Exhibit 99.1

NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Prepared for Anglo American plc by
Datamine Australia Pty Ltd (Snowden Optiro)

Project Number DA214498

Qualified Persons:

Mr. Allan Earl, FAusIMM

Mr. Aaron Radonich, FAusIMM (CP)

Mr. Ian Glacken, FAusIMM (CP)

Mr. Graeme Lyall, FAusIMM

Mr. Paulo Laymen, FAusIMM

Mr. Gordon Cunningham, FSAIMM

Mr Peter Theron, MSAIMM, Pr Eng ECSA

Ms. Gené Main, EAPASA, Pr.Sci.Nat. SACNASP

Effective Date: November 3, 2025

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

 

This report was prepared as a National Instrument 43-101 Standards of Disclosure for Mineral Projects Technical Report for Anglo American plc (Anglo American) by Datamine Australia Pty Ltd (Snowden Optiro). The quality of information, conclusions, and estimates contained herein are consistent with the quality of effort involved in Snowden Optiro’s services. The information, conclusions, and estimates contained herein are based on: i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Anglo American subject to the terms and conditions of its contract with Snowden Optiro and relevant securities legislation. The contract permits Anglo American to file this report as a Technical Report with Canadian securities regulatory authorities under Teck Resources Limited’s profile pursuant to National Instrument 43-101. Except for the purposes legislated under Canadian securities law, any other uses of this report by any third party are at that party’s sole risk. The responsibility for this disclosure remains with Anglo American. The user of this document should ensure that this is the most recent Technical Report for the property as it is not valid if a new Technical Report has been issued.

Ó 2025

All rights are reserved. No part of this document may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Snowden Optiro.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Table of contents

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Tables

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Forward-looking information

This Technical Report contains “forward-looking information” within the meaning of applicable Canadian securities legislation which involves a number of risks and uncertainties. Forward-looking information includes, but is not limited to: information with respect to strategy, plans, expectations or future financial or operating performance, such as expectations and guidance regarding project development, production outlook, including estimates of production, grades, recoveries and costs; estimates of Mineral Resources and Mineral Reserves; construction plans; mining and recovery methods; mining and mineral processing and rates; tailings disposal design and capacity; mine life; timing and success of exploration programs and project related risks as well as any other information that expresses plans and expectations or estimates of future performance. Often, but not always, forward-looking information 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 information is based on the opinions, estimates and assumptions of contributors to this Technical Report. Certain key assumptions are discussed in more detail. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking information.

Such factors and assumptions underlying the forward-looking information in this Technical Report includes, but are not limited to: risks associated with community relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the cost of non-compliance and compliance; volatility in commodity prices; risks related to compliance with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; risks related to the ability to obtain, maintain or renew regulatory approvals, permits and licences; imprecision of Mineral Reserve and Mineral Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and risk to the health and safety of employees and contractors; risks related to the workforce and its labour relations; key talent recruitment and retention of key personnel; the adequacy of insurance; uncertainty as to reclamation and decommissioning; the uncertainty regarding risks posed by climate change; the potential for litigation; and risks due to conflicts of interest.

There may be other factors than those identified that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Unless required by Canadian securities legislation, the authors and Snowden Optiro undertake no obligation to update the forward-looking information if circumstances or opinions should change.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

This Technical Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for Anglo American plc (Anglo American) to support the disclosure of Mineral Resources and Mineral Reserves for the Quellaveco Project (Quellaveco or the Property), a production stage property in the Moquegua Department of southern Peru.

This Technical Report was authored by the following Qualified Persons:

The effective date of this Technical Report is 3 November 2025.

Unless otherwise specified, all units of currency are in United States dollars ($) and all measurements are metric.

Quellaveco is in the Mariscal Nieto Province of southern Peru, approximately 48 km by road northeast of the town of Moquegua and approximately 220 km by road southeast of Arequipa city (Figure 1.1). Access from Moquegua to the Quellaveco mine site is via a paved road. The area of the Property is 1,206.93 km2.

The Property is owned by Anglo American Quellaveco S.A. (AAQSA), in which Anglo American holds a 60% interest and Mitsubishi Corporation holds a 40% interest. The Quellaveco operation is an autonomous truck-and-shovel open pit mine with an associated concentrator for comminution, flotation and filtration. The resulting copper concentrate is transported by road to the ore handling and shipping facilities at the Port of Ilo, operated under a long-term agreement with the owner, ENGIE. Molybdenum concentrate is sold to Anglo American Marketing entities for resale to global roasters.

The Quellaveco mine site is at an elevation of approximately 3,500 metres above sea level (masl) along the sparsely vegetated, rugged western flank of the Andes. The climate is characterized by a wet season between December and March and a dry season between April and November when the highest daytime temperatures are recorded. Subzero temperatures are frequently recorded during June and July, and the average annual rainfall is 268 mm recorded on an average of 62 days. Mining and processing operations at Quellaveco are conducted year-round.

Commercial copper production was achieved in September 2022. The 2024 copper equivalent in concentrate production volume was 306,300 tonnes at a unit cost of $1.05/lb inclusive of by-product credits. Production guidance for 2025 is 310,000–340,000 tonnes of copper at a unit cost of $1.00/lb.

The Life-of-Asset Plan (LoAP) is currently forecast to produce about 309,000 tonnes of copper equivalent in concentrate per annum on average over the next five years, gradually declining as lower-grade zones are mined in later phases of the 22-year Mineral Reserve mine plan and 31-year processing plan.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Figure 1.1        Location of Quellaveco mine

Source: Fluor, 2017

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco received approval for its Environmental Impact Assessment (EIA) in 2010. In 2015, the fourth Modification to the EIA (4th MEIA) was approved. This modification authorized the operation of the concentrator at a throughput rate of up to 127.5 kt/d and a total material movement of 140 Mt/a. Following the 4th MEIA, additional operational enhancements were approved through Supporting Technical Reports (Informes Técnicos Sustentatorios or ITS). The most recent approvals, ITS 12 and ITS 13 in 2025, permitted an increase in concentrator throughput to 150 kt/d and total mine material movement to 150 Mt/a.

The 4th MEIA does not encompass the full extent of the open pit as defined by the 2025 Mineral Reserve estimate and a 5th MEIA is currently under preparation, with submission planned in the first half of 2026 and regulatory approval anticipated by mid-2027. Upon approval of the 5th MEIA, the Quellaveco open pit will be fully permitted for development and operation.

The discovery of the Quellaveco porphyry copper-molybdenum deposit dates back to 1938. Following several changes in ownership, Anglo American acquired the Quellaveco deposit in 1992 through a privatization process by the state-owned mining company Minero Peru. In 1993, Anglo American reached an agreement with the International Finance Corporation (IFC) to jointly finance the development of the mine. IFC’s 18.11% interest in the Property was acquired by Mitsubishi Corporation in 2011. Mitsubishi Corporation increased its stake in AAQSA to 40% in 2018.

Following a series of studies culminating in the 2017 Feasibility Study (FS) for a 127,500 t/d operation, development of the mine and construction of a concentrator was approved in 2018. Commercial copper production was achieved in September 2022. The molybdenum plant commenced commercial production in 2023. The production history at Quellaveco is summarized in Table 1.1.

Source: Anglo American

The Quellaveco deposit forms part of the Paleocene-Eocene porphyry copper belt that hosts several major deposits such as Cerro Verde, Cuajone and Toquepala in the southwest of the Western Cordillera of Peru. The deposit is associated with a large granodioritic complex (~60 Ma) that intruded volcanic and volcaniclastic sequences of the Toquepala Group. Regionally, the Incapuquio Fault System and associated northwest-trending splays, particularly the Asana Fault, were the primary structural control on intrusion emplacement and mineralization.

The mineralized system measures approximately 1.5 km (northwest-southeast) by 3.5 km (northeast-southwest) and extends to depths exceeding 1 km. Copper-molybdenum mineralization is centred on multiple phases of monzonitic porphyry intrusions within the granodiorite host, associated with intense hydrothermal alteration and disseminated to vein-hosted chalcopyrite, molybdenite and pyrite mineralization. Alteration is zoned from a potassic core through phyllic (quartz-sericite) halos to outer propylitic assemblages.

