Exhibit 99.1

NI 43-101 TECHNICAL REPORT, COLLAHUASI COPPER MINE, TARAPACÁ REGION, CHILE

Prepared for

Anglo American Plc

Effective Date: 31 December 2024

Issue Date: 03 November 2025

Prepared by Qualified Persons

Tim Lucks, Corporate Consultant (Project Evaluation), AusIMM(CP)

Martin Pittuck, Corporate Consultant (Resource Geology), CEng, FGS, MIMMM(QMR)

Max Brown, Principal Consultant (Geotechnics), CEng, MIMMM

Francois Taljaard, Principal Consultant (Mining Engineering), Pr.Eng

John Willis, Principal Consultant (Mineral Processing), MAusIMM(CP)

Richard Martindale, Principal Consultant (Geotechnical/ Tailings Engineering), CEng, MIMMM

James Bellin, Principal Consultant (Water), CGeol FGS

Colin Chapman, Principal Consultant (Infrastructure), CEng, MIMMM(QMR)

Project Number: UK32812

SRK Consulting (UK) Limited

NI 43-101 TECHNICAL REPORT, COLLAHUASI COPPER MINE, TARAPACÁ REGION, CHILE

Issuer:

Anglo American Plc

17 Charterhouse Street

London

EC1N 6RA

United Kingdom

Effective Date: 31 December 2024

Issue Date: 03 November 2025

Project Number: UK32812

Technical Report Author:

Qualified Persons

Employees of SRK Consulting (UK) Limited

5th Floor Churchill House

17 Churchill Way

Cardiff, CF10 2HH

Wales, United Kingdom

Other SRK Experts:

Emily Harris, Principal Consultant (Sustainability), CEnv, MISEP

SRK Peer Reviewers:

Iestyn Humphreys, Corporate Consultant (Due Diligence)

Table of Contents

List of Tables

List of Figures

	SRK Consulting (UK) Limited
	5th Floor Churchill House
	17 Churchill Way
	Cardiff CF10 2HH
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NI 43-101 TECHNICAL REPORT, COLLAHUASI COPPER MINE, TARAPACÁ REGION, CHILE

SRK Consulting (UK) Limited (SRK) is an associate company of the international group holding company, SRK Consulting (Global) Limited (the SRK Group). SRK has been requested by Anglo American plc (Anglo American, or the Company or the Client) to prepare a Technical Report on the Mineral Assets comprising the Doña Inés de Collahuasi copper mine (Collahuasi), located in the Tarapacá Region of northern Chile, in accordance with the CIM Definitions Standards (2014).

Compañía Minera Doña Inés de Collahuasi (CMDIC) is owned by subsidiaries of Anglo American plc (44%), subsidiaries of Glencore plc (44%) and a consortium of Japanese companies led by Mitsui & Co Ltd (12%).

CMDIC’s mining operations correspond to a cluster of open pit mines located in the Tarapacá Region Region of Chile, about 225 km by road SE of the city of Iquique at elevations between 4,200 and 4,800 masl. The main pit in operation is the Rosario pit. The original pit where the operations started, Ujina, is not currently in production but is part of the Life of Mine (LoM) plan (LoMP).

The Mineral Resources and Mineral Reserves estimates dated 31 December 2024 were prepared by CMDIC personnel and were reviewed by a multidisciplinary team of qualified persons from SRK. The estimates were reviewed in detail including parameters, assumptions, supporting factual data, procedures and electronic files. SRK carried out a site visit to the operation in October 2025 and has reviewed reconciliation results between production data and the estimates.

This report and the Mineral Resources and Mineral Reserves estimates have been prepared in compliance with the disclosure and reporting requirements set forth in the current Canadian Securities Administrator’s National Instrument 43-101, Companion Policy 43-101CP, and Form 43-101F1.

The Effective Date of the Mineral Resources and Mineral Reserves reported herein is 31 December 2024 (Effective Date). This Technical Report discloses the results of the Mineral Resource and Mineral Reserve updates carried out by CMDIC as part of their annual planning cycle, audited by SRK.

Registered Address: 21 Gold Tops, City and County of Newport, NP20 4PG, Wales, United Kingdom. SRK Consulting (UK) Limited Reg No 01575403 (England and Wales)

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Collahuasi is located in the Tarapacá Region of Chile, in the Andean cordillera, approximately 5 to 10 km from the border with Bolivia, 185 km SE of Iquique at elevations between 4,200 and 4,800 masl. The mine, associated infrastructure, and port facilities are all accessed via tarmacked highway.

The Collahuasi mining property consists of 841 groups of current exploitation concessions, covering 230,152 hectares, and 98 exploration concessions covering 43,500 hectares. In addition, there are 38 SCM Michincha exploitation concessions (50% Collahuasi and 50% Quebrada Blanca) covering 22,820 hectares. The exploitation and exploration concessions are located in the municipalities of Iquique, Pica, Pozo Almonte, and Calama.

The reported Mineral Resources and Mineral Reserves are located within CMDIC mining concessions. The mining concessions have no expiry and remain valid through annual payments. Surface rights for the operating infrastructure are predominantly held through land ownership and easements for linear infrastructure. CMDIC owns water rights to use underground water in the Coposa Salar basin and Minchincha Salar basin.

Collahuasi is subject to a mining royalty which consists of: 1) a 1% ad valorem component on copper revenue; and 2) a profit based component ranging from 8% to 26% on adjusted operating profits (this is capped so the overall effective tax rate for royalties, corporate tax and dividend withholding tax does not exceed 46.5%). A corporate tax rate of 27% on taxable profits is applicable to CMDIC.

The operation has environmental approvals in place and is monitoring compliance with associated commitments. The main environmental approval for the current phase of operation is Resolucion Extenta (Res. Ex.) No. 20219900112 (2021 RCA) that was obtained in December 2021 for a period of 20 years. Activities permitted through this approval include continuation of operations and extension of the Rosario pit and waste rock dumps, increased production capacity from 170 ktpd to 210 ktpd, expansion of the Pampa Pabellón tailing storage facility (TSF) to a total capacity of 2,329 Mt and installation of a desalination plant and water pipeline from the coast. This approval expires in 2041.

Mining from the Ujina pit was not included in the 2021 approval and is permitted through Res. Ex. No. 027/2018 which expires in 2027. An application to mine waste from Ujina for construction of the tailings facility walls is in progress through an Environmental Impact Declaration (DIA) which is due to be submitted in Q1 2026 with approval anticipated in Q1 2027.

CMDIC is preparing an Environmental Impact Assessment (EIA) to permit operations beyond 2041 (including mining at Rosario and Ujina) for submission in 2027. Approval for an extended operational period is anticipated to be in place by 2030.

The latest Mine Closure Plan was submitted in 2021 and the valuation of the plan was approved in March 2023 (Res. Ex. No. 0324). This closure plan is an update of the previous plan, approved in 2015 and includes all existing activities across the mine, pipeline and port as well as the new activities approved in the 2021 RCA. The closure cost was estimated at UF17,272,965 (as of 23 August 2021) which equated to USD656,136,544. The quantum of financial guarantee was calculated in line with legal requirements and CMDIC provides annual contributions via a combination of permitted instruments which are selected at the time that each provision is made.

The Collahuasi region was initially explored in 1880, with various periods of activity leading up to the discovery of a series of Cu deposits through various geophysical and reconnaissance activities in the early 1990s. Feasibility and environmental impact studies for the Collahuasi project were approved in 1995, with the operations commencing in 1998. Operations have ramped up through a series of phases of expansion from the initial production rate of 60 ktpd, to the current processing capacity of 170 ktpd (mill feed).

Table 1-1 presents a summary of the annual production and cost statistics for the period 2019-2024 and 2025 to date (9 months to end-September 2025). Contained copper in sold copper concentrate has varied between 549 kt and 631 kt per annum up to 2024 and overall copper recovery to concentrate has varied between 81.1% and 90.6% over this period with lower recoveries seen in 2023 and 2024. Contained copper in sold copper concentrate to end-September 2025 was 303 kt. Recovery to end-September 2025 has been lower, at 73.5%. It is noted that during 2024 and 2025 to date, notably less ore has been mined than fed to the processing plant with the operations drawing from lower grade stockpiles to supplement the plant feed.

