total equity as of June 30, 2025 is ThUs$11,173,416 (as of December 31, 2024 ThUS5$11,301,489 and as of June 30, 2024 is ThUS$11.325.952).

In accordance with article 6 of Decree Law No. 1350 of 1976, it is established that, before March 30 of each year, the Board must approve the Corporation’s Business and Development Plan for the next three-year period. Taking that plan as a reference and keeping in mind the Corporation’s balance sheet for the immediately preceding year and aiming to ensure its competitiveness before June 30 of each year the amounts that the Corporation shall allocate to the formation of capitalization funds and reserves shall be determined by decree from the Ministries of Mining and Treasury.

Net income shown in the Statement of Financial Position, after deducting the amounts referred to in the previous paragraph, shall belong to the State and become part of the Nation’s general income.

On June 22, 2022, the Ministry of Finance agreed with the Corporation to a four-year average reinvestment plan of 30% of profits between 2021 and 2024, which will significantly contribute to the financing of Codelco’s investment plan, while considerably reducing its debt requirements. Consistent with the above, on the same date the Ministry of Finance issued exempt decree No. 194 authorizing the Corporation to allocate up to ThUSS582,750 of the net income from the balance sheet for the year 2021. In accordance with the provisions of exempt decree No. 4 of January 2023, these resources will be paid against the profits of 2022 and 2023, prior to the absorption of the excess of anticipated dividends of previous years and the interim dividends of 2022.

On July 17, 2023, the Ministry of Finance issued exempt decree No. 238 authorizing the Corporation to allocate up to ThUS$103,677 of the net income shown in the 2022 balance sheet to capitalization and reserve funds, which will be charged against the income for 2023 and subsequent years, until that amount is reached, and the final amount will be determined and recorded once the 2023 accounting period is closed and the final income for the year is known.

As of December 31, 2023, a capitalization and reserve fund has been created amounting to ThUSS345,589, according to Exempt Decree No. 194, as of December 31, 2024, a capitalization and reserve fund of ThUS$103,677 is established in accordance with Exempt Decree No. 238.

As of June 30, 2025 and December 31, 2024, the Corporation maintains a favorable balance in respect of dividends paid in prior years in excess of distributable earnings amounting to ThUSS373,654. As of June 30, 2025, dividends amounting to US$200,000 were distributed against fiscal year 2025 earnings.

As of both June 30, 2025, and December 31, 2024, no dividends payable have been recognized.

F-73 “Y copeLcOo

a)

b)

The financial statement titled Statement of Changes in Equity presents the movements in the Corporation’s equity as of June 30, 2025.

The movement and composition of other equity reserves is presented in the Consolidated Statement of Changes in Equity.

Reclassification adjustments from other comprehensive income to income for the years meant a loss of ThUS$29,727 and a loss of ThUS$4,642 during the six -month periods ended June 30, 2025 and 2024, respectively.

Other reserves

Details of other equity reserves are shown in the following table, according to the dates indicated for each case.

€ 30-205 12-11-2024 ca nro uo TmiJ55 nó

Reserve on eschorar di Heseoces on trandlatron ¡20.589 (14,653) Heserve af cosh Mor bedges (54,539 (3,446) Conlladlirabon lund drrd reserres 5,411,660 – 5,411,660 Actaiarlal resida rajar le defined E=snelle plároa (26094821 (169 7751 Erecd de irradian detóre Las 1B110 par 198 674,56] 6345657 Arte lie liñáccaM arritmias ab alt rá lb

31670 2045 changes di Oder corn Or ad Other tPaerveA AU A | (11,643) Total other resares MENA SET

Non-controlling interests

The detail of non-controlling interests, included in total equity and total profit or loss, as of the dates mentioned, is as follows:

Noncorircling interests Equip Prott Prof Larrain e 64-30-2658 12-11-2504 63020158 121-304 11-205 11-264 4-1:3075 d:1- 2014 A x la? A THus TALES LAS Mis Pis inver isa rua 5nñ 12.0% 12, 35 PM 734 201 01] pa, 0] 152% 40 A. LA Cri du 41 2 E a J Toral FONT 7) Eh 4.550 TRAE 4 2H u_pEP

The percentage of non-controlling interest over equity of Inversiones Mineras Becrux SpA generates a non-controlling interest in the subsidiary Inversiones Gacrux SpA. Regarding the latter company, the figures related to ¡ts statement of financial position, statement of income and statement of cash flows are as follows:

E£30-2075 12-31-2004 decanta med ¡Labs ThLI55 ThJ55 Caprrent asuets 15346) 114 495 Aon-cuerervl delo 2,176,963 2,157,261 Current habiles 178,203 112058 Hor ciearaa? Pr ¿145,407 223.531

F-74 Y copeLco

Profa (loss)

Imc

Ouran perros amd 1h

1-1-20235 1-1-2024 d-1-2025 3-1-2074 A-30-2023 – E309-2024 – (630-2624 – (10-204 TRUSS Mis ThLL$S Theo 307,137 05, 409 145, Cb 237,290 MAS 14555451 (172,129] (210,147) (Losa) gain to sha pero 1H 055 SAL 12357 ¿7 04
1-1-7075 1-1-2024 Coach How 46-30-7035 – 6-30 2071 his MHLISS Mes catch loma from (insd ini Opera ing Aci Al E ¿3612 A O 206 22] Fiat a? R = al ¡ a r | ectial eachánpe rate arial on árs and Cáih 13 133% eu EAS

Ci dl ¿ash rgiinderds al he bip dl [he period

15.09) 18,1]

Cach and cah equivalente a the and ol the period PTA

21. Revenue

22.

Revenues from ordinary activities for the six and three-month periods ended June 30, 2025 and 2024, were as follows:

Item

Revenue from sales of own copper

Revenue from sales of third-party copper

Revenue from sales of molybdenum Revenue from sales of other products Profit (loss) hedge instruments

Total

1-1-2025 1-1-2024 4-1-2025 4-1-2024
6-30-2025 -6-30-2024 – 6-30-2025 6-30-2024

Thuss ThUus$ ThUs$ ThUs$ 7,454,500 6,647,178 3,833,890 3,632,498 713,436 764,154 396,417 382,604 358,490 337,947 187,184 188,544 304,605 289,426 160,084 144,885
(71,132) (7,202) (45,507) (7,329)

8,759,899 – 8,031,503 4,532,068 4,341,202

The Corporation’s revenue is recognized at a point in time.
The breakdown of revenue is presented in explanatory note No.26 Operating Segments.

Expenses by nature

The items in the Income Statement: Cost of Sales, Administrative Expenses, and Distribution Costs are composed of the following expense concepts presented based on their nature, during the six and three-month periods ended June 30, 2025, and 2024:

Concepto

Sbort-term benefits to employer Decprecanticia 11)

Sener ra an hiav Malerials

Materia, coosmmabdes and olhers

Total

F-75

1:1-20235 1:1-2024 d- 12075 d4-1-3074
430-2025 – 630-2024 – 630-2025 – 6-30-2024

Mus Fhiiss ThusS ThLE55
(793,129) (747, ,6501 (113,837 (167,124)
(4,141516) (1,063,569) [52 LI) (125,415)
(73) pb E] 15%]

(4,141,786) – (1,130,774) (511,567) (603,074 |
1197451) (1306,507) (20105814) [1,772,216]
(6,783,955) (6,215,774) (2,5£0,156] 13,262,932) Y copeLco

23.

24.

(1) Depreciation includes the expense of Property, plant and equipment and right-of-use assets (see note 7b and note 8.1)

Asset impairment

As of June 30, 2025 and 2024, there are no indications of impairments or reversals of impairment for other cash-generating units or affiliates.

Other income and expenses

Other income and expenses by function for the six and three-month periods ended June

30, 2025 and 2024, is detailed below:

a) Other income:

Ornallim lo iipplirtá a A A A A Td] HiAante copan los dorar Hernia lor Current ol Mt ali Other maca llaneous Íncarme

Tamal

b) Other expenses:

Land Mo 1311096

Law No, 141491 art 2 Royalty dl Yasoremn TT E

Bora lor the end ol cóllecion bargalning 14 CMA Enri

Experts pié lot 10 noe 18 deter Pparament ol ieiment pr oects loa a hipo cl hord avirts bealth olens dee Eo note 1% letber de | Adan tien 0d menor Matera! rin ole rre

Cn ias

Fuéd vubrer? Cda, lis pros Hai lr (A | fulniotbment 44 e nidereties 15]

Dis Pajurid

Tots”

1-1-4013
630-2025 THB

An 300% F 10,513 (ELE A 19 E

1-1-2025
0-2 Trish [555,449] 95 MES |] 1644,441 4, ALE]

014,513]
(5.175] 09371 (7,481 11,151] (18,135] 5
(104,547) (4,627] CESA] (1,08 ,0]

1-1-2074
6-30-2074 TS

4, yu E, 65% 319 370 h 41 39, M1

1-1-202%4 ¿-30-2034 MLS

1616172] pa, 37] [10,294] ¡15 448] (2, 1905] (4,048] (4401]
(1.0141 1159312; (8,477] (16,8511]

111,530] (11,535
(5,818)

0d, JU 1 1)

4-1-30039
6-10-1075 ThLrS 10237? 1,479

6 15

FA] 247?
11.751

4-1-23025 de 10-2025 TrLSS
1155,124)
(33:40) ¡GIAGPÍ 177 (2,4915
(175)
¡818)
(3,280)
18,338)
(9,198) 354,
153,502) (5, * 387 (17 ARG)
(055,115)

4-1- ¿0d
56-30-3134 THAS 2,135

1,330 3,911 312,765

3,558 23,198

4-1r2034

630-2024 This

(13,587) ¿29 Bánl

51,701h (ib, E0Ó (Hi jo (5 SAR) ¿071 (1,1304 (7 AO)

MLI36h

06, FS4p

(02,575) (538306 (4 113h

1001, CN)

(1) Study expenses include exploration expenses (see note 7 letter f), pre-investment studies and research and technological innovation expenses.
(2) Corresponds to disbursements for the closing of a collective bargaining process, which do not establish a permanence condition.

F-76 “Y copeLcOo

(3) Corresponds to the restatement of severance indemnities liabilities associated with the portion earned by employees in prior years.

(4) Break down .by division for this concept is as follows:

Caria dl vemáianas ilbnitls Ririlrá! Si ela Tenia ir Rios re 1 aru

Total ticed indirect corta, len production href

c) Law No. 13196

1-1-2025 1-1- HPA d-1-2025 +-1-2024
-S0-7075 – G30-2074 – (I0-202%9 -FilO-2074 muss TRES TS di

(1,192); 116,288 (10.908) (11577] fibra h (7 LS | Sta | A
14,016) [4,1561
(71,510 763597) 15373 (40,43 |
(4,738) A, 3321 15,317]
11,051) [1,2003 A (13151 A LE [H103 (41.658

Law No. 13196 – Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at 10%.

On September 26, 2019, Law No. 21174 was published, which repeals Law No. 13196 and establishes that the 10% tax (rate still in effect as of June 30, 2025) to the tax benefit provided by the Corporation will subsist for a period of nine years, decreasing from the tenth year 2.5% per year until reaching 0% at the beginning of the thirteenth year.

25. Finance costs

Finance costs during the six and three-month periods, ended June 30, 2025 and 2024, is detailed below:

Bond interest o Rritatrenent ol iran ralurnreale proa ian Rettatement Of ah nun-Curén! prosvior Cosvrg protón upááte Creer

Total

F-77

-1:2025
56-30-1025 ThLE5
(311,051)
141,095)
(6,137) (4,476]
141,185)
(53,187) 457,751

1-1-2014
66-30-2074 IAS
(542,148)
115,732)
16.502
(4,882)
(10,211) (1453, 15% 165,635

12025
6- 30-205 TmusS
(163047) 119,438]
6,415) (2,3011 115,975]
(31,615) 115,197 £-1-202
6-30-2024 ThLu5S (11,941 11890549 EEFEL! (2,3111 [16 G6m y
(12298)
214,206) Y copeLco

26. Operating segments

In section ll “Significant Accounting Policies, it has been indicated that, for the purposes of IFRS 8, “Operating Segments, these are determined according to the Divisions that comprise Codelco. In addition, the Parent Company’s revenues and expenses are distributed among the defined segments.

The mining deposits in operation, where the Corporation conducts its extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina and El Teniente. Ventanas is added to these divisions, which, only in the refining area. All these Divisions have a separate operational management, which reports to the Chief Executive Officer through the Vice- President of Operations. The information on each Division and their corresponding mining deposits is as follows:

Chuquicamata

Types of mine sites: Open pit mines and underground mines

Operating: since 1915

Location: Calama, ll Region de Antofagasta. Chile

Products: electro refined and electrowon cathodes and copper concentrate.

Radomiro Tomic

Types of mine sites: Open pit mines

Operating: since 1997

Location: Calama, ll Region de Antofagasta. Chile

Products: electrowon copper cathodes and copper concentrate.

Ministro Hales

Types of mine sites: Open pit mines

Operating: since 2014

Location: Calama, ll Region de Antofagasta. Chile.
Products: Calcined copper, copper concentrates.

Gabriela Mistral

Types of mine sites: Open pit mines

Operating: since 2008

Location: Calama, ll Region de Antofagasta. Chile Products: Electrolytic (electro-obtained) cathodes.

Salvador

Type of mines: Underground and open pit mines

Operating: since 1926

Location: Salvador, Ill Region de Atacama. Chile.

Products: Electro refined and electrolytic (electro-obtained) copper cathodes and copper concentrate.

F-78 Y copeLco

Andina

Type of mines: Underground and open pit mines Operating: since 1970

Location: Los Andes, V Region de Valparaíso. Chile.
Product: Copper concentrate.

El Teniente

Type of mines: Underground mine

Operating: since 1905.

Location: Rancagua, VI Region del Libertador General Bernardo O’Higgins. Chile.
Products: copper concentrate and copper anodes.

Allocation of Head Office revenue and expenses

Main revenue and expenses items controlled by the Head Office are allocated to the Divisions based on following criteria.

Revenue and Cost of Sales of Head Office commercial transactions

The results from commitments derived from the reception, processing andor purchase of concentrates from Codelco to Enami are distributed based on the ordinary income of each Division.

Finance Costs The financial costs are distributed in proportion to the mining project investments made by each Division

Contribution to the Chilean Treasury under Law No. 13196

The amount of the contribution is allocated and accounted for in proportion to the invoiced and recorded amounts for copper and sub-product exports of each Division, that are subject to the surcharge.

Tax income benefit (expense)

Income tax benefit (expense) Corporate income tax under D.L. 2.398 and the Royalty Mining Margin Tax, are allocated based on the income before income taxes of each Division, considering for this purpose the income and expenses allocation criteria of the Head Office and subsidiaries mentioned above.

Other tax expenses are allocated in proportion to the corporate income tax, the Royalty Mining Margin Tax (Specific Tax on Mining Activities until 2023) and tax under D.L. 2.398 of each Division.

b) Transactions between segments

Transactions between segments mainly related to products processing services (or tolling services), are recognized as revenue for the segment rendering the tolling services and as the cost of sales for the segment that receives the service. Such recognition is made in the period in which these services are rendered, as well as ¡its elimination in the consolidated corporate financial statements.

F-79 Additionally, the reallocation of the profit and loss assumed by Ventanas Division, associated with the corporate mineral processing contract between Codelco and Enami, in which a distribution is applied based on the revenue of each division is included as a transaction between segments.

c) Cash flows by segments

The operating segments defined by the Corporation, maintains a cash management function which refers mainly to operational activities that need to be covered periodically with funds constituted in each of these segments and whose amounts are not significant in relation to corporate balances of cash and cash equivalents.

Conversely, activities such as obtaining financing, investment and payment of relevant financial obligations are mainly based at the Head Office.

F-80
Y) copeLco | Corporación Nacional del Cobre de Chile rom 1-1-2133 prnera to SM E ria Ars la Arms $) Terri Perras E Pase PA Haier 1eiál Sagrraels [Aa Talal Caridad mias : Pla, ES 14d mars mas LT, Mis 1645 TAE METE ler rai ie CA 1 M0:117 1,101 413 ALTO 115,451 1,1100 HR Pude m1 Tar TTI,Hid 1,14 500 704 Jo oe lr iaa y Pd pa] na EF i E 1 MIA TIRA A A DAA 40 tra ULA TE 443,100 131 SA sm os e 04 alter dat PEREA A x FG 15 – DLE mu 15500 0 Prod ll brilla A 15% Ll 111 501 Pedi pum 443 Mesa | PA SEJ AE Emil FEA ar 1dA A E Sim 0 [7 1d 1,14 1211074 | ¿e 1416 SAL LAME : Pereris 1.55] 404 LILA 532331 Be? 15 LITE, A PM HT MA BLA. LOA LAA ETE 050.270 LTDA (or ad ade ld añ (1473448 fro T A FE $55.104 0%, HIT pra Y 4] CI ATT TM A Cra JU0 Sl | pee ATT Larnt std ¿dr rl Ho pr ip (m1 : : (5 1 AL PE] 064 -4: O0 ¡Corbalán al coro Hd lei (353481 CUA [Ad 21 – ALO) rd Mijaat ELA dd Coral a il ot perdia Ta ATA . a 00 Eo “111,4 081 bi QPHAb (492 Er b MAS (FELDIOS A LI cd Ep ad 4eeAi A 3 15 ger ae 51084 14,7% M3 ARA E A : Cort al andas (1.734.241) [IDA B| 1523.55 [617.04] [ITEIAT) CEPAS) — [(171,0440 ESA) (5H, 394) 651.683) AIDA dr prota [ip STE Lil A url FA FORA ¡BES Í 19, 5RT PRO 20710 DÉESS LARA ser income, by hato 1448 sm LED Liz 11587 Ms 1 + 0,70 a TADA Disraeli. 41,45% ¡UA j (LEN Sue FLIA ni siria | jad ¡ALA! 077 bla E apd pp á] ce sado ELE 1154 PH (1,1714 1 114,001 Le NE ES 15, ¿E LA des Ot a e lie AA] er Hd] 47 Ad (4,2444 paz) 1D 115,527] dr 20d) Cta 0 A CHA, 4-1 80s ES 41642 a 1] MIO AN Cd A ¡el (1,381) 417 dé | A PAN ae da [Mbs gaia, [eric] Vrácrk LrAaE A (4 ¡179 dis 11 12 131 1 Tr? Lim? jp 15,11 Penas Lal < CATE 41 00.001 MPA LAA?) El MATO AT 10 iark CU HE 40] Quan AE Ur rl rr de PEA . LS iulr.
A a e ad mall ara a ll rr A AS AS $00 lis | (14543) 500] [cdb FEA [sa Pi | pa 174 (LAA 12,10 [ADT] 0 dde 1707 ¡DF Prode loa] tura (91.005 DL 15470815 Lo dar | 234,378 o] Juani 1TAAJO ENE MEAN 1) CALRTO broca (ls AA 27 ASH ql 34.581 ELTAA ¡FO 22 7H (121.4)

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F-81 > copeLco |

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Corporación Nacional del Cobre de Chile

A Porra hará (10,711

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Prosa de LAA to de 10-034 ls. DAA Fri dc 15445 2 mr “db JU de ¡Lab ¿PRu] FA 471 184 sp jas ATT LA El ¿ra 1 Td quer AFA ar 11,501 A (La) 111.830
+1 FL ¡h yd al] ¡aJé 1201981 112307 hi 1500 1 148 (144 147] CA; ATA [HEAAN e AL
105,053)

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(1,554) 0 TA $e brida ir

Ea Upa “ia 155, 44 50 a: $0 04 Ma PL (191,594) “Y copELcO

27.

The assets and liabilities related to each operating segment, including the Corporation’s corporate center (Head Office) as of June 30, 2025 and December 31, 2024, are detailed in the following tables:

Lar AAA Masia CI a LITA Mea ri ir + de A aya a! A E a iros A > LH 407 A E E A] cae MEl laa raras haga bp 1 Tp JE;

AS Tri rami 2 Aj añ LF EA ao 1 ¿> 0 [re o le 5 AAA e Y is CO A CA 7 EJ dd EU ei 15H, 4 112300 ii e AE Li El 57]

Revenues segregated by geographic area are as follows:

Basa de era alan tmal masa Mim gorrerata DADA A a

Total haranis par proprscbiral armas AA 41d Ads Pao | ¿Se oral a EA de Bl rea aL ars a Bad ml mo reasá Sn El ML LA 10 MU > AAA 501 Hd au Tia LA, Fin MA 411,304 ¿da 110 po TT PATO 5d ar del ld hb a y bid pu o aa LL Bo Faith 1 UL E! + EL jan ¡MAT ura sua aja Ago had nal E Pd A ALLES
6. jui ina nm A sil LOPE PTL EN a ULT d- 12075 1+-1-7074 £ 14-015 f-1- POGA l-I074 E 707 Tiras Tal És mus A HA 34,611 214 254 F ¿OMA NO 409) 561
1-20 1-1-1074 + 1-3075 A > 074 Tiu55 TES Miruro 1,43% via 1,404. 133 610.610 1,391,007 ¡AS d | 4 AE. A ADAEDEO 2,483,135] 1680.15 q 00 ALA 192,1 111,419 Pl YA, Te 114]

LOLL 54 lalal Ma ¡a ñ 152 TA PA] del Laia d dde de pi AFA ML id (Ud mid A 1 ¿48 LT di (16.111 dd Tilad a a br Fansl e
414.15 LLL A; ie, ls UN LAT 57 dEl dh FAL DALIA ¿5007 ara FELIATI Fs Li 4d] 1 dde 0 d- |- BLA d- pr Pipa MARS 420340 LEAR LIA
4-1-2274 b40 Fobd FHLES FTE Mi [dm 7 PT 11111348 145 939

During the six and three-month periods ended, June 30, 2025 and 2024, there was no revenue from ordinary activities from transactions with a single customer representing 10 percent or more of the Corporation’s revenue from ordinary activities.

Exchange difference

Exchange differences during the six and three-month periods ended, June 30, 2025 and

2024, are as follows:

1-1-1013

Profit loo) trorn dorsign exchange dibherences recognized in intama -6:30-2075 – 6-36-20H huchánge Hace Detras

Escher Hare Dflerei a Head Plinio Exclrárg Mare arre ratos Por rre Ce Exchange Hate Miera Comi ingenios Propia Exchange Hate Diéferem, e Dihe

Toral suchange diheranca

F-83

1-1-2P0%4

Vhiiió Phi
1£0.4141 2 08 17851] ACA 11407,445] SLAS0 110%] 5 118,949] dr 1407, 0701 104,172

2 1-2075 4-1-20%4
6-10:1075 – 60-30-2024 Phi PRL 110,445] (4 4,411] 12,481 121,485] (14, Hab (54, 275] 11,114] [2,44]
14,121] (24,080) LEAF [045,199] Y copeLcoO

28.

29.

Statement of cash flows

The following table shows the items that comprise other collections and payments from operating activities in the Statement of Cash Flows:

1-1-20.75 1-1-2024 Diber collectióna from operating activitiao 30-075 S30-7024 THUBS TWMUSS 447 Rel 1507 403 ATT MAT and Cir 23.165 310.230 tota ICE

11-203 1-1-20%4

Otrhér paymánti rom Spareting activi d- 102-1075 ó-40-2024 Thiisó TALES Contrbation o Diñesn treatury Lala M 11.156 (520,939] (554 056) alos COrHaar+ (70501 | (9 046] fGusrantee lor hodange contracis 15 A00]| WAa1 and ote senda! Lares pued (1,072,331 (229,004] Total (1,721,641) (1,550,156)

During the six-month periods ended June 30, 2025 and 2024, no direct cash capital contributions were received..

Risk management

Corporación Nacional del Cobre de Chile has created instances within its organization that seek to generate strategies to minimize the financial risks to which it may be exposed.

The risks to which Codelco is exposed and a brief description of the management procedures that are carried out in each case, are described below.

a. Financial risks e Exchange rate risk:

According to IFRS 7, exchange rate risk is understood to be the risk that arises from financial instruments that are denominated in foreign currencies, that is, a currency other than the Corporation’s functional currency (US dollar).

Codelco’s activities that generate this exposure correspond to funding in UF, accounts payable and receivable and provisions in Chilean pesos, other foreign currencies used in its business operations and obligations with employees.

Most transactions in currencies other than US$ are denominated in Chilean pesos. Also, there is another portion in Euro, which corresponds mainly to a long-term loan issued through the international market, which exchange rate risk is mitigated with hedging instruments (Swap).

F-84 Y copeLco

Taking into consideration the financial assets and liabilities as of June 30, 2025 as the base, a fluctuation (positive or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other variables constant), could affect profits before taxes by USS 30 million in profit or loss, respectively. This result is obtained by identifying the main items (including assets and financial liabilities) denominated in foreign currencies in order to measure the impact on profit or loss that a variation of +- 10 Chilean pesos would have in terms of USS, with respect to the closing exchange rate at the end of the reporting period.

There are operating and investment expenses that are subject to price-level restatements associated with inflationary adjustments in the economic environment in which the Corporation operates. The Corporation periodically monitors the effects of these price-level restatements on its results in order to detect unusual situations that could have a significant financial impact.

Based on current conditions, the Corporation has not entered into, nor does it intend to enter into, derivative contracts specifically to hedge the effects discussed in the preceding paragraph.

Iffinancial assets and liabilities are considered as of June 30, 2025, a 1% fluctuation (positive or negative) in the value of UF in Chilean pesos (with all other variables held constant) could affect the pre-tax result by an estimated USS 16 million loss or gain, respectively. This result is obtained by identifying the main items affected by exchange differences, both financial assets and liabilities, in order to measure the impact on income that a 1% variation in the value of the UF, used at the date of presentation of the financial statements, would have.

e Interest rate risk:

This risk arises from interest rate fluctuations in Codelco’s investment and financing activities. This movement can affect future cash flows or the market value of fixed rate financial instruments.

These rate variations refer to U.S. dollar variations, mostly with respect to the SOFR rate.
To manage this risk, Codelco maintains an adequate combination of fixed and variable rate debt, which is complemented by the possibility of using interest-rate derivatives to meet the strategic guidelines defined by Codelcos Vice-Presidency of Finance.

lt is estimated that, based on net debt at June 30, 2025, a one percentage point change in the interest rates of credit financial liabilities subject to variable interest rates would result in a change in annual interest expense of approximately US$12 million, before taxes. This estimation is made by identifying the liabilities assigned variable interest, accrued at the end of the financial statements, which may vary with a change of one percentage point in variable interest rates.

The concentration of obligations that Codelco maintains at fixed and variable rates at June 30, 2025, corresponds to a total of ThUS$21,553,682 and ThUSS2,282,479 respectively.

F-85 Y copeLco

b. Market risk.
e Commodity price risk:

As a result of its commercial operations and activities, the Corporation’s income is mainly exposed to the volatility of copper prices and certain sub-products such as gold and silver.

Copper and molybdenum sales contracts generally establish provisional sales prices at the time of shipment of such products, while the final price will be considered based on a monthly average price determined by the market for future periods. At the reporting date, sales of provisionally priced products are adjusted to fair value and the effect is recorded in the results of operations for the period. Forward prices at the period-end are used for copper sales, while period-end average prices are used for molybdenum concentrate sales due to the absence of an assets futures market. (See Note 2.q) “Income from Activities Ordinary Procedures from Contracts with Customers of section ll Main Accounting Policies).

As of June 30, 2025, if the future price of copper fluctuates by + – 5% (with the other variables constant), the result would be +- USS 146 million before taxes as a result of setting the mark to market of sales revenue to provisional prices in effect as of June 30, 2025 (MTMF 290). For the estimate indicated, all of those physical sales contracts were valued according to the monthly average immediately following the close of the financial statements, and proceeds to be estimated regarding what the final settlement price would be if there is a difference of + – 5% with respect to the future price known to date for this period.

In order to protect cash flow and adjust, where necessary, its sales contracts to its trade policy, the Corporation holds operations in futures markets. At the date of presentation of these financial statements, these contracts are adjusted to fair value, recording this effect, at the settlement date of the hedging transactions as part of net product sales. (See letter
r. of section Il Main Accounting Policies)

The Corporation has not entered into any hedging transactions with the specific purpose of hedging the price risk caused by fluctuations in prices of production inputs.

c. Liquidity risk The Corporation ensures that it has sufficient resources, such as pre-approved credit lines (including refinancing), in order to meet short-term requirements, after considering the necessary working capital for its operations and any other commitments it has.

In this sense, the Corporation maintains resources at its disposal sufficient to meet its obligations, whether in cash, liquid financial instruments or credit facilities.

In addition, the Finance Department constantly monitors the Corporation’s cash flow projections based on short- and long-term projections and available financing alternatives.
In addition, the Corporation estimates that it has enough headroom to increase the level of

F-86 Y copeLco borrowing for the normal requirements of its operations and investments established in ¡ts development plan.

In this context, according to current existing commitments with creditors, the cash requirements to cover financial liabilities classified by maturity and presented in the statement of financial position are detailed as follows:

Maturty ob finencial Kabila ma a ona nr

6-30:3075 1 year Piua yaara OArE

TWuss TALI5S Thus5 Loóna rom lnaraciad entes 319,352 072,053 991,074 Eaonds 778,681 E 16,081,057 Dlierrdims 167,894 3,716 Other financial lianilities 16.252 110,191 Total 1,282,209 5,055,897 17,185,923

d. Credit risk

This risk comprises the possibility that a third party does not fulfill its contractual obligations, thereby causing a loss for the Corporation.

Given the Corporation’s sales policy, principally with cash and advance payments and bank letters of credit, the uncollectible of client debt balances is minimal. This is complemented by the familiarity the Corporation has with its clients and the length of time it has operated with them. Therefore, the credit risk of these transactions is not significant.

The indications with respect to the payment conditions to the Corporation are detailed in every sales contract and the negotiation management is under the charge of the Commercial Vice-Presidency.

In general, the Corporation’s other accounts receivable have a high credit quality according to the Corporation’s evaluations, based on each debtor’s solvency analysis and payment history.

The maximum exposure to credit risk as of June 30, 2025 is represented by the financial asset items presented in the Corporation’s Statement of Financial Position.

The Corporation’s accounts receivable does not include customers with balances that could be classified as a significant concentration of debt and would represent a material exposure for Codelco. This exposure is distributed among many clients and other counterparties.

In the customer items, the provisions, which are not significant, are included based on the review of the outstanding balances and characteristics of the clients, destined to cover eventual insolvencies.

Explanatory note 2 “Trade and other receivables shows past due and not provisioned balances.

F-87 Y copeLco

30.

The Corporation estimates that unimpaired amounts overdue over 30 days are recoverable based on clients historical payment behavior and their existing credit ratings.

As of June 30, 2025 and December 31, 2024, there are no receivable balances that have been renegotiated.

Codelco works with major banks, which have high national and international ratings, and continually assesses them; therefore, the risk that could affect the availability of the Corporation’s funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit insurance policies through which it transfers to third parties the commercial risk associated with some aspects of its business.

During the six-month periods ended June 30, 2025 and for year ended December 31, 2024, no guarantees have been executed in relation to ensure the collection of third party debt.

Personnel loans mainly relate to mortgage loans, according to programs included in union agreements, which are paid for through payroll discounts.

e. Other relevant risks

In addition to market, credit, and liquidity risks, Codelco has identified other relevant risks that, due to their strategic, operational, or emerging nature, could impact the achievement of business objectives, long-term sustainability, or operational continuity. These risks are systematically monitored through a risk management framework aligned with international best practices, including ISO 31000, ISO 31050, and COSO ERM. Oversight is provided through periodic reviews by the Audit, Compensation, and Ethics Committee, as well as Senior Management.

During the first half of 2025, monitoring continued on key exogenous variables that may influence the business, such as geopolitical developments, extreme weather events, and global systemic cyberattacks. The risk management program acknowledges that risk appetite and exposure may evolve over time, and actions are taken to respond to such changes in accordance with the prevailing context.

Derivatives contracts

The Corporation has entered transactions to hedge cash flows, to minimize the risk of foreign exchange rate variations and sales price variations, detailed as follows:

a. Exchange rate hedge The Corporation maintains an exposure associated with its foreign exchange hedging operations, the balance of which corresponds to a net deferred tax profit recognized in equity amounting to ThUS$3,565 as of June 30, 2025.

F-88 “Y copeLcOo

The following table shows details of the fair value and other information of the financial hedges contracted by the Corporation:

June 30, 2025 des MA 31554 fren eb lor gror 4 ll pen? Arm dema las Ao Car Mala ir GR SÍ ¡Lead a
q. bad epa cad mr kh ab irak Facil a Los] har na, 10M AA A sl i=8 a e El Ci AB E FO Ma AM A TD A A AL adri E Pal ns de laa la a] m5 WE Ju LT _ A => 10 rima 124 EA AE PA DO FA A LM A] A sal Pis Y aria December 31, 2024 Diitarid EL TT Formo hule pádguiiar lr Lorarrasai lied: Hina ¡Ráá. derimólira Mar Da Pad E mago nn a ¿qn A MA esk us ¡ari und == u k 0 > Cae E Le . .) ida E nl h ..
a a ho3 7 a De a E 1 o AR % o cade ÓLEO Lis ar sd a ME Amón io ra [ma pa FE h L mi ari ed? an A ob o] | 110505 1 ¡Mane 10 728 Mi 10 A 77] e a “A =P Mm 3 FLA “ld 12 AA a] 15 aa E | Pp OCA IN A IE

As of June 30, 2025, the Corporation does not maintain cash deposit guarantee balances for these operations.

The current methodology for valuing currency swaps uses the bootstrapping technique based on mid-swap rates to construct (zero) curves in functional currencies other than the functional currency and USS, respectively, based on market information.

The notional amounts held by the Corporation for financial derivatives are detailed below: Horanal ar al NA Lara EP Dret Vital Cher Tonal ca Ml A pa 11o Apra Liu yan Ar ins 1 A mara Frio ATA Ahunis A 1155 Ú 5077 LLO77 471.055 fsb 145,55 AA Artana rr a Lia TA Her 0 Tura! Chuao $ Tarial are A 5d 110 lps Did paar Perra TMUES MA Fals Fkurió ALA mua Carry Ae 15 dE UA JA, 115145 2,19 141,598 ETS

b. Cash flows hedging contracts and commercial policy adjustment

The Corporation trades in the copper, gold and silver derivative markets and records its results upon termination. These results are added to or deducted from sales revenues or to the cost of sales, depending on whether they are hedges of sales or purchase contracts, respectively. As of June 30, 2025, these operations generated a net negative effect on results of ThUS$83,303 of which ThUSS$71,132 (loss) relates to hedges of physical sales and ThUS$12,171 (loss) relates to hedges of physical purchases.

F-89 Y copeLco

b.1. Commercial flexibility operations of copper contracts

Its objective is to adjust the price of sales to the Corporation’s sales policy, which is defined according to the London Metal Exchange. As of June 30, 2025, the Corporation has copper derivative transactions associated with 142,450 metric tons of fine copper.
These hedging transactions are performed as part of the Corporation’s commercial policy.

The contracts in force as of June 30, 2025 show a negative balance of ThUS$166,263 the final result of which can only be known upon the maturity of these operations, after the offsetting between the hedging operations and the revenues from the sale of the hedged products. In relation to these contracts, as of June 30, 2025, the Corporation maintains cash deposit guarantee balances amounting to ThUS$57,400, which are presented under Other current financial assets in the statement of financial position.

The operations settled between January 1 and June 30, 2025 generated a net negative effect on results of ThUS$82,335 of which ThUSS70,164 (loss) relates to hedges of physical sales and ThUS$12,171 (loss) relates to hedges of physical purchases.

b.2. Trade operations of current gold and silver contracts.

As of June 30, 2025, the Corporation holds derivative contracts for gold amounting to MOZT 8,744 and silver amounting to MOZT 160,052.

The contracts in force as of June 30, 2025, show a negative exposure of ThUS$251, the final result of which can only be known upon the maturity of these operations, after the offsetting between hedging operations and the revenues from the sale of the hedged products. These hedging operations have maturities up until March 2026.

As of June 30, 2025, the Corporation has settled gold and silver operations, generating a net negative effect on results of ThHUS$968, related to physical sales contracts.

b.3. Cash flow hedging operations backed by future production.
The Corporation has no outstanding transactions as of June 30, 2025, arising from these operations, which protect future cash flows by locking in price levels for the sale of part of its production.

The following tables set forth the maturities of metal hedging activities, as referred to in point b above:

F-90 Y copeELcO

Hi Tp dis Fono hoie 14, 7 ¿024 ¿ú26 Dr PA] ¿077 Lip orreng Eb AA Eh 154 Mau PHASE EPIA lus, A a 105 1,043 Pies cre (Ode air] (145,873 (51,447) (157.115) A E ¿mM a ¿3 Toral (115.:504] [53,418 A cr E Fosa! ecoribrr 11, 20d a Pd Him ar ata Ord lincórenp FAL rá AE AE mi Muza Fui ió ira cra otr aaa | A] ! 13 Pes 14 Obre [End | ¿LAA pá HT Pp, 001 laa Ce Ue ar .
Total MEE TA daria Mi, 202% Att ib carte Total A A A Ad ib 2027 1013 ¿019 ro rg opa Hari PAT] TAE 35150 181 45% Adra lider HO 141 763 37.64] 148 ¿Dé Gecmrbar 31, 2034 Art rte di Total AA Sure in tn dl ol mentir tana once 1034 Paje ¿027 ¿n23 3073 Ipramng Coppa Haras [AUT] 126 dde LOT ¿68 115 Cad ik Futurri TH07

31. Contingencies and restrictions

a) Lawsuits and contingencies

There are various lawsuits and legal actions initiated by or against the Corporation, which derive from its operations and the industry in which it operates. In general, these are civil, tax, labor and mining litigations, all related to the Corporation’s activities.

In the opinion of Management and its legal advisors, the lawsuits where the Corporation is being sued and could have negative results do not represent significant loss contingencies or cash flows. Codelco defends its rights and makes use of all the corresponding legal and procedural instances and resources.

The most relevant lawsuits filed by Codelco relate to the following matters:

– Tax Proceedings: There is a tax proceeding for liquidation No.141 of tax year 2015 and Exempt Resolution No. 89 of 2016 issued by the Internal Revenue Service (SII), for which the Corporation presented the corresponding appeals, which were received and resolved in favor of the Tax and Customs Courts, a resolution that was appealed by the SII.

– Labor lawsuits: Labor proceedings brought by the workers against the Corporation, regard to occupational diseases, labor accidents and other matters.

– Mining proceedings and others arising from the operation: The Corporation has been participating, and will probably continue to participate, as plaintiff and defendant in given court proceedings involving its mining operation and activities, through which ¡it seeks to exercise certain actions or set up certain defenses in relation to given mining concessions that have been established or are in the process of being established, as well as also with regard to its other activities. These proceedings currently do not involve any given amount and do not have any essential effect on Codelcos development.

F-91 Y copeLco

As of June 30, 2025, there are arbitration lawsuits pending final judgment, between Codelco and Consorcio Belaz Movitec SpA, and as of today, the arbitral award has not yet been issued.

During the six-month periods the years ended June 30, 2025 and 2024, there are no lawsuits or other proceedings representing 10 percent or more of the Corporation’s total outstanding lawsuits.

At the date of issuance of these interim consolidated financial statements, the Codelco faces various lawsuits and legal actions against it for a total of approximately ThUS$374,316 corresponding to 1,083 cases, with an estimated loss amount of ThUSS50,212. According to the estimate made by the legal advisors of the Corporation, 952 cases, which represent
87.9% of the universe, have associated probable loss results amounting to ThUS$50,025 (Additionally, with the same probable results, there is 1 cases for ThUSS6 arising from subsidiaries). There are also 90 cases, representing 8.31% for an amount of ThUSS167, for which it is less likely than not, that the ruling will be against the Corporation. For the remaining 41 cases, representing 3.79% for an amount of ThUS$20, the Corporation’s legal advisors consider an unfavorable result to be remote.

For litigation with probable loss and its costs, there are the necessary provisions, which are recorded as contingency provisions. (see note No 18)

b) Other commitments .

. Law No. 19993 dated December 17, 2004, modified on March 6, 2023, establishing that the Corporation must ensure that the smelting and refining capacity required is maintained, without any restriction and limitation, for treating the products of the small and medium mining sector sent by ENAMI, under the form of toll production or another form agreed upon by the parties.

li. Obligations with the public for bond issues means that the Corporation must meet certain restrictions related to limits on pledges and leaseback transactions on its principal assets and on its ownership interest in subsidiaries.

The Corporation has complied with these conditions as of June 30, 2025 and 2024.

tii. On January 20, 2010, the Corporation signed two energy supply contracts with Colbún

S.A., which includes energy and power sales and purchases for a total of 510 MW of power, for the Andina, El Teniente, Salvador, and Ventanas Divisions.

The contracted power for supplying these Divisions is comprised by two contracts: e Contract No.1 for 176 MW, current until December 2029.

e Contract No.2 for 334 MW, current until December 2044. This contract is based on energy production from Colbún’s Santa María thermal power station. On October 27, 2022, Codelco signed an amendment to the contract which, among other provisions, will allow the replacement of coal-based electricity supply with renewable energy.
This transition will be implemented gradually, disengaging from the Santa María

F-92 Y copeLco

Power Plant, and starting January 1, 2026, the contract will provide 1,000 GWhyear of renewable energy.

iv. Forthe supply of electricity to the Chuquicamata worksite, the following contracts with Engie remain in effect: e Contract No. 1 (originally signed with CTA), effective since 2012, for a capacity of 80 MW, expiring in 2032.

e Contract No. 2, effective from January 2018 through December 2035, for a capacity of 200 MW.

On May 3, 2024, Codelco signed Amendment No. 5 to Contract No. 1, through which the parties agreed to commercial changes to the contract, along with its decarbonization starting in 2026..

v. On August 26, 2011, Codelco entered into two electricity supply contracts with AES Andes. The first was for the Ministro Hales Division, for a capacity equivalent to 99 MW, and the second for the Radomiro Tomic worksite, for a maximum capacity of 145 MW. Both contracts are set to expire on July 31, 2028.

In December 2022, the respective agreements were renegotiated and signed. The agreement implies the modification of the original contracts and a new renewable sources contract effective from 2023 to 2040.

vi. On February 28, 2024, Codelco signed three corporate electricity supply contracts based on renewable energy with the companies Atlas Energía Dos SpA, Colbún S.A. and Innergex Energía Renovable SpA, which start their supply on January 1, 2026 and have a termination date of December 31, 2040. The contract with Atlas Energía Dos is for 375 GWhyear of energy, the contract with Colbún is for 1100 GWhyear of energy and finally the contract with Innergex Energía Renovable is for 350 GWhyear of energy.

vii. On March 14, 2025, Codelco entered into two corporate electricity supply contracts based on renewable energy with GM Developments SpA and GR Power Chile SpA. Both contracts will commence supply on January 1, 2026, and are set to expire on December 31,
2040. The contract with GM Developments SpA covers 1000 GWhyear of energy, while the contract with GR Power Chile SpA covers 550 GWhyear of energy.

viii. On November 11, 2011, Law No. 20551 was published in the Official Journal, which regulates the tasks and closure of mining facilities. Additionally, on November 22, 2012, the Supreme Decree No. 41 of the Minister of Mining, which approves the Regulations of this Law, was published in the Official Gazette.

This law requires the Corporation, among other requirements, to provide financial guarantees to the State to ensure the implementation of closure plans. It also establishes the obligation to make contributions to a fund which aims to cover the costs of post-closure activities.

The Corporation, in accordance with the regulations, delivered in 2014 to the National Geology and Mining Service (SERNAGEOMIN) the mine closure plans for each of the eight divisions of Codelco. These closure plans were developed under the transitional regime of

F-93 Y copeLco the Law, specified for mining companies affected by the general application procedure, which are those with extraction capacity > 10,000 tonsmonth, and that at the date of entry into force of the Law were in operation, and with a closure plan previously approved under the Mining Safety Regulation D.S. No. 132.

All these transitional closure plans were approved in 2015 in accordance with the provisions established in the Law.

In compliance with the updated schedule, Codelco approved in 2021 the updated closure plans for the El Teniente, Radomiro Tomic, Ministro Hales, and Gabriela Mistral Divisions.
During 2022, the Corporation obtained approval for the updated closure plans of the Salvador and Andina Divisions. Codelco has provided the corresponding guarantees committed under all approved closure plans, in accordance with their latest effective updates.

As of June 30, 2025, the Corporation has agreed guarantees for an annual amount of UF
89.342.789, to comply with the aforementioned Law No. 20551 (see note No. 32).

ix. On August 24, 2012, Codelco through its subsidiary Inversiones Mineras Nueva Acrux

SpA (Nueva Acrux) (whose minority shareholder is Mitsui), signed a contract with Anglo American Sur S.A. Under this contract, Codelco agreed to sell a portion of its annual copper production to the mentioned subsidiary, who in turn agrees to pulrchase such production.

Such annual portion is determined by the share of Codelco*s indirect subsidiary, Inversiones Mineras Becrux SpA (also shared ownership with Mitsui), maintained for the shares of Anglo-American Sur S.A.

In turn, the subsidiary Nueva Acrux agrees to sell to Mitsui, the products purchased under the agreement described in the preceding paragraphs.

The contract expiration will occur when the shareholders agreement of Anglo-American

Sur S.A. ends or other events related to the completion of mining activities of the company take place.

F-94 “Y copeLco

32. Guarantees

The Corporation as a result of its activities has received and given guarantees.
The following tables list the main guarantees given to financial institution:

Dra ir] Peri Ap ai rr d- 505-5123 EA Credos it API Tapa ol atar Tr Mir DasrTEp THE THUES

A A A a LA ao A B 1.341 toro] avá Va Front Lario Lea LEAR dp A a il LA A hd. ¿3 ¡ 1,307 Mistral la Pra e Lario Pell A dl cir 12m B 11 dir na Ta rra aria Polis ¡a ll o Sri a ELE pe Ñ q dara A Fómajipa dae pjs E 1H $) Er j ‘ ra ll 2 ELO A Peor at arde LA el Aldo h ll ji ler pl Pads ta ds Lomfira bs pri ul ¡NE E das AER CsprarntrA player ¡mM $19.457 ! MALT 10164 Ari e a rd Lied rico paja? e ad? i A 141 har e Era, rural pares 4] 1 IEAA l a Hur lot Pd Pr ds Condado rió! ¿0 vu 1. de E ¿En ati ri de bora Exsmircla p 0 Ar di 17D H0TA ‘ 34 055 E2 AA init el Pa Perdi Li Aa e q aa LR VO J A dara 4 dado Prska A LA A 3 EL 17] A Ciara pd im Dm 3 | Hita el Dada dr A da FA-13004 y LM 3,3131 Eras e Pa Lomjiracian popa LA 1 dr k LFP 2,154 PAE AR A Costiaiaa pEaz if du i 1509 hr ra dl dd Pa rd Create pro 1 La? 3 0 hist ol A de Comarca pr ¿0 + HR Fl ñ .
A Loerrorraaera Le 3-55 d FA ia Í ori a! LN E A 2 h ET dl honapror Lera? 1 151146 d sia? rs 6] a ha en ig 1H HA ¡ FLA ¿16 dle A leerme: iñ 11 12- FM d ds 151,448 ld AA us e E pra | a Ap Tur E lam 1L (516-055 ] IE LA) Wir le mim el ¡pl $ 14.3175 1 linj A DTS ler rey i LA d 14: 3 dr 0 A Doonsa irrl Lt 4d mi F A Ad A Pajas rd FL 1%. 5L-J007 1 rá Pa A A CLA 10d HA Í Li ha A ria EA rra PLL Cóémniriian púsrió Ln 011257077 ] 161 150 hrs Dis di quedo [anita Teis pá cae 1d bes ] 1900 iaa MENO pad Cosmos ropa EL 2-40. 0533 | 10,000 dit de edita iii att ¡fa Gh AA i Mio] FS

Total 1034 Lp

As for the documents received as collateral, they cover mainly obligations of suppliers and contractors related to the various development projects. At June 30, 2025 and December 31, 2024, the balance of these guarantees is ThUSS1,612,561 and ThUS$1,483,455, respectively.

F-95 Y copeLco | Corporación Nacional del Cobre de Chile

33. Balance in foreign currency

a) Assets by Currency

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34. Sanctions

35.

As of June 30, 2025 and December 31, 2024, neither Codelco Chile or its Directors and Managers have been sanctioned by the CMF or any other administrative authorities.

The environment

Each of Codelcos operations is subject to national, regional and local regulations related to protection of the environment and natural resources, including standards relating to water, air, noise and disposal and transportation of dangerous residues, among others. Chile has introduced environmental regulations that have obligated companies, including Codelco, to carry out programs to reduce, control or eliminate relevant environmental impacts.
Codelco has executed and shall continue to execute a series of environmental projects to comply with these regulations.

Pursuant to the Letter of Values approved in 2024, Codelco is governed by a series of internal policies and regulations that frame its commitment to the environment, among which is the Corporate Sustainable Development Policy (2021).

Under a Corporate Environmental Management System, the divisions, structure their efforts in order to comply with the commitments assumed by the corporation’s environmental policies, incorporating elements of planning, operating, verifying and reviewing activities. As of June 30, 2025, Codelco is certified under the ISO 14001:2015 Standard, which is applicable to all its divisions.

To comply with the Circular No. 1901 of 2008 of the CMF, the details of the Corporation’s main expenditures related to the environment during the periods from January 1 to June 30, 2025 and 2024, respectively, and the projected future expenses are stated below:

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36. Subsequent Events

On July 14, 2025, Codelco executed the financing agreement previously signed with the Spanish bank Banco Santander S.A. for US$500 million which is described in Note 14 under Other financial liabilities – Covenants and future financing agreements.

Management of the Corporation is not aware of any other significant financial or non- financial events that could affect these financial statements, which may have occurred between July 1, 2025, and the issuance date of these interim consolidated financial statements as of July 31, 2025.

Rubén Alvarado Vigar Alejandro Sanhueza Díaz Chief Executive Officer Chief Financial Officer Juan Ogas Cabrera Cristóbal Parrao Cartagena Accounting Manager Accounting Director

F-100 CORPORACION NACIONAL DEL COBRE DE CHILE

Consolidated Financial Statements as of December 31, 2024.

F-101 pwce

INDEPENDENT AUDITOR’S REPORT (A free translation from the original in Spanish)

Santiago, March 27, 2025

To the President and Directors of Corporación Nacional del Cobre de Chile

Opinion

We have audited the consolidated financial statements of Corporación Nacional del Cobre de Chile and its subsidiaries, which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Corporación Nacional del Cobre de Chile and its subsidiaries as of December 31, 2024 and 2023, and the results ofits operations and its cash flows forthe years then ended in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audits in accordance with Generally Accepted Auditing Standards in Chile. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Corporación Nacional del Cobre de Chile and its subsidiaries and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Corporación Nacional del Cobre de Chile and its subsidiaries ability to continue as a going concern for at least, but not limited to, twelve months from the end of the reporting period.

Oficinas

Santiago: Av. Isidora Goyenechea 2800, piso 10, Torre Titanium, Las Condes Vina del Mar: Av. Libertad 1405, of. 1704, Edificio Coraceros Concepción: Chacabuco 1085, pisos 8 y 9, Edificio Centro Sur Puerto Montt: Benavente 550, piso 10, Edificio Campanario

Oficina de parte: Av. Andrés Bello 2711, piso 1, Torre de la Costanera, Las Condes, Santiago

Teléfono Central: (56) 9 3861 7940 www.pwc.cl F-102 pwce

Santiago, March 27, 2025 Corporación Nacional del Cobre de Chile 2

Auditor’s Responstbilities for the Audit of the consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with Generally Accepted Auditing Standards in Chile will always detect a material misstatement when it exists. The risk of not detectinga material misstatement resulting from fraud is higherthan for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influencethe judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with Generally Accepted Auditing Standards in Chile, we: e Exercise professional judgment and maintain professional skepticism throughout the audit.

e Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on atest basis, evidence regardingthe amounts and disclosures in the consolidated financial statements.

e Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Corporación Nacional del Cobre de Chile and its subsidiaries internal control.
Accordinoly, no such opinion is expressed.

e Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

e Concludewhether, in ourjudgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Corporación Nacional del Cobre de Chile and its subsidiaries ability to continue as a going concern for a reasonable period of time.

F-103 pwce

Santiago, March 27, 2025 Corporación Nacional del Cobre de Chile 3

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timingof the audit, significant audit findings, and any internal control significant deficiency and material weakness that we identified during the audit.

DocuSigned by: o loz A Huurtriroslrogna)

9C2893C6DC264A1…

Juan Carlos Pitta De C.
RUT: 14.709.125-7

F-104 Y

CODELCO

CODELCO – CHILE

Consolidated financial statements as of December 31, 2024 (A free translation from the original in Spanish)

F-105 CONTENT

CONSOLIDATED FINANCIAL STATEMENTS (A free translation from the original in Spanish)

INDEPENDENT AUDITOR’S REPOR To.ooconccccnocncccnconocconicooccoronocccoronocccroooccrcoonccronnonnrrano cnc rro nr rro or rro rr rra ora F-102 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¿.occcccccooooncccccccccccccoccocococonaoooncccccccccccncnononoconnnanannnnos F-108 CONSOLIDATED STATEMENTS OF INCOME …ccccccccocococccononoonccccccccccononoonooconnnnnnnnncccrrrrnnnnrrrrronocnnnannannnrrrrrnnnnnn F-110 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME conncccoccccccccccccncnononcccnonannoncccccccccccnnononoccnnnnoo ss F-111 CONSOLIDATED STATEMENTS OF CHANGES IN EQUlTV inoonnncccccconocccnocnccccconocccnaanccococoooconoancncncnnoncnanancnnnnnnnos F-112 CONSOLIDATED STATEMENTS OF CASH FLOWS ioocccccccccconononccccccccccccccnocoooccnnnannnnnncccrrrnnonornrrnnncnonanaanoccrrrnnnns F-114 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT S ooooooccccccccccccccnononccccnnnanonocccccccccccncrcnoononanannannnncnnnnss F-115 , GENERAL INFORMATION ….cccoocccccoooonnonccccccccccconononoccnonnnnaoncncrrrrnrcnrrrnrnnonnnnnnnno nr rrr rr nr rr rr rr rnrnnnnnnaanannnnrrros F-115 1, Corporate informati0N…………oooccccccconoooccnnnnccnnnoonoconnnncnnonnoocoronrrrononcnocnrnrrrnnnnnnnoorrrrrrnnnnnnncrnrrrrnnnnanoss F-115

2. Basis of presentation of the consolidated financial statements……………oocccccoooooooconnoncconocccononccnnoooooss F-116

Il, SIGNIFICANT ACCOUNTING POLICIES…….ccococcccooooooccccccccccccccoconocconoononoooccccrrnrcccoronoonoconsnnnannnnrs F-117

1, Significant judgments and key estimates …….oooccccccnccccccnonnnococccccnnnnnnnnnnnnocononnnnonoconcnaccncnnnnnnroccononnnnos F-117

2. Significant accounting policies……………ooccccononnncnnnncccnnnnononocococancnnnnncnnncconnnononnnoconcnnncccnnnnnnrrrccnnnnnnnos F-121

3. New standards and interpretations adopted by the Corporati0N…………..oooomoomoocccccconococccnncncccnooooooonnoss F-138

4, QECRATS F-139 ‘l, EXPLANATORY NOTES c.occccocccccnononnncccccnccccccnonoonoconanananonnrrrrrrrrrrrrrrrnnnnnnnann ren ren nrrnrrrraannnr F-141

1, EAS F-141

2. Trade and other receivables………….ooooocccccncnnonnnnnnnncccnnnnnnocoocconnnconnnncnnnnononnonnnnnnonnnnnnnnnnnnnnnrrrccnnnnnnnos F-141

3. Balances and transactions with related parties…………ooocoooooomsssmrmmmmsssmsrs F-143

4, INVENTOFI8S …….ccccccononocccccnnncnnnncnnnnoconnonnnnnrnnnnnnncnnnnnnnronnnnnnnnronnnnnnnnnnnnnnnnnornnnnnnnnnnnnnnancnnnnnnnnrncnnnnnnnos F-149

5. Income taxes and deferred taxes …..ooooooccccncnnnnnncnnncccnononnnocooccnancnnnnnnnnnrononnnnnnnonnccnnnnnnrrrrrrnnnnnnncnnanaass F-150

6. Current tax assets and liabilitieS…………….oooccccnonnnnnnnnncccononncoccccconcnnnnnnnnnncconnonnnnononcnoncncnnnnnrnrrccnnnnnnos F-152

7. Property, plant and equipMent……oocccccconooccccnnnnncnnnonoconnnnoconononccnnnnnononnonoconorrrnnnnonnnsnnnrrrnnnnncanononnnnonos F-153

8. CCA F-156

9. Intangible Assets other than goodwill ……………ooooooccccooononosmcccccrcccnccccoccononoccooccccccocnnccnnnocccnnononnos F-157

10. Investments accounted for using the equity method …………..ooccccccnonnncnnncccccnnnnonococccccccncnncnonccconnonnnnos F-158

11. SubsidiarieS …..oocnnncccnnnnnnnnnncnnnnnnnnocccnonnnonnnnnnnnnrronnnnnnnnonnnnnnnnnnnnnnnnrnrnnnnnnnnnnnnnanannnnnnnnnrrrrrnnnnnnnccnananoss F-163

12. Other non-current financial assSetS…………ooocccccnnnnnnnnnnnnnnccnnonnnnconcconnnccnnnnnnnnccononnnnnnconnanaacnnnnrnrcnnonnnnno F-163

13. Current and non-current financial assetS…………..ooommmmmsccccccnnnnnnnnncccnonononococcnnnnnnnnnnnnnonoronnnnnncccnaanoss F-164

14, Other financial liabilitiesS………………ooocooncnncnnncccconononoocccconcccnnnncnnnnccononononocorccnncccnonnnnnrrrrrnnnnnnnoconnnnanoss F-165

15. Fair Value of financial assets and liabilities ……………….ooooooooccconooooconnnnccnnooococononcconnonccoronrcnonononocnnnos F-174

16. Market value hierarchy for items at market value ……………ooooccoooooooconnncccnonococccnonnccononoconnonccnoncnonconnnss F-175

17. Trade and other accounts payable …………..ooooooocconcncccnnnnooconnnccnnnoconccnnnnccnnononnconorrrnnnncnncnrnrrrnonananasnnnss F-176

18. Other provViSIONS…….ooocccccccnononcconnnnccnnnonoccononccnononnonrorrrnnnnoncornrrrrnnnnnnocnrnrrrnnnnnnnoorrrrrrnnnnnnornrrrrnnananoss F-177

19. Employee DenefitS…………ooooooocconcccccnnnonoconncnccnnnnooocnnonccnnononocororrrrnnnocnnnrrrnnnnnnncororrrrnnnnnncrnnrrrnnnnonoss F-178

20 EQUÍÉÍY …occcccoooocccnncnncnnnononocnnonccnonnnoncornrrrrnnnnnnonrrrrrnnnnnnonrnrrrrnnnnnornnrrrrnnnnnnonnrrrrnnnnnonnrrrrrnnnnnnacnnnnnnnnos F-181

21. RevVeNUt…cooooccccccnncnccnnnnnonocnnnonnonccnnnnnoncnnnonnonncnnonnnnncnnnnnnnacnnnnnennccnnonnnnacnnnnnencnnnonnnnacnncnnonaccnncnnananess F-184

22. EXpenses Dy Nature ….oooccccccnooocccnnonccnnononocononccnononoooonnrrrrnnnnnnccnrrrrrnnnnenocnnrrrrnnnnnnncorrrrrronnnanornnrrrnnanonoss F-184

23. SS F-184

24, Other income and expenseS……ooooccccnccccnononononnnnccnnnnnnocononncnnononocnnnrrrrnnnnnnccnnrrrronnnnnncnnrrrrnnnnnaonnnnnnonos F-185

25. AE F-186

26. Operating SEegMentS …….oooooocccccnnnononnnnnnnncnnnnnnnonooocnnnnnnnnnnnnnnnrrnnnnnnnnncnnnncnnnnnnnnrnrrnnnnnnnncnnnnnacnnnnnnnnnos F-187

27. Exchange difference………..oocccccocononoccccconaconnncnnnnoconononnnononcnnnncnnnnnnnnrnrornnnnnnnnnnnnnnnnnnnnnnrrnnnnnnnncnnaaanss F-193

28. Statement Of Cash flOWS………oocccccccccccnnnnnoccccncccnnnnnnnnccconnnonnnooccnnnnconnnnnnnnrrrnnnnnnnnnnnnnnancnnnnnnrrrcrnnnnnnns F-193

F-106 29,
30.
31.
32.
33.
34,
35.
36.

Risk ManageMeNt..oooonncncnccnncccccnnnnnonococonaconnnnnnnnnnonnnnnnnnncnnnnnnnnnnnnnnrornnnnnnnnnonnnnnanonnnnnnnnrrrrnnnannnccnnaaoss F-193

Derivatives CONTTACTS. ………ooooonoccccccnncnononnnnnnononnnnnnnncoocnnnnnnnnnnnnnrrrrnnnnnnnnnnnnnnnnnnnnnnnnnrrornnnnnnnnccnaaaanss F-198 Contingencies and restrictiONS…………..cooooommmsssocccnnnnnnnnccnononnnnnoccccnnncnnnnnnnnrnnnrnonnnnnnccnnnaccnnnnnnnnnos F-200 ¡EA F-205 Balance in foreign CUTTeNCY……oooooccccccnnnnnnnnnnnnccnonononononocnnnnnnnnnnnnnnrornnnnnnnnonnnnnncnnnnnnnrrrrrrnnnnnnnccnananoss F-206 SANCÍIONS…..cooooooocccccanononnnnnnnnnnnonnnnnnnnnocnnnnnnonnnnnnnnnnonnnnnnnnssnnnnnnnnnnnnnnnrnnrnnnnnnnnnnnnnnnnannnnnnnnrrrcrnonnnnnos F-208 The eNVITONMONE …..oooooonocccccncnnnnnnnnnnonononononononnnnnncnonnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnrrrnnnnnnnnnnnonananannnnnnnnnoss F-208 Subsequent EVentS………oococcccccccononoocnnnnncnononoonnonccnonnonnooncrrrrnnnnnnocorrrrrrnnnnnncnrrrrrnnnnnnncorrrrrnnnncnaonenss F-211

F-107 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2024 and 2023 (In thousands of US dollars – ThUS5$) (A free translation from the original in Spanish)

Note 12-31-2024 12-31-2023 NO Assets Current assets Cash and cash equivalents 1 680.820 1.342.043 Other current financial assets 13 162.901 12 Other current non-financial assets 31.162 48.580 Trade and other current receivables 2 3.104.730 3.405.668 Accounts receivable from related entities 3 30.384 34.657 Current inventories 2.434.677 2.455.701 Current tax assets 1.814 2.620 Total current assets 6.446.488 7.289.281 Non-current assets Other non-current financial assets 12 587.761 107.436 Other non-current non-financial assets 1.200 13.056 Non-current accounts receivable 2 79.708 71.272 Accounts receivable from related parties. 3 224 224 Non-current inventories 536.157 494.747 Investments accounted for using equity method 10 2.934.150 2.866.698 Intangible assets other than goodwil 9 299.349 300.092 Property, plant and equipment 7 37.545.939 34.362.571 Investment property 981 Right-of-use assets 8 378.449 390.756 Non-current tax assets 188.357 875.604 Deferred tax assets 5 102.936 103.530 Total non-current assets 43.254.230 39.586.967 Total assets 49.700.718 46.876.248

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

F-108 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2024 and 2023 (In thousands of US dollars – ThUS5$) (A free translation from the original in Spanish)

Note 12-31-2024 12-31-2023 NO Equity and liabilities Liabilities Current liabilities Other financial liabilities 14 1,542,093 852,121 Lease liabilities 8 139,938 133,729 Trade and other payables 17 1,811,166 1,789,892 Accounts payable to related entities 3 147,778 172,434 Other short-term provisions 18 765,470 899,489 Current tax liabilities, current 6 21,899 14,414 Current provisions for employee benefits 19 490,547 480,740 Other non-financial liabilities 39,331 41,164 Total current liabilities 4,958,222 4,383,983 Non-current liabilities Other financial liabilities 14 21,312,251 19,549,117 Lease liabilities 8 231,438 265,044 Non-current payables 4,844 954 Other long-term provisions 18 2,232,644 2,332,643 Deferred tax liabilities 5 8,716,220 8,241,800 Non-current provisions for employee benefits 19 941,360 1,053,430 Other non-financial liabilities 2,250 2,628 Total non-current liabilities 33,441,007 31,445,616 Total liabilities 38,399,229 35,829,599 Equity Share capital 5,619,423 5,619,423 Accumulated losses (777,142) (909,651) Other reserves 20.a 5,197,364 5,039,923 Equity attributable to owners of parent 10,599,645 10,349,695 Non-controlling interests 20.b 701,844 696,954 Total equity 11,301,489 11,046,649 Total liabilities and equity 49,700,718 46,876,248

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

F-109 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2024 and 2023 (In thousands of US dollars – ThUS5$) (A free translation from the original in Spanish)

Note 1-1-2024 1-1-2023 N2 12-31-2024 – 12-31-2023

Revenue 21 16,993,379 16,393,229 Cost of sales 22 (12,905,738) (13,273,343) Gross margin 4,087,641 3,119,886| Other income 24.8 80,654 93,039 Distribution costs 22 (25,039) (25,497) Administrative expenses 22 (511,216) (544,162) Other expenses by function 24.b (2,519,276) (2,062,806) Other gains 37,306 43,046 Gains from operating activities 1,150,070 623,506| Finance income 124,856 99,051 Finance costs 25 (910,411) (778,910) Impairment and reversal of im pairment losses determined in accordance with IFRS 9 (731) 2,279 Share of net profit of associates and joint ventures accounted for using the equity method 10 65,377 (658,118) Exchange gain (losses) 27 361,293 (44,963) [Income (Loss) for the period before tax 790,454 (757,155) | Income tax expense 5 (545,738) 165,916 [Net income (Loss) for the period 244,716 (591,239) Profit (Loss) attributable to:

Owners of the parent 239,866 (374,974)

Non-controlling interests 20.b 4,850 (216,265) [Net income (Loss) for the period 244,716 (591,239) |

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

F-110 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the years ended December 31, 2024 and 2023 (In thousands of US dollars – ThUS5$) (A free translation from the original in Spanish)

Note 1-1-2024 1-1-2023 NO 12-31-2024 12-31-2023 [Profit (Loss) 244,716 (591,239) Comprehensive income Components of comprehensive income that will not be reclassified to profit or loss for the period, before taxes Comprehensive income (Loss), before income taxes, gains from remeasurement of defined benefit plans 19 3,410 (38,442) Share of comprehensive income of associates and joint ventures accounted for using the equity method that will not 966 (2,794) be reclassified to profit or loss for the period, before taxes Total other comprehensive income that will not be reclassified to profit or loss for the period, before 4,376 (41,236) taxes Components of comprehensive income that will be reclassified to profit or loss for the period, before taxes Exchange differences on translation (Losses) on foreign exchange translation differences, before income taxes (5,911) (1,752) Cash Flow Hedges Losses (Gains) On Cash Flow Hedges BeforeTax (6,719) (14,074) Financial assets measured at fair value with changes in other comprehensive income Gains on financial assets measured at fair value with changes in the fair value of equity investments at FVOCI 59,127 Comprehensive Income That Will Be Reclassified To Profit Or Loss Before Tax 46,497 (15,826) Comprehensive income before taxes, foreign exchange translation differences 50,873 (57,062) Income tax related to components comprehensive income Income taxes related to remeasurements of defined benefit comprehensive income plans 5 (2,432) 28,128 Income taxes related to components of comprehensive income that will not be reclassified to profit or (2,432) 28.128 loss for the period Income taxes related to components of comprehensive income that will be reclassified to profit or loss for the period Income taxes related to comprehensive income cash flow hedges 5 4,368 9,148 Income tax related to financial assets measured at fair value with changes in other comprehensive income 5 (38,433) Income taxes related to components of comprehensive income that will be reclassified to profit or loss (34,065) 9.148 for the period Comprehensive income 14,376 (19,786) Total comprehensive income 259,092 (611,025) Comprehensive income, attributable to Comprehensive income attributable to owners of parent 254,196 (393,896) Comprehensive income attributable to non-controlling interests 4,896 (217,129) [Total comprehensive income 259,092 (611,025)

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

F-111 CORPORACIÓN NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the years ended December 31, 2024 and 2023 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Reserve of gains (losses) for financial

Reserve on Reserve of exchange Reserves of cash | remeasurement assets measured at Total Retained Equity attributable | Non-controlling
12-31-2024 Share capital l fair value with Other reserves l Total equity differences on flow hedges – |of defined benefit other reserves |earnings (losses) | to owners of parent interests changes in other translation plans comprehensive income Note 20 Note 20 Opening balance at 1-1-2024 5,619,423 (8,782) (1,095) (272,779) 5,922,579 5,639,923 (909,651) 10,349,695 696,954 11,046,649 Changes in equity Profit 239,866 239,866 4,850 244,716 Other comprehensive income (5,911) (2,351) 978 20,694 920 14,330 14,330 46 14,376 Total comprehensive income (5,911) (2,351) 978 20,694 920 14,330 254,196 4,896 259,092 Decrease through transfers and other changes, equity – 2,026 – 101,085 103,111 (107,357) (4,246) (6) (4,252) Increase (decrease) in equity (5,911) (2,351) 3,004 20,694 102,005 117,441 132,509 249,950 4,890 254,840 Closing balance at 12-31-2024 5,619,423 (14,693) (3,446) (269,775) 20,694 6,024,584 5,757,364 (777,142) 10,599,645 701,844 11,301,489

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

F-112

CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY As of December 31, 2024 and 2023 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Reserve of gains (losses) for financial Reserve on Reserve of exchange Reserves of cash | remeasurement assels measured al Total Retained Equity attributable | Non-controlling
12-31-2023 Share capital l fair value with Other reserves l Total equity differences on flow hedges – | of defined benefit other reserves | earnings (losses) | to owners of parent interests changes in other translation plans comprehensive income Note 19 Note 19 Opening balance at 1-1-2023 5,619,423 (7,030) 3,831 (262,465) – 5,925,090 5,659,426 (538,367) 10,740,482 914,083 11,654,565 Changes in equity Profit (loss) (374,974) (374,974) (216,265) (591,239) Other comprehensive income (1,752) (4,926) (10,314) – (1,930) (18,922) (18,922) (864) (19,786) Total comprehensive income (1,752) (4,926) (10,314) – (1,930) (18,922) (393,896) (217,129) (611,025) Increase through transfers and other changes, equity – – – – (581) (581) 3,690 3,109 – 3,109 Increase (decrease) in equity – (1,752) (4,926) (10,314) – (2,511) (19,503) (371,284) (390,787) (217,129) (607,916) Closing balance at 12-31-2023 5,619,423 (8,782) (1,095) (272,779) – 5,922,579 5,639,923 (909,651) 10,349,695 696,954 11,046,649

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

F-113 Corporación Nacional del Cobre de Chile

CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2024 and 2023 (In thousands of US dollars – ThUS5$) (A free translation from the original in Spanish)

Note 1-1-2024 1-1-2023 NO 12-31-2024 – 12-31-2023

Cash flows from (used in) operating activities Receipts from sales of goods and rendering of services 17,505,720 16,752,682 Other cash receipts from operating activities 28 2,567,682 2,706,265 Payments to suppliers for goods and services (11,067,443) (11,804,380) Payments to and on behalf of employees (1,771,999) – (1,657,379) Other cash payments from operating activities 28 (3,469,734) (3,464,919) Income tax (paid) (123,676) (144,043) Net cash flow from operating activities 3,640,550 2,388,226 | Cash flows from (used in) investing activities Other cash payments to acquire equity or debt instruments of other entities (754,969) (245) Purchases of property, plant and equipment (4,792,223) (4,368,672) Interest received 127,328 94,125 Other cash outflows (119,640) 9,257 Net cash flows used in investing activities (5,539,504) (4,265,535) | Cash flows from (used in) financing activities

Amounts from long-term loans and bonds 2,531,747 3,400,000

Amounts from short-term loans 500,000 330,000 Total amounts from loans and bonds 3,031,747 3,730,000 Payments ofloans and bonds (546,052) (558,218) Lease liability payments (170,379) (154,482) Interest paid (992,263) (785,701) Other cash outflows (63,743) (21,387) Net cash flows used in financing activities 1,259,310 2,210,212 Net increase (decrease) in cash and cash equivalents before the effect of (639,644) 332,903 exchange rate changes Effect of exchange rate changes on cash and cash equivalents Effect ofexchange rate changes on cash and cash equivalents (21,579) (17,587) Net increase (decrease) in cash and cash equivalents (661,223) 315,316 Cash and cash equivalents at beginning of period 1 1,342,043 1,026,727 Cash and cash equivalents at end of period 1 680,820 1,342,043

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

F-114 Corporación Nacional del Cobre de Chile

CORPORACIÓN NACIONAL DEL COBRE DE CHILE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND DECEMBER 31, 2023 (Monetary values in thousands of United States dollars, unless another currency or unit Is indicated)

Il. GENERAL INFORMATION

1. Corporate information

Corporación Nacional del Cobre de Chile (hereinafter referred to as Codelco or the Corporation), is, in Management’s opinion, the largest copper producer in the world.
Codelco’s most important product is refined copper, primarily in the form of cathodes. The Corporation also produces copper concentrates, blister and anode copper and by-products such as molybdenum, anode slime and sulfuric acid.