Subsequent supergene enrichment produced a vertically zoned profile comprising a leached cap, oxide copper zones, and a secondary enriched sulphide blanket dominated by chalcocite and covellite. The enrichment zone averages ~60 m in thickness.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Quellaveco deposit is a classic porphyry copper system within the South American porphyry copper belt, which extends from central Chile to Panama. The system exhibits typical hypogene sulphide mineralization and concentric alteration zonation modified by supergene enrichment, forming a leached cap, oxide zones, and a secondary enrichment sulphide blanket.

Between 1939 and 2024, multiple campaigns using churn drilling, diamond drilling (DD) and reverse circulation (RC) drilling techniques were completed. Drilling in the 1940s was led by Northern Peru Mining & Smelting, then by Southern Peru Copper Corporation (1972), Minero Perú (1972–1974) and Anglo American from 1993 to the present. None of the pre-1970 drilling has been used for Mineral Resource estimation.

Since 1970, 716 DD holes for 172,168 m and 649 RC holes for 52,270 m (inclusive of grade control drilling) have been completed. For Anglo American’s DD holes, standard DD drilling methods with PQ (85.0 mm), HQ (63.5 mm) and NQ (47.6 mm) core sizes were used. PQ is typically only used in weathered materials. Most holes were inclined at approximately -75°. For Anglo American’s RC holes, standard RC drilling methods included 127 mm (5-inch) diameter hammers, tricone bits and face bits with samples of up to 50 kg routinely collected at 1 m intervals via a fully enclosed cyclone system. For more recent RC drilling, 3 m sampling intervals were also used, yielding up to 100 kg of sample.

Recovered core is placed into core boxes, with the depth interval marked on core blocks at the end of each run, as measured by the driller, prior to delivery to the core shed. Core photography is conducted prior to sampling. Geotechnical and geological logging is conducted by company geologists or a contractor under close supervision at the core shed.

Geologists identify lithological units, geological contacts, fault and fracture zones, ferruginous horizons and internal waste zones. All logging information is reviewed and validated by a senior geologist. Digital logging using acQuire™ based tablets was implemented in 2016.

There is no available recovery information for drill campaigns prior to 2000. Campaigns conducted after 2000 have daily recovery reports from the drilling contractor that are verified by the geologist. Mean DD core recovery is reported at above 90%.

DD core samples are collected for analysis following logging. Sampling is performed by cutting the core lengthwise in half. Prior to 2017, core was cut with a hydraulic splitter, after which the use of a diamond circular saw was implemented. One half of the cut core is placed into pre-numbered sample bags and dispatched to the laboratory; the other half is stored for reference

Since 2023, RC drilling has become an important evaluation component, focused on improving the predictability of the near-term production plan. RC holes are drilled on a 20 m spacing, and samples are collected over 3 m intervals using an Involution Cyclone system and placed into consecutively numbered sample bags for dispatch to the assay laboratory. Standards, blanks and duplicates are inserted into the sample number sequence at a rate of 1 in 20. Sieved reference rock chip samples are collected in chip trays for logging and are also photographed.

For recent drilling campaigns (2017 onwards), the primary assay laboratory is SGS Lima. Analysis is performed for copper, silver, molybdenum and arsenic using a four-acid total digestion (HNO3, HClO4, HF, and HCl) with reading by atomic absorption. Cyanide soluble and citric acid soluble copper assays are determined by atomic absorption. Batches also included a 35-element inductively coupled plasma-optical emission spectroscopy (ICP-OES) assay suite, following an aqua regia partial digestion (HNO3, and HCl).

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

For drilling campaigns conducted between 2008 and 2015, the primary assay laboratory was ALS Lima using similar protocols to those used later at SGS; however, it should be noted that two different protocols (AA61_ppm, and AA62_pct) were used for total copper. Information on assay protocols for drilling conducted prior to 2008 is not available.

Each batch of samples submitted for analysis must meet or exceed the minimum sample insertion rates for QAQC. The QAQC procedures used for samples analysed prior to 2000 are unknown; however, in 2018 a review of this information was conducted. A re-analysis campaign of 7,480 samples (approximately 25% of historical drillhole samples) was conducted by SGS Lima for total copper using Quellaveco’s standard four-acid protocol. In addition, 5,966 samples were assayed for molybdenum using a four-acid digestion.

QAQC measures during the re-assaying campaign included regular insertions of certified reference materials (CRMs) and duplicate samples. The results of the re-assays for total copper compared well with the original values without any indication of biases and showed acceptable levels of precision. Furthermore, the QAQC controls verified the reliability of the new assays. The exercise concluded that total copper assays from the historical assaying are reliable and no further re-assaying for total copper is required.

Historical molybdenum assays were conducted on 15 m composites, which did not cover all the available drillholes. Moreover, comparing the re-assay results composited to the same intervals as the original showed a bias, with the original results being approximately 25% higher than the re-assay determinations. As a result, in 2019 all available historical pulps (some 29,684 samples) were assayed for molybdenum at SGS Lima using the four-acid protocol. Control samples, including CRMs and duplicates were included, delivering acceptable results. The new assays replaced any historical molybdenum determinations in the Mineral Resource estimate.

Samples analysed after 2000 have QAQC reports indicating controls, results, actions and conclusions.

Metallurgical testwork has been completed over a period exceeding 35 years to characterize the processing response of the Quellaveco porphyry copper-molybdenum mineralization. Test programs have progressively advanced from laboratory-scale studies to pilot and mini-pilot plant campaigns, supporting process design and metallurgical performance forecasts for feasibility and life-of-asset planning.

Early metallurgical investigations by Minero Perú and Southern Peru Copper Corporation (1976) established ore amenability to flotation. Subsequent testwork by AAQSA between 1993 and 1998 defined key parameters for grinding, flotation, thickening and filtration using samples representative of primary and secondary ore zones. These results formed the basis of the 2000 feasibility design.

Campaigns in 2007 and 2013–2014 incorporated methodologies such as JK drop-weight, Semi-Autogenous Grinding (SAG) Mill Comminution Test (SMC), SAG Power Index (SPI) and Bond Work Index (BWI) tests to construct a detailed geometallurgical model linking ore hardness, throughput and metallurgical recovery. Laboratory and mini-pilot flotation testing performed by SGS Chile confirmed robust copper recovery relationships with grind size and ore type.

Metallurgical performance is summarized as follows:

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The December 2025 Mineral Resource estimate is based on an acQuire™/SQL server database, Leapfrog Geo™ geological modelling, and block models generated using Anglo American’s Rapid Resources Modelling (RRM) platform. The following evaluation methodologies were used:

Only RC and DD holes were used for geological interpretation, compositing, geostatistical analysis, and resource estimation.

Geological modelling of each mineralization, lithology, and alteration unit was conducted where sufficient and reliable drillhole logging and pit mapping information were available. Statistical analysis and variography were conducted on 47 total copper (CuT), soluble copper (CuS), cyanide copper (CuCN), molybdenum (Mo), silver (Ag), arsenic (As), iron (Fe), zinc (Zn) lead (Pb), and specific gravity (SG) domains. Domaining was based on a combination of mineral zonation (minzone), alteration, and lithology. Grade estimation was conducted for five CuT (two supergene and three hypogene), three CuS (two supergene and one hypogene), two CuCN (one supergene and one hypogene), and three Mo domains. CuT domains were based on a combination of minzone, alteration, and lithology, CuS and CuCN domains were based exclusively on minzone, and Mo domains were based exclusively on lithology. Ag, As, Fe, S, Zn and Pb domains were also defined, however, these are not discussed in this report as they are not considered material to the Mineral Resource estimate. SG data was grouped into geological domains based on a combination of minzone, alteration and lithology. A total of 12 domains were defined.