Total direct operating costs (mining, including deferred stripping costs, processing and indirects) have varied between USD1,087m and USD1,522m per annum or between USD19.5/t and USD26.5/t milled in total over the period 2019 to 2024 with higher unit costs seen between 2022 and 2024 (USD777m-USD1,404m excluding deferred stripping, or between USD13.9/t and USD24.5/t milled in total). During 2025, actual costs to end-September 2025 including deferred stripping were USD1,194m or USD27.0/t processed (USD993m or USD22.5/t processed excluding deferred stripping). Capital costs (project, sustaining and deferred stripping) have varied between USD720m and USD1,990m per annum between 2019 and 2024 with significant project capital expenditure being incurred in 2023 and 2024. Capital costs to end-September 2025 were USD1,213m. Sustaining capital expenditure (excluding deferred stripping costs) has varied between USD300-500m per annum over the period 2019 to 2024.

C1 Cash Costs are presented in Table 1-1 in USD terms and unit costs per pound payable copper production with direct mining costs adjusted to exclude capitalised deferred stripping costs. Realisation costs include TC/RC, impurity penalties (As in concentrate), metallurgical deductions and freight. By-product credits include revenue from sale of molybdenum concentrate (credits for gold and silver payable in concentrate are excluded). C1 All in Sustaining Costs are also included in Table 1-1 include stock movements, other costs (including closure costs), deferred stripping and sustaining capital costs and are presented before and after the impact of royalties.

Between 2019 and 2024 actual C1 Cash Costs (after by-product credits) have varied between USD0.70 and USD1.45/lb payable copper but have increased to USD1.83/lb during 2025 (9 months to September) due to lower copper production. C1 All in Sustaining Costs have varied between USD1.21/lb and USD1.86/lb between 2019 and 2024 before royalties (USD1.31/lb to USD2.18/lb including royalties) but have increased to USD2.71/lb during 2025 to date (USD2.89/lb including royalties).

Table 1-1:          Historical production and costs 2019-2024, 2025 (actuals to September)

Collahuasi forms part of the cluster that includes several porphyry Cu-Mo and Cu vein deposits within a Permo-Triassic uplifted block, which is part of the NS Tertiary porphyry belt, controlled by the north-south trending West Fissure fault system.

The host rocks in the area are continental to shallow marine volcanic and sedimentary rocks of the Permo-Triassic Collahuasi Formation. The mineralisation at Collahuasi is related to various Permian to Oligocene porphyry intrusives, including the Ines porphyry, the Collahuasi porphyry, the Rosario porphyry and the Inca porphyry.

Porphyry copper deposits at Rosario and Ujina and a high sulphidation epithermal deposit at Rosario West consist of primary sulphide mineralisation beneath secondary enriched sulphides and overlying oxides near surface. Whilst some oxide heap leaching occurred historically (ceased production in 2017), with relatively minor amounts of oxide mineralisation remaining, the operations have principally focused on copper sulphide mineralization which is mainly represented by chalcocite, chalcopyrite and bornite and molybdenum mineralisation primarily represented as molybdenite.

Historical exploration consisted of a combination of remote sensing and geophysical activities which progressed to reconnaissance drilling. Since the start of the operations at Collahuasi, CMDIC has carried out infill drilling campaigns aimed at updating resource classification as well as exploration drilling to expand its resource base.

The drilling database that supports the Mineral Resource estimate reported herein is based on a substantial amount of drilling data, inclusive of:

Reverse Circulation (RC) and Diamond Drill Hole (DDH) have been drilled for infill and exploration purposes. Grade control drilling is also included to inform the geological interpretation. The drilling tasks are performed by external contractors, following CMDIC internal procedures.

Drill core in secure boxes and RC sample splits are currently delivered to the CMDIC dedicated logging facility in Pozo Almonte, some 150 km NW of the mine and some 40 km east of Iquique; this facility came into use in 2018. Prior to this, when the majority of drilling was conducted on the Rosario, Rosario West and Ujina deposits, logging and sample dispatch were conducted on the mine site under contract by SGS SA (SGS) and Geoanalitica SA (Geoanalitica).

The logging of data from drill core includes geological, geotechnical and physical attributes, RC samples are also logged for geology. Currently, these data are captured digitally in the core shed using predefined standards and protocols. Drill core is halved before being sampled. RC and DDH samples are both sampled predominately at 2 m intervals, with the DDH samples additionally separated at lithology, mineralisation and/or alteration contacts. Density samples are also taken routinely. A similar sampling and logging strategy has been in place for at least 10 years, digital data capture and use of the acQuireTM (acQuire) database software was initiated in 2007 prior to which conventional paper logging was routine.

Samples dispatched from the Pozo Almonte facility are securely bagged with sample identity bar code markers; since 2017 these have been sent to the Bureau Veritas (BV) Cesmec laboratory in Alto Hospicio, where they are dried, crushed, sieved, and subdivided to prepare pulps for analysis following standard industry practices. Assaying for the main metals of interest is also conducted at BV using assay method AAS0025, comprising a 3-acid digest followed by atomic absorption spectrometry. Assay certificates are issued digitally and these are imported directly into the AcQuire database.

Prior to 2017, samples were sent to other well established laboratories in Chile such as SGS, Geoanalitica and CIMM Tecnologías y Servicios S.A (CIMM).

For all drilling programs developed by CMDIC, the process of sample preparation, assaying, analytical, and quality control procedures have always followed established internal protocols based on industry standard practices at the time they were conducted.

A QAQC programme has been in place for all the drilling, although the documentation and reporting of results is variable; and reportedly not available for work conducted before 2006 (some 20% of Rosario data and some 80% of Ujina data). The approach has included the insertion of:

SRK considers that sample preparation and assay laboratory performance has been monitored thoroughly using an industry standard approach and that results indicate generally reliable laboratory performance giving good confidence in the data collected since 2007. This gives good QAQC coverage for Rosario but not for Ujina; therefore other verification methods have been used to augment Mineral Resource estimation confidence, inclusive of a limited amount of twin drilling at Ujina and production reconciliation between 2020-2024.

Since 2007, all data are entered in an acQuire database designed to store the geological, collar topography, survey and chemical assay information of the drill-holes, where the data are captured and validated within the software.

CMDIC operate a governance process where the data supporting the estimates themselves have been audited many times as the data, geological models and grade estimates have evolved over 30 years; the most recent being 2022 for Rosario and Rosario West and 2012 for Ujina.

CMDIC has developed a geometallurgical (geomet) model which is integrated into the mine and processing planning activities. The geomet model incorporates testwork data collected from geomet drilling focused on the next 5 years of operation and plant data incorporated and used to calibrate the model through machine learning approaches.

The geomet model subdivides the deposit into a series of domains which reflect lithology, alteration, primary and secondary mineralisation, and classification according to certain mineral processing parameters derived from the testwork. One of the key aspects of the geomet model is the incorporation of the clay model which attempts to differentiate the clay species in the different sectors of the deposit (particularly for Rosario West) which has an impact on process performance and operating parameters.

The overall processing recovery forecast over the LoM is projected to be 84.7% in the aggregate (86.3% Rosario; 80.8% Rosario West; 82.6% Ujina) and 84.2% over the next five years (2025-2029). Where material has been sourced from the low grade stockpiles, an adjustment has been applied to reflect partial oxidation of the material at surface.

Mineral Resources

Geological models have been developed on a combined basis for Rosario and Rosario West, and separately for Ujina.

The distribution of Cu and Mo mineralization at the Rosario, Rosario West, and Ujina deposits is controlled by a combination of lithological, structural, geochemical and hydrothermal processes. In order to suitably characterize the Cu and Mo distribution, the following models have been prepared:

Cu and Mo estimation domains for Rosario, Rosario West, and Ujina deposits have been developed using a combination of the above models to establish geologically and statistically reasonable volumes within which to estimate block grades.

The block grade estimates include total copper, soluble copper, molybdenum, and arsenic. Grade estimation was carried out using Ordinary Kriging (OK) for the majority of estimation domains. Multiple estimation passes were defined reflecting the ranges established as part of the correlogram modelling. Mineral Resources at the Rosario, Rosario West, and Ujina deposits are classified in the Measured, Indicated, and Inferred categories based on considerations of data density and relative geological complexity.

The grade estimation was validated using standard industry techniques, prior to the models being re-blocked to a regular block size for the purpose of mine planning and Mineral Resource reporting.

Stockpile inventories reflect the closing balances at 31 December 2024 of the sulphide stockpiles. Validation drilling and sampling conducted on a portion of the low-grade stockpiles (“SBL”) has confirmed that the grades assumed for the reported stockpile balances is reasonable.

Table 1-2 summarizes the Mineral Resource figures, reported on an exclusive basis, for the in situ deposits (Rosario, Rosario West, Ujina) and the stockpiles, respectively.

