Exploration

Zacazonapan, State of Mexico

At the Tizapa unit, drilling resumed once the workers’ strike ended. A total of 3,340 meters were drilled along the extension of the current mineralized mantles which, in addition to the work carried out on previous years, helped identify four new mineralized areas surrounding the deposit and within the scope of the existing mining works. In 2024, estimates for one of these areas indicated inferred resources of 782,000 tons with a zinc equivalent grade of 15.9%, while in 2025, estimates for the second area indicated inferred resources of 187,000 tons of ore, with a zinc equivalent grade of 12.4%. Metallurgical studies will continue to estimate resources in the third area, as part of the 2026 exploration efforts.

Gold, silver, lead, zinc and copper.

Cuencamé, Durango.

Skarn-type polymetallic deposit with sulfuric bodies located 20 km from Velardeña. In 2025, we drilled 41,774 meters, both on surface and inside the mine. This enabled us to increase identified inferred resources to 27.8 million tons of ore, up from 25.2 million the previous year, with a copper equivalent grade of 2.0%. Work will continue in 2026 to identify a sufficient tonnage of inferred resources and update the project’s economic assessment.

Silver, lead, zinc and copper.

Pitiquito, Sonora.

Parametric drilling performed at this disseminated copper deposit in 2022 determined 62.5 million metric tons of inferred resources, with a copper equivalent grade of 0.48%, and an upper portion containing leachable ore. In 2025, the metallurgical and economic studies were updated, and the process is expected to be finalized in 2026. This will help determine the project’s course.

Copper.

Nacozari, Sonora.

This porphyry-type copper project is in the early stages of development and contains deep-lying, high volume, low-grade resources of more than 2.5 million metric tons of fine copper-equivalent, consisting of copper, molybdenum, and zinc. In immediately adjacent areas, based on geological, geophysical, and geochemical studies, as well as 29,436 meters of drilling, five new shallow ore bodies were identified. These have been drilled and include low-grade disseminated ore, as well as significant volumes with higher-grade areas. Drilling intersected extensions with promising copper-equivalent mineralization, which remains under metallurgical evaluation to integrate the corresponding resource estimation on early 2026. In addition, we will continue drilling new targets, particularly in shallow areas, to further increase resources.

Copper.

Perú and Chile

At the Racaycocha copper-gold-molybdenum project in Peru.

• In 2025, 19,820 meters were drilled, mainly in the Santa Rosa, Pucapampa, and Santa Cruz areas, yielding several promising intersections.
• We updated the potential resources identified in 2024 in the Pucajirca and Santa Rosa areas, incorporating them into the resource inventory.
• At Pucapampa, drilling identified three main potential bodies, as well as an additional one in Santa Cruz.

At the Yastai copper-gold project in Chile.

• A fourth parametric drilling campaign was carried out covering 8,486 meters; which allowed us to improve resource quality and open four new targets with disseminated mineralization, expanding the deposit’s potential and supporting the continuation of exploration work.
• Geological and geochemical studies remain underway, alongside the management of environmental permits to drill adjacent targets within the deposit extensions, with the objective of commencing the work during the first four months of 2026.

Copper, gold and molybdenum

México, Chile and Perú.

In 2025, geological, geochemical, and geophysical work took place at 45 prospects for further exploration with drilling and subsequent economic assessment. Prospecting was also intensified with the assessment of 164 external projects in search of opportunities.