Ordinary kriging (OK) and simple kriging (SK) were selected as the preferred grade interpolation methods, dependent on the variable being estimated and the drill spacing of the estimation domain. Grade estimation was conducted on seven separate estimation domains, defined on the basis of mineralization, lithology and alteration characteristics.

Mineral Resource classification was determined through geostatistical uncertainty assessments, which were applied to the resource model according to average drillhole spacing.

The December 2025 Exclusive Mineral Resource estimate for Quellaveco above a cut-off grade of 0.18% Cu is summarized in Table 1.2.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Table 1.2          Quellaveco Mineral Resources as of 31 December 2025 reported at a cut-off grade of 0.18% Cu (100% attributable basis)

Source: Anglo American, 2025a

Notes: 

The December 2025 Quellaveco Mineral Resource estimate is reported above a 0.18% Cu cut-off grade within an optimized Lerchs-Grossmann Mineral Resource shell generated using Minesight™ software, and is based on Anglo American Reasonable Prospects of Economic Extraction (RPEE) standards and assessments and Anglo American’s copper price assumption of $5.57/lb.

The Qualified Person independently verified the Mineral Resource estimates presented in Table 14.7 and was able to reproduce the reported tonnages and grades within ±1%.

The Mineral Resource was initially classified in accordance with the guidelines of the 2012 Edition of the Australasian Joint Ore Reserves Committee Code (JORC Code, 2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Standards). As the confidence category definitions are the same, no modifications to the confidence categories were required. Mineral Resources and Mineral Reserves in this Technical Report are reported in accordance with the 2014 CIM Definition Standards.

The Qualified Person, Mr. Graeme Lyall, has critically examined the Mineral Resource estimate, made his own enquiries, and applied his general mineral industry competence to conclude that the information is adequate for the purposes of this Technical Report, and that it complies with the definitions and guidelines of the CIM Standards. The Qualified Person considers the reported Mineral Resource to be a fair reflection of the exploration activity and modelling processes undertaken.

To the best of the Qualified Person’s knowledge, at the time of estimation, there were no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that could materially impact the eventual extraction of the Mineral Resource.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco is a large-scale open-pit mine using conventional drill-and-blast, load-and-haul methods at high altitude. Mining advances through nine phases on 15 m benches (30 m double benches in final walls) at overall slope angles of up to 40°. Ore is hauled to a near-pit primary crusher or stockpiles, with waste placed in engineered dumps to the west. The operation sustains a 142 kt/d plant throughput and averages 125 Mt/a total material movement over the LoAP.

The diversion of the Asana River was an important environmental and engineering component, designed to protect local water resources and minimize downstream impact. Progressive in-pit co-disposal of tailings and waste from 2042 onwards will enable final closure and restoration of the Asana River.

The 2025 Quellaveco Mineral Reserve reported in Table 1.3 incorporates geological, geotechnical and geometallurgical parameters to define ore zones and grade distributions across nine pit phases. Metallurgical recoveries were derived from validated recovery factors for both primary and secondary ores, consistent with recent plant data.

Table 1.3          Quellaveco Mineral Reserve estimate as of 31 December 2025 (100% attributable basis)

Notes:

A pit optimization was completed considering only Measured and Indicated Resources. Cost assumptions were $2.99/t mined for mining, $13.33/t ore milled for processing and $3.07/t ore milled for general and administration (G&A), a Cu price of $5.58/lb, Mo $13.61/lb and with an average mill throughput of 142 kt/d (or 51.8 Mt/a). The economic shell selected for final design corresponded to revenue factor (RF) 0.5 equivalent to a copper price assumption of $2.78/lb. Process recoveries averaged 81.3% Cu. Key pit design parameters included overall slope angles of 34–40°, 15 m benches, 38 m haul ramps, a maximum gradient of 10%, and meeting waste and tailings capacity constraints.

A value-per-hour (VPH) optimization approach was applied for cut-off determination, ensuring only material with positive economic contribution (VPH >0) is included in the Mineral Reserve. Allowances for dilution (about 8–10%) and ore loss (3–5%) were embedded in the mine schedule. Environmental and permitting constraints are governed by the approved 4th MEIA, with the 5th MEIA under preparation for submission in 2026.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Ore Reserve categories reported under the JORC Code (2012) were also reconciled with the CIM classification framework. As a result, the Proved Ore Reserve under the JORC Code has been re-stated as Proven Mineral Reserves and Probable Ore Reserves have been re-stated at Probable Mineral Reserves, ensuring consistency in the levels of estimation confidence, data support and modifying factors between the two standards.

Hydrological and hydrogeological studies have supported Quellaveco from feasibility through the current LoAP. Baseline monitoring networks, aquifer testing and modelling defined pit inflows of 40–60 L/s, with operational inflows averaging 45 L/s. Dewatering capacity will be expanded to 65 L/s for deeper phases. Water supply is drawn from the Titire and Vizcachas Rivers (about 78% and 22%, respectively) complemented by stormwater diversions and continuous rainfall monitoring.

Geotechnical investigations support pit design, slope stability and infrastructure development. These included core logging, laboratory strength testing, structural mapping and in-pit performance monitoring, combined with detailed rock mass classification (RMR, GSI, Q-system). The pit area is divided into geotechnical domains based on lithology, alteration and weathering. Overall slope angles range from 34° to 40°, depending on material strength and structural orientation. Continuous slope monitoring, including survey prisms, radar systems, and piezometers, has been installed to monitor pit wall performance.

The primary loading fleet consists of electric rope shovels (56 m3) and hydraulic backhoes (34 m3), matched with a fleet of 300-tonne class haul trucks (CAT 794 AC). Drilling and blasting are performed using diesel rotary drills and emulsion blasting systems, with dozers, graders and water trucks providing auxiliary support. The current fleet provides sufficient capacity to meet long-term production targets, with periodic equipment replacement included in the stay-in-business (SIB) capital forecast under the LoAP plan.

Total material movement averages about 125 Mt/a, maintaining a strip ratio of about 0.61 (waste:ore) consistent with the long-term pit design. The LoAP schedule outlines a 22-year mine plan and a 31-year concentrator life, sustaining ore feed of 142 kt/d from 2028 onwards, with stockpiles providing lower grade concentrator feed for the last nine years (Table 1.4).

Table 1.4          LoAP mine production (five-year increments)

Source: LoAP

Copper production averages approximately 309 kt/a copper in concentrate during the first five years, declining gradually as lower-grade zones are processed in later phases (Figure 1.2). Molybdenum and silver are recovered as by-products, contributing additional revenue.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Figure 1.2        LoAP concentrate production (five-year periods)

Source: LoAP

The schedule maintains alignment with the tailings storage facility (TSF) and waste dump capacities. Equipment hours, haul profiles and bench advance rates match the available fleet capacity and processing constraints. The LoAP financial model confirms that the production schedule supports the declared Mineral Reserve and demonstrates a positive economic performance under the Mineral Reserve cost and metal price assumptions.

The Quellaveco concentrator employs a conventional crush-grind-flotation circuit designed to treat the copper-molybdenum ore from open pit mining operations. The plant is achieving a capacity of 142 kt/d throughput, which is the basis of the LoAP. The potential expansion to 150 kt/d is being considered by Anglo American.

Run-of-mine (ROM) ore is delivered to a primary gyratory crusher, then conveyed to a coarse ore stockpile. The material is fed to two 40’ x 22’ SAG mills followed by two 28’ x 44’ ball mills operating in closed circuit with cyclones to achieve a final grind of P80 of between 150 µm and 180 µm. Ground slurry is conditioned and pumped to the flotation area.

The flotation circuit consists of rougher, scavenger and cleaner stages producing a bulk copper-molybdenum concentrate. Concentrate is thickened and pumped to the molybdenum separation circuit, where molybdenite concentrate is recovered via selective flotation. Final copper and molybdenum concentrates are filtered to low moisture content and dispatched for transport.

Tailings are thickened to approximately 50% solids and pumped to the Cortadera TSF, where reclaim water is returned to the plant for reuse. The plant includes integrated reagent preparation facilities with water reclaim and process control systems (Supervisory Control and Data Acquisition – SCADA).