Important information regarding the Mineral Resources disclosed in Table 1-2:

Mineral Reserves

CMDIC operates a series of high-altitude open-pit mines in northern Chile, with current production sourced primarily from the Rosario Pit, with future contributions derived from the neighbouring Ujina pit as part of the LoMP. Sulphide ore is processed, through a 170 ktpd flotation plant, with the scheduled expansion to 210 ktpd due to be fully ramped up by 2028. Concentrate is transported via a 203 km pipeline to the Port of Patache. Oxide and mixed ore are excluded from current production, and cathode production ceased in 2017.

Block models were estimated using OK, with the block size aligned to 15 m benches. Historical reconciliation confirms that kriging-derived smoothing reflects expected dilution and recovery, so no additional dilution factors were applied in Mineral Reserve conversion.

Mineral Reserves are reported within engineered pit designs supported by detailed schedules and financial analysis. The final pit design, incorporating haul road geometry and geotechnical parameters such as inter-ramp and overall slope angles, batter angles and berm widths, all varied by azimuth and depth based on geotechnical domains.

Pit optimisation was completed in Whittle Four-X (Whittle) using the Lerchs-Grossmann algorithm, with appropriate cost, price, recovery, and slope parameters. Inferred Mineral Resources were excluded from optimisation and scheduling.

The final pit design defines the Mineral Reserve, and subsequently, the LoM production schedule/cashflows. Hence, pit optimisation is the first step in developing any LoMP. In addition to defining the ultimate size of the open pit, the pit optimisation process also indicates possible mining pushbacks. These intermediate mining stages allow the pit to be developed practically and incrementally while at the same time targeting high-grade ore and deferring waste stripping.

LoM cut-off grade and cutback sequencing were optimised in COMET using Lane’s methodology with an NPV objective function. Operational constraints included equipment utilisation, development rates, pit geometry and processing capacities. Mining costs were based on recent actuals and aligned with CMDIC five-year budget.

Table 1-3 summarizes the CMDIC Mineral Reserve estimates for the insitu deposits at Rosario, Rosario West and Ujina, respectively and associated stockpiles as at December 31, 2024:

Important information regarding the Mineral Reserves disclosed in Table 1-3:

As of 31 December 2024 CMDIC has the legal right to mine and extract minerals from the Rosario deposit to 2041 and Ujina to 2027 (mining assumed to recommence 2043). The portion of Mineral Reserves constrained by this period represents approximately 30% of the current total. CMDIC’s right to extract minerals from the Rosario and Ujina pits beyond 2041 requires the completion of the necessary technical studies and associated impact assessments, to inform an updated EIA, to be submitted in 2027. The scope of the updated EIA is presently focused on a potential expansion to achieve a production rate of 370 ktpd, with approval anticipated in 2030. Should the expansion case to 370 ktpd be deferred, a revised application for an environment permit will be required to support the right to extract Mineral Reserves beyond 2041.

Other than that stated above, to the QP’s knowledge as informed by Anglo American, there are no known environmental, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that are expected to materially impact the Mineral Reserve estimates stated above.

SRK has reported the Mineral Reserves above a cut-off grade of 0.3%CuT, which is consistent with the strategy for scheduling ore in the current LoM plan and operating practice, above which all material is either fed to the plant or the low-grade stockpile. In converting Mineral Resource to Mineral Reserves SRK does not consider it appropriate to apply any modification to classification, which would result in translating Measured Mineral Resources into Probable Mineral Reserves. SRK understands that historically when translating Measured Mineral Resources to Mineral Reserves CMDIC has converted a portion of low-grade material destined for the low-grade stockpile to Probable which reflected historical selective mining practices defined by cut-off grade bins. More recently, the scheduling approach has been amended to incorporate detailed geometallurgical modelling and dynamic cut-off grade scheduling thereby obviating the need for selective reporting. Furthermore, SRK notes that the mine schedule applies further metallurgical recovery discounts to all material which is recovered from the stockpiles thereby accounting for the impact of further oxidation over time.

The mining method applied for the whole LoM is conventional truck and shovel open pit mining from the Rosario and Ujina pits. The disclosed Mineral Reserves above 0.30% CuT are sufficient to sustain the operations through to 2084.

Total material movement is 815 ktpd (ore plus waste), which aligns with the permitted limit of 300 Mtpa. Material is mined using 11 electric rope shovels (Bucyrus and P&H, 11 × 73 yd³ capacity) and hauled by a fleet of 105 Komatsu 930-class haul trucks (>300 t class). A well-maintained network of haul and access roads links the pits to key operational areas, including run of mine (RoM) pads, stockpiles, waste dumps, tailings, the camp and processing facilities.

Material with CuT grades between the breakeven cut-off grade and the variable operating cut-off grade is classified as low-grade and stockpiled for future processing and to maintain mill throughput as required.

The mine site process infrastructure consists of primary crushing located adjacent to the Rosario pit; crushed ore is then transported by conveyor to the Ujina plant for milling (three SAG mills and five ball mills) and flotation (rougher, two stage cleaner, cleaner scavenger), to produce a copper concentrate, also containing molybdenum. The current production capacity of 170 ktpd was achieved consistently from 2024 with the installation of the fifth ball mill (processing crushed SAG mill pebbles) and additional rougher flotation cells.

The concentrate is transported via two pipelines to the port at Punta Patache, where up to 4200 tpd passes through the molybdenum concentrate plant. The concentrates are filtered and stockpiled, and either loaded to ocean going vessels for international sales or into trucks for sales in-country.

The process infrastructure is currently the subject of a debottlenecking programme which seeks to increase the production rate to 185 ktpd (2026-2027) termed the PG3A Project, and 210 ktpd termed the Ujina Growth Project (2028 onwards).

As part of the debottlenecking program, the capacity of the pipeline and ship loading facilities (with the exception of concentrate stockpile capacities, which are being upgraded as part of the 210 ktpd Ujina Growth project) are understood to have been independently assessed and found to be of sufficient capacity.

Collahuasi is an operating mine in production since 1999. As such, all the required infrastructure is in place and operational, and able to facilitate mine and concentrate production at the current 170 ktpd milling capacity.

The onsite infrastructure (excluding the processing facility) includes:

In addition to the processing infrastructure at the port at Punta Patache described above, the facilities also include office and administration and further camp facilities to support the construction programme for the desalination plant and pipeline project (also referred to as the “C20+ project”)

The mine is connected to the national grid via two double circuit 220 kV transmission lines understood to have a maximum carrying capacity of approximately 521 MW. This configuration allows CMDIC to maintain continuity of power supply in the event of foreseen maintenance or unplanned failure on either line. The two existing transmission lines have sufficient capacity for the 210 ktpd, pending the proposed modification works included in the Ujina Growth project. Additional transmission lines would likely be required to support any future fleet electrification or trolley assist initiatives to avoid any reductions in the redundancy current present in the system. CMDIC is understood to have procured power purchase agreements covering 100% of the required supply.

The mine site water supply is currently sourced from a combination of:

The Pampa Pabellón TSF is a large-scale, engineered impoundment currently permitted for storage of up to 2,329 Mt of tailings, with estimated remaining capacity of 1,240 Mt at the end of 2024 (sufficient to support deposition to 2041). The facility is formed by a main embankment, incrementally raised via a downstream method and constructed primarily of Ujina waste rock, with auxiliary saddle dams, filter zones, and locally lined sections of the saddle dams in the areas of designed water ponding/supernatant water management to control seepage.

Future development strategy is focused on supporting mine expansion, targeting an increase to the existing TSF storage total capacity to 5,700 Mt, through a modified downstream raising methodology, which results in an expanded footprint when compared to the current permitted TSF. Scoping/PFS-level expansion design assessments have confirmed that available waste rock and borrow material volumes are adequate for embankment growth, and that the selected site and design (Pampa Pabellón with an optimised tailings distribution system and environmental footprint minimized by saddle dams and modified downstream raises) provides the most favourable technical, economic, and social outcome. The current permitting supports the storage requirements to 2041, beyond this the TSF will require expansion, with associated engineering studies, validation analyses and updated permits secured to continue to support the Mineral Reserves case.

The initial environmental approval for the operation was issued in 1995. Further Environmental Impact Declarations (DIA) and Environmental Impact Assessments (EIA) were submitted to secure approval of expansions and associated increases in processing capacities, namely: 110 ktpd in 2001, 133 ktpd in 2003, 170 ktpd in 2010, and 210 ktpd in 2021. The current environmental approval (RCA) for the operation was issued in 2021 and expires in 2041.