The Corporation trades its products based on a policy aimed to sell refined copper to manufacturers or producers of semi-manufactured products.

These products contribute to diverse fields of community development, particularly those intended to improve areas such as public health, energy efficiency, and sustainable development, among others.

The Corporation is registered under Securities Registry No. 785 of the Chilean Commission for the Financial Market (the CMF) and is subject to its supervision. According to Article No.
10 of Law No. 20392 (related to the new Corporate Governance of Codelco), such supervision shall be on the same terms as publicly traded companles, notwithstanding the provisions in Decree Law (D.L.) No.1349 of 1976, which created the Comisión Chilena del Cobre (Chilean Copper Commission).

Codelco’s head office is in Santiago, Chile, at 1270 Huérfanos Street, telephone number (56-
2) 26903000.

Codelco was Incorporated through D.L. No. 1350 of 1976, which Is the statutory decree applicable to the Corporation. In accordance with the statutory decree, Codelco Is a government-owned mining, industrial and commercial company, which Is a separate legal entity with Its own equity. Codelco Chile currently carries out lts mining business through its Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina, El Teniente and Ventanas divisions.

The Corporation also carries out similar activities in other mining deposits in association with third parties.

During 2024, the Corporation enters the lithium business with the acquisition of Lithium Power

International Limited “LPI”. This acquisition will make the Blanco Project viable through synergies with the Corporation’s assets and permits in the Salar de Maricunga, and thus

F-115 Corporación Nacional del Cobre de Chile develop a world-class lithium project. Additionally, in May 2024, Codelco signed an association agreement with Sociedad Química y Minera de Chile S.A. (SQM), which establishes the conditions to implement a public-private partnership for the development of mining, productive and commercial activities related to the exploration and exploitation of certain mining properties located in the Salar de Atacama, Antofagasta Region.

In accordance with letter e) of Article 10 of Law No. 20392, Codelco Is governed by its organic standards set forth in Decree Law No. 1350 (D.L. No. 1350) and that of Its by-laws, and in matters not covered by them and, insofar as they are compatible and do not contradict the provisions of such standards, by the rules that govern publicly traded companies and the common laws as applicable to them.

In accordance with D.L. No. 1350 Section IV related to the Company’s Exchange and Budget Regulations. Codelco’s financial activities are conducted following an annual budgeting program that is composed of an Operations Budget, an Investment Budget, and a Debt Amortization Budget.

The income obtained by Codelco in each period is subject to the tax regime established in Article 26 of D.L. N*1,350, which refers to Decree Laws N* 824, on Income Tax, of 1974, and N*2398 (Article 2), of 1978, which are applicable to Codelco. It is also subject to the terms of Law No. 20026 of 2005 on Specific Tax on Mining, which was in force until December 31,
2023. As of January 1, 2024, the Corporation will begin to apply Law No. 21591 on mining royalties.

According to Law No. 13196, the return on foreign currency of the Corporation’s foreign sales (real income), of its copper production, including Its by-products, Is taxed at 10%. The effectiveness of this obligation for Codelco is specified in the explanatory note in section lll.
24 letter c) of this report.

The subsidiaries whose financial statements are included in these consolidated financial statements correspond to companles located in Chile and abroad, which are detailed in Note
1.2.0.

The associates, all located in Chile, are detailed in the explanatory note in section 111.9,

2. Basis of presentation of the consolidated financial statements

The consolidated statements of financial position as of December 31, 2024 and 2023, the consolidated statements of income, statements of comprehensive income, statements of changes in equity and cash flows for the years ended December 31, 2024 and 2023 have been prepared in accordance with International Accounting Standard No. 1 (IAS 1) “Presentation of Financial Statements, incorporated in the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (hereinafter “JASB).

F-116 Corporación Nacional del Cobre de Chile E Y

These consolidated financial statements include all information and disclosures required in annual financial statements.

The consolidated financial statements of the Corporation are presented in thousands of United States dollar (U.S. dollar).

Responsibility for information and estimates made

The Board of Directors of the Corporation has been informed of the information included in these consolidated financial statements and expressly declared Its responsibility for the consistent and reliable nature of the information included as of December 31, 2024, which financial statements fully comply with IFRS. These consolidated financial statements as of December 31, 2024 were approved by the Board of Directors at a meeting held on March 27,
2025.

Accounting policies

These consolidated financial statements reflect the financial position of Codelco and affiliates as Of December 31, 2024 and 2023, as well as the results of their operations, changes in equity and cash flows for the years ended December 31, 2024 and 2023, and their related notes, all prepared and presented in accordance with lAS 1 “Presentation of Financial Statements, considering the respective presentation regulations of the Financial Market Commission (CMP)”.

Il.. SIGNIFICANT ACCOUNTING POLICIES

1. Significant judgments and key estimates

In preparing these consolidated financial statements, the use of certain critical accounting estimates and assumptions that affect the amounts of assets and liabilities recognized as of the date of the financial statements and the amounts of revenue and expenses recognized during the reporting period is required. Such preparation also requires the Corporation’s Management to exercise its judgment in the process of applying the Corporation’s accounting policies. The areas involving a greater degree of judgment or complexity or areas in which the assumptions and estimates are significant for the consolidated financial statements are described as follows:

a) Useful economic lives and residual values of property, plant and equipment: the useful lives and residual values of property, plant and equipment that are used for calculating depreciation are determined based on technical studies prepared by Internal specialists. The technical studies consider specific factors related to the use of assets.

Where there are indications that the useful lives of these assets or their residual values may have changed from previous estimates, this should be done using technical estimates to determine the impact of any changes.

F-117 Corporación Nacional del Cobre de Chile

b) Ore reserves: the measurements of ore reserves are based on estimates of the ore resources that are legally and economically exploitable and reflect the technical and environmental considerations of the Corporation regarding the amount of resources that could be exploited and sold at prices exceeding the total cost associated with the extraction and processing.

The Corporation applies judgment in determining the ore reserves, and as such, possible changes in these estimates might significantly impact the estimates of net revenues over time. In addition, these changes might lead to modifications in usage estimates, which might have an effect on depreciation and amortization expense, calculation of stripping cost adjustments, determination of impairment losses, expected future disbursements related to decommissioning and restoration obligations, long term defined benefits plans’ accounting and the accounting for financial derivative Instruments.

The Corporation estimates its reserves and mineral resources based on the information certified by the Competent Persons internal and external of the Corporation, who are defined and regulated according to Law No. 20235. These estimates correspond to the application of the Certification Code of Ore Reserves, Resources and Exploration, issued by the Mining Committee which was instituted through the law.

Notwithstanding the foregoing, the Corporation periodically reviews lts estimation models, supported by experts who, in some divisions, also certify the reserves determined from these models.

Impairment of non-financial assets: the Corporation reviews the carrying amount of its non-financial assets to determine whether there is any indication that the carrying amount may not be recoverable. If any such indicator exists, the recoverable amount of the assets is estimated to determine the extent of the impairment loss. In testing impairment, the assets are grouped into cash generating units (“CGUs) to which the assets belong, If applicable. The recoverable amount of these CGUs Is calculated as the present value of the expected future cash flows from such assets, considering a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the assets is lower than their carrying amount, an Impairment loss is recognized.

The Corporation defines the CGUs and also estimates the timing and cash flows that such CGUs will generate. Subsequent changes in the grouping of the CGU, or changes in the assumptions supporting the estimates of cash flows or the discount rate, may Impact the carrying amounts of the corresponding assets.

Estimates of assumptions influencing the calculation of cash flows, such as the price of copper or treatment charges and refining charges, among others, are determined based on studies conducted by the Corporation using uniform criteria over different periods. Any change in these criteria may have an impact on the recoverable amount of the assets being tested for impalrment.

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Corporación Nacional del Cobre de Chile

The Corporation has assessed and defined that the CGUs are constituted at the level of each of Its current operating divisions, with the exception of the Ventanas Division Smelter and Refinery operations, which are analyzed separately.

In assessing impairment in subsidiaries and associates, the Corporation uses the higher of value in use or fair value less costs to determine the recoverable amount. This recoverable amount may consider elements such as Life of Mine (LOM), reserves andor mining resources, among others, for mining operation evaluations. In addition, the evaluation may Iincorporate market variables such as for example, the price of copper and other commodities, cost of production inputs, exchange rates, discount rates and other market information for long-term asset valuation.

d) Provisions for decommissioning and site restoration costs: when a disruption Is caused by the ongolng development or production of a mining property, an obligation to Iincur decommissioning and restoration costs arises. Costs are estimated based on a formal closure plan and are reassessed as of each reporting period or as of the date such obligations become known. The initial estimate of decommissioning and site restoration costs is recognized as property, plant, and equipment in accordance with lAS 16, and simultaneously a liability in accordance with lAS 37, Is recorded.

For these purposes, a defined list of mine sites, facilities and other equipment are studied under this process, considering the engineering level profile, the cubic meters of assets that will be subject to removal and restoration, welghted by a structure of market prices of goods and services, reflecting the best current knowledge related to carrying out such activities, as well as techniques and more efficient construction procedures to date. In the process of valuation of these activities, the assumptions of the exchange rate for tradable goods and services are made, as well as a discount rate, which considers the time value of money and the risks associated with the liabilities, which is determined based, where applicable, on the currency in which disbursements are expected to be made.

The liability amounts recognized at the end of each reporting date represent management’s best estimate of the present value of the future decommissioning and site restoration costs. Changes in the estimate of the liability because of changes in the estimated future costs or in the discount rate are added to or deducted from the respective asset cost. The amount deducted from the cost of the asset shall not exceed it carrying amount. lf a decrease in the liability exceeds the carrying amount of the asset, the excess Is recognized immediately in profit or loss.

If the adjustment results in an addition to the cost of the asset, Codelco considers whether this Is an indicator that the new carrying amount of the asset may not be fully recoverable.
lf such an indicator exists, Codelco tests the asset for impalrment by estimating lts recoverable amount, and accounts for any impalrment loss in accordance with lAS 36.

Costs arising from the installation of a plant or other site preparation work, discounted to their net present value, are provided for and capitalized at the beginning of each project as soon as the obligation to incur such costs arises. These decommissioning costs are

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Corporación Nacional del Cobre de Chile

t)

g)

h) ) charged to net income over the life of the mine, through depreciation of the corresponding asset. Depreciation expense Is included in cost of sales, while the discount in the provision Is Included in finance costs.

Provisions for employee benefits: Provisions for employee benefits related to severance payments and health benefits for services rendered by the employees are determined based on actuarial calculations using the projected unit credit method and are recognized in other comprehensive income or s (depending on the accounting standards applicable) on an accrual basis

The Corporation uses assumptions to determine the best estimate of future obligations related to these benefits. Such estimates, as well as assumptions, are determined by management using the assistance of external actuaries. These assumptions include demographic assumptions, discount rate and expected salary increases and rotation levels, among other factors.

Accruals for open invoices: the Corporation uses information on future copper prices, through which It recognizes adjustments to Its revenues and trade recelvables, due to the conditions in provisional pricing arrangements. These adjustments are updated monthly, See Notes 2 q) Revenue from contracts with customers of Note 2 Significant accounting policies below.

Fair value of derivatives and other financial instruments: management may use its judgment to choose an adequate and proper valuation method for financial instruments that are not quoted in an active market. In the case of derivative financial instruments, assumptions are based on observable market inputs, adjusted depending on factors specific to the Instruments among others.

Lawsuits and contingencies: The Corporation assesses the probability of lawsuits and contingency losses on an ongoing basis according to estimates performed by its legal advisors. For cases in which management and the Corporation’s legal advisors believe that a loss Is not probable of occurring or where probable, may not be estimated reliably, no provisions are recognized. When it is considered more likely than not that a loss Is probable and It may be reliably estimated, a provision Is recognized.

Application of IFRS 16: includes the following:

– Estimation of the lease term

– Determine If It is reasonably certain that an extension or termination option will be exercised.

– Determination of the appropriate rate to discount lease payments

Revenue recognition: the Corporation determines appropriate revenue recognition for its contracts with customers by analyzing the type, terms and conditions of each contract or agreement with a customer.

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Corporación Nacional del Cobre de Chile

As part of the analysis, the management must make judgments about whether an agreement or contract is legally enforceable, and whether the agreement includes separate performance obligations. In addition, estimates are required to allocate the total price of the transaction to each performance obligation based on the stand -alone selling price of the promised goods or services underlying each performance obligation. (The Corporation applies the constraint on variable consideration as defined in IFRS 15, If applicable).

k) Stripping costs – Costs incurred in removing mine waste materials (overburden) in open pits that are in production, that provide access to mineral deposits, are recognized in property, plant, and equipment, when the following criteria set out in IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine are met:

– It is probable that the future economic benefits associated with the stripping activity will flow to the entity.

– It is possible to identify the components of an ore body for which access has been improved because of the stripping activity, and

– The costs relating to that stripping activity can be measured reliably.

The stripping costs are amortized based on the production units of production extracted from the ore body related to the specific stripping activity which generated this amount.

Although the abovementioned estimates have been made based on the best information avallable as of the date of Issuance of these consolidated financial statements, it Is possible that new developments could lead the Corporation to modify these estimates in the future.
Such modifications, If any, would be adjusted prospectively, recognizing the effects of the change in estimate in future consolidated financial statements, as required by lAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors.

On the other hand, the costs of activities for the removal of sterile material during the production stage, whose benefit is realized in the form of produced Inventory, must be recognized in accordance with lAS 2.

2. Significant accounting policies

a. Period covered: The accompanying consolidated financial statements of Corporación Nacional del Cobre de Chile include the following statements:

– – Consolidated Statement of Financial Position as of December 31, 2024 and 2023.

– – Consolidated Statemen t of Income for the years ended December 31, 2024 and 2023.

– – Consolidated Statements of Comprehensive Income for the years ended December 31, 2024 and 2023.

– – Consolidated Statements of Changes in Equity for the years ended December 31, 2024 and 2023.

– -Consolidated Statements of Cash Flows for the years ended December 31, 2024 and
2023.

F-121 Corporación Nacional del Cobre de Chile E Y

b. Basis of preparation – These consolidated financial statements of the Corporation as of December 31, 2024 have been prepared in accordance with the instructions of the Commission for the Financial Market which fully comply with International Financial Reporting Standards (IFRS) issued by the IASB.

The consolidated statements of financial position as of December 31, 2023, and the statements of income, equity and cash flows for the year ended December 31, 2023, which are included for comparative purposes, have been prepared in accordance with IFRS as issued by the IASB, on a basis consistent with the basis used for the same period ended December 31, 2024, except for the adoption of new IFRS standards and interpretations adopted by the Corporation as of December 31, 2024, which are disclosed in number 3 “New standards and interpretations adopted by the Corporation” in section ll of this report.

These interim consolidated financial statements (unaudited) have been prepared from accounting records held by the Company.

c. Functional currency – The functional currency of Codelco is the U.S. dollar, which Is the currency of the primary economic environment in which the Corporation operates and the currency in which It recelves Its revenues.

The functional currency of subsidiaries, associates, and joint ventures Is the currency of the primary economic environment in which those entities operate and the currency in which they receive their revenues. For some subsidiaries and associates that are an extension ofthe operations of Codelco (entities that are not self-sustalning and whose main transactions are with Codelco); the functional currency Is also the U.S. dollar.

The presentation currency of Codelco’s consolidated financial statements is the U.S. dollar.

d. Basis of consolidation – The financial statements comprise the consolidated statements of the Corporation and its subsidiaries.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Corporation obtains control, and continue to be consolidated until the date such control ceases. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement from the date the Corporation gains control until the date when the Corporation ceases to control the subsidiary.

The financial statements of the subsidiaries are prepared for the same reporting period as the Corporation, using consistent accounting policies.

All assets, liabilities, equity, income, expenses, and cash flows related to transactions between consolidated companles are fully eliminated on consolidation. The value of the non-controlling interest of shareholders in equity and in the results of subsidiaries Is presented, respectively, as “Non-controlling interests in the consolidated statement of financial position and “Income (loss) attributable to non-controlling interests” and

F-122 Corporación Nacional del Cobre de Chile > “Comprehensive income (loss) attributable to non-controlling interests” in the consolidated statements of income.
The following companies have been consolidated: ] 511 11 apra Esla E-CP LA Per PU A A e Lp

Tra y

For the purposes of these consolidated financial statements, subsidiaries, associates, acquisitions and disposals are defined as follows:

Subsidiaries: A subsidiary is an entity over which the Corporation has control. Control is exercised if, and only if, the following elements are present: (1) power to govern the operating and financial policies to obtain benefits from their activities; (1) exposure or rights to the variable returns of these companies; and (111) ability to use the power to influence the amount of returns.

The Corporation reassesses whether it controls a subsidiary If facts and circumstances indicate that there are changes to one or more of the elements of control listed above.

The consolidated financial statements include all assets, liabilities, revenues, expenses, and cash flows of Codelco and its subsidiaries, after eliminating all inter- company balances and transactions.

F-123 Corporación Nacional del Cobre de Chile E Y

Associates: An associate is an entity over which Codelco has significant influence.
Significant influence is the power to participate in the financial and operating policy decisions of the associate but Is not control or joint control over those policies.

Codelco’s interest ownership in associates is recognized in the consolidated financial statements under the equity method. Under this method, the initial investment is recognized at cost and adjusted thereafter to recognize changes in Codelco’s share of the comprehensive income of the associate, less any Iimpairment losses or other changes to the investment in net assets of the associate.

The Corporation adjusts the proportional gains or losses obtained by the associate after acquisition to take into account the effects that may exist in the depreciation of the fair value of the assets considered at the date of acquisition.

Acquisitions and disposals: The result of businesses acquired are Incorporated in the consolidated financial statements from the date when control is obtained; the results of businesses sold during the period are included in the consolidated financial statements up to the effective date of disposal. Gains or losses on disposal is the difference between the sale proceeds (net of expenses) and the carrying amount of the net assets attributable to the ownership Interest that has been sold (and, where applicable, the associated cumulative translation adjustment).

If control is lost over a subsidiary, the retained ownership Interest in the investment will be recognized at its fair value.

At the acquisition date of an investment in a subsidiary, associate or joint venture, any excess of the cost of the investment (consideration transferred) plus the amount of the non-controlling Interest in the acquiree plus the fair value of any previously held equity interest in the acquiree, where applicable, over Codelco’s share of the net fair value of the identifiable assets and acquired liabilities is recognized as goodwill. Any excess of Codelcos share of the net fair value of the identifiable assets and acquired liabilities over the consideration transferred, after reassessment, Is recognized immediately in profit or loss in the period in which the investment is acquired.

e. Foreign currency transactions and reporting currency conversion – Transactions in currencies other than the Corporation’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, foreign currency transactions denominated in foreign currencies are converted at the rates prevailing at that date. Gains and losses due to the effect of foreign currency transactions are included in the consolidated statement of income for the period within “Exchange gains (losses) in foreign currencies.

At the end of the reporting period, monetary assets and liabilities denominated in Unidades de Fomento (“UF”) have been denominated in US$, considering the exchange rates in effect at the end of each period (12-31-2024: US$ 38,55; 12-31-2023: US$ 41.94).

F-124 Corporación Nacional del Cobre de Chile >

Expenses and income in local currency have been expressed in dollars at the observed exchange rate, corresponding to the date of the accounting record of each transaction.

The translation of the financial statements of subsidiaries, associates and jointly controlled entities, whose functional currency is different from Codelco’s presentation currency, Is performed as follows for consolidation purposes:

– Assets and liabilities are converted using the prevailing exchange rate on the reporting date.

– Income and expenses for each statement of income are translated at average exchange rates for the period.

– All resulting exchange differences are recognized in comprehensive income and accumulated in equity under the heading Reserve on exchange differences on translation.

The exchange rates used in each reporting period were as follows:

Relatiomihip | Closing exchange rates | 4230:2024 | 12-34-2021 li LIL Merle A | A

4d) Ap PY pl La | 71456 50 j (50 1 AHURO h aor lA AN Ir Jr ME pa MÉTI sl IIA

150 HB ¡NESTE ¡14040

f. Offsetting balances and transactions – As a general standard, assets and liabilities, revenue, and expenses, are not offset in the financial statements, except for those cases in which offsetting is required or is allowed by a standard and the presentation reflects the substance of the transaction.

Income or expenses arising from transactions which, for contractual or legal reasons, permit the possibility of offsetting and which the Corporation intends to liquidate for their net value or realize the assets and settle the liabilities simultaneously, are stated net in the statement of income.

g. Property, plant and equipment and depreciation – ltems of property, plant and equipment are initially recognized at cost. After initial recognition, they are measured at cost, less any accumulated depreciation and any accumulated impairment losses.

The cost of property, plant and equipment includes the costs of expansion, modernization or improvements that represent an increase in productivity, capacity or efficiency, or an

F-125 Corporación Nacional del Cobre de Chile increase in the useful life of the assets, and are capitalized as an increase in the cost of the related assets.

The assets included in property, plant and equipment are depreciated, as a general rule, using the units of production method, when the activity performed by the asset is directly attributable to the mine production process. In other cases, a stralght-line depreciation criterion Is used.

The assets included in property, plant and equipment and certain intangibles (software) are depreciated over their economic useful lives, as described below:

Category Useful life Land Not depreciated Land on mine site Unit of production Bulldings Stralght-line over 20-50 years

Bulldings in underground mine levels

Units of production level

Vehicles Stralght-line over 3-7 years Plant and equipment Unit of production Smelters Unit of production Refineries Unit of production

Mining rights Unit of production

Support equipment Unit of production Intangibles – software Stralght-line over 8 years Open pit and underground mine development | Unit of production

Estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and any change in estimates Is recognized prospectively.

Additionally, depreciation methods and estimated useful lives of assets, especially plants, facilities and Infrastructure may be revised at the end of each year or during the year according to changes in the structure of reserves of the Corporation and productive long- term plans updated as of that date.

This review may be made at any time if the conditions of ore reserves change significantly because of new known Information, confirmed, and officially released by the Corporation.

The gain or loss resulting from the disposal or retirement of an asset is calculated as the difference between the price obtained on disposal and the value recorded in the books, recognizing the charge or credit to income for the period.

Construction in progress includes the amounts invested in the construction of property, plant and equipment and in mining development projects. Construction in progress is transferred to assets in operation once the testing period has ended and when they are ready for use; at that point, depreciation begins to be recognized.

F-126 Corporación Nacional del Cobre de Chile E Y

Borrowing costs that are directly attributable to the acquisition or construction of assets that require a substantial period before they are ready for use or sale are capitalized as part of the cost of the corresponding items of property, plant, and equipment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1. Notwithstanding the above, those reserves and resources acquired as part of acquisition of entities accounted for as business combinations, are recognized at their fair value.

h. Intangible assets – The Corporation initially recognizes these assets at acquisition cost.
The cost is amortized systematically over their useful lives, except in the case of assets with indefinite useful lives, which are not amortized, and are assessed for impairment at least once a year and, in any case, whenever there is an indication that impairment may have occurred. At the end of each reporting period, these assets are measured at their cost less any accumulated amortization (when applicable) and any accumulated impailrment losses.

The expenditures for the development of Technology and Innovation Projects are recognized as intangible assets at their cost and are considered to have indefinite useful lives. Recognition applies, If and only if, all the following have been demonstrated:

– – The technical feasibility of completing the intangible asset so that It will be available for use or sale;

– – The Intention to complete the intangible asset is to use or sell it;

– – The ability to use or sell the intangible asset;

– That the intangible asset will generate probable future economic benefits;

– – The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and

– – The disbursement attributable to the Intangible asset during Its development can be rellably appraised

Research expenses for technology and innovation projects are recognized in profit or loss when incurred.

I. Impairment of property, plant and equipment and intangible assets – Property, plant and equipment and intangible assets with finite useful lives are reviewed for Impalrment to verify whether there Is any Indication that the carrying amount may not be recoverable. If such an indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment to be recorded.

For intangible assets with indefinite useful lives, their recoverable amounts are annually estimated at the end of each reporting period.

When an asset does not generate cash flows that are independent from other assets, Codelco determines the recoverable amount of the CGU to which the asset belongs.

F-127 Corporación Nacional del Cobre de Chile

The Corporation has defined each of its divisions as a cash generating unit

Recoverable amount of an asset is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. On the other hand, the fair value less cost of disposal is usually determined for operational assets considering the Life of Mine (LOM), based on a model of discounted cash flows, while the assets not included in LOM as resources and potential resources to exploit are measured by using a market model of multiples for comparable transactions.

If the recoverable amount of an asset or CGU Is estimated to be less than It Is carrying amount, an impairment loss Is recognized immediately in profit or loss, reducing the carrying amount to its recoverable amount. In the event of a subsequent reversal of the impailrment, the carrying amount is increased to the revised estimate of the recoverable amount, but to the extent that it does not exceed the carrying amount that would have been determined had no impairment been previously recognized.

The estimates of future cash flow for a CGU are based on future production forecasts, future prices of basic products and future production costs. Under lAS 36 Impairment of Assets, there are certain restrictions for future cash flows estimates related to future restructurings and future cost efficiencies. When calculating value in use, It is also necessary to base the calculations on the spot exchange rate at the date of calculation

J. Expenditures for exploration and evaluation of mineral resources, mine development and mining operations – The Corporation has defined an accounting policy for each of these expenditures.

Development expenses for deposits under exploitation whose purpose is to maintain production levels are recognized in profit or loss when incurred.

Exploration and evaluation costs such as: drillings of deposits, including expenses necessary to locate new mineralized areas and engineering studies to determine their potential for commercial exploitation are recognized in profit or loss, normally at the pre- feasibility stage.

Pre-operating and mine development expenses (normally after feasibility engineering is reached) incurred during the execution of a project and until its start-up are capitalized and amortized in relation to the future production of the mine. These costs include stripping of waste material, constructing the mine’s infrastructure and other works carried out prior to the production phase.

Finally, costs for defining of new areas or deposit areas in exploitation and of mining operations (PP¿E) are recognized in property, plant and equipment and are amortized through profit or loss over the period during which the benefits are obtained.

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In accordance with the criteria outlined above, the costs associated with acquired exploration and mining exploitation licenses that are part of a project in the feasibility stage will be classified as property, plant, and equipment. Prior to this stage, these assets will be presented as non-amortizable intangible assets.

k. Income taxes and deferred taxes – Codelco and its Chilean subsidiaries recognize annually income taxes based on the net taxable income determined as per the standards established in the Income Tax Law and Article 2 of D.L. 2398, Codelco also recognizes the specific tax on mining activities referred to in Law No 20026 of 2005, until December 31, 2023, and the Mining Royalty Tax referred to in Law No. 21590, as from January 1, 2024.
lts foreign subsidiaries recognize income taxes according to the tax regulations of the respective countries.

In addition, Codelco’s taxable income in each period is subject to the tax regime established in Article 26 of D.L. No. 1350, and It must pay the encumbrances in March, June, September, and December of each year, based on a provisional tax calculation.

The deferred taxes arising from temporary differences and other events that create differences between the accounting and tax bases of assets and liabilities, are recorded in accordance with the standards established in IAS 12 Income tax.

Deferred taxes are also recognized for undistributed profits of some subsidiaries and associates, at the remittance tax rate on dividends paid by these companies to the Corporation.

I. Inventories – Inventories are measured at cost when such does not exceed net realizable value. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale (1.e., marketing, sales, and distribution expenses). Costs of inventories are determined according to the following methods:

– Finished products and products in process: These inventories are measured at their average production cost determined using the absorption costing method, including labor, depreciation of fixed assets, amortization of intangibles and indirect costs of each period. Inventories of products in process are classified in current and non-current, according to the normal cycle of operation

– Materials in warehouse: These inventories are valued at acquisition cost and the Corporation determines an allowance for obsolescence considering that slow-moving materials in the warehouse remain in stock.

– Materials in transit: These inventories are measured at cost incurred at the end of reporting period. Any difference because of an estimate of net realizable value of the Iinventories lower than It carrying amount is recognized in profit or loss.

F-129 Corporación Nacional del Cobre de Chile

m. Dividends – In accordance with Article 6 of D.L. 1350, the Corporation has a mandatory obligation to distribute its net income as presented in the financial statements. The payment obligation Is recognized on an accrual basis. (see note 20)

n. Employee benefits – Codelco recognizes a provision for employee benefits when there is a present obligation (legal or constructive) as a result of services rendered by its employees.

The employment contracts stipulate, subject to compliance with certain conditions, the payment of an employee severance indemnity when an employment contract ends. In general, this corresponds to one monthly salary per year of service and considers the components of the final remuneration which are contractually defined as the basis for the indemnity. This employee benefit has been classified as a defined benefit plan.

Codelco has also agreed to post-employment medical care benefits for certain retirees.
This employee benefit has been classified as a defined benefit plan.

These plans continue to be unfunded as of December 31, 2024.

The employee severance indemnity and the post-employment medical plan obligations are determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. The defined benefit plan obligations recognized in the statement of financial position represent the present value of the accrued obligations.
Actuarial gains and losses are recognized immediately in other comprehensive income and will not be reclassified to profit or loss.

The Corporation’s management uses assumptions to determine the best estimate of these benefits. The assumptions Include an annual discount rate, expected increases in salaries and turnover rate, among other factors.

In accordance with its operating optimization programs to reduce costs and increase labor productivity by incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value. In case of employee retirement programs which involve multi-year periods, the accrued obligations are updated using a discount rate determined based on financial instruments denominated in the same currency and similar maturities that will be used to pay the obligations.

o. Provisions for decommissioning and site restoration costs – The Corporation recognizes a provision for the estimated future costs of decommissioning and restoration of mining projects in development or production when a mining activity causes a disruption under a constructive or legal obligation. Costs are estimated on the basis of a formal closure plan and cost estimates are annually reviewed.

F-130 Corporación Nacional del Cobre de Chile

Costs arising from the obligation to dismantle a plant installation or other site preparation work, discounted to their present value, are provided for and capitalized at the beginning of each project or at the origin of the constructive or legal obligation as soon as the obligation to incur such costs arises.

These decommissioning and restoration costs are recorded in income through the depreciation of the asset that gave rise to such cost, and the use of the provision is made when the decommissioning materializes. Subsequent changes in estimates of decommissioning-related liabilities are added to or deducted from the costs of the related assets in the period in which the adjustment Is made.

Other restoration costs, outside the scope of lAS 16, Property, Plant and Equipment, are provided for at their present value against operating results and the use of the provision is made in the period in which the restoration work Is performed.

The accretion of the discount on a closure liability due to the passage of time Is recognized as a finance expense in the statement of income.

p. Leases – The Corporation evaluates its contracts at initial application to determine whether they contain a lease The Corporation recognizes a right-of-use asset and a corresponding llability for lease with respect to all lease agreements in which Codelco is the lessee, except for short-term leases (defined as a lease with a lease term of twelve months or less) and leases of low-value assets. For these leases, the Corporation recognizes the lease payments as an operating cost on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits of the leased assets are consumed.

The lease liability Is Initially measured at the present value of the lease payments that have not been pald at the commencement date, discounted using the interest rate implicit in the lease. If this rate cannot be easily determined, the Corporation uses the incremental borrowing rate.

The incremental rate for loans used by Codelco is determined by estimating the Interest rate that the Corporation would have to pay for borrowing the necessary funds to obtain an asset of an equivalent nature similar in value to the right-of-use asset of the respective lease, in a similar economic environment over a similar term.

Lease payments included in the measurement of the lease liability mainly include fixed payments, variable payments that depend on an index or a rate and the exercise price of a purchase option. Variable payments that do not depend on an index or a rate are excluded.

The lease liability ¡is subsequently measured as follows: the carrying amount increased to reflect the Interest on the lease liability (using the effective rate method) and the carrying amount is reduced to reflect the lease payments made.

F-131 Corporación Nacional del Cobre de Chile

The Corporation revalues the lease liability as to the discount rate (and makes the corresponding adjustments to the asset for respective right of use) through a modified discount rate when:

– There Is a change in the term of the lease, or
– There is a change In the assessment of an option to purchase the underlying asset, or
– There is a change In an index or rate which generates a change in cash flows.

Right-of-use assets comprise the amount of the present value of payments not made at the contract inception date, and lease payments made before or up to the inception date, less lease incentives received and any initial direct costs incurred plus other decommissioning and site restoration costs. The right-of-use assets are subsequently measured at cost less accumulated depreciation and accumulated losses due to Impalrment.

When the Corporation incurs a cost obligation to dismantle or remove a leased asset, restore the location in which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured in accordance with lAS 37. Costs are included in the corresponding right-of-use asset unless those costs are incurred to produce inventorles.

The right-of-use assets are depreciated during the shorter period between the term of the lease and the useful life of the underlying asset. If a lease transfers the ownership of the underlying asset or the cost of the right-of-use asset reflects that the Corporation expects to exercise Its option to purchase, the right-of-use asset Is depreciated over the useful life of the underlying asset. Depreciation is made from the start date of the lease.

The Corporation applies IAS 36 to determine If a right-of-use asset is impalred and recognizes any impairment loss identified, as described in the accounting policy for Property, plant and equipment.

q. Revenue from Contracts with Customers – Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to customers.

– Sale of mineral goods and or by-products: Contracts with customers for the sale of mineral goods and or by-products include the performance obligation for the delivery of the physical goods and the associated transportation service, at the place agreed with the customers. The Corporation recognizes revenue from the sale of goods when the performance obligation is satisfied according to the shipment or dispatch of the products, in accordance with the agreed conditions, such revenue being subject to variations related to the content and or sale price at the date of its liquidation. Notwithstanding the foregoing, there are some contracts where the performance obligation is satisfied when there Is receipt of the product instead of the buyer’s corresponding destination, thus recognizing revenue at the time of said

F-132 Corporación Nacional del Cobre de Chile E Y transfer. When services of transport of goods are provided, the Corporation recognizes revenue when the service obligation is satisfied.

Sales that have discounts associated with volume subject to compliance with goals are recognized net, estimating the probability that the volume target will be reached.

Sales contracts include a provisional price at the shipment date. The final price is generally based on the London Metals Exchange (“LME”) price. Revenue from sales of copper is measured using estimates of the future spread of metal prices on the LME andor the spot price at the date of shipment, with subsequent adjustments made upon final pricing recognized as revenue. The terms of sales contracts with customers contain provisional pricing arrangements whereby the selling price for metal concentrate is based on prevailing spot prices on a specified future date after shipment to the customer (the quotation period). Consequently, the final price is set at the dates indicated in the contracts. Adjustments to provisional sale prices occur based on movements in quoted market prices on the LME up to the date of final pricing. The period between provisional invoicing and final pricing is typically between one and nine months. Changes in fair value over the quotation period and until final pricing are estimated by reference to forward market prices for applicable metals.

As indicated in the note related to hedging policies in the market of metal derivatives, the Corporation enters into operations in the market of metal derivatives. Gains and losses from those which are fair value hedges contracts are recognized as revenues.

– Rendering of services: Additionally, the Corporation recognizes revenue for rendering services, which are mainly related to the processing of minerals bought from third parties. Revenue from rendering of services is recognized when the amounts can be measured reliably and when the services have been provided.

r. Derivatives contracts – Codelco uses derivative financial instruments to reduce the risk of fluctuations in sales prices of Its products and of exchange rates.

Derivatives are initially recognized at fair value at the date the derlvative contracts are entered into and are subsequently measured to their fair value at the end of each reporting period.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under the item “Cash flow hedge reserve. The gain or loss relating to the Ineffective portion is immediately recognized in profit or loss and included in the Finance cost or Finance income line items, depending on the effect of such Iineffectiveness. The amount recognized in comprehensive income is reclassified to income, in the same line in which the effects generated by the hedged item are recorded once the results of the hedged transactions are recorded in the same line or until the maturity date of such transactions.

F-133 Corporación Nacional del Cobre de Chile

A hedge Is considered highly effective when It meets the requirements of IFRS 9. At the time of discontinuation of the hedge contract or the associated designated accounting and according to the circumstances of each case, the accumulated gainloss on the derivative instrument remains in equity until the hedge transaction occurs, or If discontinuation Is expected to occur, the amount in equity Is reclassified to profit or loss.

The total fair value of hedging derivatives is classified as non-current financial asset or liability, ifthe remaining maturity of the hedged item ¡s greater than twelve months, and as current financial asset or liability if the remaining maturity of the hedged item is less than twelve months.

The derivative contracts held by the Corporation have been entered into to apply the risk hedging policies and are accounted for as indicated below:

– – Hedging policies for exchange rate risk: The Corporation enters into exchange rate derivatives to hedge exchange rate varlations between the U.S. dollar and the currencies of transactions the Corporation undertakes. In accordance with the policies established by the Board of Directors, these hedge transactions are only entered into when there are recognized assets or liabilities, forecasts of highly probable transactions or firm commitments. The Corporation does not enter into derivative transactions for non-hedging purposes.

– Hedging policies for metal market prices risk: In accordance with the policies established by the Board of Directors, the Corporation entered into derivative contracts to reduce the inherent risks in the fluctuations of metal prices.

Hedging policies seek to protect expected cash flows from product sales operations by adjusting, when necessary, physical sales contracts to its commercial policy. When the sales commitments are fulfilled and the metal derivative contracts are settled, there is an offset between the results of the sales transactions and the results of hedging using metal derivatives.

Hedging transactions carried out by the Corporation in the metal derivatives market are not undertaken for speculative purposes.

– Embedded derivatives: The Corporation has established a procedure that allows for evaluation of the existence of embedded derivatives in financial and non-financial contracts. Where there is an embedded derlvative, and the host contract is not a financial instrument and the characteristics and risks of the embedded derivative are not closely related to the host contract, the derivative is required to be recognized separately.

s. Segment reporting – The Corporation has defined its Divisions as Its operating segments in accordance with the requirements of IFRS 8, Operating Segments. The mining deposits in operation, where the Corporation conducts lts extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales,

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Gabriela Mistral, Salvador, Andina and El Teniente. In addition, the smelting and refining activities are managed at the Ventanas Division. From June 2023 the Ventanas Division only manages the refining area. All these Divisions have a separate operational management, which reports to the Chief Executive Officer, through the North and South- Central Vice-President of Operations, respectively. Malin revenue and expenses Items controlled by the Head Office are allocated to the Divisions.

t. Presentation of Financial Statements – For purposes of AS 1 Presentation of Financial Statements, the Corporation presents its statement of financial position classified as “current and non-current” and its statements of income “by function and cash flows using the direct method.

u. Current and non-current financial assets – The Corporation determines the classification of its financial assets at the time of Initial recognition and reviews it at each closing date.
The classification depends on the business model in which the investments are managed and the contractual characteristics of thelr cash flows.

The Corporation’s financial assets are classified into the following categories:

– – Atfair value through profit or loss: Initial recognition: This category includes those financial assets that do not qualify in the business model to collect contractual cash flows, nor do such cash flows come exclusively from capital and interest. These instruments are initially recognized at fair value.

Subsequent recognition: Their subsequent recognition is at fair value, recording in the consolidated statement of comprehensive income, in the line Other gains (losses)’ any changes in fair value.

– – Amortized cost: Initial recognition: This category includes those financial assets that qualify in the business model and that are held for the purpose of collecting contractual cash flows and that meet the “Solely Payment of Principal and Interest” (SPPI) criterion. This category includes certain Trade and other current recelvables, and the loans included in other non-current financial assets.

Subsequent recognition: These (debt) instruments are subsequently measured at amortized cost using the effective Interest method. The amortized cost of a financial asset Is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective Interest method of any difference between that initial amount and the maturity amount, adjusted for any Iimpalrment allowance.

Interest income is recognized in profit or loss and is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For financial assets measured at amortized cost that are not part of a designated hedging relationship,

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Corporación Nacional del Cobre de Chile E Y exchange differences are recognized in profit or loss in the Foreign exchange difference line item.

– – Atfair value through other comprehensive income: Initial measurement: Financial assets that meet the criteria “Solely payments of principal and interest” (SPPI) are classified in this category and must be maintained within a business model both to collect the cash flows and to sell the financial assets.
These instruments are Initially recognized at fair value. In this section, investments in equity instruments are also included.

Subsequent recognition: Their subsequent valuation is at fair value. Interest income calculated using the effective interest rate method, foreign exchange gains and losses, Iimpalrment, and dividends are recognized in income. Other net gains and losses are recognized in other comprehensive income. On derecognition, the gains and losses accumulated in comprehensive income while for investments in equity instruments, their reclassification is recorded in retalned earnings. Codelco has irrevocably elected to present subsequent changes in the fair value of the investment in equity instruments in other comprehensive income.

V. Financial liabilities – Financial liabilities are initially recognized at fair value net of transaction costs. Subsequent to their initial recognition, the valuation of the financial llabilities will depend on their classification, within which the following categories are distinguished:

– – Financial liabilities at fair value through profit or loss: This category includes financial liabilities defined as held for trading.

Changes in fair value associated with own credit risk are recorded in other comprehensive income unless doing so creates an accounting mismatch.

– – Financial liabilities measured at amortized cost: This category includes all financial llabilities other than those measured at fair value through profit or loss.

The Corporation includes in this category bonds, obligations and other current payables.

These financial liabilities are measured using the effective interest rate method, recognizing interest expense based on the effective rate.

The method of the effective Interest rate corresponds to the method of calculating the amortized cost of a financial liability and the allocation of interest expenses during the corresponding period. The effective interest rate Is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

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Trade and other current payables are financial liabilities that do not explicitly accrue Interest and are recognized at their nominal value, which approximates its fair value.

Financial liabilittes are derecognized when the liabilities are paid or expire.

w. Impairment of financial assets – The Corporation measures the loss allowance at an amount equal to lifetime expected credit losses for certain of lts trade recelvables. For these, It uses the simplified approach as required under IFRS 9,

The provision matrix is based on the Corporation’s historical credit loss experience over the expected life of such trade recelvables and Is adjusted for forward -looking estimates considering the most relevant macroeconomic factors that affect bad debts.

Other accounts recelvable and other financial assets are reviewed using reasonable and sustainable information that is available without cost or disproportionate effort in accordance with IFRS 9 to determine the credit risk of the respective financial assets. A provision for impairment losses on trade receivables and other financial assets Is established when there is objective evidence that the amounts due may not be fully recovered.

X. Statement of cash flows – The statement of cash flows reflects changes in cash that took place during the period, determined under the direct method. The Corporation has defined the following:

– Cash flows: Inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes in value.

– – Operating activities: Are the principal revenue-producing activities of the Corporation and other activities that are not investing or financing activities.

– Investing activities: These are the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.

– Financing activities: These are activities that result in changes in the size and composition of net equity and borrowings of the Corporation.

Bank overdrafts are classified as external resources in current liabilities.

y. Law No. 13196 – Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at
10%. The amount recognized for this concept is presented in the statement of income within the line item Other expenses by function. See explanatory note in section 11. Note 24 letter c) of this financial statements-

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Corporación Nacional del Cobre de Chile

z. Cost of sales – Cost of sales Is determined according to the absorption costing method, including the direct and indirect costs, depreciation, amortization and any other expenses directly attributable to the production process.

aa. Classification of current and non-current balances – In the consolidated statement of financial position, the balances are classified according to their maturities, that Is, as current for those with a maturity equal to or less than twelve months and as non-current for those with a greater maturity. Where there are obligations whose maturity is less than twelve months, but whose long-term refinancing is insured upon a decision by the Corporation whose intention is to refinance, through credit agreements available unconditionally with long-term maturity, these could be classified as non-current liabilities.

3. New standards and interpretations adopted by the Corporation

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the Corporation’s annual consolidated financial statements for the year ended December 31, 2023, except for the adoption of new standards, interpretations and amendments, effective from January 1, 2024, which are:

a) Classification of Liabilities as Current or Non-Current (Amendments to lAS 1) The amendments aim to promote coherence in applying Its requirements by helping companies to determine whether, in the statement of financial position, debts and other liabilities with an uncertain settlement date must be classified as current (maturing or potentially maturing in one year or less) or not current. It is important to note that this amendment must be applied retrospectively and early application is permitted.

b) Lease liability on a sale and leaseback (Amendments to IFRS 16) The amendment clarifies how a lessee subsequently measures sale and leaseback transactions that meet the requirements of |FRS 15 to be accounted for as a sale.

c) Non-current liabilities with covenants (Amendments to |AS 1) The amendment clarifies how the conditions that an entity must meet within twelve months after the reporting period affect the classification of a liability.

d) Suppliers financial agreements (Amendments to lAS 7 and IFRS 7) The amendments add disclosure requirements and “signaling” within the existing disclosure requirements, which request entities to provide qualitative and quantitative information on suppliers financing arrangements.

The application of these amendments had no impact on the Corporation’s consolidated financial statements, but may affect the accounting for future transactions or arrangements.

F-138 Corporación Nacional del Cobre de Chile ma y

4. New accounting pronouncements

The following new standards, modifications and interpretations had been issued by the lASB, but their application is not yet mandatory:

New IFRS Date of mandatory Summary application Lack of interchangeability| Annual filing and reporting |Contain guidance to specify when a Amendments to lAS 21) periods beginning on or after | currency is exchangeable and how to January 1, 2025. determine the exchange rate when it Is not.
Modifications to SASB Annual reporting periods Remove and replace jurisdiction- standards to improve their beginning on or after January 1, | specific references and definitions in international applicability 2025. Will not be approved for [the SASB standards, without use in the EU. materially altering industries, topics or metrics.

Presentation and disclosures in | Applicable for annual periods Not yet approved for use in the EU financial statements IFRS 18 | beginning on or after January 1, | |FRS 18 includes requirements for all
2027. entities applying IFRS for the presentation and disclosure of

Not yet approved for use inthe | information in the financial

EU statements.
Subsidiaries without public Applicable for annual periods IFRS 19 specifies the disclosure accountability: Disclosure beginning on or after January 1, | requirements that a subsidiary may information IFRS 19. 2027. apply instead of the disclosure requirements of other IFRS

Not yet approved for use in the Accounting Standards.

EU

F-139 Corporación Nacional del Cobre de Chile + a TES Amendments to IFRS 9 and Annual reporting periods Address issues identified during the IFRS 7 relating to the beginning on or after January 1, | post-implementation review of the classification and measurement | 2026. classification and measurement of financial instruments. requirements of IFRS 9 Financial Not yet approved for use inthe | ¡nstruments.
EU

Annual Improvements to IFRS | Annual reporting periods starting | Includes the following amendments: Accounting Standards – on or after 1 January 2026.

Volume 11 IFRS 1: Hedge accounting by a first-

Not yet approved for use inthe | time adopter.

EU.
IFRS 7: Gain or loss on derecognition.

IFRS 7: Disclosure of the deferred difference between fair value and transaction price.

IFRS 7: Introduction and disclosures about credit risk.

IFRS 9: Derecognition of lessee’s lease liabilities.

IFRS 9: Transaction price.

IFRS 10: Determination of a “de facto agent.

IAS 7: Cost method.

Management is currently evaluating the impact of the adoption of these new regulations and modifications. It is not expected to have a significant impact on the consolidated financial statements.

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II. EXPLANATORY NOTES

1. Cash and cash equivalents

The detail of cash and cash equivalents as of December 31, 2024 and 2023, is as follows: ferr MSF RE + | NUS MISS | Carh on hard | mi | dan, hdmi 127 45 10 401 lar [im namas 200 tó MA di

Miritd | guia MA ny medal | E HA | ad

Fotal casan and carl equivalente | 660,820 | 134200

Interest on time deposits is recognized on an accrual basis using the contractual interest rate of each of these instruments.

The Corporation does nat hold any significant amounts of cash and cash equivalents that have a restriction on use.

Cash and cash equivalents meet the low credit risk exemption under IFRS 9. The classification of time deposits meet the requirements of 7.

2. Trade and other receivables

a) Trade and other receivables

The following table sets forth trade and other recelvables balances, with their corresponding expected credit loss provision:

Hari | Current Non-currenl
12.11.2024 12.14.2023 12.31.2024 12:31.72023 | ThLi5s TUS | THU THASE Trade recervabis=s 17 | ANT ¡MOHO Eapected Greda Losa prpnron (3) | Sia 1501) Subtotal trade recerablas, nel dd 071 a ¿17,168 Qtñer accoun -acervabla [2] MELO? | ALA “> | Fi Tia AE Esxpécisd Ende Lois proyelon (3) ¡0d a] LA Ut Culves obher aceounts recobrable, net | 664 703. E57. 000 19,109 1137 Total 3,104, 70 3,5 664 10,144 1172

(1) Trade receivables correspond to the sales of copper and its by-products, those that in general are sold in cash or bank credit notes.

(2) Other receivables mainly consist of the following items:

F-141 Corporación Nacional del Cobre de Chile Ly e Remaining tax credit susceptible to refund VAT and other taxes recelvable, amounting to ThUS$632,368 and ThUS$ 414,058 as of December 31, 2024 and 2023, respectively.

e Receivables owed by the Corporation’s personnel, for short-term and long- term current loans of ThUS$115,884 and ThUS$76,932, respectively (as of December 31, 2023 ThUS$83,778 and ThUS$70,079, respectively), both deducted monthly from their salaries. Mortgage loans granted to the Corporation’s personnel amounting to ThUS$22,644, which are mainly long- term, are with mortgage guarantees (as of December 31, 2023 ThUS$26,604).

e Advances to suppliers and contractors, to be deducted from the respective payment statements for TRUS$85,767 and ThUS$117,332 as of December 31, 2024 and 2023, respectively.

e Accounts receivable for factory services to ENAMI. These services for the year 2024 amounted to ThUS$1,127. Additionally, in order to complement the commercial commitments between Codelco and ENAMI, the Corporation purchases copper concentrate and by-products and sells cathodes to ENAMI.
Both Codelco and ENAMI are companies owned by the State of Chile.

(3) The Corporation recognizes an expected credit loss provision based on its expected credit loss model.

The reconciliation of changes in the expected credit loss provision, were as follows:

Herr 12.31.2024 12.31.2023

Dpérrg balance 20,611 2,123 limon 04h OT Datura : amácilcon 3217 117 Movement subintal (1,363) 1547

The balance of past due but not impaired balances is as follows: Ágeing METERTE | USS TUS

Leg as 20 dea 10054 AE HE

Al days – 1 peer 224 E | Total ungrorsioned past-due debi | 61 | 1,60%

F-142 Corporación Nacional del Cobre de Chile

b) Accruals for open sales involces

The Corporation adjusts its revenues and trade recelvable balances, based on future copper prices through the recognition of an accrual for open sales involces.

When future price of copper is lower than the provisional invoicing price, the accrual Is presented in the statement of financial position as follows:

– For those customers that have due balances with the Corporation, the accrual is presented as a deduction from the line item trade and other current recelvables.

– Forthose customers that do not have due balances with the Corporation, the accrual Is presented in the line Item trade and other current payables.

When the future copper price Is higher than the provisional invoicing price, the accrual is added to the line item trade and other current recelvables.

In accordance with the above, as of December 31, 2024, a credit balance of ThUS$ 139,383 for provisions for unfinished sales invoices was recorded in the Trade Recelvables and Other Accounts Recelvable account. As of December 31, 2023, this account had a debit balance of ThUS$ 83,778.

As of December 31, 2024 and 2023, the negative provision for unfinished invoices, associated with clients that do not maintain balances owed to Codelco, was reclassified to the Trade payables item of current liabilities, TRUS$9,379 and ThUS$1, respectively, which added to the balance presented in the Trade debtors and other accounts recelvable item, total a negative net provision of ThUS$148,762 and ThUS$83,777, respectively.

3. Balances and transactions with related parties
a) Transactions with related persons

In accordance with Law on New Corporate Governance, the members of Codelco’s Board are, in terms of transactions with related persons, subject to the provisions of Title XVI of Law on Corporations, which sets the requirements regarding transactions with related parties in publicly traded companies and their subsidiaries.

Notwithstanding the foregoing, pursuant to the provisions of the final paragraph of Article 147 b) of Title XVI, which contains exceptions to the approval process for transactions with related parties, the Corporation has established a general policy over customary transactions (which was communicated through a significant event notice to the CMP), that defines customary transactions as those carried out with Its related parties in the normal course of business, which contributes to the social interest and are necessary to the normal development of Codelco’s activities.

F-143 Corporación Nacional del Cobre de Chile

Likewise, consistent with the referred to above standard, the Corporation has implemented as part of its internal regulatory framework, a specific policy dealing with business between related persons and companies with Codelco’s executives. Codelco’s Corporate Policy No.18 (“CCP No. 18), the latest version currently in force, was approved by the Chief Executive Officer and the Board of Directors.

Accordingly, Codelco without the authorization required in CCP No. 18 and of the Board of Directors, as required by Law or by the Corporation by-laws, shall not enter into any contracts or agreements involving one or more Directors, its Chief Executive Officer, the members of Division’s Managing Committees, Vice-presidents, Legal Counsel, General Auditor, Division Chief Executive Officers, Advisors of Senior Management, employees who must make recommendations andor have the authority to award tenders, assignments of purchases andor contracting goods and services, and employees in management positions (up to fourth hierarchical level in the organization), including their spouses, children and other relatives up to second degree of relation, with a direct interest, represented by third parties or on behalf of another person. Likewise, CCP No. 18 requires administrators of Corporation’s contracts to declare all related persons and disqualify himselfherself if any related persons are involved within the field of hisher job responstbilities.

This prohibition also includes the companies in which such administrators are involved through ownership or management, either directly or through representation of other natural persons or legal entities, as well as those individuals who also have ownership or management in those companies.

The Board of Directors has been informed and approved certain transactions as defined in CCP No. 18.

F-144 Corporación Nacional del Cobre de Chile

These operations include those shown in the following table, for the total amounts mentioned, which must be executed within the time periods specified in each contract:

1-1-2024 1-1-2023 Company Taxpayer ID No. [Country | Nature of relationship | Transaction description 12-31-2024 12-31-2023

Amount Amount

ThUusS$ ThUS$ Adelanta Asesorías y Servicios Ltda 76.425.905-K | Chile [Employee relative Services – 975 Anglo American Sur S.A. 77.762.940-9 | Chile [Associate Supplies 1.200 18 Aplik S.A. 96.939.370-0 | Chile [Employee relative Services 297 – Besalco Maquinarias S.A: 79.633.220-4 | Chile [Family of Director Services 97.885 32.068 CDZ Ingeniería Uno Ltda 77.535.292-2 | Chile [Employee relative Services – 20.750 Centro de Capacitación y Recreación Radomiro Tomic. 75.985.550-7 | Chile [Other related Services 290 784 Cia Minera Doña Inés de Collahuasi 89.468.900-5 | Chile [Board member Services 105 – Clinica San Lorenzo Ltda. 88.497.100-4 | Chile [Afiliate Services 113 Codelco Shanghai Company Limited. Foreign China |Affliate Services 5.316 Comercial e Import Villanueva Ltda 77.000.200-1 | Chile [Employee relative Supplies 1.523 Comercial Easy Import S.A. 76.421.167-7 | Chile [Employee relative Services 6 Compass Catering S.A. 96.651.910-K | Chile [Employee relative Services – 1.257 Complejo Portuario Mejillones S.A. 96.819.040-7 Chile [Afiliate Services 25.352 14.527 Consorcio Ingeniería CDZ Ltda 76.926.371-3 | Chile [Employee relative Services – 25.652 Consultor Ingenieria de Proyectos ltda. 77.060.510-5 | Chile [Employee relative Services 272 Consultorias y Asesorias Auditorias y Capacitación Guerra y Guerra ltda 76.168.106-0 | Chile [Employee relative Supplies – 5 Cytec Chile Ltda. 96.686.630-6 | Chile [Employee relative Services 58 DPIN Spa 77.666.758-7 | Chile [Employee relative Services 2.006 – Ecometales Limited agencia en Chile. 59.087.530-9 Chile [Afiliate Services and Supplies 326 491.196 Empresa Concesionaria de Servicios Sanitarios (ECONSSA Chile S.A.) 96.579.410-7 Chile [Family of Director Services 873 – Empresa de prestación de Servicios Rodolfo Figueroa Valle 76.877.220-7 | Chile [Employee relative Services – 5.470 Enaex Servicios S.A. 76.041.871-4 | Chile [Family of Director Supplies 708.538 751 Exploraciones Mineras Andinas S.A. 99.569.520-0 | Chile [Affiliate Services – 406.470 Finning Chile S.A. 91.489.000-4 | Chile [Employee relative Services and Supplies 227 429.385 Fundación de Salud El Teniente. 70.905.700-6 | Chile [Affiliate Services 54.509 21.213 Fundacion Educacional de Chuquicamata. 72.747.300-9 Chile [|Founder Services 12 – Fundación Educacional el Salvador 73.435.300-0 | Chile [Founder Services 907 Fundación Orquesta Sinfónica Infantil de los Andes. 65.018.784-9 Chile [|Founder Services 357 Fundación Sewell 65.493.830-K | Chile [|Founder Services 959 – Hatch Ingenieros y Consultores Ltda. 78.784.480-4 | Chile [Employee relative Services 187 50 Ingeniería y Construcción Sigdo Koppers S.A. 91.915.000-9 | Chile [Family of Director Services and Supplies 121.314 167.315 Inversiones Cratos Ltda 76.617.441-8 | Chile [Employee relative Servicios – 4.236 ISalud Isapre de Codelco Ltda 76.334.370-7 Chile [Afiliate Services 189.931 195.151 JM Dyvinetz consultoria y servicios ltda. 77.393.290-5 | Chile [Employee relative Services – 501 Janssen S.A. 81.198.100-1 | Chile [Family of Director Supplies 272 13.787 JRI Ingeniería S.A. 96.611.930-6 Chile [Employee relative Services – 24,109 Kairos Mining S.A. 76.781.030-K | Chile [Associate Services 32.831 4.530 Kronox Chile Spa 76.242.181 K | Chile [Employee relative Supplies – 1 Linde Gas Chile S.A. 90.100.000-K | Chile [Employee relative Supplies 4.406 Loop Redsur Servicios de Mantenimiento Equipos de Levante SPA 77.126.525-1 Chile [Employee relative Supplies 4 Lucas Blandford Maquinarias SPA 76.213.738-0 | Chile [Employee relative Supplies – 185 Magotteaux Chile S.A. 78.307.010-3 Chile [Family of Director Supplies 296.058 292 Manufacturas AC Ltda 77.439.350-1 Chile [Employee relative Supplies – 14 Metso Outotec Chile SpA 93.077.000-0 | Chile [Employee relative Services and Supplies 51.828 MI Robotic Solutions S.A. 76.869.100-2 Chile [Employee relative Services and Supplies – 121 Minera los Pelambres 96.790.240-3 Chile [Employee relative Services 76 – NTT Data Chile S.A. 96.886.110-7 Chile [Family of Director Services 6.337 4.814 Previred S.A. 96.929.390-0 | Chile [Employee relative Services – 57 Primser S.A. 76.753.160-5 Chile [Employee relative Supplies – 29 Rizzoli Stefano y Cia.Ltda. 77.094.290-K Chile [Employee relative Services 216 S y S Ingenieros Consultores Ltda. 84,146.100-2 Chile [Employee relative Services 107 – Servicio Lucas Blandford Maquinarias SPA 92.606.000-7 Chile [Employee relative Services 4 Servicios Geologicos Geodatos S.A. 88.152.200-4 | Chile [Employee relative Services 1.995 Servicios para la mantención Minera E Industrial S.M.A.SPA 76.169.625-4 | Chile [Employee relative Services 3.634 SK Godelius S.A. 76.167.834-5 Chile [Family of Director Services – 525 Soc. S y S Ingenieria Ltda. 79.592.060-9 Chile [Employee relative Services 322 329 Sociedad Contractual Minera El Abra. 96.701.340-4 | Chile [Associate Supplies – 82 Tecno Fast S.A. 76.320.186-4 | Chile [Employee relative Services 64.725 75.789 Termoequipos SpA 78.123.830-9 Chile [Employee relative Supplies – 2 Veolia Soluciones Ambientales Chile S.A. 77.441.870-9 Chile [Employee relative Supplies 846 28 Worley Ingenieria y Construcción Chile SPA 96.588.850-0 | Chile [Employee relative Services 26.895 66.043

F-145

Corporación Nacional del Cobre de Chile

b) Key Management of the Corporation

In accordance with the policy established by the Board of Directors and its related regulations, the transactions with the Directors, the Chief Executive Officer, Vice Presidents, Corporate Auditor, the members of the Divisional Management Committees and Divisional General Managers shall be approved by the Board of Directors.

During the years ended December 31, 2024 and 2023, the members of the Board of Directors have received the following amounts as per diems, salaries and fees:

11428 110223

Xi Pucpaes Coufriry hacuró ol elder hip A AAA Ra AL dra rá Ari Veis ts jan Morse reno hs Decir DireciorE le y Paro Ema Dora: (041 TA He Libacir air a Ta 24 Para Mie: Eouerías : His ¡Direc er de 14 A 374 E Larra dl De id dl dir e | El ire Morley Aurea 107% 133-] Te Direidor “iirredcra: le á 24 And Visa Muadobro PO A! Chi [irúmcdes Dieprlori dá rá 54 ob Ca e ibi rare! 14 10% ¿77 3 e Diricis Dira tori usb ME á4 it Cácte i Fabració! 14 JU ¿77 3 o E Para ) sito Maria | ia ti 555 PAK he Direcior piro Mie a 21 eduardo Bien Colode: 1500 5354 E A ebciori to 1d i Ardo tes E ando 6 503 TPEE ds ([wecto ir edo tn

By Decree Law (DL) No. 70, promulgated on February 5, 2024, established the compensation for the Corporation’s Directors. The compensation to Board of Director members is as follows:

a. The Directors of Codelco will receive a fixed monthly compensation of Ch$4,413,071 (four million four hundred thirteen thousand seventy-one Chilean pesos) for meeting attendance. The payment of the monthly compensation requires at least one meeting attendance each month.

b. The Chairman of the Board will receive a fixed monthly compensation of Cch$8,826,140 (eight million eight hundred and twenty-six thousand one hundred and forty Chilean pesos).

Cc. Each member of the Directors’ Committee, whether the one referred to in Article 50 bis) of Law No. 18046 or another established by the Corporation by-laws, will receive a fixed additional monthly compensation of Ch$1,471,022 (one million four hundred and seventy-one thousand and twenty-two Chilean pesos) for meeting attendance, regardless of the number of committees of which they are members. In addition, the Chairman of the Directors Committee will receive a fixed monthly compensation of Ch$2,942,047 (two million nine hundred and forty-two thousand- and forty-seven-pesos Chilean pesos).

d. The compensation established in the legal text is effective for a period of two years, as from March 1, 2024, and will not be adjusted during said period

F-146

Corporación Nacional del Cobre de Chile

The salaries and benefits granted to the Corporation’s executives are exclusively governed by the Codelco Executive Salaries and Benefits Manual.

On the other hand, the short-term benefits to key management of the Corporation expensed during the years ended December 31, 2024 and 2023, were ThUS$10,891 and ThUS$13,603 respectively.

During the years ended December 31, 2024 and 2023, severance payments and other payments associated with the retirement of Codelco’s senior executives were ThUS$1,302 and ThUS$2,414, respectively.

There were no payments for other non-current benefits during the years ended December 31, 2024 and 2023, other than those mentioned in the preceding paragraph.

There are no share-based payment plans.

Transactions with companies in which Codelco has ownership interest

The Corporation undertakes commercial and financial transactions that are necessary for its activities with its subsidiaries, associates and joint ventures (related parties). The financial transactions correspond mainly to loans granted (mercantile current accounts).
Commercial transactions with related companies mainly consist of purchasessales of products or rendering of services carried out under market conditions and prices, which do not bear any interest or indexation.

The Corporation does not make expected credit loss provision accounts on the main items receivable from its related companies since these have been subscribed with the relevant safeguards in the respective debt agreements.

The detail of accounts receivable and payable between the Corporation and its related parties as of December 31, 2024 and December 31, 2023 Is as follows:

Accounts recelvable from related entities:

Non-current
12-31-2024 12-31-2023 ThUSs$ Thus$

Current
12-31-2024 Thus$

Nature of relationship

Country of origin

Currency of

Name .
readjustment

Taxpayer ID No. 12-31-2023 ThUS$ US$ 29,067 27,607 US$ 9 1,049 US$ 18 14 US$ 1,286 5,982 US$ 4 5

30,384 34,657

77.762.940-9
76.063.022-5
76.255.054-7
96.701.340-4
96.801.450-1

Chile Chile Chile Chile Chile

Associate Associate Associate Associate Associate

Anglo American Sur S.A.

Inca de Oro S.A.

Planta Recuperadora de Metales SpA

Sociedad Contractual Minera El Abra

Nuevo Cobre S.A. (Ex – Agua de la Falda S.A.) Total

224 224

224 224

F-147

27

Corporación Nacional del Cobre de Chile

Accounts payable to related entities: lapa Ú a

Carta | Cont LS a al pr P -q- ? al A lara e i PE a a] ms 1 PE y , PS kh ) | | i ss il e Pata = 1 Las hos dl 33 1 “de Laa y A Tu 1 ‘m ra

The following table sets forth the transactions carried out between the Corporation and its related entities during the years ended December 31, 2024 and 2023 are detailed below:

1-1-2024 1-1-2023
12-31-2024 12-31-2023 . 0% Effect on income Effect on Taxpayer ID No. Company Transaction description Country | Currency | Amount .. | Amount income (charge)credit .
(charge)credit ThUS$ ThUS$ ThUS$ ThUS$

96.801.450-1 |Nuevo Cobre S.A. (Ex – Agua de la Falda S.A.) [Sales ofservices Chile CLP 1 1 2 2
96.801.450-1 ¡Nuevo Cobre S.A. (Ex – Agua de la Falda S.A.) [Contribution Chile US$ – 245 –
77.762.940-9 [Anglo American Sur S.A. Product sales Chile US$ 145,019 145,019 | 36,058 36,058
77.762.940-9 |Anglo American Sur S.A. Other sales Chile CLP – 1,581 1,581
77.762.940-9 [Anglo American Sur S.A. Product purchase Chile US$ 635,580 (635,580)| 666,321 (666,321)
76.063.022-5 [Inca de Oro S.A. Royalty Chile US$ 3,000 3,000 – –
76.063.022-5 |Inca de Oro S.A. Payments on accountof the company Chile CLP 90 – 137 –
77.781.030-K [Kairos Mining Services Chile CLP 10,544 (10,544)| 11,262 (11,262)
77.781.030-K |Kairos Mining sale services Chile CLP 1 1 1 1
76.255.054-7 |Planta Recuperadora de Metales SpA Services Chile US$ 26,368 (26,368)| 22,570 (22,570)
76.255.054-7 |Planta Recuperadora de Metales SpA Other sales Chile CLP 1,498 1,498 7,405 7,405
76.255.054-7 [Planta Recuperadora de Metales SpA Product sales Chile CLP 105 105 144 144
96.701.340-4 |Soc. Contractual Minera El Abra Product purchase Chile US$ 451,857 (451,857)| 418,651 (418,651)
96.701.340-4 |Soc. Contractual Minera El Abra Product sales Chile US$ 23,250 23,250 | 24,771 24,771
96.701.340-4 |Soc. Contractual Minera El Abra Other sales Chile US$ 1,493 1,493 1,493 1,493
96.701.340-4 |Soc. Contractual Minera El Abra Commissions received Chile US$ 122 122 123 123
96.701.340-4 |Soc. Contractual Minera El Abra Other purchases Chile US$ 788 (788) 1,055 (1,055)

d) Additional information

The purchasesales of products transactions with Anglo American Sur S.A., are regular business activity transactions to buysell copper and other products. On the other hand, there are certain transactions related to the contract entered into with the subsidiary Inversiones Mineras Nueva Acrux SpA (whose non-controlling shareholder is Mitsul) and Anglo American Sur S.A., under which the latter agreed to sell a portion of its annual copper output to said subsidiary.

F-148 Corporación Nacional del Cobre de Chile

4. Inventories

Inventories as of December 31, 2024 and December 31, 2023 are detailed as follows:

Luneol a Moe pure ten 12-51:2014 231.141 12.11 ¿QU 1.231.213 1 Ios ML QUES. phiJon

Fama] Cord 1 Jl 14 ses | l

Bubirtal rated product “et 270 Ar 116368

Protucis di pas 178 TH! | ¿al ml 144 aña Par ¡Subaad produrta in rocas, nal A PI EI A ¡ips de rel 2 Sl Ti A

A a a 5 ¡a ¡TA 545] ‘Subición malencás in =armbocse sed risa, nal ¿1 de add 1397) |

Tam heee 2404 57 24355. 7D1 35 137! 4 aj

Inventories recognized in cost of sales during the years ended December 31, 2024 and 2023, correspond to finished products and amount to ThUS$12,897,175 and ThUS$13,240,509 respectively, which do not consider the cost of processing services of ThUS$8,563 and ThUS$32,834, respectively.

During the years ended December 31, 2024, US$91,280 was reclassified from the inventory item for strategic inventories to the property, plant and equipment item. (ThUS$ 22,978 as of December 31, 2023).

The reconciliation of changes in the allowance for obsolescence is detailed below:

Movement obsolescence provisión 12-31-2024 12-31-2023 ThUS$ ThUS$ Opening balance (178,191) (172,764) Decrease (increase) in provision 2,996 (5,427) Closing balance (175,195) (178,191)

During the years ended December 31, 2024 and 2023, inventory adjustments of ThUS$23,178 and ThUS$13,248, respectively, were recognized.

As of December 31, 2024, the net realizable value provision for copper was ThUS$ 26,603, with a positive effect on results due to the reversal ofthe provision amounting to TRUS$ 10,043 (positive result of ThUS$ 17,889 in 2023). As of December 31, 2023, the balance of the net realizable value provision was ThUS$ 36,646.

As of December 31, 2024 and 2023, there are no unrealized gains or losses recognized for purchase and sale transactions of inventories with related parties.

As of December 31, 2024 and 2023, there are no inventories pledged as security for liabilities.

F-149 Corporación Nacional del Cobre de Chile

5. Income taxes and deferred taxes
a) Deferred tax assets and liabilities

Deferred taxes are presented in the Statement of Financial Position as follows:

Deferred taxes 12-31-2024 12-31-2023 ThUus$ ThUus$ Non-current assets 102,936 103,530 Non-current liabilites 8,716,220 8,241,800 Total deferred taxes, net 8,613,284 8,138,270

The following table shows the deferred tax opening, net, classified as assets or liabilities according to the nature of the temporary differences:

Deferred tax assets 12-31-2024 12-31-2023 Thus$ ThUS$ Provisions 1,693,400 1,788,284 Tax loss 662,989 576,179 Contracts for the right to use assets 126 11,546 Other 7,245 10,845 Total deferred tax assets 2,363,760 2,386,854 Deferred tax liabilities 12-31-2024 12-31-2023 Thus$ ThUS$ Accelerated depreciation 8,457,491 8,298,087 Change in property, plant and equipment 1,603,666 1,395,155 Tax on mining activity 646,735 605,449 Fair value of acquired mineral claims 168,988 168,959 Deferred income taxes of subsidiaries 26,585 24,229 Financial assets measured at fair value through other comprehensive income 58,443 Valuation of severance indemmnities 33,593 33,113 Others 1,543 132 Total deferred tax liabilities 10,977,044 10,525,124

b) The effect of deferred taxes recognized in comprehensive income is detailed as follows:

Deferred taxes that affected comprehensive income 12-31-2024 12-31-2023 ThUuss$ ThUus$ Cash flow hedge (2,432) 28,128 Defined benefit plans 4,368 9,148 Financial assets measured at fair value (38,433) – Total deferred taxes that affected comprehensive income (36,497) 37,276

F-150

Corporación Nacional del Cobre de Chile

c) Composition of income tax (expense)

1:1:2024 M1 203 Comgealtion 12.11.2024 (2312023 | _ – 2 LES ! 111458 [aaa Pia rl (479 5,87] VI Larrea 10 Mapa UF MA] O Prevscsa Jenni calpusimrands 5 pLEboIa di _ _A _ 8 Total meca las ma pátina | (345,718) 135 WA

d) The following table sets forth the reconciliation of the effective tax rate: 1]! a p E | yu gira Lar Ton Fado

Pus! EA A dra Po! La di dm, lA

YET 16H TIEN pu 1scuL Maria Ti A A AR A Ra Fa. e ¡17 La FE Le CU AP E a e a E A E Pr qa Pe E HE Sd ta Fla Pe rr ir rr e pao da TO dd PAT añ 17a + mi TA A A rn OST PU ¿hd dr dd di: pardo dm 0 ES A o 10 A E5E.AE iy e EMS Mea, Mire” Mirar ar 1 ip 0 E E” cal ¡1.5 7 ue POLA: ME OAE 148 JEJE” A] JE (Só Pda

14M.
la dl Pa Eds pi Er a, ‘ Ar ro dae dr OA a

Til ul Mhlesb Mirad “ud lieural Td Va o ir dr 4 en AE le 1 M9 ¡TU MH Pl A Ma HL Bb e Pi A A A e 3d Pa E Nod pda l1TE 5 ps | “a O O A A A O E ar 1 ro EE eN e a. 7 ym 10 3 Papa dl pap a rr a 31 “E y EE Pl “zm” ¿La di a nn e A! A 4044] a quí dl lr; A ¡1 dad PA Li Ba a A A EE AE Pu Ps Bold ARCA TA ME cd de PER MS ha

For the calculation of deferred tax, the Corporation has applied the following taxes rates:

a. Income Tax, the Corporation has applied a rate of 25% to calculate deferred income tax and first category income tax. As a state company, the Corporation is classified as those companies of article 14 letter G of the Income Tax Law, incorporated in the Tax Reform Law No. 21210 of February 24, 2020, maintaining the General Regime of Taxation. Meanwhile, the national subsidiaries and associates, by default, have applied the Partially Integrated taxation system with a rate of 27% for both years.
Foreign subsidiaries and associates have applied the tax rates in force in their respective countries.

b. Additional rate of 40%. Article 2 of Decree Law 2398 establishes an additional 40% income tax rate on the Corporation’s taxable income plus the share of retained earnings of companies not organized as corporations or joint stock companies and the dividends actually received from the latter.