The flow configuration is proven, and based on extensive pilot and laboratory testwork, ensuring efficient metal recovery, energy performance and water recycling.

The process plant is about 4 km from the primary crusher and the open pit, and includes crushing, grinding, flotation, thickening and filtration facilities, along with reagent storage, laboratories and workshops. Tailings are deposited in the Cortadera TSF, a downstream-constructed impoundment with an ultimate capacity exceeding 1,300 Mt, incorporating reclaim-water systems for recycling process water to the plant.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The TSF comprises a single containment wall (valley fill) designed to be developed using the downstream raising method. The initial containment is provided by an 85 m high earth fill starter wall constructed from compacted borrow material. Future development includes two additional downstream raises, which will be constructed using compacted cyclone slurry underflow (cycloned sand). Construction of the embankment for the first raise has commenced and is currently below the starter wall crest. The final dam height is planned to reach 315 m, inclusive of the cycloned sand embankment.

Tailings, with a solids concentration of 50%, are delivered to the TSF via an 18.4 km long concrete launder. The tailings are deposited as slimes (cyclone overflow) and are contained by the high-density polyethylene (HDPE) lined starter embankment and subsequent raises. Water recovered from the tailings pond, as well as from the drainage and seepage collection systems, is returned to the process water circuit via a steel pipeline. The tailings delivery launder and return water pipeline follow the same route, traversing varied terrain with tunnels and bridge structures constructed along the alignment.

The TSF was originally designed to accommodate 1,000 Mt of tailings, as approved in the 2000 EIA. The capacity was subsequently increased by approximately 30% to support the 2017 FS base case plant throughput of 127.5 kt/d, resulting in a total storage capacity of approximately 1,300 Mt, inclusive of both basin and sand dam volumes. The current capacity is reported to be 1,350 Mt. The TSF and associated infrastructure were designed for a 127.5 kt/d throughput scenario but can accommodate an increase in throughput to 150 kt/d. In the event of a production capacity increase, selected infrastructure can be readily upgraded, particularly through raising the tailings launder walls with appropriate structural reinforcements. Based on the current Mineral Reserves and TSF capacity, in-pit co-disposal of tailings is planned from 2050, providing an additional capacity of approximately 240 Mt.

Copper concentrate produced at the Quellaveco concentrator is thickened and filtered on site before being transported by sealed trucks to the Port of Ilo, located approximately 82 km southwest of the mine. The concentrate is hauled along a dedicated, paved mine-to-port corridor designed to minimize dust generation and environmental impacts, following the Ilo–Moquegua highway route. The site is accessed via a 48 km paved mine access road from Moquegua, with heavy equipment transported from the coast via the Ilo–Moquegua corridor. A maximum of 120 trips is allowed per day.

At the port, concentrate is received at Anglo American’s dedicated storage and ship-loading facilities, which include enclosed storage sheds, conveyor systems and a mechanical ship loader. The Port of Ilo handles all copper concentrate exports, with water recovered from port filtration returned to the process water circuit where feasible.

Industrial water is supplied from licensed abstraction at the Titire and Vizcachas rivers, supplemented by pit dewatering systems and process water reclaim from the TSF. A dedicated 220 kV powerline connects the site to the national grid, supplying power to the mine, concentrator and associated infrastructure through on-site substations.

Supporting infrastructure includes mine workshops, administrative offices, maintenance areas, fuel and reagent storage facilities, communication systems and accommodation for operational and contractor personnel. An Integrated Operations Centre (IOC) coordinates production, logistics and environmental monitoring across the operation.

All major facilities including the process plant, workshops and administrative buildings are pressurized and climate-controlled to maintain worker comfort and limit altitude-related fatigue. The accommodation village provides medical and acclimatization facilities, including on-site clinics staffed with medical personnel trained in high-altitude health management.

Emergency response infrastructure includes oxygen supply systems, first-aid stations and dedicated aeromedical evacuation capabilities coordinated with regional hospitals in Moquegua and Arequipa. Personnel transportation between the camp, mine and nearby communities is provided through company-operated buses. Rotation schedules are designed to minimize altitude exposure and fatigue, with medical support and acclimatization protocols integrated into site operations.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco operates under an approved EIA (EIA, 2000) and subsequent modifications authorized by the Peruvian Ministry of Energy and Mines. All key permits covering water use, tailings storage, waste rock management, and river diversion are in place, and compliance is overseen by the Environmental Assessment and Enforcement Agency of Peru (OEFA). Quellaveco implements an Environmental Management System consistent with Anglo American and IFC Performance Standards, addressing biodiversity, water, air quality, and rehabilitation. Extensive community engagement through the Moquegua Dialogue Table established commitments on water management, employment, and regional development, supported by ongoing social investment and transparent reporting to authorities and stakeholders.

As no material expansion, production increase or new development phase is currently proposed for the Quellaveco LoAP, an economic analysis has not been prepared or disclosed in this Technical Report. The project remains an operating asset, and its financial performance is governed by Anglo American’s internal budgets and corporate reporting standards rather than a standalone discounted cashflow analysis.

LoAP SIB costs listed in Table 1.5 are estimated at $5,883 million from 1 January 2025 to 2057. These costs cover the mine fleet refurbishment and replacement, process plant refurbishment, mining equipment, mine footprint expansion, tailings dam lifts, social, closure and rehabilitation activities, and the port. Capital estimates are prepared using engineering design, vendor quotations and benchmarked unit rates developed during each project phase.

Source: LoAP

The Quellaveco LoAP includes post-production closure costs totalling $1,412 million, scheduled for the period 2058 to 2065. These costs cover the principal closure and rehabilitation commitments defined in the LoAP, namely:

Operating unit costs listed in Table 1.6 were developed from first-principles estimates based on current performance and the first five years of the LoAP. Costs are expressed as unit rates in $/t of rock moved, $/t of ore, royalty (%), and $/t of concentrate, and are projected forward for the full mine life. LoAP operating costs are summarised in five-year periods in Table 1.7.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: LoAP

Source: LoAP

Quellaveco produces two primary concentrate products: copper concentrate and molybdenum concentrate. Production is allocated between the shareholders according to their ownership interests – Anglo American (60%) and Mitsubishi (40%) – with Anglo American acting as the operating partner. All copper and molybdenum concentrate production is sold to the shareholders under long-term offtake agreements that collectively cover 100% of Quellaveco’s output. The terms and conditions of these agreements are the same for both shareholders and are consistent with customary industry practices for related-party offtake arrangements.

Copper concentrates are sold on a cost, insurance and freight (CIF) basis through the Port of Ilo, under market-referenced terms that include London Metal Exchange (LME) copper pricing, London Bullion Market Association (LBMA) precious metal credits, benchmark treatment costs/refining charges (TC/RCs), and impurity adjustments. Molybdenum concentrate is sold to Anglo American Marketing entities for resale to global roasters at Platts-referenced prices with standard quality deductions. The products are clean, low-impurity concentrates suitable for major international smelters and are marketed globally to customers in Asia, Europe, and the Americas through Anglo American’s established marketing network.

Quellaveco does not engage in metal price hedging, and sales proceeds are fully exposed to prevailing market prices for copper and molybdenum at the time of settlement. Price assumptions and market outlooks are based on Anglo American’s long-term planning case, supported by internal market analyses benchmarked against external consensus forecasts. The Qualified Person has reviewed the offtake agreements and related assumptions and considers them reasonable and consistent with current market practice.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco is a large-scale, long-life copper-molybdenum operation owned by Anglo American (60%) and Mitsubishi Corporation (40%), located in southern Peru’s Moquegua Department. The project has transitioned to stable operations following successful commissioning in 2022, with the molybdenum circuit achieving commercial production in 2023.

The LoAP schedule outlines a 22-year mine life and 31-year concentrator life processing lower-grade stockpiles in the final years, sustaining ore feed of about 50 - 52 Mt/a to the concentrator at a nominal throughput of 142 kt/day. Total material movement averages about 120-125 Mt/a, maintaining a strip ratio of about 0.61 (waste: ore) consistent with the long-term pit design. Ore is processed through a conventional crush-grind-flotation circuit, producing clean, low-impurity copper and molybdenum concentrates.