CMDIC obtains and manages the necessary sectoral environmental permits for the operation. The sectoral permits required following the Resolución Extenta No. 20219900112 (2021 RCA) are in progress and are due to be in place by end of 2027. Compliance with environmental commitments resulting from primary and sectoral environmental authorisations are actively managed and monitored. A Compliance Programme, approved by the Environmental Superintendent Authority (SMA) in 2022 following issues raised by local communities, is due to be completed by end of 2025.

Through the permitting process, CMDIC has conducted extensive environmental and social studies on impacts from the operation. The most recent EIA was submitted in 2019. A key area of impact from the current activities relates to water extraction from well fields in the Coposa and Minchincha basins, and dewatering of the Rosario open pit. Reduction in groundwater and surface water levels, particularly from pit dewatering activities, have the potential to impact sensitive features (springs), biodiversity of conservation importance, grazing areas and related cultural practices of local communities and indigenous groups. Through the 2021 RCA, CMDIC has committed mitigation measures that include restoring flows in the streams surrounding the Rosario pit during operation and closure. This adds to similar commitments made in previous approvals to restore flows in Jachucoposa spring, Michincha spring, and Huinquintipa stream. The operation also implements Early Warning Plans for abstraction wellfields to reduce or cease pumping from boreholes in the event alert thresholds are triggered.

CMDIC undertakes regular engagement with the range of stakeholders interested in or affected by its activities. Collaboration or framework agreements are in place to formalise these relationships. The communications and complaints mechanism ensures that complaints are received, investigated and actioned appropriately.

Social investment programmes are implemented within the Tarapacá region focussing on economic development, social development, environmental initiatives and educational programmes. The CMDIC Sustainability Report 2024 provides more detail on these investments and their outcomes.

CMDIC has defined a three-stage long term strategy for the development of the Collahuasi operation reflecting: 1) stabilisation; 2) optimisation; and 3) growth. The operation is currently perceived to be in the optimisation phase, where the operation has achieved the 170 ktpd target and the projects required to achieve and sustain the operation at 210 ktpd have been approved. The next phase of development is termed the “ACP Growth” phase where CMDIC has aspirations of maximising the value of its substantial resource base through the development of the operations to achieve a production rate of 370 ktpd. The ACP Growth phase is currently under review by CMDIC and does not form part of the production schedule presented in this Technical Report.

In order to increase water supply capacity required to support planned future expansion as well as to reduce reliance on water extraction from continental water sources adjacent to the mine, CMDIC is executing the C20+ desalination project, which pumps desalinated water from the Punta Patache Port, via a pipeline (constructed) to the reservoir pools at the Ujina plant for use in the processing operations. The filtration and desalination plant are currently under construction and are scheduled to start providing desalinated water (via reverse osmosis) from mid-2026. The initial design will have a maximum capacity of 1,050 L/s to provide approximately 70% of the projected mine water demand for the 210 ktpd case, reducing the contribution from continental water from 56% to 21%. In addition, CMDIC has the option to expand capacity to 2,200 L/s by installing and commissioning additional reverse osmosis modules and pumping stations. This would support expansion beyond 210 ktpd or if further reductions in continental water usage are required.

CMDIC is in the process of executing a construction project to expand milling capacity known as the “Ujina Growth Project - PG210”. The Ujina Growth Project seeks to increase the average treatment capacity of the Ujina Concentrator Plant to 210 ktpd and is being delivered in phases under two main incremental project packages (PG):

In addition, all the infrastructure, services, and auxiliary equipment necessary for the implementation of the projects are included as part of the scope of works.

The project controls monthly reports indicate both projects are currently trending on budget and schedule with PG3A at circa 50% progress and PG210 at 10% progress.

The “ACP Growth” phase to increase the production rate to 370 ktpd consists of a separate process plant to account for the additional capacity. This ACP Growth Phase is not included in the current LoMP.

Table 1-4 presents the forecast physical production, operating costs and capital costs over the full reserve case LoM and the 5-year totals for 2025-2029. Over the LoM, some 4,107 Mt of ore will be processed at an average of 0.79% copper, recovering a total of 27,499 kt of copper to copper concentrate with an average LoM plant recovery of 84.7%. Some 710 kt of molybdenum concentrate is also forecast to be produced containing 226 kt of molybdenum with an overall recovery of 26.4%. LoM total direct operating costs (mining, excluding deferred striping costs, processing and indirects) total USD92,923m or some USD22.6/t processed. Project capital costs are forecast to be USD1,874m (incurred 2025-2029) with LoM stay in business capital forecast to be USD22,877m and capitalized deferred stripping costs of USD6,331m over the LoM.

The Rosario porphyry copper mineralisation remains open at depth, dipping towards the south-west. The limited drilling that intersects the current pit applied for reporting Mineral Resources indicates intersections in excess of 1% copper over sufficient widths to warrant further investigation into whether these could potentially form an underground target.

CMDIC is not actively exploring outside of the current operating pits.

The Collahuasi asset has the potential to form a long-life operation, which is following a structured plan to deliver increasing value. Through the developments planned in 2025 and 2026, the operation should achieve its objectives of the “optimisation phase” that will realise production rates in the order of 210 ktpd, coupled with steps to deliver more sustainable practices, including the reduction of its reliance on groundwater sources. Thereafter, the opportunity for achieving the goals of the ACP Growth phase and further increased production still needs to be tested.

Operational challenges in recent years, dating back to the COVID-19 pandemic period, have led to certain constraints with the mine and plant, which CMDIC is actively trying to mitigate. These challenges will likely lead to similar production figures being achieved in 2025 and 2026, which if not addressed may impact the short-term plan further.

SRK has reviewed the underlying data and technical studies completed to support the derivation of Mineral Resources and Mineral Reserves and in doing so is satisfied that the work completed is sufficient to support the technical viability of the operation for the base case, Mineral Reserves only, LoM plan.

SRK notes that certain elements of the operation have focused on the period up to 2041, which is aligned with the current period of the EIA. It is SRK’s recommendation that to support future life of asset planning that the level of design detail for the period beyond 2041 be brought in line with the medium-term planning that currently supports the period 2030-2041.

SRK recommends that CMDIC reinstates a full mine to mill reconciliation process to monitor the performance of the long-term models and operating processes. In parallel to this process, CMDIC should validate the outputs of the geomet recovery models to the core input data.

In presenting the Mineral Resources and Mineral Reserves for the Collahuasi operation SRK notes the following risks and opportunities:

Risks

Opportunities

SRK Consulting (UK) Limited (SRK) is an associate company of the international group holding company, SRK Consulting (Global) Limited (the SRK Group). SRK has been requested by be Anglo American plc (Anglo American, or the Company or the Client) to prepare a Technical Report on the Mineral Assets of the Company comprising the Doña Inés de Collahuasi copper mine (Collahuasi), located in the Tarapacá Region of northern Chile, in accordance with the CIM Definitions Standards (2014).

Compañía Minera Doña Inés de Collahuasi (CMDIC) is owned by subsidiaries of Anglo American plc (44%), subsidiaries of Glencore plc (44%) and a consortium of Japanese companies led by Mitsui & Co. Ltd. (12%).

The Collahuasi mining operations correspond to a cluster of open pit mines located in the Region I of Chile, about 225 km by road SE of the city of Iquique, at elevations between 4,200 and 4,800 masl. The main mine in operation is the Rosario pit. The original pit where the operations started, Ujina, is not currently in production but is part of the Life of Mine (LoM) plan (LoMP).

The Effective Date of the Mineral Resources and Mineral Reserves reported herein is 31 December 2024 (Effective Date). The Mineral Resources and Mineral Reserves estimates dated 31 December 2024 were prepared by CMDIC personnel and were reviewed by a multidisciplinary team of qualified persons from SRK. The estimates were reviewed in detail including parameters, assumptions, supporting factual data, procedures and electronic files. SRK has carried out a site visit to the operation and has reviewed reconciliation results between production data and the estimates.

The signature date of this report is 4 November 2025.

This report and the Mineral Resources and Mineral Reserves estimates have been prepared in compliance with the disclosure and reporting requirements set forth in the current Canadian Securities Administrator’s National Instrument 43-101, Companion Policy 43-101CP, and Form 43-101F1.

In preparing this report, SRK has relied on information shared by CMDIC and Anglo American, various reports, maps, and technical papers listed in the References section at the conclusion of this report and on experience gained from similar deposits.

All measurement units used in this Report are metric unless stated otherwise, and currency is expressed in US dollars (USD), with the exception of commodity prices which are presented in USD or US cents per pound (lb) and equipment sizing which is presented in square yards,.