F-151 Corporación Nacional del Cobre de Chile

C.

Mining Taxes On August 10, 2023, Law No. 21591 on Mining Royalty was published in the Official Gazette, effective as of January 1, 2024. The law establishes that the new mining royalty tax is comprised of two components: The ad valorem component and the mining margin component. The ad valorem component corresponds to 1% of copper sales and applies to miners whose copper sales represent more than 50% of total sales. The mining margin component applies a rate of between 8% and 26% on mining operating margins in the range of 20% to 80%.

Codelco has recognized in its third quarter financial statements the following effects for each component of the new Mining Royalty:

Mining Margin Component: For the year 2024, an expense of ThUS$ 140,603 was determined, which is presented in income tax expense in the income statement, of which ThUS$ 41,023 corresponds to the effect of deferred taxes.

Ad Valorem Component: For the year 2024, an expense of ThUS$ 119,354 was determined, which is presented in other expenses by function in the income statement (see note 24, letter b).

6. Current tax assets and liabilities

The current tax balance is presented net of monthly provisional payments as an asset or llability in Current Taxes determined as indicated in section ll. Main accounting policies,

2.k):

Current tax assets 12-31-2024 | 12-31-2023 ThUS$ ThUS$ Recoverable taxes 1,814 2,620 Total current tax assets 1,814 2,620 Current tax liabilities 12-31-2024 | 12-31-2023 ThUS$ ThUS$ Provisión PPM 14,347 11,188 Tax provision 7,552 3,226 Total current tax liabilities 21,899 14,414

F-152

Corporación Nacional del Cobre de Chile

7. Property, plant and equipment

a) The items of property, plant and equipment as of December 31, 2024 and December 31, 2023, are as follows:

Property, plant and equipment, gross: 12-31-2024 12-31-2023 ThUS$ ThUuS$ Works in progress 9,963,413 7,851,913 Land 236,006 257,012 Buildings 7,272,305 6,999,803 Plant and equipment 22,805,264 22,000,441 Fixtures and fittings 52,854 51,832 Motor vehicles 2,234,449 2,251,668 Lands improvement 9,261,049 9,406,163 Mining operations 12,021,286 10,905,593 Mine development 7,303,348 6,739,215 Other assets 719,947 673,030 Total property, plant and equipment, gross 71,869,921 67,136,670 Property, plant and equipment, accumulated depreciation 12-31-2024 12-31-2023 ThUS$ ThUuS$ Land 24,345 22,597 Buildings 4,042,936 3,845,132 Plant and equipment 13,707,741 13,118,373 Fixtures and fittings 47,441 46,567 Motor vehicles 1,862,046 1,802,451 Improvements to land 4,901,294 4,660,460 Mining operations 7,938,008 7,336,680 Mine development 1,435,852 1,359,013 Other assets 364,319 582,826 Total property, plant and equipment, accumulated depreciation 34,323,982 32,774,099 Property, plant and equipment, net 12-31-2024 12-31-2023 ThUS$ ThUuS$ Works in progress 9,963,413 7,851,913 Land 211,661 234,415 Buildings 3,229,369 3,154,671 Plant and equipment 9,097,523 8,882,068 Fixtures and fittings 5,413 5,265 Motor vehicles 372,403 449,217 Improvements to land 4,359,755 4,745,703 Mining operations 4,083,278 3,568,913 Mine development 5,867,496 5,380,202 Other assets 355,628 90,204 Total property, plant and equipment, net 37,545,939 34,362,571

F-153

Corporación Nacional del Cobre de Chile

b) Movements in property, plant and equipment

Movements .
Works in aa: Plant and . Fixed Motor Land Mining Mine (in thousands of US$) progress Land Buildings equipment RS vehicles improvement operations development Other assets Total Reconciliation of changes in property, plant and equipment Property, plant and equipment at beginning of period Opening balance 1-1-2024 7,851,913 234,415 3,154,671 8,882,068 5,265 449,217 4,745,703 3,568,913 5,380,202 90,204 34,362,571 Changes in property, plant and equipment Increases other than those resulting from business combinations, property, plantand equipment 4,510,533 981 633 34 573,326 235,506 5,321,013 Depreciation, property, plant and equipment (1,747) (183,430) (776,630) (925)| (115,855) (315,813) (630,284) (61,808) (10,997) (2,097,489) Increase (decrease) through transfers and other changes, property, plant and equipment Increases (decreases) due to transfers from construction in progress, property, plant and equipment (2,197,242) 6,541 351,208 1,147,599 949 47,336 117,945 512,352 10,218 3,094 Increases (decreases) due to other changes, property, plant and equipment (219,039) (28,529) (90,345) (100,565) 90 1,959 (181,216) 110,948 538,884 37,821 70,008 Increase (decrease) through transfers and other changes, property, plant and equipment (2,416,281) (21,988) 260,863 1,047,034 1,039 49,295 (63,271) 623,300 549,102 40,915 70,008 Disposals and retirements of service, property, plant and equipment Retirements, property, plant and equipment 17,248 (2,735) (55,581) (10,254) (6,864) (51,977) (110,163) Disposals and retirements of service, property, plant and equipment 17,248 (2,735) (55,581) (10,254) (6,864) (51,977) (110,163) Increase (decrease) in property, plant and equipment 2,111,500 (22,754) 74,698 215,456 148 (76,814) (385,948) 514,365 487,294 265,424 3,183,369 Property, plant and equipment at end of period Closing balance 12-31-2024 9,963,413 211,661 3,229,369 9,097,524 5,413 372,403 4,359,755 4,083,278 5,867,496 355,628 37,545,940 Movements Works in ay Plant and . Fixed Motor Land Mining Mine Land Buildings . installations é: . . . Other assets Total (in thousands of US$) progress equipment accessories vehicles improvement operations development Reconciliation of changes in property, plant and equipment Property, plant and equipment at beginning of period Opening balance 1-1-2023 6,426,233 205,272 3,196,891 9,011,469 1,676 421,410 4,573,067 3,181,964 4,882,592 148,956 32,049,530 Changes in property, plant and equipment Increases other than those resulting from business combinations, property, plantand equipment 4,374,347 1,093 616,681 286 4,992,407 Depreciation, property, plant and equipment (2,240) (157,535) (746,472) (1,039)| (124,639) (324,514) (635,524) (83,831) (61,010) (2,136,804) Increase (decrease) through transfers and other changes, property, plant and equipment Increases (decreases) due to transfers from construction in progress, property, plant and equipment (1,614,553) 41,367 96,093 588,747 4,630 158,344 457,998 255,012 10,338 2,024 Increases (decreases) due to other changes, property, plant and equipment (1,234,534) (9,984) 20,180 32,857 (2) 3 39,152 150,780 571,103 (52) (430,497) Increase (decrease) through transfers and other changes, property, plant and equipment (2,849,087) 31,383 116,273 621,604 4,628 158,347 497,150 405,792 581,441 1,972 (430,497) Disposals and retirements of service, property, plant and equipment Retirements, property, plant and equipment (99,580) (958) (5,626) (5,901) (112,065) Disposals and retirements of service, property, plant and equipment (99,580) (958) (5,626) (5,901) (112,065) Increase (decrease) in property, plant and equipment 1,425,680 29,143 (42,220) (129,401) 3,589 27,807 172,636 386,949 497,610 (58,752) 2,313,041 Property, plant and equipment at end of period Closing balance 12-31-2023 7,851,913 234,415 3,154,671 8,882,068 5,265 449,217 4,745,703 3,568,913 5,380,202 90,204 34,362,571

F-154

Corporación Nacional del Cobre de Chile

c)

The balance of construction in progress is directly associated with the operating activities of the Corporation and relates to the acquisition of equipment for projects in construction and associated costs for their completion.

The Corporation has signed insurance policies to cover the possible risks to which the various property, plant and equipment items are subject, as well as the possible claims that may arise for the period of its activities. Such policies sufficiently cover the risks to which they are subject in Management’s opinion.

Capitalized interest costs during the years ended December 31, 2024 and 2023 amounted to ThUS$332,010 and ThUS$246,136, respectively. The annual capitalization rate was
4.88% and 4.70% at December 31, 2024 and 2023, respectively.

Expenses on exploration and drilling of deposits recognized in profit or loss and the cash outflows disbursed for the same concepts are presented in the following table:

Expendibira ca explorafión and drilling resorvcies | ARE | 14
12-31-2094 1231-2053 e LESS e TLSS Metincore lr Es panné 65 543 15412 sh cuts Esbourjad 12817 ral The detail of “Other assets” under “Property, plant and equipment” is as follows: Cillar dsiciaada, col luna | 1043 B srl TT ] E r rá ibarra pan ] ssma Mar A BA 14 708 a int, dell | 10 ay E

(1) Corresponds to the assets acquired in the purchase of the company Lithium Power International Limited in 2024. The value assigned to such assets was determined based on the consideration paid in the purchase transaction, plus transaction costs.

As of December 31, 2024 and 2023, the costs of acquired exploration and mining exploitation licenses that are part of a project in a pre-feasibility stage are presented under the category of Intangible Assets.

The Corporation currently has no ownership restrictions relating to assets belonging to Property, plant and equipment, except for leased assets whose legal title corresponds to the lessor.

Codelco has not pledged property, plant and equipment as collateral for debt obligations.

F-155

Corporación Nacional del Cobre de Chile

8. Leases

8.1 Right-of-use assets

As of December 31, 2024 and December 31, 2023, the breakdown of the right of use asset category |s: ¡ Cela ha da as A atioctis sañAs acrammdectl rra

Potal oepblt-0l ue aura. rel

Movements for the years ended December 31, 2024 and year ended December 31, 2023 are as follows:

12:31:2074 eZ y a tl

37D dde

12-38-3073 Vii

150 1 $ hi

Reconciliation of changes in Right-of-use Assets 12-31-2024 12-31-2023 ThUsS$ ThUS$ Opening balance 390,756 405,843 Increases 158,078 140,362 Depreciation (169,051) (155,088) Increase (decrease) due to other changes (1,333) 681 Retirements, right-of-use assets (1) (1,042) Total movements (12,307) (15,087) Closing balance 378,449 390,756 The composition by asset class is as follows: gh use astete nel by assel claros 12-31-2124 121-000) | TUE LARES Paseo | a 414 : á

Prari and equpmmerl 1538739 ES 130 Fohises aña pa 8,0 EA Moor pabarjes. A EX 0 100 ¡Fuga dae Era e e ; 13,41 Total 113,435 150.15

8.2 Liabilities for current and non-current leases

As of December 31, 2024 and December 31, 2023, the payment commitments for leasing operations are summarized in the following table:

12-31-2024 12-31-2023

Current encuen Gross Interest Equity Gross Interest Equity

Thus$ Thus$ Thus$ Thus$ Thus$ ThUus$ up to 90 days 50,766 (4,896) 45,870 49,254 (5,482) 43,772 more than 90 days up to 1 year 105,961 (11,893) 94,068 103,977 (14,020) 89,957 more than 1 year up to 2 years 97,214 (10,104) 87,110 111,543 (12,996) 98,547 over 2 years up to 3 years 48,982 (5,904) 43,078 70,506 (8,468) 62,038 over 3 years up to 4 years 30,791 (3,650) 27,141 35,700 (5,819) 29,881 over 4 years up to 5 years 19,569 (2,564) 17,005 20,332 (3,864) 16,468 more than 5 years 63,317 (6,213) 57,104 68,984 (10,874) 58,110 Total 416,600 (45,224) 371,376 460,296 (61,523) 398,773

F-156

+

Corporación Nacional del Cobre de Chile

Leasing operations are generated by service contracts, mainly for motor vehicles, plants and equipment and facilities.

The expense related to short-term leases, low-value assets and variable leases not included in the measurement of lease liabilities, during the years ended December 31, 2024 and 2023, is presented in the following table:

11-212 11-073 Less 11pensa 12.11.2004 1231.03 TELES TES Shori-lerm manes 15622 Pod acu A AE, 531 4141 ‘ ernabíe ases nal ncluded m ha messuremren! ol lssss habádes 0631 Eo, de TOTAL 116 dd h 505095

9. Intangible Assets other than goodwill

a) The composition of intangible assets other than goodwill is presented below:

Composition of intangible assets LESI-204 | 12-31-2028 p g MUS$ MUS$ Intangible assets with defined useful life, net 38,889 39,632 Intangible assets with indefinite useful life 260,460 260,460 Total 299,349 300,092
b) Statement of Balances:
12-31-2024 12-31-2023 ] Accumulated Accumulated Intangible Assets Gross Amortization Net Gross Amortization Net MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ Trademarks, patents, and licenses 28 – 28 28 – 28 Water rights 16,599 (6,550) 10,049 16,599 (6,550) 10,049 Software programs 3,088 (2,472) 616 3,963 (3,215) 748 Mining properties 260,432 – | 260,432 260,432 – 260,432 Other intangible assets 28,224 28,224 28,837 (2) 28,835 Total 308,371 (9,022)| 299,349 309,859 (9,767) 300,092 F-157

Corporación Nacional del Cobre de Chile

c) Statement of Movements:

Technological Trademarks, Water Software | Development | Mining Other Movements Patents, and| ._. > [Intangible | Total : Rights | Programs and Properties Licenses : Assets Innovation Reconciliation of Changes in Intangible Assets Other Than Goodwill Intangible Assets Other Than Goodwill. Opening Balance (01-01-2024) 28| 10,049 748 – 260,432 28,835 | 300,092 Changes in Intangible Assets Other Than Goodwill Amortization, Intangible Assets Other Than Goodwill (180) (1) (181) Increases (Decreases) Due to Transfers and Other Changes, Intangible Assets Other Than Goodwill – – (180) – – (1) (181) Increases (Decreases) Due to Other Changes, Intangible Assets Other Than Goodwill – – 48 – – (610) (562) Increase (Decrease) in Intangible Assets Other Than Goodwill – – (132) – – (611) (743) Intangible Assets Other Than Goodwill. Ending Balance 12-31-2024 28 10,049 616 – 260,432 28,224 | 299,349 Technological Trademarks, Water Software | Development | Mining Other Movements Patents, and | _. – [Intangible | Total : Rights | Programs and Properties Licenses : Assets Innovation Reconciliation of Changes in Intangible Assets Other Than Goodwill Intangible Assets Other Than Goodwill. Opening Balance (01-01-2023) 28| 10,048 644 – 260,432 31,967 | 303,119 Changes in Intangible Assets Other Than Goodwill Amortization, Intangible Assets Other Than Goodwill (233) (1) (234) Increases (Decreases) Due to Transfers and Other Changes, Intangible Assets Other Than Goodwill – – (233) – – (1) (234) Increases (Decreases) Due to Other Changes, Intangible Assets Other Than Goodwill 1 337 (3,131) (2,793) Increase (Decrease) in Intangible Assets Other Than Goodwill – 1 104 – – (3,132)| (3,027) Intangible Assets Other Than Goodwill. Ending Balance 12-31-2023 28 10,049 748 – 260,432 28,835 | 300,092

d) Additional Information:

As of December 31, 2024 and 2023, the Corporation holds significant intangible assets amounting to MUS$ 260,000, corresponding to mining properties that became part of Codelco’s assets in 2012 as part of the acquisition of shares in Anglo American Sur S.A.
(see letter j of section Il on Main Accounting Policies).

10. Investments accounted for using the equity method

The value of the investment and the accrued results of investments accounted for using the equity method are presented below:

Share of Investment value Accrued Result Currency 1-1-2024 1-1-2023 Associates Taxpayer ID No. | Functional 12-31-2024 12-31-2023 12-31-2024 12-31-2023 12-31-2024 12-31-2023 % % ThUS$ ThUS$ ThUS$ ThUS$ Nuevo Cobre S.A. (Ex – Agua de la Falda S.A.) 96.801.450-1 US$ 42.26% 42.26% 4 4,769 (4,806) (157) Anglo American Sur S.A. 77.762.940-9 US$ 29.50% 29.50% 2,157,262 2,147,507 9,613 (676,921) Inca de Oro S.A. 73.063.022-5 US$ 30.60% 33.85% 11,983 12,399 (1,357) (107) Kairos Mining S.A. 76.781.030-K US$ 40.00% 40.00% 215 99 57 – Minera Purén SCM 76.028.880-2 US$ 35.00% 35.00% 7,453 3,538 3,915 199 Planta Recuperadora de Metales SpA 76.255.054-7 US$ 34.00% 34.00% 21,728 18,396 3,264 2,064 Sociedad Contractual Minera El Abra 96.701.340-4 US$ 49.00% 49.00% 735,505 679,990 54,691 16,804 TOTAL 2,934,150 2,866,698 65,377 (658,118)

a) Associates Nuevo Cobre S.A. (Former Agua de la Falda S.A.) On November 8, 2023 the strategic association between Codelco and Nuevo Cobre S.A.
(Former Agua de la Falda S.A.) was formalized, where the company changes its corporate name.

As of December 31, 2024, Codelco holds a 42.26% ownership interest in Nuevo Cobre
S.A, with the remaining 57.74% owned by Minera Rio Tinto.

F-158 Corporación Nacional del Cobre de Chile ma y

The corporate purpose of this company is to exploit deposits of copper and other minerals, in the Atacama region of Chile.

Sociedad Contractual Minera El Abra

Sociedad Contractual Minera El Abra was incorporated in 1994. As of December 31, 2024, Codelco holds a 49% ownership interest, with the remaining 51% owned by Cyprus El Abra Corporation, a subsidiary of Freeport-McMoRan Copper é: Gold Inc.

The company business activities involve the extraction, production and selling of copper cathodes.

Sociedad Contractual Minera Purén

As of December 31, 2024, Codelco holds a 33% ownership interest, with the remaining 65% owned by Compañía Minera Mantos de Oro.

This company’s corporate purpose is to explore, identify, survey, investigate, develop and exploit mining deposits in order to extract, produce and process minerals.

Inca de Oro S.A.
On September 1, 2009, Codelco’s Board of Directors authorized the incorporation of a new company aimed to develop studies allowing the continuity of the Inca de Oro Project, which is a wholly-owned subsidiary of Codelco.

As of December 31, 2024, Codelco holds a 30.60% ownership interest in this company (PanAust IDO Ltda. has 69.400).

Planta Recuperadora de Metales SpA

On December 3, 2012, Planta Recuperadora Metales SpA was incorporated by Codelco, which held a 100% ownership interest in this company.

In 2014, LS-Nikko Copper Inc. was Incorporated into the ownership of this company.

As of December 31, 2024, Codelco holds a 34% interest in the capital stock of Planta Recuperadora de Metales SpA, with control remaining with LS-Nikko Copper Inc. based on the elements of control described in the shareholders’ agreement.

The principal business activity of the company is the processing of intermediate products of the refining and processing of copper and other metals alming to recover copper, other metals and other sub products, their transformation to commercial products and the selling and distribution of all classes of goods or inputs derived from such process.

F-159 Corporación Nacional del Cobre de Chile

Anglo American Sur S.A.

The principal activities of the Company are the exploration, extraction, exploitation, production, processing and trading of minerals, concentrates, precipitates, copper bars and all metallic and non-metallic minerals, all fossil substances and liquid and gaseous hydrocarbons. This includes the exploration, exploitation and use of all natural energy sources capable of industrial use and the products or by-products obtained, as well as any other related, connected or complementary activities on which the shareholders agree.

As of December 31, 2024, the control of Anglo American Sur S.A. is held by Inversiones Anglo American Sur S.A. with 50.06%, while one of the companies that make up the non- controlling interest is Inversiones Mineras Becrux SpA., which Is controlled by Codelco with a 67.80% shareholding, and exercises significant influence over Anglo American Sur
S.A. with 29.5%

On August 24, 2012, Codelco recognized the acquisition of ownership Interest in Anglo American Sur S.A. which resulted in the initial recognition of the cost of the investment for TRUS$ 6,490,000 that corresponded to the proportionate share (29.5%) of the net fair value of the identifiable assets and liabilities acquired.

In determining the share of the fair value of the Identifiable assets and liabilities acquired, the Corporation considered the resources and mineral reserves that could be measured reliably.

Subsequent to its initial recognition, the value of this investment was adjusted due to an impairment loss recognized on December 31, 2015, in accordance with lAS 36.

As of December 31, 2023, the Corporation performed an evaluation of the value of its investment associated with Anglo American Sur S.A. and determined that the recoverable amount of the asset Is less than the carrying value recorded, recognizing an impalrment of ThUS$ 522,448 on the identifiable assets of the associate, which is recognized under the line Equity in earnings (losses) of associates and joint ventures accounted for using equity method in the statements of comprehensive income for the year 2023. The aforementioned impairment loss resulted from lower projected production and cost performance.

The recoverable amount for Impalrment purposes mentioned above was calculated using the fair value methodology less costs of disposal. The recoverable amount of the operating units was determined based on the life of mine by using a discounted cash flow model whose main assumptions included ore reserves declared by the associate, copper price, supply costs, foreign exchange rates, discount rate and market information for the long-term asset valuation. The discount rate used was annual rate of 6.77% after taxes.
Furthermore, the proven reserves not included in the mining plan (LOM), as well as the probable reserves to explore, have been valued using a multiples market approach for comparable transactions.

F-160 Corporación Nacional del Cobre de Chile

Subsequent to the recognition of the equity in earnings (losses) of the associate as detailed above, no indications are observed that would require additional impairment of the recoverable amount of the investment held in Anglo American Sur S.A.

Kairos S.A.

As of December 31, 2024, the control of the company lies in Honeywell Chile S.A. which owns 60% of the shares while Codelco owns the remaining 400%.

The purpose of the company is to provide automation and control services for industrial and mining activities and to provide technology and software licenses.

The following tables present the assets and liabilities as of December 31, 2024 and 2023 of investments in associates, as well as their respective results during the years ended December 31, 2024 and 2023 and the main movements in investments as of that date.

Assets and liabilities 12-31-2024 12-31-2023 ThUS$ ThUS$ Current assets 1,847,306 1,724,855 Non-current assets 6,201,417 6,290,388 Current liabilities 1,043,214 1,144,753 Non-current liabilities 2,261,201 2,296,791
1-1-2024 1-1-2023 Profit (loss) 12-31-2024 12-31-2023 ThUS$ ThUS$ Revenue 3,254,555 3,270,948 Ordinary expenses (3,104,890) (3,417,008) Profit (Loss) for the period 149,665 (146,060)
1-1-2024 1-1-2023 Movement Investment in Associates 12-31-2024 12-31-2023 ThUS$ ThUS$ Opening balance 2,866,698 3,527,323 Contribution – 245 Net income for the period 65,377 (45,031) Impairment Anglo American Sur S.A. (522,448) Royalty Effect Anglo America Sur S.A. (90,639) Comprehensive income 966 (2,794) Other 1,109 42 Closing balance 2,934,150 2,866,698

Corporación Nacional del Cobre de Chile >

The following tables present a detail of the assets and liabilities of the most significant associates as of December 31, 2024 and 2023, as well as their respective results during the years ended December 31, 2024 and 2023:

Anglo American Sur S.A.
Assets and liabilities 12-31-2024 12-31-2023 ThUS$ ThUS$ Current assets 884,000 889,000 Non-current assets 5,077,000 5,154,000 Current liabilities 885,131 1,002,199 Non-current liabilities 1,969,000 1,967,000
1-1-2024 1-1-2023 Profit (loss) 12-31-2024 | 12-31-2023 ThUS$ ThUS$ Revenue 2,293,000 2,382,000 Ordinary expenses and other (2,260,413) (2,568,092) Profit (Loss) for the period 32,587 (186,092) Sociedad Contractual Minera El Abra Arsects arol habililies 17214204 | 12.11.4021 Mus$ | THIS$ Carrer darse 205 358 13 CN E 113418 1071 Ag Cirrerr] hatrid 140,008 123.55 Mor1-1-2024 1-1-2023 Profit (loss) 12-31-2024 12-31-2023 ThUS$ ThUS$ Income 1,245,343 1,378,438 Ordinary expenses and other (1,272,576) (2,062,469) Profit (Loss) for the period (27,233) (684,031)

12. Other non-current financial assets

As of December 31, 2024 and 2023, the composition of other non-current financial assets is as follows:

Other financial assets, non-current

12-31-2024 ThUS$

12-31-2023 ThUS$

Investment Quebrada Blanca S.A. (1) Investment in shares

Other derivatives

Other

579,127 1,012 4,136 3,486

1,153 101,762 4,521

Total

587,761

107,436

(1) On September 5, 2024, the acquisition of the preferred series B shares held by ENAMI in Compañía Minera Teck Quebrada Blanca SA was completed for a total consideration of ThUS$520,000. As of December 31, 2024, the valuation of this asset was updated to

F-163 Corporación Nacional del Cobre de Chile thUS$579,127. This increase was recognized within the other comprehensive income, net of ts respective deferred taxes, totaling a net increases of MUS$ 20,694.

The Corporation used the discounted cash flow model to estimate the cash projections from distributions to the preferred Series B, based on the Life of Mine. These projections consider production estimates, operating costs, and capital costs as of the acquisition date, along with other market estimates such as mineral prices and a discount rate ranging between 7% and
9%. Additionally, resources not included in the plan, as well as potential resources to be explored, have been valued separately using a market model.

13. Current and non-current financial assets

Current and non-current financial assets included in the statement of financial position are as follows:
12-31-2024
a . . o At fair value At fair value o Total financial Classification in statement of financial position through profit or Amortized cost Hedging derivatives loss through other assets comprehensive Metal futures [Cross currency Income contracts swap ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$

Cash and cash equivalents 14,104 666,716 – 680,820 Trade and other current receivable 1,709,222 1,395,508 3,104,730 Non – current receivable – 79,708 79,708 Current receivable from relates entities 30,384 30,384 Non – current receivable from related entities 224 – – 224 Other current financial assets 102,862 168 59,871 162,901 Other non – current financial assets 579,127 4,498 1 4,135 587,761 TOTAL 1,723,326 579,127 2,279,900 169 64,006 4,646,528

As of December 31, 2024, the balance of the item Other Current Financial Assets includes MUSS$ 102,862 invested in time deposit instruments with a maturity of more than 90 days.

12.31-M77 ‘ A beba Tri Chissfcbon a Sa lemen! o! mántrad pros lion Piro or | Amor HAGO AA sisi al Mas Line | Loca rte e Saf ILNE- TL ENE: MALES mis CUP, EA A EE 4 GT MTATA 4 0 843 AA e Sl 3,40% 688 Han: CAFES Papa día ia E A e 04 An. Curr roca $ O. CHA Le esk (earn nncad 16 p 17 Rin AN CUA ACA EN abra 3 10% PA 16-415 TÍ TA 31015 hd 3173353 5 16t TÚ 4061 312

– – Fair value through profit or loss: As of December 31, 2024 and 2023, this category includes unfinished product sales invoices. Section 11.2.0.

F-164 Corporación Nacional del Cobre de Chile

– – Fair value through comprehensive income: This category includes investments in equity instruments (see note 12).

– – Amortized cost: lt corresponds to financial assets held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal outstanding. These assets are not quoted in an active market,

The effects on profit or loss recognized for these assets are mainly from financial income and exchange differences from balances denominated in currencies other than the functional currency.

No material impairments were recognized in trade and other receivables.

– – Derivatives for Hedging: Corresponds to the balance for changes in the fair value of derivative contracts to cover existing transactions (cash flow hedges) and that affect profit or loss when transactions are settled or when, to the extent required by accounting standards, a compensation effect is charged (credited) to the income statement. The detail of derivative hedging transactions is included in the Note 30.
As of December 31, 2024 and December 31, 2023 there were no reclassifications between the different categories of financial instruments.

14, Other financial liabilities Other financial liabilities consist of loans with financial institutions and bond issuance obligations, which are recorded by the Corporation at amortized cost using the effective interest rate method.

The following tables set forth other currentnon-current financial liabilities:

1211244

Heigra Total Hedoira Fotal dámorizad coi dee Amorizad col dente ES En 1HES HATES MM .,1 Mosa |]

Ronda nbirabora DANTN UA das VOD Ja 10 ac TS nd obra 4 ¿a yl ¡Al , Te Te rarada libra | | | Ef 353 | | PAE f oka | LH | Meno | 1 Sd? DOd 21201,.00 | 20.16 2111291

F-165 Corporación Nacional del Cobre de Chile

12-31-2023 Items Current Non-current Amortized Hedging Total Amortized Hedging Total cost derlvatives cost dermvatives Thuss$ Thuss$ ThuSS ThuUSS ThuSS ThuUSS

Loans from financial enáñes 16,190 16,190 1 464 857 1 464 857 Bond obligañons 719,049 – 719,049 17,998,006 – 17,998,006 Hedging obligañons 116,882 116,882 9,603 9,603 Other financial hablifes 80,651 80,651

Total 135,239 116,882 852,121 19,543,514 5,603 19,549,117

Bond obligations:

On May 10, 2005, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 6,900,000 of a single series labeled Series B, which consists of 6,900 bonds for UF 1,000 each. These bonds are payable in a single installment on April 1, 2025, at an annual interest rate of 4% and semi-annual interest payments.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under Rule 144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single installment on September 21, 2035, at an annual interest rate of 5.6250% and semi-annual interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of TRUS$500,000. These bonds are payable in a single installment on October 24, 2036, at an annual interest rate of 6.15% and semi- annual interest payments.

On July 17, 2012, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation $, for a total nominal amount of TRUS$2,000,000, a part of which, was divided into two parts, one of which has already been amortized in 2022, while the other part is due to mature on July 17, 2042, corresponding to an amount of ThUS$750,000 at an annual interest rate of 4.25%,

On August 13, 2013, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation S, for a nominal amount of ThUS$750,000, payable in a single installment on August 13, 2023, at an annual interest rate of 4.5% and semi-annual interest payments. On August 22, 2017, February 12 and February 26, 2019 and October 8 and 22, 2019 principal in the amounts of ThUS$162,502, ThUS$228,674 and ThUS$270, ThUS$23,128 and ThUS$555 respectively, was paid. On May 6, 2020, the remaining principal due was increased for a nominal amount of TRUS$131,000, reaching a total of ThUS$465,871 with an annual coupon of 4.50%. On December 16, 2020, principal was paid in the amounts of ThuS$79,688, October 22, 2021 amounting to TRUS$157,965 and August 13, 2023 for the remaining balance of ThUS$228,218.

On October 18, 2013, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation S, for a nominal amount of ThUS$950,000, payable in a single

F-166 Corporación Nacional del Cobre de Chile E Y installment on October 18, 2043, atan annual interest rate of 5.625% and semi-annual interest payments.

On July 9, 2014, the Corporation issued and placed bonds in the international financial markets, under Rule 144-A and Regulation S, for a nominal of EUR$600,000,000, payable in a single installment on July 9, 2024, at an annual interest rate of 2.25% and annual interest payments. On October 22, 2021, capital was amortized in the amount of ThREUR$200,116, reaching a total of ThREUR$399,884.

On November 4, 2014, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$980,000, payable in a single installment on November 4, 2044, at an annual interest rate of 4.875% and semi-annual interest payments.

On September 16, 2015, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$2,000,000, payable in a single installment on September 16, 2025, at an annual interest rate of 4.5% and semi-annual interest payments. On August 22, 2017 and February 12, 2019, principal was paid for an amount of ThUS$378,645 and ThUS$552,754 respectively. On December 22, 2020, capital was amortized in the amount of ThUS$392,499. On January 7, 2021, capital was amortized in the amount of TRUS$5,000. On October 22, 2021, principal was amortized in the amount of ThUS$273,867, reaching a total amount of ThUS$397,235.

On August 24, 2016, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 10,000,000 of a single series labeled Series C, which consists of 20,000 bonds for UF 500 each. These bonds are payable in a single installment on August 24, 2026, atan annual interest rate of 2.5% and semi-annual interest payments.

On August 1, 2017, the Corporation issued and placed bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThUS$ 2,750,000. One portion corresponds to an amount of ThUS$ 1,500,000, maturing on August 1, 2027 with an annual coupon rate of interest of 3.625% and semi-annual interest. On December 22, 2020 and January 7, 2021, principal was paid in the amount of thUS$ 227,154 and ThUS$5,000 respectively. The other portion contemplates a maturity date of August 1, 2047, corresponding to an amount of ThUS$ 1,250,000 with an annual coupon of 4.5% and semi-annual interest payments.

On May 18, 2018, Codelco issued a bond for US$600 million with 30-year maturity in the market of Formosa, Talwan. The bond issued Is denominated in US dollars, which will mature on May 18, 2048, had a yield of 4.85% and a prepayment option at the issue value that can be exercised from the fifth year onwards at lts par value.

On February 5, 2019, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of ThUS$1,300,000, which maturity will be 5 February 2049 with a coupon of 4.375% per annum and Interest payments on a semi-annual basis.

F-167 Corporación Nacional del Cobre de Chile E Y

On July 22, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of AUD $ 70,000,000, whose maturity will be in a single installment on July 22, 2039, with a coupon of 3.58% annual and interest payment annually.

On August 23, 2019, the Corporation made a bond Issue and placement, Regulation S, for a nominal amount of ThUS$130,000, whose maturity will be in a single installment on August 23, 2029, with a coupon of 2.869% annual and interest payment semiannually.

On September 30, 2019, the Corporation made an issue and placement of bonds in the North American market, under rule 144-A and Regulation S, for a total nominal amount of ThUS$2,000,000 whose maturity will be, under one tranche, on September 30, 2029 corresponding to an amount of ThUS$1,100,000 with a 3% annual coupon. The other tranche contemplates a maturity on January 30, 2050, corresponding to an amount of ThUS$900,000.
On January 14, 2020 and October 22, 2021, a capital increase was made for a nominal amount of ThUS$1,000,000 and ThUS$780,000, respectively, reaching a total amount of ThUS$2,680,000 with a coupon of 3.70% per annum.

On November 7, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of HKD$ 500,000,000, whose maturity will be in a single installment on November 7, 2034, with a coupon of 2.84% annual and interest payment annually.

On January 14, 2020, the Corporation issued and placed bonds in the North American market, under rule 144-A and Regulation S, for a nominal amount of ThUS $ 1,000,000, the maturity of which will be in a single installment on 14 January 2030, with a coupon of 3.15% per annum and payment of interest every six months.

On May 6, 2020, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$800,000 whose maturity will be in a single installment on January 15, 2031, with a coupon of 3.75% per annum and Interest pald every six months.

On December 14, 2020, the Corporation carried out an Issuance and placement of bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThuS$500,000 whose maturity will be in a single installment on January 15, 2051, with a coupon of 3.15% per annum and interest payment on a semi-annual basis.

On February 2, 2023, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of ThUS$ 900,000 whose maturity will be in a single installment on February 2, 2033, with a coupon of 5.125% per annum and interest paid every six months.

On September 8, 2023, the Corporation issued bonds in the U.S. market under Rule 144-A and Regulation S for a total nominal amount of TRUS$2,000,000 maturing on January 8, 2034 for an amount of ThUS$1,300,000 with a coupon of 5.95% per annum, and on September 8, 2053, for an amount of ThUS$700,000 with a coupon of 6.30% per annum, which, on January 26, 2024, underwent a capital increase for a nominal amount of ThUS$ 500,000, reaching a total of ThUS$ 1,200,000. Both notes contemplate semiannual interest payments.

F-168 Corporación Nacional del Cobre de Chile

On January 26, 2024, the Corporation issued and placed bonds in the North American market, under rule 144-A and Regulation S, for a total nominal amount of ThUS $ 1,500,000, the maturity of which will be in a single installment on 26 January 2036, with a coupon of 6.44% per annum and payment of interest every six months.

As of December 31, 2024 and 2023, the Corporation is not required to comply with any financial covenants related to borrowings from financial institutions and bond obligations.

Financial debt commissions and expenses:

Transaction costs incurred in obtaining financial resources are deducted from the loan proceeds and are amortized using the effective interest rate.

F-169 Corporación Nacional del Cobre de Chile

As of December 31, 2024, the details of loans from financial institutions and bond obligations are as follows:

12-31-2024 Loans from ds : Amount o Payment of Nominal Effective current Non-current Taxpayer!D No. | Country [isa entities Institution Maturity | Interest rate | Currency | 4 eg Type of amortization Interest interest rate | interest rate balance balance ThUS$ ThUuS$
97.006.000-6 Chile Bilateral Credit [Banco de Créditos e inversiones 03-12-2025 Variable US$ 130,000,000 At Maturity Quarterly 4.75% 4.75% 130,343 –
97.018.000-1 Chile Bilateral Credit |Banco Scotiabank Chile 03-12-2025 Variable US$ 100,000,000 At Maturity Quarterly 4.99% 4.99% 100,277 –
97.004.000-5 Chile Bilateral Credit |Banco Chile 03-13-2025 Variable US$ 100,000,000 At Maturity Quarterly 5.00% 5.00% 100,264 –
97.036.000-K Chile Bilateral Credit [Banco Santander 03-13-2025 Variable US$ 50,000,000 At Maturity Quarterly 5.24% 5.24% 50,116 –
97.023.000-9 Chile Bilateral Credit |ltau 03-24-2025 Variable US$ 20,000,000 At Maturity Quarterly 5.23% 5.23% 20,026 –
97.004.000-5 Chile Bilateral Credit |Banco Chile 07-07-2025 Variable US$ 100,000,000 At Maturity Annually 5.63% 5.63% 102,768 – Foreign Panama Bilateral Credit [Banco Latinoamericano de Comercio 12-18-2026 Variable US$ 75,000,000 At Maturity Semestral 5.91% 6.23% 148 74,776 Foreign USA Bilateral Credit |ExportDev. Canada 08-12-2027 Variable US$ 300,000,000 At Maturity Quarterly 5.93% 6.26% 2,472 299,623 Foreign USA Bilateral Credit |ExportDev. Canada 10-25-2028 Variable US$ 300,000,000 At Maturity Quarterly 6.10% 6.41% 3,407 299,334 Foreign USA Bilateral Credit |ExportDev. Canada 07-25-2029 Variable US$ 300,000,000 At Maturity Quarterly 6.07% 6.48% 3,134 297,837 Foreign USA Bilateral Credit |ExportDev. Canada 01-31-2033 Variable US$ 500,000,000 At Maturity Quarterly 6.24% 6.66% 5,370 494,341 Foreign France Bilateral Credit |Credit Agricole Corporate €. Invesment Bank 06-26-2039 Variable US$ 531,747,362 | Semi-annual capital from 2029 Semestral 5.04% 6.18% 373 494,824 TOTAL 518,698 1,960,735 Bond . . : Amount o Payment of Nominal Effective Current Non-current obligations Country of Registration Maturity_ | Interest rate | Currency [od Type of amortization Interest interest rate | interest rate balance balance ThUS$ ThUuS$ BCODE-B Chile 04-01-2025 Fixed U.F. 6,900,000 At Maturity Semi-annual 4.00% 3.24% 269,122 –
144-A REG.S Luxembourg 09-16-2025 Fixed US$ 2,000,000,000 At Maturity Semi-annual 4,50% 4.74% 401,783 – BCODE-C Chile 08-24-2026 Fixed U.F. 10,000,000 At Maturity Semi-annual 2.50% 1.78% 3,379 389,650
144-A REG.S Luxembourg 08-01-2027 Fixed US$ 1,500,000,000 At Maturity Semi-annual 3.63% 4,18% 19,150 1,250,722 REG.S Luxembourg 08-23-2029 Fixed US$ 130,000,000 At Maturity Semi-annual 2.87% 2.97% 1,326 129,411
144-A REG.S Luxembourg 09-30-2029 Fixed US$ 1,100,000,000 At Maturity Semi-annual 3.00% 3.14% 8,342 1,093,204
144-A REG.S Luxembourg 01-14-2030 Fixed US$ 1,000,000,000 At Maturity Semi-annual 3.15% 3.28% 14,612 993,856
144-A REG.S Luxembourg 01-15-2031 Fixed US$ 800,000,000 At Maturity Semi-annual 3.75% 3.79% 13,833 798,096
144-A REG.S Luxembourg 02-02-2033 Fixed US$ 900,000,000 At Maturity Semi-annual 5.13% 5.27% 19,091 891,620
144-A REG.S Luxembourg 01-08-2034 Fixed US$ 1,300,000,000 At Maturity Semi-annual 5.95% 6.09% 37,171 1,287,306 REG.S Luxembourg 11-07-2034 Fixed HKD 500,000,000 At Maturity Annual 2.84% 2.92% 275 63,974
144-A REG.S Luxembourg 09-21-2035 Fixed US$ 500,000,000 At Maturity Semi-annual 5.63% 5.78% 7,813 493,910
144-A REG.S Luxembourg 01-26-2036 Fixed US$ 1,500,000,000 At Maturity Semi-annual 6.44% 6.56% 41,592 1,486,241
144-A REG.S Luxembourg 10-24-2036 Fixed US$ 500,000,000 At Maturity Semi-annual 6.15% 6.22% 5,723 497,232 REG.S Luxembourg 07-22-2039 Fixed AUD 70,000,000 At Maturity Annual 3.58% 3.66% 689 43,174
144-A REG.S Luxembourg 07-17-2042 Fixed US$ 750,000,000 At Maturity Semi-annual 4.25% 4.41% 14,521 735,860
144-A REG.S Luxembourg 10-18-2043 Fixed US$ 950,000,000 At Maturity Semi-annual 5.63% 5.76% 10,836 935,458
144-A REG.S Luxembourg 11-04-2044 Fixed US$ 980,000,000 At Maturity Semi-annual 4.88% 5.01% 7,564 963,576
144-A REG.S Luxembourg 08-01-2047 Fixed US$ 1,250,000,000 At Maturity Semi-annual 4,50% 4.73% 23,438 1,210,358 144 – REG.S Taiwan 05-18-2048 Fixed US$ 600,000,000 At Maturity Semi-annual 4.85% 4.91% 3,476 594,997
144-A REG.S Luxembourg 02-05-2049 Fixed US$ 1,300,000,000 At Maturity Semi-annual 4.38% 4.97% 23,065 1,192,654
144-A REG.S Luxembourg 01-30-2050 Fixed US$ 2,680,000,000 At Maturity Semi-annual 3.70% 3.92% 41,592 2,584,454
144-A REG.S Luxembourg 01-15-2051 Fixed US$ 500,000,000 At Maturity Semi-annual 3.15% 3.75% 7,262 450,038
144-A REG.S Luxembourg 09-08-2053 Fixed US$ 1,200,000,000 At Maturity Semi-annual 6.30% 6.57% 23,730 1,157,954 TOTAL 999,385 19,243,745

Nominal and effective interest rates presented above correspond to annual rates.

F-170

Corporación Nacional del Cobre de Chile

As of December 31, 2023, the details of loans from financial institutions and bond obligations are as follows: it | l ep ad

A E na dd El A e il Mor + E la tera HE laca. APCRPECIA Dl IE 19d den A LEE PA Sor bons YET ae ña, lá. Hal ter dele o E AT ca iy a a o A Verr id TAR 4 aa e A] Í ae ¿ria hara a ¡ear CMA E PR LE 1 A “LAT ce E, dilo 0 ron Lal. bir rl Ea Shara as ea a! To ES a ar uu ira sa A] Tea SEL iaa 2 Lip Dr CAER al “y a LL BL A O a dire a FI 1: La dad! Fr + Al | al Mo > arre bo Campilry el Renga Mie | isimeidións | Co cd A jpa==ry lea dores: l rim pure

TádA PÓT A dl ATA rá ne E e nr ESTA ión SS a pa di HS da pu, CE a ar A de De, 4.04% Ea AE hi A q (6 1 00 Ll Lerá 5 000 a: E 5 LEAR e rd aa dá Bara hi Ln BOE ¿Fan ua lar UR 2 Da e ie a rra y lA, PL] de PE de LA, ee == eS Lei q 2 e bilis 4d Hi tó i Led? FPS” ia] AA Y remmel E] 150 OE eE A ler a a Eros Pa EA 170 FU HH FEO E Li Ml A de LE MEA == PTA A hEira, 14 HO e ages [lado AN a] mu 0 Jn] LITE 1000 db do a Md o Rd ha [ 1017 ul td FLO LAB q 45H! Ea LL e E a bis E pa La lr, 1305 al Ea] as a] Eh. 5 Al Lib ic ca ón = LAA a hi1 do E y me bd PT lr, de al Ara FER lA ea Ca] bn, dE, JE JT TA | E A iva A E] a de A A, a ¿7 | li] dd A amar DAA A ica ¿TE AT DE TF A ir hs ra bujra JA ra’] dos 14d E A LIFE A ia LUN 00 a a HA Ca ds ds pira | $ ás y Lamar e Lal ME 00-10: A Va ma El nar, Lu Ha ea td PES AA, ar 17 320 ie LEN “EOL e A EA data 44 Es] Ta ALL RE! ¿A tá de Sol Al pl ad Dóx ó%+ = FER A Rd EA il. Furia, AE] al a: EE ¡AA lia a Aa LE A EL name A Les ara Fada La] ds La REA dei a” 1 Lrtb + HH hn dom EA Se AA ha 4 Fs. Da i 506 Hu. FEF lar ua al Y ram ¿FEB de es Lt, a Ln d pra ar Aa HE 4 de O LA Za dE LEN ia a, A ás a dE Li FE FT] E inacmia: Ex JC DÓdE >] Lcrá ELL a Laure a arm a dica de mo ¿pl tál d FE y a A A da LFEL HE a im an ra pra 1 EE dee id ta PA Lit] e nd US Lsúll PE ie o | lle To A] bi dr 5 al ms AN EA Mm] FIA

Nominal and effective interest rates presented above correspond to annual rates.

F-171 Corporación Nacional del Cobre de Chile

The undiscounted amounts that the Corporation will have to disburse to settle the obligations with financial institutions, are as follows:

12-31-2024 CURRENT NON-CURRENT Name Type of Interest rate Interest rate Type of Less than: Over Total One to Three to Over Total non- creditor currency effective nominal amortization 90 days 90 days current three years five years five years current Banco de Créditos e inversiones US$ 4.75% 4.75% Quarterly 131,544 – 131,544 – – – – Banco Scotiabank Chile US$ 4.99% 4.99% Quarterly 101,248 – 101,248 – – – – Banco de Chile US$ 5.00% 5.00% Quarterly 101,250 – 101,250 – – – – Banco Santander Chile US$ 5.24% 5.24% Quarterly 50,633 – 50,633 – – – – Banco ltaú Chile US$ 5.23% 5.23% Quarterly 20,264 – 20,264 – – – – Banco de Chile US$ 5.63% 5.63% Annual 105,692 105,692 – – – – Banco Latinoamericano de Comercio US$ 6.23% 5.91% Semi-annual – 4,495 4,495 79,458 – – 79,458 Export Dev. Canada US$ 6.26% 5.93% Quarterly 4,549 13,646 18,195 327,293 – – 327,293 Export Dev. Canada US$ 6.41% 6.10% Quarterly 4,628 13,934 18,562 37,123 318,613 – 355,736 Export Dev. Canada US$ 6.48% 6.07% Quarterly 4,650 13,850 18,500 36,900 332,250 – 369,150 Export Dev. Canada US$ 6.66% 6.24% Quarterly 7,967 23,556 31,523 63,220 63,306 602,884 729,410 Credit Agricole Corporate é. Invesment Bank US$ 6.18% 5.04% Quarterly – 27,197 27,197 54,395 40,833 674,635 769,863 BONO 144-A REG.S 2025 US$ 4.74% 4.50% Semi-annual 8,938 406,173 415,111 – – – – BONO 144-A REG.S 2027 US$ 4.18% 3.63% Semi-annual 22,980 22,980 45,960 91,919 1,267,846 – 1,359,765 BONO REG.S 2029 US$ 2.97% 2.87% Semi-annual 1,865 1,865 3,730 7,459 137,459 – 144,918 BONO 144-A REG.S 2029 US$ 3.14% 3.00% Semi-annual 16,500 16,500 33,000 66,000 1,166,000 – 1,232,000 BONO 144-A REG.S 2030 US$ 3.28% 3.15% Semi-annual 15,750 15,750 31,500 63,000 63,000 1,015,750 1,141,750 BONO 144-A REG.S 2031 US$ 3.79% 3.75% Semi-annual 15,000 15,000 30,000 60,000 60,000 845,000 965,000 BONO 144-A REG.S 2033 US$ 5.27% 5.13% Semi-annual 23,063 23,063 46,126 92,250 92,250 1,061,438 1,245,938 BONO 144-A REG.S 2034 US$ 6.09% 5.95% Semi-annual 38,675 77,350 116,025 116,025 154,700 1,648,075 1,918,800 BONO 144-A REG.S 2035 US$ 5.78% 5.63% Semi-annual 14,063 14,063 28,126 56,250 56,250 668,750 781,250 BONO 144-A REG.S 2036 US$ 6.56% 6.44% Semi-annual 48,300 48,300 96,600 193,200 193,200 2,127,900 2,514,300 BONO 144-A REG.S 2036 US$ 6.22% 6.15% Semi-annual – 30,750 30,750 61,500 61,500 715,250 838,250 BONO 144-A REG.S 2042 US$ 4.41% 4.25% Semi-annual 15,938 15,938 31,876 63,750 63,750 1,164,375 1,291,875 BONO 144-A REG.S 2043 US$ 5.76% 5.63% Semi-annual – 53,438 53,438 106,875 106,875 1,698,125 1,911,875 BONO 144-A REG.S 2044 US$ 5.01% 4.88% Semi-annual – 47,775 47,775 95,550 95,550 1,696,625 1,887,725 BONO 144-A REG.S 2047 US$ 4.73% 4.50% Semi-annual 28,125 28,125 56,250 112,500 112,500 2,262,500 2,487,500 BONO 144 REG.S 2048 US$ 4.91% 4.85% Semi-annual – 29,100 29,100 58,200 58,200 1,138,350 1,254,750 BONO 144-A REG.S 2049 US$ 4.97% 4.38% Semi-annual 28,438 28,438 56,876 113,750 113,750 2,409,063 2,636,563 BONO 144-A REG.S 2050 US$ 3.92% 3.70% Semi-annual 49,580 49,580 99,160 198,320 198,320 4,712,780 5,109,420 BONO 144-A REG.S 2051 US$ 3.75% 3.15% Semi-annual 7,875 7,875 15,750 31,500 31,500 838,625 901,625 BONO 144-A REG.S 2053 US$ 6.57% 6.30% Semi-annual 37,800 37,800 151,200 151,200 3,014,400 3,316,800 Total ThUS$ 761,823 1,172,233 1,934,056 2,337,637 4,938,852 28,294,525 35,571,014 | BONO BCODE-B 2025 U.F. 3.24% 4.00% Semi-annual – 7,038,000 7,038,000 – – – – | BONO BCODE-C 2026 U.F. 1.78% 2.50% Semi-annual 124,228 124,228 248,456 10,248,457 – – 10,248,457 Total U.F. 124,228 7,162,228 7,286,456 10,248,457 – – 10,248,457 Subtotal ThUS$ 4,789 276,127 280,916 395,111 – – 395,111 | BONO REG.S 2039 AUD 3.66% 3.58% Anual – 2,506,000 2,506,000 5,012,000 5,012,000 95,060,000 105,084,000 Subtotal ThUS$ – 1,559 1,559 3,118 3,118 59,139 65,375 | BONO REG.S 2034 HKD 2.92% 2.84% Anual – 14,200,000 14,200,000 28,400,000 28,438,904 571,038,904 627,877,808 Subtotal ThUS$ – 1,829 1,829 3,658 3,663 73,549 80,870 Total ThUS$ 766,612 1,451,748 2,218,360 2,739,524 4,945,633 28,427,213 36,112,370

Nominal and effective interest rates presented above correspond to annual rates.

F-172

Corporación Nacional del Cobre de Chile

19 1.431 THE UT MA CRETA tez | e | ie | Me ars Par MES a B ie lo taa | Gr | Tara a e 1 0 Dis O E AO va | 7 A || : 1B : | na ai ys a ra, | Gan ene im s po a sá q
– 10H Y pad Y di. | il A 4 E ds TO mr] Hi dl? Fl “yá Ara, | Ly 4 Eta E JE ón] diva dues demi JA hd O ta ea LA á En Hb ME Ll 31d LE fi q 08 d Tarta di | e A Qu ” 170% 49 141 440,149 HS aura 1 PA RA 77 DE Ed añ LT 71d due MA Te Ji atm ¡4 a pl y] LL! Pa > de tag lá.
+ EA á tara + ari A e 41 Tel bl sd Aa > SÁ > 158 DA 3 Mia, A HE Tae “5 31 ix 401 uo Ed? za iras 1138 Tra jtrm Ja art Li. EX “ln AC DF | Ar a 147 PR pr bra LP me Fa Y TH sd un] a 1 a e +7 HO eo ad 0 ars a, RA FA ae ALE ATT 154. 17 E Md] hi Tirá ar ts 1) 13 0%) HL zi il e Eh ESP tin 18 ie 1 ar A: Fl ls AS mi 2d LDL Be De NET 40 1 TA ue 45 El da ad sn AE” 6 Ed FE LIRA ho Farid Er. ja et 2145 1154 10459 E BE + E E 101 des e ol LE dz Ti E 3 Gl: h : PM La: LS 4 Fo 450 A ENE EN PE FE 412 500 ZIMLER TAAn rác- 33 a d dada, mm rr 1 E A > E AI E AL En d rd dr A A am MN 111 14d E – DI A Y GE) dll Los ie ÍA | A A dde A di da a 1A dd nf PELLE=- 130 5 Bot id PEO S Ar 1d 3 Ha di | tn di ña La 1% 115 38 Ea mejia BOP Pub A FEE AR ME. O O = A ADE sn SE PLE: MET ] O SEE, a msuza] 10 PIC gr Ll dos A 1.4 Sd r0a a! 24M 00: BUS FOCA DATE al h 1 Fa 1.0744 | OS 1:34 di EAN pl A ES a ID =. – a al cal Sal um -| q ta ca Td. 1 ‘ E FATY 134 477.
CEET O A E | mar MAN SY | a A F | o Here Hb | ri a e UE! inmi ar LF ST 150- husttoral Tr | : v4.0) sn ESE [E 5 TO TI _Mzia soe) cagintel] pueiter] ¿nazanós] Maria md 401077 0 | Samons! Thai | k i 1 1441 ye | Toa TRUAL 27 yn 2104441 LAIA A

Nominal and effective interest rates presented above correspond to annual rates.

F-173 Corporación Nacional del Cobre de Chile

The following table details the changes in CODELCO’s liabilities classified as financing activities in the statement of cash flows, including changes in cash and non-cash changes for the years ended December 31, 2024 and year ended December 31, 2023:

Changes that do not represent cash flow Opening balance Cash flows of financing activities Financial costs Ex change Pair value etorri Ñ Other palanca Liabilities for at 1-1-2024 (1) difference | adjustment amortized cost 12-31-2024 financing activities From Used Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUus$ ThUS$ ThUS$ ThUS$ ThUS$ Loans from financial entities 1,481,047 1,031,747 (109,595) 922,152 113,551 – – (37,317) – 2,479,433 Bond obligatons 18,717,055 2,000,000 | (1,295,182) 704,818 944,686 (72,419) – (47,539) (3,471)| 20,243,130 Hedging obligations 117,598 – (133,538) (133,538) 11,657 21,746 (15,950) – 16,715 18,228 Financial assets for hedge derivatves (101,760) – – – – 51,227 1,519 – (14,992) (64,006) Leases 398,773 – (170,379) (170,379) 30,958 (18,951) – – 130,975 371,376 Other 80,651 – (63,743) (63,743) 2,513 – – – 67,932 87,353 Total liabilities on financing activities 20,693,364 3,031,747 | (1,772,437) 1,259,310 1,103,365 (18,397) (14,431) (84,856) 197,158 23,135,514 Changes that do not represent cash flow fmancina es IDO Pen Cash flows of financing activities es costs ODO en t deter in Ñ Other balance amortized cost 12-31-2023 From Used Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUus$ ThUS$ ThUS$ ThUS$ ThUS$

Loans from financial entities 978,705 830,000 (420,331) 409,669 99,228 – (6,556) 1 1,481,047 Bond obligations 15,979,672 2,900,000 (904,817) 1,995,183 749,444 29,886 – (33,600) (3,530)| 18,717,055 Hedging obligations 133,999 – (18,771) (18,771) 15,206 (13,509) (4,992) – 5,665 117,598 Financial assets for hedge derivatves (100,535) – – (15,534) 14,537 – (228) (101,760) Leases 411,869 – (154,482) (154,482) 32,139 5,361 – – 103,886 398,773 Other 63,659 – (21,387) (21,387) 2,767 277 – – 35,335 80,651 Total liabilities on financing activities 17,467,369 3,730,000 | (1,519,788) 2,210,212 898,784 6,481 9,545 (40,156) 141,129 20,693,364

(1) Financial costs include capitalized interest under IAS 23 of US$332,010 and US$246,136 for the years ended December 31, 2024 and 2023, respectively.

15. Fair Value of financial assets and liabilities

The fair value of financial assets other than equity instruments approximates their carrying value. Regarding equity instruments, see note 16.

Regarding financial liabilities, the following table shows a comparison as of December 31, 2024 between the carrying amount and the fair value of financial liabilities other than those whose carrying amount is a reasonable approximation of fair value:

Comparison book value vs fair value Accounting treatment | Book value | Fair value As of December 31, 2024 for valuation ThUus$ ThUs$ Financial liabilities: Bond obligations Amortized cost 20,243,130 | 17,375,235

F-174 Corporación Nacional del Cobre de Chile

16. Market value hierarchy for items at market value

Each of the market values calculated for the Corporation’s portfolio of financial instruments is supported by a calculation methodology and data inputs. An analysis of each of these methodologies has been carried out to determine to which of the following levels they can be assigned:

Level 1 corresponds to fair value measurement methodologies using market shares (unadjusted) in active markets to which the Corporation has access at the measurement date and considering identical Assets and Liabilities.

Level 2 corresponds to fair value measurement methodologies using quoted market price data, not included in Level 1, that are observable for the Assets and Liabilities measured, either directly (prices) or indirectly (derived from prices). For hybrid contracts without finalized price: sales of metals with provisional prices for the period are adjusted to the market price at the end of the period. Gains and losses arising from the market valuation of open sales are recognized through adjustments to revenue in the income statement and to trade accounts receivable in the balance sheet. The forward prices at the end of the period are used for the sales of copper. These forward prices are quoted market prices on the LME. For currency swaps: they are valued using a discounted cash flow analysis valuation model that includes observable credit spreads and using the yield curve applicable over the life of the instruments.

Level 3 corresponads to fair value measurement methodologies using valuation techniques that include data on the Assets and Liabilities valued, which are not based on significant observable market data.

Based on the methodologies, inputs, and definitions described above, the following market levels have been determined for the Corporation’s portfolio of financial instruments held as of December 31, 2024:

Financial assets and liabilities at fair value _ 12-31-2024 classified by hierarchy Level 1 Level 2 Level 3 Total ThUS$ ThUS$ ThUS$ ThUS$

Financial assets:

No transfers were made between the different levels of the market hierarchy for the reporting period.

Hybrid contracts with non-finalized price Cross currency swap

Mutual funds shares

Metal futures contracts

Investment in equity instruments (*)

Financial liabilities: Metal futures contracts Cross currency swap

14,104 169

21,893

1,709,222 64,006

4,307 18,228

579,127

1,709,222 64,006 14,104

169 579,127

26,200 18,228

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Corporación Nacional del Cobre de Chile

17, Trade and other accounts payable

a. Details of trade accounts payable, sundry accounts payable and other current accounts payable are shown in the following table:

Coment Libri am (2313024 | 12312077 This Thush me ceda | EAT 34 | aa ql aya E ario 0 Ne ARA T Valla cácrrjs 05 M5; ida lane ria 3d 71] Mier Bocca (a id A HA an vi Total 1801106 170083

Trade creditors mainly include operating accounts payable, and obligations associated with investment projects.

b. The following is a schedule of maturities of payments to trade creditors as of December 31, 2024 and 2023:

As of December 31, 2024

Amounts according to payment terms

Creditors with current due date Up to 30 31-60 61-90 91-120 | 121-365 | 366 and Total days over Goods 543,344 252 142 3 74 543,815 Services 890,746 8,853 213 5 110 899,927 Other 26,520 3 – – – 26,523 Total 1,460,610 9,108 355 8 184 1,470,265 As of December 31, 2024 Amounts according to payment terms Suppliers with overdue payments Up to 30 366 and P 31 – 60 61 – 90 91 – 120 121 – 365 Total days over Goods 33,362 776 283 152 522 4,772 39,867 Services 4,540 3,854 1,450 1,053 1,475 1,341 13,713 Other 26 4 4 1 4 3,660 3,699 Total 37,928 4,634 1,737 1,206 2,001 9,773 57,279 As of December 31, 2023 Amounts according to payment terms Creditors with current due date Up to 30 31-60 61-90 91-120 191-365 366 and Total days over Goods 653,344 270 125 653,739 Services 719,167 5,645 188 725,000 Other 85,612 851 – 86,463 Total 1,458,123 6,766 313 1,465,202 As of December 31, 2023 Amounts according to payment terms Suppliers with overdue payments Pos labo | 61-90 | 01-120 | 121-365 | “9 | oral days over Goods 56,189 1,437 100 87 1,514 1,866 61,193 Services 16,618 1,892 1,067 510 2,149 871 23,107 Other 180 237 347 66 229 1,605 2,664 Total 72,987 3,566 1,514 663 3,892 4,342 86,964

F-176 Corporación Nacional del Cobre de Chile

18. Other provisions

The detail of other current and non-current provisions at the dates mentioned is as follows:

13-11-24 17-50-2073 1231-2104 1211-2023 | MT A ar | 1 ETT ASE es ES Lurtbeirg (+1 BL Fr FT, Law Ma 13506 1,17 191 105 Lora ¿E el A LADA OTAN 11007 POE A ar ts nara sl lid 2 LE? 134 22349 351 Legal proceairos 1090 2 | Teuil | FESATO| A LA 2312443

(1) Corresponds to provisions for purchases and services relating to the operation, not invoiced at the end of the period.

(2) Corresponds to provisions related to sales, which consider freight, stowage and unstowage expenses.

(3) Corresponds to provisions for future closure costs related mainly to tailings dams, closure of mine sites and other assets. This cost value is calculated at discounted present value, using cash flows relating to plans with an evaluation horizon ranging from 10 to 60 years. The rates used to discount future cash flows are calculated based on the Life of Mine LOM of each of the operations, distinguishing rates in UF for those obligations in Chilean pesos and rates in
U.S. dollars for those obligations in U.S. dollars. These discount rates include the risks associated to the liability being determined, except for those included in the cash flows.

Below is a table with the discount rates used:

Division 12-31-2024 12-31-2023 Local Currency | Dollar Currency | Local Currency | Dollar Currency

Rate Rate Rate Rate Gabnela Mistral 2.42% 3.21% 2.44% 3.16% Andina 2.04% 3.50% 2.40% 3.29% Ministro Hales 2.14% 3.50% 2.14% 3.12% Chuquicamata 2.20% 3.61% 2.23% 3.17% Radomiro Tomic 2.20% 3.58% 2.26% 3.19% Salvador 2.20% 3.61% 2.20% 3.15% Teniente 2.20% 3.12% 2.14% 3.12% Ventanas 2.20% 3.12% 2.14% 3.12%

The Corporation determines and recognizes this liability in accordance with the accounting policy described in Note 2, letter 0) of section Il on Significant Accounting Policies.

F-177 Corporación Nacional del Cobre de Chile

The movement in Other provisions, non-current was as follows:

1-1-2024 1-1-2023
12-31-2024 12-31-2023 Other Other Movements o. Provision for . . o Provision for . .
Provisions, ! Contingencies Total Provisions, non- ! Contingencies Total site closure site closure non-current current ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance 617 2,259,251 72,775 | 2,332,643 604 2,611,117 68,007 | 2,679,728 Closing provision adjustment – (4,992) – (4,992) – (426,298) – (426,298) Financial expenses – 60,459 – 60,459 – 56,617 – 56,617 Payment of liabilities – (6,061) (6,061) – – (6,583) (6,583) Exchange rate difference (14) (116,483) (8,568)| (125,065) (3) 35,328 (1,472) 33,853 Other increases (decreases) (50) (16,051) (8,239) (24,340) 16 (17,513) 12,823 (4,674) Closing balance 553 2,182,184 49,907 | 2,232,644 617 2,259,251 72,775 | 2,332,643

19. Employee benefits
a. Provisions for post-employment benefits and other long-term benefits

Provision for post-employment benefits mainly corresponds to employee severance indemnities and medical care plans. The provision for severance indemnities recognizes the contractual obligation that the Corporation has with its employeesretirees. The provision for medical care plans recognizes the contractual obligation that the Corporation has with its retirees to cover their medical care costs. Both benefits operate within the regulatory framework set forth in the collective bargaining or other agreements between the Corporation and its employees.

These provisions are recorded in the statement of financial position at the present value of the estimated future obligations. The discount rate used is determined based on the rate of financial instruments corresponding to the same currency in which the obligations will be paid and with similar maturities.

The defined benefit obligations are denominated in Chilean pesos; therefore the Corporation is exposed to foreign exchange rate risk.

The results arising from adjustments and changes in actuarial variables are charged or credited to the statement of comprehensive income for the period in which they occur.

During the year ended December 31, 2024, there were no relevant modifications to the post- employment benefit plans.

The following actuarial assumptions were used in the actuarial calculation of the defined benefit plans:

F-178 Corporación Nacional del Cobre de Chile

Assumptions 12-31-2024 12-31-2023 Retirement Retirement Health plan Health plan plan plan

Annual nominal discount rate 5.21% 5.21% 5.44% 5,44% Voluntary Annual T urnover Rate for Retirement (Men) 5.10% 5.10% 5.30% 5.30% Voluntary Annual T urnover Rate for Retirement (Women) 6.00% 6.00% 5.90% 5.90% Salary Increase (real annual average) 4.35% – 4.55% – Future rate of long-term inflation 3.00% 3.00% 3.00% 3.00% Expected inflation health care rate 5.18% 5.18% Mortality tables used for projections CB20-RV20 | CB20-RV20 | CB20-RV20 | CB20-RV20 Average duration of future cash flows (years) 9.84 17.21 10.55 17.16 Expected Retirement Age (Men) 62 62 60 60 Expected Retirement Age (Women) 60 60 58 58

The discount rates correspond to the rates in the secondary market of government bonds issued in Chile. The projected annual inflation corresponds to an awareness above the long- term target publicly declared by the Central Bank of Chile and is derived from the market expectation as of December 31, 2024. The rotation rates have been determined after reviewing the Corporation’s own experience by studying the cumulative behavior of outflows over the last three years with respect to the current allocations. The expected rate of salary increases has been estimated using the long-term behavior of historical salaries paid by the Corporation. The mortality tables used were those issued by the CMF, which are considered an appropriate representation of the Chilean market given the lack of comparable statistical series to develop independent studies. The financial duration of the liabilities corresponds to the average maturity of the payment flows of the respective defined benefits.

b. The detail of current and non-current provisions for employment benefits as of the dates mentioned is as follows:

Employee benefits provisions Current Non-current
12-31-2024 | 12-31-2023 | 12-31-2024 | 12-31-2023 ThUS$ ThUS$ ThUS$ ThUS$ Employees’ collective bargaining agreements 208,477 198,806 Severance indemnities 29,337 31,425 541,545 586,199 Bonus 64,715 39,209 Vacation 159,532 176,193 Medical care programs 373 394 388,685 452,423 Retirement plans (see letter C.) 7,310 13,844 4,470 7,701 Other 20,803 20,869 6,660 7,107 Total 490,547 480,740 941,360 1,053,430

F-179

Corporación Nacional del Cobre de Chile

The reconciliation of the balances of the provisions for post-employment benefits is presented below:
1-1.2004 11-073
11.31 40 12.31.2530 Bomatriérila Astrea pls Mesh plan Retirement plan Healeh pas ¡uES muss 1 THurER TELS Copan] Vale | 1143 E AA | 1 30 Denroe cun 1537 5,131 MES 17 039 Farro ol 13440 mia 10.255 070 Dial oro mE Hi 153 511 (38 Er ¡5A 343 A Ms] am 1 13 417 “Bula 54105 13 64 671 53 dar 0% [Lider | L crea 0 a ah tata | (PEN) de 01 4 064 5 Ha Disma labra 11 PEL? 110 4554 617,6 23817

The balance of the defined benefit liability as of December 31, 2024, comprises a portion of ThUS$29,337 and ThUS$373 for the severance indemnity and the medical care plan, respectively. As of December 31, 2025, a balance of ThUS$614,526 has been projected for the provision for severance indemnities and ThUS$373,407 for health benefits The flows of compensation payments during the next twelve months reach an expected monthly average of ThUS$2,445 for severance indemnities and ThUS$ 31 for health benefit plans.

The technical revaluation ofthe liability (actuarial gainloss defined under lAS19) for severance indemnities and health plan benefits as of December 31, 2024 has been performed with a charge to equity, which is broken down into an actuarial loss of ThUS$1,308 for severance indemnities and actuarial gain of ThUS$4,718, for the health plans.

The following is a review of the sensitivities of the provisions, when going from a medium scenario to a low or high scenario with unitary percentage variations, respectively, and both effects of reduction or increase on the book balance of these provisions:

Severance benefits for years of service Low Medium High Reduction | Increase Financial effect on interest rates 4.96% 5.21% 5.46% 1.45% -1.41% Financial effect on the real increase in income 4.10% 4.35% 4.60% -1.29% 1.33% Demographic effect of job rotations 4.69% 5.19% 5.69% -0.07% 0.10% Demographic effect on mortality tables -25.00% CB20-RV20| 25.00% 0.00% 0.00%

Health benefits and other Bajo Medio Alto Reducción | Aumento Financial effect on interest rates 4.96% 5.21% 5.46% 2.84% -2.69% Financial effect on health inflation 5.28% 5.78% 6.28% -2.30% 2.40% Demographic effect, planned retirement age 6058 6260 64 62 3.92% -3.79% Demographic effect on mortality tables -25.00% CB20-RV20| 25.00% 10.14% -6.69%

c) Provisions for early retirement plans and termination bonuses

In accordance with its operating optimization programs to reduce costs and increase labor productivity by incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value.

F-180 Corporación Nacional del Cobre de Chile

As of December 31, 2024 and 2023, there is a current balance of ThUS$7,310 for early retirement and conflict termination bonuses of which ThUS$ 13,844 respectively. Related non- current balances amount to ThUS$4,470 and ThUS$7,701, respectively. These amounts have been determined using a discount rate equivalent to that used for calculating employee benefits provisions and whose outstanding balances are part of the balances as of December

31, 2024 and 2023.

d) Employee benefits expenses

The employee benefit expenses recognized classified by nature are as follows:

1-1-2024 1-1-2023 Expense by Nature of Employee Benefits 12-31-2024 12-31-2023 ThUS$ ThUS$ Benefits – Short term 1,514,241 1,577,757 Benefits – Post employment 25,321 17,029 Early retirement plans and conflict termination bonuses 20,338 33,846 Benefits for years of service 65,212 84,657 Total 1,625,112 1,713,289

20. Equity

The Corporation’s total equity as of December 31, 2024 is ThuS$11,301,489 (as of December 31, 2023 ThUS$ 11,046,649).

In accordance with article 6 of Decree Law No. 1350 of 1976, it Is established that, before March 30 of each year, the Board must approve the Corporation’s Business and Development Plan for the next three-year period. Taking that plan as a reference and keeping in mind the Corporation’s balance sheet for the immediately preceding year and aiming to ensure its competitiveness before June 30 of each year the amounts that the Corporation shall allocate to the formation of capitalization funds and reserves shall be determined by decree from the Ministries of Mining and Treasury.

Net income shown in the Statement of Financial Position, after deducting the amounts referred to in the previous paragraph, shall belong to the State and become part of the Nation’s general income.