The 2025 Mineral Reserve (reported at 31 December 2025) stands at 1,488 Mt at 0.49% Cu and 0.017% Mo. Metallurgical recoveries average 84% Cu with a 2.2% coarse particle flotation (CPF) uplift. The LoAP financial model confirms that the declared Mineral Reserve is economically viable under Anglo American’s metal price and cost assumptions.

All major permits and environmental approvals are in place for the current production rate. The 5th MEIA, planned for submission in 2026, will support the full pit expansion based on 2025 Mineral Reserve estimate. Continuous slope monitoring, water management, and community engagement programs remain integral to maintaining safe and responsible operations.

The Qualified Persons recommend that AAQSA:

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

This Technical Report was prepared in accordance with NI 43-101 for Anglo American to support the disclosure of Mineral Resources and Mineral Reserves for the Quellaveco Project, a production stage property in the Moquegua Department of southern Peru. The Technical Report was authored by the following Qualified Persons:

Messrs. Lyall and Laymen completed a three-day site visit to the Property in October 2025. The site visit included an inspection of drilling activities, core processing and storage facilities, the site laboratory, the mining area, an inspection of the open pit, mineral processing facilities, site offices, mine management operational centre, waste dumps, ROM pad and primary crusher. Snowden Optiro has prior familiarity with the Property, with Mr. Lyall and another consultant completing a site visit in 2023 as part of a Mineral Resource and Ore Reserve audit.

All the Qualified Persons are eligible members in good standing of a recognized professional organization (RPO) within the mining industry and have at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that the Qualified Person is undertaking as disclosed in Table 2.1 at the time this Technical Report was prepared.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Unless otherwise stated, the information and data contained in this Technical Report or used in its preparation was provided by the Property owner, Anglo American. The Qualified Persons of this Technical Report reviewed data, information and documents provided by Anglo American. The primary information sources are listed in Item 27.

Further information was received from the Anglo American representatives listed in Table 2.2 in response to queries submitted by Snowden Optiro.

The Quellaveco Mineral Resources and Mineral Reserves were initially classified under the 2012 Edition of the Australasian Joint Ore Reserves Committee Code (JORC Code, 2012). The confidence categories assigned under the JORC Code (2012) were reconciled and reported to the confidence categories in the CIM Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards).

For the Mineral Resources, the confidence category definitions are the same and no modifications to the confidence categories were required. The Ore Reserve categories reported under the JORC Code (2012) were also reconciled with the CIM classification framework. As a result, the Proved Ore Reserve under the JORC Code has been restated as Proven Mineral Reserves and Probable Ore Reserves have been re-stated at Probable Mineral Reserves, ensuring consistency in the levels of estimation confidence, data support and modifying factors between the two standards.

The Qualified Persons listed in Table 2.1 were responsible for this Technical Report and declare that they have taken all reasonable care to ensure that the information contained in this report is, to the best of their knowledge, in accordance with the facts and contains no material omissions.

In preparing this report, the Qualified Persons have extensively relied on information collated by other parties. The Qualified Persons have critically examined this information, made their own enquiries, and applied their general mineral industry competence to conclude that the information presented in this Technical Report complies with the definitions and guidelines of the CIM.

The Qualified Persons believe that their opinions must be considered as a whole, and that selection of portions of the analysis or factors considered by them, without considering all factors and analyses together, could create a misleading view of the process underlying the opinions presented in this Technical Report. The preparation of a Technical Report is a complex process and does not lend itself to partial analysis or summary.

Except for the purposes legislated under applicable securities laws, any use of this Technical Report by a third party is at that party’s sole risk.

A draft copy of this Technical Report was provided to Anglo American for review on omission and factual accuracy. The Qualified Persons who have authored this Technical Report do not disclaim responsibility for the contents of this report.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The effective date of this Technical Report is 3 November 2025. As at the effective date of this Technical Report, none of the Qualified Persons had an association with Anglo American or its individual employees, or any interest in the securities of Anglo American or any other interests that could reasonably be regarded as capable of affecting their ability to give an independent unbiased opinion in relation to the Property.

Snowden Optiro will be paid a fee for the preparation by its Qualified Persons of this Technical Report based on a standard schedule of rates for professional services, plus any expenses incurred. This fee is not contingent on the outcome of the Technical Report, and neither Snowden Optiro nor the Qualified Persons will receive any other benefit for the preparation of this report.

Unless otherwise stated, all units of currency are in United States dollars ($) and all measurements are metric.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The information, conclusions, opinions and estimates contained in this Technical Report are based on the following parameters:

The Qualified Persons have reviewed such information to verify it using their professional judgement and have no reasons to doubt its reliability and have determined it to be adequate for the purposes of this Technical Report. Except as specified below, the authors do not disclaim any responsibility for the information, conclusions and estimates contained in this Technical Report.

The Qualified Persons have not performed an independent verification of the land title and mineral tenure information, as summarized in Item 4 of this Technical Report, nor have they verified the legality of any underlying agreement(s) that may exist concerning the permits or other agreement(s) between third parties, as summarized in Item 4 of this Technical Report. The Qualified Persons have relied on information provided by representatives of Anglo American in this regard.

The Qualified Persons have relied on the Anglo American personnel listed in Table 2.2 for guidance on applicable legal, political and environmental matters for the Property.

The Qualified Persons have relied on the Anglo American personnel listed in Table 3.1 for guidance on applicable legal, political and environmental matters in Items 4, 19 and 20.

Having made enquiries and where possible taken appropriate steps to confirm this information in the public domain, the Qualified Persons consider it reasonable to rely on the information provided by other experts.

This Technical Report includes certain non-GAAP (Generally Accepted Accounting Principles) financial measures which the authors believe, together with measures determined in accordance with International Financial Reporting Standards (IFRS), provide an improved ability to evaluate the underlying performance of Quellaveco. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial measure included in this Technical Report includes cashflows and production costs.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Quellaveco mining and processing operation is in the Mariscal Nieto Province of Moquegua Department, Peru (latitude 17°06’08” S, longitude 70°37’01” W), approximately 48 km by road northeast of the town of Moquegua and approximately 220 km by road southeast of Arequipa city (Figure 1.1). The area of the Property is 1,206.93 km2.

Under the Constitution of Peru 1993 (rev. 2021), the State owns all mineral resources which can be exploited by private parties via concessions; however, foreign entities may not acquire or possess mineral resources within 50 km of the country’s borders. General Mining Law 1992 (Supreme Decree No. 014-92-EM) governs the exploration, exploitation, beneficiation (processing), transport and commercialization of minerals.

Concessions are granted by the Geological, Mining and Metallurgical Institute (INGEMMET) for an indefinite duration if the holder complies with the obligations (payment of annual fees ($3/ha), minimum production, and environmental rules). If a concession is not brought into production within a set period (generally 10 years), the holder must pay penalties or risk losing the concession.

Types of concessions include:

Concessions have a minimum area of 100 ha and a maximum area of 1,000 ha.

A mining concession grants the right to the mineral resources below the surface. This right is legally distinct from the ownership of the surface land, meaning the concession holder and the surface landowner can be different entities requiring separate access rights.

An EIA must be submitted and an Environmental Certification obtained prior to the start of any major activity. Projects that affect indigenous or local communities require prior consultation.

Mining royalties are based on operating profit (1–12%). A Special Mining Tax of 2.0–8.4% is applied on the operating margin. Stability agreements that fix the tax and regulatory terms for 10–15 years are available for large investors.

There are 185 concessions with a combined area of 120,693 ha (1,206.93 km2) covering the mine area, process plant, waste dumps, tailings storage facility and water supply points (Figure 4.1and Table 4.1).