SRK has been informed that Teck Resources Limited (Teck) and Anglo American (jointly hereinafter the Merger Parties), have subject to satisfying various regulatory requirements and other conditions (reported in both of the respective Merger Parties press release dated September 9, 2025) agreed to a combination (the Merger) of the Merger Parties to form the Anglo Teck Group (Anglo Teck). The Merger Parties have entered into an arrangement agreement (the Arrangement Agreement) to effect the Merger by way of a plan of arrangement under the Canada Business Corporations Act and Anglo Teck plc will be listed on the Toronto Stock Exchange (TSX), London Stock Exchange (the LSE), New York Stock Exchange (NYSE) and Johannesburg Stock Exchange (JSE), subject to the necessary approvals.

SRK has been informed by Anglo American that the Merger, inter alia, is subject to attaining approval by vote of the shareholders of Teck, at a special meeting of shareholders (the Meeting). The plan of arrangement will also require customary court approval in Canada. In support of this process, meeting materials will be filed under Teck’s profile on SEDAR+ at www.sedarplus.ca comprising a management proxy circular (the Circular) and other materials to be mailed by Teck to Teck shareholders in connection with the Meeting to approve the transaction (the Meeting Materials).

SRK understands that extracts and/or summaries of the Collahuasi 2025 Technical Report will be included by reference in the Circular and the full and complete Collahuasi 2025 Technical Report will be filed under Teck’s profile on SEDAR+.

Anglo American commissioned SRK to conduct an independent audit of the Mineral Resources and Mineral Reserves and prepare the Collahuasi 2025 Technical Report (the Technical Report), and to review the technical detail presented in the Circular to confirm it aligns with the content of the Technical Report.

The Qualified Persons (QPs) responsible for the “NI 43-101 Technical Report on the Mineral Assets of the Company comprising the Doña Inés de Collahuasi copper mine”, issued on 4 November 2025, and their respective areas of responsibility are presented in Table 2-1.

Site visits to Collahuasi operations were undertaken between 7-8 October 2025 by the following representatives of SRK:

This Technical Report contains “forward-looking information” or “forward-looking statements” that involve several risks and uncertainties. Forward-looking information and forward-looking statements include, but are not limited to, statements with respect to the future prices of metals, the estimation of Mineral Resources and Mineral Reserves, the realisation of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new mineral deposits, success of exploration activities, permitting time lines, LoM, rates of production, annual revenues, currency fluctuations, requirements for additional capital, and government regulation of mining operations.

Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements are based on the opinions, estimates and assumptions of contributors to this report. Certain key assumptions are discussed in more detail herein.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements.

Such factors include, among others: fluctuations in metal prices, risks arising from an inflationary environment and the impact on operating costs and other financial metrics, including risks of recession; the commencement, continuation or escalation of geopolitical crises, changes in tax, tariff and royalty regimes, operations, or financial condition; operational risks inherent in the mining industry; the speculative nature of mineral exploration, development and production, including changes in mineral production performance, exploitation and exploration results; dependence on continually developing, replacing and expanding its Mineral Reserves; risks that quantities or grades of Mineral Reserves will be diminished, and that Mineral Resources may not be converted to Mineral Reserves; competition in the mining industry; risks related to the financial results of operations, changes in interest rates, and the ability to finance operations; risks related to managing environmental and social matters, including risks and obligations related to closure of the asset; fluctuations in foreign exchange rates; possible inaccurate estimates relating to future production, operating costs and other costs for operations; as well as those risk factors discussed or referred to in this report.

The QPs have relied on CMDIC for the information relating to the relevant permits and surface rights disclosure, where it is not available in the public domain.

The QP taking responsibility for ITEM 4, ITEM 5 and ITEM 20 has relied upon Ms Harris (MSc, CEnv, MIEMA) to prepare the parts of ITEM 4, ITEM 5 and ITEM 20, that relate to legal and environmental matters. Ms Harris is a Chartered Environmental professional with 18 years experience in the mining industry.

The QP relied on CMDIC for all matters relating to taxation and how it is applied in the economic analysis used to support the declaration of Mineral Reserves. Changes or inaccuracies in taxation may impact the profitability of the operation, however it is not considered material to the declaration of Mineral Reserves.

CMDIC is owned by subsidiaries of Anglo American (44%), subsidiaries of Glencore plc (44%) and a consortium of Japanese companies led by Mitsui & Co. Ltd. (12%).

CMDIC’s mining and processing operations consist of a cluster of high-altitude open pit mines, processing and tailings facilities located at 4,400 masl. The office and camp sites are located a short distance from the mine at 3,800 masl. The main mine in operation is the Rosario pit. The original pit where the operations started, Ujina, is not currently in production but is part of the Life of Mine (LoM) plan (LoMP).

The mine site processing infrastructure consists of a primary crushing facility located adjacent to the Rosario pit. Crushed ore is then transported by conveyor to the Ujina plant for milling and flotation, to produce a copper concentrate, which also contains molybdenum. The current production capacity of 170 ktpd was achieved in 2018 with the installation of the fifth ball mill (processing crushed SAG mill pebbles) and additional rougher flotation cells.

The concentrate is transported via two pipelines to the port at Punta Patache, and processed through the molybdenum concentrate plant. The concentrates are filtered and stockpiled, and either loaded to ocean going vessels for international sales or into trucks for sales in-country.

Collahuasi is located in the Tarapacá Region of Chile (Figure 4-1), in the Andean cordillera, approximately 5 to 10 km from the border with Bolivia, 185 km SE of Iquique.

The port facilities, including the molybdenum recovery plant, copper concentrate filter plant, concentrate storage facilities and marine terminal, are located at Punta Patache approximately 80 km south of Iquique and are nominally at sea level.

Figure 4-1: CMDIC location map (SRK, 2025)

The main legal instruments governing mineral resources in Chile are:

The Constitution grants the State absolute and exclusive ownership of minerals. The Law on Mining Concessions establishes two types of mineral concessions; exploration concessions and exploitation concessions. Exploration concessions are issued up to four years and, following recent changes to the law, these concessions can be renewed once for a further four-year term following the submission of geological reports or evidence from the Environmental Impact Assessment System. Exploitation concessions have no time limit. Concession owners maintain validity of the concessions by paying annual patents to the state. There is no depth limit to concessions. The National Geology and Mining Service (SERNAGEOMIN) is the regulatory authority for mining-related activities.

The mineral rights conveyed by concessions are independent from property rights over surface tenements. Mining concession holders have preferred rights to request mining easements to gain access over surface land to establish surface facilities relevant to the exploration or exploitation activities. The easements can either be negotiated and agreed-upon with the surface landowner or granted by Court if no agreement is reached. The Courts grant the easement and set the compensation amount.

The Mining Code states that owners of mining concessions have the right to use waters found within the concession to the extent necessary for exploration or exploitation activities. In addition, other waters are subject to provisions in the Water Code (1981) as amended by Law No 21,435 of April 2022 and regulated by the General Directorate of Water (DGA). The DGA is responsible for granting new water rights (consumptive and non-consumptive) for the supervision of water users and the approval of major hydraulic works. Recent reform has introduced the concept of ‘public interest’ being a requirement for granting new water rights, and also that water rights are subject to termination through harm to the sustainability of the source.

In parallel with legislative requirements, Chile's National Mining Policy (Política Nacional Minera 2050, or PNM 2050) is a strategic framework designed to guide the development of the mining sector in Chile through 2050. It was officially launched in January 2022 and aims to ensure that mining contributes to sustainability, promoting responsible mining practices, reducing greenhouse gas emissions, improving water efficiency and managing waste effectively. The policy also aims to strengthen Chile's position as a leading mining country by fostering innovation, technology adoption, and investment in research and development, while also promoting social inclusion and economic growth.

The policy sets specific sustainability goals to be achieved by 2050, including:

The policy also emphasizes collaboration among government agencies, mining companies, local communities, Indigenous groups, and environmental organizations and promotes transparency and accountability.

The Collahuasi mining property consists of 681 current exploitation concessions, covering 230,129 hectares and 98 exploration concessions covering 43,000 hectares. In addition, there are 38 SCM Michincha exploitation concessions (50% CMDIC and 50% Quebrada Blanca) covering 22,800 hectares. All of these exploitation and exploration concessions are located in the municipalities of Iquique, Pica, Pozo Almonte, and Calama.

Table 4-1: Summary of CMDIC mining concessions

The reported Mineral Resources and Mineral Reserves are located within CMDIC mining concessions (Figure 4-2). CMDIC holds the necessary mining licences and title deeds required by Chilean law.

Figure 4-2 shows the general layout of CMDIC mining claims. The mining concessions for these areas were granted on 20 December 2001. Figure 4-2 presents the surface area for each mining concession.