On June 22, 2022, the Ministry of Finance agreed with the Corporation to a four-year average reinvestment plan of 30% of profits between 2021 and 2024, which will significantly contribute to the financing of Codelco’s investment plan, while considerably reducing its debt requirements. Consistent with the above, on the same date the Ministry of Finance issued exempt decree No. 194 authorizing the Corporation to allocate up to ThUS$582,750 of the net income from the balance sheet for the year 2021. In accordance with the provisions of exempt decree No. 4 of January 2023, these resources will be paid against the profits of 2022 and 2023, prior to the absorption of the excess of anticipated dividends of previous years and the interim dividends of 2022.

F-181 Corporación Nacional del Cobre de Chile

On July 17, 2023, the Ministry of Finance issued exempt decree No. 238 authorizing the Corporation to allocate up to ThUS$103,677 of the net income shown in the 2022 balance sheet to capitalization and reserve funds, which will be charged against the income for 2023 and subsequent years, until that amount is reached, and the final amount will be determined and recorded once the 2023 accounting period is closed and the final income for the year is known.

As of December 31, 2023, a capitalization and reserve fund has been created amounting to ThUS$345,589, according to Exempt Decree No. 194, as of December 31, 2024, a capitalization and reserve fund of MUS$ 103,677 is established in accordance with Exempt Decree No. 2368..

As of December 31, 2024, the Corporation has a balance in favor of advance dividends paid in prior years in excess of distributable earnings of ThUS$373,654. (As of December 31, 2023, the favorable balance was MUS$ 509,843). As of December 31, 2024 and 2023, there are no dividends payable.

The Consolidated Statement of Changes in Equity discloses the changes in the Corporation’s equity.

The movement and composition of other equity reserves is presented in the Consolidated Statement of Changes in Equity.

Reclassification adjustments from other comprehensive income to income for the years meant a loss of ThUS$7,864 and a profit of TRUS$620 during years ended December 31, 2024 and 2023, respectively.

Other reserves

Details of other equity reserves are shown in the following table, according to the dates indicated for each case.

Other reserves 12-31-2024 | 12-31-2023 ThUus$ Thus$

Reserve on exchange differences on translation (14,693) (8,782) Reserve of cash flow hedges (3,446) (1,095) Capitalization fund and reserves 5,411,660 | 5,307,983 Actuarial results reserve in defined benefit plans (269,775) (272,779) Fixed asset revaluation reserve Law 18110 year 1982 624,567 624,567 Reserve for financial assets measured at fair value with 20.694 changes in other comprehensive income – Other reserves (11,643) (9,971) Total other reserves 5,757,364 5,639,923

F-182

Corporación Nacional del Cobre de Chile

b) Non-controlling interests

The detail of non-controlling interests, included in total equity and total profit or loss, as of the dates mentioned, is as follows:

Companies Non-controlling interests Equity Profit
12-31-2024 | 12-31-2023 | 12-31-2024 | 12-31-2023 1-1-2024 1-1-2023
12-31-2024 | 12-31-2023 % % ThUS$ ThUS$ ThUS$ ThUS$

Inversiones Gacrux SpA 32.20% 32.20% 701,803 696,923 4,835 (216,288) Other – – 41 31 15 23 Total 701,844 696,954 4,850 (216,265)

The percentage of non-controlling interest over equity of Inversiones Mineras Becrux SpA generates a non-controlling interest in the subsidiary Inversiones Gacrux SpA. Regarding the latter company, the figures related to its statement of financial position, statement of income and statement of cash flows are as follows:

Assets and liabilities 12-31-2024 | 12-31-2023 ThUS$ ThUS$

Current assets 134,445 152,942

Non-current assets 2,157,202 2,147,507

Current liabilities 112,058 135,827

Non-current liabilities 223,531 217,715

Profit (loss) 1-1-2024 1-1-2023

12-31-2024 | 12-31-2023 ThUS$ ThUS$

Income 653,219 674,881

Ordinary expenses and other (644,147)| (1,351,613) (Loss) gain for the period 9,072 (676,732) Cash flows 1-1-2024 1-1-2023

12-31-2024 | 12-31-2023 ThUS$ ThUS$

Net cash flows from (used in) operating activities (2,928) 16,114 Net cash flows from (used in) investing activities 445 1,806 Net cash flows from (used in) financing activities – (8,333) Effects of exchange rate variation on cash and cash equivale (38) – Cash and cash equivalents at the beginning of the period 18,201 8,614 Cash and cash equivalents at the end of the period 15,680 18,201

F-183

2 Corporación Nacional del Cobre de Chile

21. Revenue

Revenues from ordinary activities for the years ended December 31, 2024 and 2023, were as follows:

142024

Perm 1-1-2023
12-31-2074 12-31-2023 A pacos mp sales Ol + 14 ¿40 vn? daran Pi A MEE oa to a HITA e nee oh a da norpbdérii Mad 470 HL? Pra E a AA UA ASA 37) ol ¡eri id reas rare] 118 1531 AX | Total 16,993 379 (4 393,220

The Corporation’s revenue is recognized at a point in time.
The breakdown of revenue is presented in explanatory note No.26 Operating Segments.

22. Expenses by nature

The items in the Income Statement: Cost of Sales, Administrative Expenses, and Distribution Costs are composed of the following expense concepts presented based on their nature, for the fiscal years ended December 31, 2024, and 2023:

1-1-2024 1-1-2023 Item 12-31-2024 12-31-2023 ThUus$ ThUus$

Short-term benefits to employees (1,514,241) (1,577,757) Depreciation (1) (2,266,540) (2,291,892) Amortization (181) (234) Raw Materials (2,605,168) (2,404,523) Materials, consumables and others (7,055,863) (7,568,596)

Total (13,441,993)| (13,843,002)

(1) Depreciation includes the expense of Property, plant and equipment and right-of-use assets (see note 7b and note 8.1).

23. Asset impairment

As of December 31, 2024 and 2023, there are no indications of impairments or reversals of impairment for other cash-generating units or affiliates.

F-184 Corporación Nacional del Cobre de Chile

24, Other income and expenses

Other income and expenses by function for the years ended December 31, 2024 and 2023, Is detailed below:

a. Other income

Item 1-1-2024 1-1-2023
12-31-2024 12-31-2023

ThUS$ ThUS$ Penalties to suppliers 7 999 6,846 Delegated Administration 5,472 4 548 Miscellaneous sales (net) 7,061 22,934 Insurance compensation for accidents 39 698 35 019 Provision for Obsolescence of Matenals 2,349 34 Other miscellaneous income 18,075 23318 Total 80,654 93,039

b. Other expenses | 412024 1-1:2023 Rem 12-31-2074 12-31-2023 | ThuS4 ThUus5

Law Ma: 13108 lo raorasaí (1250.05, Li Ho 2160 rl 2 Eoyaiy All Valkcrer (119 35]

More arpas (11 (108 0] 1155 15%] Bonus for tha end Ol cobooPye bargeraa (él (MA 0] [20 57] Cin Experts (7.508 ] 115 45] Expense plan (4 lo rote 11 Mile í | EE] a 248] Wirdich al rmesirnoni proppcis (10 214] 155) Loss on Unposal ol med arsels e tu) M1, CU Hear ds ue des ra 18 dels A) 115171] AMAT Comntora náermis humewoh apé=mnón! 17657] Nagurseniesd ol rencor Za 145] (13 2) Mili ia 1727 E] (20 501] Gaalos de conirnenda (1d 7 ED Y usd mspoi comia, low production ral 1d) (¿5 HF] MITA TAN Aussmeni serranos voermiides | | 12 ml] (31411 Qe CEFNIRS | 1 300! (55 5951 E Tas [estare 11062008

(1) Study expenses include exploration expenses (see note 7 letter f), pre-investment studies and research and technological innovation expenses.

which do not establish a permanence condition.

the portion earned by employees in prior years.

F-185

(4) Break down .by division for this concept is as follows:

(2) Corresponds to disbursements for the closing of a collective bargaining process,

(3) Corresponds to the restatement of severance indemnities liabilities associated with

Corporación Nacional del Cobre de Chile

1-1-2024 1-1-2023 División 12-31-2024 12-31-2023

ThUS$ ThUS$ Andina – (6,486) Chuquicamata (16,285) (73,700) Ventanas (7,679) (24,879) Ministro Hales (12,283) Gabriela Mistral – (3,763) Salvador (187,710) (123,489) Teniente (6,957) (58,071) Radomiro Tomic (76,206) – Total fixed indirect costs, low production level (294,837) (302,671)

Cc. LawNo. 13196

Law No. 13196 – Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at
10%.

On September 26, 2019, Law No. 21174 was published, which repeals Law No. 13196 and establishes that the 10% tax (rate still in effect as of December 31, 2024) to the tax benefit provided by the Corporation will subsist for a period of nine years, decreasing from the tenth year 2.5% per year until reaching 0% at the beginning of the thirteenth year.

25. Finance costs

Finance costs for the years ended December 31, 2024 and 2023, Is detailed below

Item 1-1-2024 1-1-2023
12-31-2024 12-31-2023

ThUS$ ThUS$ Bond interest (659,958) (547,293) Bank loan interest (77,926) (70,449) Restatement of severance indemnity provision (13,449) (10,255) Restatement of other non-current provisions (9,760) (8,070) Closing provision update (60,460) (56,617) Other (88,858) (86,226) Total (910,411) (778,910)

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Corporación Nacional del Cobre de Chile

26. Operating segments

In section Il “Significant Accounting Policies, it has been indicated that, for the purposes of IFRS 8, “Operating Segments”, these are determined according to the Divisions that comprise Codelco. In addition, the Parent Company’s revenues and expenses are distributed among the defined segments.

The mining deposits in operation, where the Corporation conducts its extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina and El Teniente. Ventanas is added to these divisions, which, until June 2023, operated only in the smelting and refining area and, as of that date, only in the refining area. All these Divisions have a separate operational management, which reports to the Chief Executive Officer through the Vice-President of Operations. The information on each Division and their corresponding mining deposits is as follows:

Chuquicamata

Types of mine sites: Open pit mines and underground mines

Operating: since 1915

Location: Calama, Il Region de Antofagasta. Chile

Products: electro refined and electrowon cathodes and copper concentrate

Radomiro Tomic

Types of mine sites: Open pit mines

Operating: since 1997

Location: Calama, Il Region de Antofagasta. Chile

Products: electrowon copper cathodes and copper concentrate

Ministro Hales

Types of mine sites: Open pit mines

Operating: since 2014

Location: Calama, I! Region de Antofagasta. Chile.
Products: Calcined copper, copper concentrates

Gabriela Mistral

Types of mine sites: Open pit mines

Operating: since 2008

Location: Calama, Il Region de Antofagasta. Chile Products: Electrolytic (electro-obtained) cathodes

Salvador

Type of mines: Underground and open pit mines

Operating: since 1926

Location: Salvador, Ill Region de Atacama. Chile.

Products: Electro refined and electrolytic (electro-obtained) copper cathodes and copper concentrate.

F-187 Corporación Nacional del Cobre de Chile

b)

Andina

Type of mines: Underground and open pit mines Operating: since 1970

Location: Los Andes, V Region de Valparaíso. Chile.
Product: Copper concentrate

El Teniente

Type of mines: Underground mine

Operating: since 1905.

Location: Rancagua, VI Region del Libertador General Bernardo O’Higgins. Chile.
Products: copper concentrate and copper anodes.

Allocation of Head Office revenue and expenses

Main revenue and expenses items controlled by the Head Office are allocated to the Divisions based on following criteria.

Revenue and Cost of Sales of Head Office commercial transactions e The results from commitments derived from the reception, processing andor purchase of concentrates from Codelco to Enami are distributed based on the ordinary income of each Division.

Finance Costs The financial costs are distributed in proportion to the mining project investments made by each Division.

Contribution to the Chilean Treasury under Law No. 13196 e The amount of the contribution is allocated and accounted for in proportion to the invoiced and recorded amounts for copper and sub-product exports of each Division, that are subject to the surcharge.

Tax income benefit (expense) e Income tax benefit (expense) Corporate income tax under D.L. 2.398 and the Royalty Mining Margin Tax (Specific Tax on Mining Activities until 2023) are allocated based on the income before income taxes of each Division, considering for this purpose the income and expenses allocation criteria of the Head Office and subsidiaries mentioned above.

e Other tax expenses are allocated in proportion to the corporate income tax, the Royalty Mining Margin Tax (Specific Tax on Mining Activities until 2023) and tax under D.L. 2.398 of each Division.

Transactions between segments

Transactions between segments mainly related to products processing services (or tolling services), are recognized as revenue for the segment rendering the tolling services and as the cost of sales for the segment that receives the service. Such recognition is made in the period in which these services are rendered, as well as its elimination in the consolidated corporate financial statements.

F-188

Corporación Nacional del Cobre de Chile

Additionally, the reallocation of the profit and loss assumed by Ventanas Division, associated with the corporate mineral processing contract between Codelco and Enami, in which a distribution is applied based on the revenue of each division is included as a transaction between segments.

Cash flows by segments

The operating segments defined by the Corporation, maintains a cash management function which refers mainly to operational activities that need to be covered periodically with funds constituted in each of these segments and whose amounts are not significant in relation to corporate balances of cash and cash equivalents.

Conversely, activities such as obtaining financing, investment and payment of relevant financial obligations are mainly based at the Head Office.

F-189

Corporación Nacional del Cobre de Chile

From 01-01-2024 to 12-31-2024 Segments Chuquicamata R. Tomic Salvador Andina El Teniente Ventanas G. Mistral M. Hales Total segments Other Total Consolidated ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$

Revenue from sales of own copper 4,326,844 2,410,576 561,430 1,522,524 2,961,348 338,343 983,132 1,145,000 14,249,197 14,249,197 Revenue from sales of third-party copper 4,786 – – – – 55,589 – – 60,375 1,346,452 1,406,827 Revenue from sales of molybdenum 387,279 57,169 – 77,801 187,510 – – 709,759 33,561 743,320 Revenue from sales of other products 187,319 – 136,157 2,181 115,732 62,144 80,168 583,701 24,497 608,198 Revenue from future market (4,261) (3,276) (3,042) (224) (799) (950) (1,347) (264) (14,163) – (14,163) Revenue between segments 94,415 – 37,606 1,385 47,290 38,502 39,647 258,845 (258,845) – Revenue 4,996,382 2,464,469 732,151 1,603,667 3,311,081 493,628 981,785 1,264,551 15,847,714 1,145,665 16,993,379 Cost of sales of own copper (3,571,440) (1,756,995) (584,177) (1,155,415) (1,723,124) (334,104) (732,806) (971,443) (10,829,504) 3,795 (10,825,709) Cost of sales of third-party copper (4,561) – – – – (75,333) – – (79,894) (1,269,876) (1,349,770) Cost of sales of molybdenum (90,556) (38,196) – (26,513) (44,923) – – (200,188) (20,891) (221,079) Cost of sales of other products (178,103) – (139,574) (172) (53,826) (54,743) – (5,681) (432,099) (77,081) (509,180 Cost of sales between segments (168,354) 56,105 (154,768) 2,425 49,686 (41,380) (2,847) (1,175) (260,308) 260,308 – Cost of sales (4,013,014) (1,739,086) (878,519) (1,179,675) (1,772,187) (505,560) (735,653) (978,299) (11,801,993) (1,103,745) (12,905,738) Gross profit (loss) 983,368 725,383 (146,368) 423,992 1,538,894 (11,932) 246,132 286,252 4,045,721 41,920 4,087,641 Other income, by function 40,275 4,026 2,780 5,908 6,521 (73) 1,556 (1,245) 59,748 20,906 80,654 Distribution costs (5,753) (1,895) (2,782) (852) (5,591) (1,944) (1,603) (1,044) (21,464) (3,575) (25,039) Administrative expenses (42,864) (31,768) (10,033) (32,437) (69,164) (8,628) (25,365) (28,088) (248,347) (262,869) (511,216) Other expenses, by function (187,163) (157,851) (225,801) (83,395) (232,654) (17,689) (17,399) (29,655) (951,607) (265,805) (1,217,412) Law No. 13196 (440,609) (206,594 (49,381) (157,849 (225,956 (38,480) (96,544) (86,451) (1,301,864 – (1,301,864) Other gains (losses) – – – – – – – – – 37,306 37,306 Finance income 1,146 (116) 550 (611) 1,279 1 1 (25) 2,225 122,631 124,856 Financial costs (289,097) (35,816) (37,640) (136,113) (344,275) (7,750) (22,530) (34,888) (908,109) (2,302) (910,411) Impairment loss under IFRS 9 – – – – – – – – – (731) (731) Share in the profit (loss) of associates and joint 375 137 (206) 306 65,071 65,377 ventures accounted for using the equity method Exchange gains (losses) in foreign currencies 83,434 29,570 28,456 85,694 178,702 7,560 8,156 15,999 437,571 (76,278) 361,293 Profit (loss) before tax 142,737 324,939 (439,844) 104,474 847,550 (78,935) 92,404 120,855 1,114,180 (323,726) 790,454 Income tax expense (99,129) (217,383) 309,139 (75,693) (610,032) 55,820 (58,924) (84,435) (780,637) 234,899 (545,738) Profit (loss) 43,608 107,556 (130,705) 28,781 237,518 (23,115) 33,480 36,420 333,543 (88,827) 244,716

F-190 Corporación Nacional del Cobre de Chile

From 01-01-2023 to 12-31-2023 Segments Chuquicamata R.Tomic Salvador Andina El Teniente Ventanas G. Mistral M.Hales | Total segments Other Total Consolidated ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$

Revenue from sales of own copper 3,611,833 2,913,072 757,999 1,337,483 2,887,639 242,987 889,113 908,667 13,148,793 – 13,148,793 Revenue from sales of third-party copper 2,979 – 14 – 179,354 182,347 1,490,719 1,673,066 Revenue from sales of molypdenum 431,700 96,020 – 84,576 264,435 – – 876,731 36,031 912,762 Revenue from sales of other products 180,603 146,046 3,874 126,871 111,299 72,629 641,322 13,005 654,327 Revenue from future market 1,426 (749) 1,417 (264) 945 654 (472) 1,323 4,280 1 4,281 Revenue between segments 95,892 4,567 24,166 7,099 31,547 96,496 12,795 272,562 (272,562) – Revenue 4,324,433 2,612,910 929,642 1,432,768 3,311,437 630,790 888,641 995,414 15,126,035 1,267,194 16,393,229 Costof sales of own copper (3,199,526) (1,920,837) (870,505) (1,148,835) (1,678,097) (248,518) (792,007) (981,852) (10,840,177) 5,239 (10,834,938) Cost of sales of third-party copper (3,051) – – – (188,389) (191,440) (1,466,947) (1,658,387) Cost of sales of molyodenum (88,574) (36,789) – (29,822) (50,714) – – (205,899) (46,453) (252,352) Cost of sales of other products (162,029) – (166,396) (363) (67,521) (112,581) (3,503) (512,393) (15,273) (527,666 Cost of sales between segments (150,727) 33,990 (68,203) 4,356 17,257 (129,500) (3,004) 23,269 (272,562) 272,562 – Cost of sales (3,603,907) (1,923,636)| (1,105,104) (1,174,664) (1,779,075) (678,988) (795,011) (962,086) (12,022,471)| (1,250,872) (13,273,343) Gross profit (loss) 720,526 689,274 (175,462) 258,104 1,532,362 (48,198) 93,630 33,328 3,103,564 16,322 3,119,886 Otherincome, by function 10,228 3,333 3,308 5,891 8,421 879 387 38,179 70,626 22,413 93,039 Distribution costs (7,134) (2,201) (5,002) (2,176) (2,523) (2,291) (747) (693) (22,767) (2,730) (25,497) Administrative expenses (47,863) (34,302) (22,090) (33,255) (71,372) (10,575) (29,205) (30,213) (278,875) (265,287) (544,162) Other expenses, by function (184,694) (28,755) (150,803) (44,992) (183,076) (53,699) (13,331) (22,458) (681,808) (124,659) (806,467) Law No. 13196 (370,093 (223,476 (81,514) (138,161 (244,829) (31,425 (87,317 (79,524 (1,256,339 – (1,256,339) Other gains (losses) – – – – – – – – 43,046 43,046 Finance income 879 547 80 (745) 1,226 (268) 33 128 1,880 97,171 99,051 Financial costs (273,253) (35,979) (16,399) (117,799) (260,920) (7,497) (22,434) (38,672) (772,953) (5,957) (778,910) Impairment loss under IFRS 9 – – 2,279 2,279 Share in the profit (loss) of associates and joint ventures l l 337 99 (127) 309 (658,427) (658,118) accounted for using the equity method Exchange gains (losses) in foreign currencies 12,808 5,209 3,280 (13,179) (10,187) (777) (318) (1,898) (5,062) (39,901) (44,963) (Loss) profit before tax (138,596) 373,650 (444,265) (86,213) 768,975 (153,851) (59,302) (101,823) 158,575 (915,730) (757,155) Income tax expense 86,511 (250,345) 299,909 59,581 (527,032) 102,990 40,377 72,781 (115,228) 281,144 165,916 (Loss) profit (52,085) 123,305 (144,356) (26,632) 241,943 (50,861) (18,925) (29,042) 43,347 (634,586) (591,239)

F-191

Corporación Nacional del Cobre de Chile

The assets and liabilities related to each operating segment, including the Corporation’s corporate center (Head Office) as of December 31, 2024 and 2023, are detailed in the following tables:

12-31-2024 . Radomiro . . . Total Category Chuquicamata . Salvador Andina |ElTeniente | Ventanas | G.Mistral | M.Hales Other .
Tomic Consolidated ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Current assets 1,366,947 745,893 358,069 303,165] 1,047,921 87,148 288,618 414,135 1,834,592 6,446,488 Non-current assets 11,150,367| 2,766,543] 3,152,282| 5,839,384] 10,497,705 138,115 931,028] 3,203,373 5,575,433 43,254,230 Currentliabilities 756,612 332,108 234,449 306,281 610,974 112,828 152,178 171,519 2,281,273 4,958,222 Non-current liabilities 499,192 319,172 256,971] 1,058,953 771,200 87,902 117,355 141,821| 30,188,441 33,441,007
12-31-2023 . Radomiro . . . Total Category Chuquicamata . Salvador Andina |ElTeniente | Ventanas | G.Mistral | M.Hales Other .
Tomic Consolidated ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Current assets 1,326,054| 1,024,003 377,421 307,085 982,628 145,564 439,772 466,241 2,220,513 7,289,281 Non-current assets 10,485,840| 2,429,242| 2,4411644| 5632682] 9,574,502 146,463 933,198] 3,131,121 4,842,275 39,586,967 Currentliabilities 691,750 318,185 244,621 304,716 583,902 160,123 145,882 152,821 1,781,983 4,383,983 Non-current liabilities 561,504 355,682 280,168] 1,084,112 901,352 107,982 120,884 83,571| 27,950,361 31,445,616 Revenues segregated by geographic area are as follows: l-1-4374 l-5 407 Ernyrriin ques ijoinjra pili armán 12-11-2344 12-31-2143 ‘ 11168 Trltsd ¡POMO er liar do rro Cusiorrara ¿5 Le 3059 007 305 Petaó naranja irc Vegmigón CLAENTuAra 1d 48 pr 14.160 084 Volal 169030. 16393239
1-1. ¿54 t.1.20023 Ravemie pe geograpÍiical ares 12-31-2274 12-11-2973 FEILISA Rusa Ú isa Ana 1491 503 3,034,392 pont el dá 76M 485 1005420 ESTOS 3,757,352 13452 007 ¡Ambos 4.947+ 585 4 154404 ¡[ret 535 190 625 626
q. 16991378 16,391.20

During the years ended December 31, 2024 and 2023, there was no revenue from ordinary activities from transactions with a single customer representing 10 percent or more of the Corporation’s revenue from ordinary activities.

F-192 Corporación Nacional del Cobre de Chile

27. Exchange difference

Exchange differences for the years ended December 31, 2024 and 2023, are as follows:

Prof less] ross toraiga archange dñerences recognized ln cba llas Nil 12 11-Hi24 1231-42 Thush THusi

Em Asno Arts Crea LAS Pap | 5 15 0% Esta e Foto | Pm Hal, Pa rural A ¡5 TN Entro Hide Cep Pere lr re Cia e 110,45 5, | retar Amo een aran rar 4 5% Er Lic Ci Hades | Meira FI MAN (10.231 ¡Total exchange direc l A

28. Statement of cash flows

The following table shows the items that comprise other collections and payments from operating activities in the Statement of Cash Flows:

A (Mir cofciisna brota operalleg atónisn 12-31-2040 Fa-Yt-2023 Thu CAES: HAT ted | > E -] FS E why .
al el y | AAA el 5H 26 cla ¿507 6d 2. ON 76
1-1-4404 1-1-20%3 Other paymerás hos operan acliriiós | PITA ThySs THUSE cir hs Cha y Lima MALT 1 Dj ad Da lala mea (33 O0N 901 rel tte cerrar Lars prat | PA] card, Botas [AT A

During the years ended December 31, 2024 and 2023, no direct cash capital contributions were received.
29. Risk management

Corporación Nacional del Cobre de Chile has created instances within its organization that seek to generate strategies to minimize the financial risks to which it may be exposed.

The risks to which Codelco is exposed and a brief description of the management procedures that are carried out in each case, are described below.

F-193

Corporación Nacional del Cobre de Chile

a. Financial risks
* Exchange rate risk:

According to IFRS 7, exchange rate risk is understood to be the risk that arises from financial instruments that are denominated in foreign currencles, that is, a currency other than the Corporation’s functional currency (US dollar).

Codelco’s activities that generate this exposure correspond to funding in UF, accounts payable and recelvable and provisions in Chilean pesos, other foreign currencies used in Its business operations and obligations with employees.

Most transactions in currencies other than US$ are denominated in Chilean pesos. Also, there Is another portion in Euro, which corresponds mainly to a long-term loan issued through the International market, which exchange rate risk is mitigated with hedging instruments (Swap).

Taking into consideration the financial assets and liabilities as of December 31, 2024 as the base, a fluctuation (positive or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other variables constant), could affect profits before taxes by US$29 million in profit or loss, respectively. This result is obtained by identifying the main Items (including assets and financial liabilities) denominated in foreign currencies in order to measure the impact on profit or loss that a variation of +- 10 Chilean pesos would have in terms of US$, with respect to the closing exchange rate at the end of the reporting period.

There are operating and investment expenses that are subject to price-level restatements associated with inflationary adjustments in the economic environment in which the Corporation operates. The Corporation periodically monitors the effects of these price-level restatements on lts results in order to detect unusual situations that could have a significant financial impact.

Based on current conditions, the Corporation has not entered into, nor does it intend to enter into, derivative contracts specifically to hedge the effects discussed in the preceding paragraph.

If financial assets and liabilities are considered as of December 31, 2024, a 1% fluctuation (positive or negative) in the value of UF In Chilean pesos (with all other variables held constant) could affect the pre-tax result by an estimated US$16 million loss or gain, respectively. This result is obtained by identifying the main items affected by exchange differences, both financial assets and liabilities, in order to measure the impact on income that a 1% variation in the value of the UF, used at the date of presentation of the financial statements, would have.

* Interest rate risk This risk arises from interest rate fluctuations in Codelco’s investment and financing activities.

This movement can affect future cash flows or the market value of fixed rate financial instruments.

F-194 Corporación Nacional del Cobre de Chile

These rate variations refer to U.S. dollar variations, mostly with respect to the LIBOR rate. To manage this risk, Codelco maintains an adequate combination of fixed and variable rate debt, which is complemented by the possibility of using Interest-rate derivatives to meet the strategic guidelines defined by Codelco’s Vice-Presidency of Finance.

lt is estimated that, based on net debt at December 31, 2024, a one percentage point change in the Interest rates of credit financial llabilities subject to variable interest rates would result in a change in annual interest expense of approximately US$15 million, before taxes. This estimation is made by Identifying the liabilities assigned variable interest, accrued at the end of the financial statements, which may vary with a change of one percentage point in variable Interest rates.

The concentration of obligations that Codelco maintains at fixed and variable rates at December 31, 2024, corresponds to a total of ThUS$20,243,130 and ThUS$2,479,433, respectively.

b. Market risk.
* Commodity price risk:

As a result of its commercial operations and activities, the Corporation’s income is mainly exposed to the volatility of copper prices and certain sub-products such as gold and silver.

Copper and molybdenum sales contracts generally establish provisional sales prices at the time of shipment of such products, while the final price will be considered based on a monthly average price determined by the market for future periods. At the reporting date, sales of provisionally priced products are adjusted to fair value and the effect is recorded in the results of operations for the period. Forward prices at the period-end are used for copper sales, while period-end average prices are used for molybdenum concentrate sales due to the absence of an assets futures market. (See Note 2.q) “Income from Activities Ordinary Procedures from Contracts with Customers of section || Main Accounting Policies).

As of December 31, 2024, If the future price of copper fluctuates by + – 5% (with the other variables constant), the result would be +- US$229 million before taxes as a result of setting the mark to market of sales revenue to provisional prices in effect as of December 31, 2024 (MTMF 519). For the estimate indicated, all of those physical sales contracts were valued according to the monthly average immediately following the close of the financial statements, and proceeds to be estimated regarding what the final settlement price would be If there Is a difference of + – 5% with respect to the future price known to date for this period.

In order to protect cash flow and adjust, where necessary, lts sales contracts to its trade policy, the Corporation holds operations in futures markets. Atthe end of the reporting period, these contracts are adjusted to fair value, recording this effect, at the settlement date of the hedging transactions as part of net product sales.

The Corporation has not entered into any hedging transactions with the specific purpose of hedging the price risk caused by fluctuations In prices of production inputs.

F-195 Corporación Nacional del Cobre de Chile

c. Liquidity risk

The Corporation ensures that it has sufficient resources, such as pre-approved credit lines (including refinancing), in order to meet short-term requirements, after considering the necessary working capital for its operations and any other commitments it has.

In this sense, the Corporation maintains resources at its disposal sufficient to meet its obligations, whether in cash, liquid financial instruments or credit facilities.

In addition, the Finance Department constantly monitors the Corporation’s cash flow projections based on short- and long-term projections and available financing alternatives. In addition, the Corporation estimates that it has enough headroom to increase the level of borrowing for the normal requirements of its operations and investments established in its development plan.

In this context, according to current existing commitments with creditors, the cash requirements to cover financial liabilities classified by maturity and presented in the statement of financial position are detailed as follows:

Maturty ol fnarcial Habilina Less ión | Barrón one Cher les 0d 12-14.2074 A yal fia yádre paara Lost Pm hesnció anida 315.54 47113570 507105 Gcmedr di 355 20 [5,858 PE e o loba . | 57 1d |

Total 1542060 | 4326435) 16385,816

d. Credit risk

This risk comprises the possibility that a third party does not fulfill its contractual obligations, thereby causing a loss for the Corporation.

Given the Corporation’s sales policy, principally with cash and advance payments and bank letters of credit, the uncollectible of client debt balances is minimal. This is complemented by the familiarity the Corporation has with its clients and the length of time it has operated with them. Therefore, the credit risk of these transactions is not significant.

The indications with respect to the payment conditions to the Corporation are detailed in every sales contract and the negotiation management is under the charge of the Commercial Vice- Presidency.

In general, the Corporation’s other accounts receivable have a high credit quality according to the Corporation’s evaluations, based on each debtor’s solvency analysis and payment history.

The maximum exposure to credit risk as of December 31, 2024 is represented by the financial asset items presented in the Corporation’s Statement of Financial Position.

F-196 Corporación Nacional del Cobre de Chile

The Corporation’s accounts receivable does not include customers with balances that could be classified as a significant concentration of debt and would represent a material exposure for Codelco. This exposure is distributed among many clients and other counterparties.

In the customer items, the provisions, which are not significant, are included based on the review of the outstanding balances and characteristics of the clients, destined to cover eventual insolvencies.

Explanatory note 2 “Trade and other receivables shows past due and not provisioned balances.

The Corporation estimates that unimpalred amounts overdue over 30 days are recoverable based on clients historical payment behavior and their existing credit ratings.

As of December 31, 2024 and 2023, there are no recelvable balances that have been renegotiated.

Codelco works with major banks, which have high national and international ratings, and continually assesses them; therefore, the risk that could affect the availability of the Corporation’s funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit insurance policies through which it transfers to third parties the commercial risk associated with some aspects of lts business.

During the years ended December 31, 2024 and 2023, no guarantees have been executed in relation to ensure the collection of third party debt.

Personnel loans mainly relate to mortgage loans, according to programs included in union agreements, which are paid for through payroll discounts.

e. Other relevant risks

In addition to managing financial risks, the Corporation, during 2024, has focused efforts on emerging risks to develop the capacity for monitoring and resilience against major exogenous variables that may influence the business, such as geopolitical dynamics, extreme weather events, and global systemic cyberattacks. This capacity will continue to be developed moving forward.

Regarding strategic risks, greater depth has been given to prioritized matters, reinforcing the corporation’s strategy to achieve the strategic objectives set for 2030. This is reinforced by the current corporate governance through which systematic reviews are held in corporate risk committees and quarterly board committee meetings.

F-197 Corporación Nacional del Cobre de Chile

Our risk management program considers that risk predisposition and risks may change over time, requiring management actions to respond to these changes according to the context.
Information regarding the main risks considered by Codelco is included in the Annual Report.

30. Derivatives contracts.

The Corporation has entered transactions to hedge cash flows, to minimize the risk of foreign exchange rate variations and sales price variations, detailed as follows:

a. Exchange rate hedge

The Corporation maintains an exposure associated with its foreign exchange hedging operations, the balance of which corresponds to a net deferred tax profit recognized in equity amounting to ThUS$ 5,665 as of December 31, 2024.

The following table shows details of the fair value and other information of the financial hedges contracted by the Corporation:

December 31, 2024

Type of

Financial

Hedged item Bank derivative Maturity Currency | Hedged item obligation Fair value Asset Amortized Hedging | hedged item cost contract instrument ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Bono UF Vcto. 2025 JP Morgan London Branch (Inglaterra) Swap 04-01-2025 US$ 266,017 208,519 59,871 273,767 (213,896) Bono UF Vcto. 2026 JP Morgan London Branch (Inglaterra) Swap 08-24-2026 US$ 385,532 406,212 (10,669) 396,066 (406,735) Bono AUD Vcto. 2039 Santander (Chile) Swap 07-22-2039 US$ 43,548 49,266 (5,443) 40,704 (46,147) Bono HKD Vcto. 2034 HSBC Bank PLC (Inglaterra) Swap 11-07-2034 US$ 64,400 63,792 4,135 63,852 (59,717) Total 759,497 727,789 47,894 774,389 (726,495) December 31, 2023 | E Doa a jo e nia Par val ar A a Aspel mk La-b =- ie AA A , FET el PO tagged Pra
– ag re UER UI A m_31 e L an ¿ I ] 07 p , 1 El 1 – W Mo “] El p 7 . | Te a ; Ii = 8
r . J 4 1 ] | a 2 Ñ ] j “hi Feria [| 12M LEIA O PA a ¿A

As of December 31, 2024, the Corporation has no cash collateral balances.

The current methodology for valuing currency swaps uses the bootstrapping technique based on mid-swap rates to construct (zero) curves in functional currencies other than the functional currency and US$, respectively, based on market information.

The notional amounts held by the Corporation for financial derivatives are detailed below:

F-198

Corporación Nacional del Cobre de Chile

December 31, 2024

Notional amount of contracts with final maturity

Currency

Less than 90 days MUS$

Over 90 days MUS$

Total current MUS$

1to 3 years

MUS$

3to5 years

MUS$

Over 5 years

MUS$

Total non-current MUS$

Currency derivatives

US$

227,122

10,969

238,691

428,148

7,719

141,198

577,065

December 31, 2023

Notional amount of contracts with final maturity

Currency

Less than 90 days ThUS$

Over 90 days ThUS$

Total current ThUs$

1to 3 years

ThUS$

3to5 years

ThUS$

Over 5 years

ThUS$

Total non-current ThUs$

Currency derivatives

US$

19,203

37,793

96,996

1,202,983

7,719

145,057

1,355,09

b. Cash flows hedging contracts and commercial policy adjustment

The Corporation trades in the copper, gold and silver derivative markets and records its results upon termination. These results are added to or deducted from sales revenues. As of December 31, 2024, these operations generated a lower net realized result of ThUS$20,130.

b.1. Commercial flexibility operations of copper contracts lts objective is to adjust the price of sales to the Corporation’s sales policy, which is defined according to the London Metal Exchange. As of December 31, 2024, the Corporation has copper derivative transactions associated with 268,115 metric tons of fine copper. These hedging transactions are performed as part of the Corporation’s commercial policy.

The current contracts as of December 31, 2024, present a negative balance of ThUS$26,033 and their final result will only be known at their maturity, offsetting the hedging transactions with revenue from the sale of the hedged products.

Operations completed between January 1 and December 31, 2024, generated a net negative effect in results of ThUS$20,862, corresponding to values for physical sales contracts for a negative amount of ThUS$14,896 and values for physical purchase contracts for a negative amount of ThUS$5,966.

b.2. Trade operations of current gold and silver contracts.

As of December 31, 2024, the Corporation has no derivative contracts for gold and silver.
As of December 31, 2024, the Corporation has completed gold and silver operations, which generated a net positive effect on income of ThUS$733 corresponding to the value of physical sales contracts.

b.3. Cash flow hedging operations backed by future production

The Corporation has no outstanding transactions as of December 31, 2024, arising from these operations, which protect future cash flows by locking in price levels for the sale of part of its production

F-199 Corporación Nacional del Cobre de Chile

The following tables set forth the maturities of metal hedging activities, as referred to in point b above: a , Mtra dt ,

HS us 2 7) E! Po Lpcominp Polal a 158 ! 105 Fasa com cobra ¡late PS – Ar : : 29-200 Far pa Card Dem E] La 2 217% 4308 34 51 December 31 1003 Matic date

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Tel 1 MIT 1573 pl BR Ciócorrba 31 RA Matus date

AS figures la hos dl mars donar 5 SL Fay] Ea] 2 IPocrTánp Potal

Copper Futura TT 20 4 41 875 PEEL

IAE Coppa ta tr MT] Coppar aptora UT

Cecarmber 31 3073 Marisa cie

A figurar ros dl mts Lor rr POD Ms 237 JT 2 Upa] Pola Copper Lui NU] ca 1 000 dal e A

31. Contingencies and restrictions

a) Lawsuits and contingencies

There are various lawsuits and legal actions initiated by or against the Corporation, which derive from its operations and the industry in which it operates. In general, these are civil, tax, labor and mining litigations, all related to the Corporation’s activities.

In the opinion of Management and its legal advisors, the lawsuits where the Corporation is being sued and could have negative results do not represent significant loss contingencies or cash flows. Codelco defends its rights and makes use of all the corresponding legal and procedural instances and resources.

The most relevant lawsuits filed by Codelco relate to the following matters:

– Tax Proceedings: There is a tax proceeding for liquidation No.141 of tax year 2015 and Exempt Resolution No. 89 of 2016 issued by the Internal Revenue Service (Sl), for which the Corporation presented the corresponding appeals, which were received and resolved in favor of the Tax and Customs Courts, a resolution that was appealed by the SII.

– Labor lawsuits: Labor proceedings brought by the workers against the Corporation, regard to occupational diseases, labor accidents and other matters.

F-200 Corporación Nacional del Cobre de Chile

– Mining proceedings and others arising from the operation: The Corporation has been participating, and will probably continue to participate, as plaintiff and defendant in given court proceedings involving lts mining operation and activities, through which It seeks to exercise certain actions or set up certain defenses in relation to given mining concessions that have been established or are in the process of being established, as well as also with regard to ¡ts other activities. These proceedings currently do not involve any given amount and do not have any essential effect on Codelco’s development.

As of December 31, 2024, there are arbitration lawsuits pending final judgment, between Codelco and Consorcio Belaz Movitec SpA.

During the years ended December 31, 2024 and 2023, there are no lawsuits or other proceedings representing 10 percent or more of the Corporation’s total outstanding lawsults.

At the date of Issuance of these consolidated financial statements, the Codelco faces various lawsuits and legal actions against it for a total of approximately ThUS$389,080 corresponding to 1,037 cases, with an estimated loss amount of ThUS$50,089. According to the estimate made by the legal advisors of the Corporation, 860 cases, which represent 82.93% of the universe, have associated probable loss results amounting to ThUS$49,901 (Additionally, with the same probable results, there is 1 cases for ThUS$6 ThUS arising from subsidiaries). There are also 127 cases, representing 12.25% for an amount of ThUS$169, for which it is less likely than not, that the ruling will be against the Corporation. For the remaining 50 cases, representing 4.82% for an amount of ThUS$19, the Corporation’s legal advisors consider an unfavorable result to be remote.

For litigation with probable loss and its costs, there are the necessary provisions, which are recorded as contingency provisions.

b) Other commitments.

I. Law No. 19993 dated December 17, 2004, authorized the purchase of the Refinery and Smelter Las Ventanas assets from ENAMI, establishing that the Corporation must ensure that the smelting and refining capacity required is maintained, without any restriction and limitation, for treating the products of the small and medium mining sector sent by ENAMI, under the form of toll production or another form agreed upon by the parties. (See paragraph described in number ix, where the modification of this law Is mentioned).

II. Obligations with the public for bond issues means that the Corporation must meet certain restrictions related to limits on pledges and leaseback transactions on its principal assets and on lts ownership Interest in subsidiaries.

The Corporation has complied with these conditions as of December 31, 2024 and 2023.

ii. On January 20, 2010, the Corporation signed two energy supply contracts with Colbún
S.A., which includes energy and power sales and purchases for a total of 510 MW of power.
The contract provides a discount for that unconsumed energy from Codelco’s SIC divisions with respect to the amount of contracted power. The discount Is equivalent to the value of the sale of that energy on the spot market.

F-201 Corporación Nacional del Cobre de Chile

The contracted power for supplying these Divisions is comprised by two contracts:

* Contract No.1 for 176 MW, current until December 2029.

* Contract No.2 for 334 MW, current until December 2044. This contract is based on energy production from Colbún’s Santa María thermal power station, which is currently in operation.
This plant is coal-fired, and therefore the electric energy tariff rate applied for the energy supplied to Codelco is linked to the price of coal.

Both of these contracts comply with Codelco’s long-term energy and power requirements from the SIC of approximately 510 MW.

Through these contracts, which operate through take or pay, the Corporation agrees to pay for the contracted energy and Colbún undertakes to reimburse at market price the energy not consumed by Codelco

On October 27, 2022, Codelco signed an amendment to the contract, which, among other aspects, will allow replacing the coal-based electricity supply with a renewable energy supply.
This transformation will be implemented gradually, disassociating from Central Santa María, and as of January 1, 2026 the contract will be for 1,000 GWhyear of renewable energy.

Iv. For the electric power supply of the Chuquicamata’s work center, the following contracts are maintained:

For the electric power supply of the Chuquicamata’s work center, there are three contracts: Contract with Engie for a 15-year term as from January 2010, that is maturing in December 2024, for 200 MW capacity, and another contract for a 200 MW capacity which was signed in January 2018 and will be effective as of January 2025 with maturity in December 2035.
Contract with CTA effective as from 2012 for 80 MW capacity, maturity in 2032.

On May 3, 2024, Codelco signed amendment No. 5 to the contract with CTA, whereby the parties agree to commercial changes to the contract, along with decarbonization of the contract as of 2026.

v. On August 26, 2011, Codelco signed two energy supply contracts with AESGener. The first one for the Minister Hales division for a 99 MW capacity and the second contract for the Radomiro Tomic work center, for a maximum capacity of 145 MW. Both contracts will mature in 2028.

In December 2022, the respective agreements were renegotiated and signed. The agreement implies the modification of the original contracts and a new renewable sources contract effective from 2023 to 2040.

vi. On February 28, 2024, Codelco signed three corporate electricity supply contracts based on renewable energy with the companies Atlas Energía Dos SpA, Colbún S.A. and Innergex Energía Renovable SpA, which start their supply on January 1, 2026 and have a termination date of December 31, 2040. The contract with Atlas Energía Dos is for 375 GWhyear of energy, the contract with Colbún is for 1100 GWhyear of energy and finally the contract with Innergex Energía Renovable is for 3350 GWhyear of energy.

F-202 Corporación Nacional del Cobre de Chile vi. On November 11, 2011, Law No. 20551 was published in the Official Journal, which regulates the tasks and closure of mining facilities. Additionally, on November 22, 2012, the Supreme Decree No. 41 of the Minister of Mining, which approves the Regulations of this Law, was published in the Official Gazette.

This law requires the Corporation, among other requirements, to provide financial guarantees to the State to ensure the implementation of closure plans. It also establishes the obligation to make contributions to a fund which alms to cover the costs of post-closure activities.

The Corporation, in accordance with the regulations, delivered in 2014 to the National Geology and Mining Service (SERNAGEOMIN) the mine closure plans for each of the eight divisions of Codelco. These closure plans were developed under the transitional regime of the Law, specified for mining companies affected by the general application procedure, which are those with extraction capacity > 10,000 tonsmonih, and that at the date of entry into force of the Law were in operation, and with a closure plan previously approved under the Mining Safety Regulation D.S. No. 132.

All these transitional closure plans were approved in 2015 in accordance with the provisions established in the Law.

The law also established the obligation to update these closure plans, under the conditions of the general regime of the law, which incorporates new and greater requirements for the closure plans, five years after its entry into force, 1.e. in 2020 In the case of Codelco. This calendar was brought forward to 2019 due to operational particularities for the Chuquicamata and Ventanas Divisions, and postponed to 2021 by SERNAGEOMIN, due to the COVID19 pandemic for the entire industry, and therefore for all other divisions.

In compliance with this new schedule, Codelco approved in 2021 the updated closure plans for the El Teniente, Radomiro Tomic, Ministro Hales and Gabriela Mistral Divisions, and as of December 31, 2021, the approval of the updated plans for the Salvador and Andina Divisions Is In process. During the year 2022, Codelco obtained the approval of the updated closure plans of the Salvador and Andina divisions. The Corporation has provided the corresponding guarantees committed in all the approved closure plans, in accordance with the latest updates in force.

As of December 31, 2024, the Corporation has agreed guarantees for an annual amount of UF 85,903,101 to comply with the aforementioned Law No. 20551 (see note No. 32).

vil. On August 24, 2012, Codelco through Its subsidiary Inversiones Mineras Nueva Acrux SpA (Nueva Acrux) (whose minority shareholder is Mitsul), signed a contract with Anglo American Sur S.A. Under this contract, Codelco agreed to sell a portion of lts annual copper production to the mentioned subsidiary, who in turn agrees to purchase such production.

Such annual portion is determined by the share of Codelco’s indirect subsidiary, Inversiones Mineras Becrux SpA (also shared ownership with Mitsul), maintained for the shares of Anglo- American Sur S.A.

In turn, the subsidiary Nueva Acrux agrees to sell to Mitsui, the products purchased under the agreement described in the preceding paragraphs.

F-203 Corporación Nacional del Cobre de Chile

The contract expiration will occur when the shareholders agreement of Anglo-American Sur
S.A. ends or other events related to the completion of mining activities of the company take place.

Ix.On June 17, 2022, Codelco’s Board of Directors agreed to move forward with preparations to cease operation of the Ventanas Smelter, subject to parliament amending Law No. 19993 within a limited period of time, whose scope referred exclusively to the smelter and not to the refinery or other operations of the Ventanas Division. For this measure to be carried out, it required the amendment and approval by the Executive and the Legislature of Law No. 19993, which obliged the Corporation to smelt the minerals of Empresa Nacional de Minería (ENAMI) at the Ventanas Smelter.

On March 6, 2023, Congress approved the modification of the aforementioned law, allowing this obligation to be fulfilled by other smelters and refineries of Codelco Chile.

Later, in May, the National Geology and Mining Service (Sernageomin) authorized Codelco the temporary closure plan for the Ventanas smelter, which will have an initial duration of two years, extendable for another three, during which time engineering will be developed and permits will be processed to move on to the definitive closure stage, which considers, among other actions, the dismantling of the smelter facilities.

On May 31, 2023, the Ventanas smelter furnaces were shut down.

F-204 Corporación Nacional del Cobre de Chile

32. Guarantees

The Corporation as a result of its activities has received and given guarantees.
The following tables list the main guarantees given to financial institutions:

Direct Guarantees provided to Financial Institutions and other Creditor of the guarantee Type of guarantee 31-12-2024 12-31-2023 Currency Maturity Quantity ThUS$ ThUs$

Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement UF 17-mar-25 1 1,157 1,258 Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement CLP 17-mar-25 1 16,368 18,595 Consorcio Aeropuerto Calama Parking UF 30-nov-23 1 – 4 Road management Construction project UF 02-ene-24 8 28 Road management Construction project UF 08-abr-24 1 4 Road management Construction project UF 01-mar-24 4 12 Road management Construction project UF 31-jul-24 1 – 8 Road management Construction project UF 02-may-25 2 894 972 Road management Construction project UF 30-dic-24 1 486 Road management Construction project UF 17-may-24 1 3 Road management Construction project UF 19-jun-24 1 5 General Directorate of Maritime Territory and Merchant Marine |Maritime concession CLP 24-mar-24 1 9 General Directorate of Maritime Territory and Merchant Marine |Maritime concession CLP 01-mar-24 1 1,203 Engie Energia Chile S.A. Water Supply Project CLP 02-sept-24 2 – 453 Ministry of National Assets Project of explotation UF 10-jun-24 6 48 48 Ministry of National Assets Project of explotation CLP 26-feb-24 22 176 Ministry of Public Works Construction project UF 29-jul-24 1 43 Ministry of Public Works Construction project UF 15-dic-24 1 – 569 Ministry of Public Works Construction project UF 22-ene-25 1 247 269 Ministry of Public Works Construction project UF 13-sept-25 1 1,018 1,107 Ministry of Public Works Construction project UF 28-sept-25 1 527 573 Ministry of Public Works Construction project UF 19-dic-25 1 769 836 Ministry of Public Works Construction project UF 31-dic-24 1 22,804 24,809 Ministry of Public Works Construction project UF 31-dic-25 1 22,804 – Ministry of Public Works Construction project UF 10-mar-25 1 3,262 3,549 Ministry of Public Works Construction project UF 30-abr-26 1 377 – Ministry of Public Works Construction project UF 30-jun-25 1 3

Ministry of Public Works Construction project UF 01-jul-26 1 2,113

Ministry of Public Works Construction project UF 02-ene-27 1 2,454 – Semageomin Environment UF 17-feb-24 3 – 379,876 Semageomin Environment UF 03-may-24 9 785,308 Semageomin Environment UF 19-sept-24 1 61,530 Semageomin Environment UF 11-nov-24 3 347,159 Semageomin Environment UF 14-nov-24 2 209,011 Semageomin Environment UF 27-nov-24 3 307,049 Semageomin Environment UF 02-dic-24 9 938,514 Semageomin Environment UF 16-dic-24 1 – 120,635 Semageomin Environment UF 17-feb-25 4 392,119 – Semageomin Environment UF 03-may-25 11 808,222

Semageomin Environment UF 11-nov-25 4 354,801

Semageomin Environment UF 14-nov-25 3 214,406

Semageomin Environment UF 27-nov-25 4 351,326

Semageomin Environment UF 02-dic-25 10 958,891

Semageomin Environment UF 16-dic-25 1 169,183

Semageomin Environment UF 17-sept-25 1 62,888 – General Treasury of the Republic Maritime concession CLP 30-jun-24 1 – 54 Municipality of Santiago Project of explotation CLP O1-oct-24 1 – 74 Municipality of Santiago Project of explotation CLP 31-dic-25 1 27

Municipality of Santiago Project of explotation CLP 31-0ct-25 1 65

Antofagasta Railway Company PLC Construction project UF 14-abr-25 1 150

Gasoducto Norandino SpA Construction project USD 30-ene-25 1 10,000

Aguas de Antofagasta S.A. Construction project UF 31-ago-25 1 270 – Total 3,397,193 3,204,229

As for the documents received as collateral, they cover mainly obligations of suppliers and contractors related to the various development projects. At December 31, 2024 and 2023, the balance of these guarantees is TRUS$1,483,455 and ThUS$1,152,203, respectively.

F-205 Corporación Nacional del Cobre de Chile

33. Balance in foreign currency

a. Assets by Currency

12-31-2024 Assets national and foreign currency US Dollars Euros Other Non-indexed U.F. TOTAL currencies Cch$ Current assets Cash and cash equivalents 574,243 6,025 8,397 92,155 680,820 Other financial assets, current (103,117) – – 1 266,017 162,901 Other non-financial assets, current 28,143 385 367 2,262 4 31,161 Trade and other receivable, current 2,162,222 157,278 635 783,311 1,284 3,104,730 Accounts receivable from related entities, current 30,385 – – – 30,385 Inventories, current 2,434,677 – – 2,434,677 Current tax assets 939 12 – 803 – 1,814 Total current assets 5,127,492 163,760 9,399 878,532 267,305 6,446,488 Non-current assets Investments accounted for using equity method 2,934,150 – – 2,934,150 Property, plant and equipment 37,541,472 24 4,443 37,545,939 Deferred tax assets 89,104 – 157 13,675 – 102,936 Other assets 2,255,167 567 65,046 315,482 34,943 2,671,205 Total non-current assets 42,819,893 567 65,227 333,600 34,943 43,254,230 Total assets 47,947,385 164,327 74,626 1,212,132 302,248 49,700,718 |
12-31-2023 Assets national and foreign currency US Dollars Euros Other Non-indexed U.F. TOTAL currencies Cch$ Current assets Cash and cash equivalents 1,223,855 15,005 8,358 94,825 1,342,043 Other financial assets, current 3 – – 9 12 Other non-financial assets, current 44,463 396 164 3,557 48,580 Trade and other receivable, current 2,587,754 206,606 450 609,474 1,384 3,405,668 Accounts receivable from related entities, current 34,657 – – – 34,657 Inventories, current 2,455, 701 – – 2,455, 701 Current tax assets 462 31 – 2,127 – 2,620 Total current assets 6,346,895 222,038 8,972 709,992 1,384 7,289,281 Non-current assets Investments accounted for using equity method 2,866,698 – – 2,866,698 Property, plant and equipment 34,618,678 18 3,875 34,622,571 Deferred tax assets 88,816 – 207 14,507 103,530 Other assets 873,825 4,224 66,477 302,716 746,926 1,994,168 Total non-current assets 38,448,017 4,224 66,702 321,098 746,926 39,586,967 Total assets 44,794,912 226,262 75,674 1,031,090 748,310 46,876,248 |

F-206 Corporación Nacional del Cobre de Chile

b. Liability by type of currency:

12-31-2024 Other Non- National and foreign currency liabilities US Dollars Euros indexed U.F. TOTAL currencies Ch$ Current liabilities Other financial liabilities, current 1,275,596 10 – 266,487 1,542,093 Lease liabilities, current 47,890 – 532 82,587 8,929 139,938 Trade and other payables, current 1,577,616 23,815 2,115 160,280 46,740 1,811,166 Accounts payable to related entities, current 147,778 – – – – 147,778 Other short-term provisions 427,368 93,055 9,539 218,417 17,091 765,470 Current tax liabilities 20,789 148 962 21,899 Provisions for employee benefits, current 2,919 271 487,357 490,547 Other non-financial liabilities, current 19,776 – 95 19,460 – 39,331 Total current liabilities 3,519,732 116,870 13,310 969,063 339,247 4,958,222 Non-current liabilities Other financial liabilities, non-current 21,227,128 17,407 63,598 – 4,118 21,312,251 Lease liabilities, non-current 63,240 271 132,461 35,466 231,438 Non-current payables 758 4,086 – 4,844 Other long-term provisions 964,732 60,917 1,206,995 2,232,644 Deferred tax liabilities 8,694,413 168 21,639 – 8,716,220 Employee benefit provision, non-current 4,182 625,320 311,858 941,360 Total non-financial liabilittes, non-current 2,034 – – 216 – 2,250 Total non-current liabilities 30,956,487 17,407 64,037 844,639 – 1,558,437 33,441,007 Total liabilities 34,476,219 134,277 77,347 1,813,702 1,897,684 38,399,299
12-31-2023 National and foreign currency liabilities US Dollars Euros Other Non-indexed U.F. TOTAL currencies Cch$ Current liabilities Other financial liabilities, current 852,603 (533) 8 – 43 852,121 Lease liabilities, current 52,440 – 445 70,646 10,198 133,729 Trade and other payables, current 1,316,233 24,760 724 337,585 110,590 1,789,892 Accounts payable to related entities, current 171,522 – – 912 – 172,434 Other short-term provisions 547,126 90,006 10,427 229,254 22,676 899,489 Current tax liabilities 13,781 – 37 596 – 14,414 Provisions for employee benefits, current 3,048 477,692 480,740 Other non-financial liabilities, current 28,992 – – 12,172 – 41,164 Total current liabilities 2,985,745 114,233 11,641 1,128,857 143,507 4,383,983 Non-current liabilities Other financial liabilities, non-current 18,747,252 63,150 20,983 117,732 19,549,117 Lease liabilities, non-current 82,020 693 140,720 41,611 265,044 Non-current payables 759 – 195 – 954 Other long-term provisions 1,048,078 – 84,529 1,200,036 2,332,643 Deferred tax liabilities 8,218,440 19 23,341 – 8,241,800 Employee benefit provision, non-current 3,702 – 689,032 360,696 1,053,430 Total non-financial liabilities, non-current 2,380 – 248 – 2,628 Total non-current liabilities 28,102,631 63,862 959,048 2,320,075 31,445,616 Total liabilities 31,088,376 114,233 75,503 2,087,905 2,463,582 35,829,599

F-207

Corporación Nacional del Cobre de Chile

34. Sanctions

As of December 31, 2024 and 2023, neither Codelco Chile or its Directors and Managers have been sanctioned by the CMF or any other administrative authorities.

35. The environment

Each of Codelco’s operations is subject to national, regional and local regulations related to protection of the environment and natural resources, including standards relating to water, air, noise and disposal and transportation of dangerous residues, among others. Chile has introduced environmental regulations that have obligated companies, including Codelco, to carry out programs to reduce, control or eliminate relevant environmental impacts. Codelco has executed and shall continue to execute a series of environmental projects to comply with these regulations.

Pursuant to the Letter of Values approved in 2024, Codelco is governed by a series of internal policies and regulations that frame its commitment to the environment, among which is the Corporate Sustainable Development Policy (2021).

Under a Corporate Environmental Management System, the divisions, structure their efforts in order to comply with the commitments assumed by the corporation’s environmental policies, incorporating elements of planning, operating, verifying and reviewing activities. As of December 31, 2024, Codelco is certified under the ISO 14001:2015 Standard, which is applicable to all its divisions.

To comply with the Circular No. 1901 of 2008 of the CMF, the details of the Corporation’s main expenditures related to the environment during the periods from January 1 to December 31, 2024 and 2023, respectively, and the projected future expenses are stated below:

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F-209 Corporación Nacional del Cobre de Chile

Disbursements 31-12-2024 12-31-2023 Future committed disbursements : : : Item of Asset | Destination : Company Project name Project status ThUS$ |Assets Expenditure Expenditure ThUS$ ThUS$ Estimated date El Teniente Codelco Chile [Construction of 7th phase Carén dam Completed – Assets Property, plantand equipment 79,982 2023 Codelco Chile [Acid plants In progress 94,047 Expenditure Operating expenditure 108,801 2024 Codelco Chile [Solid waste In progress 3,483 Expenditure Operating expenditure 4,236 2024 Codelco Chile [Water treatment plant In progress 13,571 Expenditure Operating expenditure 14,657 2024 Codelco Chile [Tailings In progress 72,263 Expenditure Operating expenditure 77,115 2024 Codelco Chile [Well construction and hydrogeology modification Colihue-Cauquenej Completed – Asset Property, plantand equipment 896 – 2023 Codelco Chile [Caren reservoir stage 8 and 9 In progress 76,622 Asset Property, plantand equipment 33,447 290,984 2027 Codelco Chile [Construction of Complementary Water Works Tranque Barahona 2 | In progress 5,025 Asset Property, plantand equipment 9,385 16,335 2027 Codelco Chile [Restoration Slaughterhouse Drive In progress 5,543 Asset Property, plantand equipment 12,245 1,500 2026 Codelco Chile [Flow CEMS Acquisition Completed – Asset Property, plantand equipment 174 – 2023 Codelco Chile [Standardization driving slurry and pulp In progress 1,1477 Asset Property, plantand equipment 305 6,975 2026 Codelco Chile [Improvementofwastewater containment and impulse infrastructure In progress 195 Asset Property, plantand equipment 69 2,037 2025 Codelco Chile [Normalization of Storage System In progress 24 Asset Property, plantand equipment – 4,345 2027 Total El Teniente Division 272,250 341,312 322,176 Gabriela Mistral Codelco Chile [Solid waste In progress 3,879 Expenditure Operating expenditure 3,260 2024 Codelco Chile [Environmental consulting In progress 12 Expenditure Operating expenditure – 2024 Codelco Chile [Wastewater treatment plant In progress 3 Expenditure Operating expenditure 6 2024 Codelco Chile [Garbage dump extension phase VIII Completed – Asset Property, plantand equipment 8,283 2023 Codelco Chile [Standardization of hazardous and non-hazardous CMRS In progress 132 Asset Property, plantand equipment – 2024 Total Gabriela Mistral Division 4,026 11,549 – Ventanas Codelco Chile [Acid plants In progress 1,578 Expenditure Operating expenditure 17,964 2024 Codelco Chile [Solid waste In progress 759 Expenditure Operating expenditure 1,340 2024 Codelco Chile [Environmental monitoring In progress 949 Expenditure Operating expenditure 1,474 2024 Codelco Chile [Efluenttreatment plant In progress 7,240 Expenditure Operating expenditure 7,263 2024 Codelco Chile [Standardizaton of CEMS Chimney PPAL and PAS Completed – Asset Property, plantand equipment 109 2023 Total Ventanas Division 10,526 28,150 – Radomiro Tomic Codelco Chile [Solid waste In progress 1,688 Expenditure Operating expenditure 1,884 2024 Codelco Chile [Environmental monitoring In progress 77 Expenditure Operating expenditure 127 2024 Codelco Chile [Efluenttreatment plant In progress 1,017 Expenditure Operating expenditure 1,325 – 2024 Codelco Chile [Construction of community works In progress 3,364 Asset Property, plantand equipment 3,176 24,094 2026 Total Radomiro Tomic Division 6,146 6,512 24,094 Ministro Hales Codelco Chile [Solid waste In progress 3,041 Expenditure Operating expenditure 2,735 2024 Codelco Chile [Efluenttreatment plant In progress 195 Expenditure Operating expenditure 207 2024 Codelco Chile [Silica shed extension and dome control room In progress 6,196 Asset Property, plantand equipment 4,114 2024 Codelco Chile [Construcción Parador Ruta 21CH-Fact In progress 149 Asset Property, plantand equipment 659 – 2025 Codelco Chile [Design and Construction of Slab In progress 121 Asset Property, plantand equipment – 890 2025 Total Ministro Hales Division 9,702 7,715 890 Ecometales Limited Ecometales Limited | Smelting powders leaching plant In progress 1,834 Expenditure Operating expenditure 1,336 1,273 2025 Ecometales Limited | Smelting powders leaching plant In progress 26 Expenditure Operating expenditure 59 34 2025 Subsidiary Ecometales Limited 1,860 1,395 1,307 Sociedad de Procesamiento de Molibdeno Limitada Molyb Environmental Monitoring In progress 84 Expenditure Operating expenditure 85 2025 Molyb Waste Transportand Management In progress 1,163 Expenditure Operating expenditure 1,193 2025 Subsidiary Sociedad de Procesamiento de Molibdeno Limitada 1,247 1,278 – Subtotal 305,757 397,911 348,467 [Total 977,397 | 973,831 | 2,398,158 |

F-210

Corporación Nacional del Cobre de Chile

36. Subsequent Events

– On January 8, 2025, it was reported as a material fact that Codelco completed a bond issuance totaling US$ 1.5 billion. The operation included the placement of new bonds with maturities of 10 years and 30 years, with respective yields of 6.335% and 6.783%. Bank of America, Citi, JP Morgan, and Santander led this placement.

– On February 19, 2025, the Codelco board of directors unanimously approved the signing of a Memorandum of Understanding with Anglo American Sur S.A. (“AAS), titled “Memorandum of Understanding for the Development of a Joint Project to Increase Mining Production in the Mining District Comprised by División Andina of Codelco and Los Bronces of Anglo American Sur S.A. The content of this agreement is described in the material facts communicated by the Corporation to the Financial Market Commission (CMF) on February 20, 2025, which Is publicly accessible information.

The Corporation is evaluating the accounting impacts that this agreement could have once its terms and conditions are finalized.

Management of the Corporation is not aware of other significant events of a financial nature or of any other nature that could affect these financial statements, occurring between January 1, 2025, and the date of issue of these consolidated financial statements as March 27, 2025.

Rubén Alvarado Vigar Alejandro Sanhueza Díaz

Chief Executive Officer Chief Financial Officer Juan Ogas Cabrera Cristóbal Parrao Cartagena Accounting Manager Accounting Director

F-211

CORPORACION NACIONAL DEL COBRE DE CHILE

Consolidated Financial Statements as of December 31, 2023.

F-212
a.

pwe

INDEPENDENT AUDITOR’S REPORT (A free translation from the original in Spanish)

Santiago, March 28, 2024

To the President and Directors of Corporación Nacional del Cobre de Chile

Opinion

We have audited the consolidated financial statements of Corporación Nacional del Cobre de Chile and its subsidiaries (the *Corporation), which comprise the consolidated statements of financial position as of December 31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Corporation as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audits in accordance with Generally Accepted Auditing Standards in Chile. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Corporation and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Corporation’s ability to continue as a going concern for a foreseeable future.

PC Chile, Av. Andres Hello 2711 p190 5, Las Condes – Santiago, Chile

RUT: B1519,400-1 | Telefono: (56 2) 29400000 | www.pwe.cl

F-213
a.

pwe

Santiago, March 28, 2024 Corporación Nacional del Cobre de Chile 2

Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not guarantee that an audit conducted in accordance with Generally Accepted Auditing Standards in Chile will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with Generally Accepted Auditing Standards in Chile, we: o Exercise professional judgment and maintain professional skepticism throughout the audit.

o Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control. Accordingly, no such opinion is expressed.

o Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

o Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Corporation’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and any internal control significant deficiency and material weakness that we identified during the audit.

DocuSigned by: Y 7 an AR PAOLA…

RUT: 14.709.125-7

F-214 Y

CODELCO

CODELCO – CHILE

Consolidated financial statements as of December 31, 2023 (A free translation from the original in Spanish)

F-215 CONTENT

CONSOLIDATED FINANCIAL STATEMENTS (A free translation from the original in Spanish)

INDEPENDENT AUDITOR’S REPORT ooccoccccinconcninocicocicocicccnoconorinoronoronoroncorocrnnc crono raro rnr oro ron rra narrar rar F-213 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION .oonncccccccoonccccrrononccccrcononocccrnooonoccrrnoooororonnoono rr rranonnnors F-218 CONSOLIDATED STATEMENTS OF INCOME ..ooccccccccrccnonccccrononocorrononncc corona noo rrorono nor crranoo nor rro orar rra orar rr rr F-220 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME …coconcccconcnoncccrrinoonocorrononoccrrinoonocorronoonocorranonnooos F-221 CONSOLIDATED STATEMENTS OF CHANGES IN EQUlT Y incnonccnonconicconicnonocnononnononcononnononcononcononcononnononcononcononconoss F-222 CONSOLIDATED STATEMENTS OF CASH FLOWS oonnacccccncconccccccnoncocornononocorrnooooororono nor orrnoo nor rr rao ono rr raro nr rr F-224 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS onccccococnccccorinoococorroooocccrorononocorrnonooccrrnonnorrrranonnnoos F-225 I|GENERAL INFORMA TlON i.cccccccoccnccccorinoncccorrononoccrrnooo nor crono rro rr rr rra rr rr F-225

1. Corporate informati0N…………occcooococncccnnnocnnncnonononocononoonnnnnnnnoonnrcnnnnnnnrrnnnnncnrrrnnnonnrrnnnncrnrcnnnannnnnnnnnss F-225

2. Basis of presentation of the consolidated financial statements ………….ooccoccnocnoccnccnncnnccnccnocnoncnccns F-226 ll. SIGNIFICANT ACCOUNTING POLICIES …ooccccccccccnnccccococococccroooooccroooooooccrooooocororonoo nor rrranoo nor oran orar rro nr F-227
1. Significant judgments and key estimates ………..ooccoocnoccnccnccnononcconcnononoconcnnccnoroornoconoronrnoroncroarnncconons F-227

2 Significant accounting policies …………ooococcoorooccocnonnnoccncnnoronccooronrnnccocronrnornooroornnconcronrnoronornaroncnnonons F-231

3. New standards and interpretations adopted by the CorporationN………….coocoococccccoccncnoconccoconcnnnnos F-248

4 New accounting pronoUNCEeMenTS …..occoccccnccocnccncnncnonnrnocncnocncnarnorncnornonornorrnarnonarnorrnornccnrnocncnannnnns F-249 MNLEXPLANATORY NOTES oncccccoccnccccconiocccccrrinoooor crono nor rro rr rr rr rr F-253

1 EQEI RESINA F-253

2 Trade and other receivables………….ooooocoocnoroorooroncnoroncnccoccncnoconcnornorooronrnornnrnornornorcornccncccnrcrcronons F-253

3 Balances and transactions with related partieS…………oooooccocnoccoconnnornoronconcnocnocnncncrnccncnccscnorosronrnnos F-255

4. INVENTOFi8S…..cooccoccoccocnncnncnncnnnnonnonncnncnncnncnncnncnncnnrnnrnnrnernornornonnccncnncnncnnrnnrnnrnnrnornornccncrnccnccnccnccncnanons F-261

5, Income taxes and deferred taxes …….ooocooccnccoocnoccncconcnocnnocoornnccnoronrnnconornornnconoronroncnonrnornncnnarnaroncnnnss F-262

6 Current and non-current tax assets and liabilities ………………ooooooroommomommsmmmommormeirorsornccococccoccorcornnoos F-265

7 Property, plant and equipmMent………occcccnccncnoconcnoconcnoconcnonoocnonocononocnornornornnrnornornornornorncncnrnrnnrnnens F-266

8 LeQsesS coccococcononoconnonoconconoccnnoroconroroconroroconrorononroronnnrorononroronnnrornnnnroronnnrornnnnrorncnnrroccnnrnccnrrcccnraroconess F-269

9, Investments accounted for using the equity method…………oocoocooccnccnocnoccnoconcnoconccnoconconoconcnnononnns F-270

10. SubsidiariesS…….ooconccocnoocnncnnonocconccncnnaconccnoconcnncnnornnrnnconcrnarnnconcrnornnconornarnncnncrnarnncnnccnarnaconccnarnaconcnness F-276

11. Current and non-current financial assets ………..oocoocooccnononnnnccnccnoronccnnconrnccooronrnccnorooronccnaroncnonconons F-277

12. Other financial liabilities ………………ooocoomooccocnooroncconnonronccoorooroncconrooronoronrnoronoroornnroncrooronroncroncnrononons F-278

13. Fair Value of financial assets and liabilities ……………oooooccooroorcocnonnooccncnonrnoccnoconrooccnoconroccnoconronononos F-287

14. Market value hierarchy for items at market value …………o.ooccoccooronccnocnoroncconcnoroncconcnaroncccccnoroncnnnos F-288

15. Trade and other accounts payable ……………oocooccccnccnccnccnccncnoconcnoroncoornornoroncnocnornorocnnccncnscnrnornronons F-289

16. Other provisiOnS ……..oocooccoccornccnocnocnocnncnocnonnoncncnornornnrnornnrnornonornornornnrnnrnornnrnnrnornoronrocrncncnnccnrnnronos F-290

17. Employee benefits ……….oooocoocccccnornoccncconcnnccnoconrnnconornornoronornornoronornnrnornnoronrnnrnnoronrnnronoronrnaronoconconons F-291

18 EQUitV…ooccoccccnccocnccncnncnocornocnonornocornornrno rro nono rnr nero na rro rnr nero nnrno nono rnonnrno rr nornonnrnorrnorncnsrnorrnarncnnononnss F-294

19 ReVeNnUe cococcocococconoconconoconconoconcorocnnnnrcnnrnrrnnnnrcnnnnrrnnnnrornnnnrrnnonrrnnnnrrnnonrcnncnrcnncnroroncnrccccnrarononess F-297

20. Expenses by Nature …..coococccccnccnccnccncnncnncnncnocnornornornornorno roo rno roo rrnnnornnrnnrnornnrnnrnornornornnrcncnccorcnrnnons F-297

21. Asset impairMent……cooccccncnncnonnocnonncnncnonocnocncnornorornornonnrnornrnorncnnrnornrnornonnrnorornernonsrnorrnornonsrconncnanonons F-297

22. Other income and expenseS….occocccccocnccnccnocnocnocnococcncnncnnonornnrnornnrnornnrnornornornnrnoronrncrnoncnrnorncnnrnnrnns F-298

23. FINance COStS….oococccccnccnccnccnccncnnrnocncnncnncnncnnccncnncnnrnnrnnrnornornornorccncnncnncnnroncnnrnnrnarnornccnccnccnccnccnccncnnnons F-300

24. Operating SegmentS…..ococccccocnccncnccncnocnonncnorncnornornrnornonornornrnornonnrnornrnorncnnrnorornorncnnrnonrnorncnarcannrnonnoss F-300

25. Exchange difference…….oocooconccnoconccncconcnncnnoconcnoconoronrnornnornornnrrnoronrnnrnnornnrnnrnoronrnnronrnnrnocnnarnaroncnnnos F-308

26. Statement Of cash fÍOWS…………ooocccoococcnoncnonccnoccnoronoronoconononccnnconanonornnconorrnoronoronoroncrnncrnacrnaronaronaronos F-308

27. Risk MAnagement ……occccnccncnncnncnncnornnrnnrnononnornornnrnorno roo rnornornornnnonnr nor nornnrnnrnn ron rnnrnnrnorncnncnncncnarnnrons F-308

28. Derivatives CONtractS. …..oococccoccncnncnncnncnncnnnnnnnornannoroccncnnccnccncnncnncnnrnncnnrnarnarnornornonnccncnnccnccnccnccnccnnnns F-313

F-216
29.
30.
31.
32.
33.
34.