The Quellaveco mine area, inclusive of the Mineral Resource and Mineral Reserve areas, comprises 26 concessions covering an area of 2,882.5 ha (28.83 km2) (highlighted in Table 4.1 and shown in Figure 4.2). An overlying beneficiation concession covering the process plant, and tailings and waste storage areas covers 13,731 ha (137.31 km2) in area.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

Notes: Mineral concessions – purple borders, beneficiation concession – green border, surface rights – yellow shading.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: AAQSA

Notes: Mine area concessions – grey shading.

NA – not applicable

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

Notes: Mining concessions – teal shading; surface rights – yellow shading.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Anglo American holds a 60% interest in the Property through Anglo American Quellaveco S.A. (AAQSA) with the other 40% interest is held by Mitsubishi Corporation.

AAQSA holds surface rights covering a total area of 429.22 km2. The southern block (~220 km2) covers the operations, and tailings and waste storage areas, The northern block (~209 km2) covers the water intake areas (Figure 4.1).

In December 2019, AAQSA signed a Tax Stability Agreement for 15 years from 1 January 2021, covering tax rates and methods for calculating tax on all major government taxes, duties, royalties and other similar payments.

Environmental assurances currently lodged against the Property are summarized in Item 20.6.

A Rehabilitation and Mine Closure Plan has been prepared in accordance with the Peruvian Mine Closure Law (Law 28090) and its Regulations under Supreme Decree 033-2005-EM. The current undiscounted closure cost estimate (2022 PCM update) is $1,956 million, comprising $647 million for progressive closure during the mine’s production life, $1,196 million for final closure and $113 million for post-closure activities. Further details on closure requirements, implementation schedule, and financial assurance are provided in Item 20.6.

No other surface disturbances, land compensation, road maintenance obligations or environmental liabilities are known to exist beyond those described in the approved closure plan.

Quellaveco has all the major permits and approvals in place to support commercial operations.

The fourth amendment to the EIA (4th MEIA) was approved in 2015 along with the associated sectoral permits. The 2025 base case Mineral Reserve mine plan will extend the open pit outside of the 4th MEIA approved boundaries. The 5th MEIA application supporting the increase in the footprint for the open pit and waste dump will also increase the approved capacity for mine dewatering. The Supporting Technical Report (ITS 13), approved in January 2025, allows increased concentrator throughput to 150 kt/d. ITS 14, approved in August 2025, allows an increase in the total movement of the mine to 150 Mt/a. The 5th MEIA is planned to be submitted in 2026, and approval is expected by mid-2027.

Further details on the status of permitting are provided in Item 20.

The north wall of the Quellaveco open pit is influenced by major fault structures, variable rock strength, and elevated pore pressures. The principal risks involve inter ramp-scale instability, particularly during wet periods or active pushbacks. These are managed through controlled blasting, slope-scale depressurization, detailed geotechnical mapping and continuous slope monitoring using prisms, radar, and piezometers. Current slope performance is within design expectations, with no significant departures from predicted factors of safety.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Asana River diversion tunnel lies near the northern pit sector and is subject to potential stress and vibration impacts from mining. Ground support and monitoring programs are in place to control convergence and prevent water inflows. Future closure works will include concrete plugs at both ends of the tunnel, with grout curtains and pressure-relief measures to ensure long-term hydraulic stability.

Facilities and waste storage locations are constrained by geotechnical, hydrological and environmental limits. Areas outside permitted boundaries (pending the 5th MEIA) are classified as Probable Mineral Reserves until permits for this zone are granted.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Quellaveco mine is at an elevation of approximately 3,500 masl along the western flank of the Andes in southern Peru. The property covers a rugged terrain characterized by steep sided valleys and sharp changes in elevation within an extensive arid desert region. Vegetation cover is limited to mainly thorny plants, shrubs and grasslands.

The Property can be accessed by air through the international airports at Arequipa or Tacna and via the Southern Panamericana Highway to Moquegua. The road distance from Arequipa is approximately 220 km and approximately 160 km from Tacna to the southeast near the Chilean border.

Access from Moquegua to the Quellaveco mine site is via a paved road for approximately 48 km.

Moquegua, with a population of approximately 70,000, is predominantly a mining and agriculture services town offering a range of supply, medical and accommodation services. Ilo is a port town on the southern coastline of Peru in the Moquegua region with a population of approximately 67,000. Copper concentrate from Quellaveco is trucked 82 km to the Port of Ilo for shipment to customers.

The climate at the mine site is characterized by a wet season between December and March and a dry season between April and November when the highest daytime temperatures are recorded (up to 22°C). Subzero temperatures (down to -6°C) are frequently recorded during June and July. The average annual rainfall is 266 mm recorded on an average of 62 days. Mining and processing operations at Quellaveco are conducted year-round. Weather-related downtime is minimal due to the region’s semi-arid climate and strong seasonality.

The sufficiency of the surface rights to support the project is discussed in Item 4.4. Existing infrastructure and facilities include:

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The site layout is shown in Figure 5.1.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco employs a steady-state operational workforce of approximately 9,000 personnel, including about 3,500–4,000 Anglo American employees and 5,000–6,000 contractors supporting mining, processing, maintenance, logistics and site services. Camp facilities near the plant site provide accommodation for up to 5,000 people and include medical, catering and recreational amenities. Work schedules are typically 14 x 7 or 10 x 5 rotations. Approximately 80% of unskilled labour and 30–40% of the total workforce are sourced from the Moquegua Region, consistent with Dialogue Table commitments and AASW3 3.0 standards. Workforce levels peaked at around 20,000 during construction and have since stabilized at operational levels.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The discovery of the Quellaveco porphyry copper-molybdenum deposit dates to 1938 with initial ownership by Cerro de Pasco Corporation from 1938, ASARCO/Northern Peru Mining & Smelting from 1944 and Southern Peru Copper Corporation from 1952.

In 1970, ownership of the Quellaveco deposit reverted to the State-owned mining company Minero Peru. In 1992, Anglo American acquired the Quellaveco deposit for about $12 million through a privatization process.

In 1993, Anglo American reached an agreement with the IFC to jointly finance the development of the mine. IFC’s 18.11% interest in the Property was acquired by Mitsubishi Corporation in 2011. Mitsubishi Corporation increased its stake in Quellaveco to 40% in 2018.

Following a series of studies culminating in the 2017 FS for a 127,500 t/d operation, development of the mine and construction of a concentrator was approved in 2018. Commercial copper production was achieved in September 2022. The molybdenum plant commenced commercial production in 2023.

Various churn and DD drilling campaigns were conducted between 1947 and 2024 to evaluate the Quellaveco deposit as summarized in Table 6.1.

Source: Anglo American, 2025a

Further details of the drilling programs completed are disclosed in Item 10.

The Qualified Person has not done sufficient work to classify the historical estimates prior to 2024 as current Mineral Resources. Anglo American is not treating the historical estimates as current Mineral Resources as they may not meet the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves and they should not be relied upon.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The production history at Quellaveco since the commencement of operations in mid-2022 is summarized in Table 6.2.

Source: Anglo American

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Quellaveco porphyry copper-molybdenum deposit is hosted within a large batholithic, equigranular granodiorite complex (~60 Ma), which intruded into Toquepala Group (~72.4–65 Ma) volcanic rocks. The deposit is in the southwest of the Western Cordillera of Peru (Figure 7.1).

The Incapuquio fault system is the regional structural control on the Peruvian side of the Paleocene-Eocene copper belt, spatially associated with porphyry copper-molybdenum deposits such as Cerro Verde, Cuajone, Quellaveco and Toquepala, whereas on the Chilean side, Cerro Colorado and Spence are the most well-known representatives of the belt.

Source: Anglo American, 2024

The Quellaveco geological district has been affected by differing sequences of volcanic and intrusive activity, which are grouped into the following units:

Comprised of thick sequences of unconformably interfingered rhyolite and andesite lava flows and pyroclastic rocks. The following members are identified within the Toquepala Group:

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Granodioritic intrusions cut the volcanic sequences of the Toquepala Group and are characterized by a greenish-grey coloration with equigranular to porphyritic textures. The rock is phaneritic and holocrystalline, with biotite and amphibole as the dominant mafic minerals. This intrusive phase represents a key pre-mineral event that provided the structural and compositional framework for subsequent porphyry intrusions and hydrothermal mineralization within the region.