To the knowledge of the authors, the mining concessions listed are in good standing and constitute all of the mineral rights that are required to permit exploitation of the deposit for which Mineral Reserves and Mineral Resources are being stated in this report.

Table 4-2: Concession name and surface area

Figure 4-2: CMDIC mining concessions (SRK, 2025)

CMDIC is the owner of a series of superficial rights that cover a surface of 15,303.63 hectares. These rights cover the areas of the Ujina and Rosario deposits, the tailings storage facility (TSF), the current mine infrastructure, the evaporation ponds, the port area, the dissipation stations for the concentrate pipeline and other areas that relate to water extraction areas in Huasco and Quebrada Caya. These areas are located within the municipalities of Pica and Pozo Almonte and their surface areas are presented in Table 4-3. CMDIC also rents state owned areas that cover a surface area of 29.26 hectares which incorporates telecommunication installations and access roads for the operation.

Table 4-3: Surface Rights for CMDIC infrastructure and mine lots

Water rights have been issued to CMDIC via 20 permissions covering a total of 1,212.9 L/s of water from the Coposa basin and Michincha basin (Table 4-4). The permissions are permanent and do not expire; however, in accordance with the Water Code, they can be withdrawn by the regulatory authority under certain conditions.

CMDIC owns rights to use 867 L/s of underground water in the Coposa basin and 345.9 L/s from the Michincha basin. These volumes are sufficient to support the permitted abstraction volumes from the relevant water supply wells (Section 18.4).

Table 4-4: CMDIC Water Rights

The property boundaries were located based on extensive surface mapping and geophysical survey, identifying the extent of the mineralized areas. Condemnation drilling was also conducted to define facilities sites.

Figure 4-3 is a satellite image showing the area of operations including the open pits, the tailings storage facility, the waste dumps, the concentrator, the leach pads and the SX-EW plant.

Figure 4-3: CMDIC mining operation layout (SRK, 2025)

Chile has a comprehensive regulatory framework governing environmental approvals. The key legislation pertinent to environmental approvals are:

The main agencies overseeing environmental issues are the Ministry of Environment, Environmental Evaluation Service (Servicio de Evaluación Ambiental or SEA) which evaluates and approves new projects, and the Superintendence of the Environment (Superintendencia del Medio Ambiente or SMA) which enforces compliance with environmental regulations.

Environmental Permits

The Environmental Impact Evaluation System (Sistema de Evaluación de Impacto Ambiental, or SEIA) was established in 1994 with the enactment of Law 19.300 and is administered by the SEA. Projects in Chile are subject to environmental review by the SEA and can be approved via three mechanisms, as follows:

The SEIA was established in 1994 with the enactment of Law 19.300. The implementing regulations have been amended more than once since then as the system has evolved. The SEIA isand is administered by the Environmental Evaluation Service (Servicio de Evaluación Ambiental, or SEA).

Projects in Chile are subject to environmental review by the SEA and can be approved via three mechanisms, as follows:

In the case of EIA (and some DIA), the SEA conducts formal public consultation on the application to inform the decision of approval. Following review, the SEA provides approval by issuing an Environmental Qualification Resolution (Resolución de Calificación Ambiental, RCA). RCA can run to several hundred pages in length for complex projects and usually contain numerous conditions of approval related to both environmental and social aspects of project development that must be adhered to by the project proponent during all phases of the project life cycle.

The processing times are 90 working days for a DIA and 180 working days for an EIA; however, suspensions to the timeline are introduced for companies to respond to questions from the authorities, therefore, the total timelines will depend on the length of the suspension periods. Pertinencias do not have a fixed time but commonly take two to three months.

Sectoral permits

Following issue of the RCA, there are several environmental sectoral permits (PAS) that a project will require. The Environmental Impact Assessment Regulation (S.D. N°40/2013) defines two types of sectoral permits:

Importantly, once the project has been approved by SEA and issued with an RCA, no PAS may be denied for environmental reasons. The sectoral public agencies are not entitled to review the RCA environmental conditions or reject a PAS due to the infringement of environmental requirements. The PAS may, notwithstanding, be denied for non-environmental reasons, such as the noncompliance of technical, engineering or safety standards, etc.

On 29 September 2025, the Sectoral Authorization Framework Law (LMAS) officially entered into force in Chilean law. This legislation constitutes a structural reform intended to modernize the management of sectoral permits and expedite the execution of investment projects in the country. One of the main objectives is to reduce wait times by 30% to 70% without compromising regulatory standards or environmental requirements, facilitating the realization of public and private investment projects. The law introduces a timeframe for issuing various relevant regulatory instruments and project owners with a favorable RCA will be provided with a stable regulatory regime of up to 8 years. This guarantees that the regulatory conditions in force at the time of entry into the SEIA will be maintained, unless there is a modification for reasons of urgent public interest.

Following the submission of an initial EIA, the first environmental approval for the operation was issued in 1995. Since this approval a further three EIA and 28 DIA have been submitted to secure approval for expansions and associated increases in processing capacities, namely: 110 ktpd in 2001, 133 ktpd in 2003, 170 ktpd in 2010, and most recently 210 ktpd in 2021.

An EIA was submitted in 2019 to inform the current primary environmental approval for the operation. Resolución Extenta No. 20219900112 (‘2021 RCA’) was issued in 2021 and expires in 2041. The approval includes the continued mining of Rosario pit and expansion of waste rock dump to 6,328 Mt total capacity, construction of Rosario South waste rock dump of 377 Mt capacity, increase in processing capacity to 210 ktpd and expansion of Pampa Pabellón TSF to 2,329 Mt. In addition, the approval includes the construction and operation of a desalination plant and pipeline from the coast to the mine to transport desalinated seawater as an alternative water supply, leading to a reduction in water abstraction from continental groundwater aquifers. A pipeline to convey water from Quebrada Blanca to Collahuasi is also permitted.

The approval document describes the permitted project, the anticipated impacts and several hundred conditions, or commitments, that must be adhered to. The commitments represent: mitigation and compensation measures arising from the EIA process, mainly in relation to water management, biodiversity and archaeology; social commitments made with indigenous associations and community groups; monitoring requirements; legal requirements that apply to the project; and voluntary environmental commitments made by the operator.

CMDIC obtains and manages more than 350 sectoral environmental permits for the operation. The 2021 RCA provided several sectoral permits for the planned activities. The remaining required permits are in the process of being obtained and are due to be in place by end of 2027.

Since the 2021 RCA was issued, CMDIC has conducted two further DIA for amendments to the operation and received approvals in 2023 and 2024. A third DIA is in progress to modify electricity lines, roads and pipelines within the site and to permit the mining of waste from Ujina pit for the construction of the tailings facility walls. This latter activity is necessary as mining from the Ujina pit was not included in the application for the 2021 RCA. Mining at Ujina is permitted through Res. Ex. No. 027/2018, which expires in 2027. The new DIA is scheduled for submission in Q1 2026 with approval anticipated in Q1 2027.

CMDIC is also preparing for a subsequent EIA for the future ACP growth phase of the operation, as shown in Figure 4-4. The ACP Growth project includes mining from Rosario and Ujina pits beyond 2041 (black outline), expansion of waste rock facilities for Rosario and Ujina (orange outlines), an increased production rate of 370 ktpd and further expansion of the Pampa Pabellón tailings facility to 5,700 Mt (yellow outline). The EIA is in progress, in parallel with project engineering, and is scheduled for completion in Q2 2027 with approval anticipated to be in place by 2030. SRK notes that that even without the ACP Growth phase project being implemented, the TSF will still require expansion (with associated engineering studies, validation analyses and updated permits) to continue to support the Mineral Reserves case.

Figure 4-4: Currently permitted footprint (purple) and unpermitted expanded footprint for future ACP Growth Project (SRK, 2025)

Compliance with commitments resulting from primary and sectoral environmental authorisations are recorded in a register and are actively managed and monitored. As of August 2025, the operation was managing 7,224 commitments, of which 2,976 were auditable. Of the auditable commitments, CMDIC reported that 71% were in compliance and 28% were under revision and 1% were non-compliant.

Environmental monitoring and verification mechanisms are in place, with an emphasis on participatory monitoring with local communities, online platforms shared with the authorities, and ecological restoration measures. Internal audits, most recently completed in June 2025, continue to identify non-compliances and corrective actions plans are established to address the non-compliances.

CMDIC is progressing with a Compliance Programme approved by the SMA in 2022 following the identification of 14 charges against the operation and 66 action points that required addressing. Progress with the Compliance Programme is reported to SMA on a quarterly basis and was 98% completed at the end of 2024. The programme is due to be completed by the end of 2025. Through implementation of the compliance programme, CDMIC has been collaborating with the Coposa community to strengthen the participatory monitoring programme and transparency relating to the results of environmental monitoring programmes.