Contingencies and restrictiONS…………oocooccoroornornornornornornocnonoorocrncnoncnocnornornnrnnrnorocrcncnornrcrnaronos F-316 ¡ETE TIA F-320 Balance in foreign CUrrenNCy…….oococccnccnocnnccnocnncnnoconrnncnnoronrnncnnornoroncnnornnrnnrnnoronrnnonoronrnnnncronrnoccnons F-322 SANCÍÍONS ….cocoocnccocnccncnocnccornocncnornorornornc nero rorno rro nero norno rro nero nnr corno nn roo nornorrnernonsrnornonornccsrcocncnronons F-324 The environment …..occccnccncnncnncnncnocnncncnocnnronrnornornornornorno roo ro ro rornorno rro ron rnnrnnrnornnrnornorncrncnrnrnrnnrnns F-325 Subsequent eventS……oococcccccccnccncnncnnccnccncnncnornornornornnrnnrnorno roo roornornrnonornnrnernornnrnorncrncnrnrnrnrnarnnss F-327

F-217 CORPORACIÓN NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2023 and 2022 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Note 12-31-2023 12-31-2022 NS Assets Current assets Cash and cash equivalents 1 1,342,043 1,026,727 Other current financial assets 11 12 1,451 Other current non-financial assets 48,580 36,989 Trade and other current receivables 2 3,405,668 3,386,785 Accounts receivable from related entities 3 34,657 31,756 Current inventories 4 2,455,701 2,300,909 Current tax assets 6 2,620 10,226 Total current assets 7,289,281 6,794,843 Non-current assets Other non-current financial assets 11 107,436 105,518 Other non-current non-financial assets 13,488 13,615 Non-current accounts receivable 2 71,272 88,906 Accounts receivable from related parties. 3 224 224 Non-current inventories 4 494,747 603,446 Investments accounted for using equity method 9 2,866,698 3,527,323 Intangible assets other than goodwll 39,660 42,687 Property, plant and equipment 7 34,622,571 32,309,530 Investment property 981 981 Right-of-use assets 8 390,756 405,843 Non-current tax assets 6 875,604 748,611 Deferred tax assets 5 103,530 95,705 Total non-current assets 39,586,967 37,942,389 Total assets 46,876,248 44,737,232

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

F-218 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2023 and 2022 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Mole 12-41-2023 12-31-2022 pá Equity arsd liabibiiles Liabillbies Current Ihatbiiltie Cihor Ensnpesal halles 1 459,121 370,437 Luase hobilhes E 143 720 125, F50 Frihes ema cier puryilbiles 15 1760.18 MES Preciutres Enciyptcba ho mtstardacd alivian ¿ 172,44 8073 Other hon tem provalons É6 pa0 468 64,005 Current lax habria curmend + 4.414 8309 Lumool ploms00S tor Omplo yoo bonoáls Wi 300,12) 54 de A tido MA HA | Total current Mabilitica 4,343,983 3,420,455) Noncurrent llabllitles Other inancal labs 1 E Lirgsis aula bles E ¿05,0 ¿00,479 Non-curent payables di |,062 Dihier kg herrn prosas Ji 2102643 21174 158 Dotorod ta habilbes B 6,231,000 8.461.028 HNon-curen prowesions lr employee benefts yr 1,003,430 1,041,417 ter nonfronció litis ¿AR 7 Edi Total non-(2,794) (5,268) the equity method that will not be reclassified to profit or loss for the period, before taxes Total other comprehensive income that will not be reclassified to profit or loss (41,236) (14,138) for the period, before taxes Components of comprehensive income that will be reclassified to profit or loss for the period, before taxes Exchange differences on translation (Losses) on foreign exchange translation differences, before income taxes (1,752) (809) Cash Flow Hedges Gains (Losses) On Cash Flow Hedges BeforeT ax (14,074) 100,244 Comprehensive Income That Will Be Reclassified To Profit Or Loss Before Tax (15,826) 99,435 Comprehensive income before taxes, foreign exchange translation differences (57,062) 85,297 Income tax related to components comprehensive income Income taxes related to remeasurements of defined benefit comprehensive income 5 28,128 5,978 plans Income taxes related to components of comprehensive income that will not be 28.128 5 978 reclassified to profit or loss for the period Income taxes related to components of comprehensive income that will be reclassified to profit or loss for the period Income taxes related to comprehensive income cash flow hedges 5 9,148 (65,159) Income taxes related to components of comprehensive income that will be 9,148 (65,159) reclassified to profit or loss for the period Comprehensive income (19,786) 26,116 Total comprehensive income (611,025) 387,687 Comprehensive income, attributable to Comprehensive income attributable to owners of parent (393,896) 373,294 Comprehensive income attributable to non-controlling interests (217,129) 14,393 [Total comprehensive income (611,025) 387,687

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

F-221 CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the years ended December 31, 2023 and 2022 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Reserve on Reserve of l l Equity attributable l exchange Reserves of cash | remeasurement Total Retained Non-controlling
12-31-2023 Share capital l Other reserves to owners of Total equity differences on flow hedges | ofdefined benefit other reserves |earnings (losses) arent interests translation plans ‘ Note 18 Note 18 Opening balance at 01-01-2023 5,619,423 (7,030) 3,831 (262,465) 5,925,090 5,659,426 (538,367) 10,740,482 914,083 11,654,565 Changes in equity Loss (374,974) (374,974) (216,265) (591,239) Comprehensive income (1,752) (4,926) (10,314) (1,930) (18,922) (18,922) (864) (19,786) Profit (loss) (1,752) (4,926) (10,314) (1,930) (18,922) (393,896) (217,129) (611,025) Increase through transfers and other changes, equity – – – (581) (581) 3,690 3,109 3,109 Increase (decrease) in equity – (1,752) (4,926) (10,314) (2,511) (19,503) (371,284) (390,787) (217,129) (607,916) Closing balance at 12-31-2023 5,619,423 (8,782) (1,095) (272,779) 5,922,579 5,639,923 (909,651) 10,349,695 696,954 11,046,649

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

F-222

CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the years ended December 31, 2023 and 2022 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish) hessre an He dd Esuly
12-31-2002 e a al a a na | ra | toy invada cora, pared Mos 13 Mcéa 33 ¡Opening balance al H-01-2027.. O AA. 22) E” Changes aquiy Car 361,5M Compritarard nome EXE Prod 387 647) Diridonda (259 == ja) IPecusgh Iranatnea arc clar charges, meu 4523 a ‘, EE increase in equity : (899) EE [E : ¡Cieaiesg balance al 12-38-2072 519470! e 1051| 59D5000 GAIA (GMT) 10.700,48: $14,687 11,054,505

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

F-223 Corporación Nacional del Cobre de Chile

CORPORACIÓN NACIONAL DEL COBRE DE CHILE CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2023 and 2022 (In thousands of US dollars – ThUS$5) (A free translation from the original in Spanish)

Meta: 1-1.2023 1-1-2072 ll 1531-2003 – 12130%

Cash Mowa hrom used In) eporsiing activiiies Closes ol cosh tece pis hm ope ráng acibes Recemis rom sstes ol ponds and tender el Seres 1677502 17,098 564 Orñerch Meceipis Fon vaperalry ociriie) dí 2 700,5 231500 Aaprents do ups Le poda ad eme (11,804 380 – 11085, (dal Payments 80 und on Caña di np (1657 17H) 11 SL Oper ch peanena hom tos As E (34H 219] (105344 Diedends 1er “ib 18 Inrorres lia ¿pol ¡16d 043) (7415781 [fet cier bra doo peer cdt RG. 1,445 944) Cash Rows from (used in) imiestina achyltioa Cer cush somitents bo scqure equ or debil imburnernts q ber ens (245 1157 Perrera clprogert plant ea anar 467 (1,445 4571 meras imceand ll 125 M2 Ob cri rd 1 324 541 [Mal casé Eros used in vestir nchvbes 4,3854351 – (3 1IG0TÍ] Cash Mows from fused ln] Prancióg activitios

Aricaeós, bom ing deren lots amd bonds 3400000 swnooris Bom horda ira EN 000 Tole arvoarts Pam long Asren lata and bonds 3.410 000 Loún and bond pamenk (650.218 EFE] Lente vt payrtents (154982) (141,780 Ciradenids pued 5 dy eres pad (1A5.401| (MESS Ofber cash catioras E EIA cl tl A E A MAA Met ¡nermaso (dremaso] in cash arñd casñ equivalonts before tha efect ol cschange 332-901 0274,0411

Elloct Of Exchange Rato Changes On Canbi Ariá Ca Equivadinta Elec oltachange rale chances on.cash ani cast equnalena [IES8R 18050

Hat inersasa [docroasa] in een and esop equivalente 36316 (266.891 Cash and cash ecuinsent el begirmiog af penod E IA 1281618 Caah and cash equivalente an era ol pario 1 1342,543 1,036 127

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

F-224 Corporación Nacional del Cobre de Chile

CORPORACIÓN NACIONAL DEL COBRE DE CHILE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND DECEMBER 31, 2022 (Monetary values in thousands of United States dollars, unless another currency or unit is indicated)

Il GENERAL INFORMATION

1. Corporate information

Corporación Nacional del Cobre de Chile (hereinafter referred to as Codelco or the Corporation), is, in Management’s opinion, the largest copper producer in the world.
Codelco’s most important product is refined copper, primarily in the form of cathodes. The Corporation also produces copper concentrates, blister and anode copper and by-products such as molybdenum, anode slime and sulfuric acid.

The Corporation trades lts products based on a policy aimed to sell refined copper to manufacturers or producers of semi-manufactured products.

These products contribute to diverse fields of community development, particularly those intended to improve areas such as public health, energy efficiency, and sustainable development, among others.

The Corporation is registered under Securities Registry No. 785 of the Chilean Commission for the Financial Market (the CMF) and is subject to its supervision. According to Article No.
10 of Law No. 20392 (related to the new Corporate Governance of Codelco), such supervision shall be on the same terms as publicly traded companies, notwithstanding the provisions in Decree Law (D.L.) No.1349 of 1976, which created the Comisión Chilena del Cobre (Chilean Copper Commission).

Codelco’s head office is in Santiago, Chile, at 1270 Huérfanos Street, telephone number (56-
2) 26903000.

Codelco was Incorporated through D.L. No. 1350 of 1976, which Is the statutory decree applicable to the Corporation. In accordance with the statutory decree, Codelco Is a government-owned mining, industrial and commercial company, which Is a separate legal entity with its own equity. Codelco Chile currently carries out its mining business through its Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina, El Teniente and Ventanas divisions.

The Corporation also carries out similar activities in other mining deposits in association with third parties.

In accordance with letter e) of Article 10 of Law No. 20392, Codelco is governed by its organic standards set forth in Decree Law No. 1350 (D.L. No. 1350) and that of Its by-laws, and in matters not covered by them and, insofar as they are compatible and do not contradict the

F-225 Corporación Nacional del Cobre de Chile E Y provisions of such standards, by the rules that govern publicly traded companies and the common laws as applicable to them.

In accordance with D.L. No. 1350 Section IV related to the Company’s Exchange and Budget Regulations. Codelco’s financial activities are conducted following an annual budgeting program that is composed of an Operations Budget, an Investment Budget, and a Debt Amortization Budget.

The income obtained by Codelco in each period is subject to the tax regime established in Article 26 of D.L. N*1,350, which refers to Decree Laws N* 824, on Income Tax, of 1974, and N?*2,398 (Article 2), of 1978, which are applicable to Codelco. It is also subject to the terms of Law No. 20,026 of 2005 on Specific Tax on Mining, which was in force until December 31,
2023. As of January 1, 2024, the Corporation will begin to apply Law No. 21,591 on mining royalties.

According to Law No. 13196, the return on foreign currency of the Corporation’s foreign sales (real income), of its copper production, including its by-products, is taxed at 10% and method of payment and the duration of this obligation for Codelco, which are detailed in Note 111.22 letter c) of this report.

The subsidiaries whose financial statements are included in these consolidated financial statements correspond to companies located in Chile and abroad, which are detailed in Note
1.2.0.

The associates, all located in Chile, are detailed in the explanatory note in section 111.9.

2. Basis of presentation of the consolidated financial statements

The consolidated statements of financial position as of December 31, 2023 and 2022, the consolidated statements of income, statements of comprehensive income, statements of changes in equity and cash flows for the years ended December 31, 2023 and 2022 have been prepared in accordance with International Accounting Standard No. 1 (IAS 1) “Presentation of Financial Statements, Incorporated in the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (hereinafter “JASB.

These consolidated financial statements include all information and disclosures required in annual financial statements.

The consolidated financial statements (unaudited) of the Corporation are presented in thousands of United States dollar (*U.S. dollar).

F-226 Corporación Nacional del Cobre de Chile

Responsibility for information and estimates made

The Board of Directors of the Corporation has been informed of the information included in these consolidated financial statements (unaudited) and expressly declared its responsibility for the consistent and reliable nature of the information included as of December 31, 2023, which financial statements fully comply with IFRS. These consolidated financial statements as of December 31, 2023 were approved by the Board of Directors at a meeting held on March
28, 2024.

Accounting policies

These consolidated financial statements reflect the financial position of Codelco and affiliates as of December 31, 2023 and 2022, as well as the results of their operations, changes in equity and cash flows for the years ended December 31, 2023 and 2022, and their related notes, all prepared and presented in accordance with lAS 1 “Presentation of Financial Statements, considering the respective presentation regulations of the Financial Market Commission (CMF?.

Ill… SIGNIFICANT ACCOUNTING POLICIES

1. Significant judgments and key estimates

In preparing these consolidated financial statements, the use of certain critical accounting estimates and assumptions that affect the amounts of assets and liabilities recognized as of the date of the financial statements and the amounts of revenue and expenses recognized during the reporting period is required. Such preparation also requires the Corporation’s Management to exercise its judgment in the process of applying the Corporation’s accounting policies. The areas involving a greater degree of judgment or complexity or areas in which the assumptions and estimates are significant for the consolidated financial statements are described as follows:

a) Useful economic lives and residual values of property, plant and equipment: the useful lives and residual values of property, plant and equipment that are used for calculating depreciation are determined based on technical studies prepared by internal specialists. The technical studies consider specific factors related to the use of assets.

Where there are indications that the useful lives of these assets or their residual values may have changed from previous estimates, this should be done using technical estimates to determine the impact of any changes.

b) Ore reserves: the measurements of ore reserves are based on estimates of the ore resources that are legally and economically exploitable and reflect the technical and environmental considerations of the Corporation regarding the amount of resources that could be exploited and sold at prices exceeding the total cost associated with the extraction and processing.

F-227 Corporación Nacional del Cobre de Chile

The Corporation applies judgment in determining the ore reserves, and as such, possible changes in these estimates might significantly impact the estimates of net revenues over time. In addition, these changes might lead to modifications in usage estimates, which might have an effect on depreciation and amortization expense, calculation of stripping cost adjustments, determination of impairment losses, expected future disbursements related to decommissioning and restoration obligations, long term defined benefits plans’ accounting and the accounting for financial derivative instruments.

The Corporation estimates Its reserves and mineral resources based on the information certified by the Competent Persons internal and external of the Corporation, who are defined and regulated according to Law No. 20235. These estimates correspond to the application of the Certification Code of Ore Reserves, Resources and Exploration, issued by the Mining Committee which was instituted through the law.

Notwithstanding the foregoing, the Corporation periodically reviews lts estimation models, supported by experts who, in some divisions, also certify the reserves determined from these models.

c) Impairment of non-financial assets: the Corporation reviews the carrying amount of Its non-financial assets to determine whether there is any indication that the carrying amount may not be recoverable. If any such indicator exists, the recoverable amount of the assets Is estimated to determine the extent of the impairment loss. In testing Iimpairment, the assets are grouped into cash generating units (“CGUs) to which the assets belong, If applicable. The recoverable amount of these CGUs Is calculated as the present value of the expected future cash flows from such assets, considering a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the assets Is lower than their carrying amount, an Impalrment loss is recognized.

The Corporation defines the CGUs and also estimates the timing and cash flows that such CGUs will generate. Subsequent changes in the grouping of the CGU, or changes in the assumptions supporting the estimates of cash flows or the discount rate, may Impact the carrying amounts of the corresponding assets.

Estimates of assumptions Influencing the calculation of cash flows, such as the price of copper or treatment charges and refining charges, among others, are determined based on studies conducted by the Corporation using uniform criteria over different periods. Any change in these criteria may have an impact on the recoverable amount of the assets being tested for impairment.

The Corporation has assessed and defined that the CGUs are constituted at the level of each of its current operating divisions, with the exception of the Ventanas Division Smelter and Refinery operations, which are analyzed separately.

F-228 Corporación Nacional del Cobre de Chile

In assessing impairment in subsidiaries and associates, the Corporation uses the higher of value in use or fair value less costs to determine the recoverable amount. This recoverable amount may consider elements such as Life of Mine (LOM), reserves andor mining resources, among others, for mining operation evaluations. In addition, the evaluation may incorporate market variables such as for example, the price of copper and other commodities, cost of production inputs, exchange rates, discount rates and other market information for long-term asset valuation.

d) Provisions for decommissioning and site restoration costs: when a disruption Is caused by the ongoing development or production of a mining property, an obligation to Iincur decommissioning and restoration costs arises. Costs are estimated based on a formal closure plan and are reassessed as of each reporting period or as of the date such obligations become known. The Initial estimate of decommissioning and site restoration costs is recognized as property, plant, and equipment in accordance with IAS 16, and simultaneously a liability in accordance with IAS 37, Is recorded.

For these purposes, a defined list of mine sites, facilities and other equipment are studied under this process, considering the engineering level profile, the cubic meters of assets that will be subject to removal and restoration, weighted by a structure of market prices of goods and services, reflecting the best current knowledge related to carrying out such activities, as well as techniques and more efficient construction procedures to date. In the process of valuation of these activities, the assumptions of the exchange rate for tradable goods and services are made, as well as a discount rate, which considers the time value of money and the risks associated with the liabilities, which is determined based, where applicable, on the currency in which disbursements are expected to be made.

The liability amounts recognized at the end of each reporting date represent management’s best estimate of the present value of the future decommissioning and site restoration costs. Changes in the estimate of the liability because of changes in the estimated future costs or in the discount rate are added to or deducted from the respective asset cost. The amount deducted from the cost of the asset shall not exceed it carrying amount. If a decrease in the liability exceeds the carrying amount of the asset, the excess Is recognized immediately in profit or loss.

If the adjustment results in an addition to the cost of the asset, Codelco considers whether this Is an indicator that the new carrying amount of the asset may not be fully recoverable.
lf such an indicator exists, Codelco tests the asset for impairment by estimating its recoverable amount, and accounts for any impairment loss in accordance with IAS 36.

Costs arising from the installation of a plant or other site preparation work, discounted to their net present value, are provided for and capitalized at the beginning of each project as soon as the obligation to incur such costs arises. These decommissioning costs are charged to net income over the life of the mine, through depreciation of the corresponding asset. Depreciation expense Is included in cost of sales, while the discount in the provision Is Included in finance costs.

F-229

Corporación Nacional del Cobre de Chile

e)

g)

h)

J)

Provisions for employee benefits: Provisions for employee benefits related to severance payments and health benefits for services rendered by the employees are determined based on actuarial calculations using the projected unit credit method and are recognized in other comprehensive income or s (depending on the accounting standards applicable) on an accrual basis

The Corporation uses assumptions to determine the best estimate of future obligations related to these benefits. Such estimates, as well as assumptions, are determined by management using the assistance of external actuaries. These assumptions include demographic assumptions, discount rate and expected salary increases and rotation levels, among other factors.

Accruals for open invoices: the Corporation uses information on future copper prices, through which It recognizes adjustments to Its revenues and trade recelvables, due to the conditions in provisional pricing arrangements. These adjustments are updated monthly, See Notes 2 q) Revenue from contracts with customers of Note 2 Significant accounting policies below.

Fair value of derivatives and other financial instruments: management may use its judgment to choose an adequate and proper valuation method for financial instruments that are not quoted in an active market. In the case of derivative financial instruments, assumptions are based on observable market inputs, adjusted depending on factors specific to the Instruments among others.

Lawsuits and contingencies: The Corporation assesses the probability of lawsuits and contingency losses on an ongoing basis according to estimates performed by its legal advisors. For cases in which management and the Corporation’s legal advisors believe that a loss Is not probable of occurring or where probable, may not be estimated reliably, no provisions are recognized. When it is considered more likely than not that a loss Is probable and It may be reliably estimated, a provision Is recognized.

Application of IFRS 16: includes the following:

– Estimation of the lease term

– Determine If It is reasonably certain that an extension or termination option will be exercised.

– Determination of the appropriate rate to discount lease payments

Revenue recognition: the Corporation determines appropriate revenue recognition for its contracts with customers by analyzing the type, terms and conditions of each contract or agreement with a customer.

As part of the analysis, the management must make judgments about whether an agreement or contract is legally enforceable, and whether the agreement includes separate performance obligations. In addition, estimates are required to allocate the total price of the transaction to each performance obligation based on the stand-alone selling price of the promised goods or services underlying each performance obligation. (The

F-230

Corporación Nacional del Cobre de Chile

Corporation applies the constraint on variable consideration as defined in IFRS 15, If applicable).

k) Stripping costs – Costs incurred in removing mine waste materials (overburden) in open pits that are in production, that provide access to mineral deposits, are recognized in property, plant, and equipment, when the following criteria set out in IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine are met:

– It is probable that the future economic benefits associated with the stripping activity wil| flow to the entity.

– It is possible to Identify the components of an ore body for which access has been improved because of the stripping activity, and

– The costs relating to that stripping activity can be measured reliably.

The stripping costs are amortized based on the production units of production extracted from the ore body related to the specific stripping activity which generated this amount.

Although the abovementioned estimates have been made based on the best information available as of the date of issuance of these consolidated financial statements (unaudited), It Is possible that new developments could lead the Corporation to modify these estimates in the future. Such modifications, if any, would be adjusted prospectively, recognizing the effects of the change in estimate in future consolidated financial statements, as required by IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors.

2. Significant accounting policies

a. Period covered: The accompanying consolidated financial statements of Corporación Nacional del Cobre de Chile include the following statements:

– – Consolidated Statement of Financial Position as of December 31, 2023 and 2022.

– – Consolidated Statement of Income for the years ended December 31, 2023 and 2022.

– – Consolidated Statements of Comprehensive Income for the years ended December 31, 2023 and 2022.

– – Consolidated Statements of Changes in Equity for the years ended December 31, 2023 and 2022.

– -Consolidated Statements of Cash Flows for the years ended December 31, 2023 and
2022.

b. Basis of preparation – These consolidated financial statements of the Corporation as of December 31, 2023 have been prepared in accordance with the instructions of the Commission for the Financial Market which fully comply with International Financial Reporting Standards (IFRS) issued by the IASB.

The consolidated statements of financial position as of December 31, 2022, and the statements of income and the statements of equity and cash flows for the year ended

F-231

Corporación Nacional del Cobre de Chile

December 31, 2022, which are included for comparative purposes, have been prepared in accordance with IFRS as issued by the lASB, on a basis consistent with the basis used for the same period ended December 31, 2023, except for the adoption of new IFRS standards and interpretations adopted by the Corporation as of December 31, 2023, which are disclosed in number 3 “New standards and interpretations adopted by the Corporation” in section |! of this report.

These consolidated financial statements have been prepared from accounting records held by the Company.

Cc. Functional currency – The functional currency of Codelco Is the U.S. dollar, which is the currency of the primary economic environment in which the Corporation operates and the currency in which it recelves its revenues.

The functional currency of subsidiaries, associates, and joint ventures Is the currency of the primary economic environment in which those entities operate and the currency In which they receive their revenues. For those subsidiaries and associates that are an extension of the operations of Codelco (entities that are not self-sustaining and whose main transactions are with Codelco); the functional currency is also the U.S. dollar.

The presentation currency of Codelco’s consolidated financial statements is the U.S. dollar.

d. Basis of consolidation – The financial statements comprise the consolidated statements of the Corporation and its affiliates.

Affiliates are fully consolidated from the date of acquisition, being the date on which the Corporation obtains control, and continue to be consolidated until the date such control ceases. Specifically, income and expenses of an affiliate acquired or disposed of during the year are included in the consolidated statement from the date the Corporation galns control until the date when the Corporation ceases to control the subsidiary.

The financial statements of the affiliates are prepared for the same reporting period as the Corporation, using consistent accounting policies.

All assets, liabilities, equity, income, expenses, and cash flows related to transactions between consolidated companies are fully eliminated on consolidation. The value of the non-controlling interest of shareholders in equity and in the results of affiliates ¡is presented, respectively, as “Non-controlling interests” in the consolidated statement of financial position and “Income (loss) attributable to non-controlling interests” and “Comprehensive income (loss) attributable to non-controlling interests in the consolidated statements of income.

F-232 Corporación Nacional del Cobre de Chile

The following companies have been consolidated:

For the purposes of these consolidated financial statements, affiliates, associates, acquisitions and disposals are defined as follows:

Affiliates: An affiliate is an entity over which the Corporation has control. Control is exercised if, and only if, the following elements are present: (1) power to govern the operating and financial policies to obtain benefits from their activities; (11) exposure or rights to the variable returns of these companies; and (111) ability to use the power to influence the amount of returns.

The Corporation reassesses whether it controls an affiliate if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.

The consolidated financial statements include all assets, liabilities, revenues, expenses, and cash flows of Codelco and its affiliates, after eliminating all inter- company balances and transactions.

F-233

Fail o O MA E Tansoyer ( da. COMPAS” Country o a notado A A 0 E Diteck | hhdircá | Tal Toti paca Ché Lioppas Ltda; Espa nm 100 00 1 100 00 107 60 =omp Colicu du Brin Miera e Baz . de Ac 06 100: O tua Codo Ciooo Pi ELA 150: 10% 00 – ¡01.00 100 00 Fria Codeco gerardo [IS moe CenTan- EURO 100 00 ¡0 00 10020 Fora Eodeco Mosa LA usb HOT 04 04 1244 > Coalo Sra lid ¿pez Dar – Ha 100 06 10000 FTomañ Codpico Pira Dorm y | vda Er HSAE Hair par DO 100 00 TE Cadelos Saparero PL AA LSD 105 Dx 150 06 104 08 Mis Codeioo UÑA lo; 1 SD 1005 | 10% MO 100 PD Ft Cojalico CGanda Carads us ages! DONE | ¡55 00 000% id ¡Corral [LA a WSL : Jus ]as 14 0 00-50 dre Esploraciaas Llera ds Lcda EY A Ender UE 105 00 00 (00.00 tua Codina Erica, Lira Ar u. , dr yá E lí $110 ra. Ab PACA arpas lora Mirra cn Loba e dat bn DT o) 100 00 100 0 AR e A er e CLA 5 E | Ed Le Ba Lor DA, Circa San Lone iran Ca AP 106 0í va | 155 (0 160 00 4 5d A a AL EA > EA 106 00 . 10000 100.00 521 ACLT Corpa Potaro Leica BL Co 5 qu Y An HOn O 1 Bb A A on 11 ces 1 pas | 100 00 100 ab 2549055610 |Eiporncosr paa Ando Ed ia us EA bm! 100 00 100 50 ES EFE LA Cinca ln Eramos Cms 12 1 Dr | héác Ób 100 0 Te o 0 Cari de Enpcdiació. lc Fo: Ea | E LLE – 00 al 101 00 100 20 minas rro Copper Sp aaa AL 100 00 1007 00 10000 01088 [bras tocer em Cobre 5 A Mala us$ dí ase | 4 0ú JH Te 1 BD lord de Free ber Ls Chas 5 de DEl 109 06 10000 LA A A > USD 15 ON | 8 06 100% 00 AAA [maneras Wer Miera AC | Za aa USD y, | -1- E Er Bo A E PES a UD 17] 6.8) (LB lata iO arto e Pipas 1 Abc Ed | rro 116 Da. cp mA E | 55 04 100 0 Pa Lira Elis Las leera Den a HL 1 dl . Hu dy 100-150 Cr Chas EL | TA AMAR [esa apra ds Gorialon | ida Ci [md 0 Mm Hear 100 Qu A A AE E E GA pb | 2 00 ds E A a A E e CLA Er, | bn Y e ramo |Prspocars 2 SE YOO de A PA Lido Can QS dar | e y 6 5 FE 7 0 ¡Ear Massa Ep e JE loro | | 010+ 00 100.00 MIA an de DA > ¡50 ¡00 | 101 Ob TIROt3 Jide Tara Sul, Cada 1:12) Hs | 100 bd Corporación Nacional del Cobre de Chile E Y

Associates: An associate Is an entity over which Codelco has significant Influence.
Significant influence is the power to participate in the financial and operating policy decisions of the associate but is not control or joint control over those policies.

Codelco’s interest ownership in associates is recognized in the consolidated financial statements under the equity method. Under this method, the initial investment is recognized at cost and adjusted thereafter to recognize changes in Codelco’s share of the comprehensive income of the associate, less any impalrment losses or other changes to the investment in net assets of the associate.

The Corporation adjusts the proportional gains or losses obtained by the associate after acquisition to take into account the effects that may exist in the depreciation of the fair value of the assets considered at the date of acquisition.

Acquisitions and disposals: The result of businesses acquired are Incorporated in the consolidated financial statements from the date when control is obtained; the results of businesses sold during the period are included in the consolidated financial statements up to the effective date of disposal. Gains or losses on disposal Is the difference between the sale proceeds (net of expenses) and the carrying amount of the net assets attributable to the ownership Interest that has been sold (and, where applicable, the associated cumulative translation adjustment).

If control Is lost over a subsidiary, the retained ownership interest in the investment wil| be recognized at its fair value.

At the acquisition date of an Investment in a subsidiary, associate or joint venture, any excess of the cost of the Investment (consideration transferred) plus the amount of the non-controlling Interest in the acquiree plus the fair value of any previously held equity interest in the acquiree, where applicable, over Codelco’s share of the net fair value of the identifiable assets and acquired liabilities is recognized as goodwill. Any excess of Codelcos share of the net fair value of the identifiable assets and acquired liabilities over the consideration transferred, after reassessment, Is recognized immediately in profit or loss in the period in which the investment Is acquired.

e. Foreign currency transactions and reporting currency conversion – Transactions in currencies other than the Corporation’s functional currency are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, foreign currency transactions denominated in foreign currencies are converted at the rates prevailing at that date. Gains and losses due to the effect of foreign currency transactions are included in the consolidated statement of income for the period within “Exchange gains (losses) in foreign currencies.

At the end of the reporting period, monetary assets and liabilities denominated in Unidades de Fomento (“UF”) have been denominated in US$, considering the exchange rates in effect at the end of each period (12-31-2023: US$ 41.94; 12-31-2022: US$ 41.02)

F-234 Corporación Nacional del Cobre de Chile >

Expenses and income in local currency have been expressed in dollars at the observed exchange rate, corresponding to the date of the accounting record of each transaction.

The translation of the financial statements of affiliates associates and jointly controlled entities, whose functional currency is different from Codelco’s presentation currency, is performed as follows for consolidation purposes:

– Assets and liabilities are converted using the prevailing exchange rate on the reporting date.

– Income and expenses for each statement of income are translated at average exchange rates for the period.

– All resulting exchange differences are recognized in comprehensive income and accumulated in equity under the heading Reserve on exchange differences on translation.

The exchange rates used in each reporting period were as follows:

Relationship Closing exchange rates
1231-2023 | 12.31.2022 USD MAGLA 50011 00 USO | GBP RE i 20800 SD RI 120612 NTRA USO! EURO 1055 10709″ USO ALE pARZS 056120 150 ‘HKO MBA 017320 USD ME (140 0 14452

f. Offsetting balances and transactions – As a general standard, assets and liabilities, revenue, and expenses, are not offset in the financial statements, except for those cases in which offsetting is required or is allowed by a standard and the presentation reflects the substance of the transaction.

Income or expenses arising from transactions which, for contractual or legal reasons, permit the possibility of offsetting and which the Corporation intends to liquidate for their net value or realize the assets and settle the liabilities simultaneously, are stated net in the statement of income.

g. Property, plant and equipment and depreciation – ltems of property, plant and equipment are initially recognized at cost. After initial recognition, they are measured at cost, less any accumulated depreciation and any accumulated impairment losses.

The cost of property, plant and equipment includes the costs of expansion, modernization or improvements that represent an increase in productivity, capacity or efficiency, or an

F-235 Corporación Nacional del Cobre de Chile increase in the useful life of the assets, and are capitalized as an increase in the cost of the related assets.

The assets included in property, plant and equipment are depreciated, as a general rule, using the units of production method, when the activity performed by the asset is directly attributable to the mine production process. In other cases, a stralght-line depreciation criterion Is used.

The assets included in property, plant and equipment and certain intangibles (software) are depreciated over their economic useful lives, as described below:

Category Useful life Land Not depreciated Land on mine site Unit of production Buildings Stralght-line over 20-50 years

Bulldings in underground mine levels

Units of production level

Vehicles Stralght-line over 3-7 years Plant and equipment Unit of production Smelters Unit of production Refineries Unit of production

Mining rights Unit of production

Support equipment Unit of production Intangibles – software Stralght-line over 8 years Open pit and underground mine development | Unit of production

Estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, and any change in estimates Is recognized prospectively.

Additionally, depreciation methods and estimated useful lives of assets, especially plants, facilities and Infrastructure may be revised at the end of each year or during the year according to changes in the structure of reserves of the Corporation and productive long- term plans updated as of that date.

This review may be made at any time if the conditions of ore reserves change significantly because of new known information, confirmed, and officially released by the Corporation.

The gain or loss resulting from the disposal or retirement of an asset is calculated as the difference between the price obtained on disposal and the value recorded in the books, recognizing the charge or credit to income for the period.

Construction in progress Includes the amounts invested in the construction of property, plant and equipment and in mining development projects. Construction in progress Is transterred to assets in operation once the testing period has ended and when they are ready for use; at that point, depreciation begins to be recognized.

F-236 Corporación Nacional del Cobre de Chile

Borrowing costs that are directly attributable to the acquisition or construction of assets that require a substantial period before they are ready for use or sale are capitalized as part of the cost of the corresponding items of property, plant, and equipment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1. Notwithstanding the above, those reserves and resources acquired as part of acquisition of entities accounted for as business combinations, are recognized at thelr fair value.

h. Intangible assets – The Corporation initially recognizes these assets at acquisition cost.
The cost is amortized systematically over their useful lives, except in the case of assets with indefinite useful lives, which are not amortized, and are assessed for impairment at least once a year and, in any case, whenever there is an Indication that impairment may have occurred. At the end of each reporting period, these assets are measured at their cost less any accumulated amortization (when applicable) and any accumulated impalrment losses.

The expenditures for the development of Technology and Innovation Projects are recognized as Intangible assets at their cost and are considered to have indefinite useful lives. Recognition applies, If and only if, all the following have been demonstrated:

– The technical feasibility of completing the intangible asset so that It will be available for use or sale;

– The Intention to complete the Intangible asset is to use or sell it;

– – The ability to use or sell the intangible asset;

– – That the intangible asset will generate probable future economic benefits;

– – The availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and

– – The disbursement attributable to the intangible asset during Its development can be rellably appraised

Research expenses for technology and innovation projects are recognized in profit or loss when incurred.

I. Impairment of property, plant and equipment and intangible assets – Property, plant and equipment and intangible assets with finite useful lives are reviewed for Impalrment to verify whether there Is any Indication that the carrying amount may not be recoverable. If such an indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment to be recorded.

For intangible assets with Iindefinite useful lives, their recoverable amounts are annually estimated at the end of each reporting period.

When an asset does not generate cash flows that are independent from other assets, Codelco determines the recoverable amount of the CGU to which the asset belongs.

F-237 Corporación Nacional del Cobre de Chile

The Corporation has defined each of its divisions as a cash generating unit

Recoverable amount of an asset Is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. On the other hand, the fair value less cost of disposal is usually determined for operational assets considering the Life of Mine (“LOM), based on a model of discounted cash flows, while the assets not included in LOM as resources and potential resources to exploit are measured by using a market model of multiples for comparable transactions.

lf the recoverable amount of an asset or CGU Is estimated to be less than it is carrying amount, an impairment loss is recognized immediately in profit or loss, reducing the carrying amount to its recoverable amount. In the event of a subsequent reversal of the impairment, the carrying amount Is increased to the revised estimate of the recoverable amount, but to the extent that It does not exceed the carrying amount that would have been determined had no impairment been previously recognized.

The estimates of future cash flow for a CGU are based on future production forecasts, future prices of basic products and future production costs. Under IAS 36 *Impairment of Assets, there are certain restrictions for future cash flows estimates related to future restructurings and future cost efficiencies. When calculating value in use, It Is also necessary to base the calculations on the spot exchange rate at the date of calculation

J. Expenditures for exploration and evaluation of mineral resources, mine development and mining operations – The Corporation has defined an accounting policy for each of these expenditures.

Development expenses for deposits under exploitation whose purpose is to maintain production levels are recognized in profit or loss when incurred.

Exploration and evaluation costs such as: drillings of deposits, including expenses necessary to locate new mineralized areas and engineering studies to determine their potential for commercial exploitation are recognized in profit or loss, normally at the pre- feasibility stage.

Pre-operating and mine development expenses (normally after feasibility engineering Is reached) incurred during the execution of a project and until its start-up are capitalized and amortized in relation to the future production of the mine. These costs include stripping of waste material, constructing the mine’s Infrastructure and other works carried out prior to the production phase.

Finally, costs for defining of new areas or deposit areas in exploitation and of mining operations (PP£E) are recognized in property, plant and equipment and are amortized through profit or loss over the period during which the benefits are obtained.

F-238 Corporación Nacional del Cobre de Chile

k. Income taxes and deferred taxes – Codelco and its Chilean affiliates recognize annually income taxes based on the net taxable income determined as per the standards established in the Income Tax Law and Article 2 of D.L. 2398, Codelco also recognizes the specific tax on mining activities referred to in Law No 20026 of 2005, until December 31, 2023, and the Mining Royalty Tax referred to in Law No. 21,590, as from January 1, 2024.
lts foreign affiliates recognize income taxes according to the tax regulations of the respective countries.

In addition, Codelco’s taxable income in each period is subject to the tax regime established in Article 26 of D.L. No. 1350, and It must pay the encumbrances in March, June, September, and December of each year, based on a provisional tax calculation.

The deferred taxes arising from temporary differences and other events that create differences between the accounting and tax bases of assets and liabilities, are recorded in accordance with the standards established in lAS 12 Income tax.

Deferred taxes are also recognized for undistributed profits of subsidiaries and associates, at the remittance tax rate on dividends paid by these companies to the Corporation.

|. Inventories – Inventories are measured at cost when such does not exceed net realizable value. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale (1.e., marketing, sales, and distribution expenses). Costs of Iinventories are determined according to the following methods:

– Finished products and products in process: These inventories are measured at thelr average production cost determined using the absorption costing method, including labor, depreciation of fixed assets, amortization of intangibles and indirect costs of each period. Inventories of products in process are classified in current and non-current, according to the normal cycle of operation

– Materials in warehouse: These inventories are valued at acquisition cost and the Corporation determines an allowance for obsolescence considering that slow-moving materials in the warehouse remain in stock.

– – Materials in transit: These inventories are measured at cost incurred at the end of reporting period. Any difference because of an estimate of net realizable value of the inventories lower than it carrying amount is recognized in profit or loss.

m. Dividends – In accordance with Article 6 of D.L. 1350, the Corporation has a mandatory obligation to distribute lts net income as presented in the financial statements. The payment obligation is recognized on an accrual basis.

n. Employee benefits – Codelco recognizes a provision for employee benefits when there is a present obligation (legal or constructive) as a result of services rendered by its employees.

F-239 Corporación Nacional del Cobre de Chile

The employment contracts stipulate, subject to compliance with certain conditions, the payment of an employee severance indemnity when an employment contract ends. In general, this corresponds to one monthly salary per year of service and considers the components of the final remuneration which are contractually defined as the basis for the indemnity. This employee benefit has been classified as a defined benefit plan.

Codelco has also agreed to post-employment medical care benefits for certain retirees.
This employee benefit has been classified as a defined benefit plan.

These plans continue to be unfunded as of December 31, 2023.

The employee severance indemnity and the post-employment medical plan obligations are determined using the projected unit credit method, with actuarial valuations being carried out at the end of each reporting period. The defined benefit plan obligations recognized in the statement of financial position represent the present value of the accrued obligations.
Actuarial gains and losses are recognized immediately in other comprehensive income and will not be reclassified to profit or loss.

The Corporation’s management uses assumptions to determine the best estimate of these benefits. The assumptions include an annual discount rate, expected increases in salaries and turnover rate, among other factors.

In accordance with its operating optimization programs to reduce costs and increase labor productivity by Incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value. In case of employee retirement programs which involve multi-year periods, the accrued obligations are updated using a discount rate determined based on financial instruments denominated in the same currency and similar maturities that will be used to pay the obligations.

o. Provisions for decommissioning and site restoration costs – The Corporation recognizes a provision for the estimated future costs of decommissioning and restoration of mining projects in development or production when a mining activity causes a disruption under a constructive or legal obligation. Costs are estimated on the basis of a formal closure plan and cost estimates are annually reviewed.

Costs arising from the obligation to dismantle a plant installation or other site preparation work, discounted to their present value, are provided for and capitalized at the beginning of each project or at the origin of the constructive or legal obligation as soon as the obligation to incur such costs arises.

These decommissioning and restoration costs are recorded in income through the depreciation of the asset that gave rise to such cost, and the use of the provision is made

F-240 Corporación Nacional del Cobre de Chile E Y when the decommissioning materializes. Subsequent changes in estimates of decommissioning-related liabilities are added to or deducted from the costs of the related assets in the period in which the adjustment is made.

Other restoration costs, outside the scope of lAS 16, Property, Plant and Equipment, are provided for at their present value against operating results and the use of the provision is made in the period in which the restoration work is performed.

The accretion of the discount on a closure liability due to the passage of time Is recognized as a finance expense in the statement of income.

p. Leases – The Corporation evaluates its contracts at initial application to determine whether they contain a lease The Corporation recognizes a right-of-use asset and a corresponding llability for lease with respect to all lease agreements in which Codelco Is the lessee, except for short-term leases (defined as a lease with a lease term of twelve months or less) and leases of low-value assets. For these leases, the Corporation recognizes the lease payments as an operating cost on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which the economic benefits of the leased assets are consumed.

The lease liability Is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using the Interest rate implicit in the lease. If this rate cannot be easily determined, the Corporation uses the incremental borrowing rate.

The incremental rate for loans used by Codelco is determined by estimating the interest rate that the Corporation would have to pay for borrowing the necessary funds to obtain an asset of an equivalent nature similar in value to the right-of-use asset of the respective lease, In a similar economic environment over a similar term.

Lease payments included in the measurement of the lease liability mainly include fixed payments, variable payments that depend on an index or a rate and the exercise price of a purchase option. Variable payments that do not depend on an index or a rate are excluded.

The lease liability Is subsequently measured as follows: the carrying amount increased to reflect the interest on the lease liability (using the effective rate method) and the carrying amount is reduced to reflect the lease payments made.

The Corporation revalues the lease liability as to the discount rate (and makes the corresponding adjustments to the asset for respective right of use) through a modified discount rate when:

– There Is a change in the term of the lease, or

– There Is a change In the assessment of an option to purchase the underlying asset, or
– There Is a change in an index or rate which generates a change in cash flows.

F-241 Corporación Nacional del Cobre de Chile

Right-of-use assets comprise the amount of the present value of payments not made at the contract inception date, and lease payments made before or up to the inception date, less lease incentives received and any initial direct costs incurred plus other decommissioning and site restoration costs. The right-of-use assets are subsequently measured at cost less accumulated depreciation and accumulated losses due to Impairment.

When the Corporation incurs a cost obligation to dismantle or remove a leased asset, restore the location in which it Is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured in accordance with lAS 37. Costs are included in the corresponding right-of-use asset unless those costs are incurred to produce inventorles.

The right-of-use assets are depreciated during the shorter period between the term of the lease and the useful life of the underlying asset. If a lease transfers the ownership of the underlying asset or the cost of the right-of-use asset reflects that the Corporation expects to exercise Its option to purchase, the right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation is made from the start date of the lease.

The Corporation applies IAS 36 to determine if a right-of-use asset Is impailred and recognizes any impailrment loss identified, as described in the accounting policy for Property, plant and equipment.

q. Revenue from Contracts with Customers – Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to customers.

– Sale of mineral goods and | or by-products: Contracts with customers for the sale of mineral goods and or by-products include the performance obligation for the delivery of the physical goods and the associated transportation service, at the place agreed with the customers. The Corporation recognizes revenue from the sale of goods when the performance obligation is satisfied according to the shipment or dispatch of the products, in accordance with the agreed conditions, such revenue being subject to varlations related to the content and or sale price at the date of its liquidation. Notwithstanding the foregoing, there are some contracts where the performance obligation is satisfied when there Is receipt of the product instead of the buyer’s corresponding destination, thus recognizing revenue at the time of said transfer. When services of transport of goods are provided, the Corporation recognizes revenue when the service obligation is satisfied.

Sales that have discounts associated with volume subject to compliance with goals are recognized net, estimating the probability that the volume target will be reached.

Sales contracts include a provisional price at the shipment date. The final price is generally based on the London Metals Exchange (“LME”) price. Revenue from sales

F-242 Corporación Nacional del Cobre de Chile of copper Is measured using estimates of the future spread of metal prices on the LME andor the spot price at the date of shipment, with subsequent adjustments made upon final pricing recognized as revenue. The terms of sales contracts with customers contain provisional pricing arrangements whereby the selling price for metal concentrate is based on prevailing spot prices on a specified future date after shipment to the customer (the quotation period). Consequently, the final price is set at the dates indicated in the contracts. Adjustments to provisional sale prices occur based on movements in quoted market prices on the LME up to the date of final pricing. The period between provisional invoicing and final pricing Is typically between one and nine months. Changes in fair value over the quotation period and until final pricing are estimated by reference to forward market prices for applicable metals.

As indicated in the note related to hedging policies in the market of metal derivatives, the Corporation enters into operations in the market of metal derivatives. Gains and losses from those which are fair value hedges contracts are recognized as revenues.

– Rendering of services: Additionally, the Corporation recognizes revenue for rendering services, which are mainly related to the processing of minerals bought from third parties. Revenue from rendering of services Is recognized when the amounts can be measured reliably and when the services have been provided.

r. Derivatives contracts – Codelco uses derivative financial instruments to reduce the risk of fluctuations in sales prices of Its products and of exchange rates.

Derivatives are initlally recognized at fair value at the date the derivative contracts are entered into and are subsequently measured to their fair value at the end of each reporting period.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under the ¡tem “Cash flow hedge reserve. The gain or loss relating to the ineffective portion is immediately recognized in profit or loss and included in the Finance cost or Finance income line items, depending on the effect of such Iineffectiveness. The amount recognized in comprehensive income is reclassified to income, in the same line in which the effects generated by the hedged item are recorded once the results of the hedged transactions are recorded in the same line or until the maturity date of such transactions.

A hedge is considered highly effective when It meets the requirements of IFRS 9. At the time of discontinuation of the hedge contract or the associated designated accounting and according to the circumstances of each case, the accumulated gainloss on the derivative instrument remains in equity until the hedge transaction occurs, or If discontinuation Is expected to occur, the amount in equity Is reclassified to profit or loss.

The total fair value of hedging derivatives is classified as non-current financial asset or liability, ifthe remaining maturity of the hedged item ¡is greater than twelve months, and as

F-243 Corporación Nacional del Cobre de Chile current financial asset or liability if the remaining maturity of the hedged item ¡is less than twelve months.

The derivative contracts held by the Corporation have been entered into to apply the risk hedging policies and are accounted for as indicated below:

– – Hedging policies for exchange rate risk: The Corporation enters into exchange rate derivatives to hedge exchange rate variations between the U.S. dollar and the currencies of transactions the Corporation undertakes. In accordance with the policies established by the Board of Directors, these hedge transactions are only entered into when there are recognized assets or liabilities, forecasts of highly probable transactions or firm commitments. The Corporation does not enter into derivative transactions for non-hedging purposes.

– Hedging policies for metal market prices risk: In accordance with the policies established by the Board of Directors, the Corporation entered into derivative contracts to reduce the inherent risks in the fluctuations of metal prices.

Hedging policies seek to protect expected cash flows from product sales operations by adjusting, when necessary, physical sales contracts to its commercial policy. When the sales commitments are fulfilled and the metal derivative contracts are settled, there is an offset between the results of the sales transactions and the results of hedging using metal derivatives.

Hedging transactions carried out by the Corporation in the metal derivatives market are not undertaken for speculative purposes.

– Embedded derivatives: The Corporation has established a procedure that allows for evaluation of the existence of embedded derivatives in financial and non-financial contracts. Where there is an embedded derivative, and the host contract is not a financial instrument and the characteristics and risks of the embedded derivative are not closely related to the host contract, the derivative is required to be recognized separately.

s. Financial information by segment – The Corporation has defined its Divisions as its operating segments in accordance with the requirements of IFRS 8, Operating Segments.
The mining deposits in operation, where the Corporation conducts Its extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina and El Teniente. In addition, the smelting and refining activities are managed at the Ventanas Division. From June 2023 the Ventanas Division only manages the refining area. All these Divisions have a separate operational management, which reports to the Chief Executive Officer, through the North and South-Central Vice-President of Operations, respectively. Income and expenses of the Head Office are allocated to the defined operating segments.

F-244 a

Corporación Nacional del Cobre de Chile

t. Presentation of Financial Statements – For purposes of IAS 1 Presentation of Financial Statements, the Corporation presents Its statement of financial position classified as “current and non-current” and its statements of income “by function and cash flows using the direct method.

u. Current and non-current financial assets – The Corporation determines the classification of its financial assets at the time of Initial recognition and reviews It at each closing date.
The classification depends on the business model in which the investments are managed and the contractual characteristics of their cash flows.

The Corporation’s financial assets are classified into the following categories:

At fair value through profit or loss:

Initial recognition: This category includes those financial assets that do not qualify in the business model to collect contractual cash flows, nor do such cash flows come exclusively from capital and Interest. These instruments are initially recognized at fair value.

Subsequent recognition: Their subsequent recognition is at fair value, recording in the consolidated statement of comprehensive income, in the line Other gains (losses) any changes in fair value.

Amortized cost:

Initial recognition: This category includes those financial assets that qualify in the business model and that are held for the purpose of collecting contractual cash flows and that meet the “Solely Payment of Principal and Interest” (SPPI) criterion. This category includes certain Trade and other current recelvables, and the loans included in other non-current financial assets.

Subsequent recognition: These (debt) instruments are subsequently measured at amortized cost using the effective interest method. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any impalrment allowance.

Interest income |s recognized in profit or loss and is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For financial assets measured at amortized cost that are not part of a designated hedging relationship, exchange differences are recognized in profit or loss in the Foreign exchange difference line item.

At fair value through other comprehensive income:

Initial measurement: Financial assets that meet the criteria “Solely payments of principal and interest” (SPP!) are classified in this category and must be maintained

F-245

Corporación Nacional del Cobre de Chile E Y within a business model both to collect the cash flows and to sell the financial assets.
These instruments are initially recognized at fair value.

Subsequent recognition: Their subsequent valuation is at fair value. Interest income calculated using the effective interest rate method, foreign exchange galns and losses and impalrment are recognized in income. Other net gains and losses are recognized in other comprehensive income. On derecognition, the galns and losses accumulated in other comprehensive income for debt instruments are reclassified to income.
Codelco did not irrevocably choose to designate any equity financial instruments (assets) at fair value with effect on other comprehensive income.

V. Financial liabilities – Financial liabilities are initially recognized at fair value net of transaction costs. Subsequent to their inittal recognition, the valuation of the financial llabilities will depend on their classification, within which the following categories are distinguished:

– – Financial liabilities at fair value through profit or loss: This category includes financial liabilities defined as held for trading.

Changes in fair value associated with own credit risk are recorded in other comprehensive income unless doing so creates an accounting mismatch.

– – Financial liabilities measured at amortized cost: This category includes all financial llabilities other than those measured at fair value through profit or loss.

The Corporation includes in this category bonds, obligations and other current payables.

These financial liabilities are measured using the effective Interest rate method, recognizing interest expense based on the effective rate.

The method of the effective interest rate corresponds to the method of calculating the amortized cost of a financial liability and the allocation of interest expenses during the corresponding period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

Trade and other current payables are financial liabilities that do not explicitly accrue Interest and are recognized at their nominal value, which approximates lts fair value.

Financial liabilities are derecognized when the liabilities are paid or expire.
w. Impairment of financial assets – The Corporation measures the loss allowance at an amount equal to lifetime expected credit losses for certain of its trade recelvables. For these, It uses the simplified approach as required under IFRS 9.

F-246 Corporación Nacional del Cobre de Chile

The provision matrix is based on the Corporation’s historical credit loss experience over the expected life of such trade recelvables and is adjusted for forward-looking estimates considering the most relevant macroeconomic factors that affect bad debts.

Other accounts recelvable and other financial assets are reviewed using reasonable and sustainable information that is available without cost or disproportionate effort in accordance with IFRS 9 to determine the credit risk of the respective financial assets. A provision for impairment losses on trade recelvables and other financial assets is established when there is objective evidence that the amounts due may not be fully recovered.

X. Statement of cash flows – The statement of cash flows reflects changes in cash that took place during the period, determined under the direct method. The Corporation has defined the following:

– Cash flows: Inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes In value.

– – Operating activities: Are the principal revenue-producing activities of the Corporation and other activities that are not investing or financing activities.

– Investing activities: These are the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.

– Financing activities: These are activities that result in changes in the size and composition of net equity and borrowings of the Corporation.

Bank overdrafts are classified as external resources in current liabilities.

y. Law No. 13196 – Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at
10%. The amount recognized for this concept is presented in the statement of income within the line item Other expenses by function. (Note 111.22 letter c)).

z. Cost of sales – Cost of sales is determined according to the absorption costing method, including the direct and indirect costs, depreciation, amortization and any other expenses directly attributable to the production process.

aa. Classification of current and non-current balances – In the consolidated statement of financial position, the balances are classified according to their maturities, that Is, as current for those with a maturity equal to or less than twelve months and as non-current for those with a greater maturity. Where there are obligations whose maturity is less than twelve months, but whose long-term refinancing is insured upon a decision by the Corporation whose intention is to refinance, through credit agreements available unconditionally with long-term maturity, these could be classified as non-current liabilities.

F-247 Corporación Nacional del Cobre de Chile

3. New standards and interpretations adopted by the Corporation

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those applied in the preparation of the Corporation’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new standards, interpretations and amendments, effective from January 1, 2023, which are:

a) Amendment to IFRS 17

Amends IFRS 17 to address concerns and implementation challenges identified after the publication of IFRS 17 Insurance Contracts in 2017. The main changes include: vi.

vil.

VIII.

Detferral of the date of initial application of IFRS 17 for two years for annual periods beginning on or after January 1, 2023.

Additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage, as well as optional scope exclusion for loan contracts that transfer significant insurance risk

Recognition of insurance acquisition cash flows related to expected contract renewals, including transition provisions and guidance for insurance acquisition cash flows recognized in an acquired business.

Clarification of the application of IFRS 17 in financial statements that permit an accounting policy choice at a reporting entity level

Clarification of the application of the contractual service margin (CSM) attributable to the investment performance service and the investment-related service and changes to the related disclosure requirements

Extension of risk mitigation option to include reinsurance contracts held and non- financial derivatives

Amendments to Requiring an entity that at initial recognition recognizes losses on onerous insurance contracts issued to also recognize a gain on reinsurance contracts held

Simplified presentation of insurance contracts in the statement of financial position for entities to present insurance contract assets and liabilities in the statement of financial position determined using portfolios of insurance contracts rather than groups of insurance contracts

Additional transition relief for business combinations and additional transition relief for the date of application of the risk mitigation option and the use of the fair value transition approach.

b) Information to disclose on accounting policies. (Amendments to IAS 1 and IFRS 2 document)

The amendments require an entity to disclose its material accounting policies. The additional amendments explain how an entity can identify a material accounting policy.
Examples are added of when an accounting policy Is likely to be material. To support the amendment, the Board has also developed guidance and examples to explain and

F-248 Corporación Nacional del Cobre de Chile ma y demonstrate the application of the “four-step materiality process” described in the IFRS 2 Practice Statement.

c) Definition of accounting estimates (amendments to IAS 8)

The amendments replace the definition of a change in accounting estimates. According to the new definition, accounting estimates are “monetary amounts in the financial statements that are subject to measurement uncertainty. Entities develop accounting estimates if accounting policies require financial statement items to be measured in a manner that involves measurement uncertainty. The amendments clarify that a change in accounting estimate resulting from new information or new developments is not the correction of an error.

d) Deferred Taxes Related to Assets and Liabilities Arising from a One-Time Transaction.
(Amendments to IAS 12)

The amendments clarify that the exemption from initial recognition does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition.

The application of these amendments had no impact on the Corporation’s consolidated financial statements, but may affect the accounting for future transactions or arrangements.

4. New accounting pronouncements

The following new standards, amendments and interpretations had been issued by the lASB, but their application is not yet mandatory:

New IFRS Date of mandatory Summary application Classification of Liabilities as | Annual periods beginning on | The amendments aim to promote Current or Non-Current|or after January 1, 2024 coherence in applying its (Amendments to IAS 1) requirements by helping companies to determine whether, in the statement of financial position, debts and other liabilities with an uncertain settlement date must be classified as current (maturing or potentially maturing in one year or less) or not current.

lt is important to note that this amendment must be applied retrospectively and early application is permitted.

F-249 Corporación Nacional del Cobre de Chile

27

Initial Application of IFRS 17 and IFRS 9 – Comparative Information (Amendment to IFRS 17)

An entity that chooses to apply the amendment shall apply it when it first applies IFRS 17.

The amendment allows entities applying IFRS 17 and IFRS 9 for the first time to present comparative information on a financial asset as if the classification and measurement requirements of IFRS 9 had been previously applied to that financial asset.

Lease liability on a sale and leaseback (Amendments to IFRS 16)

Annual reporting periods beginning on or after January 1, 2024

The amendment clarifies how a lessee subsequently measures sale and leaseback transactions that meet the requirements of |FRS 15 to be accounted for as a sale.

Non-current liabilities with covenants (Amendments to ¡AS 1

Annual reporting periods beginning on or after January 1, 2024

The amendment clarifies how the conditions that an entity must meet within twelve months after the reporting period affect the classification of a liability.

Suppliers financial agreements (Amendments to ¡AS 7 and IFRS 7)

Annual reporting periods beginning on or after January 1, 2024

The amendments add disclosure requirements and “signaling” within the existing disclosure requirements, which request entities to provide qualitative and quantitative information on suppliers financing arrangements.

F-250

Corporación Nacional del Cobre de Chile ma y

General requirements for Annual periods beginning on |This Standard requires disclosure disclosure of financial January 1, 2024 Early of information about all risks and information related to application is permitted. opportunities related to sustainability that could sustainability (IFRS 51) reasonably be expected to affect an entity’s cash flows, access to finance or cost of capital in the short, medium or long term. For the purposes of this Standard, these risks and opportunities are collectively referred to as “sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects”.

This Standard also prescribes how financial disclosures related to sustainability should be prepared and reported. It establishes general requirements for the content and presentation of those disclosures so that the information disclosed is useful to key users in making decisions related to the provision of resources to the entity.
Climate-related disclosures | Annual periods beginning on | This Standard requires disclosure (IFRS S2) January 1, 2024 Early of information about risks and application is permitted. opportunities related to climate that could reasonably be expected to affect an entitys cash flows, access to finance or cost of capital in the short, medium or long term.
For the purposes of this Standard, these risks and opportunities are collectively referred to as climate- related risks and opportunities that could reasonably be expected to affect the entity’s prospects”.

F-251 Corporación Nacional del Cobre de Chile +

Conca Lack of interchangeability Annual filing and reporting The amendments contain Amendments to IAS 21) periods beginning on or after | guidance to specify when a January 1, 2025. Not yet currency is exchangeable and how approved for use in the EU. to determine the exchange rate when it is not.
Modifications to SASB Annual reporting periods The amendments remove and replace standards to improve their beginning on or after January 1, |Jurisdiction-specific references and international applicability 2025. Will not be approved for | Yefinitions in the SASB standards, without materially altering industries, use in the EU. .
topics or metrics.

Management is currently evaluating the impact of the adoption of these new regulations and modifications. lt is not expected to have a significant impact on the consolidated financial statements.

F-252 Corporación Nacional del Cobre de Chile

Il. EXPLANATORY NOTES

1. Cash and cash equivalents

The detail of cash and cash equivalents as of December 31, 2023 and December 31, 2022, Is as follows: [tem 12-31-2073 | 12-31.2027 Mus3 | THuS5 Cuchi pr Fm 10% 143 Hara balances 515,501 ALE 050 Despents 058.085 | – A7T TER A a 2440] 2% 505 Total cash and cash equéralente 342,043 | 4026.127

Interest on time deposits is recognized on an accrual basis using the contractual interest rate of each of these instruments.

The Corporation does not hold any significant amounts of cash and cash equivalents that have a restriction on use.

Cash and cash equivalents meet the low credit risk exemption under IFRS 9. The classification of time deposits complies with the requirements of 7.

2. Trade and other receivables
a) Trade and other receivables

The following table sets forth trade and other receivables balances, with their corresponding allowances for doubtful accounts: | form | Coment | Moca 1 12-31-2033 , 12-31-2022 | 12-31-2023 | 12-31-2022 | muss | ves | tmuss | tmuss | Alvaro lor dosbbhd arcamts (3) JEAN id Ca! Sublodal trade rocabrables, net 2.741 759 2.530.435 | Oir anccants recespdible |) MA | mar | M1 3r; LE UE Aira al SUD múccamta E) ¡77 GO (E 00141] Other olher accounts recelvable pol | HA] 4060) 711417] Hu30S| Total [3409508 3386795! M2aT3 | 12, 90€ |

(1) Trade recelvables correspond to the sales of copper and its by-products, those that in general are sold in cash or through bank transfers.

F-253 Corporación Nacional del Cobre de Chile

(2) Other receivables mainly consist of the following items: e Remaining tax credit susceptible to refund VAT and other taxes receivable, amounting to TRUS$ 414,058 and ThUS$ 216,218 as of December 31, 2023 and December 31, 2022, respectively.

e Receivables owed by the Corporation’s personnel, for short-term and long- term current loans of ThUS$83,778 and ThUS$70,079, respectively (as of December 31, 2022 ThUS$99,229 and ThUS$88,175, respectively), both deducted monthly from their salaries. Mortgage loans granted to the Corporation’s personnel amounting to ThUS$26,604, which are mainly long- term, are backed by mortgage guarantees (as of December 31, 2022 ThUS$29,320).

e Advances to suppliers and contractors, to be deducted from the respective payment statements for TRUS$117,332 and ThUS$101,665 as of December 31, 2023 and December 31, 2022, respectively.

e Accounts receivable for services from the Ventanas Smelter to ENAMI. These services for the third quarter of the year 2023 amounted to ThUS$14,510.
Additionally, in order to complement the commercial commitments between Codelco and ENAMI, the Corporation purchases copper concentrate and by- products and sells cathodes to ENAMI. Both Codelco and ENAMI are companies owned by the State of Chile.

(3) The Corporation recognizes an allowance for doubtful accounts based on its expected credit loss model.

The reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2023 and December 31, 2022, were as follows: qee | 42-31-2023 | 12-31-2022 | TAS nus | Opening balance 29,123 19,257 | Isansgs 1616 qua | Disciaspes | applications (4, 125] (11421 | Movement, subtotal E 12) 33872 | | Closing balance 28,517. 29,129 |

The balance of past due but not impaired balances is as follows:

Ageing | 3142-2023 | 31.12.2022 ThLESS ThLiEa Less tha 50 days 6600 | 5 FO da – ) yon | Orwer [o yea 057 204 Tolal unprovisioned pari-due deb | 1,898 | 7,080 |

F-254 Corporación Nacional del Cobre de Chile

b) Accruals for open sales involces

The Corporation adjusts Its revenues and trade recelvable balances, based on future copper prices through the recognition of an accrual for open sales involces.

When future price of copper is lower than the provisional invoicing price, the accrual is presented in the statement of financial position as follows:

– For those customers that have due balances with the Corporation, the accrual Is presented as a deduction from the line item trade and other current recelvables.

– -Forthose customers that do not have due balances with the Corporation, the accrual Is presented in the line item trade and other current payables.

When the future copper price Is higher than the provisional invoicing price, the accrual Is added to the line Item trade and other current receivables.

Accordingly, as of December 31, 2023, a positive provision of ThUS$83,778 was recorded in the account Trade and other recelvables for provisions for unfinished sales involces. As of December 31, 2022 it was a positive provision of ThUS$31,327.

As of December 31, 2023, ThUS$ 1 of negative provision for open invoices associated with customers who do not have balances due to Codelco was reclassified to Trade payables of current liabilities, which added to the balance presented in Trade and other receivables, totaled a net positive provision of ThUS$ 83,777. As of December 31, 2022, the reclassification of negative unfinished involces, associated with customers who do not maintain balances due to Codelco, was ThUS$1,458, which added to the balance presented in Trade and other receivables, totaled a positive net provision of ThUS$29,869.

3. Balances and transactions with related parties
a) Transactions with related persons

In accordance with Law on New Corporate Governance, the members of Codelco’s Board are, in terms of transactions with related persons, subject to the provisions of Title XVI of Law on Corporations, which sets the requirements regarding transactions with related parties in publicly traded companies and their subsidiaries.

Notwithstanding the foregoing, pursuant to the provisions of the final paragraph of Article 147 b) of Title XVI, which contains exceptions to the approval process for transactions with related parties, the Corporation has established a general policy over customary transactions (which was communicated through a significant event notice to the CMP), that defines customary transactions as those carried out with its related parties in the normal course of business, which contributes to the social interest and are necessary to the normal development of Codelco’s activities.

F-255 Corporación Nacional del Cobre de Chile ma y

Likewise, consistent with the referred to above standard, the Corporation has implemented as part of its internal regulatory framework, a specific policy dealing with business between related persons and companies with Codelco’s executives. Codelco’s Corporate Policy No.18 (“CCP No. 18), the latest version currently in force, was approved by the Chief Executive Officer and the Board of Directors.

Accordingly, Codelco without the authorization required in CCP No. 18 and of the Board of Directors, as required by Law or by the Corporation by-laws, shall not enter into any contracts or agreements involving one or more Directors, its Chief Executive Officer, the members of Division’s Managing Committees, Vice-presidents, Legal Counsel, General Auditor, Division Chief Executive Officers, Advisors of Senior Management, employees who must make recommendations andor have the authority to award tenders, assignments of purchases andor contracting goods and services, and employees in management positions (up to fourth hierarchical level in the organization), including their spouses, children and other relatives up to second degree of relation, with a direct interest, represented by third parties or on behalf of another person. Likewise, CCP No. 18 requires administrators of Corporation’s contracts to declare all related persons and disqualify himselfherself if any related persons are involved within the field of hisher job responsibilities.

This prohibition also includes the companies in which such administrators are involved through ownership or management, either directly or through representation of other natural persons or legal entities, as well as those individuals who also have ownership or management in those companies.

The Board of Directors has been informed and approved certain transactions as defined in CCP No. 18.

These operations include those shown in the following table, for the total amounts mentioned, which must be executed within the time periods specified in each contract:

F-256 Corporación Nacional del Cobre de Chile

1-1-2023 1-1-2022 Company Taxpayer ID No. | Country | Nature of relationship | Transaction description 12-31-2023 | 12-31-2022

Amount Amount

ThUus$ ThUus$ Adelanta Asesorías y Servicios Ltda 76.425.905-K Chile ¡Relative of employee Services 975 135 Anglo American Sur S.A. 77.762.940-9 Chile |Coligada Supplies 18 Besalco Maquinarias S.A: 79.633.220-4 Chile ¡Relative of employee Services 32,068 – Buses JM Pullman S.A. 78.502.770-1 Chile [Relative of employee Services – 11,631 CDZ Ingeniería Uno Ltda 77.535.292-2 Chile ¡Relative of employee Services 20,750 8,511 Centro de Capacitación y Recreación Radomiro Tomic. 75.985.550-7 Chile [Other related parties Services 784 – Centro de Especialidades Médicas Río Blanco Ltda. 76.064.682-2 Chile |Subsidiary Services 5,346 Centro de Especialidades Médicas San Lorenzo Ltda. 76.124,156-7 Chile [Subsidiary Services 447 Clínica Río Blanco S.A. 99.573.600-4 Chile [Subsidiary Services – 1,273 Clinica San Lorenzo Ltda. 88.497.100-4 Chile |Subsidiary Services 113 – Codelco Shanghai Company Limited. Extranjera China [Subsidiary Services 5,316 – Comercial e Import. Villanueva Ltda 77.000.200-1 Chile ¡Relative of employee Supplies 1,523 1,281 Comercial Easy Import S.A. 76.421.167-7 Chile [Relative of employee Services 6 – Compass Catering S.A. 96.651.910-K Chile [Relative of employee Services 1,257 Complejo Portuario Mejillones S.A. 96.819.040-7 Chile [Subsidiary Services 14,527 Consorcio Ingeniería CDZ Ltda 76.926.371-3 Chile ¡Relative of employee Services 25,652 – Constructora Domingo Villanueva Arancibia S.A. 96.846.150-8 Chile ¡Relative of employee Services – 6,468 Consultor Ingenieria de Proyectos ltda. 77.060.510-5 Chile [Relative ofemployee Services 272 – Consultorias y Asesorias Auditorias y Capacitación Guerra y Guerra ltda 76.168.106-0 Chile [Relative of employee Supplies 5 – Costella Proyectos 76.282.588-0 Chile ¡Relative of employee Services – 3,423 Ecometales Limited agencia en Chile. 59.087.530-9 Chile |Subsidiary Services and Supplies 491,196 14,252 Emin Ingeniería y Construcción S.A. 79.527.230-5 Chile ¡Relative of employee Supplies – 56,547 Empresa de prestación de Servicios Rodolfo Figueroa Valle 76.877.220-7 Chile [Relative of employee Services 5,470 – Empresa Nacional de Telecomunicaciones S.A. 92.580.000-7 Chile [Relative of employee Services – 415 Enaex Servicios S.A. 76.041.871-4 Chile ¡Relative of Director’s Supplies 751 71,215 Exploraciones Mineras Andinas S.A. 99.569.520-0 Chile [Subsidiary Services 406,470 – Finning Chile S.A. 91.489.000-4 Chile ¡Relative of employee Services and Supplies 429,385 46,555 Fluor Chile Ingeniería y Construcción S.A. 85.555.900-5 Chile [Relative of employee Services – 9,285 Fundación de Salud El Teniente. 70.905.700-6 Chile |Subsidiary Services 21,213 101 Fundación Orquesta Sinfónica Infantil de los Andes. 65.018.784-9 Chile |Founder Services – 212 Georock S.A. 77.842.840-7 Chile [Relative of employee Services – 26,400 Hatch Ingenieros y Consultores Ltda. 78.784.480-4 Chile [Relative ofemployee Services 50 – Industrial y Comercial Artimatemb Ltda. 76.108.720-7 Chile ¡Relative of employee Supplies 48 Ingeniería y Construcción Fenix Ltda 76.134.977-5 Chile [Relative of employee Supplies – 1,112 Ingeniería y Construcción Sigdo Koppers S.A. 91.915.000-9 Chile [Relative of employee Services and Supplies 167,315 76,085 Inversiones Cratos Ltda 76.617.441-8 Chile [Relative of Director’s Services 4,236 – ISalud Isapre de Codelco Ltda 76.334,370-7 Chile [Relative of employee Services 195,151 JM Dyvinetz consultoria y servicios ltda. 77.393.290-5 Chile [Associate Services 501 – Janssen S.A. 81.198.100-1 Chile [Relative of employee Supplies 13,787 2,369 JRI Ingeniería S.A. 96.611.930-6 Chile [Relative of Director’s Services 24,109 19,388 Kairos Mining S.A. 76.781.030-K Chile ¡Relative of employee Services 4,530 – Kronox Chile Spa 76.242,181-K Chile |Subsidiary Supplies 1 – Linde Gas Chile S.A. 90.100.000-K Chile [Relative of employee Supplies 4,406 439 Loop Redsur Servicios de Mantenimiento Equipos de Levante SPA 77.126.525-1 Chile [Relative of employee Supplies 4 – Lucas Blandford Maquinarias SPA 76.213.738-0 Chile [Relative of employee Supplies 185 10 Magotteaux Chile S.A. 78.307.010-3 Chile [Relative of employee Supplies 292 – Manufacturas AC Ltda 77.439.350-1 Chile ¡Relative of Director’s Supplies 14 80 Marsol S.A. 91.443.000-3 Chile [Relative of employee Supplies – 273 Metso Outotec Chile SpA 93.077.000-0 Chile ¡Relative of employee Services and Supplies 51,828 74,326 MI Robotic Solutions S.A. 76.869.100-2 Chile ¡Relative of employee Services and Supplies 121 609 NTT Data Chile S.A. 96.886.110-7 Chile [Relative of employee Services 4,814 424 Nueva Ancor Tecmin S.A. 76.411.929-0 Chile ¡Relative of Director’s Supplies – 424 Previred S.A. 96.929.390-0 Chile [Relative of employee Services 57 Primser S.A. 76.753.160-5 Chile [Relative of employee Supplies 29 Servicio Lucas Blandford Maquinarias SPA 92.606.000-7 Chile [Relative of employee Services 4 Servicios Geologicos Geodatos S.A. 88.152.200-4 Chile ¡Relative of employee Services 1,995 Servicios para la mantención Minera E Industrial S.M.A.SPA 76.169.625-4 Chile [Relative of employee Services 3,634 SK Godelius S.A. 76.167.834-5 Chile ¡Relative of employee Services 525 Soc. S y S Ingenieria Ltda. 79.592.060-9 Chile [Relative of Director’s Services 329 Sociedad Contractual Minera El Abra. 96.701.340-4 Chile [Associate Supplies 82 – Softline International Chile SPA 76.232.892-5 Chile ¡Relative of Director’s Supplies 4 Symnetcs S.A. 77.812.640-0 Chile [Relative of employee Services – 3,374 Tecno Fast S.A. 76.320.186-4 Chile ¡Relative of employee Services 75,789 44 041 Termoequipos SpA 78.123.830-9 Chile [Relative of employee Supplies 2 117 Veolia Soluciones Ambientales Chile S.A. 77.441.870-9 Chile [Relative of employee Supplies 28 17,103 Worley Ingenieria y Construcción Chile SPA 96.588.850-0 Chile [Relative of employee Services 66,043 –

F-257

Corporación Nacional del Cobre de Chile

b) Key Management of the Corporation

In accordance with the policy established by the Board of Directors and its related regulations, the transactions with the Directors, the Chief Executive Officer, Vice Presidents, Corporate Auditor, the members of the Divisional Management Committees and Divisional General Managers shall be approved by the Board of Directors.