This unit unconformably overlies the Toquepala Group and adjacent intrusive bodies and consists predominantly of welded tuffs and rhyolitic ignimbrites, interbedded with compacted cineritic layers. Locally, these tuffs have undergone meteoric alteration, producing thick horizons of coarse-grained sand. The formation is interpreted to be Pliocene in age, representing a younger volcanic and sedimentary sequence that blankets the older volcanic and intrusive rocks of the region.

Figure 7.2 presents a generalized stratigraphic column for the region.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Moquegua region is subdivided into three principal geotectonic units:

These geotectonic units trend to the northwest with their boundaries defined by major northwest-trending faults broadly perpendicular to the principal direction of compression. Other east-west and northeast-southwest trending faults are associated with the convergence of the Nazca and South American plates.

At a district scale, the porphyry deposits are controlled by N45°W trending lineaments, including the Incapuquio fault, Micalaco fault and Quellaveco fault. These faults are readily identified on satellite imagery and in the field by large escarpments, abrupt lithological contacts and elongated intrusions. They are predominantly transcurrent faults, and their intersection with minor perpendicular structures created zones of weakness that localized porphyry intrusions during the Paleocene-Eocene.

At Quellaveco, the Asana fault, aligned with the Asana River and oriented perpendicular to the Quellaveco fault, provided the principal structural control for the emplacement of the mineralized intrusions.

The Quellaveco porphyry copper-molybdenum deposit is hosted within a large batholithic, equigranular granodiorite intrusive complex (~60 Ma) intruding Toquepala Group volcanic rocks.

The porphyry system is an elongate mineralized zone trending to the northwest and covering an area of approximately 1 km2. The deposit is partially exposed in the Asana River valley, which transects the deposit.

The Quellaveco deposit is underlain by a sequence of pre-mineral volcanic rocks and intrusives represented by an extensive granodiorite pluton (Figure 7.3). This was subsequently intruded by multiple phases of monzonitic porphyry, which are directly associated with hydrothermal alteration and primary sulphide mineralization consisting of chalcopyrite, molybdenite and pyrite.

Following mineralization, the intrusive complex underwent partial erosion, after which it was unconformably overlain by pyroclastic volcanic rocks and localized breccia bodies. A subsequent phase of erosion further modified the present-day geological setting.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

The various lithological types present in the deposit area are divided into pre-mineral, post-mineral and intrusive rocks.

Pre-mineralization volcanic rocks

Quellaveco Rhyolite

Rhyolite belonging to the basal part of the Quellaveco Formation outcrops in the southern and northwestern (Charaque) sectors of the deposit. These rhyolites are white-pink to grey, with a porphyritic texture and quartz phenocrysts in a fluidal matrix. Hydrothermal overprinting is marked by vertical fracturing, silicification, sporadic pyrite dissemination and thin quartz-tourmaline veinlets with quartz-sericite halos.

Post-mineralization rocks

Quellaveco Conglomerate

A sequence of poorly consolidated conglomerates and breccias (30–60 m thick) formed by prolonged weathering and erosion is characterized by rhyolite, andesite, andesitic breccia, granodiorite and altered quartz porphyry clasts in a detrital matrix. Minor exotic copper mineralization (chrysocolla) occurs in this unit which underlies ignimbrites of the Chuntacala Formation.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Chuntacala Formation

Ignimbrites which discordantly overlie the conglomerate and older rocks and consist of dacitic tuffs and rhyolitic ignimbrites. Outcrops north of the Asana River reach thicknesses of up to 300 m and completely cover the deposit. These rocks are fresh, aphanitic and well-consolidated, with limited structural disruption aside from columnar jointing.

Intrusive rocks

The intrusive rocks hosting the Quellaveco deposit are grouped into the following units:

Granodiorite

Granodiorite is the principal host rock and is widely distributed across the deposit. It is a biotite-hornblende granodiorite, medium-grained to coarse-grained, with equigranular to porphyritic textures. Alteration varies from propylitic on the margins (epidote, chlorite, kaolinite) to potassic and quartz-sericite within the deposit, particularly adjacent to early and intermediate porphyries. The granodiorite intrudes the Quellaveco Rhyolite and is itself intruded by younger porphyries.

Early monzonitic porphyry

Early porphyry is the largest hypabyssal porphyry stock and is elliptical in plan (~1,500 m x 400–500 m) with a northwest-southeast trend. It intrudes the granodiorite and is cut by intermediate porphyry, dacite dykes and late porphyry. Two sub-types are recognized:

Intermediate monzonitic porphyry

This porphyry body was initially defined in the north-central deposit area (600 m x 200 m body) but later identified in the south from deep drilling. Three sub-types are recognized:

Late monzonitic porphyry

Late porphyry occurs as four discrete bodies aligned southeast–northwest. The largest outcrops in the central-southern area of the deposit (~350 m x 200 m to the northwest) are characterized by a porphyritic texture with 35–40% plagioclase, 8% quartz eyes, ferromagnesian minerals and weak chloritization. Below the supergene zone, it is essentially barren (<0.15% Cu), though grades may reach 1.5% Cu in mixed oxide-secondary sulphide zones.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Dacite dykes

Numerous minor intrusions crosscut earlier porphyries and granodiorite. They are porphyritic with plagioclase phenocrysts in a quartz-orthoclase-biotite matrix and weakly mineralized with pyrite and minor chalcopyrite (<0.3% Cu). Drilling has identified 187 dykes, ranging from 0.13 m to 18.00 m in thickness (average 2.50 m), trending northwest–southeast.

Breccias

Breccias are volumetrically limited but locally significant with two types recognized:

The Quellaveco deposit is controlled by a network of regional and local faults that have created a zone of structural weakness for the emplacement of porphyry intrusions, hydrothermal breccias and associated alteration.

The deposit lies at the intersection of northwest trending faults (parallel to the regional Incapuquio and Micalaco systems) with subordinate east-west and northeast-southwest trending faults. The northwest-southeast structural trend is clearly developed in the porphyry intrusions.

The Asana fault, which follows the Asana River, trends west-northwest with a subvertical dip and a width of 2–20 m. It is characterized by fault gouge, slickensides and wide lateral fracture zones. A vertical displacement of ~70 m has been observed outside the deposit footprint. Grade distributions of copper and molybdenum indicate that the Asana fault offsets the higher-grade northern sector of the deposit from the lower-grade southern sector.

Post-mineral faulting also affects the deposit. The east-west trending Moises fault outcrops for over 400 m along the Asana River. The fault zone is 10–15 m wide, consisting of parallel fault strands with gouge and secondary fracturing, producing local displacements of up to 12 m. The northeast-trending Bobby fault is a tensional structure of up to 50 cm in width, dipping 45–50° to the northwest, exhibiting minor offsets of less than 10 m and filled with post-mineral gouge.

The Quellaveco deposit is a large porphyry copper system formed by hydrothermal alteration and mineralization associated with the Paleocene-Eocene porphyry intrusions. The hydrothermally altered and mineralized host rocks form an elliptically shaped zone measuring approximately 1.5 km x 3.5 km, with the long axis trending northwest-southeast parallel to the regional structural trend. A representative cross-section through the deposit is presented in Figure 7.4.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Source: Anglo American

The principal hypogene alteration styles at Quellaveco are typical of porphyry copper systems and include potassic, phyllic (quartz-sericite) and propylitic alteration. Argillic alteration is also present but is primarily associated with later supergene processes. The alteration zones are broadly concentric around the porphyry intrusions, with potassic alteration at the core and propylitic alteration toward the margins.

Mineralization

Beneath the secondary enrichment zone, primary sulfide mineralization consists mainly of pyrite, chalcopyrite and molybdenite, with minor amounts of bornite, sphalerite, pyrrhotite and tetrahedrite. A distinct vertical metal zonation is observed: chalcopyrite abundance increases with depth in the potassic zone, while pyrite dominates in the upper levels of the deposit but decreases downward.