The latest Mine Closure Plan was submitted in 2021 and the valuation of the plan was approved in March 2023 (Res. Ex. No. 0324). This closure plan is an update of the previous plan, approved in 2015 and includes all existing activities across the mine, pipeline and port as well as the new activities approved in the 2021 RCA. The closure cost was estimated at UF17m 1 (as of 23 August 2021) which equated to USD656m. The quantum of financial guarantee was calculated in line with legal requirements and CMDIC provides annual contributions via a combination of permitted instruments which are selected at the time that each provision is made.

1 UF (Unidad de Fomento) is a Chilean Unit of Account. It is not a physical currency but an inflation-indexed unit that adjusts daily based on the Consumer Price Index. Source: https://www.instarem.com/currencies/clf-chilean-unit-of-account

The Collahuasi mining activities are located approximately 185 km SE of Iquique in Northern Chile at elevations between 4,200 and 4,800 masl.

The site can be accessed by national roads or via air. Typically, personnel will arrive to Iquique and be transported to site by road (approximately 3 hours) or will be flown into Coposa Airport (IATA: CPP, ICAO: SCKP) which also serves the Pica commune in the Tarapacá Region of Chile and is 25 km from Collahuasi. The privately operated, narrow gauge Antofagasta (Chili) & Bolivia Railway (or FCAB) reaches Collahuasi via a spur but is not used.

Collahuasi is an operating mine. The mine site facilities include two open pits (Ujina, and Rosario), an oxide treatment plant and heap leach (planned to be decommissioned), sulphide concentrator and comprehensive infrastructure including a permanent camp.

The complex includes two concentrate slurry pipelines with 203 km in length and diameters of 8” and 7”. The port facilities, including the molybdenum recovery plant, copper concentrate filter plant, concentrate storage facilities and marine terminal are located at Punta Patache which is approximately 80 km south of Iquique, nominally at sea level.

The operation has completed the construction of a water pipeline, which is currently under commissioning, with construction of a desalination plant at the port of Punta Patache due to be operational by June 2026, to transport water from the coast to the mine.

The mine site is in a topographic depression between the Western Cordillera range to the east, a chain of active and extinct volcanoes that form the international border with Bolivia, and the Precordillera range to the west. The Precordillera acts as a hydrological boundary, separating the streams that drain eastward into the endorheic (closed) Coposa and Michincha basins, and those that drain westward into the Intermediate Depression.

The mine is at the southern extent of the Tarapacá Region, in the Tamarugal Province and Pica Commune. The social setting of the mine is rural in nature and comprises of three areas; the Salar del Huasco settlement and land use by several indigenous groups to the north of the operation, settlements associated with the Huatacondo Ravine located to the west and SW including Chiglla, Copaquire, Huatacondo, and Tamentica, and settlements from the Ollagüe commune (Antofagasta Region) located to SE of the operation (Figure 5-1).

The inhabitants of Salar del Huasco are members of the Laguna del Huasco Aymara Indigenous Association, the Alca Indigenous Community, and the Hijos de Willq'e Indigenous Association. Member of other indigenous groups visit the Cordillera region to participate in traditional activities (such as livestock grazing) but do not reside there. These groups include Yabricollita and Caya Aymara Indigenous Association, Naciente Collahuasi Aymara Indigenous Association and Salar de Coposa Aymara Indigenous Association. Areas of community land use are shown on Figure 5-1.

Archaeological sites of importance have been identified in areas impacted by current or planned operations. Mitigation plans have been developed to excavate, study and document the most important sites and protection measures (e.g. fences) have been installed to protect significant sites within a 50 m buffer of activities.

Figure 5-1: Communities and land use around mine site (Arcadis, 2018)

Climate

The Collahuasi mine site area encompasses high Andean (Altiplanic) basins, characterized by arid to semi-arid climate. Average temperatures vary with altitude; at the highest elevations near Rosario pit the range is from 3.8°C in January to -1.7°C in June with temperatures increasing as the elevation decreases. The prevailing wind direction is generally from the west.

Precipitation is concentrated in the austral summer months (December to March). Annual precipitation varies with elevation, ranging from almost zero at the port to between 150 and 200 mm in the basins surrounding the mine. Most rainfall occurs as intense, short-duration convective storms. Evaporation rates are high, with annual potential evaporation in the Cordillera sector around 1500 to 1700 mm/year, exceeding precipitation by almost an order of magnitude. Maximum daily precipitation (24-hour events) for a 10-year return period is about 40 mm in the Cordillera sector with the highest recorded 24-hour precipitation at Ujina being 60 mm.

Climate change projections under the RCP 8.5, worst-case scenario, suggest a possible reduction in annual precipitation of 2% for the near future (2020-2035) to 6% for the intermediate future (2035-2050) compared to the 1985–2005 baseline, with some models indicating up to a 20% decrease; however, the trend is not robust across all models, and some predict slight increases. Temperature is expected to rise, by an average of 1.4°C for the period 2023–2100 compared to the period of 1993–2020. Evaporation and recharge have been estimated under climate change projections for the same periods, indicating an increase in evaporation of up to 7% and a decrease in recharge ranging of around 16-17% for the Coposa and Michincha basins.

Water resources

The principal catchments in the Collahuasi area are the endorheic (closed) Coposa and Michincha basins, and a set of exorheic (open) sub-basins draining west and south collectively referred to as the Pacific Slope basins. Surface water flows in the region are generally ephemeral, with most streams dry for much of the year, and permanent or semi-permanent flows restricted to certain streams (quebradas) and groundwater-fed wetlands (vegas and bofedales). Peak flows occur during the austral summer (December to March), with flash floods possible during intense convective storms. Various springs and wetlands represent the only sources of perennial water in the area, increasing their importance for water dependent ecosystems and local communities for traditional cultural and pastoral activities.

The hydrogeology of the Coposa and Michincha basins comprises a deep aquifer in fractured ignimbrite and associated volcanosedimentary and evaporitic units, overlain by a shallow aquifer of unconsolidated alluvial and evaporitic sediments. The deep aquifer can exhibit high permeability (over 100 m/d) in fractured zones and along faults (notably the Pabellón and Michincha faults); but lower permeabilities in the order of 0.01 m/d elsewhere (Arcadis, 2018). The shallow aquifer has variable, generally lower permeability and is hydraulically connected to surface features. The Pacific Slope sub-basins are dominated by structurally complex fractured Paleozoic volcanic and intrusive basement rocks, overlain by local alluvial aquifers of limited extent and thickness (generally <20 m). Groundwater flow is primarily through the fractured bedrock, with local springs and wetlands (vegas and bofedales) sustained by upwelling along faults. Ecologically sensitive wetlands have been mapped along several of the watercourses.

Several groundwater aquifers are protected by the DGA as they feed floodplains and wetlands that sustain agricultural and livestock activities. In the project’s area of influence, these aquifers include Jachucoposa, Coposito and Chusquina in the Coposa basin; and Yabricollita, Ujina, Represa, Mal Paso, and Michincha in the Michincha basin. Groundwater exploration or groundwater use rights cannot be established in these areas without a prior favourable environmental assessment. Protected aquifers and associated springs and wetlands are recognised as environmentally sensitive areas (see ‘Biodiversity and Protected Areas’). In cases where impacts have occurred or are anticipated, mitigation measures are required, including artificial recharge and flow maintenance commitments to protect the aquifers and associated springs and wetlands.

Coposa basin

Runoff in the Coposa basin is centrally inwards to the Salar de Coposa. On the south-western corner of the salar, the Jachucoposa groundwater fed spring and perennial stream feed into the Laguna Jachucoposa, a protected wetland. The mine site is not located within the Coposa basin. However, groundwater is abstracted by CMDIC from several wellfields across the Coposa basin, in the south at Coposa Sur, Portezuelo and Falla Pabellón, and in the north at Coposa Norte. The Coposa basin receives groundwater inflow from the Michincha basin to the south, as well as minor inflows from the east. Outflow mainly occurs via evaporation from the salar, and from water supply abstraction by the mine to a much lesser extent.