During the years ended December 31, 2023 and 2022, the members of the Board of Directors have received the following amounts as per diems, salaries and fees:

V-1- 177 1-9. 20 liaparpar E) TiAEBCDOS 6-77 17-14-4270 ll ur 0 ds hara He Liuastry A ds

PRES Es, tur de tra e Cep A y > da a As SA e A a a 17 E > E Ea Mya 8 Es 1 a á 1 23 Fe a mA EL dara | adi haa

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The Ministry of Finance through Supreme Decree No. 233, dated February 09, 2022, established the compensation for the Corporation’s Directors. The compensation to Board of Director members ¡is as follows:

a. The Directors of Codelco will receive a fixed monthly compensation of Ch$4,413,071 (four million four hundred thirteen thousand seventy-one Chilean pesos) for meeting attendance. The payment of the monthly compensation requires at least one meeting attendance each month.

b. The Chairman of the Board will receive a fixed monthly compensation of Ch$8,826,140 (eight million eight hundred and twenty-six thousand one hundred and forty Chilean pesos).

c. Each member of the Directors Committee, whether the one referred to in Article 50 bis) of Law No. 18046 or another established by the Corporation by-laws, will receive a fixed additional monthly compensation of Ch$1,471,022 (one million four hundred and seventy- one thousand and twenty-two Chilean pesos) for meeting attendance, regardless of the number of committees of which they are members. In addition, the Chairman of the Directors Committee will receive a fixed monthly compensation of Ch$2,942,047 (two million nine hundred and forty-two thousand- and forty-seven-pesos Chilean pesos).

d. The compensation established in the legal text is effective for a period of two years, as from March 1, 2022, and will not be adjusted during said period.

F-258 Corporación Nacional del Cobre de Chile

On the other hand, the short-term benefits to key management of the Corporation expensed during the years ended December 31, 2023 and 2022, were ThUS$ 13,603 and ThUS$ 13,368, respectively.

The methodology to determine the remuneration of key management was approved by the Board of Directors at a meeting held on January 29, 2003.

During the years ended December 31, 2023, severance payments and other payments associated with the retirement of Codelco’s senior executives were ThUS$ 2,414. (For the period January – December 2022 they were ThUS$ 1,501).

There were no payments for other non-current benefits during the years ended December 31, 2023 and 2022, other than those mentioned in the preceding paragraph.

There are no share-based payment plans.
c) Transactions with companies in which Codelco has ownership interest

The Corporation undertakes commercial and financial transactions that are necessary for its activities with its subsidiaries, associates and joint ventures (related parties). The financial transactions correspond mainly to loans granted (mercantile current accounts).

Commercial transactions with related companies mainly consist of purchasessales of products or rendering of services carried out under market conditions and prices, which do not bear any interest or indexation.

The Corporation does not make allowances for doubtful accounts on the main items receivable from its related companies since these have been subscribed with the relevant safeguards in the respective debt agreements.

The detail of accounts receivable and payable between the Corporation and its related parties as of December 31, 2023 and December 31, 2022 is as follows:

Accounts recelvable from related entities:

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Tapa Dl la ae eeolra de rider ho A e A “el

F-259 Corporación Nacional del Cobre de Chile

Accounts payable to related entities:

A

Lane Lar e Carsmp el | 4 Varpaper Él Na har+ hina e? Homo ociin JH 0D | 1H 134 A a Ad EN ¡E E x 1 ha San | PTE A A Aaa A MA e des |
– risa le Liza hs :4 cm ñ e A ] Pa ax 3 1 r Trab A

The following table sets forth the transactions carried out between the Corporation and its related entities during the years ended December 31, 2023 and 2022 are detailed below:

1-1-2023 1-1-2022
12-31-2023 12-31-2022

Effect on Effect on

Taxpayer ID No. Company Transaction description Country Currency Amount income Amount income (charge)credit (charge)credit

ThUS$ ThUS$ ThuS$ ThUS$
96.801.450-1 [Nuevo Cobre S.A. (Ex – Agua de la Falda S.|Sales of services Chile CLP 2 2 2 2

96.801.450-1 [Nuevo Cobre S.A. (Ex – Agua de la Falda S.Contribution Chile US$ 245 257

77.762.940-9 |Anglo American Sur S.A. Dividends received Chile US$ – – 138,445 –
77.762.940-9 |Anglo American Sur S.A. Product sales Chile US$ 36,058 36,058 52,307 52,307
77.762.940-9 |Anglo American Sur S.A. Other sales Chile CLP 1,581 1,581 3,614 3,614
77.762.940-9 |Anglo American Sur S.A. Product purchase Chile US$ 666,321 (666,321) 781,019 (781,019)
76.063.022-5 – [Inca de Oro S.A. Payments on account of the company Chile CLP 137 – 125 (8)
77.781.030-K |Kairos Mining Services Chile CLP 11,262 (11,262) 11,064 (11,064)
77.781.030-K |Kairos Mining Sales of services Chile CLP 1 1 1 1
76.255.054-7 – |Planta Recuperadora de Metales SpA Services Chile US$ 22,570 (22,570) 23,045 (23,045)
76.255.054-7 – |Planta Recuperadora de Metales SpA Other sales Chile CLP 7,405 7,405 6,347 6,347
76.255.054-7 – [Planta Recuperadora de Metales SpA Product sales Chile CLP 144 144 305 305
96.701.340-4 [Soc. Contractual Minera El Abra Dividends received Chile US$ – – 25,174 –
96.701.340-4 [Soc. Contractual Minera El Abra Product purchase Chile US$ 418,651 (418,651) 383,923 (383,923)
96.701.340-4 [Soc. Contractual Minera El Abra Product sales Chile US$ 24,771 24,771 65,461 65,461
96.701.340-4 [Soc. Contractual Minera El Abra Other sales Chile US$ 1,493 1,493 1,501 1,501
96.701.340-4 [Soc. Contractual Minera El Abra Commissions received Chile US$ 123 123 112 112
96.701.340-4 [Soc. Contractual Minera El Abra Other purchases Chile US$ 1,055 (1,055) 447 (447)

d) Additional information

The purchasesales of products transactions with Anglo American Sur S.A., are regular business activity transactions to buysell copper and other products. On the other hand, there are certain transactions related to the contract entered into with the subsidiary Inversiones Mineras Nueva Acrux SpA (whose non-controlling shareholder is Mitsul) and Anglo American Sur S.A., under which the latter agreed to sell a portion of its annual copper output to sald subsidiary.

F-260 Corporación Nacional del Cobre de Chile

4. Inventories

Inventories as of December 31, 2023 and December 31, 2022 are detailed as follows:

Hs 20-31-80 3 | 1231023 12387 | l Ip. ¡EF | 1 155 | 0 a] b ¡E A E 110 7 Md Ed | E AA | 116.300) 154.291 y atrio e pra I¡PH.4? Id 04 El Ll e |¡Subtorad produ lo rara ul 1 1 du 175 143247, 44 ER 60) 44b.
Llar io. A ¡A TE Acro da Ar LN 14 46] fa Ph Subtola airis o srrehcud ad clar ral | 4110 231,415

Testal brrertcaies AAA LAA CA +11

Inventories recognized in cost of sales during the years ended December 31, 2023 and 2022, correspond to finished products and amount to ThUS$13,277,319 and ThUS$12,262,740 respectively, which do not consider the cost of processing services of ThUS$24,673 and ThUS$21,912, respectively.

For the years ended December 31, 2023 and 2022, the Corporation has not reclassified strategic inventories to Property, Plant and Equipment.

The reconciliation of changes in the allowance for obsolescence is detailed below: ¡Movement obsalescence pros iaión 12.31.2073 | 12.31 .P072 j THUSE | TWUSS [Opereng bala=os (172,764) (164,391) (Ds Shi | a. 1 E id (3 Ae LA f li ¡Closing balance (178,151) (172.764)

During years ended December 31, 2023 and 2022, inventory write-offs of ThUS$13,248 and ThUS$13,287, respectively, were recognized.

At December 31, 2023 the provision for net realizable value of copper and its effect on income was ThUS$ 36,645 and a profit of TRUS$17,889 respectively (loss of ThUS$45,397 for the same period 2022). As of December 31, 2022, the net realizable value provision was T1hUS$54,535.

As of December 31, 2023 and 2022, there are no unrealized gains or losses recognized for purchase and sale transactions of inventories with related parties.

As of December 31, 2023 and 2022, there are no inventories pledged as security for liabilities.

F-261 Corporación Nacional del Cobre de Chile

5. Income taxes and deferred taxes

a) Deferred tax assets and liabilities

Deferred taxes are presented in the Statement of Financial Position as follows: pormd 12-31-2023 (12-34-2027 e a _ USE TFR Mon -curreni ineade EAS 5 Mor mtm adi a 231 56 Dañadas [Total deterred tanes met 8,138,270 EA

The following table shows the deferred tax opening, net, classified as assets or liabilities according to the nature of the temporary differences: ¡Deferred tar assets 1231-2023 | 1231-0022 Tmuss Tr ros Progr 11788 781 1441045 Tu dr 5% 17 917 0% A 11,546 60) Hna 10 045 ¿416 Total deferred tar assets 2.386, 854 1,363 065 ¡Deferrad tas liabbilmies 12-31.2023 | 12.31.2022 TALISS Triu=S eorolarair epi rcabica AA A Ar FP Chang mn property, plani ura ngapsreri IV 168 RATES Dir or rara) rt Eo 443 IN [Fo edu dl aoquued inearal arto 151 Cayó 1659 000 Lintnrirad corrurs Liers ol ans M2? 15.017 Hidarg lerot 1301 25 246 puras ol severa Ae EL MA Total deteerad tas labillties d OGAA] 10,95.788

b) The effect of deferred taxes recognized in comprehensive income is detailed as follows:

Defered taxes had atected comproheraiva income 12312003 | 1211-2027 TmSs$ | TMUSS

Deáined benctl plans BA] 53

Total delecred lares Ehal aMected comprebenióre incomé 37,276 | [59,061

F-262

Corporación Nacional del Cobre de Chile

c) Composition of income tax (expense)

1.1- 2023 1-4-2022

Comporition 12-31-2023 | 12-31-2022 An MA 1 (MS Cobre Lan Mar 1311, 407] Curresñ ko e por (2d FAP 220 RN Mar ! 1241 111 [Total income tar [evperise] 165,518 | (1,133,670)!

d) The following table sets forth the reconciliation of the effective tax rate:

IA Made ar | Ta Ei | BUE 53% de, 950% pe Añdx da |] DAR Fácad Mu 3d Pruks Mera a 4 Piar 1154 Via, 3h pa bl pre A TR LAA 17 AA 1550 E FEAS 1A 47 | a | 5 JM led ia ra ds AOL ¿rara mi J LU) | E fai id E E IE EI ar Atl ml 1d Ar 12 1 A A A 1 ra 2 UA Peon a a A rú Pr A uacióá. La ar, ad: ed A SOLITA A En 04 H Ly + Quo de La Ar a Ar pia ee, 1 An e Pro il rs rs Mr Pr A a 0 a MOTEL BCO TAL LE ALE Por Mp] (Hai LED 151: 4% má A a | MAL | T3%M Er, 234% q diga EA 1 Y onal THE FLERS TuySS THU FLERE TL5S TM Lam ie] oro ra re 1 ir la Lar ¡Fr ed e El EL A la ¿rra ados rre e Sd 2151 UE 24M d – 1 í FEA niraddard Tr Sac A Ta 1,40% H eL 1d mi t 11 ! n ar ¡La 5 AL a 50 ol Ds ¿rt a array La A mal qu. .E e] cello lr or ls rad raras a LILA, 5 51 ful mn A 144) 00d (1d 20 1.1] 30% FONTAL, M6 CMA TAN TN E

The Corporation has applied a rate of 25% to calculate deferred income tax and first category income tax. As a state company, the Corporation is classified as those companies of article 14 letter G of the Income Tax Law, incorporated in the Tax Reform Law No. 21210 of February 24, 2020, maintaining the General Regime of Taxation. Meanwhile, the national subsidiaries and associates, by default, have applied the Partially Integrated taxation system with a rate of 27% for both years. Foreign subsidiaries and associates have applied the tax rates in force in their respective countries.

Article 2 of Decree Law No. 2398 establishes an additional 40% income tax rate on the Corporation’s taxable income plus the share of retained earnings of companies not organized as corporations or joint stock companies and the dividends actually received from the latter.

F-263 Corporación Nacional del Cobre de Chile

On September 2, 2020, Law No. 21256 was published in the Official Journal, for the tax measures that are part of the emergency plan for economic reactivation. According to Article No. 3, added Article No. 23 bis of Law No. 21210, incorporating a temporary depreciation regime that allows full and instant depreciation of fixed assets and that is in force for acquisitions carried out between September 1, 2020, and December 31, 2022.
As a state company, the Corporation as a taxpayer that pays taxes based on effective income and complete accounting, availed itself of the indicated benefit as of tax year 2022.

Mining Taxes

On August 10, 2023, Law No. 21,591 on Mining Royalty was published in the Official Gazette, effective as of January 1, 2024.

The law establishes that the new mining royalty tax is comprised of two components: The ad valorem component and the mining margin component. The ad valorem component corresponds to 1% of copper sales and applies to miners whose copper sales represent more than 50% of total sales. The mining margin component applies a rate of between 8% and 26% on mining operating margins in the range of 20% to 80%. The compound base of the mining margin component is determined in a manner similar to the current Specific Tax on Mining Activities (IEAM). For this portion the Corporation will continue to assess deferred taxes. In addition, the regulation establishes a Maximum Potential Tax Burden, which will adjust the Mining Royalty tax, in the event that it exceeds 46.5% of the Adjusted Taxable Mining Operating Income.

A rate of 5% has been determined for the last year of application of the IEAM. Similarly, an average deferred tax reversal rate of 8% has been estimated for the mining margin component of the new Mining Royalty.

The IEAM, contained in the Income Tax Law, is repealed as of January 1, 2024. This is in line with the entry into force of the Mining Royalty, which introduces a new mining taxation as of the same date.

F-264 Corporación Nacional del Cobre de Chile

6.

Current and non-current tax assets and liabilities

The current tax balance is presented net of monthly provisional payments as an asset or llability in Current Taxes determined as indicated in section Il. Main accounting policies,

2.K): Current tax assets 12-34-2023 | 12-31-2022 ThUS$ ThUS$ Recoverable taxes 2 620 10.226 Total current tax assets 2,620 10,226
12-31-2023 | 12-31-2022 C t tax liabiliti urrent tax liabilities THUSS THUSS Provisión PPM 11,188 24 310 Tax provision 3,226 1,994 Total current tax liabilities 14,414 26,309 Non-current tax assets 12-34-2023 | 12-31-2022 ThUS$ ThUS$ Non-current tax assets 875,504 748 611 Total non-current tax assets 879,604 748,611

F-265

Corporación Nacional del Cobre de Chile

7. Property, plant and equipment

a) The items of property, plant and equipment as of December 31, 2023 and December 31, 2022, are as follows:

Property, plant and equipment, gross: 12-31-2023 | 12-31-2022 Thus$ ILMES Works in progress 7,851,913 6,426,233 Land 207,012 225,629 Buildings 6,999 803 6,858,811 Plant and equipmení 22 000,441 21,425,224 Podures and ángs 51832 47 241 Motor vehicles 2,251,668 2,128,955 Lands improvemerí 9 406,163 8,910,108 Mining operañons 10,905,593 10,798 033 Mine development 6,139 215 6,141 437 Other assets 933,030 9r7, 318 Total property, plant and equipment, qross 67,396,670 63,939 049 Property, plant and equipment, accumulated depreciation 12-31-2023 | 12-31-2022 Thus$ THUS$ Works in progress – – Land 22 597 20,357 Buildings 3,445,132 3,661,920 Plant and equipmení 13118373 12,413,755 Pefures and fángs 46 561 45,565 Motor vehicles 1,802 451 1,707,545 Improvemerís to land 4 660 460 4 437 041 Mining operañons 7,336,680 7 616,069 Mine development 1,359 .013 1,258,845 Other assets 582,826 069,422 Total property, plant and equipment, accumulated 32.774.099 31.629.519 depreciation Property, plant and equipment, net 12-31-2023 | 12-31-2022 Thus$ Thus$ Works in progress 7,851,913 6,426,233 Land 234,415 200,272 Buildings 3,1185461 3,196,891 Plant and equipmení 8,882 068 9011,469 Pofures and fngs 5,205 1,676 Motor vehicles 449 217 421 410 Improvemernís to land 4 745 703 4,573,067 Mining operañons 3,568,913 3,181,964 Mine development 5,380, 202 4,882 592 Other assets 350,204 408,956 Total property, plant and equipment, net 34,622,571 32,309,530

F-266

Corporación Nacional del Cobre de Chile

b) Movements in property, plant and equipment

Mi- 424 FI ie el E a gós e Epet Ha el jo pr 2 pan. prlde , a a apreciolen fall ¡a el ETT o sl

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F-267 Corporación Nacional del Cobre de Chile

C)

The balance of construction in progress is directly associated with the operating activities of the Corporation and relates to the acquisition of equipment for projects in construction and associated costs for their completion.

The Corporation has signed insurance policies to cover the possible risks to which the various property, plant and equipment items are subject, as well as the possible claims that may arise for the period of its activities. Such policies sufficiently cover the risks to which they are subject in Management’s opinion.

Capitalized interest costs during the years ended December 31, 2023 and 2022 amounted to ThUS$ 246,136 and ThUS$289,501, respectively. The annual capitalization rate was 4.70% and 4.36% at December 31, 2023 and 2022, respectively.

Expenses on exploration and drilling of deposits recognized in profit or loss and the cash outflows disbursed for the same concepts are presented in the following table: ¡Expenditure un expleration and ding nescrv obre 141-2023 l1- ¿044
1234-2073 | 12-30-0071

Sei rurere lr | y (erenl TA] So AFA

239 De rar dota par] PRO | OF ip

The detail of “Other assets” under “Property, plant and equipment” is as follows: ¡Ciher assals, nal (231,20 (111007

Ta a] Pr

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Pia dra q] a a a do Ey

His Asis ¡Cabsriiá Pia ¡CM 4 a lp ¡Ciher asnals. nal 144 Had son

The Corporation currently has no ownership restrictions relating to assets belonging to Property, plant and equipment, except for leased assets whose legal title corresponds to the lessor.

Codelco has not pledged property, plant and equipment as collateral for debt obligations.

In accordance with the provisions of section !!. Significant accounting policies 2 ¡), relating to Impairment of property, plant and equipment and intangibles assets, and as indicated in note 21 Asset impairment, as of December 31, 2022, the Corporation recorded an impairment of the value of the Ventanas Smelter assets in the amount of ThUS$89,410 before tax.

F-268

Corporación Nacional del Cobre de Chile

8. Leases
8.1 Right-of-use assets

As of December 31, 2023 and December 31, 2022, the breakdown of the right of use asset category |s: [

12312023 (1231202 ThUSS ThUS5 pa MOS, 055 ¡Total right-ol-use assets, net

Movements for the years ended December 31, 2023 and year ended December 31, 2022 are as follows: das pa 22 037 e9s.1s2| 51600 907% | 005043 ¡Recunciliaticn of changes in Figii-ol ne Ancel [nutren 0 (435 mb

12-31-2003 | 1231.M TMUSS THUSE

Opening balance AOS PAL 361539 lar sap 140,62 202428 p (155 00585; (150201 ¡Perraca A ad TAE ¡Retesmente malicia pet MM (281) [Fetal moyemanta (15687) 44304 ¿Alesing balance A

The composition by asset class is as follows:

I ¡Ear | Liens rl Pl EDT abres an bra hrs arca ¡Peal cb el Lo.
Total

F-269

12-31-2023 | 12.31.2007 | The mues |

45 A245 | Pa! A 5 | ¡ran! 551 5 07 |
6216) ] 30087! A

300 755 | 405843 | Corporación Nacional del Cobre de Chile

8.2 Liabilities for current and non-current leases

As of December 31, 2023 and December 31, 2022, the payment commitments for leasing operations are summarized in the following table:

12-31-0073 4-07 a Lira e RO ron | a] rán | rt | a] rana Lab | MUS PISA LES HSA MUS MISS am Im PoR | , 16354 | E E! 177 : 15 (dí la $ Ed more han (0 den e de ld ya 106577 AO Era E a? 7 j DAA AA 11153 ¿LA El 58 54) 10 1d 55% 4d 19 car) rd apo) pr? la 15 67 20M 43 401 (2 HI El

Ja) pao y OA pu? K5 y Ús 138151 ¿38 30 DA 5d Bra ¡Opr d parda 0 UA ¿1 6541! M5 45 E 551 4d 114 mora Par 9 nar 68 Sh (Uan Pu PGA dea 1

Leasing operations are generated by service contracts, mainly for facilities, buildings, plants and equipment.

The expense related to short-term leases, low-value assets and variable leases not included in the measurement of lease liabilities, during the years ended periods ended December 31, 2023 and 2022, Is presented in the following table: : 1-1-2073 11-207 ¡Lasa penso 12.31.2023 12.31.2022 | Mus$ muss | [pt ferro haga A AB una | cra ado ans a YA] Hs [Vianable lees pol moludest an ie rascuremend 1 lessas habulis ! buñ 4un | 50m 600 | E TOTAL == [mesos] etm3b0]

9. Investments accounted for using the equity method

The value of the investment and the accrued results of investments accounted for using the equity method are presented below:

Share of Investment value Accrued Result Currency 1-1-2023 1-1-2022 Associates Taxpayer ID No. | Functional | 12-31-2023 | 12-31-2022 | 12-31-2023 | 12-31-2022 | 12-31-2023 | 12-31-2022 % % ThUS$ ThUS$ ThUS$ ThUS$ Nuevo Cobre S.A. (Ex – Agua de la Falda| 96.801.450-1 USD 42.26% 42.26% 4,769 4,682 (157) (304) Anglo American Sur S.A. 77.762.940-9 USD 29.50% 29.50% 2,147,507 2,827,106 (676,921) 43,069 Inca de Oro S.A. 73.063.022-5 USD 33.85% 33.85% 12,399 12,506 (107) (162) Kairos Mining S.A. 76.781.030-K USD 40.00% 40.00% 99 44 – – Minera Purén SCM 76.028.880-2 USD 35.00% 35.00% 3,538 3,339 199 (535) Planta Recuperadora de Metales SpA 76.255.054-7 USD 34.00% 34.00% 18,396 16,346 2,064 1,863 Sociedad Contractual Minera El Abra 96.701.340-4 USD 49.00% 49.00% 679,990 663,300 16,804 8,060 TOTAL 2,866,698 3,527,323 (658,118) 51,991

F-270 Corporación Nacional del Cobre de Chile

a) Associates

Nuevo Cobre S.A. (Former Agua de la Falda S.A.)

On November 8, 2023 the strategic association between Codelco and Nuevo Cobre S.A.
(Former Agua de la Falda S.A.) was formalized.

As of December 31, 2023, Codelco holds a 42.26% ownership interest in Nuevo Cobre
S.A. (Former Agua de la Falda S.A.), with the remaining 57.74% owned by Minera Rio Tinto.

The corporate purpose of this company is to exploit deposits of gold and other minerals, in the Atacama region of Chile.

Sociedad Contractual Minera El Abra

Sociedad Contractual Minera El Abra was Incorporated in 1994. As of December 31, 2023, Codelco holds a 49% ownership interest, with the remaining 51% owned by Cyprus El Abra Corporation, a subsidiary of Freeport-McMoRan Copper é. Gold Inc.

The company business activities involve the extraction, production and selling of copper cathodes.

Sociedad Contractual Minera Purén

As of December 31, 2023, Codelco holds a 35% ownership interest, with the remaining 65% owned by Compañía Minera Mantos de Oro.

This company’s corporate purpose is to explore, identify, survey, investigate, develop and exploit mining deposits in order to extract, produce and process minerals.

Inca de Oro S.A.

On September 1, 2009, Codelco’s Board of Directors authorized the incorporation of a new company aimed to develop studies allowing the continuity of the Inca de Oro Project, which is a wholly-owned subsidiary of Codelco.

December 31, 2023, Codelco holds a 33.85% ownership interest in this company (PanAust IDO Ltda. has 66.15%).

Planta Recuperadora de Metales SpA

On December 3, 2012, Planta Recuperadora Metales SpA was incorporated by Codelco, with 100% ownership held by the Corporation.

F-271 Corporación Nacional del Cobre de Chile ma y

In 2014, LS-Nikko Copper Inc. was incorporated into the ownership of this company.

As of December 31, 2023, Codelco holds a 34% interest in the capital stock of Planta Recuperadora de Metales SpA, with control remaining with LS-Nikko Copper Inc. based on the elements of control described in the shareholders’ agreement.

The principal business activity of the company is the processing of intermediate products of the refining and processing of copper and other metals aiming to recover copper, other metals and other sub products, their transformation to commercial products and the selling and distribution of all classes of goods or inputs derived from such process.

Anglo American Sur S.A.

The principal activities of the Company are the exploration, extraction, exploitation, production, processing and trading of minerals, concentrates, precipitates, copper bars and all metallic and non-metallic minerals, all fossil substances and liquid and gaseous hydrocarbons. This includes the exploration, exploitation and use of all natural energy sources capable of industrial use and the products or by-products obtained, as well as any other related, connected or complementary activities on which the shareholders agree.

On August 24, 2012, Codelco recognized the acquisition of ownership interest in Anglo American Sur S.A. which resulted in the initial recognition of the cost of the investment for TRhUS$ 6,490,000 that corresponded to the proportionate share (29.5%) of the net fair value of the identifiable assets and liabilities acquired.

In determining the share of the fair value of the identifiable assets and liabilities acquired, the Corporation considered the resources and mineral reserves that could be measured reliably. As part of this updating process, and applying the valuation criteria indicated above, the fair value of the assets acquired and liabilities assumed of Anglo American Sur S.A. as of that date amounted to US$ 22,646 million, which in the proportion acquired by Inversiones Mineras Becrux SpA (29.5%) results in an investment at fair value of US $ 6,681 million at the acquisition date.

The allocation of the purchase price at fair value between the identifiable assets and llabilittes was prepared by management using its best estimate and considering all relevant and available information at the acquisition date of Anglo American Sur S.A.

F-272 Corporación Nacional del Cobre de Chile

The Corporation used a discounted cash flows model to estimate cash flow projections, based on the life of mine. These projections were based on estimated production and future prices of minerals, operating costs and capital costs, among other estimates made at the date of acquisition. Additionally, proven and probable resources to explore were not included in the mine plan, therefore, they were valued separately using a market model. Such resources are included in item “Mineral Resources.

As of December 31, 2015, the Corporation identified indicators of impairment in the operating units of Anglo American Sur S.A. Consequently, and with the purpose of making the corresponding adjustments to the investment in this associate, the Corporation estimated Its recoverable amount, considering the additional value of the assets identified at the date of acquisition of the investment.

In determining the recoverable amount, the Corporation applied the methodology of fair value less costs of disposal. The recoverable amount of the operating units was determined based on the life of mine by using a discounted cash flow model whose main assumptions included ore reserves declared by the associate, copper price, supply costs, foreign exchange rates, discount rate and market information for the long-term asset valuation. The discount rate used was an annual rate of 8% after taxes.

Furthermore, the resources not included in the mining plan (LOM) have been valued using a multiples market approach for comparable transactions. Such methodology Is consistent with the methodologies used at the acquisition date, which Is described in the previous paragraph.

As of December 31, 2023, control on Anglo American Sur S.A. Is held by Inversiones Anglo American Sur S.A. with 50.06%, while one of the companies that make up the non- controlling interest is Inversiones Mineras Becrux SpA., which is controlled by Codelco with 67.80% of the shares, and which exercises significant influence over Anglo American Sur S.A. with 29.5%.

As of December 31, 2023, the Corporation performed an evaluation of the value of its investment in the associate Anglo American Sur S.A. and determined that the recoverable amount of the asset Is less than the carrying value recorded, recognizing an impairment of ThUS$ 522,448, which is recognized under the caption*Equity in earnings (losses) of associates and joint ventures accounted for using equity method in the statement of comprehensive income for the year 2023. The aforementioned impairment loss resulted from lower than projected production and cost performance.

The recoverable amount of the investment in the associate was calculated using the fair value methodology less costs of disposal. The recoverable amount of the operating assets was determined based on the life of mine by using a discounted cash flow model whose main assumptions included ore reserves declared by the associate, copper price, supply costs, foreign exchange rates, discount rate and market information for the long- term asset valuation. The discount rate used was an annual rate of 6.77% after taxes.
Furthermore, the resources not included in the mining plan (LOM), as well as the potential

F-273 Corporación Nacional del Cobre de Chile E resources to explore, have been valued using a multiples market approach for comparable transactions.

Subsequent to the recognition of the equity in earnings (losses) of the associate as detailed above, no indications are observed that would require additional impairment of the recoverable amount of the investment held in Anglo American Sur S.A.

Kairos S.A.

As of December 31, 2023, the control of the company lies in Honeywell Chile S.A. which owns 60% of the shares while Codelco owns the remaining 40%.

The purpose of the company is to provide automation and control services for industrial and mining activities and to provide technology and software licenses.

The following tables present the assets and liabilities as of December 31, 2023 and December 31, 2022 of investments in associates, as well as the main movements and their respective results during the years ended December 31, 2023 and 2022.

Assets and liabilities 12-31-2023 | 12-31-2022 ThUS$ ThUS$ Current assets 1,724,855 2,014,837 Non-current assets 6,290,388 6,048,672 Current liabilities 1,144,753 1,188,578 Non-current liabilities 2,296,791 2,146,339
1-1-2023 1-1-2022 Profit (loss) 12-31-2023 | 12-31-2022 ThUS$ ThUS$ Revenue 3,270,948 3,572,351 Ordinary expenses (3,417,008)| (3,376,515) Profit for the period (146,060) 195,836
1-1-2023 1-1-2022 Movement Investment in Associates 12-31-2023 | 12-31-2022 ThUS$ ThUS$ Opening balance 3,527,323 3,546,011 Contribution 245 257 Dividends (65,445) Net income for the period (45,031) 51,991 Impairment Anglo American Sur S.A. (522,448) – Royalty effect on Anglo America Sur S.A (90,639) – Comprehensive income (2,794) (5,268) Other 42 (223) Closing balance 2,866,698 3,527,323

The following tables detail the assets and liabilities of the significant associates as of December 31, 2023 and 2022, as well as the main movements and their respective results during the years ended December 31, 2023 and 2022:

F-274 Corporación Nacional del Cobre de Chile

Anglo American Sur S.A.

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b) Additional information on unrealized profits

Codelco carries out copper purchase and sale operations with Sociedad Contractual Minera El Abra. As of December 31, 2023 and 2022, the value of finished products under the Inventories caption did not present balances for unrealized profit provision.

As of December 31, 2023 and 2022, the Corporation has unrealized gains on the purchase of LNG terminal use rights from Sociedad Contractual Minera El Abra. balance of ThUS$ 2,123 and ThUS$ 3,920, respectively.

c) Share of profit or loss for the period

The income before tax corresponding to the proportion on the income of Anglo American Sur S.A. recognized for the year ended December 31, 2023 was a loss of ThUS$ 54,897.
Codelco also recognized an adjustment to such income corresponding to the depreciation and write-offs of the fair values of the net assets of such company originated at the acquisition date which resulted in a lower income before tax of ThUS$ 8,937. In addition, Codelco recognized a loss of ThUS$90,639 for the deferred tax liability associated with the effect of the new Royalty Law (Law No. 21591) ) on the aforementioned fair values of the net assets and an impariment loss of ThUS$ 522,448. Those adjustments are deducted

F-275 Corporación Nacional del Cobre de Chile from “Equity in earnings (losses) of associates and joint ventures accounted for using the equity method” in the consolidated statement of comprehensive income.

The income before tax corresponding to the proportion on the income of Anglo American Sur S.A. recognized for the year ended December 31, 2022 was a profit of TRUS$ 52,107 while the adjustment to such income corresponding to the depreciation and write-offs of the fair values of the net assets of such company recognized at the acquisition date, resulted in a lower income before tax of ThUS$ 9,038 and is being deducted from Equity in earnings (losses) of associates and joint ventures accounted for using the equity method” in the consolidated statement of comprehensive income.

10. Subsidiaries

The following tables set forth a detail of assets, liabilities and profit (loss) of the Corporation’s subsidiaries, prior to consolidation adjustments:

Ansrts and Labilibas 1231-2080 ¡ 1231-42 | E E 1 A A [e rar py aa] EE MA ¡Mon-Crera a ¿OA 1,448,091 |Cierrrmrb hall ¿En 87d sr E
1.1.2023 11.402 Presto (een ] 12.31.2023 12.31.2172 MUS$ Muss | ela y mpera eel ie e O AE ¡(1351 178 [Pres 1 e ] ETDL AL

F-276 Corporación Nacional del Cobre de Chile

11. Current and non-current financial assets

Current and non-current financial assets included in the statement of financial position are as follows:
11-31-2013 Clari alter al nando pañilien np: ¡ rl bind rd baby des ri ad murcia! laa Lise | dom eyrerc Fa p= Aaa A 2347 11TA 103543 043 rar. did cal rd 5 MA Au 1055 65.
Mn curránd ir ade PER FTE sedal ras eo LE rl 4 6557 añ sirbe Lp] did ¿dd ra rel E ca 1 Mi O TALA AER | ‘ VET ADE | TOTAL 105559 | 1771853 5 108,760 45961 307)
12-31-2022 Atfair value Total financial Classification in statement of financial position through profitor | Amortized cost Hedging derivatives assets loss Metal futures | Cross currency contracts swap ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 26,806 999,921 1,026,727 Trade and other current receivable 2,422,067 964,718 3,386,785 Non – current receivable 88,906 88,906 Current receivable from relates entities 31,756 31,756 Non – current receivable from related entities 224 224 Other current financial assets 1,364 87 1,451 Other non – current financial assets 4,983 100,535 105,518 TOTAL 2,448,873 2,091,872 87 100,535 4,641,367

As of December 31, 2022, the balance of the caption Other financial assets, current includes ThUS$ 1,315 invested in term deposit instruments with a maturity of more than 90 days.

– – Fair value through profit or loss: As of December 31, 2023 and December 31, 2022, this category includes unfinished product sales invoices. Section 11.2. g.

– – Amortized cost: lt corresponds to financial assets held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal outstanding. These assets are not quoted in an active market,

F-277

Corporación Nacional del Cobre de Chile

The effects on profit or loss recognized for these assets are mainly from financial income and exchange differences from balances denominated in currencies other than the functional currency.

No material impairments were recognized in trade and other receivables.

– – Derivatives for Hedging: Corresponds to the balance for changes in the fair value of derivative contracts to cover existing transactions (cash flow hedges) and that affect profit or loss when transactions are settled or when, to the extent required by accounting standards, a compensation effect is charged (credited) to the income statement. The detail of derivative hedging transactions is included in the Note 28.

As of December 31, 2023 and December 31, 2022 there were no reclassifications between the different categories of financial instruments.
12. Other financial liabilities Other financial liabilities consist of loans with financial institutions and bond issuance obligations, which are recorded by the Corporation at amortized cost using the effective interest rate method.

The following tables set forth other currentnon-current financial liabilities:

121105 mon e] Hedgisg | Tot Hedgirg Total | bmrertued 1041, derotis Ampeorized coal; den=W0res FUI FILES FrMUISS Í IMAGÍ ll La Di bn mido | o m3 | a a) E ei | 1 bl M5 . E aña ST ! ¡Borel llegan rr, 049 rob 0d PEO | 17 Lea DO [berto CEA TE AN Ph ) q ft | e AA AA – AL59! | ‘ mil | Fozal | 115253 116 887 | ES Ut | (1542518 | 55 | (3349411 1 ¡Mere Í a Caurger , ! , isimiamibi , -4 | regio Total ocio Fetal Arena taa. detras (Arrarnizad tot] CetrritrrER | MES Fi EA | 4 ES | MIS [mii Lo a a a 545 | | ASA 00 a | ¡ Tin i ¡pad obkpala 22154 | A 15047 818 SARA |He Long a a TA o file 137 fía ES A ! [ias br dalt -A 4 | == (3150 ! | Toral 430 95 FEO AUT | 07 31 3H 17 TEG 160659 173

F-278 Corporación Nacional del Cobre de Chile

Bond obligations:

On May 10, 2005, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 6,900,000 of a single series labeled Series B, which consists of 6,900 bonds for UF 1,000 each. These bonds are payable in a single installment on April 1, 2025, at an annual interest rate of 4% and semi-annual interest payments.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under Rule 144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single installment on September 21, 2035, at an annual interest rate of 5.6250% and semi-annual interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single installment on October 24, 2036, at an annual interest rate of 6.15% and semi- annual interest payments.

On July 17, 2012, the Company issued and placed bonds in the U.S. market under Rule 144- A and Regulation S, for a nominal amount of ThUS$2,000,000. These bonds are payable in two installments. The first tranche on July 17, 2022 in the amount of ThUS$1,250,000 at a 3% annual interest rate. Principal repayments of this tranch were made on August 22, 2017 for ThUS$412,514, February 6, 2019 for ThUS$314,219, October 8 and 22, 2019 for ThUS$106,972 and ThUS$3,820, respectively, December 16, 2020 for ThUS$83,852 and June 17, 2022 for the remaining final balance. The second tranche matures on July 17, 2042 and is in the amount of ThUS$750,000 at an annual interest rate of 4.25%.

On August 13, 2013, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation S, for a nominal amount of ThUS$750,000, payable in a single Iinstallment on August 13, 2023, at an annual interest rate of 4.5% and semi-annual interest payments. On August 22, 2017, February 12 and February 26, 2019 and October 8 and 22, 2019 principal in the amounts of ThUS$162,502, ThUS$228,674 and ThUS$270, ThUS$23,128 and ThUS$555 respectively, was paid. On May 6, 2020, the remaining principal due was increased for a nominal amount of ThUS$131,000, reaching a total of ThUS$465,871 with an annual coupon of 4.50%. Principal was paid on the amounts of ThUS$ 79,688 on December 16, 2020, ThUS$ 157,965 on October 22, 2021 and for the remaining balance of ThUS$ 228,818 on August 13, 2023.

On October 18, 2013, the Corporation issued and placed bonds in the U.S. market, under Rule
144-A and Regulation S, for a nominal amount of ThUS$950,000, payable in a single Iinstallment on October 18, 2043, at an annual interest rate of 5.625% and semi-annual interest payments.

On July 9, 2014, the Corporation issued and placed bonds in the international financial markets, under Rule 144-A and Regulation S, for a nominal of EUR$600,000,000, payable in a single installment on July 9, 2024, at an annual interest rate of 2.25% and annual Interest

F-279 Corporación Nacional del Cobre de Chile payments. On October 22, 2021, capital was amortized in the amount of ThREUR$200,116, reaching a total of TREUR$399,884.

On November 4, 2014, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$980,000, payable in a single installment on November 4, 2044, at an annual interest rate of 4.875% and semi-annual interest payments.

On September 16, 2015, the Corporation issued and placed bonds in the U.S. market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$2,000,000, payable in a single installment on September 16, 2025, at an annual interest rate of 4.5% and semi-annual interest payments. On August 22, 2017 and February 12, 2019, principal was paid for an amount of ThUS$378,655 and ThUS$552,754 respectively. On December 22, 2020, capital was amortized in the amount of ThUS$392,499. On January 7, 2021, capital was amortized in the amount of ThUS$5,000. On October 22, 2021, principal was amortized in the amount of ThUS$273,867, reaching a total amount of ThUS$397,235.

On August 24, 2016, the Corporation issued and placed bonds in the domestic market for a nominal amount of UF 10,000,000 of a single series labeled Series C, which consists of 20,000 bonds for UF 500 each. These bonds are payable in a single installment on August 24, 2026, at an annual interest rate of 2.5% and semi-annual interest payments.

On August 1, 2017, the Corporation issued and placed bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThUS$ 2,750,000. One portion corresponds to an amount of ThUS$ 1,500,000, maturing on August 1, 2027 with an annual coupon rate of interest of 3.625% and semi-annual interest. On December 22, 2020 and January 7, 2021, principal was paid in the amount of thUS$ 227,154 and ThUS$5,000 respectively. The other portion contemplates a maturity date of August 1, 2047, corresponding to an amount of ThUS$ 1,250,000 with an annual coupon of 4.5% and semi-annual interest payments.

On May 18, 2018, Codelco issued a bond for US$600 million with 30-year maturity in the market of Formosa, Taiwan. The bond issued Is denominated in US dollars, had a yield of
4.85% and a prepayment option at the issue value that can be exercised from the fifth year onwards at its par value.

On February 5, 2019, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of ThUS$1,300,000, which maturity will be 5 February 2049 with a coupon of 4.375% per annum and interest payments on a semi-annual basis.

On July 22, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of AUD $ 70,000,000, whose maturity will be in a single installment on July 22, 2039, with a coupon of 3.58% annual and interest payment annually.

F-280 Corporación Nacional del Cobre de Chile E Y

On August 23, 2019, the Corporation made a bond issue and placement, Regulation S, for a nominal amount of ThUS$130,000, whose maturity will be in a single installment on August 23, 2029, with a coupon of 2.869% annual and Interest payment semiannually.

On September 30, 2019, the Corporation made an issue and placement of bonds in the North American market, under rule 144-A and Regulation S, for a total nominal amount of ThUS$2,000,000 whose maturity will be, under one tranche, on September 30, 2029 corresponding to an amount of ThUS$1,100,000 with a 3% annual coupon. The other tranche contemplates a maturity on January 30, 2050, corresponding to an amount of ThUS$900,000.
On January 14, 2020 and October 22, 2021, a capital increase was made for a nominal amount of ThUS$1,000,000 and ThUS$780,000, respectively, reaching a total amount of ThUS$2,780,000 with a coupon of 3.70% per annum.

On November 7, 2019, the Corporation made a bond Issue and placement, Regulation S, for a nominal amount of HKD$ 500,000,000, whose maturity will be in a single installment on November 7, 2034, with a coupon of 2.84% annual and interest payment annually.

On January 14, 2020, the Corporation issued and placed bonds in the North American market, under rule 144-A and Regulation S, for a nominal amount of ThUS $ 1,000,000, the maturity of which will be in a single installment on 14 January 2030, with a coupon of 3.15% per annum and payment of interest every six months.

On May 6, 2020, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a nominal amount of ThUS$800,000 whose maturity will be in a single installment on January 15, 2031, with a coupon of 3.75% per annum and Interest pald every six months.

On December 14, 2020, the Corporation carried out an Issuance and placement of bonds in the North American market, under standard 144-A and Regulation S, for a total nominal amount of ThUS$500,000 whose maturity will be in a single installment on January 15, 2051, with a coupon of 3.15% per annum and Interest payment on a semi-annual basis.

On February 2, 2023, the Corporation issued and placed bonds in the North American market, under Rule 144-A and Regulation S, for a total nominal amount of TRUS$ 900,000 whose maturity will be in a single installment on February 2, 2033, with a coupon of 5.125% per annum and interest paid every six months.

On September 8, 2023, the Corporation issued bonds in the U.S. market under Rule 144-A and Regulation S for a total nominal amount of ThUS$2,000,000 maturing on January 8, 2034 for an amount of ThUS$1,300,000 with a coupon of 5.95% per annum, and on September 8, 2053, for an amount of ThUS$700,000 with a coupon of 6.30% per annum. Both notes contemplate semiannual interest payments.

As of December 31, 2023 and 2022, the Corporation is not required to comply with any financial covenants related to borrowings from financial institutions and bond obligations.

F-281 Corporación Nacional del Cobre de Chile

– Financial debt commissions and expenses:

Transaction costs incurred in obtaining financial resources are deducted from the loan proceeds and are amortized using the effective interest rate.

F-282 Corporación Nacional del Cobre de Chile

As of December 31, 2023, the details of loans from financial institutions and bond obligations are as follows:

TA Looss hos Baca InbvtA of ai] masa | mas | AAA lA Empeyes De | Cory Fo ésta Mistarity | inimemarits | Coemanty | Li | runa | restan | ivarestame | lines pr] a Er Sar a Ce A E AS EOS Var LH MS O de a aj] dis Tin, tL] m7 Dr LGA palmera Cra |Eapor De Caras 2107 | vea 5 100:000006) Arlt | ar ura Ab 27 Hada eS Led ara Cra [Depor Der Cra 10-39-3008 cr vil 1001 200:5000 O dm 1 duos 20118 LEA Palmera Cop [apo are Caras 01-33-2074 aro pr 100:000000) Arlt | art anta 117 EEN] FA ¿ro ¡A A 0134200 a JH 500.000.500 1 A Ary Ji Td TA da 45) La 7 TOTAL 15.198] 1 064-567 En oa ains hstacin Larro laca Tarea hand cbóganana Comer ol Aeqniraton E el cargo l dsmiremizts | deter ista 1.6 pra! tia PEGO La GRE ara Pel EUR CA O EE LOA pea BOOOÉ -h Condado 0601004 ir ue ú50c 000 | Aumert | Sara de OA, 1348 354 371 024 tidA RENA Lnero 012005 Caer UH 00006009 | Arles | Sera ara d pj á TA End 154 077 BOSOEL 7 Odd 0009 De uN bbc | ar | demas 210 1 Tis PT 24 bar dd A PEDO Lamburgo 5 TOP Saa pu LDONOBD0c | Artt | Sara aran nn 4 A. 150 EE PERE Largrtaroo 033-303 Ea Lu tuvos006 | drMarty | Sera PUTA 107, 1108 LAA ME AOS A A e Ar Val LE 1,500 000 000 E Mart AT HA, 114 o e 1,0051 JUDE 1d RES Lina H-1400 Ed A 1,000000:000 | ArMisuety | Semana 3 uy Pi At ALTAR 144 REG AS A1-1L30M A vit A 174 Tom cuido 103 1d PEJA Lamar oo (403-2000 Dado 58 A A 3 0 LIA LE H50 607 Lig REA Larra 01-50-2044 de Ln 106000500 | dur | deme ym do Mom 1.304 378 R50.3 Lamb Vi-E7- 20 Dat RD 10 ido | Aristy E] 74m, 150% qm 19345 HA REGA La nprcA po AA Sd A wo] ala | Serra 14 J% TR 141) 431508 VA AO Lamu 10-34-2004 Dep uk MONO | Aumrty | der arma ON LA a 13 det REO Lino GTIDDOA Dat ALO 0000000 | Af Maty rs Jun Pan, ra 240 VMua RED Laa 57-174 ol rd Moods | a ¿e ¿315 ás 115 158 WA FEO bro 30 Tae, usi MOD00000 | dust | Dear 5 yA TEN Món 135 208 tds A REDA Lar Edd. ua Pl 158 wo00000a | ir | Sera 1h La 1544 Ads 1441 HT O a A E MA Maz LEE 1230000 007 Wat a de ¿TA pd pel 173050 tdi. FEGH Tia > ESTEAT 2 UN 600000000 | drlrrty | Semaraa don ¿A 15070 md ha 1484 REA S Laerr pr ET Pl 1300 m0 006 Piar A TAR dr ¿0 a 11537 td A REN Lam Q1-30-3081 Ea 1 FOMOLOS00S | Arltairty | Sera anal 377% FR ao 3007.99 LA MENA Lartro Or 18.301 Ea vil 4000000600 | auary | er Ln 174% Pd) 4d hrda
144-b añ05 Larra a A Cual FOG 06 DOG E Mari a Y 7 1.30% Li, ol 007 E TOTAL Pre 11.468. 104

Nominal and effective interest rates presented above correspond to annual rates.

F-283 Corporación Nacional del Cobre de Chile

As of December 31, 2022, the details of loans from financial institutions and bond obligations are as follows:

Hr AOS Ca Pi litlta Tod Mia murcia | y | A A | ia AO ida! a ci l ea –

Tp rara pe me UG] e TS E eibm | 13 o 11 TuácA la aun ra red Eros Ds ¡ema e air a ¡E 100 100 5: su Mara, a LAA. A 15 TA A
+ ae Bad ás a pan a Card a el ra pp MA. a MT a, 1 PA EF A a ¡DD A AZ iD A e A ¡AL A e sr ar _- re, Ls. LE Mi 7 de Dr 1

(1) The finance costs consider the capitalization of interest, which, as of December 31, 2023 and 2022, amounted to ThUS$ 246,136 and ThUS$ 289,501 respectively.

13. Fair Value of financial assets and liabilities

The carrying amount of financial assets is a reasonable approximation to their fair value, therefore, no additional disclosures are required in accordance with IFRS 7.

Regarding financial liabilities, the following table shows a comparison as of December 31, 2023 between the carrying amount and the fair value of financial liabilities other than those whose carrying amount is a reasonable approximation of fair value: y –

Comparsorn book value vs hair value | | dar aFl 312033 ¡Acecuntirg breatmari For Bock value | Faúr value En pH | ms | ms Furancial Late | | Bora obágabor Arnuriirod boa | 18.717.065 | 10 O |

F-287 Corporación Nacional del Cobre de Chile

14, Market value hierarchy for items at market value

Each of the market values calculated for the Corporation’s portfolio of financial instruments is supported by a calculation methodology and data inputs. An analysis of each of these methodologies has been carried out to determine to which of the following levels they can be assigned:

Level 1 corresponds to fair value measurement methodologies using market shares (unadjusted) in active markets to which the Corporation has access at the measurement date and considering identical Assets and Liabilities.

e Level 2 corresponds to fair value measurement methodologies using quoted market price data, not included in Level 1, that are observable for the Assets and Liabilities measured, either directly (prices) or indirectly (derived from prices). For hybrid contracts without finalized price: sales of metals with provisional prices for the period are adjusted to the market price at the end of the period. Gains and losses arising from the market valuation of open sales are recognized through adjustments to revenue in the income statement and to trade accounts receivable in the balance sheet. The forward prices at the end of the period are used for the sales of copper. These forward prices are quoted market prices on the LME. For currency swaps: they are valued using a discounted cash flow analysis valuation model that includes observable credit spreads and using the yield curve applicable over the life of the instruments.

Level 3 corresponds to fair value measurement methodologies using valuation techniques that include data on the Assets and Liabilities valued, which are not based on significant observable market data.

Based on the methodologies, inputs, and definitions described above, the following market levels have been determined for the Corporation’s portfolio of financial instruments held as of December 31, 2023:

Fisancial assets 35d habiles al fadr valor

12-31-1673 classified by herarehy

Lowál 1 Laral 7 Laval 3 Toti

TMuSÍ | TRUSAB | TRUS$ | THUS$ | Financial asyeta Hire] CONT NM ls Aitor ly A | y 7 E 1 Pa! r ¿ 0 1 p CSS GUN] A 104 80 01 7601 uti Pda oir ra 17) “¡UE Met Midis rn sl

Financial Labillas Pola l MiS oran. A FF A da?

CATA CUTENCY SAO 117 $08 YAA A here were no transfers between the different levels of market hierarchy for the reporting period.

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Corporación Nacional del Cobre de Chile

15. Trade and other accounts payable

a. Details of trade accounts payable, sundry accounts payable and other current accounts payable are shown in the following table: | Current Liabilites

Iban 12-31-2021 1231-2072

– Tms$ | ThusS ¡Treide creddos 1552166 1554 228 (Poyaliles do erreioyues 42.507 2925 | Waldo; 105547 4,143 Wintidnng les 3.31 155065 Olnar aornunds payalie 85.001 40 554 Total 4,109,352 | 17759538

Trade creditors mainly include operating accounts payable, and obligations associated with investment projects.

b. The following is a schedule of maturities of payments to trade creditors as of December 31, 2023, and December 31, 2022: kn ol Emmemmbzr 19 DELS ne E a És

LP Crazy aith corea et dde ia] na úl A A A Tutad pays ad Tail 2 TO Pri H117p Mi Ls Ma ALE 135 TH TIL DOG qm Cihar 2410 sh AA mE as umi] A 7) CALA EL hn cl Depembar 31 2972 SO o dy pr a E ¡Super at rt pr dev Didar 21- 00 Gl E $1.12 A A TEA Fi [rat 3 1 1400 1 o ” si ¡15 gis 7 145 | +4 ¡o a As Ai 1 147 LL TL 16 mb Cir _ Me EL u! 2 mE E. 1 Igo ld ol Eircember 31, 2055 APP

TS E ririgoa ib citar e date lp dr] Ph LEA ¡EME 121 -4A l r Trial o AAA 250 1% 25 D beat ra | Barracas az Tio ad Ani Hb
A. dd ma 12306 13 141.118 ld Joss Sl al | use] [us ls pl acabe 31, 2027 Ara acorta do rre Ir.

e a ¡Sepia gel pryreeda leed] 15 A El E si A A EA Toni e! z ki 6 > ho j SE naa aus ca bad 4 TH 3 24 004 Ly AT TER ¿aro e ser aa Le art Y? | LS A ia] 2M8 1 Le ES ati? EF

F-289 Corporación Nacional del Cobre de Chile

16. Other provisions

The detail of other current and non-current provisions at the dates mentioned is as follows:

Cher prorislons Current ¡Non-curent
12-11-2009 | 12-14-0007 1231-2073 13-11-2007

M TT A muss AL ao 5 Law Ho 13156 19 | era

Mat OA LEAL 4 004 b1f 1 rabl Ciomto. decomiso na dnd aoradion 3 | ¿0251 ¿611117 Acipal DEERE | | FATE : ES MU | Toral 899405 | 151645 112540 L679,138

(1) Corresponds to provisions for purchases and services relating to the operation, not billed at year-end.

(2) Corresponds to sales-related accruals, which includes charges for freight, loading, and unloadino.

(3) Corresponds to provisions for future closure costs related mainly to tailings dams, mine site closures and other assets. This cost value is calculated at discounted present value, using flows associated with plans with an evaluation horizon ranging from 10 to 60 years. The rates used to discount future cash flows are calculated based on the Life of Mine “LOM” of each of the operations, distinguishing rates in UF for those obligations in Chilean pesos and rates in
U.S. dollars for those obligations in U.S. dollars. These discount rates include the risks associated with the liability being determined, except those included in the cash flows.

Below is a table with the discount rates used:

Division 12-31-2023 12-31-2022 Local Currency | Dollar Currency | Local Currency | Dollar Currency Rate Rate Rate Rate

Gabriela Mistral 2.44% 3.16% 1.65% 2.83% Andina 2.40% 3.29% 1.65% 2.87% Ministro Hales 2.14% 3.12% 1.65% 2.87% Chuquicamata 2.23% 3.17% 1.66% 2.18% Radomiro Tomic 2.26% 3.19% 1.66% 2.16% Salvador 2.20% 3.15% 1.66% 2.16% Teniente 2.14% 3.12% 1.66% 2.69% Ventanas 2.14% 3.12% 1.66% 2.69%

The Corporation determines and recognizes this liability in accordance with the accounting policy described in Note 2, letter p) on Significant Accounting Policies.

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Corporación Nacional del Cobre de Chile

The movement in Other provisions, non-current was as follows:

11.50 LL
13-11-0003 | 121143 : Mare one Pana ler ; Qi Prrrñajóe. e Pje Ed ds a cama euprantla Tea ar, bi [aaron gai A ¿Ae TM EL A CS A TmSd | CHI TS TM perno bularas ad ¿Ent E A ¿ET 178 is ¿ATA 7 ¡7% mag h ! . | ! PP AE AE ar a 17 lid borja rele dior T Doro lr e Lib 1,499 5H ET70 211754] cla 4641, 117 $4 047 ¿0974

17. Employee benefits
a. Provisions for post-employment benefits and other long-term benefits

Provision for post-employment benefits mainly corresponds to employee severance indemnities and medical care plans. The provision for severance indemnities recognizes the contractual obligation that the Corporation has with its employeesretirees. The provision for medical care plans recognizes the contractual obligation that the Corporation has with its retirees to cover their medical care costs. Both benefits operate within the regulatory framework set forth in the collective bargaining or other agreements between the Corporation and its employees.

These provisions are recorded in the statement of financial position at the present value of the estimated future obligations. The discount rate used is determined based on the rate of financial instruments corresponding to the same currency in which the obligations will be paid and with similar maturities.

The defined benefit obligations are denominated in Chilean pesos; therefore the Corporation is exposed to foreign exchange rate risk.

The results arising from adjustments and changes in actuarial variables are charged or credited to the statement of comprehensive income for the period in which they occur.

During the year ended December 31, 2023, there were no relevant modifications to the post- employment benefit plans.

F-291 Corporación Nacional del Cobre de Chile

The following actuarial assumptions were used in the actuarial calculation of the defined benefit plans: : Í | Voluntary Annual Fumovwor Hato lor Retrepient (Men) 5 30% E ys 510% | 5 10% Wolentary Ancud Tumovyor Hate for rolement (Wécuron)| 5 B0% E, Laljó 5 a Ou ¡Salary Increase (road nrarad vara) 4 55 A di Fulule ie 4 a] Acer iaa Y 00% a 00% 3 EpiY da 3 GLI tipecl? Aiflabon Mead Core raibe 578% 1) ATA Mortikly labáes sed lor propeclións CRALR20 0820.20 [CB MARY H4 CHIARA lAvermpe tribon of hubino cast Nos (yenrs] 1.55 IF1I6 | 85m 15 40 Expecied Rebrernátn] Age (Men) 50 N] | ¡dl El ¡Expecles! Rebremoóni Age (Womon] 5n 0 | 58 | 5

The discount rates correspond to the rates in the secondary market of government bonds issued in Chile. The projected annual inflation corresponds to an awareness above the long- term target publicly declared by the Central Bank of Chile and is derived from the market expectation as of December 31, 2023. The rotation rates have been determined after reviewing the Corporation’s own experience by studying the cumulative behavior of outflows over the last three years with respect to the current allocations. The expected rate of salary increases has been estimated using the long-term behavior of historical salaries paid by the Corporation. The mortality tables used were those issued by the CMF, which are considered an appropriate representation of the Chilean market given the lack of comparable statistical series to develop independent studies. The financial duration of the liabilities corresponds to the average maturity of the payment flows of the respective defined benefits.

b. The detail of current and non-current provisions for employment benefits as of the dates mentioned is as follows:

F-292

Employee benefits provishons Current | Won-current |
12-31-2023 | 42.31.2022 | 12-31-2023 | 17-31.2022 | | TMUS$ | 1hUS$ | TMUSS | Thuss | Employess: colecina birgarmao ogrestments 1884006 105.258 | – Seyerance MOemmiles 31,425 ¿9047 204 198 202,126 | Ebro 38.209 00.158 Wacalor 176 193 75 par Aadicaá cure pepgrarma (1) 0H JA) AA 46) 00) Relrenient plans (41 13 dd 6d 54 PON ros (Mhér ¿O HG 1734 POr 0 | Tutel 100740 | 544780 1051430 | (041.117 | Corporación Nacional del Cobre de Chile

The reconciliation of the balances of the provisions for post-employment benefits is presented below:
114-2023 1-1-2022 E E Mo,emnarnts Rellrenani Rebrainari | plan Heath plan pla HaaBh plan VELIE E NE: Tp 154 NTE PIBE | At 74 | 40 TA | 655 6 38 05 ¡ Sernaor an ? ar | F ULA] EE AI HA Faria cree l m5 Oro e E A a E an 727 (40 44481 30. PO 1:40 04551 ¡Acluand (cami ly 1D 1117 163 ug ql 403 ‘Saltetal 531,648 44T, 035 381310 | 476,775 1 ¡Closing balance pireza ll as2e7P soira “o 404,200

The balance of the defined benefit liability as of December 31, 2023, comprises a portion of ThUS$ 31,425 and ThUS$ 394 for the severance indemnity and the medical care plan, respectively. As of December 31, 2024, a balance of ThUS$ 668,758 has been projected for the provision for severance indemnities and ThUS$ 447,590 for health benefits The flows of compensation payments during the next twelve months reach an expected monthly average of ThUS$ 2,619 for severance indemnities and ThUS$ 33 for health benefit plans.

The technical revaluation of the liability (actuarial gainloss defined under lAS19) for severance indemnities and health plan benefits as of December 31, 2023 has been performed with a charge to equity, which is broken down into an actuarial gain of ThUS$ 34,330 for severance indemnities and actuarial loss of TRUS$ 4,112, for the health plans.

The following is a review of the sensitivities of the provisions, when going from a medium scenario to a low or high scenario with unitary percentage variations, respectively, and both effects of reduction or increase on the book balance of these provisions:

OE [e reta La AA L a Bl, Li lr y + da a Leo dp Wu Area Eo AE A A A 1 Cria, E Eso LC hu A lrarcad o an e mad Tora O EOATA ii HP d pr A

c) Provisions for early retirement plans and termination bonuses

In accordance with its operating optimization programs to reduce costs and increase labor productivity by incorporating new current technologies andor better management practices, the Corporation has established employee retirement programs by amending certain employment contracts or collective union agreements to include benefits encouraging

F-293 Corporación Nacional del Cobre de Chile

18.

employees to early retire, for which the necessary provisions are made based on the accrued obligation at current value.

As of December 31, 2023 and as of December 31, 2022, there is a current balance of ThUS$ 13,844 for early retirement and conflict termination bonuses of which ThUS$64,654 respectively. Related non-current balances amount to ThUS$7,701 and ThUS$7,703, respectively. These amounts have been determined using a discount rate equivalent to that used for calculating employee benefits provisions and whose outstanding balances are part of the balances as of December 31, 2023 and as of December 31, 2022.

d) Employee benefits expenses

The employee benefit expenses recognized classified by nature are as follows:

1-1-2023 112022 Expensas by Hattiro od Employés Cerri 12-31-2023 12-31-2022

1MUss THhuSs Horna – ¿o lara he EN a] lA 5H Burnabts – Fosa arniicpainera IFIM20 15 258 Enrty mromraes pare amd cor letra emi AY [LAA AA ¡Buinatbs or nus dé sara | da EST | 112 453 | Total 1,713,289 1,579,760

Equity

The Corporation’s total equity as of December 31, 2023 is ThUS$ 11,046,649 (ThUS$ 11,654,565 as of December 31, 2022)

In accordance with article 6 of Decree Law No. 1350 of 1976, it is established that, before March 30 of each year, the Board must approve the Corporation’s Business and Development Plan for the next three-year period. Taking that plan as a reference and keeping in mind the Corporation’s balance sheet for the immediately preceding year and aiming to ensure ¡ts competitiveness before June 30 of each year the amounts that the Corporation shall allocate to the formation of capitalization funds and reserves shall be determined by decree from the Ministries of Mining and Treasury.

Net income shown in the Statement of Financial Position, after deducting the amounts referred to in the previous paragraph, shall belong to the State and become part of the Nation’s general Income.

On June 22, 2022, the Ministry of Finance agreed with the Corporation to a four-year average reinvestment plan of 30% of profits between 2021 and 2024, which will significantly contribute to the financing of Codelco’s investment plan, while considerably reducing its debt requirements. Consistent with the above, on the same date the Ministry of Finance issued exempt decree No. 194 authorizing the Corporation to allocate up to ThUS$582,750 of the net income from the balance sheet for the year 2021. In accordance with the provisions of exempt decree No. 4 of January 2023, these resources will be paid against the profits of 2022 and

F-294

Corporación Nacional del Cobre de Chile

2023, prior to the absorption of the excess of anticipated dividends of previous years and the interim dividends of 2022.

On July 17, 2023, the Ministry of Finance issued exempt decree No. 238 authorizing the Corporation to allocate up to ThUS$103,677 of the net income shown in the 2022 balance sheet to capitalization and reserve funds, which will be charged against the income for 2023 and subsequent years, until that amount is reached, and the final amount will be determined and recorded once the 2023 accounting period is closed and the final income for the year is known.

As of December 31, 2022, a capitalization and reserve fund has been created amounting to ThUS$345,589. During 2023, no new capitalization and reserve fund was created.

As of December 31, 2023, the Corporation has a balance in favor of advance dividends paid in prior years in excess of distributable earnings of ThUS$509,843. As of December 31, 2023 and December 31, 2022, there are no dividends payable.

In the months of May and June 2022, dividends totaling ThUS$ 259,900 have been paid.

The Consolidated Statement of Changes in Equity discloses the changes in the Corporation’s equity.

The movement and composition of other equity reserves is presented in the Consolidated Statement of Changes in Equity.

Reclassification adjustments from other comprehensive income to income for the years meant a profit of TRUS$ 620 and a profit of TRUS$ 980 during years ended December 31, 2023 and 2022, respectively.

Other reserves

Details of other equity reserves are shown in the following table, according to the dates indicated for each case.

| 12-31-2073 | 12-34-2027 LES HUSS

Oihei reereta er A rn dias tr hada (8.07 OS y Sara E pe fl A TA CAE 350345 aora yn pal de 5307583 E Ajaca rra e reee m dera bar pa PARES 1367 dE ful il Pron re Lira 13110 7 15% 671 567 Ei 55 A EL] WTA E ra ¡Tesal other reserves. dd 001 AR |

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Corporación Nacional del Cobre de Chile

b) Non-controlling interests

The detail of non-controlling interests, included in total equity and total profit or loss, as of the dates mentioned, is as follows: ¡pe _ Hen-comrellisg imiereats EP
12-11.703 12-11. 012 AMA 12-31-2407 Ta 12033 11.02
123. 12-34-12 | A E ad E A 1 A 1 di de 19 A os | AR vid 3 | rat 25 JUDO M7 ] 11 Ji rá Hd,

The percentage of non-controlling interest over equity of Inversiones Mineras Becrux SpA generates a non-controlling interest in the subsidiary Inversiones Gacrux SpA. which summarized financial information is as follows: ¿seria end labs ira 12-31-3021] 1231. 2077 UE HUSA lira qpuad> 153 47 o 1 Nr 1 l imds 21473507 27 mf Core hdr VIE ¡3 Pu ¡or ra lago 21M za 1 | Fiodi (lunes TE EE
1131-20 121143073) ThiiE3 THUSS ken 67454 Mad ib lp + | A (1,30 553 PELA PL] ET da he per ¡Gn Fiz da fal [Coñha eri 14.200) ETS 1231447 1231-0041 UNES? Thii3 [Ps ce dar Ei al ANA A 11,798 1 ¡Mad ue ls Eco cl ei A ra, |

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Corporación Nacional del Cobre de Chile

19. Revenue

Revenues from ordinary activities for the years ended December 31, 2023 and 2022, were as follows: ¡been 1-1-4023 1-1-2022
12-31-2023 12-31-2022 | TRUss ThUS$ mn runas om sales Ol aya topper 13,148 78 LESA Remato hor sabs ol bard patty ero 1573068 MATA Riojana Fem sabia cl mollbdor am 12 762 835 081 Ramas tom saños 0d olor peoducis 6 397 6 757 Prodi osa) m Áulures mariel 4 ¿El (44641

Total 06,153,725 17,018,409 |

The Corporation’s revenue ¡is recognized at a point in time.
The breakdown of revenue is presented in explanatory note No.24 Operating Segments.

20. Expenses by nature

Expenses by nature for the years ended December 31, 2023 and 2022, were as follows:

1.1:2033 112077 Mor 12-31-2073 12-4-D0E2Z TABS ni88 Shire Insta hs lo rr (13 15 M| 11 919 458] Depracibon (1 (2,2391 BH (2,28, 593) Arcana 24 | (LN) Fira Maipo FESTES |haien ads, consumible and obrera (71572207 ]| 0,4009, 2239) Telas (13,807 0131[ (92,804,136)

(1) Depreciation includes the expense of Property, plant and equipment and right-of-use assets (see note 7b and note 8.1).

21. Asset impairment

As indicated in note 29 letter b) point x), the corporation made progressed in cease operation of the Ventanas Smelter, which as of December 31, 2021 was part, together with the Ventanas Refinery, of a single cash-generating unit called the Ventanas Division. The Corporation Is evaluating the assets of both operations separately, leading to the definition that the Ventanas Smelter and Ventanas Refinery are, as of December 31, 2022, separate cash-generating units under |AS 36.

As of December 31, 2022, the Corporation performed a calculation of the recoverable amount of its Ventanas Smelter cash-generating unit, for purposes of testing the assets associated with the cash-generating unit for impairment. Since such recoverable amount is zero, when compared to the carrying amount of the cash-generating unit’s assets of ThUS$89,410, an

F-297 Corporación Nacional del Cobre de Chile

22.

impairment was determined for such amount, which was recorded in Other expenses in the statements of comprehensive income for the year 2022.

The recoverable amount determined corresponds to the value in use using a discount rate of
7.28% per year before taxes. The main variables used to determine the recoverable amount of this asset correspond to the price of rhenium, exchange rates and discount rates.

Also, as of December 31, 2022, the Corporation calculated the recoverable amount of its cash- generating unit related to the Ventanas refinery in order to test the assets associated with such cash-generating unit for impairment. The result of this calculation led to the conclusion that the recoverable amount is higher than the carrying amount of the cash-generating unit’s assets and, therefore, there is no impairment loss.

As of December 31, 2023 and 2022, there are no indications of additional impairments or reversals of impairment for other cash-generating units or associates.

Other income and expenses

Other income and expenses by function for the years ended December 31, 2023 and 2022, is detailed below:

a. Other income

Item 1-1-2023 1-1-2022
12-31-2023 | 12-31-2022

ThUS$ ThUS$ Penalties to suppliers 6,846 7,265 Delegated Administration 4,548 3,990 Miscellaneous sales (net) 22,934 21,495 Insurance compensation for accidents 35,019 41 Return of materials 374 945 Other miscellaneous income 23,318 30,995 Total 93,039 64,731

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Corporación Nacional del Cobre de Chile

b. Other expenses

1-1-2023 1-1-2022 Item 12-31-2023 | 12-31-2022 ThUS$ ThUS$

LawNo. 13196 (1,256,339) | (1,273,425) Research expenses (1) (156,188) (99,994) Bonus for the end of collective bargaining (2) (24,922) (22,586) Closing costs (15,205) – Expense plan (see to note 17 letter c.) (33,846) (72,555) Write-off of investment projects (968) (2,020) Loss on disposal of fixed assets (111,097) (12,673) Health plans (see to note 17 letter a.) (17,029) (15,258) Compensation agreement framework agreement (2,697) (136,844) Impairment of assets (note 21) – (89,410) Adjustment of inventory (13,248) (13,287) Material obsolescence (26,861) (22,264) Bad debts customers – (59) Contingency expenses (14,723) (26,914) Fixed indirect costs, low production level (4) (302,671) (218,024) Adjustment severance indemnities (3) (31,417) (55,849) Other expenses (55,595) (42,154)

Total (2,062,806)| (2,103,316)

(1) Study expenses include exploration expenses (see note 7 letter f), pre-investment studies and research and technological innovation expenses.