The lower extent of the sulphide zone has not been fully defined; however, results from recent deep drilling program indicate that primary mineralization (0.5–0.7% Cu) extends to a depth of 600 m. Further deep drilling is planned to test the extent of mineralization at a depth of 1,100–1,500 m. Hypogene bornite, commonly present at depth in many porphyry copper systems, is rare at Quellaveco.

Alteration

Potassic

Potassic alteration is extensively developed in the central part of the Quellaveco deposit and is closely associated with both the early and intermediate porphyry phases. It is characterized by intense biotitization with sparse K-feldspar veinlets in the core, grading outward into stronger K-feldspar, chlorite, magnetite and biotite alteration, and extending locally into the granodiorite host. Two distinct alteration assemblages are recognized:

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quartz-sericite (phyllic)

Quartz-sericite (phyllic) alteration occurs as irregular zones fringing or overprinting Potassic Alteration 2 domains, and along the outer margins of Potassic Alteration 1. It is characterized by quartz-sericite veinlets, pervasive sericitization and localized silicification. Sericitization is most strongly developed at higher levels of the deposit, where plagioclase and ferromagnesian minerals in granodiorite and early to intermediate porphyries are replaced by fine sericite flakes. Silicification is localized in the central part of the deposit and is expressed as swarms of crystalline quartz veinlets.

Sulphide mineralization consists primarily of pyrite, chalcopyrite and molybdenite, occurring in both disseminated and veinlet form. The average sulphide content ranges from 4% to 5% by volume, with pyrite to chalcopyrite ratios of 3:1 to 5:1. Copper grades are variable, typically ranging from 0.3% to 0.9% Cu.

Propylitic

Propylitic alteration is developed mainly at the periphery of the deposit and within late porphyries and dykes. The alteration is best developed in granodiorite and late porphyry intrusions, where ferromagnesian minerals have been replaced by chlorite and epidote. The characteristic alteration assemblage consists of chlorite, epidote, calcite, with minor quartz and magnetite.

Sulphides occur primarily in veinlets and consist mostly of pyrite, which dominates at the margins of the deposit. Chalcopyrite and molybdenite are present in minor amounts. The total sulphide content varies from 1% to 7% by volume, with a pyrite to chalcopyrite ratio of ~5:1. Copper grades within the propylitic zone average approximately 0.15% Cu.

Supergene processes at Quellaveco have produced a well-developed vertical profile of alteration and mineralization, including leached caps, copper oxide zones and secondary sulphide enrichment blankets that overprint hypogene mineralization. The intensity of enrichment is strongly influenced by host intrusion type: early porphyries typically exhibit strong chalcocite enrichment, whereas intermediate and late intrusions display weaker or negligible enrichment.

The leached zone extends from surface to an average depth of approximately 60 m. The copper oxide zone consists of small, irregular bodies of copper oxides, sulphates, carbonates and silicates that occur discontinuously within the leached zone and lack clear structural or lithological control. These bodies typically contain >80% of total copper in acid-soluble form. The principal oxide copper minerals include malachite, chrysocolla, chalcanthite, atacamite, cuprite, neotocite and native copper, commonly occurring as veinlets and impregnations. Cuprite is also observed replacing chalcocite. The highest concentration of oxide copper is found in the northern part of the deposit where pyrite contents are relatively low.

The mixed oxide-sulphide zone forms the transition between the leached zone and the supergene enrichment zone. It is characterized by the coexistence of copper oxide minerals, limonite and remnant primary copper sulphides. The oxide minerals are the same as those present in the copper oxide zone but occur in lower abundance.

The supergene enrichment zone occurs between the leached horizon and the primary sulphide zone. It has an average thickness of ~60 m and forms a sub-horizontal blanket approximately parallel to the land surface, coincident with the paleo-water table. This zone is characterized by chalcocite, covellite and digenite, which coat and replace pyrite and chalcopyrite to varying degrees.

The enrichment zone is subdivided into strong and weak enrichment sub-zones, though in practice these are often considered part of a single supergene unit. Average grades in the enrichment zone are approximately 0.89% Cu.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

The Quellaveco deposit is a classic example of a porphyry copper system within the prolific South American porphyry copper belt that extends from central Chile to Panama. The deposit shares many features with nearby large-scale porphyry systems such as Toquepala and Cuajone in southern Peru, and with other deposits such as Escondida, Collahuasi and Chuquicamata in northern Chile.

Porphyry copper deposits are characterized by large-tonnage, low-grade to medium-grade mineralization hosted within and around porphyritic intrusions. Mineralization is typically disseminated and vein-controlled and is spatially and genetically linked to multi-phase intrusive activity and hydrothermal alteration. These systems commonly display:

At Quellaveco, mineralization is hosted within a series of granodiorite and multi-phase quartz monzonitic porphyry intrusions emplaced during the Paleocene-Eocene. These intrusions are localized along northwest trending regional lineaments at structural intersections. Hydrothermal activity associated with these intrusions are characterized by a potassic core (biotite-K-feldspar) hosting the highest copper grades, surrounded by phyllic (quartz-sericite-pyrite) and propylitic (chlorite-epidote-calcite) zones.

Primary sulphide mineralization is dominated by chalcopyrite and molybdenite with accessory pyrite, while bornite is rare. Sulphide zonation is vertically developed, with chalcopyrite increasing in abundance at depth and pyrite more common at higher levels of the system.

The Quellaveco deposit conforms to the porphyry copper deposit model, exhibiting the characteristic intrusion-related mineralization, alteration zonation and supergene modification typical of the deposit type.

The geological model applied to exploration at the Property assumes mineralization controlled by the interaction of magmatic-hydrothermal fluids with the host rocks in favourable structural settings, resulting in stockwork veining and pervasive alteration centred on porphyry intrusions. Ongoing exploration is guided by three-dimensional (3D) geological modelling, geochemical vectoring and geophysical surveying to evaluate extensions at depth and repetitions along structural corridors controlling intrusion emplacement.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Quellaveco has a long history of exploration and drilling, which commenced in 1938 with the ownership of the Cerro de Pasco Corporation. In 1939, Cerro de Pasco developed 16 galleries or adits horizontally into the deposit and sunk one small vertical shaft, with a total of 6,700 ft of development. Presumably, these galleries were mapped and sampled, but the results are no longer available.

Between 1972 and 1974, then owners Empresa Minera del Peru or Minero Peru, the state-owned mining company, carried out more drilling and an induced polarization (IP) study to help define mineralized zones.

Further exploration adits were driven in 1993 and 1996 by Minera Quellaveco SA. These adits were used to collect bulk samples for metallurgical testing and for exploration purposes. The broken rock (muck piles) for each 6 ft blast or round was sampled by cutting two vertical channels, with care being taken to break down large rock fragments to a manageable size for splitting. The Qualified Person considers that these samples would have generated unbiased estimates of copper and molybdenum.

Exploration activities since 1996 have been carried out at the Quellaveco deposit and district-scale targets. Geological and structural mapping was completed at 1:25,000 scale for the district and at 1:10,000 scale for the targets, including Quellaveco. A total of 2,307 rock samples were collected over the district, as well as 166 soil samples and 68 geochronology samples.

Several geophysical and spectral datasets were collected, including:

Given the exposure and outcrop, most exploration between 1939 and the present has been carried out by drilling of various types, as described in Item 10.

Anglo American plc NI 43-101 Technical Report – Quellaveco Property, Mariscal Nieto Province, Peru

Between 1939 and 2024, multiple drilling campaigns using churn, DD and RC methods were conducted with the aim of delineating the Quellaveco deposit both vertically and horizontally and to prepare Mineral Resource estimates. Anglo American has been the majority owner of the Property since 1992, and part owner (with Mitsubishi Corporation) since 2011. Much of the earlier churn drilling (before 1970) has been replicated by DD or RC, providing much higher quality data, and is no longer relevant.