Groundwater salinity is generally less than 1000 mg/L total dissolved solids (TDS) in the south around the Pabellón fault (where groundwater from the fresher, deeper aquifer is known to be upwelling) and at the Jachucoposa spring, but rises to over 30,000 mg/L in the north around the Salar de Coposa and north towards the border with Bolivia, due to the influence of evaporite deposits. Surface water TDS can reach 70,000 mg/L in the north of the basin. Sulphate and other major ions mirror this salinity distribution as do some metals. Conversely, the lower-salinity Coposa waters around the Pabellón fault and Jachucoposa spring generally meet common drinking-water benchmarks. Water at the immediate outflow of Jachucoposa spring, which is understood to be recharged from deeper groundwater, is typically within national drinking water quality standards for major ions and metals, albeit salinity is close to the WHO palatability threshold of 1000 mg/L.

Michincha basin

The Ujina pit, the processing plant and TSF are located in the Michincha basin. Runoff in the Michincha basin is approximately west to east to the Salar de Michincha although it is highly modified by mine infrastructure and the TSF. Groundwater in the Michincha basin flows northward toward the Coposa basin and southward toward the Loa basin, with additional outflow westward toward the Pacific slope sub-basins. Besides rainfall, infiltration from the TSF is also considered to be a material source of recharge in the Michincha. The basin is also subject to significant dewatering operations at Ujina pit.

In the Michincha basin, median groundwater concentrations are for the most part relatively fresh (up to 650 mg/L TDS) but strong evaporative concentration in the lagoons has resulted in surface water salinities of up to 80,000 mg/L. Water quality in the Michincha basin has been altered by seepage from the TSF, WRD and other mine infrastructure. Groundwater wells around the TSF and process ponds have showed a progressive increase in TDS and sulphate since 2007 and show a Na-Cl signature that reflects the tailings and process water (distinct to the natural groundwater across the rest of the basin). During the 2018 baseline update (Arcadis, 2018), groundwater around the TSF was found to be relatively elevated in molybdenum and zinc, compared with concentrations further downgradient. Groundwater around the plant and process ponds shows a similar chemistry, with elevated molybdenum, manganese, copper and zinc in some wells.

Pacific slope basins

The Pacific slope basins include the Huinquintipa and Sallihuinca streams which drain west, as well as the Chiclla, Ceusis, Mal Paso streams draining south. The Rosario open pit and majority of associated WRD are in the Huinquintipa catchment, although part of the WRD extends north and drains into the Sallihuinca. The Huinquintipa and Sallihuinca flow west and merge into the Huatacondo approximately 10 km west of the Rosario WRD. The Quebrada Huinquintipa is the most significant watercourse in the area immediately surrounding the mine in terms of flow, with other streams such as Chiclla and Sallihuinca displaying lower and more variable flows. The sub-basins receive groundwater inflow from Michincha and discharge via surface and subsurface flows to the west.

Water is abstracted by local communities from the Huatacondo river downstream of the mine at the settlement of Copaquire. The water is mainly used for irrigation and agriculture, although one location is used for both irrigation and human consumption. Further downstream again, the settlement of Huatacondo has various water capture, diversion and abstraction infrastructure including ponds and pumps for both irrigation and potable use.

The Quebrada Blanca mine (operated by Teck) is located in the Quebrada Blanca river basin, immediately SW of the Huinquintipa basin, and draining to the south to the Chiclla river. Although the mine sources the majority of its make-up water via a pipeline from a desalination plant on the coast, the mine abstracts groundwater via pit dewatering.

Of the Pacific Slope sub-basins, the Ceusis, Chiclla and Sallihuinca basins are lower salinity (typically up to 400 mg/L TDS) than the Huinquintipa and Mal Paso which are more mineralised (up to 1,400 mg/L), with the Huatacondo downstream showing TDS of up to 2,100 mg/L. Trace solutes are generally low to moderate across most of the sub-basins.

Figure 5-2: Local hydrological features (SRK, 2025)

Biodiversity and protected areas

Within the project’s area of influence, vegetation is representative of the desert and high Andean steppe region with strong stratification associated with altitude and water availability. The vegetation in the Cordillera sector is relatively homogeneous, represented mainly by grassland formations (pajonales), scrublands and, to a lesser extent, forests (queñoales). Azonal vegetation (wetlands) are found in streams and around the edges of the Michincha and Coposa salares. Bofedales, a type of wetland characteristic of high Andean ecosystems dominated by cushion plants, are of high environmental significance and located in streams to the west of Rosario pit (Huinquintipa, Sallihuinca, Chiclla, Ceusis, and Mal Paso).

The Salar de Michincha and Salar de Coposa are considered priority sites for conservation (2nd priority) through the Regional Biodiversity Strategy of the Tarapacá region. The Salar de Michincha is recognised for species representative of Andean salt flats and the Salar de Coposa is recognised for being a fragile ecosystem, especially home to various species of wild birds and part of the biological corridor for flamingos and other species characteristic of the area. The strategy also recognises that the water balance and functioning of both salt flats is sensitive to the abstraction of water associated with the mining operation.

The settlements located in proximity to the pipeline are Victoria, Colonia Pintados and Cahuiza, which are within the Pozo Almonte commune of the Tamarugal Province. The pipeline route follows a road that crosses Reserva Nacional Pampa Tamarugal. This corridor is designated as a Special Use Zone and is governed by management plans that regulate activities in this area and promote alignment of linear infrastructure along existing impact areas.

The closest communities to Puerto Patache include Caramucho, Chanavayita, Cáñamo, and Chanavaya. These communities are located along the Route 1 coastal highway which is the primary access route to Puerto Patache. This route is also used for transporting copper and molybdenum concentrate and other materials.

The community of La Negra, 400 km to the south in the Antofagasta Region, is also considered to be within the project’s area of influence due to the transportation of copper concentrate through this area to the Alto Norte smelter.

Puerto Patache is located in a desert coastal region with extreme aridity and minimal precipitation. The climatic conditions are characterized by stable hydrodynamic conditions throughout the year, with limited seasonal variation in oceanographic parameters.

The land around Puerto Patache is primarily used for industrial purposes and is devoid of terrestrial vegetation due to the harsh desert conditions; however, the port is adjacent to Punta Patache, a priority conservation site for coastal biodiversity in the Tarapacá region. The coastal area of Punta Patache is justified as a priority site due to its great diversity of local and migratory seabirds, many of which nest in the area, such as the Humboldt Penguin. The offshore area is also important for the presence of marine mammals, as it is an upwelling zone with high primary productivity which allows the coexistence of a significant number of species. The set of physical and environmental attributes allows this area to combine a wide diversity of ecosystems and species, which give it a distinctive and unique value at a regional level (Arcadis, 2018).

The area surrounding Puerto Patache includes natural attractions of local importance including Playa Cáñamo, Playa Chauca and Playa La Sal, and Lobera Punta Patache which is a site of regional importance. These sites are recognized for their scenic and recreational value, contributing to the region's tourism potential (Arcadis, 2018).

Figure 5-3: Protected areas (pipeline and port) (Arcadis, 2018)

The Collahuasi region was initially explored in 1880, with various periods of activity leading up to the discovery of a series of Cu deposits through various geophysical and reconnaissance activities in the early 1990s. Feasibility and environmental impact studies for the Collahuasi project were approved in 1995, with the operations commencing in 1998. Operations have ramped up through a series of phases of expansion from the initial production rate of 60 ktpd, to the current processing capacity of 170 ktpd (mill feed).

Historically the processing of copper mineralisation included both oxide and sulphide process streams, up until the cessation of production from the oxide circuit in Q1 2017, after which only sulphide material has been processed.

The oxide circuit consisted of: three-stage crushing, agglomeration of the ore with sulphuric acid and water before being conveyed to the leach pads, recovery of the pregnant leach solution to the solvent-extraction plant where the copper was stripped using organic solutions; the strip solution was then cleaned using dilute acid and flotation, filtered prior to the electro-winning phase, where the copper was plated onto electrolysis cathodes, before being stripped by the Kidd process on a seven-day cycle. The cathode copper was then transported by road to Iquique for export. In 2005, cathode production accounted for sum 60,700 KtCu, progressively decreasing thereafter to 4,800 KtCu in 2016. In 2014 CMDIC obtained approval to extend the closure of the heap leach facility until 2024. CMDIC currently has no plans to process oxide material.

The sulphide process flowsheet is described in ITEM 17.

Table 6-1 and Table 6-2 presents the latest Mineral resources and Mineral reserves reported for CMDIC, by Anglo American, included in the Anglo American Ore Reserves and Mineral Resources 2024 Report. The Ore Reserve and Mineral Resource estimates are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012). The reported estimates represent 100% of the Ore Reserves and Mineral Resources, of which Anglo American holds 44%.

Table 6-1: CMDIC Mineral Resources 2024, Anglo American Plc (Source: Ore Reserves and Mineral Resources 2024 Report)