(2) Corresponds to disbursements for the closing of a collective bargaining process, which do not establish a permanence condition.

(3) Corresponds to the restatement of severance indemnities liabilities associated with the portion earned by employees in prior years.

(4) Break down .by division for this concept is as follows:

1-1-2023 1-1-2022 División 12-31-2023 | 12-31-2022 ThUS$ ThUS$

Andina (6,486) – Chuquicamata (73,700) (132,387) Ventanas (24,879) (38,858) Ministro Hales (12,283) (8,547) Gabriela Mistral (3,763) – Salvador (123,489) (35,136) Teniente (58,071) (3,096) Total fixed indirect costs, low production level (302,671) (218,024)

Cc. LawNo. 13196

Law No. 13196 – Under this law, the return in foreign currency of sales abroad of the Corporation’s actual income from its copper production, including by-products, is taxed at
10%.

On January 27, 2017, Law No. 20989, article 3, establishes changes in the application of

Law No. 13196 as of January 1, 2018, through which the Corporation will deposit annually, no later than December 15 of each year, the funds established in article 1 in that law.

F-299 Corporación Nacional del Cobre de Chile

On September 26, 2019, Law No. 21174 was published, which repeals Law No. 13196 and establishes that the 10% tax to the tax benefit provided by the Corporation will subsist for a period of nine years, decreasing from the tenth year 2.5% per year until reaching 0% at the beginning of the thirteenth year. The validity of this law Is as of January 1, 2020, maintaining the payment annually at a date no later than December 15 of each year

On March 23, 2020, the Ministry of Finance issued Ordinary Official Letter No. 843, modifying the payment modality of the resources related to Law No. 13.196 to meet national needs generated by the COVID-19 crisis. Sald Official Letter establishes that, as of April 2020, the monthly transfer of the corresponding resources according to their registration shall be made within a term no later than the last day of the month following the month in which they are accounted for.

23. Finance costs

Finance costs for the years ended December 31, 2023 and 2022, are detailed in the following table: Item 1-1-2023 1-1-2022
12-31-2023 12-31-2022 ThUS$ ThUS$ Bond interest (547,293) (412,912) Bank loan interest (70,483) (18,149) Restatement of severance indemnity provisior (10,255) (13,242) Restatement of other non-current provisions (8,070) (9,645) Closing provision update (56,617) (47,964) Other (86,192) (67,148) Total (778,910) (569,060)

24. Operating segments

In section |! “Significant Accounting Policies, it has been indicated that, for the purposes of IFRS 8, “Operating Segments, these are determined according to the Divisions that comprise Codelco. In addition, the Parent Company’s revenues and expenses are distributed among the defined segments.

The mining deposits in operation, where the Corporation conducts its extractive and processing activities are managed by the following Divisions: Chuquicamata, Radomiro Tomic, Ministro Hales, Gabriela Mistral, Salvador, Andina and El Teniente. In addition, the smelting and refining activities are managed at the Ventanas Division and, from June 2023 onwards, In the refining area only. All these Divisions have a separate operational management, which reports to the Chief Executive Officer through the Vice-President of Operations. The information on each Division and their corresponding mining deposits is as follows:

F-300 Corporación Nacional del Cobre de Chile

Chuquicamata

Types of mine sites: Open pit mines and underground mines

Operating: since 1915

Location: Calama, Il Region de Antofagasta. Chile

Products: electro refined and electrowon cathodes and copper concentrate

Radomiro Tomic

Types of mine sites: Open pit mines

Operating: since 1997

Location: Calama, Il Region de Antofagasta. Chile

Products: electrowon copper cathodes and copper concentrate

Ministro Hales

Types of mine sites: Open pit mines

Operating: since 2014

Location: Calama, ll Region de Antofagasta. Chile.
Products: Calcined copper, copper concentrates

Gabriela Mistral

Types of mine sites: Open pit mines

Operating: since 2008

Location: Calama, Il Region de Antofagasta. Chile Products: Electrolytic (electro-obtained) cathodes

Salvador

Type of mines: Underground and open pit mines

Operating: since 1926

Location: Salvador, Il Region de Atacama. Chile.

Products: Electro refined and electrolytic (electro-obtained) copper cathodes and copper concentrate.

Andina

Type of mines: Underground and open pit mines Operating: since 1970

Location: Los Andes, V Region de Valparaíso. Chile.
Product: Copper concentrate

El Teniente

Type of mines: Underground mine

Operating: since 1905.

Location: Rancagua, VI Region del Libertador General Bernardo O’Higgins. Chile.
Products: copper concentrate and copper anodes.

F-301 Corporación Nacional del Cobre de Chile

a) Allocation of Head Office revenue and expenses

Revenue and expenses controlled by the Head Office are allocated to the Divisions based on following criteria.

The main items are assigned based on the following criteria:

Revenue and Cost of Sales of Head Office commercial transactions e Theallocation to the Divisions is made in proportion to the ordinary income of each of them.

Other income by function e Other income by function, associated and identified with each Division, is directly allocated.

e Recognition of realized profits and other income by way of subsidiaries are allocated in proportion to the revenues of each Division.

e Theremaining other income is allocated in proportion to the aggregate of balances of other income and finance income of each Division.

Distribution costs e Expenses associated and identified with each Division are directly allocated.

e Distribution costs of subsidiaries are allocated in proportion to the revenues of each Division.

Administrative expenses e Expenses associated and identified with each Division are directly allocated.

e Administrative expenses recorded in cost centers associated with the sales function and administrative expenses of subsidiaries are allocated in proportion to the revenues of each Division.

e Administrative expenses recorded in cost centers associated with the supply function are allocated in proportion to inventory balances in warehouse in each Division.

e The remaining administrative expenses are allocated in proportion to operating cash outflows of each Division.

Other expenses, by function e Other expenses associated and identified with each Division are directly allocated.

e Expenses for pre-investment studies and other expenses by function of subsidiaries are allocated in proportion to the revenues of each Division.

Other Gains e Other gains associated and identified with each Division are directly allocated.
e Other gains of subsidiaries are allocated in proportion to the revenues of each Division

Finance Income e Finance income associated and identified with each Division is directly allocated.

e Finance income of subsidiaries is allocated in proportion to the revenues of each Division.

e Theremaining finance income is allocated in relation to the operating cash outflows of each Division.

F-302 Corporación Nacional del Cobre de Chile

Finance Costs

Finance costs associated and identified with each Division are directly allocated.
Finance costs of subsidiaries are allocated in proportion to the revenues of each Division

Share in profit (loss) of associates and joint ventures accounted for using the equity method

The share in the profits or losses of associates and joint ventures identified with each particular Division is allocated on a straight-line basis.

Foreign exchange differences

Foreign exchange differences identifiable with each Division are directly allocated.
Foreign exchange difference of subsidiaries is allocated in proportion to the revenues of each Division.

The remaining foreign exchange differences are allocated in relation to operating cash outflows of each Division

Contribution to the Chilean Treasury under Law No. 13196

The amount of the contribution is allocated and accounted for in proportion to the invoiced and recorded amounts for copper and sub-product exports of each Division, that are subject to the surcharge.

Tax income benefit (expense)

Income tax benefit (expense) Corporate income tax under D.L. 2398 and specific mining tax are allocated based on the income before income taxes of each Division, considering for this purpose the income and expenses allocation criteria of the Head Office and subsidiaries mentioned above.

Other tax expenses are allocated in proportion to the corporate income tax, specific mining tax and tax under D.L. 2398 of each Division

F-303

Corporación Nacional del Cobre de Chile

b) Transactions between segments

Transactions between segments mainly related to products processing services (or tolling services), are recognized as revenue for the segment rendering the tolling services and as the cost of sales for the segment that recelves the service. Such recognition is made in the period in which these services are rendered, as well as its elimination in the consolidated corporate financial statements.

Additionally, the reallocation of the profit and loss assumed by Ventanas Division, associated with the corporate mineral processing contract between Codelco and Enami, in which a distribution is applied based on the revenue of each division is included as a transaction between segments.

Cash flows by segments

The operating segments defined by the Corporation, maintains a cash management function which refers mainly to operational activities that need to be covered periodically with funds constituted in each of these segments and whose amounts are not significant in relation to corporate balances of cash and cash equivalents.

Conversely, activities such as obtaining financing, investment and payment of relevant financial obligations are mainly based at the Head Office.

F-304

Corporación Nacional del Cobre de Chile

1d aa A

TÍ a 1442, 00d (2301 o! ¡nante ¡as Pe o do ¡Pd có ma 13 . Ho DAA ¿ATÚN OR a rd ira 54y a el A LAA hrs ares 1 4 pl e le A AAA le e ea rr on
1.

¡Pagdn Ja] ¡1 144 1d

E co ld A ai JADE 1d |

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F-305 Corporación Nacional del Cobre de Chile

Proa 01-04-2073 = : ALI a : z Tegnenis hisiminicimasi! R Tome | Satiados Andina |El Teniente! Ventanas ¡(C. Mistral| Y Hades Li Diñer l Toei í +EQGMArIiS Consobiaied: TRAUSE | THU TRussá Tnus5. THUSS | TAUSF | TRUSS Trios thus | TRAS Thlist

Himmtrá BUM sd A nl AD 125408 | 33100448 PAPA | 1101003787] 31343 M0 TEO | O | 128594011 12957, 418 138% m0 Hhaswran ray sos Ol iva part. copper 2.041 14 ed 1.) 05, 1 mu 4%) 12350 374 | E RR A AO 435045 | Da dt mar an 0 051 mus 157 MU les ETS ARA Hisperja Bi sold O lis primbir as 1 an] 47 454 1 0 INFO 120 35 3 fa ea a EHH), PET 3 AG Mad POE A A fabi | A 1 Sd dd ¡14 ¡Amip MA 0) LA, UA] 1h 1) Au | OS añ 016 10773 1 54D + Cd ld 3 103,337 ea año sra iras! aa] mon | asias | 13512 [ió 31 aos | ir óEa0s | Cool a rales el ire cof padr A E E OR IIA ARES 0553 (100330| ¿ATOM (9.040.072 1.500 (a de Cos olaa ar pair DUnpur (323001 71 260) JURA 6 i . (2 008) 11.554 ¿06| (1648 171) Cad ld re e dre Ur (SPA | EN e ET dd 144) no: (1, 25m (105,554 1 Coal Ol > 0 e IU ¡IF 139 ¡175081 11551 106abpiw) cur pal 4 00h ¡4 45 0 A (1113 ¿600 410,1 Costa se len be onnnde E (AS ¿10 ña +81] 14706 | (10d of 175 a AU mis 10,3. M2 di a A FEA | (185288 ] 406,887 | 2007 487 | (10,112) 137,163] 54148 | door] JAI 4731787 Cira aver E EINOBA 19,4% | 2 447 4535 | – 01 350 | 34m z DóN rad A AS 70,734 154 TAN Letra fs 1 11 rn 10 ra] LA ET (10545| 14m) 14 Hal cd Sal 07M PU e ir ir e o ds STE E 1753 10] 1d am medi] m0 d30)] (FU 105 (UA (AD DAS] 4500 1171): Cal pure. Ey hina 244 14m] NA Vi] ru zi A ¡ma Po] 11064 Bm] 1186415 Je Mt e MU | ¡1 E (03 ADA MP E A AN | A (IATA PIPA] (0 1] UA 11,975,475]! MIRA Can O 1 a y ‘ ] 61M a. 7OJ Pri arar mia no dit ng iS vi 141 ¡ab hs da ME A ES Frñanosu ista ¡0 dde ¡Eb | ¡14871 ¡573 043 +44 009 ¡ (DAFT ¿rAm] ¿Dd A ELA cOn) ¿DOG IAF ls hnrmaiH es rd RAS ‘ (9 Am 15 nm Sir e o prada pi] a cs rd rd A 1 7ad AG

Te LE E A EL arar] (04.57%) eat] (ASA) 10 10%
112,870 122] (181,078) 69004 | 1 T _214 481 | d i

F-306 Corporación Nacional del Cobre de Chile

The assets and liabilities related to each operating segment, including the Corporation’s corporate center (Head Office) as of December 31, 2023 and December 31, 2022, are detailed in the following tables: | EA | lol Y Y y I ” ” = : – Rasca | Teta Caliggory ia is sac E IP RRA ¡re int ETA IT ATT E CE E ¡Nor cagterl mer A E O A O O Cr kdd E A A A O E ¡orcunera hub 51 50d ME TAE OA AA DAA E 854) 3765001 Abe
17-31-2077 | | Radomiea | | | Total Calapory Thu amais tomo | Batrindos Áadira | CiTerderia | Verisras | 0 Maral – Hdn Ca A pr A CI O A A O TO A or re ee E A A A CAU E A E Om E IA A Nor cure habbo tidad 11 BELO HET 111638 6 158 147 5 UN 0, E E ALAS Revenues segregated by geographic area are as follows:
1.42023 11-202 Revenue por geographical arvañ 12-31-2073 12-31-2022 ThuUS$ Thus4 Tolal reperso lor dornesb cusicarora 2.002.763 2 414,054 Totúl reversa hom doren cusiormners. 1d 300) DEA 14 504 455 E Li E 10,3103228 1 17,018,409
1-1-2073 1-1-2072 Reverte per geographical areas 12-31-2023 12-31-2022 Thuss Thu435 Chana 3,000,392 3,280,124 Fhesl ol Asia 1.008 420 1,370,109 Eurape 5,162,007 | 5,280.40 Amenca 4d. 163,484 d,098 704 is ec ARS Total 16,399,739 17,018,405

During the years ended December 31, 2023 and 2022, there was no revenue from ordinary activities from transactions with a single customer representing 10 percent or more of the Corporation’s revenue from ordinary activities.

F-307 Corporación Nacional del Cobre de Chile

25. Exchange difference

Exchange differences for the years ended December 31, 2023 and 2022, are as follows:

Profit loas] from foreign pra diHerences recognized én a pra | a PA AA [Exchange Rabe Diferenoo LAS Presa 14 054 ¿30 Exchange Ralo Diflerenca Haadn, Plan Proa (5,788) (37,4911] Exchange Rale Difference Proyenon lor na Ciisure (15,328) (144,521) Exchange Fale Dilaronos Conbegénaes Proyesian 14772 (6 311] Exchenge Falo LMbrence Per 2227272 OOOO CR AAN Total exchange difference (44:963) (231.771)

26. Statement of cash flows

The following table shows the items that comprise other collections and payments from operating activities in the Statement of Cash Flows: | 1-12023 | 11-202 Oiiver collections irom opersiing activibas | 12-31-2023 12-31-2072 Thuss ThlUSs$ VAT Riellurad ¿AO 1505, bie Hada MAT cevid Citrera 5564 | 165601 | Total 2.706,65 233589
11-203 |] 11202 Other payments Írom operating activitiós 12-31.2022 12-34-2022 | Thus$ ThuS5 lConinibutorn lo Chikean Irmasury Law N”13:196 01,274, 125) (1205 352] She Corra ruaal 1 MU [VAT aid olnar senda bates pd | 2105) (1767300) Total (3.464,919), (3,063,.3431

During the years ended December 31, 2023 and 2022, no direct cash capital contributions were received.
27. Risk management

Corporación Nacional del Cobre de Chile has created instances within its organization that seek to generate strategies to minimize the financial risks to which It may be exposed.

The risks to which Codelco is exposed and a brief description of the management procedures that are carried out in each case, are described below.

F-308 Corporación Nacional del Cobre de Chile

a. Financial risks
* Exchange rate risk:

According to IFRS 7, exchange rate risk Is understood to be the risk that arises from financial instruments that are denominated in foreign currencies, that is, a currency other than the Corporation’s functional currency (US dollar).

Codelco’s activities that generate this exposure correspond to funding in UF, accounts payable and recelvable and provisions in Chilean pesos, other foreign currencies used in its business operations and obligations with employees.

Most transactions in currencies other than US$ are denominated in Chilean pesos. Also, there Is another portion in Euro, which corresponds mainly to a long-term loan issued through the International market, which exchange rate risk Is mitigated with hedging instruments (Swap).

Taking into consideration the financial assets and liabilities as of December 31, 2023 as the base, a fluctuation (positive or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other variables constant), could affect profits before taxes by US$ 41 million in profit or loss, respectively. This result is obtained by identifying the main Items (including assets and financial liabilities) denominated in foreign currencies in order to measure the impact on profit or loss that a variation of +- 10 Chilean pesos would have in terms of US$, with respect to the closing exchange rate at the end of the reporting period.

There are operating and Investment expenses that are subject to price-level restatements associated with inflationary adjustments in the economic environment in which the Corporation operates. The Corporation periodically monitors the effects of these price-level restatements on its results in order to detect unusual situations that could have a significant financial impact.

Based on current conditions, the Corporation has not entered into, nor does it intend to enter into, derivative contracts specifically to hedge the effects discussed in the preceding paragraph.

If financial assets and liabilities are considered as of December 31, 2023, a 1% fluctuation (positive or negative) in the value of UF in Chilean pesos (with all other variables held constant) could affect the pre-tax result by an estimated US$ 20 million loss or gain, respectively. This result is obtained by Identifying the main Items affected by exchange differences, both financial assets and liabilities, in order to measure the impact on income that a 1% variation in the value of the UF, used at the date of presentation of the financial statements, would have.

* Interest rate risk This risk arises from interest rate fluctuations in Codelco’s investment and financing activities.

This movement can affect future cash flows or the market value of fixed rate financial instruments.

F-309 Corporación Nacional del Cobre de Chile

These rate variations refer to U.S. dollar varlations, mostly with respect to the LIBOR rate. To manage this risk, Codelco maintalns an adequate combination of fixed and variable rate debt, which is complemented by the possibility of using Interest-rate derivatives to meet the strategic guidelines defined by Codelco’s Vice-Presidency of Administration and Finance lt Is estimated that, based on net debt at December 31, 2023, a one percentage point change in the Interest rates of credit financial liabilities subject to variable interest rates would result in a change in annual interest expense of approximately US$ 14 million, before taxes. This estimation is made by identifying the liabilities assigned variable interest, accrued at the end of the financial statements, which may vary with a change of one percentage point in variable Interest rates.

The concentration of obligations that Codelco maintains at fixed and variable rates at December 31, 2023, corresponds to a total of ThUS$ 18,717,055 and ThUS$ 1,481,047, respectively.

b. Market risk.
* Commodity price risk:

As a result of its commercial operations and activities, the Corporation’s income is mainly exposed to the volatility of copper prices and certain sub-products such as gold and silver.

Copper and molybdenum sales contracts generally establish provisional sales prices at the time of shipment of such products, while the final price will be considered based on a monthly average price determined by the market for future periods. At the reporting date, sales of provisionally priced products are adjusted to fair value and the effect is recorded in the results of operations for the period. Forward prices at the period-end are used for copper sales, while period-end average prices are used for molybdenum concentrate sales due to the absence of an assets futures market. (See Note 2.q) “Income from Activities Ordinary Procedures from Contracts with Customers of section || Main Accounting Policies).

As of December 31, 2023, if the future price of copper fluctuates by + – 5% (with the other variables constant), the result would be +- US$231 million before taxes as a result of setting the mark to market of sales revenue to provisional prices in effect as of December 31, 2023 (MTMF 546). For the estimate indicated, all of those physical sales contracts were valued according to the monthly average immediately following the close of the financial statements, and proceeds to be estimated regarding what the final settlement price would be If there Is a difference of + – 5% with respect to the future price known to date for this period

In order to protect cash flow and adjust, where necessary, lts sales contracts to its trade policy, the Corporation holds operations in futures markets. At the end of the reporting period, these contracts are adjusted to falr value, recording this effect, at the settlement date of the hedging transactions as part of net product sales.

F-310 Corporación Nacional del Cobre de Chile

The Corporation has not entered into any hedging transactions with the specific purpose of hedging the price risk caused by fluctuations in prices of production inputs.

c. Liquidity risk

The Corporation ensures that it has sufficient resources, such as pre-approved credit lines (including refinancing), in order to meet short-term requirements, after considering the necessary working capital for lts operations and any other commitments it has.

In this sense, the Corporation maintains resources at its disposal sufficient to meet its obligations, whether in cash, liquid financial instruments or credit facilities.

In addition, the Finance Department constantly monitors the Corporation’s cash flow projections based on short- and long-term projections and available financing alternatives. In addition, the Corporation estimates that lt has enough headroom to increase the level of borrowing for the normal requirements of its operations and investments established in its development plan.

In this context, according to current existing commitments with creditors, the cash requirements to cover financial liabilities classified by maturity and presented in the statement of financial position are detailed as follows: ¡Maturity of financial liabiltios | Lessthan |Betweenone| – Over las of 12-31-2073 | year live years years Mus MMiuss Mus f curs lor hnarcidal ere | 15, 141 | Art) A | 54 Y6 | |

ETTHÍA M5 a 1570 140 14 418 BES | |Dervalryes 11 88 ‘ 5 503

HC lrner Premia Jaca lazos AU 05] | | Total -BSZADA | 4630,667 | 14,918,430 |

d. Credit risk

This risk comprises the possibility that a third party does not fulfill ts contractual obligations, thereby causing a loss for the Corporation.

Given the Corporation’s sales policy, principally with cash and advance payments and bank letters of credit, the uncollectible of client debt balances is minimal. This is complemented by the familiarity the Corporation has with its clients and the length of time it has operated with them. Therefore, the credit risk of these transactions is not significant,

The indications with respect to the payment conditions to the Corporation are detailed in every sales contract and the negotiation management is under the charge of the Commercial Vice- Presidency.

In general, the Corporation’s other accounts receivable have a high credit quality according to the Corporation’s evaluations, based on each debtor’s solvency analysis and payment history.

F-311 Corporación Nacional del Cobre de Chile

The maximum exposure to credit risk as of December 31, 2023 Is represented by the financial asset items presented in the Corporation’s Statement of Financial Position.

The Corporation’s accounts receivable does not include customers with balances that could be classified as a significant concentration of debt and would represent a material exposure for Codelco. This exposure is distributed among many clients and other counterparties.

In the customer items, the provisions, which are not significant, are included based on the review of the outstanding balances and characteristics of the clients, destined to cover eventual insolvencles.

Explanatory note 2 “Trade and other receivables shows past due and not provisioned balances.

The Corporation estimates that unimpalred amounts overdue over 30 days are recoverable based on clients historical payment behavior and their existing credit ratings.

As of December 31, 2023 and 2022, there are no recelvable balances that have been renegotiated.

Codelco works with major banks, which have high national and international ratings, and continually assesses them; therefore, the risk that could affect the availability of the Corporation’s funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit insurance policies through which it transfers to third parties the commercial risk associated with some aspects of its business.

During the years ended December 31, 2023 and 2022, no guarantees have been executed in relation to ensure the collection of third party debt.

Personnel loans mainly relate to mortgage loans, according to programs included in union agreements, which are paid for through payroll discounts.

e. Other relevant risks

In addition to exposure to financial risks, community relations, environmental, litigation and regulatory proceedings, during 2022 we defined strategic risks as risks or combination of risk events that may threaten the business model in the short or long term, structuring our model in a robust way to face the challenges that become more demanding each year, such as changes in social expectations, Infrastructure and human development.

The model designed contemplates risks for at least the next three years and also some that would be relevant for a longer period. It also considers monitoring emerging risks which are permanently monitored by the industry.

F-312 Corporación Nacional del Cobre de Chile

Risks are permanently monitored to identify, address and oversee appropriate mitigation actions, with the support of the second line of defense established in Codelco’s corporate governance mainly through corporate risk management, working to provide assurance on the status of controls or drive the necessary behavior to achieve the expected status.

These definitions also consider risk appetite as the nature and extent of risk that the Corporation is willing to accept in relation to the achievement of its business and objectives.
The above factors in the probability and severity of the consequences of the materialization of a risk in the different areas of its impact.

Our risk management program considers that risk appetite and risks may change over time and may require management actions to respond to changes in the context. Information regarding the main risks considered by Codelco will be included in the Annual Report as of
2022.

28. Derivatives contracts.

The Corporation has entered transactions to hedge cash flows, to minimize the risk of foreign exchange rate variations and sales price variations, detailed as follows:

a. Exchange rate hedge

The Corporation maintains an exposure associated with its foreign exchange hedging operations, the balance of which corresponds to a net deferred tax profit recognized in equity amounting to ThUS$ 615 as of December 31, 2023.

The following table shows details of the fair value and other information of the financial hedges contracted by the Corporation:

E

Ip al a A Fón Ar ted hrciga Fasa cd a sbtrmol Anel a a eL LLCTo MMC 1; O TI A T A PA ] , L | A aL” 1 ‘ ¡ má 4 ‘ | .
ri – | si elas ‘ L ! rd rió mE l ed a i Total pura QT di AFI A Decpaber 11 27 10 al Ma de ES Ple Y di ro a Es peana A Habeis Modos Ata dal A Mee 3154 THUSA a A > e E d -] GF sal 11, 1 1 Jl Je ru de I Hi J a ad aa, | E A eN. L rn “y K Í 1 Í L | j sl j uh – má EJ dr 1 dd Pas u P mi l a Mi | ! ITA ” Tra | LIE 137504 A E

F-313 Corporación Nacional del Cobre de Chile

As of December 31, 2023, the Corporation has no cash collateral balances.

The current methodology for valuing currency swaps uses the bootstrapping technique based on mid-swap rates to construct (zero) curves in functional currencies other than the functional currency and USD, respectively, based on market information.

The notional amounts held by the Corporation for financial derivatives are detailed below:

Mobonal arrrzunt ol comracda edh fal malo

Less hn Toti Decsmdbar 31,233 | Curr Cuál 30 Total carreni | 10d 1185 Ovar 5 y 4 dipt yt yedik yin non-cumia VIS ISI ME MS MUS o! MILES

– moy A | a [ 7 7 | i B nl +) EP FO la Tra | E z a | EL Ha!

Wotional aemcunt el contracia with final maturity | Less than 6 | ] Total i Decimibar 31, AZ | Cunrmncy day Oui $0 diri | Total correrá | 103 yan | Fdo yan Over 5 yan cd hará HLI5$ NAES Mud | fMHtIAS E O A 1 a a

b. Cash flows hedging contracts and commercial policy adjustment

The Corporation trades in the copper, gold and silver derivative markets and records its results upon termination. These results are added to or deducted from sales revenues. As of December 31, 2023, these operations generated a higher net realized result of TRUS$
3,338.

b.1. Commercial flexibility operations of copper contracts lts objective is to adjust the price of sales to the Corporation’s sales policy, which is defined according to the London Metal Exchange. As of December 31, 2023, the Corporation has copper derivative transactions associated with 251,025 metric tons of fine copper. These hedging transactions are performed as part of the Corporation’s commercial policy.

The current contracts as of December 31, 2023, present a negative balance of ThUS$ 4,885 and their final result will only be known at their maturity, offsetting the hedging transactions with revenue from the sale of the hedged products.

Operations completed between January 1 and December 31, 2023, generated a net positive effect in results of ThUuS$ 2.803, corresponding to values for physical sales contracts for a positive amount of ThUS$ 3.746 and values for physical purchase contracts for a negative amount of ThUS$ 943.

b.2. Trade operations of current gold and silver contracts.

As of December 31, 2023, the Corporation has derivative contracts for gold at TROZT 574 and for silver at TROZT 41,317.

F-314 Corporación Nacional del Cobre de Chile

The contracts in force as of December 31, 2023 present a positive exposure of ThUS$ 3, the final result of which can only be known at the expiration of these operations, after the compensation between the hedging operations and the income from the sale of the protected products. These hedging operations expire up to February, 2024.

As of December 31, 2023, the Corporation has completed gold and silver operations, which generated a net positive effect on income of ThUS$535 corresponding to the value of physical sales contracts.

b.3. Cash flow hedging operations backed by future production The Corporation has no outstanding transactions as of December 31, 2023, arising from these operations, which protect future cash flows by locking in price levels for the sale of part of its production

The following tables set forth the maturities of metal hedging activities, as referred to in point b above:

– Mistery cdt

IE 7 A OA AO o foil | ia E ra dr] ¡ Fi ¡Ela cor conta (Jandy 1310) WE 1 | aa o di ] $4 ¡a
+ co ar (el | al an (Fs cor Ecios led, (E pun 1501 laa co Cut Sis : Wire all y ] ¡ia opc : ¡December 31, 2021 dá — Metartig dde | | (A Pegue in Escarola Goals ECO MA Mr Ip Total | oca Fulicas pur] 15 A 2 008 Sy pal Ksokirtidyns Fate [Tri] hr es! 41401] ¡Copgas proa salina JAN] [ss cs [MF] ¿December 31, 2027 Metu] date

PAD figuucts in Hiounanida cl maeris sonalcencas MORIA pues 205 Upcoming Total | appear Es qe es ¡TAF] 34118 1 JT AN (1 Dir E ill [TAL | ¡Lale | lll 1411] Í

F-315 Corporación Nacional del Cobre de Chile

29. Contingencies and restrictions

a) Lawsults and contingencies

There are various lawsults and legal actions initlated by or against the Corporation, which derive from lts operations and the industry in which it operates. In general, these are civil, tax, labor and mining litigations, all related to the Corporation’s activities.

In the opinion of Management and ¡ts legal advisors, the lawsults where the Corporation Is being sued and could have negative results do not represent significant loss contingencies or cash flows. Codelco defends lts rights and makes use of all the corresponding legal and procedural instances and resources.

The most relevant lawsuits filed by Codelco relate to the following matters:

– Tax Proceedings: There is a tax proceeding for liquidation No.141 of tax year 2015 and Exempt Resolution No. 89 of 2016 issued by the Internal Revenue Service (Sl!), for which the Corporation presented the corresponding appeals, which were received and resolved in favor of the Tax and Customs Courts, a resolution that was appealed by the SI.

– Labor lawsults: Labor proceedings brought by the workers against the Corporation, regard to occupational diseases, labor accidents and other matters.

– Mining proceedings and others arising from the operation: The Corporation has been participating, and will probably continue to participate, as plaintiff and defendant in given court proceedings involving lts mining operation and activities, through which It seeks to exercise certain actions or set up certain defenses in relation to given mining concessions that have been established or are in the process of being established, as well as also with regard to Its other activities. These proceedings currently do not involve any given amount and do not have any essential effect on Codelco’s development.

One of the arbitration lawsults pending final judgment, as of December 31, 2023, Is the one between Codelco and Consorcio Belaz Movitec SpA.

During the year ended December 31, 2023, there are no lawsuits or other proceedings representing 10 percent or more of the Corporation’s total outstanding lawsults.

At the date of issuance of these financial statements, Corporación Nacional del Cobre faces various lawsuits and legal actions against it for a total of approximately ThUS$ 419,248 corresponding to 1,125 cases for ThUS$ 73,719. According to the estimate made by the Corporation’s legal advisors, there are 921 cases representing 81,87% of the total, on which a loss is probable for an amount of ThUS$ 72,775. There are also 145 cases, representing
12.89% for an amount of ThUS$361, on which there is a less than probable likelihood that the Corporation will get an unfavorable sentence. For the remaining 59 cases, representing 5.24% for an amount of ThUS$583, the Corporation’s legal advisors believe that an unfavorable outcome is unlikely.

F-316 Corporación Nacional del Cobre de Chile

– Lawsuit under administrative law: On August 2, 2017, a Nullity in Public Law claim was filed in the 25th Civil Court of Santiago against Audit Report No. 900 of 2016, issued by the General Comptrollership of the Republic on May 10, 2017.

Once the discussion and evidence stage concluded, the Santiago Civil Court, on September 11, 2020, delivered its judgment in which it dismissed the annulment action filed by the Corporation, condemning it to the respective costs of said lawsult.

On October 27, 2020, the Corporation filed appeals and cassation in the form of the sentence of the 25th Civil Court of Santiago, which dismissed the Public Law nullity action filed by the Codelco against Report No. 900 of 2016 of the Comptroller General of the Republic.

In December 2022, the Corporation established a collaboration commitment with the Comptroller General of the Republic (CGR) to reinforce the principle of probity in regulation, applicable to the company regarding operations with related parties, establishing a framework for any contracts with related parties, safeguarding the legal status of the company and its business line, in addition to reinforcing controls for sensitive operations. This agreement with the Comptroller’s Office recognizes Codelco’s good practices and also improves controls for related party transactions. As a result of this agreement, litigation with the regulator has been terminated.

For litigation with probable loss and Its costs, there are the necessary provisions, which are recorded as contingency provisions.

b) Other commitments.

I. Law No. 19993 dated December 17, 2004, authorized the purchase of the Refinery and Smelter Las Ventanas assets from ENAMI, establishing that the Corporation must ensure that the smelting and refining capacity required is maintained, without any restriction and limitation, for treating the products of the small and medium mining sector sent by ENAMI, under the form of toll production or another form agreed upon by the parties. (See paragraph described in number viii, where the modification of this law Is mentioned).

II. Obligations with the public for bond issues means that the Corporation must meet certain restrictions related to limits on pledges and leaseback transactions on its principal assets and on lts ownership interest in subsidiaries.

The Corporation has complied with these conditions as of December 31, 2023 and 2022.

ii. On January 20, 2010, the Corporation signed two energy supply contracts with Colbún
S.A., which Includes energy and power sales and purchases for a total of 510 MW of power.
The contract provides a discount for that unconsumed energy from Codelco’s SIC divisions with respect to the amount of contracted power. The discount Is equivalent to the value of the sale of that energy on the spot market.

The contracted power for supplying these Divisions is comprised by two contracts:

F-317 Corporación Nacional del Cobre de Chile

* Contract No.1 for 176 MW, current until December 2029.

* Contract No.2 for 334 MW, current until December 2044. This contract is based on energy production from Colbún’s Santa María thermal power station, which is currently in operation.
This plant is coal-fired, and therefore the electric energy tariff rate applied for the energy supplied to Codelco is linked to the price of coal.

Both of these contracts comply with Codelco’s long-term energy and power requirements from the SIC of approximately 510 MW.

Through these contracts, which operate through take or pay, the Corporation agrees to pay for the contracted energy and Colbún undertakes to reimburse at market price the energy not consumed by Codelco

These contracts have maturity dates in 2029 and 2044.

On October 27, 2022, Codelco signed an amendment to the contract, which, among other aspects, will allow replacing the coal-based electricity supply with a renewable energy supply.
This transformation will be implemented gradually, and as of January 1, 2026 the contract will be for 1,000 GWhyear of renewable energy.

Iv. For the electric power supply of the Chuquicamata’s work center, the following contracts are maintained:

For the electric power supply of the Chuquicamata’s work center, there are three contracts: Engie for a 15-year term from January 2010, that is maturing in December 2024, for 200 MW capacity, and another contract for a 200 MW capacity which was signed in January 2018 and will be effective as of January 2025 with maturity in December 2035.

CTA effective from 2012 for 80 MW capacity, maturity in 2032.

v. On August 26, 2011, Codelco signed two energy supply contracts with AESGener. The first one for the Minister Hales division for a 99 MW capacity and the second contract for the Radomiro Tomic work center, for a maximum capacity of 145 MW. Both contracts will mature in 2028.

In December 2022, the respective agreements were renegotiated and signed. The agreement implies the modification of the original contracts and a new renewable sources contract effective from 2023 to 2040.

vi. On November 11, 2011, Law No. 20551 was published in the Official Journal, which regulates the tasks and closure of mining facilities. Additionally, on November 22, 2012, the Supreme Decree No. 41 of the Minister of Mining, which approves the Regulations of this Law, was published in the Official Gazette.

This law requires the Corporation, among other requirements, to provide financial guarantees to the State to ensure the implementation of closure plans. It also establishes the obligation to make contributions to a fund which alms to cover the costs of post-closure activities.

F-318 Corporación Nacional del Cobre de Chile

The Corporation, in accordance with the regulations, delivered in 2014 to the National Geology and Mining Service (SERNAGEOMIN) the mine closure plans for each of the elght divisions of Codelco. These closure plans were developed under the transitional regime of the Law, specified for mining companles affected by the general application procedure, which are those with extraction capacity > 10,000 tonsmonih, and that at the date of entry into force of the Law were in operation, and with a closure plan previously approved under the Mining Safety Regulation D.S. No. 132.

All these transitional closure plans were approved in 2015 in accordance with the provisions established in the Law.

The law also established the obligation to update these closure plans, under the conditions of the general regime of the law, which Iincorporates new and greater requirements for the closure plans, five years after Its entry into force, 1.e. in 2020 In the case of Codelco. This calendar was brought forward to 2019 due to operational particularities for the Chuquicamata and Ventanas Divisions, and postponed to 2021 by SERNAGEOMIN, due to the COVID19 pandemic for the entire industry, and therefore for all other divisions.

In compliance with this new schedule, Codelco approved in 2021 the updated closure plans for the El Teniente, Radomiro Tomic, Ministro Hales and Gabriela Mistral Divisions, and as of December 31, 2021, the approval of the updated plans for the Salvador and Andina Divisions Is In process. During the year 2022, Codelco obtained the approval of the updated closure plans of the Salvador and Andina divisions. The Corporation has provided the corresponding guarantees committed in all the approved closure plans, in accordance with the latest updates in force.

As of December 31, 2023, the Corporation has agreed guarantees for an annual amount of UF 75,079,400 to comply with the aforementioned Law No. 20551 (see note No. 30).

vil. On August 24, 2012, Codelco through its subsidiary Inversiones Mineras Nueva Acrux SpA (Nueva Acrux) (whose minority shareholder is Mitsui), signed a contract with Anglo American Sur S.A. Under this contract, Codelco agreed to sell a portion of its annual copper production to the mentioned subsidiary, who in turn agrees to purchase such production.

Such annual portion is determined by the share of Codelco’s indirect subsidiary, Inversiones Mineras Becrux SpA (also shared ownership with Mitsul), maintained for the shares of Anglo- American Sur S.A.

In turn, the subsidiary Nueva Acrux agrees to sell to Mitsui, the products purchased under the agreement described in the preceding paragraphs.

The contract expiration will occur when the shareholders agreement of Anglo-American Sur
S.A. ends or other events related to the completion of mining activities of the company take place.

vil.On June 17, 2022, Codelco’s Board of Directors agreed to move forward with preparations to cease operation of the Ventanas Smelter, subject to parllament amending Law No. 19,993 within a limited period of time, whose scope referred exclusively to the smelter and not to the refinery or other operations of the Ventanas Division. For this measure to be carried out, It

F-319 Corporación Nacional del Cobre de Chile

30.

required the amendment and approval by the Executive and the Legislature of Law No.
19,993, which obliged the Corporation to smelt the minerals of Empresa Nacional de Minería (ENAM!)) at the Ventanas Smelter.

On March 6, 2023, Congress approved the modification of the aforementioned law, allowing this obligation to be fulfilled by other smelters and refineries of Codelco

Later, in May 2023, the National Geology and Mining Service (Sernageomin) authorized Codelco the temporary closure plan for the Ventanas smelter, which will have an initial duration of two years, extendable for another three, during which time engineering will be developed and permits will be processed to move on to the definitive closure stage, which considers, among other actions, the dismantling of the smelter facilities.

On May 31, 2023, the Ventanas smelter furnaces were shut down.

Guarantees

The Corporation as a result of ts activities has received and given guarantees.
The following tables list the main guarantees given to financial institutions:

F-320

Corporación Nacional del Cobre de Chile

Direct Guarantees provided to Financial Institutions and other

Creditor of the guarantee Type of guarantee 12-31-2023 12-31-2022 Currency Maturity Quantity ThUS$ ThUS$

Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement UF Mar 15, 2023 1 – 1,231 Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement UF Mar 15, 2024 1 1,258 – Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement CLP Mar 15, 2023 1 – 19,057 Abogado Procurador Fiscal Carlos Felix Judicial agreement and settlement CLP Mar 15, 2024 1 18,595 – Consorcio Aeropuerto Calama Parking UF Nov 30, 2023 2 4 4 Road management Construction project UF Jan 21, 2022 1 – Road management Construction project UF Jan 2, 2024 8 28 Road management Construction project UF Apr 8, 2024 2 4 4 Road management Construction project UF Mar 1, 2024 4 12 Road management Construction project UF Jul 31, 2024 1 8 Road management Construction project UF May 2, 2025 2 972 Road management Construction project UF Dec 30, 2024 1 486 Road management Construction project UF May 17, 2024 1 3 Road management Construction project UF Jun 19, 2024 1 5 Road management Project of explotation UF May 13, 2023 1 5 General Directorate of Maritime Territory and Merchant Marine Maritime concession CLP Mar 1, 2023 1 – 1,233 General Directorate of Maritime Territory and Merchant Marine Maritime concession CLP Mar 24, 2024 3 9 238 General Directorate of Maritime Territory and Merchant Marine Maritime concession CLP Mar 1, 2024 1 1,203 – Engie Energia Chile S.A. Water Supply Project CLP Aug 31, 2023 1 – 234 Engie Energia Chile S.A. Water Supply Project CLP Oct 31, 2023 1 – 229 Engie Energia Chile S.A. Water Supply Project CLP Sep 2, 2024 2 453 – Ministry of National Assets Project of explotation UF May 13, 2023 1 8 Ministry of National Assets Project of explotation UF Jun 9, 2023 5 – 40 Ministry of National Assets Project of explotation UF Jun 10, 2024 6 48 – Ministry of National Assets Project of explotation CLP Feb 25, 2023 22 – 154 Ministry of National Assets Project of explotation CLP Feb 26, 2024 22 176 Ministry of Public Works Construction project UF Feb 3, 2023 1 3,471 Ministry of Public Works Construction project UF Oct 2, 2023 1 560 Ministry of Public Works Construction project UF Dec 31, 2023 1 – 818 Ministry of Public Works Construction project UF Jan 2, 2024 2 24,809 24,265 Ministry of Public Works Construction project UF Jul 29, 2024 2 43 42 Ministry of Public Works Construction project UF Dec 15, 2024 2 569 556 Ministry of Public Works Construction project UF Dec 31, 2022 1 – Ministry of Public Works Construction project UF Jan 22, 2025 1 269 Ministry of Public Works Construction project UF Mar 8, 2024 1 3,549 Ministry of Public Works Construction project UF Sep 13, 2025 1 1,107 Ministry of Public Works Construction project UF Sep 28, 2025 1 573 Ministry of Public Works Construction project UF Dec 19, 2025 1 836 Ministry of Public Works Construction project CLP Jan 22, 2025 1 Sernageomin Environment UF Feb 18, 2023 2 214,853 Sernageomin Environment UF May 3, 2023 8 678,422 Sernageomin Environment UF Sep 19, 2023 1 53,633 Sernageomin Environment UF Nov 14, 2023 1 181,252 Sernageomin Environment UF Nov 27, 2023 1 82,048 Sernageomin Environment UF Dec 2, 2023 5 561,862 Sernageomin Environment UF Dec 15, 2023 1 – 140,626 Sernageomin Environment UF Feb 17, 2024 3 379,876 – Sernageomin Environment UF May 3, 2024 9 785,308 Sernageomin Environment UF Sep 19, 2024 1 61,530 – Sernageomin Environment UF Nov 11, 2024 4 347,159 266,819 Sernageomin Environment UF Nov 14, 2024 2 209,011 – Sernageomin Environment UF Nov 27, 2024 5 307,049 202,882 Sernageomin Environment UF Dec 2, 2024 10 938,514 215,377 Sernageomin Environment UF Dec 16, 2024 1 120,635 – General Treasury of the Republic Maritime concession CLP Jun 30, 2024 2 54 55 Municipality of Santiago Project of explotation CLP Apr 1, 2024 1 74 – Total 3,204,229 2,649,978

As for the documents received as collateral, they cover mainly obligations of suppliers and contractors related to the various development projects. At December 31, 2023 and 2022, the balance of these guarantees is ThUS$1,152,203 and ThUS$1,015,244, respectively.

F-321 Corporación Nacional del Cobre de Chile

31. Balance in foreign currency

a. Assets by Currency

11-49 raton! and foreiga cureroy sp. Evo Pe MR aL o A E | a! IN A LE 1505 ER ES 143043 Je AAA AO A 3 , ó LP O A a] + 5d 1 a A DTS EE 458 PAT 136L– 1IAA AA e A rd rn JS i – Mo 5 rv 21455 704 2105 01 area as 4 1 l 3 Total carreta + A EE E ALE A 1 sala Ad E en e al 24553 De 5 pal al ot 32504 te 35 41051 las cis BRA A 2153 Pr 2 Ars ¿304 Adry METIA TAE – 406LWA aL GAL Elo aa cr A Pd o A NA) Natal marta 41754 Pr ¡Ansets ratal nad Pros buenas A e A AL
e. MO + 6 1 | hr ds EA Br TA dr tdpe di £) 1,4%] 10 315 mi 105 4 ES P7ITRA (Anda Mb dos 3106745 1975 31155
2005) ‘ ¿10 TI a A o AO LAS A A pd
135 . . ELA rl EA jr A 07 LEY Al les Er] IA AAT mA
– ABE 11 — Dasxa 1015 JSN 1071 – 3081 10058 ii 11418 | ATA AL 155 – 695 MA 4]

F-322 Corporación Nacional del Cobre de Chile

b. Liability by type of currency: : A Ls .
atada Forecast A POTAL |Cisters ls | Me ron as Ma 50 (dz á 43 1 cidad dal 57 440 dd Pi 111 40% ¡Trad ón A Me ¡Um 434 2d Ped TM dir ib Actas porel dl ml? PS 121543 417 ¿Me on je na a aL OA 14d Ara EN A A AN w Fl ¡es Ls empre 30H APP rr etal eurin! habiles IGUG7AS 144331 MIA TAZAS 14 OT.

pr atrerd Ma triver ] ¿Qe tac óbl ¡rncad La Tar A ET EE AE 14544 117 Ye a ON INET eun 63 460 TA 41591 26% 04d hon anat ti [E Les, : Bñd ¡Cibes hor Aer piba 11064H DA HA. ROA 2357643 Tiki Las ir 4 prada 1% PA 2.241,B00 Eb bar o ir 14 ra PE LOPD | ¿ota nur Arucas 0 CL CEM A AI Total pon currar hat 28.107.631 EJBE? – 05B0AS 2300075| 31445618 “Teal hates [FLORA STE 114233 FASO 208750 2481382] 35879598]

12-11-2027 hañoral ana fun coa rec habibiiaa cda Lua 0 de posa Li TOTAL a E – E E mad Lal tire 10452 UY E qa 470431 rs LN] da Ld 21405 0 125,190 ¡oe o pl tiro MAD 43 |Ay 14d 530 15 1,770.58 PALETA papibio 1 sida] Pp dl 177650 El 17TE.6T3

F-323 Corporación Nacional del Cobre de Chile

32.

33.

Sanctions

As of December 31, 2023 and 2022, neither Codelco Chile or its Directors and Managers have been sanctioned by the CMF or any other administrative authorities.

The environment

Each of Codelco’s operations is subject to national, regional and local regulations related to protection of the environment and natural resources, including standards relating to water, air, noise and disposal and transportation of dangerous residues, among others. Chile has introduced environmental regulations that have obligated companies, including Codelco, to carry out programs to reduce, control or eliminate relevant environmental impacts. Codelco has executed and shall continue to execute a series of environmental projects to comply with these regulations.

Pursuant to the Letter of Values approved in 2010, Codelco is governed by a series of internal policies and regulations that frame its commitment to the environment, among which is the Corporate Sustainable Development Policy (2021).

The environmental management systems of the divisions, structure their efforts in order to comply with the commitments assumed by the corporation’s environmental policies, incorporating elements of planning, operating, verifying and reviewing activities. As of December 31, 2023, Codelco is certified under the ISO 14001:2015 Standard, which is applicable to all its divisions.

To comply with the Circular No. 1901 of 2008 of the CMF, the details of the Corporation’s main expenditures related to the environment during the periods from January 1 to December 31, 2023 and 2022, respectively, and the projected future expenses are stated below.

F-324

Corporación Nacional del Cobre de Chile

Dist 12-31-2023 12-31-2022 Future committed dist Company Project name Project status ThUS$ Assets E dit Item of Asset | Destination E dit ThUSs Thus: Estimated date

Chuquicamata Codelco Chile Acid plants In progress 25,010 Expenditure Operating expenditure 3,537 – 2023 Codelco Chile Solid waste In progress 2,022 Expenditure Operating expenditure 1,830 – 2023 Codelco Chile Tailings In progress 77,936 Expenditure Operating expenditure 69,689 – 2023 Codelco Chile Water treatment plant In progress 4,268 Expenditure Operating expenditure 35,186 – 2023 Codelco Chile Environmental monitoring In progress 887 Expenditure Operating expenditure 1,393 – 2023 Codelco Chile Normalization drainage system drill hole In progress 159 Asset Property, plant and equipment 66 4,315 2025 Codelco Chile Construction of thickened tailings Completed – Asset Property, plant and equipment 5,256 – 2022 Codelco Chile Standardization TKS Hazardous Substances Feed DS 43 In progress 15,713 Asset Property, plant and equipment 11,088 14,806 2025 Codelco Chile Construction IX stage Talabre tanque In progress 57,449 Asset Property, plant and equipment 14,015 483,767 2027 Codelco Chile Enable hydrogen well for In progress 742 Asset Property, plant and equipment 1 257 2024 Codelco Chile Mine Pile Dome Collapse Repair In progress 11,302 Asset Property, plant and equipment – 96,634 2025 Codelco Chile Construction of Thickened Tailings Talabre Stage 1 In progress 218 Asset Property, plant and equipment – 1,319,912 2027

Total Chuquicamata Division 195,706 142,061 1,919,691

Salvador Codelco Chile Improved integration of the gas process Completed – Asset Property, plant and equipment 10,205 – 2022 Codelco Chile Tailings In progress 9,557 Expenditure Operating expenditure 5,633 – 2023 Codelco Chile Acid plants In progress 92,852 Expenditure Operating expenditure 63,688 – 2023 Codelco Chile Solid waste In progress 962 Expenditure Operating expenditure 1,025 – 2023 Codelco Chile Water treatment plant In progress 1,645 Expenditure Operating expenditure 1,481 – 2023 Codelco Chile Riles and Wastewater Standard Completed – Asset Property, plant and equipment 432 – 2022 Codelco Chile Compliance with DS 43 storage of dangerous substances In progress 8,587 Asset Property, plant and equipment – 11,703 2024 Codelco Chile Commissioning Black Smoke In progress 516 Asset Property, plant and equipment – – 2023 Codelco Chile Standardization of Sulfuric Acid Supply In progress 125 Asset Property, plant and equipment 4,823 2024

Total Salvador Division 114,244 82,464 16,526

Andina Codelco Chile Solid waste In progress 3,337 Expenditure Operating expenditure 2,855 – 2023 Codelco Chile Water treatment plant In progress 5,767 Expenditure Operating expenditure 5,023 – 2023 Codelco Chile Tailings In progress 92,200 Expenditure Operating expenditure 93,556 – 2023 Codelco Chile Acid drainage In progress 53,104 Expenditure Operating expenditure 39,509 – 2023 Codelco Chile Environmental monitoring In progress 1,280 Expenditure Operating expenditure 1,184 – 2023 Codelco Chile Sustainability and external matters management In progress 2,489 Expenditure Operating expenditure 2,559 – 2023 Codelco Chile Excavation operation improvement In progress 1,543 Asset Property, plant and equipment 485 – 2023 Codelco Chile Water dispatch tunnel modification Completed – Asset Property, plant and equipment 707 – 2022 Codelco Chile Implementaton of the catchment system for rafts tove In progress 1,965 Asset Property, plant and equipment 7,060 1,032 2023 Codelco Chile Dam Ovejeria: longitudi ge stage 8 Completed – Asset Property, plant and equipment 8,007 – 2022 Codelco Chile North extended ballast deposit In progress 90,972 Asset Property, plant and equipment 82,983 306,400 2025 Codelco Chile Standard Instruments Tranque Los Leones In progress 1,296 Asset Property, plant and equipment 696 3,843 2024 Codelco Chile Construction of spill containment chamber In progress 9 Asset Property, plant and equipment 1,542 – 2023 Codelco Chile Recirculated water system ovj-cord dam In progress 6,717 Asset Property, plant and equipment 526 4,355 2024 Codelco Chile Replacement of transformers into oil In progress 431 Asset Property, plant and equipment 53 125 2023 Codelco Chile Replacement of transformers into oil In progress 3,074 Asset Property, plant and equipment – 11,440 2025 Codelco Chile Priority Structural Risks In progress 1,786 – 8,723 2025

Total Andina Division 265,970 246,745 335,918

Subtotal 575,920 471,270 2,272,135

F-325

Corporación Nacional del Cobre de Chile

Dist 31-12-2023 12-31-2022 Future committed dist Company Project name Project status ThUS$ Assets Expenditure Item of Asset Destination Expenditure ThUS$ ThUS$ Estimated date El Teniente Codelco Chile Construction of 7th phase Carén dam In progress 79,982 Assets Property, plant and equipment 43,426 20,031 2023 Codelco Chile Acid plants In progress 108,801 Expenditure Operating expenditure 83,265 – 2023 Codelco Chile Solid waste In progress 4,236 Expenditure Operating expenditure 2,943 – 2023 Codelco Chile Water treatment plant In progress 14,657 Expenditure Operating expenditure 13,471 – 2023 Codelco Chile Tailings In progress 77,115 Expenditure Operating expenditure 49,730 – 2023 Codelco Chile Well construction and hydrogeology modification Colihue-Cauquenes In progress 896 Asset Property, plant and equipment 1,552 – 2023 Codelco Chile Caren reservoir stage 8 and 9 In progress 33,447 Asset Property, plant and equipment 18,814 338,414 2027 Codelco Chile Construction of Complementary Water Works Tranque Barahona 2 In progress 9,385 Assets Property, plant and equipment 6,115 34,072 2027 Codelco Chile Restoration Slaughterhouse Drive In progress 12,245 Asset Property, plant and equipment 6,260 29,841 2027 Codelco Chile Flow CEMS Acquisition In progress 174 Asset Property, plant and equipment 267 – 2023 Codelco Chile Standardization driving slurry and pulp In progress 305 Asset Property, plant and equipment – 8,474 2027 Codelco Chile Improvement of wastewater containment and impulse infrastructure In progress 69 Asset Property, plant and equipment – 2,295 2025 Total El Teniente Division 341,312 225,843 433,127 Gabriela Mistral Codelco Chile Environmental monitoring In progress – Expenditure Operating expenditure 2 – 2023 Codelco Chile Solid waste In progress 3,260 Expenditure Operating expenditure 2,018 – 2023 Codelco Chile Environmental consulting In progress – Expenditure Operating expenditure 4 – 2023 Codelco Chile Effluent treatment plant In progress 6 Expenditure Operating expenditure 1 – 2023 Codelco Chile Garbage dump extension phase VIII In progress 8,283 Asset Property, plant and equipment 13,188 – 2023 Total Gabriela Mistral Division 11,549 15,213 Ventanas Codelco Chile Acid plants In progress 17,964 Expenditure Operating expenditure 27,952 – 2023 Codelco Chile Solid waste In progress 1,340 Expenditure Operating expenditure 1,109 – 2023 Codelco Chile Environmental monitoring In progress 1,474 Expenditure Operating expenditure 1,450 – 2023 Codelco Chile Effluent treatment plant In progress 7,263 Expenditure Operating expenditure 6,326 – 2023 Codelco Chile Improved gas abatement collection Completed – Asset Property, plant and equipment 140 – 2022 Codelco Chile Standardization of the handling of hazardous substances Completed – Asset Property, plant and equipment 2,032 – 2022 Codelco Chile Standardization of CEMS Chimney PPAL and PAS In progress 109 Asset Property, plant and equipment 389 – 2023 Total Ventanas Division 28,150 39,398 Radomiro Tomic Codelco Chile Solid waste In progress 1,884 Expenditure Operating expenditure 951 – 2023 Codelco Chile Environmental monitoring In progress 127 Expenditure Operating expenditure 172 – 2023 Codelco Chile Effluent treatment plant In progress 1,325 Expenditure Operating expenditure 1,426 – 2023 Codelco Chile Construction of community works In progress 3,176 Asset Property, plant and equipment 1,434 32,618 2027 Total Radomiro Tomic Division 6,512 3,983 32,618 Ministro Hales Codelco Chile Solid waste In progress 2,735 Expenditure Operating expenditure 1,367 – 2023 Codelco Chile Effluent treatment plant In progress 207 Expenditure Operating expenditure 195 – 2023 Codelco Chile Silica shed extension and dome control room In progress 4,114 Asset Property, plant and equipment – 24,352 2024 Codelco Chile Plant Casino Construction In progress 659 Asset Property, plant and equipment – 14,578 2027 Total Ministro Hales Division 7,715 1,562 38,930 Ecometales Limited Ecometales Limited Smelting powders leaching plant In progress 1,336 Expenditure Operating expenditure 1,147 1,780 2024 Ecometales Limited Smelting powders leaching plant In progress 59 Expenditure Operating expenditure 61 36 2024 Subsidiary Ecometales Limited 1,395 1,208 1,816 Subtotal 396,633 287,207 506,491 (Total 972,553 758,477 2,778,626

F-326 Corporación Nacional del Cobre de Chile

34. Subsequent Events

On January 23, 2024, the shareholders of Lithium Power International (LPI) approved the sale of its shares to the company Salar de Maricunga SpA, a subsidiary of Codelco. The acquisition was authorized by Codelco’s board of directors, in line with the National Lithium Strategy announced on April 20, 2023.

According to the timeline, the next step is for the Federal Court of Australia to validate and authorize the closing of the transaction, which is scheduled for February 13. Thus, the definitive completion of the transaction is expected for February 23, 2024.

In view of the above, the Reserved nature of the Fact informed by means of Notes PE-1442023 dated December 1, 2023 and PE-1472023, dated December 5, 2023 and extension communicated by means of Note PE-0012024 dated January 2, 2024 Is hereby lifted.

On January 23, 2024, it is reported as an essential fact that Codelco completed today a successful international bond placement in New York.

The bond placement amounted to US$ 2,000 million for a 12-year term and the reopening of the 2053 bond, issued on September 8, 2023, with a yield of 6.447% and 6.746%, respectively. The rate represents a spread of 230 and 235 basis points over the U.S. Treasury bond of the equivalent term, respectively. More than 357 orders were received, from 310 investors, with an oversubscription of 3.75 times.

This operation is part of the Corporation’s need to finance its long-term investment plan. The issuance was led by BOFA, Citi, JP Morgan and Santander banks.

Accordingly, the Reserved nature of the event reported in Note PE-1452023 dated December 1, 2023 is lifted.

On January 25, 2024, in accordance with the provisions of Article 9 and the second paragraph of Article 10 of Law No. 18,045, details of the financing transaction carried out on January 23, 2024 are reported as an essential fact.

On January 26, 2024, the Corporation informed as an essential fact that Mr. Braim Chiple Cendegui has been appointed as Vice President of Marketing of Codelco, who will assume his position as of March 15, 2024.

On the same date, Mr. Cristóbal Fuenzalida Montero’s interim position as Vice President of Marketing was terminated.

On March 19, 2024, it is reported as an essential fact that Mr. José Sanhueza Reyes, Assistant

Vice President, will cease his functions in the Corporation due to voluntary resignation effective that same day.

F-327 Corporación Nacional del Cobre de Chile

The aforementioned position is eliminated from the organizational chart of the Corporation, as it has fulfilled its purpose of accompanying the organizational transition that meant the elimination of the Vice-Presidency of Smelting and Refinery.

On March 20, 2024, as an essential fact, itis reported, in relation to Corporación Nacional del Cobre de Chile (“Codelco”) and its businesses, that:

By means of an essential fact dated December 27, 2023, Codelco reported the signing of a memorandum of understanding with Sociedad Química y Minera de Chile S.A. (MOU) for the negotiation of a public-private partnership for the operation, exploration and exploitation of mining properties leased to Corporación de Fomento de la Producción in the Salar de Atacama and the commercialization of the products derived from such exploitation. According to the MOU, the parties would seek to sign the definitive partnership documents no later than March 31, 2024.

On this date, the parties have entered into an amendment to the MOU to establish May 31, 2024 as the new deadline for agreeing and signing the definitive partnership documents, without prejudice to the parties’ commitment to attempt to reach a full agreement and signature before that date. lt should be reminded that, once the definitive partnership documents have been signed, certain conditions precedent (including those referred to in the MOU) must be met for the partnership to materialize and take effect.

The text of the amended MOU will be available to the public at www.codelco.com.

Management of the Corporation is not aware of other significant events of a financial nature or of any other nature that could affect these financial statements, occurring between January 1, 2024 and the date of issue of these consolidated financial statements as March 28, 2024.

Rubén Alvarado Vigar Alejandro Rivera Stambuk

Chief Executive Officer Chief Financial Officer Juan Ogas Cabrera Cristóbal Parrao Cartagena Accounting Manager Accounting Director

F-328 THE ISSUER

Corporación Nacional del Cobre de Chile Huérfanos 1270 Santiago Republic of Chile Postal Code 8340424

TRUSTEE, PAYING AGENT, TRANSFER AGENT AND REGISTRAR The Bank of New York Mellon 240 Greenwich Street New York, New York 10286 United States

LEGAL ADVISORS TO THE ISSUER ÁAs to New York law As to Chilean law Cleary Gottlieb Steen £ Hamilton LLP Carey y Cía. Ltda.
One Liberty Plaza Isidora Goyenechea, 2800, Piso 43 New York, New York 10006 Las Condes, Santiago United States Republic of Chile Postal Code 7550647

LEGAL ADVISORS TO THE INITIAL PURCHASERS

As to New York law As to Chilean law Allen Overy Shearman Sterling US LLP Garrigues Chile Limitada 599 Lexington Avenue Isidora Goyenechea 3477, Piso 12 Las New York, New York 10022-6069 Las Condes, Santiago United States Republic of Chile Postal Code 7550106 INDEPENDENT AUDITORS

PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada Av. Andrés Bello 2711, Floor 5, Las Condes Santiago Chile Postal Code 7550611 Q

CODELCO

Corporación Nacional del Cobre de Chile

U.S.5700,000,000 6.330% Notes due 2035
U.S.5700,000,000 6.750% Notes due 2055

Offering Memorandum

Joint Book-Running Managers

BofA Securities Credit Agricole CIB J.P. Morgan Santander

September 29, 2025 COMISIÓN PARA EL MERCADO FINANCIERO CHILE

ANEXO 3

PURCHASE AGREEMENT

COMISIÓN PARA EL MERCADO FINANCIERO 9 Execution Version

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

U.S.$700,000,000 6.330% Notes due 2035
U.S.$ 700,000,000 6.780% Notes due 2055

Purchase Agreement

BofA Securities, Inc.

One Bryant Park

New York, New York 10036 United States of America

Credit Agricole Securities (USA) Inc.
1301 Avenue of the Americas, 8th Floor New York, New York 10019

United States of America

J.P. Morgan Securities LLG 383 Madison Avenue

New York, New York 10179 United States of America and

Santander US Capital Markets LLC 437 Madison Avenue

New York, New York 10022 United States of America

As Representatives of the Initial Purchasers

Ladies and Gentlemen:

New York, New York September 29, 2025

Corporación Nacional del Cobre de Chile, a state-owned enterprise organized under the laws of Chile (the Company), proposes to issue and sell to the several purchasers named in SCHEDULE lI hereto (the Initial Purchasers), for which you (the Representatives) are acting as representatives, a U.S.$700,000,000 principal amount of its 6.330% Notes due 2035 (the 2035 Notes), and U.S.$700,000,000 principal amount of its 6.780% Notes due 2055 (the 2055 Notes, and collectively the 2035 Notes and the 2055 Notes, the Securities), to be issued pursuant to the indenture (the Original Indenture), dated February 5, 2019, among the Company, The Bank of New York Mellon, as trustee, paying agent, transfer agent and registrar (the Prustee), and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg paying agent (the Luxembourg Agent), as supplemented by the fifteenth supplemental indenture to be dated January 13, 2025 (the fifteenth supplemental indenture and together with the Original Indenture, the Indenture). On January 13, 2025, the Company initially issued U.S.$750,000,000 aggregate principal amount of the 2035 Notes (the Existing 2035 Notes) and U.S.$750,000,000 aggregate principal amount of the 2055 Notes (the Existing 2055 Notes) under the Indenture.
The 2035 Notes will be consolidated with, constitute an additional issuance of, have terms and conditions identical to, rank equally with, form a single series with, and be fully fungible with the Existing 2035 Notes, and the 2055 Notes will be consolidated with, constitute an additional issuance of, have terms and conditions identical to, rank equally with, form a single series with, and be fully fungible with the Existing 2055 Notes, except that any new Securities issued pursuant to Regulation S will trade separately under temporary CUSIP, ISIN and common code numbers until the expiration of a 40-day restricted period under Regulation S. Unless otherwise specified, defined terms used herein shall have the meanings set forth in Section 21 hereof.

The sale of the Securities to the Initial Purchasers will be made without registration of the Securities under the Act in reliance upon exemptions from the registration requirements of the Act.

In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum, dated September 29, 2025 (including any and all exhibits thereto, the Preliminary Memorandum), and a final offering memorandum, dated September 29, 2025 (as amended or supplemented at the Execution Time, including any and all exhibits thereto, the Final Memorandum). For the purposes of this purchase agreement (this Agreement), Additional Written Offering Communication means any written communication (as defined in Rule 405 under the Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities other than the Preliminary Memorandum or the Final Memorandum, and Time of Sale Memorandum means the Preliminary Memorandum together with the pricing term sheets prepared by the Company substantially in the forms of Exhibit B-1 and Exhibit B-2 hereto and any Additional Written Offering Communications identified in SCHEDULE II hereto. Each of the Preliminary Memorandum, the Time of Sale Memorandum and the Final Memorandum sets forth certain information concerning the Company and the Securities.
The Company hereby confirms that it has authorized the use of the Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum and any Additional Written Offering Communications identified in SCHEDULE II hereto, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers.

1. Representations and Warranties. The Company represents and warrants to each Initial Purchaser as set forth below in this Section 1.

(a) The Time of Sale Memorandunm, at the Execution Time, does not and, on the Closing Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Preliminary Memorandum, at the date thereof, did not, and the Final Memorandunn, at the date thereof, did not and, on the Closing Date, will not (and any amendment or supplement thereto, at the date thereof, and at the Closing Date, will not), contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty as to any information contained in the Preliminary

2 Memorandum, the Time of Sale Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Initial Purchasers through the Representatives specifically for inclusion therein, it being understood that the only such information is set forth in Section 7(b) hereof.

(b) Except for the Additional Written Offering Communications, if any, identified in SCHEDULE II hereto, and electronic road shows, if any, furnished to you before first use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any Additional Written Offering Communication.

(c) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf has, directly or indirectly, made offers or sales of any security (as defined in the Act), or solicited offers to buy or otherwise negotiated in respect of any security, which is or will be integrated with the sale of the Securities in a manner that would require the registration of the Securities under the Act.

(d) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf, has, directly or indirectly, offered or sold the Securities in Chile or to any resident of Chile, except as permitted by applicable Chilean law.

(e) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf has, directly or indirectly, offered, solicited offers to buy or sell any of the Securities by any form of general solicitation or general advertising (within the meaning of Regulation D) or in any manner involving a public offering (within the meaning of Section 4(a)(2) of the Act).

(1) The Securities satisfy the eligibility requirements of Rule 144A(d)1(3) under the Act.

(g) The Company is a foreign issuer (as defined in Regulation S), and neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf has engaged in any directed selling efforts (as defined in Regulation S) with respect to the Securities, except no such representation, warranty or agreement is made by the Company with respect to the Initial Purchasers.

(h) It is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchasers in the manner contemplated by this Agreement to register the Securities under the Act or to qualify the Indenture under the Trust Indenture Act.

(i) Each of the Company and its Affiliates, and any person acting on its or their behalf, has complied with the offering restrictions requirement of Regulation S.

(j) The Company is not, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in each of the Time of Sale Memorandum and the Final Memorandum will not be, required to register as an investment company within the meaning of the Investment Company Act.

3 (k) The Company has not paid or agreed to pay to any person any compensation for soliciting another to purchase any securities of the Company (except as contemplated by this Agreement).

(1) The Company has not taken, directly or indirectly, any action designed to cause or result in, or that has constituted or which might reasonably be expected to constitute or cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.

(m) Except as disclosed in each of the Time of Sale Memorandum and the Final Memorandun, there are no transaction, stamp or other issuance or transfer taxes or duties or other similar fees or withholdings or charges required to be paid in connection with the execution and delivery of this Agreement, the Indenture, the issuance or sale by the Company of the Securities or the enforcement of the Securities, other than (1) a 0.8% stamp tax on the incurrence of the indebtedness evidenced by the Securities, which will be paid by the Company upon the issuance of the Securities, and (1i) a 4% withholding tax on interest payments, and all other payments deemed to be interest payments, with respect to the Securities to the extent paid to a person domiciled or residing outside of Chile. If thin capitalization rules apply, as described in the Time of Sale Memorandum and the Final Memorandum, such interest payments would be subject to a 35% penalty tax that would be payable by the Company. The withholding tax applicable to the interest payments made by the Company can be proportionally credited against such 35% penalty tax. Payments of fees, compensations, service payments, and reimbursement of costs contemplated in this Agreement or in the Indenture, made to persons domiciled or residing outside of Chile may be subject to a (1) withholding tax at a rate of up to 35%; provided, however, that any such payment may (A) be exempted from withholding tax if it is deemed a comisión mercantil pursuant to the Commercial Code of Chile and the interpretation of the Chilean Internal Revenue Service (Servicio de Impuestos Internos, or the SI1), (B) be subject to a 15% withholding tax if it is deemed payment for a professional or technical assistance service, provided that the payment is not made to a party organized, domiciled or resident in one of the countries which falls under the scope of article 41H of the Chilean Income Tax Law in which case the withholding tax rate would be 20%, and (C) benefit from a reduced withholding tax rate or may be exempted if there is a double taxation treaty in force between Chile and the country of such persons residency that contemplates a reduced or exempt regime applicable; or (11) value added tax (impuesto al valor agregado) in Chile provided that (A) such payments are exempt from withholding tax under domestic law or a double taxation treaty in force applicable and (B) such payments were made in consideration for a service that is deemed to be rendered or utilized in Chile. Capital gains arising from the sale or other dispositions of the Securities made by a person domiciled or residing outside of Chile should not be deemed as Chilean source income, and therefore, not subject to withholding tax in Chile.

(n) Any information provided by the Company pursuant to Section 5(5) hereof will not, at the date thereof, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(o) The Company has been duly created and is validly existing as a state-owned enterprise under the laws of Chile with corporate power and authority to issue and sell the Securities as contemplated hereby. Each of the Companys subsidiaries has been duly organized and is validly existing and in good standing under the laws of their respective jurisdictions of organization and, together with the Company, have the corporate power to own or lease, as the case may be, and to operate their properties and conduct their business as described in the Time of Sale Memorandum and the Final Memorandum, and are duly qualified to transact business in each jurisdiction which requires such qualification, except to the extent that the failure to be so qualified to transact business would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business.

(p) The Company has no significant subsidiary as defined in Rule 1-02 of Regulation S-X pursuant to the Act.

(q) This Agreement has been duly authorized, executed and delivered by the Company; the Original Indenture has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery thereof by the Trustee, constitutes a valid and binding instrument enforceable against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law)); and the Indenture and the Securities have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers under this Agreement, will have been duly executed and delivered by the Company and will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law)).

(r) The Securities and the Indenture will conform in all material respects to the descriptions thereof in the Final Memorandum.

(s) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein, in the Indenture or in the Securities, except (1) such as may be required under the blue sky or securities laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Initial Purchasers in the manner contemplated herein and in each of the Time of Sale Memorandum and the Final Memorandum; and (ii) the following authorizations and registrations required by Chilean law, which have been obtained and remain in full force and effect: (A) authorization granted by the President of Chile and by Decree of the Minister of Finance, whether general or specific, pursuant to Article 4 of Decree Law No. 2,349 of 1978 and pursuant to Decree No. 1,009 issued by

9 the Ministry of Finance, published in the Official Gazette on December 23, 1978, as renewed by Decree No. 1,408 dated October 30, 2024 and published in the Official Gazette on January 4, 2025; (B) authorization granted by the Minister of Finance to the Company to enter into negotiations relating to the issue of the Securities, pursuant to Decree Law No.
1,350 of 1976, as amended, which contains the statutory law of the Company (DL 1,350) and pursuant to Ordinary Resolution No. 1,625 issued by the Ministry of Finance dated August 6, 2025; (C) authorization granted by the Minister of Finance to the Company to issue the Securities, pursuant to DL 1,350 and pursuant to Ordinary Resolution No. 2,066 issued by the Ministry of Finance dated September 27, 2025; and (D) the delivery to the Ministry of Finance and the Ministry of Mining for approval and possible review of the proposed annual budget and a debt amortization budget pursuant to DL 1,350.

(t) Neither the execution and delivery of the Indenture or this Agreement, the issue and sale of the Securities, nor the consummation of any other of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof, thereof or of the Securities has conflicted or will conflict with, or has resulted or will result in, a default, breach or violation of or imposition of any lien, charge or encumbrance upon, any property or assets of the Company or any of its subsidiaries (except, in the case of (1), (111) or (iv) below, for any such conflict, default, breach, violation or imposition as would not have a current or prospective material adverse effect on (x) the consummation of the transactions contemplated hereby or the rights of the holders of the Securities or (y) the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole) pursuant to (i) any provision of applicable law; (1i) DL 1,350, and the Company?*s by-laws, as restated in Decree No. 3 of January 13, 2012 and published in the Official Gazette on July 4, 2012, or the Estatutos of the Company; (111) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its respective property is subject; or (iv) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any of its subsidiaries or their respective properties.

(u) The consolidated historical financial statements and schedules of the Company and its consolidated subsidiaries included in each of the Time of Sale Memorandum and the Final Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated and have been prepared in conformity with International Financial Reporting Standards as adopted by the International Accounting Standards Board (TERS) in respect of full year periods for 2022, 2023 and 2024 and interim periods, in each case applied on a consistent basis throughout the periods involved (except as otherwise noted therein); the selected financial data set forth under the captions Summary Consolidated Financial Data and Selected Consolidated Financial Data in each of the Time of Sale Memorandum and the Final Memorandum fairly present, on the basis stated in each of the Time of Sale Memorandum and the Final Memorandum, the information included therein and have been prepared in conformity with IFRS in respect of full year periods for 2022, 2023 and 2024 and interim periods, in each case applied on a consistent basis throughout the periods involved (except as otherwise noted therein).

6 (v) There is no pending or threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property that is not described in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto), except for such proceedings that, if the subject of an unfavorable decision, ruling or finding would not, singly or in the aggregate, have a current or prospective material adverse effect (1) on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (ii) on the power or ability of the Company to perform its obligations under this Agreement, the Indenture or the Securities or to consummate the transactions contemplated in each of the Time of Sale Memorandum and the Final Memorandum.

(w) No circumstance or other event has arisen that has caused or, with the giving of notice or the lapse of time, or both, would cause the Company to be in violation or default of: (1) any provision of DL 1,350, or its Estatutos; (11) the terms of any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole; or (111) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, except for such contraventions as would not have a current or prospective material adverse effect on the Company or its subsidiaries, taken as a whole.

(x) The Company and its subsidiaries possess all concessions, licenses, certificates, permits and other authorizations issued by the appropriate government and other regulatory authorities necessary to conduct their respective businesses, as described in each of the Time of Sale Memorandum and the Final Memorandum, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such concession, certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business.

(y) The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations; (11) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset accountability; (ii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared to existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(z) The Company and its subsidiaries have good and marketable title to all real property owned by them and good title to all other properties owned by them, including the Company?s mining concessions, mining rights and water rights, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except (1) such as are set forth in or contemplated by each of the

7 Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto) or (11) where the failure to have good title would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business; all of the leases and subleases material to the business of the Company and its subsidiaries, taken as a whole, and under which the Company or any of its subsidiaries holds properties described in each of the Time of Sale Memorandum and the Final Memorandum, are in full force and effect, except (1) where the failure to be in full force and effect would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (ii) such as are set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto); and none of the Company or its subsidiaries has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any of its subsidiaries to the continued possession of the leased or subleased premises under any such lease or sublease, except (1) claims which are being contested by the Company or its subsidiaries in good faith and which would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (ii) such as are set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(aa) PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada, who have audited the full-years 2022, 2023 and 2024 consolidated financial statements of the Company included in each of the Time of Sale Memorandum and the Final Memorandum, and conducted a limited review of the interim unaudited consolidated financial statements of the Company as of June 30, 2025 and for the six-month period ended June 30, 2025 and 2024 included in each of the Time of Sale Memorandum and the Final Memorandum, are an independent audit firm with respect to the Company.

(bb) The Company and its subsidiaries (1) are in compliance with any and all applicable laws, regulations and approvals relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (Environmental Laws); (11) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (111) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except (x) where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not, individually or in the aggregate, have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, and (y) as described in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(cc) In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties); on the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not, singly or in the aggregate, have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(dd) Since the respective dates as of which information is given in each of the Time of Sale Memorandum and the Final Memorandum, nothing has occurred giving rise to a current or prospective material adverse change in the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(ee) Pursuant to Article 52 of Law No. 18,840 of 1989, the Organic Law of the Central Bank of Chile, as amended, and DL 1,350, the Company is exempt from the Central Bank of Chile?s exchange regulations in connection with the issuance, placement and payments upon the Securities. The Company is entitled to make payments under the Securities with its own available foreign currency obtained from its export operations and deposited with the Central Bank of Chile.

(ff) The Company has validly and irrevocably submitted to the non-exclusive jurisdiction of any state or federal court located in the City of New York, New York, has validly and irrevocably waived, to the extent permitted by law, any objection to the venue of a proceeding in any such court and has validly and irrevocably appointed Cogency Global Inc. in New York City as its authorized agent for service of process.

(gg) The Company has validly and irrevocably waived, pursuant to Section 17 hereof, and will have validly and irrevocably waived pursuant to the Indenture and the Securities, for itself and its revenues and assets, to the extent permitted by applicable law, any immunity from suit, jurisdiction, attachment in aid or execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations, respectively, under this Agreement, the Indenture and the Securities to which lt may be entitled or become entitled whether or not claimed, including sovereign immunity, except that (1) for the attachment and judicial sale of mining concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating to such mining concessions, except with respect to mortgages, the consent

9 of the Company will be required and shall be given in the same judicial proceeding in which the attachment and sale is sought (as set forth in Article 226 of the Mining Code of Chile); and (11) pursuant to the Chilean Constitution, the mining concessions corresponding to mining deposits exploited by the Company upon its creation in 1976 cannot be subject to attachment nor to any act of disposition by the Company. Each such waiver is binding under Chilean law and remains in full force and effect.

(hh) The Company has an authorized capitalization as set forth in each of the Time of Sale Memorandum and the Final Memorandum under the heading Capitalization; and all the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non- assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.

(1i) Neither the Company nor any of its subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or any of its subsidiaries: (1) has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (11) has made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (111) has taken any action, directly or indirectly, that violated or is in violation of any provision of any applicable anti- bribery or anti-corruption law or regulation enacted in any jurisdiction, including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or under the Bribery Act of 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws; or (iv) has made any unlawful bribe, influence payment, kickback or other unlawful payment or gift of money or anything of value prohibited under any applicable law or regulation in connection with the Company. The Company has instituted, and maintains, policies and procedures designed to promote and achieve the Company and its subsidiaries? compliance with all applicable anti-bribery and anti-corruption laws.

(jj) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and applicable money laundering statutes of all jurisdictions, rules and regulations thereunder and related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the Money Laundering Laws), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened or contemplated.

(kk) Neither the Company, any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries, nor to the knowledge of the Company, any agent, employee or affiliate (other than the Republic of Chile) of the Company or any of its subsidiaries (1) is currently an individual or entity that is, or is 50% or more owned or

10 controlled or is acting on behalf of, one or more individuals or entities (other than the Republic of Chile) that are currently the subject of any sanctions administered or enforced by the United States (including administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury ((OFAC) or the U.S. Department of State), the European Union, His Majesty?s Treasury or the United Nations Security Council (collectively, the Sanctions), (1i) is organized, located or a resident in a country or territory that is currently the subject of territorial Sanctions broadly prohibiting dealing with such country or territory (each such country, a Sanctioned Country, currently the Crimea, Kherson and Zaporizhzhya regions, the so-called Donetsk People?s Republic and the so-called Luhansk People’s Republic regions of Ukraine, Cuba, Iran, or North Korea, and such persons, Sanctioned Persons and each such person, a Sanctioned Person), or (i1i) will, directly or indirectly, use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity in any manner that would result in a violation of any Sanctions by, or would reasonably be expected to result in the imposition of Sanctions against, any individual or entity participating in the offering, whether as underwriter, advisor, investor or otherwise. Neither the Company nor any of its subsidiaries has, to the knowledge of the Company, engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, since April 24, 2019, that have resulted in a violation of Sanctions by, or the imposition of Sanctions against, the Company or the Initial Purchasers, nor does the Company or any of its subsidiaries have any plans to engage in dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, that would result in a violation of Sanctions by, or would reasonably be expected to result in the imposition of Sanctions against, the Company or the Initial Purchasers.

(11) No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the best knowledge of the Company, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of the Company?*s subsidiaries principal suppliers, contractors or customers, except (x) as would not have a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business and (y) as set forth in or contemplated in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(mm) The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, which insurance is in amounts and insures against such losses and risks as are adequate to protect the Company and its subsidiaries and their respective businesses, except where any failure to have such insurance would not result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business; and neither the Company nor any of its subsidiaries has (1) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain

11 similar coverage at reasonable cost from similar insurers as may be necessary to continue lts business at a cost that would not result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business.

(nn) Except as would not reasonably be expected to, individually or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, the Company and its subsidiaries information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, data, and databases (collectively, IT Systems) are adequate for, and operate and perform as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted. The Company and its subsidiaries have used commercially reasonable efforts to implement and maintain commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (Personal Data)) used in connection with their businesses. Except as would not reasonably be expected to, individually or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, there have been no breaches, violations, outages or unauthorized uses of or accesses to the IT Systems or Personal Data, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. Neither the Company nor its subsidiaries have been notified of, and have no knowledge of any event or condition that could result in, any security breach or incident, unauthorized access or disclosure or other compromise to their IT Systems or Personal Data, except as would not reasonably be expected to, individually or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole. Except as would not reasonably be expected to, individually or in the aggregate, result in a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

Any certificate signed by any officer of the Company and delivered to the

Representatives or counsel for the Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Initial Purchaser.

2. Purchase and Sale. (a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of (i) 106.546% of the principal amount of the 2035 Notes, plus

12 accrued interest from (and including) July 13, 2025 to, but excluding, October 2, 2025, totaling
U.S.$9,723,583.33, plus additional interest, if any, from October 2, 2025 to the Closing Date (as defined below), and (11) 107.225% of the principal amount of the 2055 Notes, plus accrued interest from (and including) July 13, 2025 to, but excluding, October 2, 2025, totaling
U.S.$10,414,833.33, plus additional interest, if any, from October 2, 2025 to the Closing Date (as defined below), the principal amount of Securities set forth opposite such Initial Purchaser*’s name in SCHEDULE I hereto.

(b) The Company acknowledges and agrees that the Initial Purchasers are acting solely in the capacity of an arm’s length contractual counterparty to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, no Initial Purchaser is advising the Company or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall have no responsibility or liability to the Company with respect thereto. Any review by the Initial Purchasers of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Initial Purchasers and shall not be on behalf of the Company. The Company acknowledges that none of the activities of the Initial Purchasers in connection with the offering of Securities constitutes a recommendation, investment advice or solicitation or any action by the Initial Purchasers with respect to the Company.

3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City time, on October 2, 2025 or at such time on such later date as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company or as provided in Section 8 hereof (such date and time of delivery and payment for the Securities, including as so postponed, being herein called the Closing Date). Delivery of the Securities shall be made to the Representatives for the respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representatives of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company (DTC) unless the Representatives shall otherwise instruct.

4. – Offering by the Initial Purchasers. Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the Company that: (a) It has not offered or sold, and will not offer or sell, any Securities except
(1) to persons it reasonably believes to be qualified institutional buyers (as defined in Rule 144A under the Act) and that, in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of such Securities is aware that such sale is being made in reliance on Rule 144A; or (11) in accordance with the restrictions set forth in Exhibit A hereto.

13 (b) Neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form of general solicitation or general advertising (within the meaning of Regulation D) in the United States or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act.

(c) Unless it has obtained or will obtain the prior written consent of the Company, it has not used, and will not use, or authorize use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than: (1) the Preliminary Memorandum; (ii) the Time of Sale Memorandum; (ii) the Final Memorandum; (iv) any Additional Written Offering Communications identified in SCHEDULE II hereto; and (v) any Bloomberg or other customary electronic communications providing certain ratings or proposed terms of the Securities or relating to marketing, administrative or procedural matters in connection with the offering of the Securities.

5. Covenants of the Company. The Company agrees with each Initial Purchaser that: (a) The Company will furnish to each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period referred to in paragraph (d) below, electronic copies of the materials contained in the Time of Sale Memorandum, the Final Memorandum and any amendments and supplements thereto as they may reasonably request.

(b) Before amending or supplementing the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, the Company will furnish to the Initial Purchasers a copy of each such proposed amendment or supplement and will not use any such proposed amendment or supplement to which the Initial Purchasers reasonably object.

(c) The Company will furnish to each Initial Purchaser a copy of each proposed Additional Written Offering Communication to be prepared by or on behalf of, used by, or referred to by the Company and agrees not to use or refer to any proposed Additional Written Offering Communication to which the Initial Purchasers reasonably object.

(d) If at any time prior to the completion of the sale of the Securities by the Initial Purchasers (as determined by the Representatives), any event occurs as a result of which the Time of Sale Memorandum or the Final Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it should be necessary to amend or supplement the Time of Sale Memorandum or the Final Memorandum to comply with applicable law, the Company promptly: (i) will notify the Representatives of any such event; (11) subject to the requirements of paragraph (b) of this Section 5, will prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) will supply any supplemented or amended Time of Sale Memorandum or the Final Memorandum to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request.

(e) The Company will arrange, if necessary, for the qualification of the Securities for sale by the Initial Purchasers under the laws of such jurisdictions as the Initial

14 Purchasers may reasonably designate and will maintain such qualifications in effect so long as required for the sale of the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject.
The Company will promptly advise the Representatives of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

(1) During the period of one year after the Closing Date, the Company will not resell, and will not permit any person that is an affiliate (as defined in Rule 144 under the Act) at the time of any contemplated resale or that has been an affiliate within the three months preceding such time to resell, any of the Securities that have been reacquired by any of them, except for Securities purchased by the Company or any of its affiliates and resold in a transaction registered under the Act or in reliance of Regulation S.

(g) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act.

(h) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf will, directly or indirectly, make offers or sales of the Securities in Chile or to any resident of Chile, except as permitted by applicable Chilean law.

(1) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States or in any manner involving a public offering within the meaning of Section
4(aJ2) of the Act.

(f) Solong as any of the Securities are restricted securities within the meaning Of Rule 144(a)(3) under the Act, the Company will, unless it becomes subject to and complies with Section 13 or 15(d) of the Exchange Act, or becomes exempt from such reporting requirements pursuant to, and complies with, Rule 12g3-2(b) under the Exchange Act, provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time of such restricted securities.

(k) Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf will engage in any directed selling efforts (as defined in Regulation S) with respect to the Securities.

(1) The Company will cooperate with the Representatives and use its best efforts to permit the Securities to be eligible for clearance and settlement through DTC, including

15 lts indirect participants, Euroclear Bank S.A.N.V. (Euroclear) and Clearstream Banking, S.A. (Clearstream).

(m) The Company will use its best efforts to effect the listing of the Securities on the Euro MTF market of the Luxembourg Stock Exchange and for so long as the Securities are outstanding, will file with the Euro MF market of the Luxembourg Stock Exchange and any other governmental agency, authority or instrumentality in Luxembourg as may be required, such reports, documents, agreements and other information which may, from time to time, be required to be so filed; provided that the Company may, in its reasonable discretion, de-list the Securities in the event that any European or national legislation becomes effective in Luxembourg in a manner that would require the Company to publish or produce financial statements according to accounting principles or standards that are different from IFRS or that would otherwise impose requirements that the Company determines, in its reasonable discretion, are not reasonable.

(n) The Company will not for a period of 30 days following the Execution Time, without the prior written consent of the Representatives, offer, sell or contract to sell, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any Affiliate of the Company or any person in privity with the Company or any Affiliate of the Company), directly or indirectly, or announce any public or broadly marketed offering of, any U.S. dollar-denominated debt securities issued or guaranteed by the Company in the international capital markets (other than the Securities).

(o) The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or which might reasonably be expected to constitute or cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.

(p) The Company agrees either to pay directly or to reimburse the Initial Purchasers, as the case may be, for the reasonable and documented expenses relating to the following matters: (1) the issuance of the Securities and the fees and expenses of the Trustee (including, without limitation, the fees of counsel for such trustee); (1i) the preparation, printing and reproduction of each of the Preliminary Memorandum and Final Memorandum and each amendment or supplement to either of them, including the pricing term sheet prepared by the Company and any Additional Written Offering Communications identified in SCHEDULE II hereto; (111) the printing (and reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of each of the Preliminary Memorandum and Final Memorandum, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and delivery of certificates for the Securities, including any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (v) the printing (and reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vi) any

16 registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and qualification); (vii) the listing of the Securities with the Euro MT’F market of the Luxembourg Stock Exchange (including the fees of the agent retained in connection with such listing); (viii) the approval of the Securities for book-entry transfer by D’TC, Euroclear and Clearstream; (ix) the rating of the Securities by rating agencies; (x) the expenses incurred by the Company or the Initial Purchasers in connection with presentations to prospective purchasers of the Securities; (xi) the fees and expenses of the Company?s accountants; (x1i) the fees and expenses of counsel (including local and special United States and Chilean counsels) for the Company; (x111) all other reasonable and documented expenses incurred by the Initial Purchasers in connection with the offering and sale of the Securities, except for the fees and expenses of counsels (including United States and Chilean counsels) for the Initial Purchasers; and (xiv) all other fees and expenses incident to the performance by the Company and the Initial Purchasers of their obligations hereunder; provided that, if the offering of the Securities (A) is not completed within twelve months because any condition to the obligations of the Initial Purchasers set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 9 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof other than by reason of a default by any of the Initial Purchasers, the Company shall pay directly all costs and expenses contemplated by this Section 5(p) or, to the extent the Initial Purchasers have borne such costs and expenses, shall reimburse the Initial Purchasers severally through the Representatives; and (B) is completed, the Initial Purchasers shall pay for all such costs and expenses of this Section 5(p) pro rata in proportion to each Initial Purchaser?s commitment to purchase Securities as listed in SCHEDULE I hereto in accordance with Section 2(a) and this Section 5(p) (except for the costs and expenses contemplated by 5(p)(x), 5S(pMxijand 5(pMxii), which shall be paid directly by the Company whether or not the offering of the Securities is completed), and the Company shall cover such costs and expenses of this Section 5(p) pursuant to Section 2(a).

(q) The Company will apply the net proceeds from the sale of the Securities substantially in accordance with the description set forth under the heading Use of Proceeds in each of the Time of Sale Memorandum and the Final Memorandum.

(r) The Company will not take any action or omit to take any action (such as issuing any press release relating to any Securities without an appropriate legend) which may result in the loss by any of the Initial Purchasers of the ability to rely on any stabilization safe harbor provided by the Financial Conduct Authority under the U.K.
Financial Services and Markets Act 2000 (the FSMA).

6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial

Purchasers to purchase the Securities on the Closing Date shall be subject to the accuracy of the representations and warranties of the Company contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions:

17 (a) The Company shall have requested and caused Cleary Gottlieb Steen € Hamilton LLP, U.S. counsel for the Company, to furnish to the Representatives its opinion, dated the Closing Date and addressed to the Representatives, substantially to the effect that:

(1) the Indenture has been duly executed and delivered by the Company under the laws of the State of New York and is a valid, binding and enforceable agreement of the Company; the Securities, when delivered to and paid for by the Initial Purchasers in accordance with this Agreement, will be the valid, binding and enforceable obligations of the Company, entitled to the benefits of the Indenture pursuant to which such Securities are to be issued; the statements set forth under the heading Description of Notes in the Time of Sale Memorandum and the Final Memorandum, insofar as such statements purport to summarize certain provisions of the Securities and the Indenture, provide a fair summary of such provisions;

(11) this Agreement has been duly executed and delivered by the Company under the law of the State of New York; (iii) the statements made in each of the Time of Sale Memorandum and the Final Memorandum under the heading Taxation- U.S. Federal Income Taxation, insofar as such statements purport to summarize certain federal income tax laws of the United States, constitute a fair summary of the principal U.S. federal income tax consequences of an investment in the Securities by a U.S. Holder (as defined in each of the Time of Sale Memorandum and the Final Memorandum); (iv) the issuance and the sale of the Securities to the Initial Purchasers pursuant to this Agreement and the execution and delivery of this Agreement and the Indenture do not, and the performance by the Company of its obligations under this Agreement, the Indenture and the Securities will not, (A) require any consent, approval, authorization, registration or qualification of or with any governmental authority of the United States or the State of New York that in such counsel’s experience normally would be applicable to general business entities with respect to such issuance, sale or performance (but such counsel need express no opinion relating to United States federal securities laws or any state securities or blue sky laws other than as set forth in (v) and (vi) below); or (B) result in a violation of any United States federal or New York State law or published rule or regulation that in such counsels experience normally would be applicable to general business entities with respect to such issuance, sale or performance (but such counsel need not express any opinion relating to the United States federal securities laws or any state securities or blue sky laws, except as set forth in (v) and (vi) below); (v) noregistration of the Securities under the Act, and no qualification of the Indenture under the Trust Indenture Act, are required for the offer and sale of the Securities by the Company to the Initial Purchasers pursuant to and in the manner contemplated by this Agreement or by the Initial Purchasers as contemplated by this Agreement, the Time of Sale Memorandum and the Final Memorandum; (vi) noregistration of the Company under the Investment Company Act is required for the offer and sale of the Securities by the Company in the manner 18 contemplated herein and by each of the Time of Sale Memorandum and the Final Memorandum; and (vii) under the laws of the State of New York relating to submission to jurisdiction, the Company, pursuant to Section 14 of this Agreement, Section 1.12 of the Indenture and the provisions of the Securities, has (a) validly and irrevocably submitted to the non-exclusive personal jurisdiction of any New York State or U.S.
federal court located in the Borough of Manhattan, the City of New York, in any action arising out of or related to this Agreement that is brought by an Initial Purchaser or by any person who controls any Initial Purchaser, or in any action arising out of or related to the Indenture or the Securities that is brought by the holder of any Securities; (b) to the fullest extent permitted by law, validly and irrevocably waived any objection to the venue of a proceeding in any such court and (c) validly appointed Cogency Global Inc., as its authorized representative in the United States, and as its authorized agent for the purpose described in Section 14 hereof, the Indenture and the Securities; and service of process upon such agent in a manner permitted by applicable law will be effective to confer valid personal jurisdiction over the Company in any action arising under this Agreement, the Indenture or the Securities.

(b) The Company shall have requested and caused Cleary Gottlieb Steen € Hamilton LLP, U.S. counsel for the Company, to furnish to the Representatives its letter, dated the Closing Date and addressed to the Representatives, substantially to the effect that no information has come to such counsels attention that causes it to believe that: (i) the Time of Sale Memorandum (except the financial statements and schedules and other financial and statistical data included therein, the information therein relating to the Company*s ore reserves, as to which such counsel expresses no view), as of the Execution Time, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (ii) the Final Memorandum (except the financial statements and schedules and other financial and statistical data included therein, the information therein relating to the Company*s ore reserves, as to which such counsel expresses no view), as of the Closing Date and the Execution Time, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

In rendering its opinion under Section 6(a) hereof and furnishing its letter under Section 6(b) hereof, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than the State of New York or federal laws of the United States, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Initial Purchasers; and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of

19 the Company and public officials. References to the Final Memorandum in Section 6(a) and Section 6(b) include any amendment or supplement thereto at the Closing Date.

(c) The Company shall have requested and caused Carey y Cía. Ltda., Chilean counsel for the Company, to furnish to the Representatives its opinion, dated the Closing Date and addressed to the Representatives, substantially to the effect that:

(1) the Company has been duly created and is validly existing as a state- owned company under the laws of Chile, with full corporate power and authority to own or lease, as the case may be, and to operate its properties, exercise its mining concessions, mining rights and water rights, and conduct its business as described in each of the Time of Sale Memorandum and the Final Memorandum, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification;

(11) the Indenture has been duly authorized, executed and delivered, and constitutes a legal, valid and binding instrument enforceable against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law)); and the Securities have been duly and validly authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers under this Agreement, will have been duly executed and delivered by the Company and will constitute legal, valid, binding and enforceable obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law));

(111) the statements in each of the Time of Sale Memorandum and the Final Memorandum under the captions Presentation of Financial and Statistical Information, Enforceability of Civil Liabilities, Exchange Rates, Risk Factors-Risks Relating to CODELCOs Operations-CODELCOs compliance with environmental, health and safety laws may require increased costs, including capital commitments, and non-compliance may subject it to significant penalties, Risk Factors-Risks Relating to CODELCOs Operations-Future compliance with a changing and complex regulation scheme may require changes in CODELCO’s business, Risk Factors-Risks Relating to CODELCO’s Operations-Labor disruptions involving CODELCO” employees or the employees of its independent contractors could affect CODELCOs production levels and costs, Risk Factors-Risks Relating to CODELCO*s Operations- CODELCO is subject to an extensive labor reform law -in effect since 2017- promulgated by the Government of Chile that could affect its business and operating results, Risk Factors-Risks Relating to CODELCOs Relationship with the Government of Chile, Management’s Discussion and Analysis of

20 Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31, 2024 –Other expenses, Management’s Discussion and Analysis of Financial Condition and Results of Operations- Results of Operations for the Six-Month Periods Ended June 30, 2025 and 20242- Foreign exchange differences, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Six- Month Periods Ended June 30, 2025 and 2024-Income tax expense, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31,
2024-Other expenses, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31, 2024–Income tax expense, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Distributions to the Chilean Treasury, Regulatory Framework, Management, Related Party Transactions, Foreign Investment and Exchange Controls in Chile and Taxation-Chilean Taxation, insofar as such statements constitute summaries of Chilean legal matters, documents or proceedings referred to therein, fairly summarize the matters therein; (iv) such counsel has no reason to believe that (A) at the Execution Time, the Time of Sale Memorandum contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (B) at the Execution Time and on the Closing Date, the Final Memorandum contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial information contained therein, as to which such counsel need express no opinion); (v) this Agreement has been duly authorized, executed and delivered by the Company; (vi) the Company has all requisite corporate power and authority, has taken all requisite corporate action and has received and is in compliance with all governmental, judicial and other authorizations, approvals and orders necessary to enter into and perform its obligations under this Agreement and the Indenture and to issue and perform its obligations under the Securities, and no consent, approval, authorization, filing with or order of any Chilean court or governmental agency or body is required in connection with the transactions contemplated herein, in the Indenture or in the Securities, except (1) such as may be required under the blue sky or securities laws of any jurisdiction in connection with the purchase and sale of the Securities by the Initial Purchasers in the manner contemplated in this Agreement, the Time of Sale Memorandum and the Final Memorandum, and (ii) the following authorizations and registrations required by Chilean law, which have been obtained and remain in full force and effect: (A) authorization granted by the President of Chile and by Decree of the Minister of Finance, whether general or specific, pursuant to Article 4 of Decree Law No. 2,349 of 1978 and pursuant to

21 Decree No. 1,009 issued by the Ministry of Finance, published in the Official Gazette on December 23, 1978, as renewed by Decree No. 1,408 dated October 30, 2024, and published in the Official Gazette on January 4, 2025; (B) authorization granted by the Minister of Finance to the Company to enter into negotiations relating to the issue of the Securities, pursuant to DL 1,350 and pursuant to Ordinary Resolution No. 1,625 issued by the Ministry of Finance dated August 6, 2025; (C) authorization granted by the Minister of Finance to the Company to issue the Securities, pursuant to DL 1,350 and pursuant to Ordinary Resolution No. 2,066 issued by the Ministry of Finance dated September 27, 2025; and (D) the delivery to the Ministry of Finance and the Ministry of Mining for approval and possible review of the proposed annual budget and a debt amortization budget pursuant to DL 1,350.

(vii) neither the execution and delivery of the Indenture or this Agreement, the issue and sale of the Securities, nor the consummation of any other of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof, thereof or of the Securities will conflict with, or result in, a default, breach or violation of, or imposition of any lien, charge or encumbrance upon any property or asset of the Company or its subsidiaries pursuant to, (i) any provision of applicable Chilean law; (11) DL 1,350 and the Company*s by-laws, as restated in Decree No. 3 of January 13, 2012 and published in the Official Gazette on July 4, 2012, or the Estatutos of the Company; or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any Chilean court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any of its subsidiaries or any of their respective properties; (viii) pursuant to Article 52 of the Organic Law of the Central Bank of Chile and DL 1,350, the Company is exempt from the Central Bank of Chiles regulations in connection with the issuance, placement and payments upon the Securities. The Company is entitled to make payments under the Securities with its own available foreign currency obtained from its export operations and deposited with the Central Bank of Chile; (ix) except as disclosed in each of the Time of Sale Memorandum and the Final Memorandum, there are no transaction, stamp or other issuance or transfer taxes or duties or other similar fees or withholdings or charges required to be paid in connection with the execution and delivery of this Agreement, the Indenture, the issuance or sale by the Company of the Securities or the enforcement of the Securities, other than (i) a 0.8% stamp tax on the incurrence of the indebtedness evidenced by the Securities, which will be paid by the Company upon the issuance of the Securities, and (11) a 4% withholding tax on interest payments, and all other payments deemed to be interest payments, with respect to the Securities to the extent paid to a person domiciled or residing outside of Chile. If thin capitalization rules apply, as described in the Time of Sale Memorandum and the Final Memorandum, such interest payments would be subject to a 35% penalty tax that would be payable by the Company. The withholding tax applicable to the interest payments made by the Company can be proportionally credited against such 35%

22 penalty tax. Payments of fees, compensations, service payments and reimbursement of costs contemplated in this Agreement or in the Indenture, made to persons domiciled or residing outside of Chile may be subject to a (1) withholding tax at a rate of up to 35%; provided, however, that any such payment may (A) be exempted from withholding tax if it is deemed a comisión mercantil pursuant to the Commercial Code of Chile and the interpretation of the Chilean Internal Revenue Service (Servicio de Impuestos Internos, or the SIT), (B) be subject to a 15% withholding tax if it is deemed payment for a professional or technical assistance service, provided that the payment is not made to a party organized, domiciled or resident in one of the countries which falls under the scope of article 41H of the Chilean Income Tax Law in which case the withholding tax rate would be 20%, and (C) benefit from a reduced withholding tax rate or may be exempted if there is a double taxation treaty in force between Chile and the country of such person?*s residency that contemplates a reduced or exempt regime applicable; or (11) value added tax (impuesto al valor agregado) in Chile provided that (A) such payments are exempt from withholding tax under domestic law or a double taxation treaty in force applicable and (B) such payments were made in consideration for a service that is deemed to be rendered or utilized in Chile. Capital gains arising from the sale or other dispositions of the Securities made by a person domiciled or residing outside of Chile should not be deemed as Chilean source income, and therefore, not subject to withholding tax in Chile.

(x) none of the holders of the Securities, the Initial Purchasers or the Trustee will be deemed resident, domiciled, carrying on business or subject to any tax liability in Chile solely by reason of the holding of the Securities or the execution, delivery, performance or enforcement of this Agreement, the Indenture or the Securities, assuming that none of such persons is domiciled or is a resident of Chile or has a permanent establishment in Chile; (xi) the choice of law provisions set forth in Section 15 hereof, in the Indenture and in the Securities are legal, valid and binding under the laws of Chile and such counsel knows of no reason why the courts of Chile would not give effect to the choice of New York law as the proper law of this Agreement, of the Indenture and of the Securities; the Company has the legal capacity to sue and be sued in its own name under the laws of Chile; the Company has been empowered by Decree No. 1,009 issued by the Ministry of Finance, published in the Official Gazette on December 23, 1978, as renewed by Decree No. 1,408 dated October 30, 2024, and published in the Official Gazette on January 4, 2025, to submit, and has irrevocably submitted, to the non-exclusive jurisdiction of the New York courts and has validly and irrevocably appointed Cogency Global Inc. as its authorized agent for the purpose described in Section 14 hereof, in the Indenture and in the Securities under the laws of Chile; the irrevocable submission of the Company to the non-exclusive jurisdiction of the New York courts and the waivers by the Company of any objection to the venue of the proceeding in a New York court herein, in the Indenture and in the Securities are legal, valid and binding under the laws of Chile and such counsel knows of no reason why the courts of Chile would not give effect to such submission and waivers; service of process in the manner set forth in Section 14 hereof, in the Indenture and in the Securities will be effective to confer

23 valid personal jurisdiction over the Company under the laws of Chile; and the courts in Chile will recognize as valid and final, and will enforce, any final and conclusive judgment against the Company obtained in a New York court arising out of or in relation to the obligations of the Company under this Agreement, the Indenture or the Securities, subject only to the conditions and qualifications described in each of the Time of Sale Memorandum and the Final Memorandum under the caption Enforceability of Civil Liabilities; (x11) the Company has validly and irrevocably waived, pursuant to Section 17 hereof and to the provisions of the Indenture and the Securities for itself and its revenues and assets, to the full extent permitted by Chilean law, any immunity from suit, jurisdiction, attachment in aid or execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations, respectively, under this Agreement, the Indenture and the Securities to which it may be entitled or become entitled whether or not claimed, including sovereign immunity, except that (1) for the attachment and judicial sale of mining concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating to such mining concessions, except with respect to mortgages, the consent of the Company will be required and shall be given in the same judicial proceeding in which the attachment and sale is sought (as set forth in Article 226 of the Mining Code of Chile); and (ii) pursuant to the Chilean Constitution, the mining concessions corresponding to mining deposits exploited by the Company upon its creation in 1976 cannot be subject to attachment nor to any act of disposition by the Company. Each such waiver is binding under Chilean law and remains in full force and effect; and (xi1i) this Agreement, the Indenture and the Securities are in proper legal form under the laws of Chile for the enforcement thereof against the Company in Chile without the need to obtain any other consent, approval or authorization, to file any notification or to take any further action on the part of the Initial Purchasers or the Trustee and to ensure the legality, validity, enforceability or admissibility in evidence of any of this Agreement, the Indenture and the Securities, and except for their translation into Spanish for their presentation to a Chilean court and subject to the payment of the applicable stamp tax, if any (and applicable readjustments and penalties, if any), it is not necessary that any other document be filed or recorded with any court or other authority in Chile or that any stamp or similar tax be paid on or in respect of any such document or the Securities.

In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than Chile, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Initial Purchasers; and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Company and public officials. References to the Final Memorandum in this Section 6(c) include any amendment or supplement thereto at the Closing Date.

(d) The Company shall have requested and caused Macarena Vargas Losada,

General Counsel of the Company, to furnish to the Representatives her opinion, dated the Closing Date and addressed to the Representatives, substantially to the effect that:

24
(1) the Company has been duly created and is validly existing as a state- owned company under the laws of Chile, with full corporate power and authority to own or lease, as the case may be, and to operate its properties, exercise its mining concessions, mining rights and water rights, and conduct its business as described in each of the Time of Sale Memorandum and the Final Memorandum, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification;

(11) the Indenture has been duly authorized, executed and delivered, and constitutes a legal, valid and binding instrument enforceable against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law)); and the Securities have been duly and validly authorized and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers under this Agreement, will have been duly executed and delivered by the Company and will constitute legal, valid, binding and enforceable obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, liquidation, reorganization, insolvency, moratorium or other laws affecting creditors rights generally and general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law)); (iii) to the knowledge of such counsel, there is no pending or threatened action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property that is not set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto), except for such proceedings that, if the subject of an unfavorable decision, ruling or finding, would not, singly or in the aggregate, have a Current or prospective material adverse effect (i) on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (1i) on the power or ability of the Company to perform its obligations under this Agreement, the Indenture or the Securities or to consummate the transactions contemplated in each of the Time of Sale Memorandum and the Final Memorandum; (iv) the Company has an authorized capitalization as set forth in each of the Time of Sale Memorandum and the Final Memorandum under the heading Capitalization; and all the outstanding shares of capital stock or other equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party;

25 (v) such counsel has no reason to believe that (1) at the Execution Time, the Time of Sale Memorandum contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (11) at the Execution Time and on the Closing Date, the Final Memorandum contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial information contained therein, as to which such counsel need express no opinion); (vi) this Agreement has been duly authorized, executed and delivered by the Company; (vii) the Company has all requisite corporate power and authority, has taken all requisite corporate action and has received and is in compliance with all governmental, judicial and other authorizations, approvals and orders necessary to enter into and perform its obligations under this Agreement and the Indenture and to issue and perform its obligations under the Securities, and no consent, approval, authorization, filing with or order of any Chilean court or governmental agency or body is required in connection with the transactions contemplated herein, in the Indenture or in the Securities, except (1) such as may be required under the blue sky or securities laws of any jurisdiction in connection with the purchase and sale of the Securities by the Initial Purchasers in the manner contemplated in this Agreement, the Time of Sale Memorandum and the Final Memorandum; and (ii) the following authorizations and registrations required by Chilean law, which have been obtained and remain in full force and effect: (A) authorization granted by the President of Chile and by Decree of the Minister of Finance, whether general or specific, pursuant to Article 4 of Decree Law No. 2,349 of 1978, and pursuant to Decree No. 1,009 issued by the Ministry of Finance, published in the Official Gazette on December 23, 1978, as renewed by Decree No. 1,408 dated October 30, 2024, and published in the Official Gazette on January 4, 2025; (B) authorization granted by the Minister of Finance to the Company to enter into negotiations relating to the issue of the Securities, pursuant to DL 1,350 and pursuant to Ordinary Resolution No. 1,625 issued by the Ministry of Finance dated August 6, 2025; (C) authorization granted by the Minister of Finance to the Company to issue the Securities, pursuant to DL 1,350 and pursuant to Ordinary Resolution No. 2,066 issued by the Ministry of Finance dated September 27, 2025; and (D) the delivery to the Ministry of Finance and the Ministry of Mining for approval and possible review of the proposed annual budget and a debt amortization budget pursuant to DL 1,350.

(viii) pursuant to Article 52 of the Organic Law of the Central Bank of Chile and DL 1,350, the Company is exempt from the Central Bank of Chiles regulations in connection with the issuance, placement and payments upon the Securities. The Company is entitled to make payments under the Securities with its own available foreign currency obtained from its export operations and deposited with the Central Bank of Chile;

26 (ix) neither the execution and delivery of the Indenture or this Agreement, the issue and sale of the Securities, nor the consummation of any other of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof will conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or asset of the Company or any of its subsidiaries pursuant to: (1) any provision of applicable law; (1i) DL 1,350, and the Company?s by-laws, as restated in Decree No. 3 of January 13, 2012, or the Estatutos of the Company; (iii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its respective property is subject; or (iv) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company, any of its subsidiaries or any of their respective properties; (x) the statements in each of the Time of Sale Memorandum and the Final Memorandum under the captions Presentation of Financial and Statistical Information, Enforceability of Civil Liabilities, Exchange Rates, Risk Factors-Risks Relating to CODELCOs Operations-CODELCOs compliance with environmental, health and safety laws may require increased costs, including capital commitments, and non-compliance may subject it to significant penalties, Risk Factors-Risks Relating to CODELCOs Operations-Future compliance with a changing and complex regulation scheme may require changes in CODELCO’s business, Risk Factors-Risks Relating to CODELCO’s Operations-Labor disruptions involving CODELCO” employees or the employees of its independent contractors could affect CODELCOs production levels and costs, Risk Factors-Risks Relating to CODELCO*s Operations- CODELCO is subject to an extensive labor reform law -in effect since 2017- promulgated by the Government of Chile that could affect its business and operating results, Risk Factors-Risks Relating to CODELCOs Relationship with the Government of Chile, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31, 2024-Other expenses, Management’s Discussion and Analysis of Financial Condition and Results of Operations- Results of Operations for the Six-Month Periods Ended June 30, 2024 and 2025- Foreign exchange differences, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Six- Month Periods Ended June 30, 2024 and 2025-Income tax expense, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31,
2024-Other expenses, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Results of Operations for the Three Years Ended December 31, 2024–Income tax expense, Management’s Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Distributions to the Chilean Treasury, Regulatory Framework, Management, Related Party Transactions, Foreign Investment and Exchange Controls in Chile and Taxation-Chilean Taxation, insofar as such statements

27 constitute summaries of Chilean legal matters, documents or proceedings referred to therein, fairly summarized the matters therein; (x1) no subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary?s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary?s property or assets to the Company or any other subsidiary of the Company, except as described in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto); (x11) the Company and its subsidiaries possess all concessions, licenses, certificates, permits and other authorizations issued by the appropriate government and other regulatory authorities necessary to conduct their respective businesses, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such concession, certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business; (x111) the Company and its subsidiaries have good and marketable title to all real property owned by them and good title to all other properties owned by them, including the Company?*s mining concessions, mining rights and water rights, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances of any kind except (i) such as are set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto) or (11) where the failure to have good title would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business; all of the leases and subleases material to the business of the Company and its subsidiaries, taken as a whole, and under which the Company or any of its subsidiaries holds properties described in each of the Time of Sale Memorandum and the Final Memorandum, are in full force and effect, except (1) where the failure to be in full force and effect would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (11) such as are set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto); and none of the Company or its subsidiaries has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any of its subsidiaries under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any of its subsidiaries to the continued possession of the leased or

28 subleased premises under any such lease or sublease, except (1) claims which are being contested by the Company or its subsidiaries in good faith and which would not have a current or prospective material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, or (11) such as are set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto); (xiv) the choice of law provisions set forth in Section 15 hereof, in the Indenture and in the Securities are legal, valid and binding under the laws of Chile and such counsel knows of no reason why the courts of Chile would not give effect to the choice of New Y ork law as the proper law of this Agreement, of the Indenture and of the Securities; the Company has the legal capacity to sue and be sued in its own name under the laws of Chile; the Company has been empowered by Decree No. 1,009 issued by the Ministry of Finance, published in the Official Gazette on December 23, 1978, as renewed by Decree No. 1,408 dated October 30, 2024, and published in the Official Gazette on January 4, 2025, to submit, and has irrevocably submitted, to the non-exclusive jurisdiction of the New York courts and has validly and irrevocably appointed Cogency Global Inc. as its authorized agent for the purpose described in Section 14 hereof, in the Indenture and in the Securities under the laws of Chile; the irrevocable submission of the Company to the non-exclusive jurisdiction of the New York courts and the waivers by the Company of any objection to the venue of the proceeding in a New York court herein, in the Indenture and in the Securities are legal, valid and binding under the laws of Chile and such counsel knows of no reason why the courts of Chile would not give effect to such submission and waivers; service of process in the manner set forth in Section 14 hereof, in the Indenture and in the Securities will be effective to confer valid personal jurisdiction over the Company under the laws of Chile; and the courts in Chile will recognize as valid and final, and will enforce, any final and conclusive judgment against the Company obtained in a New York court arising out of or in relation to the obligations of the Company under this Agreement, the Indenture or the Securities, subject only to the conditions and qualifications described in each of the Time of Sale Memorandum and the Final Memorandum under the caption Enforceability of Civil Liabilities; (xv) to the knowledge of such counsel, the Company and its subsidiaries
(1) are in compliance with any and all Environmental Laws, (11) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business;

29 (xvi) except as disclosed in each of the Time of Sale Memorandum and the Final Memorandum, there are no transaction, stamp or other issuance or transfer taxes or duties or other similar fees or withholdings or charges required to be paid in connection with the execution and delivery of this Agreement, the Indenture, the issuance or sale by the Company of the Securities or the enforcement of the Securities, other than (i) a 0.8% stamp tax on the incurrence of the indebtedness evidenced by the Securities, which will be paid by the Company upon the issuance of the Securities, and (11) a 4% withholding tax on interest payments, and all other payments deemed to be interest payments, with respect to the Securities to the extent paid to a person domiciled or residing outside of Chile. If thin capitalization rules apply, as described in the Time of Sale Memorandum and the Final Memorandum, such interest payments would be subject to a 35% penalty tax that would be payable by the Company. The withholding tax applicable to the interest payments made by the Company can be proportionally credited against such 35% penalty tax. Payments of fees, compensations, service payments and reimbursement of costs contemplated in this Agreement or in the Indenture, made to persons domiciled or residing outside of Chile may be subject to a (1) withholding tax at a rate of up to 35%; provided, however, that any such payment may (A) be exempted from withholding tax if it is deemed a comisión mercantil pursuant to the Commercial Code of Chile and the interpretation of the Chilean Internal Revenue Service (Servicio de Impuestos Internos, or the SIT), (B) be subject to a 15% withholding tax if it is deemed payment for a professional or technical assistance service, provided that the payment is not made to a party organized, domiciled or resident in one of the countries which falls under the scope of article 41H of the Chilean Income Tax Law in which case the withholding tax rate would be 20%, and (C) benefit from a reduced withholding tax rate or may be exempted if there is a double taxation treaty in force between Chile and the country of such person?*s residency that contemplates a reduced or exempt regime applicable; or (11) value added tax (impuesto al valor agregado) in Chile provided that (A) such payments are exempt from withholding tax under domestic law or a double taxation treaty in force applicable and (B) such payments were made in consideration for a service that is deemed to be rendered or utilized in Chile. Capital gains arising from the sale or other dispositions of the Securities made by a person domiciled or residing outside of Chile should not be deemed as Chilean source income, and therefore, not subject to withholding tax in Chile.

(xvii) none of the holders of the Securities, the Initial Purchasers or the Trustee will be deemed resident, domiciled, carrying on business or subject to any tax liability in Chile solely by reason of the holding of the Securities or the execution, delivery, performance or enforcement of this Agreement, the Indenture or the Securities, assuming that none of such persons is domiciled or is a resident of Chile or has a permanent establishment in Chile; (xvili) the Company has validly and irrevocably waived pursuant to Section 17 hereof and to the provisions of the Indenture and the Securities for itself and its revenues and assets, to the full extent permitted by Chilean law, any immunity from suit, jurisdiction, attachment in aid or execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect

30 to its obligations, respectively, under this Agreement, the Indenture and the Securities that it may be entitled or become entitled whether or not claimed, including sovereign immunity, except that (1) for the attachment and judicial sale of mining concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating to such mining concessions, except with respect to mortgages, the consent of the Company will be required and shall be given in the same judicial proceeding in which the attachment and sale is sought (as set forth in Article 226 of the Mining Code of Chile); and (ii) pursuant to the Chilean Constitution, the mining concessions corresponding to mining deposits exploited by the Company upon its creation in 1976 cannot be subject to attachment nor to any act of disposition by the Company. Each such waiver is binding under Chilean law and remains in full force and effect; and (xix) this Agreement, the Indenture and the Securities are in proper legal form under the laws of Chile for the enforcement thereof against the Company in Chile without the need to obtain any other consent, approval or authorization, to file any notification or to take any further action on the part of the Initial Purchasers or the Trustee and to ensure the legality, validity, enforceability or admissibility in evidence of any of this Agreement, the Indenture and the Securities, and except for their translation into Spanish for their presentation to a Chilean court and subject to the payment of the applicable stamp tax, if any (and applicable readjustments and penalties, if any), it is not necessary that any other document be filed or recorded with any court or other authority in Chile or that any stamp or similar tax be paid on or in respect of any such document or the Securities.

In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any jurisdiction other than Chile, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Initial Purchasers; and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Company and public officials. References to the Final Memorandum in this Section 6(d) include any amendment or supplement thereto at the Closing Date.

(e) The Representatives shall have received from Allen Overy Shearman Sterling US LLP, U.S. counsel for the Representatives, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Indenture, the Time of Sale Memorandum and the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.

(1) The Representatives shall have received from Garrigues Chile Limitada, special Chilean counsel for the Representatives, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities, the Indenture, the Time of Sale Memorandum, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such

31 counsel such documents as they request for the purpose of enabling them to pass upon such matters.

(g) The Company shall have furnished to the Representatives a certificate of the Company, signed by the Head of Finance of the Company, dated the Closing Date, to the effect that the signatory of such certificate has carefully examined each of the Time of Sale Memorandum, the Final Memorandum, any amendment or supplement to the Final Memorandum and this Agreement and that: (i) the representations and warranties of the Company in this Agreement are true and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and (1i) since the date of the most recent financial statements included in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto), there has been no development giving rise to a current or prospective material adverse change in the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated by each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(h) At the Execution Time and at the Closing Date, the Company shall have requested and caused PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada, independent audit firm with respect to the Company, to furnish to the Representatives letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives, containing statements and information of the type ordinarily included in accountants? comfort letters to underwriters with respect to the full-years 2022, 2023 and 2024, the interim unaudited consolidated financial statements as of and for the six months ended June 30, 2025 and 2024, and certain financial and other information contained in each of the Preliminary Memorandum and the Final Memorandum; provided that the letter delivered on the Closing Date shall use a cut-off date not earlier than three business days prior to the date thereof.

References to the Final Memorandum in this Section 6(h) include any amendment or supplement thereto at the date of the applicable letter.

(i) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in each of the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph 6(h) of this Section 6; or (1i) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth or contemplated in the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto) the effect

32 of which, in any case referred to in clause (1) or (11) above, is, in the reasonable judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with the offering, sale or delivery of the Securities as contemplated by the Time Of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

(j) Subsequent to the Execution Time, there shall not have been any decrease in the rating accorded the Company or any of the Companys foreign-currency denominated debt securities by any nationally recognized statistical rating organization (as such term is defined in Section 3(a)(62) of the Exchange Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.

(k) At the Execution Time and on the Closing Date, the Representatives shall have received a written certificate executed by the Chief Financial Officer of the Company, in form and substance reasonably satisfactory to the Representatives, with respect to certain financial information contained in the Offering Memorandum.

(1) Prior to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates and documents as the Representatives may reasonably request.

If any of the conditions specified in this Section 6 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not have been delivered in form and substance reasonably satisfactory to the Representatives and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.

The documents required to be delivered by this Section 6 will be delivered at the office of counsel for the Initial Purchasers, Allen Overy Shearman Sterling US LLP, at 599 Lexington Avenue, New York, New York 10022, on the Closing Date.

7. – Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or any other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Memorandum, any Additional Written Offering Communication prepared by or on behalf of, used by, or referred to by the Company, any road show as defined in Rule 433(h) under the Act (a road show), or the Final Memorandum or any information provided by the Company to any holder or prospective purchaser of Securities pursuant to Section 5(5), or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to

33 reimburse each such indemnified party, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action, as such expenses are incurred; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Time of Sale Memorandum or the Final Memorandum, or in any amendment thereof or supplement thereto, or in any Additional Written Offering Communication, in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Initial Purchasers through the Representatives specifically for inclusion therein.

(b) Each Initial Purchaser severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers, and each person who controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Initial Purchaser, but only with reference to information relating to such Initial Purchaser furnished to the Company in writing by or on behalf of such Initial Purchaser through the Representatives specifically for inclusion in the Time of Sale Memorandum, road show or the Final Memorandum (or in any amendment or supplement thereto). The indemnity agreement under this Section 7 will be in addition to any liability which any Initial Purchaser may otherwise have. The Company acknowledges that (1) the names of the Representatives set forth on the cover page, (11) the statements set forth in the last paragraph of the cover page regarding delivery of the Securities and (111) under the heading Plan of Distribution: (A) the names of the Representatives and the amounts in the table, (B) the single sentence following the second full paragraph regarding the purchase price, (C) the fifth sentence of the eighth paragraph regarding market making activities, (D) the ninth paragraph related to stabilization and syndicate covering transactions and (E) the third sentence of the eleventh paragraph regarding hedging activity, constitute the only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the Time of Sale Memorandum or the Final Memorandum (or in any amendment or supplement thereto).

(c) Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (1) will not relieve it from liability under paragraphs (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantive rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) or (b) above.
The indemnifying party shall be entitled to appoint counsel of the indemnifying party?s choice at the indemnifying party?s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel (including local counsel) retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party?s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and

34 expenses of such separate counsel if (1) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (1i) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it andor other indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood, however, that the indemnifying party shall, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of only one such separate firm of attorneys (in addition to any local counsel) at any time for all such indemnified parties and controlling persons, which firm shall be designated in writing by the indemnified parties. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding; and (11) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of an indemnified party.

(d) In the event that the indemnity provided in paragraphs (a) or (b) of this Section 7 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Initial Purchasers agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively Losses) to which the Company and one or more of the Initial Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Initial Purchasers on the other from the offering of the Securities; provided, however, that in no case shall any Initial Purchaser (except as may be provided in any agreement among the Initial Purchasers relating to the offering of the Securities) be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Initial Purchasers shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions in each case set forth on the cover of the Final Memorandum. Relative fault shall be determined by reference to, among other things, (1) whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information

30 provided by the Company on the one hand or the Initial Purchasers on the other, (11) the intent of the parties and (iii) their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Initial Purchasers agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each person who controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, affiliate and agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls the Company within the meaning of either the Act or the Exchange Act and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). Notwithstanding the provisions of this Section 7, no Initial Purchaser shall be required to contribute any amount in excess of the discounts received by such Initial Purchaser in connection with the Securities distributed by it. The Initial Purchasers obligations to contribute pursuant to this Section 7 are several, and not joint, in proportion to their respective commitments as set forth opposite their names in SCHEDULE 1.

8. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in SCHEDULE I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in SCHEDULE lI hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Initial Purchaser or the Company. In the event of a default by any Initial Purchaser as set forth in this Section 8, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representatives shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Company or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder.

9. Termination. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such time (1) trading in securities generally on the Santiago Stock Exchange, the New York Stock Exchange or the Nasdaq National Market shall have been suspended or limited or minimum prices shall have been established on either such exchange or the Nasdaq National Market; (11) trading of any securities issued or guaranteed by the Company

36 shall have been suspended on any exchange or in any over-the-counter market; (111) a banking moratorium shall have been declared in New York either by federal or New York state authorities or in Chile by the Chilean Central Bank or other competent government regulator; or (iv) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the reasonable judgment of the Representatives, impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities as contemplated by this Agreement, the Time of Sale Memorandum and the Final Memorandum (exclusive of any amendment or supplement thereto).

10. Representations, Covenants and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Company or any of the officers, directors or controlling persons referred to in Section 7 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 5(p) and 7 hereof shall survive the termination or cancellation of this Agreement.

11. Recognition of the U.S. Special Resolution Regimes.

(a) In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b) In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

12. Notices. All communications hereunder will be in writing and effective only upon receipt, and, if sent to the Representatives, will be mailed, delivered or telefaxed to BofA Securities, Inc., at 114 W 47% Street NY8-114-07-01, New York, New York 10036, Facsimile: 1-
646-855-5958, Attention: High Grade Transaction ManagementLegal, Email: dg.hg ua notices(dbofa.com; Credit Agricole Securities (USA) Inc., at 1301 Avenue of the Americas, 8th Floor, New York, New York 10019, Attention: Debt Capital Markets; J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, New York 10179; Attention: Latin America Debt Capital Markets; Santander US Capital Markets LLC, at 437 Madison Avenue, New York, NY 10022, Attention: Debt Capital Markets; E-mail: DCMAmericas(Osantander.us; Facsimile: 1-
212-407-0930, and, or, if sent to the Company, will be mailed or delivered to the Corporación Nacional del Cobre de Chile, co Macarena Vargas Losada as General Counsel (No.: 56-982-339- 427 email: macarena.vargas(Dcodelco.cl; CodelcolIR(Wcodelco.cl) Huérfanos 1270, Santiago, Región Metropolitana, Chile, Postal Code 8340424, Attention: Legal Department.

37
13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in Section 7 hereof, and, except as expressly set forth in Section 5(¡) hereof, no other person will have any right or obligation hereunder.

14. -Jurisdiction. The Company agrees that any suit, action or proceeding against the Company brought by any Initial Purchaser, the directors, officers, employees, affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any New York state or U.S. federal court located in the Borough of Manhattan, the City of New York, New York, and waives, to the extent legally permitted, any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company has appointed Cogency Global Inc. as its authorized agent (the Authorized Agent) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any state or federal court in the City of New York, New York, by any Initial Purchaser, the directors, officers, employees, affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by any Initial Purchaser, the directors, officers, employees, affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, in any court of competent jurisdiction in Chile. The Company hereby irrevocably waives trial by jury in any legal action or proceeding relating to this Agreement and for any counterclaim relating thereto. The Company acknowledges that each Initial Purchaser is entering into this Agreement in reliance upon such waiver.

15. Applicable Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement will be governed by and construed in accordance with the laws of the State of New Y ork applicable to contracts made and to be performed within the State of New York.

16. Currency. Each reference in this Agreement to U.S. dollars (the relevant currency) is of the essence. To the fullest extent permitted by law, the obligation of the Company in respect of any amount due under this Agreement will, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance with its normal procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that may be so purchased for any reason falls short of the amount originally due, the Company will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the Company not discharged by such payment will, to the fullest extent permitted by applicable law,

30 be due as a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect.

17. Waiver of Immunity. To the extent that the Company may be entitled in any jurisdiction in which judicial proceedings may at any time be commenced hereunder, to claim for itself or its revenues or assets any immunity, including sovereign immunity, from suit, jurisdiction, attachment in aid of execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations hereunder, and to the extent that in any such jurisdiction there may be attributed to the Company such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and irrevocably waives such immunity to the maximum extent permitted by law, except that (1) for the attachment and judicial sale of mining concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating to such mining concessions, except with respect to mortgages, the consent of the Company will be required and shall be given in the same judicial proceeding in which the attachment and sale is sought (as set forth in Article 226 of the Mining Code of Chile); and (11) pursuant to the Chilean Constitution, the mining concessions corresponding to mining deposits exploited by the Company upon its creation in 1976 cannot be subject to attachment nor to any act of disposition by the Company. Each such waiver is binding under Chilean law and remains in full force and effect. Notwithstanding the foregoing, any action based on this Agreement may be instituted by the Initial Purchasers in any competent court in Chile.

18. Payment Free and Clear. All payments to be made by the Company under this Agreement shall be paid free and clear of, and without deduction or withholding for or on account of, any present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature (including any amounts that result from the payment of fees, compensation or relimbursement of costs contemplated in this Agreement or in the Indenture), imposed by Chile, or by any department, agency or other political subdivision or taxing authority thereof, and all interest, penalties or similar liabilities with respect thereto (collectively, Chilean Taxes). If any Chilean Taxes are required by law to be deducted or withheld in connection with such payments, the Company will pay such additional amounts as may be necessary so that the full amount of such payment is received by the Initial Purchasers, except that no additional amounts shall be paid with respect to any such taxes, levies, imposts, duties, fees, assessments or charges (i) imposed by reason of an Initial Purchaser or a current holder of any of the Securities having some connection with the jurisdiction imposing the tax other than solely as a result of its participation as an Initial Purchaser hereunder or (11) imposed by the failure of an Initial Purchaser or a current holder of any of the Securities to comply with any certification, identification or other reporting requirement, if such compliance is required under applicable law as a precondition to relief or exemption from such taxes, levies, imposts, duties, fees, assessments or charges.

19. -Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

39
20. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof.

21. Definitions. The terms which follow, when used in this Agreement, shall have the meanings indicated.

Act shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

Affiliate shall have the meaning specified in Rule 501(b) of Regulation D.

Business Day shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in the City of New York, New York, U.S.A. or Santiago, Chile.

BHC Act Affiliate has the meaning assigned to the term affiliate in, and shall be interpreted in accordance with, 12 U.S.C. $ 1841(k).
Chile shall mean the Republic of Chile.
Commission shall mean the Securities and Exchange Commission.
Covered Entity means any of the following:
(1) a covered entity as that term is defined in, and interpreted in accordance with, 12 C.F.R. 8 252.82(b); (1i) a covered bank as that term is defined in, and interpreted in accordance with, 12 C.F.R. 3 47.3(b); or

(111) a covered FSI as that term is defined in, and interpreted in accordance with, 12 C.F.R. 8 382.2(b).

Default Right has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. 88 252.81, 47.2 or 382.1, as applicable.

Exchange Act shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

Execution Time shall mean 7:05 pm, New York City time, on September 29,
2025.

Investment Company Act shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder.

Regulation D shall mean Regulation D under the Act.
Regulation S shall mean Regulation S under the Act.

Trust Indenture Act shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder.

U.S. Special Resolution Regime means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (11) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

40
22. Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title II of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients.

[Signature Pages Follow]

41 JE te forceoina ss o accordance Who our understanding ofour agrecment, please sien 254 return to us the cnclosud duplicate hcrost, Wwhereapon this Agreement and vour acceptance shall representa binding agreement between the Company amd the several dnatial Purchasers.

Worwe truly yours,

Corporación Nacginal del Cobce de Chile

By E Nume: Oe OT p£Ér pl

5 ú

Sirnalure Page lo Purchase Agree ng] The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

BofA Securities, Inc.

By:

Name: Maxim Volkov Title: Managing Director

For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement The loregoing Agreement is hereby confinmed and acecpted as el the date first above Titicn.

tredtt Agricole Securines (LUsAd Inc.

David C. Travis Tilo: Managing Director

Name $ Er=y Title: db se Dureciar

Por themselves and 1c othcr sevcral Initial Purchasers nanued in Schedule to the forezoine AMETECOIEO! The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
J.P. Morgan Securities LLC

Name: Lane Feler Title: Executive Director

For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

Santander US Capital Markets LLC “A o By 2d Name: Richard Zobkiw Title: Executive Director

For themselves and the other several Initial Purchasers named in Schedule I to the foregoing Agreement SCHEDULE 1

Principal Amount of 6.330% Principal Amount of 6.780%

Initial Purchasers Notes due 2035 Notes due 2055 BofA Securities, ÍNC. ……………….. U.S.$175,000,000 U.S.$175,000,000 Credit Agricole Securities (USA) Inc. U.S.$175,000,000 U.S.$175,000,000
J.P. Morgan Securities LLC………… U.S.$175,000,000 U.S.$175,000,000 Santander US Capital Markets LLC… U.S.$175,000,000 U.S.$175,000,000

Total U.S.$700,000,000 U.S.$700,000,000 SCHEDULE II

Time of Sale Memorandum
1. Preliminary Memorandum, dated September 29, 2025.
2. Pricing Term Sheet, dated September 29, 2025, in the form set forth in Exhibit B-1 hereto.

3. Pricing Term Sheet, dated September 29, 2025, in the form set forth in Exhibit B-2 hereto.
EXHIBIT A

Selling Restrictions for Offers and Sales outside the United States

(1) (a) The Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of,
U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act. Each Initial Purchaser represents and agrees that, except as permitted by Section 4(a)(1) of the Agreement to which this is an exhibit, it has not offered or sold, and will not offer or sell, any Securities constituting part of its allotment to U.S. persons (which term shall not include dealers or other professional fiduciaries in the United States acting on a discretionary basis for foreign beneficial owners (other than an estate or trust)).
Accordingly, each Initial Purchaser represents and agrees that neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities. Terms used in this paragraph have the meanings given to them by Regulation S.

(b) Each Initial Purchaser also represents and agrees that it has not entered and will not enter into any contractual arrangement with any distributor (as that term is defined by Regulation S) with respect to the distribution of the Securities, except with its Affiliates or with the prior written consent of the Company.

(2) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: (a) 1t has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the ESMA) received by it in connection with the issue or sale of any Securities which are the subject of the offering contemplated by the Offering Memorandum in circumstances in which Section 21(1) of the FESMA does not apply to the Company; (b) 1t has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the FSMA) with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom; (c) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the European Economic Area. For the purposes of this provision:

A. the expression retail investor means a person who is one (or more) of the following:

(1) a retail client as defined in point (11) of Article 4(1) of Directive 201465EU (as amended, MiFID II); or

(11) a customer within the meaning of Directive (EU) 201697 (as amended, the Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

B. the expression offer includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes; and

1 (d) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the United Kingdom.
For the purposes of this provision:

A. the expression retail investor means a person who is one (or more) of the following:

(1) (i1) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); or a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FESMA to implement the Insurance Distribution Directive (EU) 201697, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 6002014 as it forms part of domestic law by virtue of the EUWA.
EXHIBIT B-1

Corporación Nacional del Cobre de Chile

U.S.$700,000,000 6.330% Notes due 2035

Issuer:

Security Description:

Type of Offering: Principal Amount: Maturity Date: Coupon:

Issue Price:

Yield to Worst: Spread to Benchmark Treasury:

Benchmark Treasury:

Benchmark Treasury Price and Yield:

Gross Proceeds to Issuer:

Interest Payment Dates:

Pricing Term Sheet

Corporación Nacional del Cobre de Chile

6.330% Notes due 2035 (the Notes) (to be consolidated, constitute an additional issuance of, have terms and conditions identical to, rank equally with, form a single series with, and be fully fungible with the Companys outstanding U.S.$750,000,000 aggregate principal amount of its 6.330% Notes due 2035 issued on January 13, 2025 (the existing 2035 notes), except that any new Notes issued pursuant to Regulation S will trade separately under temporary CUSIP, ISIN and common code numbers until the expiration of a 40-day restricted period under Regulation S).

Rule 144A Regulation S

U.S.$700,000,000

January 13, 2035

6.330%

106.626% plus accrued interest from and including July 13, 2025 (the most recent date on which interest was paid on the existing 2035 notes) to, but excluding, October 2, 2025, totaling U.S.$13.89083 per $1,000 principal amount of 2035 notes, plus additional interest, if any, from October 2, 2025
5.393%

+125 bps

4.250% due August 15, 2035

100-27+; 4.143%

U.S.$746,382,000, excluding accrued interest from July 13, 2025 through (but excluding) October 2, 2025

January 13 and July 13 of each year, commencing on January 13, 2026. Interest accrues from July 13, 2025 Trade Date: Settlement Date:

Optional Redemption:

Tax Redemption:

Additional Amounts:

Day Count Convention: Minimum Denominations: Expected Listing:

Issuer Ratings*:

Issue Ratings*:

Joint Book-Running Managers:

144A CUSIP ISIN:

Regulation S CUSIP ISIN:

Regulation S (Temporary) CUSIP ISIN: (the most recent date on which interest was paid on the existing 2035 notes).

September 29, 2025 October 2, 2025 (T+3)

Make-whole Call: Prior to October 13, 2034 (the date that is three months prior to the maturity date), at T+25 bps

Par Call: On or after October 13, 2034 (the date that is three months prior to the maturity date)

The Notes are redeemable at the option of the Issuer in whole, but not in part, at any time at the principal amount thereof, plus accrued and unpaid interest and any additional amounts due thereon if, as a result of a change in the laws or regulations affecting Chilean taxation that is announced or becomes effective on or after the date of the agreement to purchase the Notes, the Issuer becomes obligated to pay additional amounts on interest payments on the Notes in respect of withholding or deduction of Chilean tax at a rate in excess of 4%.

In the event of withholding on account of certain taxes imposed by Chile, the Issuer will pay additional amounts.

30 360

U.S.$200,000 U.S.$1,000

Luxembourg Euro MTF

Baal, negative BBB+, stable (Moody?s S8zP) Baa2 BBB+ (Moodys SP)

BofA Securities, Inc.

Credit Agricole Securities (USA) Inc.

J.P. Morgan Securities LLC

Santander US Capital Markets LLC

21987B BL1 US21987BBL18

P3143N BV5 USP3143NBV57

P3143N BX1 USP3143NBX14
*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

This communication is intended for the sole use of the person to whom it is provided by the sender.

The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and are being offered only (i) to qualified institutional buyers under Rule 144A of the Securities Act and (1i) outside the United States in compliance with Regulation S under the Securities Act.

Delivery of the Notes is expected on or about October 2, 2025, which will be the third business day following the date of pricing of the Notes (this settlement cycle being referred to as T’+3). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the delivery of the Notes may be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade Notes prior to their date of delivery hereunder should consult their own advisor.

The information in this term sheet supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. This term sheet should be read in conjunction with the Preliminary Offering Memorandum.

The Notes to which this pricing term sheet relates are not intended to be offered, sold, or otherwise made available to, and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (1) a retail client as defined in point (11) of Article 4(1) of Directive 201465EU (as amended, MIiFID II) or (ii) a customer within the meaning of Directive 201697EU (as amended, the IDD), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation No 12862014EU (as amended, the PRIIPs Regulation) for offering or selling any securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling any securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

This pricing term sheet is only being distributed to, and is only directed at, persons who are outside the United Kingdom or persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) or (1i) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a relevant person). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

The Notes to which this pricing term sheet relates are not intended to be offered, sold, or otherwise made available to, and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (1) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the EUWA) or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the ESMA) and any rules or regulations made under the FSMA to implement IDD, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 6002014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by the PRITPs Regulation as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling any securities or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling any securities or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALL Y GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER E-MAIL SYSTEM.
EXHIBIT B-2

Corporación Nacional del Cobre de Chile

U.S.$700,000,000 6.780% Notes due 2055

Issuer:

Security Description:

Type of Offering: Principal Amount:

Maturity Date: Coupon:

Issue Price:

Yield to Worst: Spread to Benchmark Treasury:

Benchmark Treasury:

Benchmark Treasury Price and Yield:

Gross Proceeds to Issuer:

Interest Payment Dates:

Pricing Term Sheet

Corporación Nacional del Cobre de Chile

6.780% Notes due 2055 (the Notes) (to be consolidated, constitute an additional issuance of, have terms and conditions identical to, rank equally with, form a single series with, and be fully fungible with the Companys outstanding U.S.$750,000,000 aggregate principal amount of its 6.780% Notes due 2055 issued on January 13, 2025 (the existing 2055 notes), except that any new Notes issued pursuant to Regulation S will trade separately under temporary CUSIP, ISIN and common code numbers until the expiration of a 40-day restricted period under Regulation S).

Rule 144A Regulation S
U.S.$700,000,000

January 13, 2055
6.780%

107.305% plus accrued interest from and including July 13, 2025 (the most recent date on which interest was paid on the existing 2055 notes) to, but excluding, October 2, 2025, totaling U.S.$14.87833 per $1,000 principal amount of 2055 notes, plus additional interest, if any, from October 2, 2025

6.230%

+152 bps

4.750% due May 15, 2055

100-20; 4.710%

U.S.$751,135,000, excluding accrued interest from July 13, 2025 through (but excluding) October 2, 2025

January 13 and July 13 of each year, commencing on January 13, 2026. Interest accrues from July 13, 2025 Trade Date: Settlement Date:

Optional Redemption:

Tax Redemption:

Additional Amounts:

Day Count Convention: Minimum Denominations: Expected Listing:

Issuer Ratings*:

Issue Ratings*:

Joint Book-Running Managers:

144A CUSIP ISIN:

Regulation S CUSIP ISIN:

Regulation S (Temporary) CUSIP ISIN: (the most recent date on which interest was paid on the existing 2035 notes).

September 29, 2025 October 2, 2025 (T+3)

Make-whole Call: Prior to July 13, 2054 (the date that is six months prior to the maturity date), at T+30 bps

Par Call: On or after July 13, 2054 (the date that is six months prior to the maturity date)

The Notes are redeemable at the option of the Issuer in whole, but not in part, at any time at the principal amount thereof, plus accrued and unpaid interest and any additional amounts due thereon if, as a result of a change in the laws or regulations affecting Chilean taxation that is announced or becomes effective on or after the date of the agreement to purchase the Notes, the Issuer becomes obligated to pay additional amounts on interest payments on the Notes in respect of withholding or deduction of Chilean tax at a rate in excess of 4%.

In the event of withholding on account of certain taxes imposed by Chile, the Issuer will pay additional amounts.

30 360

U.S.$200,000 U.S.$1,000

Luxembourg Euro MTF

Baal, negative BBB+, stable (Moody?s S8zP) Baa2 BBB+ (Moodys SP)

BofA Securities, Inc.

Credit Agricole Securities (USA) Inc.

J.P. Morgan Securities LLC

Santander US Capital Markets LLC

21987B BM9 US21987BBM90

P3143N BW3 USP3143NBW31

P3143N BY9 USP3143NBY96
*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

This communication is intended for the sole use of the person to whom it is provided by the sender.

The Notes have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and are being offered only (i) to qualified institutional buyers under Rule 144A of the Securities Act and (1i) outside the United States in compliance with Regulation S under the Securities Act.

Delivery of the Notes is expected on or about October 2, 2025, which will be the third business day following the date of pricing of the Notes (this settlement cycle being referred to as T’+3). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the delivery of the Notes may be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade Notes prior to their date of delivery hereunder should consult their own advisor.

The information in this term sheet supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. This term sheet should be read in conjunction with the Preliminary Offering Memorandum.

The Notes to which this pricing term sheet relates are not intended to be offered, sold, or otherwise made available to, and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (1) a retail client as defined in point (11) of Article 4(1) of Directive 201465EU (as amended, MiFID II) or (ii) a customer within the meaning of Directive 201697EU (as amended, the IDD), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation No 12862014EU (as amended, the PRIIPs Regulation) for offering or selling any securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling any securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

This pricing term sheet is only being distributed to, and is only directed at, persons who are outside the United Kingdom or persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order) or (1i) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a relevant person). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

The Notes to which this pricing term sheet relates are not intended to be offered, sold, or otherwise made available to, and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (1) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the EUWA) or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the ESMA) and any rules or regulations made under the FSMA to implement IDD, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 6002014 as it forms part of domestic law by virtue of the EUWA. Consequently, no key information document required by the PRITPs Regulation as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling any securities or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling any securities or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS AUTOMATICALL Y GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER E-MAIL SYSTEM.